- CVR Energy (NYSE:CVI +1%) says it has formed a partnership with Velocity Midstream Partners to build a crude oil gathering system through the SCOOP and STACK plays in Oklahoma as it attempts to expand its logistics and pipeline business.
- CVR already owns and operates significant crude oil trucking operations throughout the SCOOP and STACK plays, and says construction of the new crude pipeline allows it to optimize those logistical resources.
- In separate analyst notes, Simmons and Tudor Pickering praise the move for CVR, saying it will put the refining company on track to potentially form its own MLP for logistics and pipelines.