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Oklahoma refinery back on market

The Wynnewood refinery is for sale again, only about six months after it was acquired by Texas-based CVR Energy Inc.
BY JAY F. MARKS Published: June 2, 2012

A decades-old Oklahoma refinery that employs 272 people is on the block once again.

The Wynnewood refinery was acquired by Texas-based CVR Energy Inc. in December, but now that company is for sale after activist investor Carl Icahn acquired about 80 percent of the company's stock in April. The 60-day sale window will run through late July.

The refinery could be sold on its own if a buyer does not emerge for CVR over the next two months.

Wells Fargo Securities analyst Roger Read said the Wynnewood refinery should draw interest, as part of CVR or on its own.

“The Mid-Continent of the U.S., where this unit is located, is the most profitable refining area in the world right now, if you measure it by crack spread. It's a unit that certainly would have prospective buyers,” Read said. “If you were somewhere else where you don't have a relatively low input or feedstock cost, you might have a different scenario.

“But with all that's going on in the shale plays, the logjam or bottlenecks there in Cushing, you've got a situation that for a significant period of time that is going to be favorable to refiners in the middle part of the country.”

The refinery has been a fixture in Wynnewood for more than 70 years.

“At one time, it was the biggest employer around here,” Wynnewood City Clerk Beverly Badgley said. “It's been part of our community forever.”

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