CVR Energy (CVI) 8-K This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter

1st

Quarter

2012

Earnings

Report

Exhibit 99.1

May

2,

2012

2

Forward-Looking Statements

This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter

earnings conference call held on May 2, 2012.  The following information contains forward-

looking statements based on management’s current expectations and beliefs, as well as a

number of assumptions concerning future events.  These statements are subject to risks,

uncertainties, assumptions and other important factors.  You are cautioned not to put undue

reliance on such forward-looking statements (including forecasts and projections regarding our

future performance) because actual results may vary materially from those expressed or implied

as a result of various factors, including, but not limited to (i) those set forth under “Risk Factors”

in CVR Energy, Inc.’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any

other filings CVR Energy, Inc. makes with the Securities and Exchange Commission, and (ii)

those set forth under “Risk Factors” in the CVR Partners, LP Annual Report on form 10-K,

Quarterly Reports on form 10-Q  and any other filings CVR Partners, LP makes with the

Securities and Exchange Commission.  CVR Energy, Inc. assumes no obligation to, and

expressly disclaims any obligation to, update or revise any forward-looking statements, whether

as a result of new information, future events or otherwise.

3

(In millions, except for EPS/Distributions)

Q1 2012

Q1 2011

Percent

Adjusted EBITDA

(1)

$     166.8

$     113.3

+       47%

Adjusted Fully Diluted EPS

(2)

$       0.76

$       0.56

+       36%

CVR Partners Adjusted EBITDA

(3)

$       38.0

$       25.9

+       47%

CVR Partners Distributions

$     0.523

N/A

N/A

Note:

Adjusted

EBITDA

for

the

first

quarter

2012

excludes

turnaround

expense

of

$21mm

(1)

Non-GAAP reconciliation on slide 26

(2)

Non-GAAP reconciliation on slide 27

(3)

Non-GAAP reconciliation on slide 29

Consolidated Results

•

Completion of our turnaround at Coffeyville;

under budget and ahead of schedule

•

Continued balance sheet improvement

•

Net debt improvement, $352 million as of March

31, 2012 versus $466 million at year end

4

First Quarter Highlights

•

Working capital improved $28 million

since year end due to lower inventories

•

Completed construction on one million

barrels of owned crude storage in

Cushing

•

First full quarter of Wynnewood

ownership

•

UAN declared distribution of $0.523

•

Expanding crude differentials

•

Group cracks stronger

•

Additional 540,000 barrels brought offline globally due to economics

•

Anticipate gathering 45,000+ bpd in the second quarter

•

Fertilizer pricing gaining strength

5

Q1 Average

Q1 High

Current

(1)

•

WTI vs. WCS

($26.81)

($35.23)

(16.56)

•

WTI vs. Brent

$15.34

$19.02

15.60

•

WTI vs. WTS

($3.95)

($6.67)

(4.77)

•

WTI vs. LSB

($16.23)

($28.99)

(5.86)

(1) As of April 23, 2012

Market Environment

6

(1) As of April 23, 2012

2010

2011

Q1 2012

Current

(1)

Average Differential

$    0.77   

$   15.89

$   15.34

$   15.60

Market Environment -

Petroleum

($5)

$0

$5

$10

$15

$20

$25

$30

$35

$40

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

NYMEX 2-1-1

Crack

&

Brent

-

WTI Differential

(1)

NYMEX 2-1-1 Crack

Brent-WTI  Differential

7

Note:

The

trendline

does

not

include

2011

or

2012

data

points

(1)  As of April 26, 2012

(1)

Crack Spread vs. Historical Norm

8

(1) As of 4/16/2012

Crack Spread Hedging

2.9

4.8

4.7

3.1

2.0

1.1

1.1

1.1

$23.87

$26.12

$23.68

$20.54

$24.23

$24.74

$23.67

$22.23

$0

$5

$10

$15

$20

$25

$30

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q1 '12

Q2 '12

Q3 '12

Q4 '12

Q1 '13

Q2 '13

Q3 '13

Q4 '13

Volume Hedged

(1)

Base Level 11/28/2011

As of 12/31/2011

As of 1/31/2012

As of 2/17/2012

As of 4/16/2012

Hedged Crack Spread

Source:

Green

Markets

9

Market Environment -

Fertilizer

$0

$100

$200

$300

$400

$500

$600

$700

$800

Ammonia

UAN

Urea

$282

$312

$317

$491

$564

$574

$568

$606

$613

$167

$205

$168

$171

$207

$300

$294

$344

$313

Mar 10

Jun 10

Sep 10

Dec 10

Mar 11

Jun 11

Sep 11

Dec 11

Mar 12

CVRP Plant Gate Pricing -

Ammonia

CVRP Plant Gate Pricing -

UAN

UAN, Ammonia & Urea Prices

Financial

Financial

(In millions, except for EPS/EPU)

Q1 2012

Q1 2011

Net earnings (loss) attributable to CVR

stockholders

$          (25.2)

$           45.8

Earnings (loss) per diluted share

$          (0.29)

$           0.52

EBITDA

(1)

$           14.4

$         107.8

Adjusted EBITDA

(2)

$         166.8

$         113.3

Adjusted Fully diluted EPS

(3)

$           0.76

$           0.56

CVR Partners Distributions

$         0.523

N/A

11

Note:

Adjusted

EBITDA

for

the

first

quarter

2012

excludes

turnaround

expense

of

$21mm

(1)

Definition on slide 20 and Non-GAAP reconciliation on slide 26

(2)

Non-GAAP reconciliation on slide 26

(3)

Non-GAAP reconciliation on slide 27

Financial Results

(In millions except for

barrels sold data)

Q1 2012

Q4 2011

(1)

Q1 2011

Net Sales

$     1,295.7

$       979.5

$     1,111.1

Operating Income

$         67.8    

$         (3.3)     $        106.3

Segment SG&A

$        10.4

$         11.1

$         12.9

Crude Oil Throughput

(barrels per day)

88,403

93,705

98,684

Barrels Sold

(barrels per day)

102,077

89,953

103,200

Refining margin

(per crude oil throughput

barrel)

(2) (3)

$       17.94

$       11.05

$        17.91

Direct Operating Expenses

(per Barrel of Crude

Throughput)

$         7.94

$       12.03

$         5.11

Dir. Op. Ex. (per Barrel of

Crude Throughput) Less:

Turnaround Cost

$         5.44

$         5.74

$         4.76

12

Coffeyville Refinery

Petroleum Segment

Operating Earnings Bridge

Note:

Adjusted

EBITDA

for

the

first

quarter

2012

excludes

turnaround

expense

of

$20mm

(1)     Includes 16 days of Wynnewood operations

(2)

Adjusted for FIFO impact

(3)

Definition on slide 21 and Non-GAAP reconciliation on slide 22

$0

$20

$40

$60

$80

$100

$120

Q1 2011

Oper.

Inc.

Refining

Margin

Other

(D&A,

FIFO,

SG&A)

Volume

Direct

Oper.

Cost

Turn-

around

Q1 2012

Oper.

Inc.

(In millions except for

barrels sold data)

Q1 2012

Net Sales

$       825.5

Operating Income

$         67.5

Segment SG&A

$         3.4

Crude Oil Throughput (barrels per day)

58,255

Barrels Sold

(barrels per day)

73,919

Refining margin

(per crude oil throughput barrel)

(1) (2)

$       19.57

Direct Operating Expenses (per Barrel of

Crude Throughput)

$         5.43

Dir. Op. Ex. (per Barrel of Crude Throughput)

Less: Turnaround Cost

$         5.26

13

Note:

(1)

Adjusted for FIFO impact

(2)

Definition on slide 21 and Non-GAAP reconciliation on slide 23

Wynnewood Refinery

Petroleum Segment

Adjusted EBITDA for the first quarter 2012 excludes turnaround expense of $1mm

(in millions except for tons

sold data)

Q1 2012

Q4 2011

Q1 2011

Net Sales

$         78.3

$         87.6

$         57.4

Operating Income

$         31.4

$         42.6

$         16.8

Adjusted EBITDA

(1)

$         38.0

$         48.4

$         25.9

Segment SG&A

$           6.0

$           4.6

$           8.3

Ammonia Sales (000 tons)

29.9

29.3

27.3

UAN Sales (000 tons)

158.3

184.6

179.3

Ammonia ASP (per ton)

$          613

$          606

$          564

UAN ASP (per ton)

$          313

$          334

$          207       

Pet Coke Cost (per ton)

$            42

$            42

$            15

On-stream Factors:

Gasification

93.3%

97.6%

100.0%

Ammonia

91.5%

97.1%

96.7%

UAN

83.6%

94.1%

93.2%

14

(1)

Non-GAAP Reconciliation on slide 29

Nitrogen Fertilizer Segment

$0

$5

$10

$15

$20

$25

$30

$35

$40

Q1 2011

Oper.

Inc.

Aver.

Selling

Price

COGS

Volume

/ Mix

Direct

Oper.

Cost

Other

(D&A,

SG&A)

Q1 2012

Oper.

Inc.

Operating Earnings Bridge

Capital Summary*

15

($ in millions)

2010

2011

Estimated 2012

Petroleum

Discretionary

$          1.6

$         18.1

$          29.3

Non-Discretionary

(1)

18.2

50.5

147.0

Other

2.5

1.8

2.7

Total Petroleum

$        22.3

$         70.4

$        180.0

Nitrogen (CVR Partners)

Discretionary

(2)

$          1.2

$         12.9

$          87.3

Non-Discretionary

8.9

6.2

9.9

Other

-

1.7

2.2

Total Nitrogen (CVR Partners)

$        10.1

$         20.8

$          99.4

Total Spending

$        32.4

$         91.2

$        278.4

Note:

The

company

expenses

its

turnarounds,

turnaround

expense

for

2011

is

$66m

and

is

$20m

in

Q1

2012

for

Coffeyville

and

estimated

to

be

$85m

for

Wynnewood

in

2012

*    Includes capitalized interest

(1)

Increase of approximately $30m in 2011 vs. 2010 due to sustaining maintenance capital needs associated with turnaround

(2)

Increase in 2011 and 2012 due to work performed on the UAN expansion project. Project expected to complete by Q1 2013

Refinery

turnaround

years

Capital Spend Summary

16

$388

$16

$110

$46

$60

$501

$0

$100

$200

$300

$400

$500

$600

Q4 '11 Cash

NI & D&A

AP, AR, SBC,

Prepaids &

Other

Inventory

Cap Ex

Q1 '12 Cash

December 2011 to March 2012

Cash Flow Waterfall –

Q4 2011 to       

Q1 2012

Financial Metrics

2007

2008

2009

2010

2011

Q1 2012

LTM

Debt to Capital

54%

46%

43%

41%

43%

43%

Debt to Adj.

EBITDA

3.6   

2.3

2.4

2.5

1.2

1.2

17

Note:

Refer

to

slide

24

for

metrics

used

in

calculations

470.3

486.9

454.4

277.0

465.6

352.0

$0

$100

$200

$300

$400

$500

$600

2007

2008

2009

2010

2011

2012

Consolidated Net Debt

($ in millions)

Debt Metrics

Appendix

Appendix

To supplement the actual results in accordance with U.S. generally accepted accounting

principles (GAAP), for the applicable periods, the Company also uses certain non-GAAP

financial 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

the

overall

understanding

of

the

Company’s

financial

performance for the applicable periods and are also indicators that management utilizes for

planning and forecasting future periods.  The non-GAAP measures utilized by the Company

are not necessarily comparable to similarly titled measures of other companies.  

The Company believes that the presentation of non-GAAP financial measures provides

useful information to investors regarding the Company’s financial condition and results of

operations

because

these

measures,

when

used

in

conjunction

with

related

GAAP

financial

measures (i) together provide a more comprehensive view of the Company’s core operations

and ability to generate cash flow, (ii) provide investors with the financial analytical framework

upon which management bases financial and operational planning decisions, and (iii)

presents measurements that investors and rating agencies have indicated to management

are useful to them in assessing the Company and its results of operations. 

19

Non-GAAP Financial Measures

EBITDA:   EBITDA  represents net income before the effect of interest expense, interest income, income tax

expense (benefit) and depreciation and amortization.  EBITDA is not a calculation based upon GAAP; however,

the

amounts

included

in

EBITDA

are

derived

from

amounts

included

in

the

consolidated

statement

of

operations

of the Company.  Adjusted EBITDA by operating segment results from operating income by segment adjusted for

items that the company believes are needed in order to evaluate results in a more comparative analysis from

period to period.  Additional adjustments to EBITDA include major scheduled turnaround expense, the impact of

the Company’s use of accounting for its inventory under first-in, first-out (FIFO), net realized gains/losses on

derivative activities, share-based compensation expense, loss on extinguishment of debt, and other income

(expense).  Adjusted EBITDA is not a recognized term under GAAP and should not be substituted for operating

income or net income as a measure of performance but should be utilized as a supplemental measure of liquidity

in evaluating our business.

First-in,

first-out

(FIFO)

impact:  The Company’s basis for determining inventory value on a GAAP basis. 

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.  The FIFO impact is calculated based upon inventory values at the

beginning of the accounting period and at the end of the accounting period. 

20

Non-GAAP Financial Measures

Refining

margin

:

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)) are taken directly from our Condensed 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 and refining margin per crude oil throughput barrel 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.

21

Refining

margin

per

crude

oil

throughput

barrel

adjusted

for

FIFO

:

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. 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.

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

Non-GAAP Financial Measures

Coffeyville Refinery

($ per crude oil  throughput barrel)

Quarter

3/31/2012

12/31/2012

3/31/2011

NYMEX 2-1-1

$             27.53

$            23.49

$             20.99

Purchased crude discount

1.18

1.92

4.13

Group 3 basis

(4.21)

0.05

(0.45)

Liquid Volume yield loss

(4.62)

(5.34)

(5.31)

Yield

structure

difference

(1)

(2.71)

(7.05)

(4.39)

Other

cost

of

product

sold

(2)

(1.69)

(1.62)

(0.52)

Other

2.46

(0.40)

3.46

Refining margin (adj. for FIFO impact)

$             17.94

$             11.05

$             17.91

(1)

Impact of our refinery producing other products in addition to gasoline and distillate.

(2)

Includes cost such as RINS, sulfur credits, ethanol, transportation, hydrogen.

22

Coffeyville Margin Realization

Wynnewood Refinery

($ per crude oil  throughput barrel)

First Quarter

3/31/2012

NYMEX 2-1-1

$                        

Purchased crude discount

Group 3 basis

Liquid Volume yield loss

Yield

structure

difference

(1)

Other cost of product sold

Other

Refining margin (adj. for FIFO impact)

$                        

(1)

Impact of our refinery producing other products in addition to gasoline and distillate.

23

Nitrogen Fertilizer Segment (CVR Partners) 

($ per ton)

First Quarter

3/31/2012

3/31/2011

UAN / Ton (Sales)

$

$

Ammonia / Ton (Sales)

Pet Coke / Ton (Cost of Sales)

$

$

Wynnewood Margin Realization

27.53

1.03

(4.21)

(3.40)

(5.10)

(1.36)

5.08

19.57

313

613

42

207

564

15

Financials

($ in millions)

Full Year

2007

2008

2009

2010

2011

Q1 2012

LTM

Cash

$        30.5

$          8.9

$        36.9

$       200.0

$          388.3

$          500.9

Long Term Debt

500.8

495.9

491.3

477.0

853.9

852.9

Net Debt

470.3

486.9

454.4

277.0

465.6

352.0

CVR Stockholder’s

Equity

432.7

579.5

653.8

689.6

1,151.6

1,130.1

Adjusted

EBITDA

(1)(2)

$      139.0

$      218.1

$        206.8

$       192.0

$          692.0

$          744.5

24

Note:

2011

includes

debt

related

to

acquisition

of

Gary

Williams

but

only

16

days

of

EBITDA

contribution

*

Includes

cash

and

debt

of

Nitrogen

Fertilizer

segment,

which

is

held

separately

by

CVR

Partners

LP,

which

has

a

separate

capital

structure

(1)

Adjusted

for

FIFO,

turnaround

expense,

SBC,

financing

costs

and

gains/losses

on

derivatives,

asset

dispositions,

loss

on

extinguishment

of

debt,

Gary

Williams

acquisition

and

integration costs, and bridge loan expenses

(2)

Non-GAAP reconciliation on slide 25

Capital Structure*

Financials

($ in millions)

Full Year

2007

2008

2009

2010

2011

Q1 2012

LTM

Consolidated net income (loss) attributable to CVR

Energy

$     (67.6)

$     163.9

$       69.4

$       14.3

$    345.8

$    274.9

Interest expense, net of interest income

60.0

37.6

42.5

48.1

55.3

61.8

Depreciation and amortization

68.4

82.2

84.9

86.8

90.3

100.3

Income tax expense (benefit)

(88.5)

63.9

29.2

13.8

209.5

172.7

EBITDA adjustments included in NCI

-

-

-

-

(5.3)

(7.3)

FIFO impact (favorable) unfavorable

(69.9)

102.5

(67.9)

(31.7)

(25.6)

(24.1)

Goodwill impairment

-

42.8

-

-

-

-

Unrealized (gain)/loss on all derivatives

113.5

(247.9)

37.8

(0.6)

(85.3)    

39.7    

Share-based compensation

44.1

(42.5)

8.8

37.2

27.2

12.0

Loss on disposal of fixed asset

1.3

2.3

-

2.7

2.5

2.5

Loss on extinguishment of debt

1.3

10.0

2.1

16.6

2.1

0.2

Major scheduled turnaround

76.4

3.3

-

4.8

66.4

84.2

Expenses related to proxy matter

-

-

-

-

-

14.8

Expenses related to Gary Williams acquisition

-

-

-

-

9.1

12.8

Adjusted EBITDA

$     139.0

$     218.1

$     206.8

$     192.0

$    692.0

$    744.5

25

Consolidated

Non-GAAP Financial Measures

Financials

($ in millions)

First Quarter

3/31/2012

3/31/2011

Consolidated net income (loss) attributable to CVR Energy

$              (25.2)

$              45.8

Interest expense, net of interest income

19.2

12.9

Depreciation and amortization

32.1

22.0

Income tax expense (benefit)

(9.7)

27.1

EBITDA adjustments included in NCI

(2.0)

-

EBITDA

$                 14.4

$              107.8

FIFO impact (favorable) unfavorable

(19.3)

(21.9)

Unrealized (gain)/loss on all derivatives

128.2

3.3

Share-based compensation

4.0

19.1

Loss on extinguishment of debt

-

1.9  

Major scheduled turnaround

21.0

3.1

Expenses related to proxy matter

14.8

-

Expenses related to Gary Williams acquisition

3.7

-

Adjusted EBITDA

$              166.8

$            113.3

26

Consolidated

Non-GAAP Financial Measures

Financials

(1)

($ in millions)

First Quarter

3/31/2012

3/31/2011

Consolidated net income (loss) attributable to CVR Energy

$              (25.2)

$              45.8

FIFO impact (favorable) unfavorable

(11.7)

(13.2)

Share-based compensation

2.4

13.8

Loss on extinguishment of debt

-

1.2

Loss on disposition of assets

-

-

Major scheduled turnaround

12.7

1.9

Unrealized (gain)/loss on derivatives

77.7

-

Expenses associated with proxy matters

9.0

-

Expenses associated with the acquisition of Gary-Williams

(2)

2.2

-

Adjusted Net Income

$                67.1

$              49.5

Adjusted Net Income per diluted share

$               0.76

$              0.56

27

(1)

All adjustments net of tax

(2)

Legal, professional and integration expenses related to acquisition of Gary-Williams in December 2011

Consolidated

Non-GAAP Financial Measures

Financials

($ in millions)

Quarter

3/31/2012

12/31/2011

3/31/2011

Operating income

$         134.9

$            (3.3)

$           105.7

FIFO impact (favorable), unfavorable

(19.3)

(35.1)

(21.9)

Share-based compensation

1.0

0.7

6.6

Loss on disposal of fixed assets

-

1.0

-

Major scheduled turnaround expense

21.0

54.1

3.1

Realized gain (loss) on derivatives, net

(19.1)

11.1

(18.8)

Depreciation and amortization

26.3

19.0

16.9

Other income (expense)

0.1

0.1

0.1

Adjusted EBITDA

$         144.9

$           47.6

$             91.7

28

Petroleum

Non-GAAP Financial Measures

Financials

($ in millions)

Quarter

3/31/2012

12/31/2011

3/31/2011

Operating income

$          31.4

$          42.6

$          16.8

Depreciation and amortization

5.4

4.9

4.6

Other income (expense)

-

-

(0.1)

Share-based compensation

1.2

0.9

4.6

Loss on disposition of assets

-

-

-

Major scheduled turnaround expense

-

-

-

Adjusted EBITDA

$           38.0

$           48.4

$           25.9

29

Fertilizer

Non-GAAP Financial Measures