Oil refiner CVR Energy continues to explore strategic transactions, CEO says (updated)

CVR Energy

30/07/2024 19:14

(Adds background, additional CEO comment)
       HOUSTON, July 30 (Reuters) - The CEO of U.S. oil refiner
CVR Energy  CVI.N  on Tuesday said the Sugar Land, Texas,
company is exploring strategic transactions in refining. 
    The Carl Icahn-controlled company has placed a bid in the
U.S. court-auction of a Citgo Petroleum parent that is expected
to lead to new ownership of the seventh-largest U.S. refiner by
volume, Reuters reported citing sources.  
    "Diversification from or in addition to mid-con
(mid-continent) oil refining market would be a good thing for
CVR Energy, CEO David Lamp said on an conference call with Wall
Street analysts.  
    Lamp did not mention Citgo by name but told analysts there
are "some interesting deals out there." He had nothing to
immediately announce, adding: "We will continue to look at
everything."
        Billionaire investor Carl Icahn owns about 66% of CVR,
which operates the 115,000 barrel-per-day (bpd) Coffeyville
refinery in Kansas and the 75,000-bpd Wynnewood facility in
Oklahoma. 
  
        CVR was working with investment bankers at Wells Fargo
 WFC.N , to raise the financing for its bid, Reuters reported
earlier this month. The company has the support of Icahn
Enterprises in its offer, people familiar with the matter said.
  
         
  
        
  
         
  

 (Reporting by Gary McWilliams
Editing by Marguerita Choy)
 ((Gary.McWilliams@thomsonreuters.com; +1 469-691-7668;))