CVR Energy Reports 2016 First Quarter Results And Announces Cash Dividend of 50 Cents

Refining margin adjusted for FIFO impact per crude oil throughput barrel, a non-GAAP financial measure, was $7.19 in the 2016 first quarter, compared to $15.03 during the same period in 2015. Direct operating expenses, including major scheduled turnaround expenses, per barrel sold, exclusive of depreciation and amortization, for the 2016 first quarter were $6.40, compared to $4.44 in the first quarter of 2015.

First quarter 2016 throughputs of crude oil and all other feedstocks and blendstocks totaled 195,859 barrels per day (bpd), compared to first quarter 2015 throughputs of crude oil and all other feedstocks and blendstocks of 215,023 bpd.

Nitrogen Fertilizers Business

The fertilizer business, operated by CVR Partners, reported first quarter 2016 operating income of $19.7 million on net sales of $73.1 million, compared to operating income of $31.5 million on net sales of $93.1 million for the first quarter of 2015.

For the first quarter of 2016, average realized gate prices for UAN and ammonia were $209 per ton and $367 per ton, respectively, compared to $263 per ton and $553 per ton, respectively, for the same period in 2015.

CVR Partners produced 113,700 tons of ammonia and purchased an additional 3,000 tons of ammonia during the first quarter of 2016, of which 15,100 net tons were available for sale while the rest was upgraded to 248,200 tons of UAN. In the 2015 first quarter, the plant produced 96,000 tons of ammonia and purchased an additional 21,200 tons of ammonia, of which 14,600 net tons were available for sale while the remainder was upgraded to 252,100 tons of UAN.

Cash and Debt

Consolidated cash and cash equivalents, which included $145.9 million for CVR Refining and $52.0 million for CVR Partners, was $681.8 million at March 31, 2016. Consolidated total debt was $673.1 million, or $667.1 million net of $6.0 million unamortized debt issue costs, at March 31, 2016. The company had no debt exclusive of CVR Refining's and CVR Partners' debt.

First Quarter 2016 Earnings Conference Call

CVR Energy previously announced that it will host its first quarter 2016 Earnings Conference Call for analysts and investors on Thursday, April 28, 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/1003/14528. 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/1003/14528. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13634754.

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 66 percent of the common units of CVR Refining and 34 percent of the common units of 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 Operations Data (all information in this release is unaudited unless noted otherwise).
	Three Months Ended  March 31,
	2016				2015
	(in millions, except per share data)
Consolidated Statement of Operations Data:
Net sales	$	905.5			$	1,388.9
Cost of product sold	736.8				1,073.6
Direct operating expenses	141.4				111.4
Selling, general and administrative expenses	27.2				25.3
Depreciation and amortization	40.0				42.0
Operating income (loss)	(39.9)				136.6
Interest expense and other financing costs	(12.1)				(12.7)
Interest income	0.2				0.2
Loss on derivatives, net	(1.2)				(51.4)
Other income, net	0.3				36.0
Income (loss) before income tax expense	(52.7)				108.7
Income tax expense (benefit)	(21.8)				24.0
Net income (loss)	(30.9)				84.7
Less: Net income (loss) attributable to noncontrolling interest	(14.7)				29.8
Net income (loss) attributable to CVR Energy stockholders	$	(16.2)			$	54.9
Basic earnings (loss) per share	$	(0.19)			$	0.63
Diluted earnings (loss) per share	$	(0.19)			$	0.63
Dividends declared per share	$	0.50			$	0.50
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