CVR Energy Reports 2015 Fourth Quarter and Full Year Results And Announces Cash Dividend of 50 Cents

Petroleum Business

The petroleum business, which is operated by CVR Refining and includes the Coffeyville and Wynnewood refineries, reported a fourth quarter 2015 operating loss of $135.5 million, on net sales of $948.3 million, compared to a fourth quarter 2014 operating loss of $113.3 million, on net sales of $1,772.8 million.

Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was $8.96 in the 2015 fourth quarter, compared to $11.28 during the same period in 2014. Direct operating expenses, including major scheduled turnaround expenses, per barrel sold, exclusive of depreciation and amortization, for the 2015 fourth quarter was $12.34, compared to $5.76 in the fourth quarter of 2014.

Fourth quarter 2015 throughputs of crude oil and all other feedstocks and blendstocks totaled 172,364 barrels per day (bpd), compared to fourth quarter 2014 throughputs of crude oil and all other feedstocks and blendstocks of 212,263 bpd.

Nitrogen Fertilizers Business

The fertilizer business, operated by CVR Partners, reported fourth quarter 2015 operating income of $20.4 million on net sales of $66.0 million, compared to operating income of $26.5 million on net sales of $74.4 million for the fourth quarter of 2014.

For the fourth quarter of 2015, average realized gate prices for UAN and ammonia were $221 per ton and $479 per ton, respectively, compared to $247 per ton and $547 per ton, respectively, for the same period in 2014.

CVR Partners produced 116,100 tons of ammonia during the fourth quarter of 2015, of which 6,100 net tons were available for sale while the rest was upgraded to 270,500 tons of UAN. In the 2014 fourth quarter, the plant produced 105,900 tons of ammonia and purchased an additional 3,900 tons of ammonia, of which 4,400 net tons were available for sale and the remainder was upgraded to 259,600 tons of UAN.

Cash and Debt

Consolidated cash and cash equivalents, which included $187.3 million for CVR Refining and $50.0 million for CVR Partners, was $765.1 million at Dec. 31, 2015. Consolidated total debt was $673.5 million at Dec. 31, 2015. The company had no debt exclusive of CVR Refining's and CVR Partners' debt.

Fourth Quarter 2015 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter 2015 Earnings Conference Call for analysts and investors on Thursday, Feb. 18, at 3 p.m. Eastern. The Earnings Conference Call may also include discussion of company developments, forward-looking information and other material information about business and financial matters.

The Earnings Conference Call will be broadcast live over the Internet at
https://www.webcaster4.com/Webcast/Page/1003/13082. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291.

For those unable to listen live, the Webcast will be archived and available for 14 days at
https://www.webcaster4.com/Webcast/Page/1003/13082. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13629396.

Forward-Looking Statements
This 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. 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 a discussion of risk factors which 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 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 press 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 nitrogen fertilizer manufacturing industries through its holdings in two limited partnerships, CVR Refining, LP and CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own a majority of the common units representing limited partner interests of CVR Refining and CVR Partners.

For further information, please contact:

Investor Contact:
Jay Finks
CVR Energy, Inc.
(281) 207-3588
InvestorRelations@CVREnergy.com

Media Relations:
Angie Dasbach
CVR Energy, Inc.
281-207-3550
MediaRelations@CVREnergy.com

CVR Energy, Inc.

Financial and Operational Data (all information in this release is unaudited other than the statements of operations and cash flow data for the year ended December 31, 2014 and the balance sheet data as of December 31, 2014).

	Three Months Ended   December 31,								Year Ended   December 31,
	2015				2014				2015				2014
	(in millions, except per share data)
Consolidated Statement of Operations Data:
Net sales	$	1,010.6			$	1,841.8			$	5,432.5			$	9,109.5
Cost of product sold	847.9				1,733.4				4,190.4				8,066.0
Direct operating expenses	212.1				134.7				584.7				515.1
Flood insurance recovery	—				—				(27.3)				—
Selling, general and administrative expenses	20.4				23.5				99.0				109.7
Depreciation and amortization	40.9				40.8				164.1				154.4
Operating income (loss)	(110.7)				(90.6)				421.6				264.3
Interest expense and other financing costs	(11.9)				(11.2)				(48.4)				(40.0)
Interest income	0.2				0.2				1.0				0.9
Gain (loss) on derivatives, net	23.6				14.5				(28.6)				185.6
Other income (expense), net	0.2				(3.6)				36.7				(3.7)
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