CVR Refining (NYSE:CVRR) is a relatively new high-yielding refining partnership. CVR Refining was spun off from CVR Energy (NYSE:CVI) in January 2013. However, CVR Energy still owns the vast majority of units in CVR Refining. CVR Refining has a variable distribution rate and as result its quarterly distributions may vary greatly. CVR Refining's pro-rated Q1 2013 distribution was for $1.58 per unit, though if calculated for the full quarter, the distribution would have been $1.76 per unit. Using the smaller of these figures, CVR Refining's annualized yield is north of 20%.
CVR Refining's primary assets are two refineries with a combined capacity of about 185 MBP/D. These refineries are strategically located in the PADD II region...
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