CVR Energy Reports Evaluation of Strategic Alternatives, Sale of Cushing Terminal
May 21 2019 - 4:45PM
CVR Energy, Inc. (NYSE: CVI) today announced that it has engaged
BofA Merrill Lynch as its financial advisor to assist it in
evaluating potential strategic alternatives, including a potential
sale. The Company intends to evaluate alternatives in combination
with its ongoing focus on accomplishing its strategic objectives,
prudently managing costs and operating its businesses safely and
reliably.
CVR Energy also announced that its subsidiary has entered into a
definitive agreement for the sale of its 1.5-million-barrel
Cushing, Oklahoma, crude oil terminal and related assets to an
affiliate of Plains All American Pipeline, L.P. for total
consideration of approximately $36 million, and concurrently closed
the transaction.
“CVR Energy is committed to maximizing value for its
stockholders,” said Dave Lamp, CVR Energy’s Chief Executive
Officer. “Both the sale of the Cushing terminal, which allowed us
to derive value from an underutilized asset, and the exploration of
potential strategic alternatives support this commitment. We are
excited about the Company's prospects and ability to enhance
stockholder value through our initiatives, regardless of the
outcome of a strategic alternative process.”
CVR Energy does not have a defined timeline for the exploration
of strategic alternatives and makes no assurances that its
evaluation will result in any transaction being announced or
consummated. The Company does not currently intend to discuss or
disclose further developments with respect to this process, unless
and until its Board of Directors approves a specific transaction or
otherwise determines that further disclosure is appropriate.
Forward-Looking StatementsThis news release may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects, opportunities, plans,
actions and events and other statements, concerns or matters that
are not historical facts are “forward-looking statements,” as that
term is defined under the federal securities laws. These
forward-looking statements include, but are not limited to,
statements regarding future: evaluation or execution of strategic
alternatives, including a potential sale, successful or at all;
ability to accomplish our strategic objectives and initiatives
successfully or at all; cost management; maximation or enhancement
of stockholder value; and safe and reliable operations. You can
generally identify forward-looking statements by our use of
forward-looking terminology, such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,”
“intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,”
“should” or “will,” or the negative thereof or other variations
thereon or comparable terminology. These forward-looking statements
are only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control. For additional
discussion of risk factors that may affect our results, please see
the risk factors and other disclosures included in our most recent
Annual Report on Form 10-K, any subsequently filed Quarterly
Reports on Form 10-Q and our other SEC filings. These and other
risks may cause our actual results, performance or achievements to
differ materially from any future results, performance or
achievements expressed or implied by these forward-looking
statements. Given these risks and uncertainties, you are cautioned
not to place undue reliance on such forward-looking statements. The
forward-looking statements included in this news release are made
only as of the date hereof. CVR Energy disclaims any intention or
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except to the extent required by law.
About CVR Energy, Inc.Headquartered in Sugar
Land, Texas, CVR Energy is a diversified holding company primarily
engaged in the petroleum refining and marketing business through
its interest in CVR Refining and the nitrogen fertilizer
manufacturing business through its interest in CVR Partners, LP.
CVR Energy subsidiaries serve as the general partner and own 34
percent of the common units of CVR Partners.
For further information, please contact:
Investor Contact:Richard RobertsCVR Energy,
Inc.(281) 207-3205InvestorRelations@CVREnergy.com
Media Relations:Brandee StephensCVR Energy,
Inc.(281) 207-3516MediaRelations@CVREnergy.com
CVR Energy (NYSE:CVI)
Historical Stock Chart
From Mar 2024 to Apr 2024
CVR Energy (NYSE:CVI)
Historical Stock Chart
From Apr 2023 to Apr 2024