CVR Energy Inc., the Texas company that owns the Wynnewood refinery, is spinning off its refining operations as a separate public entity.
CVR announced Monday that it has filed a registration statement with the U.S. Securities and Exchange Commission in connection with a proposed public offering of subsidiary CVR Refining LP. The new partnership would trade on the New York Stock Exchange under the symbol “CVRR.”
CVR hopes to raise up to $300 million from the public offering to repay debt and fund some maintenance and environmental expenses.
The announcement comes only days after an explosion at the Wynnewood refinery killed one worker and critically injured another.
“We are conducting a thorough investigation of the incident and cooperating fully with OSHA and the Oklahoma Department of Labor,” CEO Jack Lipinski said in a statement released Sunday. “Our focus is to determine how this accident occurred and what steps must be taken to avoid a repeat of this incident.
“We remain committed to providing a safe working environment for our employees and contractors.”
A U.S. Department of Labor spokeswoman said it could take months to determine the cause of the Friday night blast at the Wynnewood refinery.
Damage from the explosion was limited to the refinery's boiler, which had been shut down temporarily as part of a turnaround operation. Process units and other areas were not affected.
Operations at the refinery, which employs about 270 people, resumed Saturday.
CVR's refining business also includes a refinery in Coffeyville, Kan. The two facilities can handle 185,000 barrels of oil a day.
CVR acquired the Wynnewood refinery with its $525 million purchase of Gary-Williams Energy Corp. in December before the majority of the Texas-based company was purchased by activist investor Carl Icahn. The company unsuccessfully tried to find another buyer during the summer.
The Associated Press