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<SEC-DOCUMENT>0000950123-10-025772.txt : 20100318
<SEC-HEADER>0000950123-10-025772.hdr.sgml : 20100318
<ACCEPTANCE-DATETIME>20100318071526
ACCESSION NUMBER:		0000950123-10-025772
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100318
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100318
DATE AS OF CHANGE:		20100318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVR ENERGY INC
		CENTRAL INDEX KEY:			0001376139
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33492
		FILM NUMBER:		10690194

	BUSINESS ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
		BUSINESS PHONE:		(281) 207-7711

	MAIL ADDRESS:	
		STREET 1:		2277 PLAZA DRIVE
		STREET 2:		SUITE 500
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77479
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y83359e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported): March&nbsp;18, 2010</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CVR ENERGY, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other <BR>
jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-33492</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>61-1512186</B><BR>
(I.R.S. Employer<BR>
Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>2277 Plaza Drive, Suite&nbsp;500<BR>

Sugar Land, Texas 77479</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
(Address of principal executive offices,<BR>

including zip code)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code: (281)&nbsp;207-3200</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "Item&nbsp;7.01. Regulation FD Disclosure" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Regulation FD Disclosure</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 18, 2010, CVR Energy, Inc. (the &#147;Company&#148;) issued a press release
announcing that its wholly-owned subsidiaries, Coffeyville Resources, LLC and
Coffeyville Finance Inc., have commenced a private offering (the &#147;Private Offering&#148;) of
$250 million aggregate principal amount of first lien senior secured notes due 2015 and
$250 million aggregate principal amount of second lien senior secured notes due 2017
(collectively, the &#147;Notes&#148;). The full text of the press release is attached hereto as Exhibit
99.1 and is incorporated herein by reference.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portions of the summary section of the offering memorandum the Company prepared
in connection with the Private Offering are attached hereto as Exhibit 99.2.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in Item 7.01 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2
attached hereto are being furnished pursuant to Item 7.01 of Form 8-K and shall not,
except to the extent required by applicable law or regulation, be deemed filed by the
Company for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that Section, nor shall any of such
information or exhibits be deemed incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information filed in this Report pursuant to Item 7.01, including the information
contained in Exhibits 99.1 and 99.2, is neither an offer to sell nor a solicitation of an offer
to buy any of the Notes in the Private Offering.

</DIV>

<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(d)&nbsp;Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Press release dated March&nbsp;18, 2010, issued by CVR Energy, Inc.</DIV></TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD valign="top" style="font-size: 10pt">&nbsp;</TD>

<TD valign="top" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">Portions
of the  summary section of the offering memorandum dated March 18,
2010 prepared in connection with the Private Offering.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 " SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;18, 2010</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CVR ENERGY, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                            /s/ Edward Morgan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Edward Morgan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y83359exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y83359y8335900.gif" alt="(LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>CVR
Energy Launches Private Placement of $250 Million </B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>of First Lien Senior Secured Notes </B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>And  $250 Million of Second Lien Senior Secured Notes</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SUGAR LAND, Texas (March&nbsp;18, 2010) &#151; </B>CVR Energy, Inc. (NYSE: CVI) announced that its
wholly-owned subsidiaries, Coffeyville Resources, LLC and Coffeyville Finance Inc., have
commenced an offering of $250&nbsp;million aggregate principal amount of first lien senior secured
notes due 2015 and $250&nbsp;million aggregate principal amount of second lien senior secured notes
due 2017.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The notes will be guaranteed by each of the company&#146;s subsidiaries that guarantee the first
priority credit facility and will be secured by liens on substantially all of the assets which
secure the company&#146;s first priority credit facility. CVR Energy intends to use the net proceeds
to repay term loan indebtedness outstanding under the first priority credit facility and for
general corporate purposes. The offering is subject to market and other conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The notes will be offered and sold to qualified institutional buyers in the United States
pursuant to Rule&nbsp;144A and outside the United States pursuant to Regulation&nbsp;S under the
Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This announcement does not constitute an offer to sell or the solicitation of an offer to buy
any security and shall not constitute an offer, solicitation or sale in any jurisdiction in
which such offering would be unlawful. This notice is being issued pursuant to and in accordance
with Rule 135(c) under the Securities Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"># # #</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About CVR Energy, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Headquartered
in Sugar Land, Texas, CVR Energy, Inc.&#146;s subsidiaries and affiliated businesses
include an independent refiner that operates a 115,000 barrel per day refinery in Coffeyville,
Kan., and markets high value transportation fuels supplied to customers through tanker trucks
and pipeline terminals; a crude oil gathering system serving central Kansas, Oklahoma, eastern
Colorado, western Missouri and southwestern  Nebraska;   a refined
fuels and asphalt  storage and
terminal business in Phillipsburg, Kan.; and through a limited partnership, an ammonia and urea
ammonium nitrate fertilizer business located in Coffeyville, Kan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information, please contact:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Investor Relations:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Media Relations:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stirling Pack, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steve Eames</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CVR Energy, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CVR Energy, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">281-207-3464
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">281-207-3550</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>InvestorRelations@CVREnergy.com</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>MediaRelations@CVREnergy.com</u></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>y83359exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 99.2</B>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Our Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an independent refiner and marketer of high value transportation fuels and, through a
limited partnership, a producer of nitrogen fertilizers in the form of ammonia and urea ammonia
nitrate, or UAN. We are one of only eight petroleum refiners and marketers located within the
mid-continent region (Kansas, Oklahoma, Missouri, Nebraska and Iowa) and the nitrogen fertilizer
business is the only marketer of ammonia and UAN fertilizers in North America that produces ammonia
using a petroleum coke, or pet coke, gasification process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our petroleum business includes a 115,000 barrel per day, or bpd, complex full coking
medium-sour crude oil refinery in Coffeyville, Kansas. In addition, we own and operate supporting
businesses that include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a crude oil gathering system serving Kansas, Oklahoma, western Missouri, eastern
Colorado and southwestern Nebraska;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a 145,000 bpd pipeline system that transports crude oil to our refinery with
1.2&nbsp;million barrels of associated company-owned storage tanks and an additional
2.7&nbsp;million barrels of leased storage capacity located at Cushing, Oklahoma;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a rack marketing division supplying product through tanker trucks directly to
customers located in close geographic proximity to Coffeyville and Phillipsburg and to
customers at throughput terminals on refined products distribution systems run by
Magellan Midstream Partners L.P., or Magellan, and NuStar Energy, LP, or NuStar; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>storage and terminal facilities for refined fuels and asphalt in Phillipsburg,
Kansas.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our refinery is situated approximately 100 miles from Cushing, Oklahoma, one of the largest
crude oil trading and storage hubs in the United States, which provides us with access to virtually
any crude oil variety in the world capable of being transported by pipeline. We sell our products
through rack sales (sales which are made at terminals into third party tanker trucks) and bulk
sales (sales through third party pipelines) into the mid-continent markets via Magellan and into
Colorado and other destinations utilizing the product pipeline networks owned by Magellan,
Enterprise Products Operating, L.P. and NuStar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nitrogen fertilizer business consists of a nitrogen fertilizer plant in Coffeyville,
Kansas that includes two pet coke gasifiers. The nitrogen fertilizer business is the only operation
in North America that utilizes a pet coke gasification process to produce ammonia (based on data
provided by Blue, Johnson &#038; Associates). By using pet coke (a coal-like substance that is produced
during the refining process) instead of natural gas as a primary raw material, at current natural
gas and pet coke prices, we believe the nitrogen fertilizer plant business is one of the lowest
cost producers and marketers of ammonia and UAN fertilizers in North America. The nitrogen
fertilizer manufacturing facility is comprised of (1)&nbsp;a 1,225 ton-per-day ammonia unit, (2)&nbsp;a 2,025
ton-per-day UAN unit and (3)&nbsp;a dual train gasifier complex, each having a capacity of 84&nbsp;million
standard cubic feet per day. A majority of the ammonia produced by the nitrogen fertilizer plant is
further upgraded to UAN fertilizer (a solution of urea and ammonium nitrate in water used as a
fertilizer). On average during the last five years, over 74% of the pet coke utilized by the
fertilizer plant was produced and supplied to the fertilizer plant as a by-product of our refinery.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart shows (1)&nbsp;net sales, operating income and  net income   (loss) for CVR Energy on a consolidated basis and (2)&nbsp;net sales and operating income for each of
CVR Energy&#146;s two business segments.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consolidated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,966.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,016.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,136.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(67.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.4</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Petroleum Business</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,806.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,774.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,934.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nitrogen Fertilizer Business</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">165.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">263.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">208.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Key Market Trends</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have identified several key factors that we believe influence the long-term outlook for the
refining and nitrogen fertilizer industries generally and in the areas where we operate and sell
our products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the refining industry, these factors include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>High capital costs, historical excess refining capacity and incremental regulatory
requirements have limited the construction of new refineries in the United States over
the past 30&nbsp;years. Although certain regions in the U.S. continue to have excess capacity,
consolidation and closure of existing refineries accelerated beginning in 2009 and is
expected to continue, which we believe should reduce refining capacity as compared to
current levels.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Higher crude oil prices have resulted in increased domestic crude oil production,
leading to increased domestic crude supply.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Even in a cyclically low demand environment, refining capacity in the mid-continent
region where we operate is insufficient to meet required product demand in this region.
We believe that this should result in PADD II Group 3 refiners earning higher margins on
product sales.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increasing demand for sweet crude oils and higher incremental production of
lower-cost sour crude are expected to provide a cost advantage to sour crude processing
refiners.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S. fuel specifications, including reduced sulfur content and reduced vapor
pressure, which accommodates ethanol blending and reduces fuel volatility, should benefit
refiners who are able to efficiently produce fuels that meet these specifications.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nitrogen fertilizer industry, these factors include the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Despite the severe global economic downturn of 2009, the worldwide growth in
population, the continued increased demand for protein in the diets of developing
countries and the improving economy in late 2009 and early 2010 have led to greater
demand for food. With rising demand for food, crop prices remain well above historical
levels. We believe crop prices will remain strong over the coming years, providing
farmers with</TD>
</TR>

</TABLE>
</DIV>
</DIV>



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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial incentives to strive for increased production, which will lead to
higher application rates for the nitrogen-based fertilizers we produce.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nitrogen fertilizer prices reached historical highs during the second quarter of
2008, then declined significantly in late 2008 through the second quarter of 2009 as
economic uncertainty caused dealers and farmers to become extremely cautious. Fertilizer
prices began to recover during the third quarter of 2009 and have since continued to
trend upward. As nitrogen fertilizers must be replenished annually, farmers are now
refocused on the need to address nutrient shortfalls in the soil and the distribution
chain. In light of improving markets, increased demand and the upward pricing trends that
we have recently seen, we believe nitrogen fertilizer prices should continue to remain
strong in the near term and will remain significantly above the historic lows seen in the
second quarter of 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Energy Independence and Security Act of 2007 requires fuel producers to use at
least 36&nbsp;billion gallons of biofuel (such as ethanol) by 2022, a nearly five-fold
increase over current levels. The increase in grain production necessary to meet this
requirement is expected to result in rising demand for nitrogen-based fertilizers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>World population and economic growth, combined with changing dietary trends in many
nations, has significantly increased global demand for agricultural products and
fertilizer. U.S. market prices are set by global fertilizer prices, and as demand and
prices increase worldwide, we would expect U.S. demand and prices to increase as well.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both of our businesses are cyclical and volatile and have experienced downturns in the past.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Our Strengths</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Regional Advantage and Strategic Asset Location. </I></B>Our refinery is located in the southern
portion of the PADD II Group 3 distribution area. Because refined product demand in this area
exceeds production, the region has historically required U.S. Gulf Coast imports to meet demand. We
estimate that this favorable supply/demand imbalance allowed refineries in PADD II Group 3 to
generate higher refining margins, measured by the 2-1-1 crack spread, as compared to U.S. Gulf
Coast refineries on average during the last four years. The 2-1-1 crack spread is a general
industry standard that approximates the per barrel refining margin resulting from processing two
barrels of crude oil to produce one barrel of gasoline and one barrel of heating oil.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the nitrogen fertilizer business is geographically advantaged to supply nitrogen
fertilizer products to markets in Kansas, Missouri, Nebraska, Iowa, Illinois and northern Texas
without incurring intermediate transfer, storage, barge or pipeline freight charges. Because the
nitrogen fertilizer business does not incur these costs, this geographic advantage provides it with
a distribution cost advantage over competitors not located in the farm belt who transport ammonia
and UAN from the U.S. Gulf Coast, based on recent freight rates and pipeline tariffs for U.S. Gulf
Coast importers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Access to and Ability to Process Multiple Crude Oils. </I></B>In recent years, we have significantly
expanded the variety of crude grades processed in any given month to optimize the profitability of
and enhance security of supply to our refinery. While our proximity to the Cushing crude oil
trading hub minimizes the likelihood of an interruption to our supply, we intend to further
diversify our sources of crude oil. Among other initiatives in this regard, we maintain capacity on
the Spearhead pipeline, which connects Chicago to the Cushing hub, and receive foreign and
deepwater domestic crudes via the Seaway Pipeline System. We maintain leased storage in Cushing to
facilitate optimal crude purchasing and blending and own and operate a crude gathering system
serving Kansas, Oklahoma, western Missouri, eastern
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Colorado and southwestern Nebraska, which
allows us to acquire quality crudes at a discount to West Texas Intermediate crude oil, or WTI,
which is used as a benchmark for other crude oils. We also have the ability to receive crude oil by
rail directly at our refinery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>High Quality, Upgraded Refinery with Solid Track Record. </I></B>Our refinery&#146;s complexity allows us
to optimize the yields (the percentage of refined product that is produced from crude and other
feedstocks) of higher value transportation fuels (gasoline and distillate), which currently account
for approximately 90% of our liquid production output. Complexity is a measure of a refinery&#146;s
ability to process lower quality crude in an economic manner. From 2005 through December&nbsp;31, 2009,
we invested approximately $521&nbsp;million to modernize our oil refinery and to meet more stringent
U.S. environmental, health and safety requirements. As a result, our refinery&#146;s complexity
increased from 10.0 in 2005 to 12.2 in 2009, we significantly improved our assets&#146; reliability and
redundancy and we enhanced the profitability of our refinery during periods of high crack spreads
while enabling the refinery to operate more profitably at lower crack spreads than was previously
possible. In addition, we achieved significant increases in our refinery&#146;s total throughput, from
an average of approximately 98,300 bpd in June&nbsp;2005 to an average in excess of 120,000 bpd for the
year ended December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Unique Coke Gasification Fertilizer Plant. </I></B>The nitrogen fertilizer plant, completed in 2000,
is the newest fertilizer facility in North America and the only one of its kind in North America
using a pet coke gasification process to produce ammonia. While this facility is unique to North
America, gasification technology has been in use for over 50&nbsp;years in various industries to produce
fuel, chemicals and other products from carbon-based source materials. Because it uses
significantly less natural gas in the manufacture of ammonia than other domestic nitrogen
fertilizer plants, the nitrogen fertilizer business&#146; feedstock cost per ton for ammonia is
considerably lower than that of its natural gas-based fertilizer plant competitors. We estimate
that the facility&#146;s production cost advantage over U.S. Gulf Coast ammonia producers is sustainable
at natural gas prices as low as $3.50 per MMBtu (at March&nbsp;8, 2010, the price of natural gas was
$4.53 per MMBtu).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Experienced Management Team. </I></B>Our senior management team averages over 29&nbsp;years of refining
and fertilizer industry experience and, in coordination with our broader management team, has
increased our enterprise value since 2005, when we acquired our business, by enhancing the overall
reliability and production capabilities of our businesses. Mr.&nbsp;John J. Lipinski, our Chief
Executive Officer, has over 37&nbsp;years of experience in the refining and chemicals industries, and
prior to joining us in June&nbsp;2005 was in charge of a 550,000 bpd refining system and a multi-plant
fertilizer system. Mr.&nbsp;Stanley A. Riemann, our Chief Operating Officer, has over 36&nbsp;years of
experience, and prior to joining us in March&nbsp;2004, was in charge of one of the largest fertilizer
manufacturing systems in the United States. Mr.&nbsp;Edward A. Morgan, our Chief Financial Officer, has
over 18&nbsp;years of finance experience, including 7&nbsp;years in the energy industry, and prior to joining
us in May&nbsp;2009, was the chief financial officer of a New York Stock Exchange-listed downstream
energy company.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Our Strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary business objective for our refining business is to strengthen our position as an
independent refiner and marketer of refined fuels in our markets by maximizing the throughput and
efficiency of our petroleum refining assets. In addition, management&#146;s business objective on behalf
of the nitrogen fertilizer business is to maximize the production and efficiency of the nitrogen
fertilizer facilities. We intend to accomplish these objectives through the following strategies:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maintain and increase cash flow with minimal need for significant capital expenditure
projects. </I></B>Our refinery is located in a region of the United States in which refined
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">product demand
exceeds production. Since 2005, we have invested significantly to modernize our refinery and
increase the volume and quality of its output. In addition, there is high demand for the products
produced by the nitrogen fertilizer business, which operates the newest fertilizer plant in North
America. We believe our significant capital expenditures to date combined with demand for our
products will allow us to maintain a recurring stream of revenue with minimal need for significant
large capital projects. We continually evaluate likely levels of future demand and will endeavor to
make future capital expenditures in order to increase future recurring revenues and cash flow.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capitalize on low operating cost advantage. </I></B>Increasing demand for sweet crude oils and higher
incremental production of lower-cost sour crude are expected to provide a cost advantage to sour
crude processing refiners and the location of our refinery provides us with a reliable supply of
crude oil and a transportation cost advantage over our competitors. In addition, we believe the
nitrogen fertilizer business is one of the lowest cost producers and marketers of ammonia and UAN
fertilizers in North America. We continually review on an ongoing basis efficiency-based and other
projects that could reduce overall operating costs. For example, by redesigning the system that
segregates carbon dioxide, or CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, during the gasification process, the nitrogen
fertilizer business estimates that it will be able to produce approximately 25 tons per day of
incremental ammonia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continue productivity improvements and capacity optimization. </I></B>We continually strive to improve
our operating efficiency. We completed the greenfield construction of a new continuous catalytic
reformer in 2008 to increase the profitability of our petroleum business through increased refined
product yields and the elimination of scheduled downtime associated with the catalytic reformer
that was replaced. In addition, this project reduced the dependence of our refinery on hydrogen
supplied by the fertilizer facility, thereby allowing the nitrogen fertilizer business to generate
higher margins by increasing its capacity to produce ammonia and UAN rather than hydrogen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have increased the gathering capacity of our crude oil gathering system from approximately
7,000 bpd in 2005 to a gathering capacity in excess of 30,000 bpd in 2009. This increased capacity
has provided higher margins and a base supply of feedstock for our refinery that is an attractive
and competitive supply of crude oil. We plan to continue to increase the capacity of our crude oil
gathering system so that we may eventually utilize this asset to provide crude oil to other
refineries in addition to our own.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Focus on minimizing downtime. </I></B>We continually strive to maximize the production of our oil
refining and nitrogen fertilizer facilities in order to meet demand. We seek to minimize downtime
at our oil refining facility through a diligent planning process that takes into account the margin
environment, the availability of resources to perform the needed maintenance, feedstock logistics
and other factors. We seek to minimize downtime at the nitrogen fertilizer facility through a
diligent planning process that takes into account margin environment, the availability of resources
to perform the needed maintenance, feedstock logistics and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Provide high level of customer service. </I></B>We focus on providing our customers with the highest
level of service. We have significantly expanded the variety of crude grades we process, allowing
us to offer customers consistent and reliable service across a wide range of products. The
fertilizer plant has demonstrated consistent levels of production while operating at close to full
capacity. All of the fertilizer plant&#146;s product shipments are targeted to freight advantaged
destinations located in the U.S. farm belt, allowing the fertilizer business to quickly and
reliably service customer demand. We believe a continued focus on customer service will allow us to
maintain relationships with existing customers and grow our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consider strategic acquisitions. </I></B>We intend to selectively consider strategic acquisitions
within the energy industry. We will seek acquisition opportunities in our existing areas of
</DIV>
</DIV>



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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operation that have the potential for operational efficiencies. We may also examine opportunities
in the energy industry outside of our existing areas of operation and in new geographic regions. In
addition, working on behalf of the Partnership, management may pursue strategic acquisitions within
the fertilizer industry, including opportunities in different geographic regions. We have no
agreements or understandings with respect to any acquisitions at the present time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pursue opportunities to maximize the value of the nitrogen fertilizer business. </I></B>Our
management, acting on behalf of the Partnership, will continually evaluate opportunities that are
intended to enable the Partnership to grow its distributable cash flow. We continually review on an
ongoing basis efficiency-based and other projects that could reduce overall operating costs, and in
turn incrementally increase ammonia production and utilize byproducts to generate revenue. The
nitrogen fertilizer business has a proven track record of operating gasifiers and is well
positioned to offer operating and technical services as a third-party operator to other
gasifier-based projects. In addition, we completed an engineering review for the construction of an
additional UAN unit that would enable us to increase UAN production by 50% and may elect to proceed
with construction in the future if economic conditions warrant.
</DIV>

</DIV>



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</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Recent Developments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Debt Repayment. </I></B>In January&nbsp;2010, we made a voluntary unscheduled principal payment of
$20.0&nbsp;million on our tranche D term loans. In February&nbsp;2010, we made a second voluntary unscheduled
principal payment of $5.0&nbsp;million. Our outstanding term loan balance following the repayments, as
of February&nbsp;28, 2010, was $453.3&nbsp;million. In connection with these voluntary prepayments, we paid a
2.0% premium totaling $0.5&nbsp;million to the lenders under our first priority credit facility. These
unscheduled principal payments occurred primarily as a result of a partial reduction to our
contango crude oil inventory in January and February&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bank Amendment. </I></B>On March&nbsp;12, 2010, we entered into the fourth amendment to our first priority
credit facility. The amendment, among other things, allows us to issue junior lien debt, subject to
certain conditions, including, but not limited to, a requirement that 100% of the proceeds are used
to prepay the tranche D term loans. The amendment also allows us to issue up to $350.0&nbsp;million of
first lien debt, including the first lien notes, subject to certain conditions, including, but not
limited to, a requirement that 100% of the proceeds are used to prepay any remaining tranche D term
loans. The amendment also provides us with significant financial flexibility through modifications
to our financial covenants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Business Environment. </I></B>Crack spreads in the refining industry generally, and at our company,
have continued to be weak during the first two months of 2010 and are substantially below that
experienced in the first quarter of 2009. We have seen reduced demand for gasoline and other
refined products, due in part to higher unemployment and economic uncertainty in the United States,
particularly in the Midwest. This has resulted in excess inventories in crude oil and other refined
products, which has resulted in lower crack spreads across the US including in the Group III,
PADD 2 region of the country where we operate. In March&nbsp;2010, however, we have seen a shift in this
dynamic and substantial improvement in crack spreads and inventory levels. Additionally, throughout
the first quarter of 2010, we have seen significantly higher pricing for ammonia and UAN as
compared to the third quarter of 2009. As a result of these trends, we expect that our Adjusted
EBITDA and operating income in the first quarter of 2010 will be significantly less than the
equivalent measures in the first quarter of 2009.
</DIV>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
