UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): June 30, 2023
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Item 1.01. Entry into a Material Definitive Agreement.
On June 28, 2023, CVR Supply & Trading, LLC (“CVR S&T”), an indirect subsidiary of CVR Energy, Inc. (the “Company”), entered into a Crude Oil Supply Agreement (the “Agreement”) with Gunvor USA LLC (“Gunvor”), a subsidiary of Gunvor Group Ltd. The Agreement will commence on January 1, 2024, and has a term of 24 months, subject to automatic one-year renewals thereafter in the absence of either party providing 180 days notice of termination.
Pursuant to the Agreement, Gunvor will be CVR S&T’s exclusive supplier of certain crude oil and intermediation logistics in connection with deliveries of crude oil beginning on or about January 1, 2024, helping to reduce the amount of crude oil inventory held by CVR S&T at certain locations and mitigate crude oil pricing risk. Under the Agreement, Gunvor will (i) purchase and hold title to certain crude oil; and (ii) sell such crude oil to CVR S&T for processing operations at the Company’s refineries in Wynnewood, Oklahoma and Coffeyville, Kansas (collectively, the “Refineries”). The Agreement also grants Gunvor the right to store and transport the crude oil purchased and sold to CVR S&T under the Agreement pursuant to certain of CVR S&T’s transportation and storage rights. The crude oil to be purchased and sold pursuant to the Agreement constitutes the majority of the non-gathered crude oil processed at the Refineries.
The Agreement will replace the Second Amended and Restated Crude Oil Supply Agreement between CVR S&T and Vitol Inc., which will terminate according to previously disclosed terms, on December 31, 2023.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which will be filed with the Company’s quarterly report on Form 10-Q for the quarter ending June 30, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 30, 2023
| CVR Energy, Inc. | |||||
| By: | /s/ Dane J. Neumann | ||||
| Dane J. Neumann | |||||
| Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary | |||||