Summary Observations Regarding CVR's Campaign
Our Priority Is Delivering Value for Our Shareholders
Delek
US
78%
5-Year TSR(1)
✓ Returned $900 million in capital to shareholders in the last five years
✓
Simplified debt structure generating substantial interest expense savings
✓
10%
6%
Delek
Peer Average (1)
CVR
(1)
(2)
Acquired Alon USA and delivered $100 million of synergies
Simplified corporate structure with Alon USA Partners transaction
Divested Bakersfield refinery for $40 million eliminating ~$14 million of
annual operating expenses and overhead
Divested underperforming assets including Paramount, CA/AltAir
Renewables, West Coast Asphalt terminals, Long Beach, CA, collectively
removing ~$35mm of annual carrying costs
Installed Krotz alkylation unit estimated to generate ~$50 million EBITDA
Red River expansion completed and expected to generate $20-$25 million
incremental EBITDA
Invested in Wink to Webster pipeline along with Exxon, Lotus Midstream,
MPLX/Delek US JV, Plains and Rattler Midstream
✓
Unlocked Big Spring logistics value via drop down to DKL
✓
Simplified DKL's capital structure through elimination of IDRS
Grew Retail Segment Earnings from $25 million in 2017 to $47 million in
2020
Constructed three new retail stores expected to generate over 25% IRR,
with more new stores to come
Sold MAPCO retail network for $535 million (2) at a 12.7x forecasted store-
level EBITDA multiple
FactSet as of 4/9/2021; peer set includes: CVR Energy, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, Par Pacific Holdings, Inc., PBF Energy Inc., Phillips 66 and Valero Energy
Corporation. Based on peer groups used by Wall Street Research. TSR calculated based on price performance of stock over given time period and assumes all dividends are reinvested
Based on midpoint of pre-disposition EBITDA guidance provided for MAPCO Express retail assets
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