Operating income for the first quarter 2009 increased to $91 million compared to $87.4 million for the same quarter in 2008.

“Consistent operations at both our refinery and nitrogen fertilizer plant clearly supported CVR Energy’s financial performance during the first quarter,” said chief executive officer Jack Lipinski. “The nitrogen fertilizer plant operated at near full capacity, and total throughput of crude oil and all other feedstocks and blendstocks at our refinery averaged 120,667 barrels per day.”

“We continue to manage our business conservatively,” he added. “Besides our efforts to ensure operational excellence, we are focused on controlling costs and capital expenditures as one of the best ways to create value for our shareholders.”

Net income adjusted for unrealized gain or loss from cash flow swap was $42.8 million in the first quarter of 2009 compared to $30.6 million for the same quarter in 2008.

Lipinski said legacy issues that have clouded earnings since the company was acquired in 2005 are diminishing. He said the cash flow swap, required by lenders at acquisition, will drop at the end of the second quarter 2009 from 5.9 million barrels per quarter to 1.5 million barrels per quarter, or about 15% of production. The cash flow swap is scheduled to expire completely in June 2010.

Also, during the first quarter 2009 CVR Energy paid off the remaining $62.4 million balance of a deferral owed to J. Aron & Company as a result of the 2007 flood at the refinery in Coffeyville, Kan. That payment had been due July 2009.

Lipinski noted that the reported $91 million of operating income represented a record first quarter performance for the company.

Petroleum Business:

The petroleum business reported first quarter 2009 operating income of $64.7 million on net sales of $545.3 million, compared to operating income for the same period in 2008 of $63.6 million on net sales of $1,168.5 million. The results for the first quarter of 2009 reflect an unfavorable impact from first-in, first-out (FIFO) accounting practices of $6 million compared with a favorable FIFO impact of $20 million in the first quarter of 2008. First quarter 2008 operating results were negatively impacted by $5.5 million associated with a flood that occurred in 2007.

Crude oil throughput for the first quarter 2009 averaged 106,169 barrels per day compared with 106,445 barrels per day for the same period in 2008. Refining margin per barrel was $13.36 in the first quarter of 2009, a decrease from $13.77 during the same period in 2008. Gross profit per crude oil throughput barrel was $8.06 in the first quarter of 2009, up from $7.51 per crude oil throughput barrel during the same period in 2008.

Nitrogen Fertilizer Business:

Nitrogen fertilizer operations reported first quarter 2009 operating income of $29.3 million on net sales of $67.8 million, compared to operating income of $26 million on net sales of $62.6 million during the equivalent period in 2008.

Improvements in the fertilizer segment’s operating results for the three months ended March 31, 2009, compared to the period a year earlier were primarily the result of increased product sales volume and UAN fertilizer prices. Additionally, decreased direct operating expenses associated with repairs and maintenance also contributed positively to first quarter 2009 results.

For the first quarter 2009, average plant sale prices for ammonia and UAN were $373 per ton and $316 per ton respectively, compared to $494 per ton and $262 per ton respectively for the equivalent period in 2008. Nitrogen fertilizers produced 108,000 tons of ammonia and 169,700 tons of UAN during the first quarter of 2009, compared to 83,700 tons of ammonia and 150,100 tons of UAN in the equivalent period of 2008.