Seeking Alpha

CVR Refining updates distribution, revenue outlook

  • CVR Refining (CVRR) -4.3% premarket after updating its FY 2013 distribution outlook to $4.10-$4.80/unit.
  • The updated outlook is primarily due to the decrease in the Group 3 2-1-1 crack spread, increased RINs expense, and an expected Q3 shutdown of the fluid catalytic cracking unit at its Coffeyville refinery.
  • Sees upside guidance for Q2 revenues: $2.13B-$2.145B vs. $2.1B consensus.
  • CVR Partners (UAN) updates FY 2013 distribution outlook to $1.80-$2.00/unit.
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