Intrinsic value of CVR Refining - CVRR

Previous Close

$23.25

  Intrinsic Value

$95.62

stock screener

  Rating & Target

str. buy

+311%

Previous close

$23.25

 
Intrinsic value

$95.62

 
Up/down potential

+311%

 
Rating

str. buy

We calculate the intrinsic value of CVRR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  7,239
  9,086
  11,218
  13,644
  16,367
  19,389
  22,707
  26,319
  30,218
  34,398
  38,853
  43,575
  48,560
  53,802
  59,299
  65,047
  71,048
  77,302
  83,812
  90,584
  97,624
  104,941
  112,544
  120,446
  128,658
  137,197
  146,078
  155,319
  164,938
  174,956
Variable operating expenses, $m
  6,500
  8,159
  10,074
  12,252
  14,697
  17,411
  20,391
  23,634
  27,136
  30,890
  34,890
  39,131
  43,607
  48,314
  53,250
  58,412
  63,801
  69,417
  75,263
  81,344
  87,667
  94,237
  101,065
  108,160
  115,535
  123,203
  131,178
  139,476
  148,114
  157,111
Fixed operating expenses, $m
  391
  400
  409
  418
  427
  436
  446
  456
  466
  476
  487
  497
  508
  519
  531
  543
  554
  567
  579
  592
  605
  618
  632
  646
  660
  674
  689
  704
  720
  736
Total operating expenses, $m
  6,891
  8,559
  10,483
  12,670
  15,124
  17,847
  20,837
  24,090
  27,602
  31,366
  35,377
  39,628
  44,115
  48,833
  53,781
  58,955
  64,355
  69,984
  75,842
  81,936
  88,272
  94,855
  101,697
  108,806
  116,195
  123,877
  131,867
  140,180
  148,834
  157,847
Operating income, $m
  347
  527
  735
  974
  1,242
  1,541
  1,870
  2,229
  2,616
  3,033
  3,476
  3,947
  4,445
  4,968
  5,518
  6,092
  6,692
  7,318
  7,970
  8,648
  9,353
  10,086
  10,848
  11,640
  12,463
  13,320
  14,211
  15,138
  16,104
  17,110
EBITDA, $m
  538
  767
  1,032
  1,334
  1,674
  2,053
  2,470
  2,924
  3,414
  3,941
  4,502
  5,098
  5,727
  6,389
  7,083
  7,810
  8,568
  9,359
  10,182
  11,039
  11,930
  12,856
  13,819
  14,820
  15,860
  16,942
  18,067
  19,239
  20,458
  21,729
Interest expense (income), $m
  42
  47
  84
  142
  209
  285
  370
  465
  569
  683
  805
  936
  1,076
  1,224
  1,381
  1,545
  1,718
  1,898
  2,086
  2,283
  2,487
  2,700
  2,920
  3,150
  3,389
  3,637
  3,894
  4,162
  4,441
  4,731
  5,033
Earnings before tax, $m
  300
  443
  594
  765
  957
  1,171
  1,405
  1,659
  1,934
  2,227
  2,540
  2,871
  3,221
  3,588
  3,972
  4,375
  4,794
  5,232
  5,687
  6,161
  6,653
  7,165
  7,698
  8,251
  8,827
  9,425
  10,048
  10,697
  11,373
  12,077
Tax expense, $m
  81
  120
  160
  207
  259
  316
  379
  448
  522
  601
  686
  775
  870
  969
  1,073
  1,181
  1,294
  1,413
  1,535
  1,663
  1,796
  1,935
  2,078
  2,228
  2,383
  2,545
  2,713
  2,888
  3,071
  3,261
Net income, $m
  219
  323
  433
  558
  699
  855
  1,026
  1,211
  1,412
  1,626
  1,854
  2,096
  2,351
  2,619
  2,900
  3,193
  3,500
  3,819
  4,152
  4,497
  4,857
  5,231
  5,619
  6,023
  6,443
  6,880
  7,335
  7,809
  8,302
  8,816

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,901
  3,642
  4,496
  5,468
  6,560
  7,771
  9,101
  10,549
  12,111
  13,787
  15,572
  17,465
  19,463
  21,564
  23,767
  26,071
  28,476
  30,983
  33,592
  36,306
  39,128
  42,060
  45,108
  48,275
  51,566
  54,989
  58,548
  62,252
  66,107
  70,123
Adjusted assets (=assets-cash), $m
  2,901
  3,642
  4,496
  5,468
  6,560
  7,771
  9,101
  10,549
  12,111
  13,787
  15,572
  17,465
  19,463
  21,564
  23,767
  26,071
  28,476
  30,983
  33,592
  36,306
  39,128
  42,060
  45,108
  48,275
  51,566
  54,989
  58,548
  62,252
  66,107
  70,123
Revenue / Adjusted assets
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
  2.495
Average production assets, $m
  1,911
  2,399
  2,962
  3,602
  4,321
  5,119
  5,995
  6,948
  7,978
  9,081
  10,257
  11,504
  12,820
  14,204
  15,655
  17,172
  18,757
  20,408
  22,126
  23,914
  25,773
  27,704
  29,712
  31,798
  33,966
  36,220
  38,565
  41,004
  43,544
  46,188
Working capital, $m
  22
  27
  34
  41
  49
  58
  68
  79
  91
  103
  117
  131
  146
  161
  178
  195
  213
  232
  251
  272
  293
  315
  338
  361
  386
  412
  438
  466
  495
  525
Total debt, $m
  965
  1,631
  2,400
  3,275
  4,258
  5,348
  6,545
  7,848
  9,254
  10,762
  12,369
  14,072
  15,870
  17,761
  19,744
  21,818
  23,982
  26,238
  28,587
  31,029
  33,569
  36,208
  38,951
  41,801
  44,764
  47,844
  51,047
  54,381
  57,850
  61,464
Total liabilities, $m
  2,611
  3,277
  4,047
  4,922
  5,904
  6,994
  8,191
  9,494
  10,900
  12,408
  14,015
  15,719
  17,517
  19,408
  21,390
  23,464
  25,628
  27,884
  30,233
  32,676
  35,215
  37,854
  40,597
  43,447
  46,410
  49,490
  52,694
  56,027
  59,497
  63,110
Total equity, $m
  290
  364
  450
  547
  656
  777
  910
  1,055
  1,211
  1,379
  1,557
  1,747
  1,946
  2,156
  2,377
  2,607
  2,848
  3,098
  3,359
  3,631
  3,913
  4,206
  4,511
  4,827
  5,157
  5,499
  5,855
  6,225
  6,611
  7,012
Total liabilities and equity, $m
  2,901
  3,641
  4,497
  5,469
  6,560
  7,771
  9,101
  10,549
  12,111
  13,787
  15,572
  17,466
  19,463
  21,564
  23,767
  26,071
  28,476
  30,982
  33,592
  36,307
  39,128
  42,060
  45,108
  48,274
  51,567
  54,989
  58,549
  62,252
  66,108
  70,122
Debt-to-equity ratio
  3.330
  4.480
  5.340
  5.990
  6.490
  6.880
  7.190
  7.440
  7.640
  7.810
  7.940
  8.060
  8.150
  8.240
  8.310
  8.370
  8.420
  8.470
  8.510
  8.550
  8.580
  8.610
  8.640
  8.660
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  219
  323
  433
  558
  699
  855
  1,026
  1,211
  1,412
  1,626
  1,854
  2,096
  2,351
  2,619
  2,900
  3,193
  3,500
  3,819
  4,152
  4,497
  4,857
  5,231
  5,619
  6,023
  6,443
  6,880
  7,335
  7,809
  8,302
  8,816
Depreciation, amort., depletion, $m
  191
  240
  296
  360
  432
  512
  599
  695
  798
  908
  1,026
  1,150
  1,282
  1,420
  1,565
  1,717
  1,876
  2,041
  2,213
  2,391
  2,577
  2,770
  2,971
  3,180
  3,397
  3,622
  3,856
  4,100
  4,354
  4,619
Funds from operations, $m
  410
  563
  729
  919
  1,131
  1,367
  1,625
  1,906
  2,209
  2,534
  2,880
  3,246
  3,633
  4,039
  4,465
  4,911
  5,375
  5,860
  6,364
  6,889
  7,434
  8,001
  8,590
  9,203
  9,840
  10,502
  11,192
  11,909
  12,656
  13,435
Change in working capital, $m
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
Cash from operations, $m
  405
  558
  723
  911
  1,123
  1,357
  1,615
  1,895
  2,198
  2,522
  2,867
  3,232
  3,618
  4,024
  4,449
  4,893
  5,357
  5,841
  6,345
  6,868
  7,413
  7,979
  8,568
  9,179
  9,815
  10,477
  11,165
  11,882
  12,628
  13,405
Maintenance CAPEX, $m
  -150
  -191
  -240
  -296
  -360
  -432
  -512
  -599
  -695
  -798
  -908
  -1,026
  -1,150
  -1,282
  -1,420
  -1,565
  -1,717
  -1,876
  -2,041
  -2,213
  -2,391
  -2,577
  -2,770
  -2,971
  -3,180
  -3,397
  -3,622
  -3,856
  -4,100
  -4,354
New CAPEX, $m
  -414
  -488
  -563
  -640
  -719
  -798
  -876
  -953
  -1,029
  -1,104
  -1,176
  -1,247
  -1,316
  -1,384
  -1,451
  -1,518
  -1,584
  -1,651
  -1,719
  -1,788
  -1,859
  -1,932
  -2,007
  -2,086
  -2,168
  -2,254
  -2,345
  -2,440
  -2,539
  -2,645
Cash from investing activities, $m
  -564
  -679
  -803
  -936
  -1,079
  -1,230
  -1,388
  -1,552
  -1,724
  -1,902
  -2,084
  -2,273
  -2,466
  -2,666
  -2,871
  -3,083
  -3,301
  -3,527
  -3,760
  -4,001
  -4,250
  -4,509
  -4,777
  -5,057
  -5,348
  -5,651
  -5,967
  -6,296
  -6,639
  -6,999
Free cash flow, $m
  -158
  -121
  -80
  -25
  44
  128
  227
  342
  473
  620
  783
  960
  1,152
  1,358
  1,577
  1,810
  2,056
  2,314
  2,585
  2,868
  3,163
  3,470
  3,790
  4,122
  4,467
  4,826
  5,199
  5,586
  5,988
  6,406
Issuance/(repayment) of debt, $m
  424
  666
  769
  875
  982
  1,090
  1,197
  1,303
  1,406
  1,508
  1,607
  1,704
  1,798
  1,891
  1,983
  2,074
  2,165
  2,256
  2,348
  2,443
  2,540
  2,639
  2,743
  2,850
  2,963
  3,080
  3,204
  3,333
  3,470
  3,614
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  424
  666
  769
  875
  982
  1,090
  1,197
  1,303
  1,406
  1,508
  1,607
  1,704
  1,798
  1,891
  1,983
  2,074
  2,165
  2,256
  2,348
  2,443
  2,540
  2,639
  2,743
  2,850
  2,963
  3,080
  3,204
  3,333
  3,470
  3,614
Total cash flow (excl. dividends), $m
  266
  545
  689
  850
  1,026
  1,218
  1,424
  1,645
  1,880
  2,128
  2,389
  2,663
  2,950
  3,249
  3,560
  3,884
  4,221
  4,570
  4,934
  5,311
  5,703
  6,110
  6,533
  6,972
  7,430
  7,906
  8,402
  8,919
  9,458
  10,019
Retained Cash Flow (-), $m
  -207
  -74
  -85
  -97
  -109
  -121
  -133
  -145
  -156
  -168
  -179
  -189
  -200
  -210
  -220
  -230
  -241
  -251
  -261
  -271
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -386
  -402
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  11
  14
  18
  22
  27
  33
  39
  45
  53
  60
  69
  78
  87
  97
  108
  119
  130
  142
  155
  168
  181
  195
  210
  225
  241
  257
  274
  292
  311
  330
Cash available for distribution, $m
  59
  471
  604
  753
  917
  1,097
  1,291
  1,500
  1,724
  1,961
  2,211
  2,474
  2,750
  3,039
  3,340
  3,654
  3,980
  4,320
  4,673
  5,039
  5,420
  5,816
  6,228
  6,656
  7,101
  7,564
  8,046
  8,548
  9,072
  9,618
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  56
  421
  506
  588
  663
  730
  785
  826
  853
  865
  860
  841
  808
  763
  709
  646
  579
  510
  440
  373
  310
  253
  201
  157
  120
  89
  65
  46
  32
  21
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CVR Refining, LP is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. The Company is a petroleum refiner. It owned and operated a complex full coking medium-sour crude oil refinery in Coffeyville, Kansas with a rated capacity of 115,000 barrels per calendar day (bpcd) and a complex crude oil refinery in Wynnewood, Oklahoma with a rated capacity of 70,000 bpcd capable of processing 20,000 bpcd of light sour crude oils (within its rated capacity of 70,000 bpcd), as of December 31, 2016. In addition, it also controlled and operated supporting logistics assets, including approximately 340 miles of active owned and leased pipelines, approximately 150 crude oil transports, a network of crude oil gathering tank farms, approximately 6.4 million barrels of owned and leased crude oil storage and over 4.5 million barrels of combined refined products and feedstocks storage capacity, as of December 31, 2016.

FINANCIAL RATIOS  of  CVR Refining (CVRR)

Valuation Ratios
P/E Ratio 228.8
Price to Sales 0.8
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate -14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.7%
Cap. Spend. - 3 Yr. Gr. Rate -13%
Financial Strength
Quick Ratio 157
Current Ratio 0
LT Debt to Equity 41.6%
Total Debt to Equity 41.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 2
Profitability Ratios
Gross Margin 3.4%
Gross Margin - 3 Yr. Avg. 6.1%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CVRR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVRR stock intrinsic value calculation we used $5664 million for the last fiscal year's total revenue generated by CVR Refining. The default revenue input number comes from 2017 income statement of CVR Refining. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CVRR stock valuation model: a) initial revenue growth rate of 27.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.5%, whose default value for CVRR is calculated based on our internal credit rating of CVR Refining, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CVR Refining.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CVRR stock the variable cost ratio is equal to 89.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $383 million in the base year in the intrinsic value calculation for CVRR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.7% for CVR Refining.

Corporate tax rate of 27% is the nominal tax rate for CVR Refining. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CVRR stock is equal to 0.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CVRR are equal to 26.4%.

Life of production assets of 10 years is the average useful life of capital assets used in CVR Refining operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CVRR is equal to 0.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $83 million for CVR Refining - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 148 million for CVR Refining is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CVR Refining at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Is CVR Refining LPs (NYSE:CVRR) ROE Of 12.70% Sustainable?   [Jun-27-18 10:37AM  Simply Wall St.]
▶ Sugar Land refiner CVR Energy hires 2 former Tesoro/Andeavor execs   [May-02-18 06:52PM  American City Business Journals]
▶ 5 Best Performing Stocks of April   [May-01-18 08:00AM  Zacks]
▶ Are These Smoking-Hot Energy Stocks Still Worth Buying?   [Mar-09-18 08:17PM  Motley Fool]
▶ CVR Refining LP to Host Earnings Call   [10:25AM  ACCESSWIRE]
▶ CVR Refining Announces 2017 Fourth Quarter Earnings Call   [Feb-08-18 08:30AM  PR Newswire]
▶ Top 10 Stocks Under $20   [Jan-25-18 12:42PM  Zacks]
▶ Which Refining and Marketing Energy Stocks Fell This Week?   [Jan-19-18 09:30AM  Market Realist]
▶ Why These 2 Downstream MLPs Could Be Promising in 2018   [Jan-12-18 03:10PM  Market Realist]
▶ How Do These MLPs Look in 2018?   [01:37PM  Market Realist]
▶ Refining and Marketing Stocks That Are Losing This Week   [Jan-05-18 09:15AM  Market Realist]
▶ ETFs with exposure to CVR Refining LP : December 25, 2017   [Dec-25-17 11:49AM  Capital Cube]
▶ Top 10 Stocks Under $20   [Dec-22-17 01:23PM  Zacks]
▶ Last Weeks MLP Ratings Updates   [Nov-21-17 02:24PM  Market Realist]
▶ CVR Refining Starts Paying Investors Again in Q3   [Nov-08-17 04:32PM  Motley Fool]
▶ Improved Refining Margin Drove CVR Refinings 3Q17 Earnings   [Nov-02-17 03:00PM  Market Realist]
▶ CVR Refining LP to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ CVR Refining Announces 2017 Third Quarter Earnings Call   [Oct-18-17 08:30AM  PR Newswire]
▶ Top MLP Gainers in the Week Ending October 13   [Oct-17-17 01:22PM  Market Realist]
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