Ex 99.1 Q2 2012 CVI Press Release

SUGAR LAND, Texas (August 1, 2012) - CVR Energy, Inc. (NYSE: CVI), a refiner and marketer of petroleum fuels and the majority owner in nitrogen fertilizer manufacturer CVR Partners, LP (NYSE: UAN), today reported second quarter 2012 net income of $154.7 million, or $1.75 per fully diluted share, on net sales of $2,308.3 million, compared to second quarter 2011 net income of $124.9 million, or $1.42 per fully diluted share, on net sales of $1,447.7 million.

Second quarter 2012 adjusted net income, a non-GAAP financial measure, was $223.1 million, or $2.52 per diluted share, compared to $126.4 million, or $1.44 per diluted share, for the second quarter of 2011. Major items impacting the 2012 second quarter adjusted net income, all net of taxes, were an unfavorable impact from first-in, first-out (FIFO) accounting of $63.9 million; an unrealized gain on derivatives of $28.4 million; expenses associated with proxy matters of $17.8 million; and share-based compensation of $10.8 million.

Year-to-date, the company reported net income of $129.5 million, or $1.46 per diluted share, on net sales of $4,276.9 million compared to net income of $170.7 million, or $1.94 per diluted share, on net sales of $2,615.0 million for the first six months of 2011. Strong operating results for the first six months of 2012 were negatively impacted by an unrealized loss before tax on derivatives of $81.3 million and an unfavorable impact from FIFO accounting of $95.0 million.

“Our solid second quarter results were driven by wide crack spreads, favorable crude differentials and strong operational performance from both of our refineries,” said Jack Lipinski, CVR Energy's chief executive officer. “Following the completion of a scheduled turnaround in March, our Coffeyville plant has run exceptionally well. In fact, the refinery set a new crude throughput record of 125,900 barrels per day for the month of June.

The petroleum business, which includes the Coffeyville and Wynnewood refineries, reported second quarter 2012 operating income of $248.9 million, and adjusted EBITDA, a non-GAAP financial measure, of $381.4 million, on net sales of $2,229.5 million, compared to operating income in the same quarter a year earlier of $183.5 million, and adjusted EBITDA of $208.4 million, on net sales of $1,376.7 million.

Second quarter 2012 throughput of crude oil and all other feedstocks and blendstocks totaled 199,501 barrels per day (bpd), compared to 116,459 bpd for the same period in 2011. Crude oil throughput for the second quarter 2012 averaged 190,372 bpd per day compared with 109,486 bpd for the same period in 2011. The year-over-year increase in throughput was mostly driven by the addition of the Wynnewood refinery.

The Coffeyville refinery reported second quarter 2012 operating income of $151.9 million on net sales of $2,162.2 million, compared to $185.4 million of operating income on net sales of $1,376.6 million for the second quarter of 2011. Second quarter 2012 crude oil throughput totaled 121,325 bpd, compared to 109,486 bpd in the second quarter of 2011. Refining margin per crude oil throughput barrel for the second quarter of 2012 was $20.61, compared to $25.46 for the same period in 2011. Gross

profit per crude oil throughput barrel was $15.00 in the second quarter of 2012, compared to $19.40 for the 2011 second quarter. The refining margin adjusted for FIFO impact was $309.4 million for the 2012 second quarter, compared to $257.8 million for the same period in 2011. Direct operating expense per barrel sold for the 2012 second quarter was $3.62, compared to $4.09 for the 2011 second quarter.

For the second quarter of 2012, the refinery's crude oil throughput totaled 69,046 bpd. The refinery's second quarter 2012 operating income was $97.2 million on net sales of $782.3 million. The refining margin adjusted for FIFO impact in the second quarter 2012 was $158.5 million and direct operating expense per barrel sold for the quarter was $4.02.

The fertilizer business operated by CVR Partners, LP reported second quarter 2012 operating income of $36.1 million, and adjusted EBITDA, a non-GAAP financial measure, of $44.1 million, on net sales of $81.4 million, compared to operating income of $39.3 million, and adjusted EBITDA of $45.0 million, on net sales of $80.7 million for the 2011 second quarter.

CVR Partners produced 108,900 tons of ammonia during the second quarter of 2012, of which 34,900 net tons were available for sale while the rest was upgraded to 180,000 tons of more profitable urea ammonium nitrate (UAN). In the 2011 second quarter, the plant produced 102,300 tons of ammonia with 28,200 net tons available for sale with the remainder upgraded to 179,400 tons of UAN.

Consolidated cash and cash equivalents, which included $196.4 million for CVR Partners, increased to $692.6 million at the end of the 2012 second quarter, compared to $500.9 million at the end of the first quarter of 2012, primarily due to increased cash flows in the petroleum business. Consolidated long-term debt at the end of the 2012 second quarter, which included $125.0 million for CVR Partners, remained nearly unchanged at $851.9 million.

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. For a discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our Annual Report on Form 10-K for the year ended Dec. 31, 2011, and any subsequently filed quarterly reports on Form 10-Q. These risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

Headquartered in Sugar Land, Texas, CVR Energy, Inc.'s subsidiary and affiliated businesses operate independent refining assets in Coffeyville, Kan., and Wynnewood, Okla., with more than 185,000 barrels per day of processing capacity, a marketing network for supplying high value transportation fuels to customers through tanker trucks and pipeline terminals, and a crude oil



	Three Months Ended June 30,						Change from 2011
	2012			2011			Change			Percent
	(in millions, except per share data)
Consolidated Statement of Operations Data:
Net sales	$	2,308.3		$	1,447.7		$	860.6		59.4		%
Cost of product sold	1,874.2			1,123.4			750.8			66.8
Direct operating expenses	94.1			66.2			27.9			42.1
Insurance recovery - business interruption	—			—			—			—
Selling, general and administrative expenses	72.0			18.2			53.8			295.6
Depreciation and amortization	32.2			22.0			10.2			46.4
Operating income	235.8			217.9			17.9			8.2
Interest expense and other financing costs	(19.0		)	(14.2		)	(4.8		)	33.8
Gain (loss) on derivatives, net
Realized	(8.1		)	0.5			(8.6		)	(1,720.0	)
Unrealized	46.9			6.4			40.5			632.8
Loss on extinguishment of debt	—			(0.2		)	0.2			—
Other income, net	0.8			0.5			0.3			60.0
Income before income tax expense	256.4			210.9			45.5			21.6
Income tax expense	91.1			76.7			14.4			18.8
Net income	165.3			134.2			31.1			23.2
Net income attributable to noncontrolling interest	10.6			9.3			1.3			14.0
Net income attributable to CVR Energy stockholders	$	154.7		$	124.9		$	29.8		23.9		%

Basic earnings per share	$	1.78		$	1.44		$	0.34		23.6		%
Diluted earnings per share	$	1.75		$	1.42		$	0.33		23.2		%

Adjusted net income	$	223.1		$	126.4		$	96.7		76.5		%
Adjusted net income, per diluted share	$	2.52		$	1.44		$	1.08		75.0		%

Weighted-average common shares outstanding:
Basic	86.8			86.4			0.4			0.5		%
Diluted	88.5			87.8			0.6			0.7		%



	Six Months Ended June 30,						Change from 2011
	2012			2011			Change			Percent
	(in millions, except per share data)
Consolidated Statement of Operations Data:
Net sales	$	4,276.9		$	2,615.0		$	1,661.9		63.6		%
Cost of product sold	3,509.4			2,060.2			1,449.2			70.3
Direct operating expenses	209.6			134.6			75.0			55.7
Insurance recovery - business interruption	—			(2.9		)	2.9			—
Selling, general and administrative expenses	117.3			51.5			65.8			127.8
Depreciation and amortization	64.3			44.1			20.2			45.8
Operating income	376.3			327.5			48.8			14.9
Interest expense and other financing costs	(38.2		)	(27.4		)	(10.8		)	39.4
Gain (loss) on derivatives, net
Realized	(27.2		)	(18.4		)	(8.8		)	47.8
Unrealized	(81.3		)	3.2			(84.5		)	(2,640.6	)
Loss on extinguishment of debt	—			(2.1		)	2.1			—
Other income, net	1.1			1.1			—			—
Income before income tax expense	230.7			283.9			(53.2		)	(18.7	)
Income tax expense	81.4			103.9			(22.5		)	(21.7	)
Net income	149.3			180.0			(30.7		)	(17.1	)
Net income attributable to noncontrolling interest	19.8			9.3			10.5			112.9
Net income attributable to CVR Energy stockholders	$	129.5		$	170.7		$	(41.2	)	(24.1	)	%

Basic earnings per share	$	1.49		$	1.97		$	(0.48	)	(24.4	)	%
Diluted earnings per share	$	1.46		$	1.94		$	(0.48	)	(24.7	)	%

Adjusted net income	$	295.7		$	175.6		$	120.1		68.4		%
Adjusted net income, per diluted share	$	3.34		$	2.00		$	1.34		67.0		%

Weighted-average common shares outstanding:
Basic	86.8			86.4			0.4			0.5		%
Diluted	88.5			87.8			0.7			0.8		%



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in millions)
Cash Flow Data
Net cash flow provided by (used in):
Operating activities	$	249.6		$	178.6		$	435.9		$	162.6
Investing activities	(45.4		)	(13.6		)	(104.8		)	(20.7		)
Financing activities	(12.4		)	417.1			(26.8		)	406.0
Net cash flow	$	191.8		$	582.1		$	304.3		$	547.9

Our operations are organized into two reportable segments, Petroleum and Nitrogen Fertilizer. Our operations that are not included in the Petroleum and Nitrogen Fertilizer segments are included in Corporate and Other segment (along with elimination of intersegment transactions). The Petroleum segment includes the operations of our Coffeyville, Kansas and Wynnewood, Oklahoma refineries along with our crude oil gathering and pipeline systems. The Nitrogen Fertilizer segment is operated by CVR Partners, LP, (“CVR Partners”) of which we own a majority interest and serve as general partner. It consists of a nitrogen fertilizer manufacturing facility that utilizes a pet coke gasification process in producing nitrogen fertilizer. Detailed operating results for the Nitrogen Fertilizer segment for the quarter ended June 30, 2012 are included in CVR Partners' press release dated August 1, 2012.



	Petroleum		Nitrogen Fertilizer (CVR Partners)		Corporate and Other			Consolidated
	(in millions)
Three months ended June 30, 2012
Net sales	$	2,229.5	$	81.4	$	(2.6	)	$	2,308.3
Cost of product sold	1,866.1		10.7		(2.6		)	1,874.2
Direct operating expenses (1)	69.1		22.4		0.1			91.6
Major scheduled turnaround expense	2.5		—		—			2.5
Selling, general & administrative	16.3		7.0		48.7			72.0
Depreciation and amortization	26.6		5.2		0.4			32.2
Operating income (loss)	$	248.9	$	36.1	$	(49.2	)	$	235.8

Capital expenditures	$	27.0	$	16.9	$	1.7		$	45.6

Six months ended June 30, 2012
Net sales	$	4,128.0	$	159.7	$	(10.8	)	$	4,276.9
Cost of product sold	3,496.8		23.3		(10.7		)	3,509.4
Direct operating expenses (1)	140.8		45.3		—			186.1
Major scheduled turnaround expense	23.5		—		—			23.5
Selling, general & administrative	30.2		13.0		74.0			117.3
Depreciation and amortization	52.9		10.6		0.8			64.3
Operating income (loss)	$	383.8	$	67.5	$	(74.9	)	$	376.3

Capital expenditures	$	62.4	$	39.2	$	3.6		$	105.2



	Petroleum		Nitrogen Fertilizer (CVR Partners)			Corporate and Other			Consolidated
	(in millions)
Three months ended June 30, 2011
Net sales	$	1,376.7	$	80.7		$	(9.7	)	$	1,447.7
Cost of product sold	1,122.8		9.7			(9.1		)	1,123.4
Direct operating expenses (1)	44.0		22.3			(0.1		)	66.2
Major scheduled turnaround expense	—		—			—			—
Insurance recovery - business interruption	—		—			—			—
Selling, general & administrative	9.4		4.7			4.1			18.2
Depreciation and amortization	17.0		4.7			0.3			22.0
Operating income (loss)	$	183.5	$	39.3		$	(4.9	)	$	217.9

Capital expenditures	$	8.6	$	4.0		$	1.0		$	13.6

Six months ended June 30, 2011
Net sales	$	2,487.9	$	138.1		$	(11.0	)	$	2,615.0
Cost of product sold	2,053.0		17.2			(10.0		)	2,060.2
Direct operating expenses (1)	89.5		45.3			(0.2		)	134.6
Major scheduled turnaround expense	—		—			—			—
Insurance recovery - business interruption	—		(2.9		)	—			(2.9		)
Selling, general & administrative	22.3		13.1			16.1			51.5
Depreciation and amortization	33.9		9.3			0.9			44.1
Operating income (loss)	$	289.2	$	56.1		$	(17.8	)	$	327.5

Capital expenditures	$	13.2	$	6.0		$	1.8		$	21.0



	Petroleum		Nitrogen Fertilizer (CVR Partners)		Corporate and Other		Consolidated
	(in millions)
June 30, 2012
Cash and cash equivalents (1)	$	—	$	196.4	$	496.2	$	692.6
Total assets	2,540.0		639.7		105.0		3,284.7
Long-term debt (1)	—		125.0		726.9		851.9

December 31, 2011
Cash and cash equivalents (1)	$	—	$	237.0	$	151.3	$	388.3
Total assets	2,322.1		659.3		137.9		3,119.3
Long-term debt (1)	—		125.0		728.9		853.9



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions, except operating statistics)
Petroleum Segment Summary Financial Results:
Net sales	$	2,229.5	$	1,376.7	$	4,128.0	$	2,487.9
Cost of product sold	1,866.1		1,122.8		3,496.8		2,053.0
Refining margin*	363.4		253.9		631.2		434.9
Direct operating expenses	69.1		44.0		140.8		89.5
Major scheduled turnaround expense	2.5		—		23.5		—
Depreciation and amortization	26.6		17.0		52.9		33.9
Gross profit	265.2		192.9		414.0		311.5
Selling, general and administrative expenses	16.3		9.4		30.2		22.3
Operating income	$	248.9	$	183.5	$	383.8	$	289.2

Refining margin adjusted for FIFO impact*	$	468.8	$	258.0	$	726.2	$	413.6

Adjusted Petroleum EBITDA*	$	381.4	$	208.4	$	535.2	$	296.6

Petroleum Segment Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*	$	20.98	$	25.49	$	20.58	$	23.08
FIFO impact (favorable) unfavorable	6.09		0.41		3.10		(1.13		)
Refining margin adjusted for FIFO impact*	27.07		25.90		23.68		21.95
Gross profit	15.31		19.36		13.50		16.53
Direct operating expenses	4.13		4.42		5.36		4.74
Direct operating expenses per barrel sold	$	3.81	$	4.09	$	4.69	$	4.45
Barrels sold (barrels per day)	206,606		118,435		190,319		110,860



	Three Months Ended June 30,								Six Months Ended June 30,
	2012				2011				2012				2011
Petroleum Segment Summary Refining Throughput and Production Data:
(barrels per day)
Throughput:
Sweet	148,912		74.6	%	84,654		72.6	%	129,781		73.1	%	82,302		74.1	%
Light/medium sour	20,488		10.3	%	198		0.2	%	22,728		12.8	%	397		0.4	%
Heavy sour	20,972		10.5	%	24,634		21.2	%	16,006		9.0	%	21,416		19.3	%
Total crude oil throughput	190,372		95.4	%	109,486		94.0	%	168,515		94.9	%	104,115		93.8	%
All other feedstocks and blendstocks	9,129		4.6	%	6,973		6.0	%	8,929		5.1	%	6,923		6.2	%
Total throughput	199,501		100.0	%	116,459		100.0	%	174,444		100.0	%	111,038		100.0	%

Production:
Gasoline	96,972		48.7	%	53,495		45.5	%	89,131		50.4	%	51,564		46.2	%
Distillate	82,075		41.3	%	48,959		41.6	%	72,202		40.9	%	45,934		41.1	%
Other (excluding internally produced fuel)	19,910		10.0	%	15,106		12.9	%	15,396		8.7	%	14,158		12.7	%
Total refining production (excluding internally produced fuel)	198,957		100.0	%	117,560		100.0	%	176,729		100.0	%	111,656		100.0	%

Product price (dollars per gallon):
Gasoline	$	2.89			$	3.07			$	2.88			$	2.86
Distillate	2.95				3.14				3.03				3.03



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Market Indicators (dollars per barrel):
West Texas Intermediate (WTI) NYMEX	$	93.35		$	102.34		$	98.15		$	98.50
Crude Oil Differentials:
WTI less WTS (light/medium sour)	5.28			2.51			4.48			3.30
WTI less WCS (heavy sour)	20.45			17.61			23.79			19.76
NYMEX Crack Spreads:
Gasoline	30.42			27.85			27.95			22.98
Heating Oil	28.13			25.56			28.87			24.76
NYMEX 2-1-1 Crack Spread	29.27			26.71			28.41			23.87
PADD II Group 3 Basis:
Gasoline	(3.24		)	(1.59		)	(5.00		)	(1.82		)
Ultra Low Sulfur Diesel	2.16			3.24			0.28			2.21
PADD II Group 3 Product Crack:
Gasoline	27.18			26.26			22.95			21.16
Ultra Low Sulfur Diesel	30.29			28.81			29.14			26.97
PADD II Group 3 2-1-1	28.74			27.53			26.05			24.06



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions, except operating statistics)
Coffeyville Refinery Financial Results:
Net sales	$	2,162.2	$	1,376.6	$	3,457.9	$	2,487.7
Cost of product sold	1,934.6		1,122.9		3,070.9		2,053.1
Refining margin*	227.6		253.7		387.0		434.6
Direct operating expenses	43.6		43.0		87.4		85.2
Turnaround expenses	0.9		1.1		21.0		4.3
Depreciation and amortization	17.4		16.3		34.7		32.6
Gross profit	165.7		193.3		243.9		312.5
Selling, general and administrative expenses	13.8		7.9		24.2		20.7
Operating income	$	151.9	$	185.4	$	219.7	$	291.8

Refining margin adjusted for FIFO impact*	$	309.4	$	257.8	$	455.8	$	413.3

Coffeyville Refinery Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*	$	20.61	$	25.46	$	20.27	$	23.06
FIFO impact (favorable) unfavorable	7.41		0.41		3.61		(1.13		)
Refining margin adjusted for FIFO impact*	28.02		25.87		23.88		21.93
Gross profit	15.00		19.40		12.78		16.59
Direct operating expenses	4.03		4.42		5.68		4.74
Direct operating expenses per barrel sold	$	3.62	$	4.09	$	5.02	$	4.45
Barrels sold (barrels per day)	135,062		118,435		118,569		110,860



	Three Months Ended June 30,								Six Months Ended June 30,
	2012				2011				2012				2011
Coffeyville Refinery Throughput and Production Data:
(barrels per day)
Throughput:
Sweet	100,166		78.4	%	84,654		72.6	%	86,041		77.7	%	82,302		74.1	%
Light/medium sour	187		0.1	%	198		0.2	%	2,817		2.5	%	397		0.4	%
Heavy sour	20,972		16.4	%	24,634		21.2	%	16,006		14.4	%	21,415		19.3	%
Total crude oil throughput	121,325		94.9		109,486		94.0	%	104,864		94.6	%	104,114		93.8	%
All other feedstocks and blendstocks	6,500		5.1	%	6,973		6.0	%	5,934		5.4	%	6,923		6.2	%
Total throughput	127,825		100.0	%	116,459		100.0	%	110,798		100.0	%	111,037		100.0	%

Production:
Gasoline	62,351		47.9	%	53,495		45.5	%	56,310		50.1	%	51,564		46.2	%
Distillate	54,933		42.3	%	48,959		41.6	%	48,004		42.7	%	45,934		41.1	%
Other (excluding internally produced fuel)	12,753		9.8	%	15,106		12.9	%	8,123		7.2	%	14,157		12.7	%
Total refining production (excluding internally produced fuel)	130,037		100.0	%	117,560		100.0	%	112,437		100.0	%	111,655		100.0	%

Product price (dollars per gallon):
Gasoline	$	2.89			$	3.07			$	2.89			$	2.86
Distillate	2.94				3.14				3.00				3.03



	Three Months Ended June 30, 2012		Six Months Ended June 30, 2012
	(in millions, except operating statistics)
Wynnewood Refinery Financial Results:
Net sales	$	782.3	$	1,607.8
Cost of product sold	647.5		1,365.0
Refining margin*	134.8		242.8
Direct operating expenses	25.5		53.4
Turnaround expenses	1.6		2.5
Depreciation and amortization	8.4		16.7
Gross profit	99.3		170.2
Selling, general and administrative expenses	2.1		5.5
Operating income	$	97.2	$	164.7

Refining margin adjusted for FIFO impact*	$	158.5	$	269.0

Wynnewood Refinery Key Operating Statistics:
Per crude oil throughput barrel:
Refining margin*	$	21.47	$	20.97
FIFO impact (favorable) unfavorable	3.76		2.25
Refining margin adjusted for FIFO impact*	25.23		23.22
Gross profit	15.82		14.70
Direct operating expenses	4.30		4.83
Direct operating expenses per barrel sold	$	4.02	$	4.15
Barrels sold (barrels per day)	74,072		73,996



	Three Months Ended June 30, 2012				Six Months Ended June 30, 2012
			%				%
Wynnewood Refinery Throughput and Production Data:
(barrels per day)
Throughput:
Sweet	48,745		68.0	%	43,740		65.6	%
Light/medium sour	20,301		28.3	%	19,911		29.9	%
Heavy sour	—		—	%	—		—	%
Total crude oil throughput	69,046		96.3	%	63,651		95.5	%
All other feedstocks and blendstocks	2,629		3.7	%	2,995		4.5	%
Total throughput	71,675		100.0	%	66,646		100.0	%

Production:
Gasoline	34,621		50.2	%	32,821		51.0	%
Distillate	27,142		39.4	%	24,198		37.6	%
Other (excluding internally produced fuel)	7,157		10.4	%	7,273		11.4	%
Total refining production (excluding internally produced fuel)	68,920		100.0	%	64,292		100.0	%

Product price (dollars per gallon):
Gasoline	$	2.88			$	2.90
Distillate	2.95				3.06

The following tables set forth information about the Nitrogen Fertilizer segment operated by CVR Partners, of which we own a majority interest and serve as general partner. Reconciliations of certain non-GAAP financial measures are provided under “Use of Non-GAAP Financial Measures” below. Additional discussion of operating results for the Nitrogen Fertilizer segment for the quarter ended June 30, 2012 are included in CVR Partners' press release dated August 1, 2012.



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions, except as noted)
Nitrogen Fertilizer Segment Financial Results:
Net sales	$	81.4	$	80.7	$	159.7	$	138.1
Cost of product sold	10.7		9.7		23.3		17.2
Direct operating expenses	22.4		22.3		45.3		45.3
Insurance recovery - business interruption	—		—		—		(2.9		)
Selling, general and administrative expenses	7.0		4.7		13.0		13.1
Depreciation and amortization	5.2		4.7		10.6		9.3

Operating income	$	36.1	$	39.3	$	67.5	$	56.1

Adjusted Nitrogen Fertilizer EBITDA*	$	44.1	$	45.0	$	82.1	$	70.9



	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(in millions, except as noted)
Nitrogen Fertilizer Segment Key Operating Statistics:
Production (thousand tons):
Ammonia (gross produced) (1)	108.9			102.3			198.2			207.6
Ammonia (net available for sale) (1)	34.9			28.2			59.9			63.4
UAN	180.0			179.4			334.6			350.0

Petroleum coke consumed (thousand tons)	130.2			135.8			250.7			259.9
Petroleum coke (cost per ton)	$	31		$	30		$	36		$	23

Sales (thousand tons):
Ammonia	29.4			33.6			59.3			60.9
UAN	177.2			166.1			335.5			345.4

Product pricing (plant gate) (dollars per ton) (2):
Ammonia	$	568		$	574		$	591		$	570
UAN	$	329		$	300		$	322		$	252

On-stream factors (3):
Gasification	99.2		%	99.3		%	96.2		%	99.6		%
Ammonia	98.0		%	98.5		%	94.7		%	97.6		%
UAN	96.7		%	97.6		%	90.1		%	95.4		%

Market Indicators:
Ammonia - Southern Plains (dollars per ton)	$	585		$	604		$	585		$	605
UAN - Mid Cornbelt (dollars per ton)	$	417		$	366		$	380		$	358

To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP measures as discussed below, which are adjusted for GAAP-based results. The use of non-GAAP adjustments are not in accordance with or an alternative for GAAP. The adjustments are provided to enhance an overall understanding of the Company's financial performance for the applicable periods and are indicators management believes are relevant and useful for planning and forecasting future periods.

Adjusted net income is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Management believes that adjusted net income provides relevant and useful information that enables external users of our financial statements, such as industry analysts, investors, lenders and rating agencies to better understand and evaluate our ongoing operating results and allow for greater transparency in the review of our overall financial, operational and economic performance.



	Three Months Ended June 30,							Six Months Ended June 30,
	2012			2011				2012		2011
	(in millions, except per share data)
Reconciliation of Net Income to Adjusted Net Income:
Net Income attributable to CVR Energy stockholders	$	154.7		$	124.9			$	129.5	$	170.7
Adjustments (all net of taxes):
FIFO impact (favorable) unfavorable	63.9			2.5				57.6		(12.9		)
Share-based compensation	10.8			1.3				13.3		15.0
Loss on extinguishment of debt	—			0.1				—		1.3
Major scheduled turnaround expense	1.5			0.6				14.2		2.5
Loss on disposition of fixed assets	—			0.9				—		0.9
Unrealized (gain) loss on derivatives	(28.4		)	(3.9		)	)	49.3		(1.9		)
Expenses associated with proxy matters	17.8			—				26.8		—
Expenses associated with the acquisition of Gary-Williams (1)	2.8			—				5.0		—
Adjusted net income	$	223.1		$	126.4			$	295.7	$	175.6

Adjusted net income per diluted share	$	2.52		$	1.44			$	3.34	$	2.00

Refining margin per crude oil throughput barrel is a measurement calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization). Refining margin is a non-GAAP measure that we believe is important to investors in evaluating our refinery's performance as a general indication of the amount above our cost of product sold that we are able to sell refined products. Each of the components used in this calculation (net sales and cost of product sold exclusive of depreciation and amortization) can be taken directly from our Statement of Operations. Our calculation of refining margin may differ from similar calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure. In order to derive the refining margin per crude oil throughput barrel, we utilize the total dollar figures for refining

margin as derived above and divide by the applicable number of crude oil throughput barrels for the period. We believe that refining margin is important to enable investors to better understand and evaluate our ongoing operating results and allow for greater transparency in the review of our overall financial, operational and economic performance.

Refining margin per crude oil throughput barrel adjusted for FIFO impact is a measurement calculated as the difference between net sales and cost of product sold (exclusive of depreciation and amortization) adjusted for FIFO impacts. Refining margin adjusted for FIFO impact is a non-GAAP measure that we believe is important to investors in evaluating our refinery's performance as a general indication of the amount above our cost of product sold (taking into account the impact of our utilization of FIFO) that we are able to sell refined products. Our calculation of refining margin adjusted for FIFO impact may differ from calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure. Under our FIFO accounting method, changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished goods, thereby resulting in favorable FIFO impacts when crude oil prices increase and unfavorable FIFO impacts when crude oil prices decrease.

Adjusted Petroleum and Nitrogen Fertilizer EBITDA represents operating income adjusted for FIFO impacts (favorable) unfavorable, share-based compensation, major scheduled turnaround expenses, realized gain (loss) on derivatives, net, loss on disposition of fixed assets, depreciation and amortization and other income (expense). Adjusted EBITDA by operating segment results from operating income by segment adjusted for items that we believe are needed in order to evaluate results in a more comparative analysis from period to period. Adjusted EBITDA by operating segment is not a recognized term under GAAP and should not be substituted for operating income as a measure of performance but should be utilized as a supplemental measure of performance in evaluating our business. Management believes that adjusted EBITDA by operating segment provides relevant and useful information that enables investors to better understand and evaluate our ongoing operating results and allows for greater transparency in the reviewing of our overall financial, operational and economic performance. Below is a reconciliation of operating income to adjusted EBITDA for the petroleum and nitrogen fertilizer segments for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,					Six Months Ended June 30,
	2012			2011		2012			2011
	(in millions)
Petroleum:
Petroleum operating income	$	248.9		$	183.5	$	383.8		$	289.2
FIFO impacts (favorable) unfavorable	105.4			4.1		95.0			(21.3		)
Share-based compensation	5.4			0.5		6.4			7.1
Major scheduled turnaround expenses	2.5			1.1		23.5			4.3
Loss on disposition of fixed assets	—			1.5		—			1.5
Realized gain (loss) on derivatives, net	(8.1		)	0.5		(27.2		)	(18.4		)
Depreciation and amortization	26.6			17.0		52.9			33.9
Other income	0.7			0.2		0.8			0.3
Adjusted Petroleum EBITDA	$	381.4		$	208.4	$	535.2		$	296.6



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(in millions)
Nitrogen Fertilizer:
Nitrogen Fertilizer operating income	$	36.1	$	39.3	$	67.5	$	56.1
Share-based compensation	2.8		0.9		4.0		5.5
Depreciation and amortization	5.2		4.7		10.6		9.3
Other income, net	—		0.1		—		—
Adjusted Nitrogen Fertilizer EBITDA	$	44.1	$	45.0	$	82.1	$	70.9

Derivatives Summary. To reduce the basis risk between the price of products for Group 3 and that of the NYMEX associated with selling forward derivative contracts for NYMEX crack spreads, we may enter into basis swap positions to lock the price difference. If the difference between the price of products on the NYMEX and Group 3 (or some other price benchmark as we may deem appropriate) is different than the value contracted in the swap, then we will receive from or owe to the counterparty

the difference on each unit of product contracted in the swap, thereby completing the locking of our margin. From time to time our petroleum segment holds various NYMEX positions through a third-party clearing house. In addition, the Company enters into commodity swap contracts. The physical volumes are not exchanged and these contracts are net settled with cash.



	Barrels	Fixed Price(1)
Commodity Swaps
Third Quarter 2012	4,950,000	$	23.62
Fourth Quarter 2012	3,075,000	20.54

First Quarter 2013	2,100,000	24.31
Second Quarter 2013	1,125,000	24.85
Third Quarter 2013	1,125,000	23.86
Fourth Quarter 2013	1,125,000	22.51

Total	13,500,000	$	23.06



	As of June 30,		As of December 31,
	2012		2011
			(audited)
	(in millions)
Balance Sheet Data:
Cash and cash equivalents	$	692.6	$	388.3
Working capital	904.5		769.2
Total assets	3,284.7		3,119.3
Long-term debt	851.9		853.9
Total CVR stockholders' equity	1,276.5		1,151.6