SUGAR LAND, Texas, May 27, 2021 (GLOBE NEWSWIRE) – CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced the final ratio for the Share Distribution portion ( defined below) of its previously announced special dividend of $ 492 million, payable in cash and common shares of Delek US Holdings, Inc. (“Delek”) held by the Company (the “Share Distribution”). The special dividend will be paid on June 10, 2021 (the “distribution date”). As part of the share distribution, the Company will distribute 0.1048 common shares of Delek for each share of the Company’s common shares outstanding as of the close of business on May 26, 2021 (the “Record Date”). The final stock payout ratio was calculated by dividing the 10,539,880 common shares of Delek to be distributed by 100,530,599 common shares of CVR Energy outstanding at the close of business on the record date. No fraction of Delek common shares will be distributed. Instead, shareholders will receive cash instead of any fractional Delek common stock that they would otherwise have received. The Company intends to announce the amount of cash per share of its ordinary shares to which each of its shareholders will be entitled on the Distribution Date.
Shareholders should consult their tax advisers with respect to the federal, state, local and US foreign tax consequences of the special dividend. The distribution of the common shares of Delek will be in book-entry form and no physical share certificates will be issued.
An information statement describing the special dividend will be included as an attachment to a current report on Form 8-K which will be filed by the company with the United States Securities and Exchange Commission (the “SEC”). No action is required from the shareholders of CVR Energy to receive the special dividend. CVR Energy shareholders do not have to pay any consideration, transfer or switch your CVR Energy common shares.
Additional information on the special dividend, including a copy of the disclosure statement, will be posted on CVR Energy’s website at https://cvrenergy.gcs-web.com.
Forward-looking statements and opinions
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding current estimates, expectations and projections regarding future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters which are not historical facts are “forward-looking statements” as that term is defined under federal securities laws. These forward-looking statements include, but are not limited to, statements regarding the future issuance and payment of a special dividend in cash and / or Delek shares (if any), including the amount, timing, ratio, process and impact thereof; and other questions. You can generally identify forward-looking statements through our use of forward-looking terms such as “outlook”, “anticipate”, “believe”, “continue”, “might”, “estimate”, “expect”, “explore”, “Evaluate”, “intend”, “can”, “could”, “plan”, “potential”, “predict”, “seek”, “should” or “will”, or their negative or others variations on these or comparable terminology. These forward-looking statements are predictions only and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including the health and economic effects of COVID-19, the rate of any economic improvement, the demand for fossil fuels, the volatility of crude oil prices, other raw materials and refined products (among others); the company’s ability to pay cash dividends; the costs of complying with existing or new laws and regulations and the potential liabilities arising therefrom; and other risks. For more information on risk factors that may affect our results, please see risk factors and other information included in our most recent annual report on Form 10-K, all quarterly reports subsequently filed on Form 10-Q and our other documents filed with the SEC. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied herein. In view of these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business through its stake in CVR Refining and the nitrogen fertilizer manufacturing business through its stake in CVR Partners, LP. The subsidiaries of CVR Energy are the general partner and hold 36% of the common units of CVR Partners.
Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Energy may use these channels to disseminate important information about the Company and to communicate important information about the Company, company initiatives and other matters. The information that CVR Energy publishes on its website may be considered important; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information published on its website.
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CVR Energy, Inc.
CVR Energy, Inc.