<SEC-DOCUMENT>0001193125-12-191924.txt : 20180406
<SEC-HEADER>0001193125-12-191924.hdr.sgml : 20180406
<ACCEPTANCE-DATETIME>20120427182924
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-191924
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120427

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
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>SEC Comment Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;27, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Daniel&nbsp;F.
Duchovny, Special Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Office of Mergers and Acquisitions </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549-3628 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CVR Energy, Inc. </B></FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Soliciting Materials filed pursuant to Rule 14a-12 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed March&nbsp;28, 2012 </B></FONT></TD></TR></TABLE>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;001-03342 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Mr.&nbsp;Duchovny: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are in receipt of the comments of the staff (&#147;<U>Staff</U>&#148;) of the Securities and Exchange
Commission (the &#147;<U>Commission</U>&#148;) set forth in your letter dated April&nbsp;5, 2012 (the &#147;<U>SEC Comment Letter</U>&#148;) regarding the above referenced Soliciting Materials filed pursuant to Rule 14a-12 (the &#147;<U>Soliciting
Materials</U>&#148;) by CVR Energy, Inc. (the &#147;<U>Company</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have responded to each of the Staff&#146;s
comments below. For the Staff&#146;s convenience, the numbered responses set forth below contain the Staff&#146;s comments and correspond to the numbered comments contained in the SEC Comment Letter. Note that all defined terms used in this letter
have the same meaning as in the Soliciting Materials, unless otherwise indicated. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Staff&#146;s Comment:</B> Each statement or assertion of opinion or belief must be clearly characterized as such, and a reasonable factual basis must exist for each
such opinion or belief. Support for opinions or beliefs should be self-evident, disclosed in the proxy solicitation materials or provided to the staff on a supplemental basis. We note your disclosure that (i)&nbsp;the acquisition of the Wynnewood
refinery has resulted in synergies &#147;significantly greater than originally expected,&#148; (ii)&nbsp;you expect the relatively recent change in North American crude oil production to &#147;allow the company to achieve superior margins and
industry-leading returns well into the foreseeable future.&#148; Provide the support described above, quantifying it to the extent possible. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company acknowledges the Staff&#146;s comment and is of the opinion that there is ample support for the above referenced statements in the Soliciting Materials. Regarding the
synergies from the acquisition of the Wynnewood refinery, the Soliciting Materials state that the Company has &#147;been able to leverage [its] aggressively-managed crude oil procurement effort along with [its] growing crude oil gathering and
logistics business to reduce the cost of crude oil.&#148; The Company believes there is ample support </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Daniel F. Duchovny </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 27, 2012 </FONT></P>
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for this statement based, among other things, on its observed fact that it has experienced greater than expected increases in both its crude supply rate and its crude differential as compared to
its original estimates; these increases contribute to a synergy amount that is greater than previously expected. For example, the Company expects to exceed its original estimate of crude supply rate by 1,500 to 2,000 barrels per day and expects to
improve its crude differentials by approximately $3 per barrel, compared to its previous forecast. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Soliciting Materials
also provide support regarding the Company&#146;s margins and returns by referencing the increasing production of North American crude oil coming from Canada, the Rockies and the mid-continent regions of the United States, which benefits the Company
due to the location of its refineries and its growing crude oil gathering and logistics business. Specifically, the increased production is depressing the West Texas Intermediate (&#147;<U>WTI</U>&#148;) crude price at Cushing, Oklahoma because of a
lack of logistics capacity to move crude to the Gulf Coast. As a result, the Company and other WTI based refiners can obtain crude at a lower cost than Gulf Coast refiners. This is reflected in the NYMEX 2-1-1 crack spreads currently being observed,
which are greater than previous forecasts. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Staff&#146;s Comment:</B> Please provide us with supplemental support for the disclosure relating to the Macquarie Equities Research March&nbsp;7, 2012 report.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B>The Company acknowledges the Staff&#146;s comment. In its March&nbsp;7, 2012 report, Macquarie
Equities Research stated that it saw &#147;greater uncertainties ahead for CVR Energy (CVI US) due primarily to risks associated with the outstanding tender offer at US$30.00/sh from affiliates of Carl Icahn&#148; and that it was &#147;taking a more
cautious view on CVI until the market receives greater clarity over the outcome of the offer.&#148; The March&nbsp;7 report went on to state that while &#147;CVI generated significant market momentum over the past year . . . . the circumstances
surrounding Icahn&#146;s offer could deflate that momentum given uncertainties over the risks and value proposition to shareholders.&#148; In its March&nbsp;13, 2012 Oil Refining Weekly, Macquarie Equities Research reaffirmed that it downgraded the
Company to neutral and reduced its price target &#147;on greater uncertainties ahead due primarily to risks associated with the outstanding tender offer at US$30.00/sh from affiliates of Carl Icahn.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hope that the foregoing has been responsive to the Staff&#146;s comments. If you have any questions regarding our responses, please
contact the undersigned at (212)&nbsp;403-1378 or BMRoth@wlrk.com, or Andrew R. Brownstein at (212)&nbsp;403-1233 or ARBrownstein@wlrk.com. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Daniel F. Duchovny </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 27, 2012 </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Benjamin M. Roth</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Benjamin M. Roth</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Edmund S. Gross </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, General Counsel and Secretary </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">CVR Energy, Inc. </FONT></TD></TR></TABLE>
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