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Motiva to layoff 500 as expansion nears completion

23.05.12

Construction at the Motiva Enterprises uncouth expansion project reached a peak in June, but as it heads for the finish parentage, the workforce is rapidly diminishing, a Motiva vice president said.

The Motiva undertaking's main contractors have issued layoff notices to about 500 construction workers functional this month who have completed major portions of the expansion.

As recently as June, the out employed about 13,500, said Tom Purves , a Motiva vice president and former Mooring Arthur refinery manager.

"It's just in the last six weeks that it started to drop off," Purves said in a phone interview on Tuesday.

He said the reduction in workforce is normal as parts of the poke out are completed.

Expected completion of the expansion project is by the end of the first quarter of 2012, which would be around the end of Procession, a little more than four months away.

Last week, Motiva announced it had reached a paramount construction milestone in completing the plant's internal utilities system to generate steam and intensity.

The estimated $7 billion project began construction in December 2007, but was revised in lately 2008 and early 2009 when Motiva decided to employ multiple grave contractors to build specific parts of the expansion, which will bring its daily unprocessed refining capacity to 600,000 barrels per day from its original 275,000 barrels per day. The completion of the enlargement will make the Motiva Port Arthur refinery the larg4est in the United States.

Purves said in about four months, the new refinery, integrated with the existing refinery, will be putting "work in the tank," meaning it will be in commercial operation.

It's not as if a switch is flipped and the refinery straight away increases to 600,000 barrels per day. The refinery will reach capacity soon after all of the elements are tested and reach orthodox operations, Purves said.

Source: Beaumont Enterprise

10-Q: CVR ENERGY INC

23.05.12

10-Q: CVR Vitality INC

(EDGAR Online via COMTEX) -- Item 2. Management's Chat and Analysis of Financial Condition and Results of Operations

The following discussion and criticism should be read in conjunction with the consolidated financial statements and related notes and with the statistical dope and financial data appearing in this Quarterly Report on Form 10-Q for the three-month period ended September 30, 2011, as well as our Annual Report on Form 10-K for the year ended December 31, 2010. Results of operations for the three and nine months ended September 30, 2011 are not inescapably indicative of results to be attained for any other period.

Forward-Looking Statements

This Be made up of 10-Q, including this Management's Discussion and Analysis of Financial Condition and Results of Operations, contains "mail-looking statements" as defined by the Securities and Exchange Commission (the "SEC"). Such statements are those with an eye to contemplated transactions and strategic plans, expectations and objectives for future operations. These subsume, without limitation:

statements, other than statements of historical fact, that address activities, events or developments that we trust, believe or anticipate will or may occur in the future;

statements relating to future monetary performance, future capital sources and other matters; and

any other statements preceded by, followed by or that catalogue the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "projects," "could," "should," "may," or almost identical expressions.

Although we believe that our plans, intentions and expectations reflected in or suggested by the hasten-looking statements we make in this Form 10-Q, including this Management's Exchange and Analysis of Financial Condition and Results of Operations, are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. These statements are based on assumptions made by us based on our contact and perception of historical trends, current conditions, expected future developments and other factors that we confidence in are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond our curb. You are cautioned that any such statements are not guarantees of future performance and actual results or developments may depart materially from those projected in the forward-looking statements as a result of various factors, including but not meagre to those set forth under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2010 and in our Sort 10-Q for the quarter ended March 31, 2011. Such factors include, among others:

explosive margins in the refining industry;

exposure to the risks associated with volatile crude oil prices;

the availability of fair to middling cash and other sources of liquidity for our capital needs;

our ability to forecast our later financial condition or results of operations and our future revenues and expenses;

disruption of our adeptness to obtain an adequate supply of crude oil;

interruption of the pipelines supplying feedstock and in the circulation of our products;

competition in the petroleum and nitrogen fertilizer businesses;

capital expenditures and undeveloped liabilities arising from environmental laws and regulations;

changes in our credit use;

the cyclical nature of the nitrogen fertilizer business;

the seasonal nature of our charge;

the supply and price levels of essential raw materials;

the risk of a material deny in production at our refinery and nitrogen fertilizer plant;

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latent operating hazards from accidents, fire, severe weather, floods or other natural disasters;

the chance associated with governmental policies affecting the agricultural industry;

the volatile constitution of ammonia, potential liability for accidents involving ammonia that cause pause to our businesses, severe damage to property and/or injury to the environment and human vigorousness and potential increased costs relating to the transport of ammonia;

the dependence of the nitrogen fertilizer operations on a few third-fete suppliers, including providers of transportation services and equipment;

new regulations about the transportation of hazardous chemicals, risks of terrorism and the security of chemical manufacturing facilities;

our dependence on historic customers;

the potential loss of the nitrogen fertilizer business' transportation get advantage over its competitors;

our potential inability to successfully implement our business strategies, including the conclusion of significant capital programs;

our ability to continue to license the technology utilized in our operations;

existing and proposed environmental laws and regulations, including those relating to feeling change, alternative energy or fuel sources, and the end-use and application of fertilizers;

refinery and nitrogen fertilizer structure operating hazards and interruptions, including unscheduled maintenance or downtime, and the availability of all right insurance coverage;

our significant indebtedness, including restrictions in our debt agreements;

our proficiency to consummate the Gary-Williams Energy Company (Wynnewood refinery) obtaining and the timing for the closing of such acquisition;

our ability to complete the successful integration of the Gary-Williams Force Company (Wynnewood refinery) into our business and to realize the synergies from such acquisition;

unanticipated liabilities associated with the acquisition of Gary-Williams Energy Corporation; and

instability and volatility in the top-hole and credit markets.

All forward-looking statements contained in this Form 10-Q symbolize only as of the date of this document. We undertake no obligation to update or revise publicly any cheeky-looking statements to reflect events or circumstances that occur after the date of this Manner 10-Q, or to reflect the occurrence of unanticipated events.

Company Overview

CVR Dynamism, Inc. and, unless the context requires otherwise, its subsidiaries ("CVR", the "Company", "we", "us" or "our") is an besides refiner and marketer of high value transportation fuels. In addition, we own the approximate partner and approximately 70% of the common units of CVR Partners, LP (the "Partnership"), a little partnership which produces nitrogen fertilizers, ammonia and UAN.

Coffeyville Acquisition LLC ("CALLC") formed CVR Vigour, Inc. as a wholly-owned subsidiary, incorporated in Delaware in September 2006, in apply for to effect an initial public offering, which was consummated on October 26, 2007. In conjunction with the initial Harry offering, a restructuring occurred in which CVR became a direct or indirect owner of all of the subsidiaries of CALLC. Additionally, in tie with the initial public offering, CALLC was split into two entities: CALLC and Coffeyville Purchase II LLC ("CALLC II").

As of December 31, 2010, approximately 40% of our outstanding shares were owned by unquestionable funds affiliated with Goldman Sachs & Co. and Kelso & Company, L.P. ("GS" and "Kelso", each to each), through their respective ownership of CALLC II and CALLC. On February 8, 2011, CALLC and CALLC II completed a on offer of our common stock into the public market pursuant to a registered public oblation. As a result of this

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offering, GS sold into the public market its residual ownership interests in CVR Energy and Kelso substantially reduced its interest in the Company. On May 26, 2011, Kelso completed a registered clientele offering, whereby Kelso sold into the public market its remaining ownership interests in CVR Drive.

On April 13, 2011, the Partnership completed its initial public offering of its stock units representing limited partner interests (the "Offering"). The Partnership sold 22,080,000 communal units (such amount includes common units issued pursuant to the exercise of the underwriters' over-apportionment option) at a price of $16.00 per common unit, resulting in gross proceeds (including the pre-tax proceeds from the exercise of the underwriters' over-allotment option) of $353.3 million before giving impact to underwriting discounts and other offering costs. The Partnership's units are listed on the New York Routine Exchange and are traded under the symbol "UAN." In connection with the Offering, the Partnership paid generally $24.7 million in underwriting fees and incurred approximately $4.4 million of other gift costs. Approximately $5.7 million was paid to an affiliate of GS which was acting as a union book-running manager. Until the completion of the February 2011 secondary oblation (described above), an affiliate of GS was a stockholder and a related party of the Company. As a result of the Gift, CVR indirectly owns approximately 70% of the Partnership's outstanding common units and 100% of the Partnership's common partner with its non-economic general partner interest.

Source: Middle East North Africa Financial Network