The CEO of U.S. oil refiner CVR Energy on Tuesday said the Sugar Land, Texas, company is exploring strategic transactions in refining.
The Carl Icahn-controlled company has placed a bid in the U.S. court-auction of a Citgo Petroleum parent that is expected to lead to new ownership of the seventh-largest U.S. refiner by volume, Reuters reported citing sources.
“Diversification from or in addition to mid-con (mid-continent) oil refining market would be a good thing for CVR Energy, CEO David Lamp said on an conference call with Wall Street analysts.
Lamp did not mention Citgo by name but told analysts there are “some interesting deals out there.” He had nothing to immediately announce, adding: “We will continue to look at everything.”
Billionaire investor Carl Icahn owns about 66% of CVR, which operates the 115,000 barrel-per-day (bpd) Coffeyville refinery in Kansas and the 75,000-bpd Wynnewood facility in Oklahoma.
CVR was working with investment bankers at Wells Fargo, to raise the financing for its bid, Reuters reported earlier this month. The company has the support of Icahn Enterprises in its offer, people familiar with the matter said.
