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Linn Energy, LLC Message Board

  • rlp2451 rlp2451 Jan 12, 2013 1:34 PM Flag

    OT: Another Refinery IPO

    Due this week, CVR Refining LP, 23 million shares, expected price $24-26.

    "Based upon the specific assumptions outlined below, we expect to generate available cash in an amount sufficient to allow us to pay $4.7215 per common unit on all of our outstanding units for the twelve months ending December 31, 2013."

    We are an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region. We own two of only seven refineries in the underserved Group 3 of the PADD II region of the United States. We own and operate a 115,000 barrels per day (“bpd”) complex full coking medium-sour crude oil refinery in Coffeyville, Kansas and a 70,000 bpd medium complexity crude oil refinery in Wynnewood, Oklahoma capable of processing 20,000 bpd of light sour crude oils (within its 70,000 bpd capacity). In addition, we also control and operate supporting logistics assets including approximately 350 miles of owned pipelines, over 125 owned crude oil transports, a network of strategically located crude oil gathering tank farms, and over 6.0 million barrels of owned and leased crude oil storage capacity. The strategic location of our refineries, combined with our supporting logistics assets, provide us with a significant crude oil cost
    advantage relative to our competitors. Furthermore, our Coffeyville and Wynnewood refineries are located approximately 100 miles and 130 miles, respectively, from the crude oil hub at Cushing, Oklahoma, and have access to inland domestic and Canadian crude oils that are priced based on the price of West Texas Intermediate crude oil (“WTI”). In the nine months ended September 30, 2012, the crude oil consumed at the refineries was at a discount to the price of WTI of $2.81 per barrel.

    We currently gather approximately 50,000 bpd of price-advantaged crudes from our gathering area, which includes Kansas, Nebraska, Oklahoma, Missouri and Texas. In aggregate, these crudes have been sourced at a discount to WTI because of our proximity to the sources of crude oil, existing logistics infrastructure and quality differences. We also have 35,000 bpd of contracted capacity on the Keystone and Spearhead pipelines that allows us to supply price-advantaged Canadian and Bakken crudes to our refineries.

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