Refiner CVR Energy says evaluating strategic alternatives including sale

Industry:    May, 2019

Carl Icahn-backed U.S. oil refiner CVR Energy Inc said on Tuesday it was evaluating potential strategic alternatives, including a sale of the company, sending its shares up 3.7% after the bell.

The company has engaged BofA Merrill Lynch as its financial advisor to assist it in the process.

CVR also said it has sold its 1.5 million-barrel oil storage terminal and related assets in Cushing, Oklahoma to Plains All American Pipeline LP for about $36 million.

Sugar Land, Texas-based CVR does not have a defined timeline for the exploration of strategic alternatives, the company said in a statement.

Carl Icahn took a controlling state in the company in 2012 and Icahn Associates Corp had a near 71% stake as of March 31, according to Refinitiv data.