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CVR Energy to Focus on Renewable Fuels, Pay Special Dividend

05/12/2021 01:39

05:30 AM EDT, 05/12/2021 (MT Newswires) -- CVR Energy (CVI) on Tuesday said that it will concentrate on renewable fuels and spend up to $10 million to advance its renewable diesel initiatives.

Part of the shift will involve the conversion of an existing hydrotreater at its Coffeyville, Kansas refinery to renewable diesel service and the installation of a feed pretreater at the Wynnewood, Oklahoma refinery which will result in lower carbon intensity and feed cost. The plan will no longer include the acquisition of another crude oil refinery, according to the company.

CVR Energy also said that its board has approved a special dividend of $492 million, to be payable in a combination of cash and the outstanding stock of Delek US Holdings it currently holds. It will pay the special dividend on June 10 to shareholders of record on May 26.

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