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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	May 01, 2012
Document and Entity Information
Entity Registrant Name	CVR ENERGY INC
Entity Central Index Key	0001376139
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		86,808,150
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 500,903	$ 388,328
Accounts receivable, net of allowance for doubtful accounts of $1,372 and $1,282, respectively	246,650	182,619
Inventories	590,107	636,221
Prepaid expenses and other current assets	66,082	117,509
Insurance receivable	1,943	1,939
Income tax receivable	36,418	30,167
Total current assets	1,442,103	1,356,783
Property, plant, and equipment, net of accumulated depreciation	1,692,134	1,672,961
Intangible assets, net	304	312
Goodwill	40,969	40,969
Deferred financing costs, net	18,866	20,319
Insurance receivable	4,076	4,076
Other long-term assets	4,990	23,871
Total assets	3,203,442	3,119,291
Current liabilities:
Note payable and capital lease obligations	6,589	9,880
Accounts payable	508,103	466,559
Personnel accruals	14,219	20,849
Accrued taxes other than income taxes	44,189	35,147
Income taxes payable	3,727	2,400
Deferred income taxes	12,193	9,271
Deferred revenue	16,029	9,026
Other current liabilities	95,838	34,427
Total current liabilities	700,887	587,559
Long-term liabilities:
Long-term debt and capital lease obligations, net of current portion	852,904	853,903
Accrued environmental liabilities, net of current portion	1,363	1,459
Deferred income taxes	349,247	357,473
Other long-term liabilities	24,350	19,194
Total long-term liabilities	1,227,864	1,232,029
Commitments and contingencies
CVR stockholders' equity:
Common stock $0.01 par value per share, 350,000,000 shares authorized, 86,906,760 shares issued as of March 31, 2012 and December 31, 2011	869	869
Additional paid-in-capital	590,858	587,199
Retained earnings	541,653	566,855
Treasury stock, 98,610 shares as of March 31, 2012 and December 31, 2011, at cost	(2,303)	(2,303)
Accumulated other comprehensive income, net of tax	(1,009)	(1,008)
Total CVR stockholders' equity	1,130,068	1,151,612
Noncontrolling interest	144,623	148,091
Total equity	1,274,691	1,299,703
Total liabilities and equity	$ 3,203,442	$ 3,119,291

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,372	$ 1,282
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	86,906,760	86,906,760
Treasury stock shares	98,610	98,610

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net sales	$ 1,968,631	$ 1,167,265
Operating costs and expenses:
Cost of product sold (exclusive of depreciation and amortization)	1,635,155	936,822
Direct operating expenses (exclusive of depreciation and amortization)	115,514	68,434
Insurance recovery-business interruption		(2,870)
Selling, general and administrative expenses (exclusive of depreciation and amortization)	45,342	33,262
Depreciation and amortization	32,112	22,011
Total operating costs and expenses	1,828,123	1,057,659
Operating income	140,508	109,606
Other income (expense):
Interest expense and other financing costs	(19,253)	(13,190)
Interest income	90	274
Realized loss on derivatives, net	(19,086)	(18,848)
Unrealized loss on derivatives, net	(128,167)	(3,258)
Loss on extinguishment of debt		(1,908)
Other income, net	117	231
Total other income (expense)	(166,299)	(36,699)
Income (loss) before income taxes	(25,791)	72,907
Income tax expense (benefit)	(9,746)	27,119
Net income (loss)	(16,045)	45,788
Less: Net income attributable to noncontrolling interest	9,157
Net income (loss) attributable to CVR Energy stockholders	$ (25,202)	$ 45,788
Basic earnings (loss) per share (in dollars per share)	$ (0.29)	$ 0.53
Diluted earnings (loss) per share (in dollars per share)	$ (0.29)	$ 0.52
Weighted-average common shares outstanding:
Basic (in shares)	86,808,150	86,413,781
Diluted (in shares)	86,808,150	87,783,857

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net income (loss)	$ (16,045)	$ 45,788
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of tax of $0 and $0	1	1
Change in fair value of interest rate swap, net of tax of $(62) and $0	(173)
Reclass of gain/loss to income on settlement of interest rate swap, net of tax of $61 and $0	170
Total other comprehensive income (loss)	(2)	1
Comprehensive income (loss)	(16,047)	45,789
Less: Comprehensive income (loss) attributable to noncontrolling interest	9,156
Comprehensive income (loss) attributable to CVR stockholders	$ (25,203)	$ 45,789

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

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- Definition

Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period.

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- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

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- Definition

Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized gain (loss) on available-for-sale securities, tax	$ 0	$ 0
Change in fair value of interest rate swap, tax	(62)	0
Reclass of gain/loss to income on settlement of interest rate swap, tax	$ 61	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2012 - USD ($) $ in Thousands	Total	Total CVR Stockholders' Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at Dec. 31, 2011	$ 1,299,703	$ 1,151,612	$ 869	$ 587,199	$ 566,855	$ (2,303)	$ (1,008)	$ 148,091
Balance (in shares) at Dec. 31, 2011	86,906,760		86,906,760
Increase (Decrease) in Stockholders' Equity
Distributions to noncontrolling interest holders	$ (13,001)							(13,001)
Share-based compensation	4,036	3,659		3,659				377
Net income (loss)	(16,045)	(25,202)			(25,202)			9,157
Net unrealized gain (loss) on available-for-sale securities	1	1					1
Net gain (loss) on interest rate swaps, net of tax	(3)	(2)					(2)	(1)
Balance at Mar. 31, 2012	$ 1,274,691	$ 1,130,068	$ 869	$ 590,858	$ 541,653	$ (2,303)	$ (1,009)	$ 144,623
Balance (in shares) at Mar. 31, 2012	86,906,760		86,906,760

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 20, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 31, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 20, 24, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References + Details

- Definition

Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ (16,045)	$ 45,788
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,112	22,011
Allowance for doubtful accounts	90	123
Amortization of deferred financing costs	1,910	907
Amortization of original issue discount	133	121
Amortization of original issue premium	(886)
Deferred income taxes	(5,309)	3,760
Loss on disposition of assets	566	639
Loss on extinguishment of debt		1,908
Share-based compensation	4,036	19,101
Unrealized loss on derivatives, net	128,167	3,258
Changes in assets and liabilities:
Accounts receivable	(63,521)	(33,942)
Inventories	46,114	(147,904)
Prepaid expenses and other current assets	(13,762)	(16,954)
Insurance receivable	(4)	(8,600)
Business interruption insurance proceeds		2,315
Other long-term assets	(114)	(577)
Accounts payable	49,797	73,157
Accrued income taxes	(4,924)	15,158
Deferred revenue	7,003	8,041
Other current liabilities	21,184	(4,101)
Accrued environmental liabilities	(96)	(208)
Other long-term liabilities	(112)	51
Net cash (used in) provided by operating activities	186,339	(15,948)
Cash flows from investing activities:
Capital expenditures	(59,525)	(7,337)
Proceeds from sale of assets	149	19
Insurance proceeds for UAN reactor rupture		225
Net cash used in investing activities	(59,376)	(7,093)
Cash flows from financing activities:
Principal payments on long-term debt	(49)
Payment of capital lease obligations	(196)	(4,796)
Payment of financing costs	(1,142)	(4,701)
Deferred costs of CVR Partners' initial public offering		(1,615)
Distribution to CVR Partners' noncontrolling interest holders	(13,001)
Net cash used in financing activities	(14,388)	(11,112)
Net cash increase (decrease) in cash and cash equivalents	112,575	(34,153)
Cash and cash equivalents, beginning of period	388,328	200,049
Cash and cash equivalents, end of period	500,903	165,896
Supplemental disclosures
Cash paid for income taxes, net of refunds (received)	485	8,200
Cash paid for interest net of capitalized interest of $2,009,and $86 in 2012 and 2011, respectively	2,420	680
Cash funding of margin account for other derivative activities, net of withdrawals	(3,077)	9,237
Non-cash investing and financing activities:
Accrual of construction in progress additions	$ (8,253)	$ (2,304)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Capitalized interest	$ 2,009	$ 86

Organization and History of the Company and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Organization and History of the Company and Basis of Presentation

Organization and History of the Company and Basis of Presentation

(1) Organization and History of the Company and Basis of Presentation

Organization

The "Company" or "CVR" are used in this report to refer to CVR Energy, Inc. and, unless the context otherwise requires, its subsidiaries.

The Company, through its wholly-owned subsidiaries, acts as an independent petroleum refiner and marketer of high value transportation fuels in the mid-continental United States. In addition, the Company, through its majority-owned subsidiaries, owns the general partner and a majority of the common units of CVR Partners, LP, an independent producer and marketer of upgraded nitrogen fertilizer products in North America. The Company's operations include two business segments: the petroleum segment and the nitrogen fertilizer segment.

CVR's common stock is listed on the New York Stock Exchange under the symbol "CVI." As of December 31, 2010, approximately 40% of its outstanding shares were beneficially owned by GS Capital Partners V, L.P. and related entities ("GS" or "Goldman Sachs Funds") and Kelso Investment Associates VII, L.P. and related entities ("Kelso" or "Kelso Funds"). On February 8, 2011, GS and Kelso completed a registered public offering, whereby GS sold into the public market its remaining ownership interests in CVR and Kelso substantially reduced its interest in the Company. On May 26, 2011, Kelso completed a registered public offering, whereby Kelso sold into the public market its remaining ownership interest in CVR Energy.

On December 15, 2011, CVR acquired all of the issued and outstanding shares of Gary-Williams Energy Corporation (subsequently converted to Gary-Williams Energy Company, LLC or "GWEC") for a preliminary purchase price of $592.3 million. In March 2012, the preliminary purchase price increased by $1.2 million as a result of further discussions and review of the working capital and the associated post closing statements. Assets acquired include a 70,000 bpd refinery in Wynnewood, Oklahoma and approximately 2.0 million barrels of company-owned storage tanks. See Note 3 ("Wynnewood Acquisition") for additional information regarding the Wynnewood Acquisition.

CVR Partners, LP

In conjunction with the consummation of CVR's initial public offering in 2007, CVR transferred Coffeyville Resources Nitrogen Fertilizers, LLC ("CRNF"), its nitrogen fertilizer business, to CVR Partners, LP, a Delaware limited partnership ("CVR Partners" or the "Partnership"), which at the time was a newly created limited partnership, in exchange for a managing general partner interest ("managing GP interest"), a special general partner interest ("special GP interest," represented by special GP units) and a de minimis limited partner interest ("LP interest," represented by special LP units). CVR concurrently sold the managing GP interest, including the associated incentive distribution rights ("IDRs"), to Coffeyville Acquisition III LLC ("CALLC III"), an entity owned by CVR's then controlling stockholders and senior management, for $10.6 million. This interest was classified as a noncontrolling interest that was included as a separate component of equity in the Condensed Consolidated Balance Sheet at December 31, 2010. On April 13, 2011, the Partnership completed its initial public offering (the "Partnership IPO"), selling 22,080,000 common units at $16.00 per unit. The common units, which are listed on the New York Stock Exchange, began trading on April 8, 2011 under the symbol "UAN". In connection with the Partnership IPO, the IDRs were purchased by the Partnership for $26.0 million and subsequently extinguished. In addition, the noncontrolling interest representing the managing GP interest was purchased by Coffeyville Resources, LLC ("CRLLC"), a subsidiary of CVR for a nominal amount. The consideration for the IDRs was paid to the owners of CALLC III, which included the Goldman Sachs Funds, the Kelso Funds and members of CVR senior management. In connection with the Partnership IPO, the Company recorded a noncontrolling interest for the common units sold into the public market which represented an approximately 30% interest in the Partnership at the time of the Partnership IPO. The Company's noncontrolling interest reflected on the condensed consolidated balance sheet of CVR is impacted by the net income of, and distributions from, the Partnership.

At March 31, 2012, the Partnership had 73,030,936 common units outstanding, consisting of 22,110,936 common units owned by the public, representing approximately 30% of the total Partnership units, and 50,920,000 common units owned by CRLLC, representing approximately 70% of the total Partnership units. In addition, CRLLC owns 100% of the Partnership's general partner, CVR GP, LLC, which only holds a non-economic general partner interest.

In connection with the Partnership IPO, the Partnership's limited partner interests were converted into common units, the Partnership's special general partner interests were converted into common units, and the Partnership's special general partner was merged with and into CRLLC, with CRLLC continuing as the surviving entity. In addition, as discussed above, the managing general partner sold its IDRs to the Partnership for $26.0 million, these interests were extinguished, and CALLC III sold the managing general partner to CRLLC for a nominal amount. As a result of the Partnership IPO, the Partnership has two types of partnership interests outstanding:

•

common units representing limited partner interests; and

•

a general partner interest, which is not entitled to any distributions, and which is held by the Partnership's general partner.

The Partnership has adopted a policy pursuant to which the Partnership will distribute all of the available cash it generates each quarter. The available cash for each quarter will be determined by the board of directors of the Partnership's general partner following the end of such quarter. The partnership agreement does not require that the Partnership make cash distributions on a quarterly basis or at all, and the board of directors of the general partner of the Partnership can change the Partnership's distribution policy at any time.

The Partnership is operated by CVR's senior management (together with other officers of the general partner) pursuant to a services agreement among CVR, the general partner and the Partnership. The Partnership's general partner, CVR GP, LLC, manages the operations and activities of the Partnership, subject to the terms and conditions specified in the partnership agreement. The operations of the general partner in its capacity as general partner are managed by its board of directors. Actions by the general partner that are made in its individual capacity will be made by CRLLC as the sole member of the general partner and not by the board of directors of the general partner. The general partner is not elected by the common unitholders and is not subject to re-election on a regular basis. The officers of the general partner manage the day-to-day affairs of the business of the Partnership. CVR, the Partnership, their respective subsidiaries and the general partner are parties to a number of agreements which regulate certain business relations between them. Certain of these agreements were amended in connection with the Partnership IPO.

On February 13, 2012, CVR announced its intention to sell a portion of its investment in the Partnership and use the proceeds to pay a special dividend to holders of its common stock and to strengthen our balance sheet. However, pursuant to the terms of the transaction agreement between the Company and the Icahn Parties, the Company is prohibited from completing the sale of a portion of its stake in the Partnership unless and until the transaction agreement is terminated.

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of CVR Energy, Inc. and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The ownership interests of noncontrolling investors in its subsidiaries are recorded as noncontrolling interest. Certain prior year amounts have been reclassified to conform to current year presentation.

Prior to the Partnership IPO, management had determined that the Partnership was a variable interest entity ("VIE") and as such evaluated the qualitative criteria under Accounting Standards Codification ("ASC") Topic 810-10—Consolidations-Variable Interest Entities ("ASC 810-10"), to make a determination whether the Partnership should be consolidated on the Company's financial statements. ASC 810-10 requires the primary beneficiary of a variable interest entity's activities to consolidate the VIE. The primary beneficiary is identified as the enterprise that has a) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and b) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The standard requires an ongoing analysis to determine whether the variable interest gives rise to a controlling financial interest in the VIE. Based upon that evaluation, CVR's management had determined to consolidate the Partnership in CVR's condensed consolidated financial statements for the periods presented prior to the Partnership IPO.

Subsequent to the Partnership IPO, the Partnership is no longer considered a VIE. The consolidation of the Partnership is based upon the fact that the general partner is owned by CRLLC, a wholly-owned subsidiary of CVR; and, therefore, CVR has the ability to control the activities of the Partnership. Additionally, the Partnership's general partner manages the operations and activities of the Partnership, subject to the terms and conditions specified in the partnership agreement. The operations of the general partner in its capacity as general partner are managed by its board of directors. The limited rights of the common unitholders of the Partnership are demonstrated by the fact that the common unitholders have no right to elect the general partner or the general partner's directors on an annual or other continuing basis. The general partner can only be removed by a vote of the holders of at least 66²/3% of the outstanding common units, including any common units owned by the general partner and its affiliates (including CRLLC, a wholly-owned subsidiary of CVR) voting together as a single class. Actions by the general partner that are made in its individual capacity will be made by CRLLC as the sole member of the general partner and not by the board of directors of the general partner. The officers of the general partner manage the day-to-day affairs of the business. The majority of the officers of the general partner are also officers of CVR. Based upon the general partner's role and rights as afforded by the partnership agreement and the limited rights afforded to the limited partners, the condensed consolidated financial statements of CVR will include the assets, liabilities, cash flows, revenues and expenses of the Partnership.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). The condensed consolidated financial statements include the accounts of CVR and its majority-owned direct and indirect subsidiaries. The ownership interests of noncontrolling investors in its subsidiaries are recorded as a noncontrolling interest included as a separate component of equity for all periods presented. All intercompany account balances and transactions have been eliminated in consolidation. Certain information and footnotes required for complete financial statements under GAAP have been condensed or omitted pursuant to SEC rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the December 31, 2011 audited consolidated financial statements and notes thereto included in CVR's Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the SEC on February 29, 2012.

In the opinion of the Company's management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) that are necessary to fairly present the financial position of the Company as of March 31, 2012 and December 31, 2011, the results of operations, cash flows for the three months ended March 31, 2012 and 2011 and the changes in equity for the three months ended March 31, 2012.

Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ended December 31, 2012 or any other interim period. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

The Company evaluated subsequent events, if any, that would require an adjustment or would require disclosure to the Company's condensed consolidated financial statements through the date of issuance of these condensed consolidated financial statements.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Staff Position (FSP)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2012

Recent Accounting Pronouncements

Recent Accounting Pronouncements

(2) Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-04, "Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS," ("ASU 2011-04"). ASU 2011-04 changes the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between U.S. GAAP and International Financial Reporting Standards ("IFRS"). ASU 2011-04 also expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. This new guidance is to be applied prospectively. The provisions of ASU 2011-04 are effective for interim and annual periods beginning after December 15, 2011. The Company adopted this ASU as of January 1, 2012. The adoption of this standard did not impact the condensed consolidated financial statement footnote disclosures.

In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends current comprehensive income guidance. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of stockholders' equity. Instead, the Company must report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. In December 2011, the FASB issued Accounting Standards Update 2011-12 which defers the requirement in ASU 2011-05 that companies present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements. Both amendments are effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. The Company adopted both ASUs as of January 1, 2012. The adoption of these standards expanded the Company's condensed consolidated financial statements and related footnote disclosures.

In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). ASU 2011-11 retains the existing offsetting requirements and enhances the disclosure requirements to allow investors to better compare financial statements prepared under U.S. GAAP with those prepared under IFRS. This new guidance is to be applied retrospectively. ASU 2011-11 will be effective for interim and annual periods beginning January 1, 2013. The Company believes this standard will expand our condensed consolidated financial statement footnote disclosures.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Wynnewood Acquisition

3 Months Ended

Mar. 31, 2012

Wynnewood Acquisition

Wynnewood Acquisition

(3) Wynnewood Acquisition

On December 15, 2011, the Company completed the acquisition of all the issued and outstanding shares of GWEC, including its two wholly-owned subsidiaries (the "Wynnewood Acquisition") from the Gary-Williams Company, Inc. (the "Seller"). The preliminary purchase price of $592.3 million, as recorded at December 31, 2011, was increased by $1.2 million in March 2012 as a result of further discussions and review of the working capital and associated post closing statement provided to the Seller. The adjusted purchase price allocation resulted in immaterial differences to property, plant & equipment.

At March 31, 2012 a receivable was recorded in prepaid expenses and other current asset of approximately $14.6 million associated with the cash paid at closing which included an estimated working capital. This amount is expected to be received in the second quarter of 2012.

For the three months ended March 31, 2012, the Company incurred approximately $3.7 million of transaction fees and integration expenses that are included in selling, general and administrative expense in the Consolidated Statement of Operations. These costs primarily relate to accounting and other professional consulting fees incurred associated with post closing transaction matters and continued integration of various processes, policies, technologies and systems of GWEC.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-Based Compensation

Share-Based Compensation

(4) Share-Based Compensation

Prior to CVR's initial public offering, CVR's subsidiaries were held and operated by CALLC, a limited liability company. Management of CVR held an equity interest in CALLC. CALLC issued non-voting override units to certain management members who held common units of CALLC. There were no required capital contributions for the override operating units. In connection with CVR's initial public offering in October 2007, CALLC was split into two entities: CALLC and CALLC II. In connection with this split, management's equity interest in CALLC, including both their common units and non-voting override units, was split so that half of management's equity interest was in CALLC and half was in CALLC II. In addition, in connection with the transfer of the managing general partner of the Partnership to CALLC III in October 2007, CALLC III issued non-voting override units to certain management members of CALLC III.

CVR, CALLC and CALLC II account for share-based compensation in accordance with standards issued by the FASB regarding the treatment of share-based compensation, as well as guidance regarding the accounting for share-based compensation granted to employees of an equity method investee. CVR was allocated non-cash share-based compensation expense from CALLC, CALLC II and CALLC III.

In February 2011, CALLC and CALLC II sold 11,759,023 shares and 15,113,254 shares, respectively, of CVR's common stock pursuant to a registered public offering. In May 2011, CALLC sold 7,988,179 shares of CVR's common stock pursuant to a registered public offering.

As a result, CALLC and CALLC II ceased to be stockholders of the Company. Subsequent to CALLC II's divestiture of its ownership interest in the Company in February 2011 and CALLC's divestiture of its ownership interest in the Company in May 2011, no additional share-based compensation expense has been incurred with respect to override units and phantom units after each respective divestiture date. The final fair values of the override units of CALLC and CALLC II were derived based upon the values resulting from the proceeds received in connection with each entity's respective divestiture of its ownership in CVR. These values were utilized to determine the related compensation expense for the unvested units.

The final fair value of the CALLC III override units was derived based upon the value resulting from the proceeds received by the general partner upon the purchase of the IDR's by the Partnership. These proceeds were subsequently distributed to the owners of CALLC III which includes the override unitholders. This value was utilized to determine the related compensation expense for the unvested units. No additional share-based compensation has been or will be incurred with respect to override units of CALLC III subsequent to June 30, 2011 due to the complete distribution of the value prior to July 1, 2011.

The following table provides key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III.

Award Type	Benchmark Value (per Unit)			Grant Date	Compensation Expense Increase (Decrease) for the Three Months Ended March 31, 2011

					(in thousands)
Override Value Units(a)	$	11.31	1,839,265	June 2005		4,987
Override Value Units(b)	$	34.72	144,966	December 2006		515
Override Units(c)	$	10.00	642,219	February 2008		135

Total					$	5,637

Due to the divestiture of all ownership in CVR by CALLC and CALLC II and due to the purchase of the IDRs from the general partner and the distribution to CALLC III, there is no associated unrecognized compensation expense as of March 31, 2012.

Valuation Assumptions

Significant assumptions used in the valuation of the Override Value Units (a) and (b) were as follows:

	(a) Override Value Units March 31, 2011	(b) Override Value Units March 31, 2011

Estimated forfeiture rate	None	None
Derived service period	6 years	6 years
CVR closing stock price	$23.16	$23.16
Estimated weighted-average fair value (per unit)	$22.61	$13.70
Marketability and minority interest discounts	5.0%	5.0%
Volatility	47.1%	47.1%

(c) Override Units—Using a probability-weighted expected return method which utilized CALLC III's cash flow projections and included expected future earnings and the anticipated timing of IDRs, the estimated grant date fair value of the override units was approximately $3,000. As a non-contributing investor, CVR also recognized income equal to the amount that its interest in the investee's net book value has increased (that is its percentage share of the contributed capital recognized by the investee) as a result of the disproportionate funding of the compensation cost. Of the 642,219 units issued, 109,720 were immediately vested upon issuance and the remaining units are subject to a forfeiture schedule. Significant assumptions used in the valuation were as follows:

		March 31, 2011

Estimated forfeiture rate		None
Derived Service Period		Based on forfeiture schedule
Estimated fair value (per unit)		$2.82
Marketability and minority interest discount		5.0%
Volatility		47.0%

Phantom Unit Appreciation Plan

CVR, through a wholly-owned subsidiary, has two Phantom Unit Appreciation Plans (the "Phantom Unit Plans") whereby directors, employees, and service providers may be awarded phantom points at the discretion of the board of directors or the compensation committee. Holders of service phantom points have rights to receive distributions when holders of override operating units of CALLC and CALLC II receive distributions. Holders of performance phantom points have rights to receive distributions when holders of override value units of CALLC and CALLC II receive distributions. There are no other rights or guarantees, and the plans expire on July 25, 2015, or at the discretion of the compensation committee of the board of directors. In November 2010, CALLC and CALLC II sold common shares of CVR through a registered offering. As a result of this offering, the Company made a payment to phantom unit holders totaling approximately $3.6 million. In November 2009, CALLC II completed a sale of common shares of CVR through a registered offering. As a result of this sale, the Company made a payment to phantom unit holders totaling approximately $0.9 million. As described above, in February 2011, CALLC and CALLC II completed a sale of CVR common stock pursuant to a registered public offering. As a result of this offering, the Company made a payment to phantom unitholders of approximately $20.1 million in the first quarter of 2011. As described above, in May 2011, CALLC completed an additional sale of CVR common stock pursuant to a registered public offering. As a result of this offering, the Company made a payment to phantom unitholders of approximately $9.2 million in the second quarter of 2011. Due to the divestiture of all ownership of CVR by CALLC and CALLC II in 2011 and the associated payments to the holders of service and phantom performance points, there is no unrecognized compensation expense at March 31, 2012. Compensation expense for the three months ended March 31, 2012 and 2011 related to the Phantom Unit Plans was approximately $0.0 and $11.2 million, respectively.

Using the Company's closing stock price at March 31, 2011 to determine the Company's equity value, through an independent valuation process, the service phantom interest and performance phantom interest were valued as follows:

	March 31, 2011

Service Phantom interest (per point)	$	13.14
Performance Phantom interest (per point)	$	22.62

Long-Term Incentive Plan

CVR has a Long-Term Incentive Plan ("LTIP"), which permits the grant of options, stock appreciation rights, non-vested shares, non-vested share units, dividend equivalent rights, share awards and performance awards (including performance share units, performance units and performance-based restricted stock). As of March 31, 2012, only restricted shares of CVR common stock and stock options had been granted under the LTIP. Individuals who are eligible to receive awards and grants under the LTIP include the Company's employees, officers, consultants, advisors and directors. A summary of the principal features of the LTIP is provided below.

Stock Options

As of March 31, 2012, there have been a total of 32,350 stock options granted, of which 29,201 have vested and the remaining 3,149 were forfeited in the second quarter of 2010. Additionally, 6,301 of the vested options have expired resulting in a net total of 22,900 outstanding options that have vested. No options were forfeited or granted in the first quarter of 2012. The fair value of the stock options was estimated on the date of grant using the Black-Scholes option pricing model.

Restricted Stock

A summary of restricted stock grant activity and changes during the three months ended March 31, 2012 is presented below:

			Weighted- Average Grant-Date Fair Value

Non-vested at January 1, 2012	1,634,154		$	14.61
Granted	44,662			21.57
Vested	—			—
Forfeited	(19,333	)		10.21

Non-vested at March 31, 2012	1,659,483		$	14.73

Through the LTIP, restricted shares have been granted to employees of the Company. Restricted shares, when granted, are valued at the closing market price of CVR's common stock on the date of issuance and amortized to compensation expense on a straight-line basis over the vesting period of the stock. These shares generally vest over a three-year period. As of March 31, 2012, there was approximately $17.0 million of total unrecognized compensation cost related to restricted shares to be recognized over a weighted-average period of approximately two years. Compensation expense recorded for the three months ended March 31, 2012 and 2011 related to the restricted shares and stock options was approximately $3.3 million and $2.2 million, respectively.

CVR Partners Long-Term Incentive Plan

In connection with the Partnership IPO, the board of directors of the general partner adopted the CVR Partners, LP Long-Term Incentive Plan ("CVR Partners LTIP"). Individuals who are eligible to receive awards under the CVR Partners LTIP include employees, officers, consultants and directors of CVR Partners and its general partner and their respective subsidiaries' parents. The CVR Partners LTIP provides for the grant of options, unit appreciation rights, distribution equivalent rights, restricted units, phantom units and other unit-based awards, each in respect of common units. The maximum number of common units issuable under the CVR Partners LTIP is 5,000,000.

Through the CVR Partners LTIP, phantom and common units have been awarded to employees of the Partnership and the general partner. Units, when granted, are valued at the closing market price of CVR Partners' common units on the date of issuance and amortized to compensation expense on a straight-line basis over the vesting period of the award. These units generally vest over a three year period. As of March 31, 2012, there was approximately $2.7 million of total unrecognized compensation cost related to the units to be recognized over a weighted-average period of two years. Compensation expense recorded for the three months ended March 31, 2012 and 2011 related to the units was approximately $0.6 million and $0.0, respectively.

A summary of the Partnership's unit activity during the three months ended March 31, 2012 is presented below:

	Units		Weighted- Average Grant Date Fair Value

	(in thousands)
Non-vested at January 1, 2012		164,571	$	22.99
Granted		—		—
Vested		—		—
Forfeited		—		—

Non-vested at March 31, 2012		164,571	$	22.99

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Name Accounting Standards Codification
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+ Details

Inventories

3 Months Ended

Mar. 31, 2012

Inventories

Inventories

(5) Inventories

Inventories consisted of the following:

	March 31, 2012		December 31, 2011

	(in thousands)
Finished goods	$	294,214	$	323,315
Raw materials and precious metals		194,648		157,931
In-process inventories		61,862		115,372
Parts and supplies		39,383		39,603

	$	590,107	$	636,221

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2012

Property, Plant, and Equipment

Property, Plant, and Equipment

(6) Property, Plant, and Equipment

A summary of costs for property, plant, and equipment is as follows:

	March 31, 2012		December 31, 2011

	(in thousands)
Land and improvements	$	26,673	$	26,136
Buildings		37,375		37,289
Machinery and equipment		1,992,653		1,967,269
Automotive equipment		10,621		10,217
Furniture and fixtures		12,664		12,349
Leasehold improvements		1,970		1,445
Railcars		2,496		2,496
Construction in progress		117,204		94,085

		2,201,656		2,151,286
Accumulated depreciation		509,522		478,325

	$	1,692,134	$	1,672,961

Capitalized interest recognized as a reduction in interest expense for the three months ended March 31, 2012 and 2011 totaled approximately $2.1 million and $0.1 million. Land, building and equipment that are under a capital lease obligation had an original carrying value of approximately $25.1 million and $0.3 million as of March 31, 2012 and 2011. Amortization of assets held under capital leases is included in depreciation expense.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Cost Classifications

3 Months Ended

Mar. 31, 2012

Cost Classifications

Cost Classifications

(7) Cost Classifications

Cost of product sold (exclusive of depreciation and amortization) includes cost of crude oil, other feedstocks, blendstocks, pet coke expense and freight and distribution expenses. Cost of product sold excludes depreciation and amortization of approximately $0.7 million and $0.6 million for the three months ended March 31, 2012 and 2011, respectively.

Direct operating expenses (exclusive of depreciation and amortization) includes direct costs of labor, maintenance and services, energy and utility costs, property taxes, environmental compliance costs, as well as chemicals and catalysts and other direct operating expenses. Direct operating expenses exclude depreciation and amortization of approximately $30.8 million and $20.9 million for the three months ended March 31, 2012 and 2011, respectively.

Selling, general and administrative expenses (exclusive of depreciation and amortization) consist primarily of legal expenses, treasury, accounting, marketing, human resources and costs associated with maintaining the corporate and administrative office in Texas and the administrative office in Kansas and Oklahoma. Selling, general and administrative expenses exclude depreciation and amortization of approximately $0.6 million and $0.5 million for the three months ended March 31, 2012 and 2011, respectively.

Note Payable and Capital Lease Obligations

3 Months Ended

Mar. 31, 2012

Note Payable and Capital Lease Obligations

Note Payable and Capital Lease Obligations

(8) Note Payable and Capital Lease Obligations

The Company entered into an insurance premium finance agreement in November 2011 to finance a portion of the purchase of its 2011/2012 property insurance policies. The original balance of the note provided by the Company under such agreement was $9.9 million. The Company began to repay this note in equal installments commencing December 1, 2011. As of March 31, 2012 and December 31, 2011, the Company owed approximately $5.5 million and $8.8 million, respectively, related to this note.

The Company also entered into a capital lease for real property used for corporate purposes on May 29, 2008. The lease had an initial lease term of one year with an option to renew for three additional one-year periods. During the second quarter of 2010, the Company renewed the lease for a one-year period commencing June 5, 2010. The Company had the option to purchase the property during the term of the lease, including the renewal periods. In March 2011, the Company exercised its purchase option and paid approximately $4.7 million to satisfy the lease obligation.

As a result of the Wynnewood Acquisition, the Company assumed two leases accounted for as capital leases related to the Magellan Pipeline Terminals, L.P. and Excel Pipeline LLC. The two arrangements have remaining terms of 210 and 211 months, respectively. As of March 31, 2012, the outstanding obligation associated with these arrangements totaled approximately $52.9 million. See Note 12 ("Long-Term Debt") for additional information.

Other Current Liabilities

3 Months Ended

Mar. 31, 2012

Other Current Liabilities

Other Current Liabilities

(9) Other Current Liabilities

Other current liabilities were as follows:

	March 31, 2012		December 31, 2011

	(in thousands)
Other derivative agreements (realized)	$	7,857	$	—
Other derivative agreements (unrealized)		42,751		—
Accrued interest		33,544		17,867
Partnership interest rate swap		965		905
Other liabilities		10,721		15,655

	$	95,838	$	34,427

Insurance Claims

3 Months Ended

Mar. 31, 2012

Insurance Claims

Insurance Claims

(10) Insurance Claims

Nitrogen Fertilizer Incident

On September 30, 2010, the nitrogen fertilizer plant experienced an interruption in operations due to a rupture of a high-pressure UAN vessel. All operations at the nitrogen fertilizer facility were immediately shut down. No one was injured in the incident. Repairs to the facility as a result of the rupture were substantially complete as of December 31, 2010.

Total gross costs incurred as of March 31, 2012 due to the incident were approximately $11.5 million for repairs and maintenance and other associated costs. Approximately $0.1 million and $0.4 million of these costs were recognized during the three months ended March 31, 2012 and 2011, respectively. The repairs and maintenance costs incurred are included in direct operating expenses (exclusive of depreciation and amortization). Of the gross costs incurred, approximately $4.5 million was capitalized in 2010, approximately $0.1 million was capitalized in 2011 and approximately $0.1 million was capitalized in 2012.

The Company maintains property damage insurance under CVR Energy's insurance policies which have an associated deductible of $2.5 million. The Company anticipates that substantially all of the repair costs related to the September 30, 2010 incident in excess of the $2.5 million deductible should be covered by insurance. As of March 31, 2012, approximately $7.0 million of insurance proceeds have been received under the property damage insurance related to this incident. This amount was received prior to December 31, 2011. The recording of the insurance proceeds resulted in a reduction of direct operating expenses (exclusive of depreciation and amortization) when received.

The insurance policies also provide coverage for interruption to the business, including lost profits, and reimbursement for other expenses and costs the Company has incurred relating to the damage and losses suffered for business interruption. This coverage, however, only applies to losses incurred after a business interruption of 45 days. Partial business interruption claims were filed during 2011 resulting in receipt of proceeds totaling $3.4 million for the year ended December 31, 2011. Of this amount, $2.9 million was reported for the three months ended March 31, 2011. The proceeds associated with the business interruption claims are included on the Consolidated Statements of Operations under Insurance recovery—business interruption.

Coffeyville Refinery Incidents

On December 28, 2010 the Coffeyville crude oil refinery experienced an equipment malfunction and small fire in connection with its fluid catalytic cracking unit ("FCCU"), which led to reduced crude oil throughput. The refinery returned to full operations on January 26, 2011. This interruption adversely impacted the production of refined products for the petroleum business in the first quarter of 2011. Total gross repair and other costs recorded related to the incident as of December 31, 2011 were approximately $8.0 million. No costs have been recorded in 2012. As discussed above, the Company maintains property damage insurance policies which have an associated deductible of $2.5 million. The Company anticipates that substantially all of the costs in excess of the deductible should be covered by insurance. As of December 31, 2011, the Company had received $4.0 million of insurance proceeds and has recorded an insurance receivable related to the incident of approximately $1.2 million as of March 31, 2012. The insurance receivable is included in other current assets in the Condensed Consolidated Balance Sheet.

The Coffeyville crude oil refinery experienced a small fire at its continuous catalytic reformer ("CCR") in May 2011. Total gross repair and other costs related to the incident, as of March 31, 2012, were approximately $3.2 million. No costs have been recorded in 2012. The Company anticipates that substantially all of the costs in excess of the $2.5 million deductible should be covered by insurance under its property damage insurance policy. As of March 31, 2012, the Company has recorded an insurance receivable of approximately $0.7 million.

Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes

Income Taxes

(11) Income Taxes

The Company recognizes liabilities, interest and penalties for potential tax issues based on its estimate of whether, and the extent to which, additional taxes may be due as determined under ASC Topic 740—Income Taxes. As of March 31, 2012, the Company had unrecognized tax benefits of approximately $17.7 million, of which $0.2 million, if recognized, would impact the Company's effective tax rate. Unrecognized tax benefits that are not expected to be settled within the next twelve months are included in other long-term liabilities in the condensed consolidated balance sheet; unrecognized tax benefits that are expected to be settled within the next twelve months are included in income taxes payable. The Company has not accrued any amounts for interest or penalties related to uncertain tax positions. The Company's accounting policy with respect to interest and penalties related to tax uncertainties is to classify these amounts as income taxes.

CVR and its subsidiaries file U.S. federal and various state income and franchise tax returns. At March 31, 2012, the Company's tax filings are generally open to examination in the United States for the tax years ended December 31, 2009 through December 31, 2011 and in various individual states for the tax years ended December 31, 2008 through December 31, 2011.

The Company's effective tax rate for the three months ended March 31, 2012 was 37.8%, as compared to the Company's combined federal and state expected statutory tax rate of 39.4%. The Company's effective tax rate for the three months ended March 31, 2012 is lower than the statutory rate primarily due to the reduction of income subject to tax associated with the noncontrolling ownership interest of CVR Partners' earnings, as well as benefits for domestic production activities. The Company's effective tax rate for the three months ended March 31, 2011 was 37.2% as compared to the Company's combined federal and state expected statutory tax rate of 39.7%. The Company's effective tax rate for the three months ended March 31, 2011 varied from the statutory rate primarily due to benefits for domestic production activities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2012

Long-Term Debt

Long-Term Debt

(12) Long-Term Debt

Long-term debt was as follows:

	March 31, 2012		December 31, 2011

	(in thousands)
9.0% Senior Secured Notes, due 2015, net of unamortized premium of $8,165(1) and $9,003(2) as of March 31, 2012 and December 31, 2011, respectively	$	455,224	$	456,053
10.875% Senior Secured Notes, due 2017, net of unamortized discount of $2,083 and $2,159 as of March 31, 2012 and December 31, 2011, respectively		220,667		220,591
CRNF credit facility		125,000		125,000
Capital lease obligations		52,013		52,259

Long-term debt	$	852,904	$	853,903

(1): Net unamortized premium of $8.2 million represents an unamortized discount of $0.8 million on the original First Lien Notes and a $9.0 million unamortized premium on the additional First Lien Notes issued in December 2011.
(2): Net unamortized premium of $9.0 million represents an unamortized discount of $0.9 million on the original First Lien Notes and a $9.9 million unamortized premium on the additional First Lien Notes issued in December 2011.

Senior Secured Notes

On April 6, 2010, CRLLC and its wholly-owned subsidiary, Coffeyville Finance Inc. (together the "Issuers"), completed a private offering of $275 million aggregate principal amount of 9.0% First Lien Senior Secured Notes due 2015 (the "First Lien Notes") and $225 million aggregate principal amount of 10.875% Second Lien Senior Secured Notes due 2017 (the "Second Lien Notes" and together with the First Lien Notes, the "Notes"). The First Lien Notes were issued at 99.511% of their principal amount and the Second Lien Notes were issued at 98.811% of their principal amount. The associated original issue discount of the Notes is amortized to interest expense and other financing costs over the respective term of the Notes. On December 30, 2010, CRLLC made a voluntary unscheduled principal payment of approximately $27.5 million on the First Lien Notes that resulted in a premium payment of 3.0% and a partial write-off of previously deferred financing costs and unamortized original issue discount totaling approximately $1.6 million. On May 16, 2011, CRLLC repurchased $2.7 million of the Notes at a purchase price of 103.0% of the outstanding principal amount, which resulted in a premium payment of 3.0% and a partial write-off of previously deferred financing costs and unamortized issue discount.

On December 15, 2011, the Issuers sold an additional $200.0 million aggregate principal amount of 9.0% First Lien Senior Secured Notes due 2015 ("New Notes"). The New Notes were sold at an issue price of 105%, plus accrued interest from October 1, 2011 of $3.7 million. The associated original issue premium of the New Notes is amortized to interest expense and other financing costs over the respective term of the New Notes. The New Notes were issued as "Additional Notes" pursuant to the indenture dated April 6, 2010 (the "Indenture") and, together with the existing first lien notes, are treated as a single class for all purposes under the Indenture including, without limitation, waivers, amendments, redemptions and other offers to purchase. Unless otherwise indicated, the New Notes and the existing first lien notes are collectively referred to herein as the "First Lien Notes".

The First Lien Notes mature on April 1, 2015, unless earlier redeemed or repurchased by the Issuers. The Second Lien Notes mature on April 1, 2017, unless earlier redeemed or repurchased by the Issuers. Interest is payable on the Notes semi-annually on April 1 and October 1 of each year. At March 31, 2012, the estimated fair value of the First and Second Lien Notes was approximately $477.2 million and $250.6 million, respectively. These estimates of fair value are Level 2 as they were determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. The Notes are fully and unconditionally guaranteed by each of CRLLC's subsidiaries other than the Partnership and CRNF.

The acquisition by the Icahn Parties of 50% or more of the common stock of CVR Energy, this would constitute a change of control under the Indentures, requiring CVR to make an offer to repurchase all of CVR's outstanding Notes at 101% of the principal amount of notes tendered.

ABL Credit Facility

On February 22, 2011, CRLLC entered into a $250.0 million asset-backed revolving credit agreement ("ABL credit facility") with a group of lenders including Deutsche Bank Trust Company Americas as collateral and administrative agent. The ABL credit facility is scheduled to mature in August 2015 and replaced the $150.0 million first priority credit facility which was terminated. The ABL credit facility will be used to finance ongoing working capital, capital expenditures, letters of credit issuance and general needs of the Company and includes among other things, a letter of credit sublimit equal to 90% of the total facility commitment and a feature which permits an increase in borrowings of up to $250.0 million (in the aggregate), subject to additional lender commitments. On December 15, 2011, CRLLC entered into an incremental commitment agreement to increase the borrowings under the ABL credit facility to $400.0 million in the aggregate in connection with the New Notes issuance as discussed above. Terms of the ABL credit facility did not change as a result of the additional availability. As of March 31, 2012, CRLLC had availability under the ABL credit facility of $373.4 million and had letters of credit outstanding of approximately $26.6 million. There were no borrowings outstanding under the ABL credit facility as of March 31, 2012.

Borrowings under the facility bear interest based on a pricing grid determined by the previous quarter's excess availability. The pricing for borrowings under the ABL credit facility can range from LIBOR plus a margin of 2.75% to LIBOR plus 3.0% or the prime rate plus 1.75% to prime rate plus 2.0% for Base Rate Loans. Availability under the ABL credit facility is determined by a borrowing base formula supported primarily by cash and cash equivalents, certain accounts receivable and inventory.

The ABL credit facility contains customary covenants for a financing of this type that limit, subject to certain exceptions, the incurrence of additional indebtedness, the incurrence of liens on assets, and the ability to dispose of assets, make restricted payments, investments or acquisitions, enter into sales lease back transactions or enter into affiliate transactions. The ABL credit facility also contains a fixed charge coverage ratio financial covenant that is triggered when borrowing base excess availability is less than certain thresholds, as defined under the facility. As of March 31, 2012, CRLLC was in compliance with the covenants contained in the ABL credit facility.

In connection with the ABL credit facility, CRLLC incurred lender and other third party costs of approximately $9.1 million for the year ended December 31, 2011. These costs will be deferred and amortized to interest expense and other financing costs using a straight-line method over the term of the facility. In connection with termination of the first priority credit facility, a portion of the unamortized deferred financing costs associated with this facility, totaling approximately $1.9 million, was written off in the first quarter of 2011. In accordance with guidance provided by the FASB regarding the modification of revolving debt arrangements, the remaining approximately $0.8 million of unamortized deferred financing costs associated with the first priority credit facility will continue to be amortized over the term of the ABL credit facility.

In connection with the closing of the Partnership's initial public offering in April 2011, the Partnership and CRNF were released as guarantors of the ABL credit facility.

Under the terms of the ABL credit facility, a change of control would trigger an event of default requiring a waiver from the lender group.

Partnership Credit Facility

On April 13, 2011, CRNF, as borrower, and the Partnership, as guarantor, entered into a new credit facility with a group of lenders including Goldman Sachs Lending Partners LLC, as administrative and collateral agent. The credit facility includes a term loan facility of $125.0 million and a revolving credit facility of $25.0 million, which was undrawn as of December 31, 2011, with an uncommitted incremental facility of up to $50.0 million. No amounts were outstanding under the revolving credit facility at March 31, 2012. There is no scheduled amortization of the credit facility, which matures in April 2016. The carrying value of the Partnership's debt approximates fair value.

Borrowings under the credit facility bear interest based on a pricing grid determined by the trailing four quarter leverage ratio. The initial pricing for Eurodollar rate loans under the credit facility is the Eurodollar rate plus a margin of 3.50% or, for base rate loans, the prime rate plus 2.50%. Under its terms, the lenders under the credit facility were granted a perfected, first priority security interest (subject to certain customary exceptions) in substantially all of the assets of CRNF and the Partnership and all of the capital stock of CRNF and each domestic subsidiary owned by the Partnership or CRNF.

The credit facility requires the Partnership to maintain a minimum interest coverage ratio and a maximum leverage ratio and contains customary covenants for a financing of this type that limit, subject to certain exceptions, the incurrence of additional indebtedness or guarantees, the creation of liens on assets and the ability of the Partnership to dispose of assets, to make restricted payments, investments and acquisitions, or enter into sale-leaseback transactions and affiliate transactions. The credit facility provides that the Partnership can make distributions to holders of its common units provided, among other things, it is in compliance with the leverage ratio and interest coverage ratio on a pro forma basis after giving effect to any distribution and there is no default or event of default under the credit facility. As of March 31, 2012, CRNF was in compliance with the covenants contained in the credit facility.

In connection with the credit facility, the Partnership incurred lender and other third-party costs of approximately $4.8 million all of which were incurred in 2010 and 2011. The costs associated with the credit facility have been deferred and are being amortized over the term of the credit facility as interest expense using the effective-interest amortization method for the term loan facility and the straight-line method for the revolving credit facility.

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Earnings (Loss) Per Share

Earnings (Loss) Per Share

(13) Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are computed by dividing net income attributable to CVR stockholders by the weighted-average number of shares of common stock outstanding. The components of the basic and diluted earnings (loss) per share calculation are as follows:

	For the Three Months Ended March 31,

	2012			2011
	(in thousands, except share data)
Net income (loss) attributable to CVR Energy stockholders	$	(25,202	)	$	45,788
Weighted-average number of shares of common stock outstanding		86,808,150			86,413,781
Effect of dilutive securities:
Non-vested common stock		—			1,366,782
Stock options		—			3,294

Weighted-average number of shares of common stock outstanding assuming dilution		86,808,150			87,783,857

Basic earnings (loss) per share	$	(0.29	)	$	0.53
Diluted earnings (loss) per share	$	(0.29	)	$	0.52

Outstanding stock options totaling 22,900 and 19,606 common shares were excluded from the diluted earnings (loss) per share calculation for the three months ended March 31, 2012 and 2011, respectively, as they were antidilutive. For the three months ended March 31, 2012, 1,659,483 shares of non-vested common stock were excluded from the diluted loss per share calculation, as they were antidilutive to the net loss incurred.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies

Commitments and Contingencies

(14) Commitments and Contingencies

Leases and Unconditional Purchase Obligations

The minimum required payments for CVR's lease agreements and unconditional purchase obligations are as follows:

	Operating Leases		Unconditional Purchase Obligations(1)

	(in thousands)
Nine months ending December 31, 2012	$	7,342	$	92,276
Year ending December 31, 2013		8,900		123,478
Year ending December 31, 2014		6,951		117,694
Year ending December 31, 2015		5,393		110,270
Year ending December 31, 2016		4,471		110,605
Thereafter		8,455		438,029

	$	41,512	$	992,352

(1): This amount includes approximately $486.8 million payable ratably over nine years pursuant to petroleum transportation service agreements between CRRM and TransCanada Keystone Pipeline, LP ("TransCanada"). Under the agreements, CRRM will receive transportation for at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of ten years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011.

CVR leases various equipment, including rail cars, and real properties under long-term operating leases expiring at various dates. For the three months ended March 31, 2012 and 2011, lease expense totaled approximately $1.3 million and $1.3 million, respectively. The lease agreements have various remaining terms. Some agreements are renewable, at CVR's option, for additional periods. It is expected, in the ordinary course of business, that leases will be renewed or replaced as they expire. Additionally, in the normal course of business, the Company has long-term commitments to purchase oxygen, nitrogen, electricity, storage capacity and pipeline transportation services.

CVR Partners entered into a pet coke supply agreement with HollyFrontier Corporation which became effective on March 1, 2012. The initial term ends in 2013 and the agreement is subject to renewal.

Litigation

From time to time, the Company is involved in various lawsuits arising in the normal course of business, including matters such as those described below under, "Environmental, Health, and Safety ("EHS") Matters." Liabilities related to such litigation are recognized when the related costs are probable and can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. It is possible that management's estimates of the outcomes will change within the next year due to uncertainties inherent in litigation and settlement negotiations. In the opinion of management, the ultimate resolution of any other litigation matters is not expected to have a material adverse effect on the accompanying condensed consolidated financial statements. There can be no assurance that management's beliefs or opinions with respect to liability for potential litigation matters are accurate.

Samson Resources Company, Samson Lone Star, LLC and Samson Contour Energy E&P, LLC (together, "Samson") filed fifteen lawsuits in federal and state courts in Oklahoma and two lawsuits in state courts in New Mexico against CRRM and other defendants between March 2009 and July 2009. In addition, in May 2010, separate groups of plaintiffs (the "Anstine and Arrow cases") filed two lawsuits against CRRM and other defendants in state court in Oklahoma and Kansas. All of the lawsuits filed in state court were removed to federal court. All of the lawsuits (except for the New Mexico suits, which remained in federal court in New Mexico) were then transferred to the Bankruptcy Court for the United States District Court for the District of Delaware, where the Sem Group bankruptcy resides. In March 2011, CRRM was dismissed without prejudice from the New Mexico suits. All of the lawsuits allege that Samson or other respective plaintiffs sold crude oil to a group of companies, which generally are known as SemCrude or SemGroup (collectively, "Sem"), which later declared bankruptcy and that Sem has not paid such plaintiffs for all of the crude oil purchased from Sem. The Samson lawsuits further allege that Sem sold some of the crude oil purchased from Samson to J. Aron & Company ("J. Aron") and that J. Aron sold some of this crude oil to CRRM. All of the lawsuits seek the same remedy, the imposition of a trust, an accounting and the return of crude oil or the proceeds therefrom. The amount of the plaintiffs' alleged claims is unknown since the price and amount of crude oil sold by the plaintiffs and eventually received by CRRM through Sem and J. Aron, if any, is unknown. CRRM timely paid for all crude oil purchased from J. Aron. On January 26, 2011, CRRM and J. Aron entered into an agreement whereby J. Aron agreed to indemnify and defend CRRM from any damage, out-of-pocket expense or loss in connection with any crude oil involved in the lawsuits which CRRM purchased through J. Aron, and J. Aron agreed to reimburse CRRM's prior attorney fees and out-of-pocket expenses in connection with the lawsuits. Samson and CRRM have entered a stipulation of dismissal with respect to all of the Samson cases and the Samson cases were dismissed with prejudice on February 8, 2012. The dismissal does not pertain to the Anstine and Arrow cases.

CRNF received a ten year property tax abatement from Montgomery County, Kansas in connection with the construction of the nitrogen fertilizer plant that expired on December 31, 2007. In connection with the expiration of the abatement, the county reassessed CRNF's nitrogen fertilizer plant and classified the nitrogen fertilizer plant as almost entirely real property instead of almost entirely personal property. The reassessment resulted in an increase in CRNF's annual property tax expense by an average of approximately $10.7 million per year for the years ended December 31, 2008 and December 31, 2009, $11.7 million for the year ended December 31, 2010 and $11.4 million for the year ended December 31, 2011. CRNF does not agree with the county's classification of its nitrogen fertilizer plant and has been disputing it before the Kansas Court of Tax Appeals ("COTA"). However, CRNF has fully accrued and paid the property taxes the county claims are owed for the years ended December 31, 2010, 2009 and 2008, and has fully accrued such amounts for the year ended December 31, 2011. The first payment in respect of CRNF's 2011 property taxes was paid in December 2011 and the second payment will be made in May 2012. This property tax expense is reflected as a direct operating expense in our financial results. In January 2012 COTA issued a ruling indicating that the assessment in 2008 of CRNF's fertilizer plant as almost entirely real property instead of almost entirely personal property was appropriate. CRNF disagrees with the ruling, filed a petition for reconsideration with COTA (which was denied) and has filed an appeal to the Kansas Court of Appeals. CRNF is also appealing the valuation of the CRNF fertilizer plant for tax years 2009 through 2011, which cases remain pending before COTA. CRNF has also appealed the 2012 valuation. If CRNF is successful in having the nitrogen fertilizer plant reclassified as personal property, in whole or in part, then a portion of the accrued and paid property tax expenses would be refunded to CRNF, which could have a material positive effect on CRNF's and the Company's results of operations. If CRNF is not successful in having the nitrogen fertilizer plant reclassified as personal property, in whole or in part, then CRNF expects that it will continue to pay property taxes at elevated rates.

On July 25, 2011, Mid-America Pipeline Company, LLC ("MAPL") filed an application with the Kansas Corporation Commission ("KCC") for the purpose of establishing rates ("New Rates") effective October 1, 2011 for pipeline transportation service on MAPL's liquids pipelines running between Conway, Kansas and Coffeyville, Kansas ("Inbound Line") and between Coffeyville, Kansas and El Dorado, Kansas ("Outbound Line"). CRRM currently ships refined fuels on the Outbound Line pursuant to transportation rates established by a pipeline capacity lease with MAPL which expired September 30, 2011 and CRRM currently ships natural gas liquids on the Inbound Line pursuant to a pipeage contract which also expired September 30, 2011. If MAPL were successful in obtaining the entirety of its proposed rate increase, under CRRM's historic pipeline usage patterns, the New Rates would result in a total annual increase of approximately $14.75 million for CRRM's use of the Inbound and the Outbound Lines. On September 30, 2011, the KCC issued an order continuing, on an interim basis, the existing rates for the Inbound Line and the Outbound Line from October 1, 2011 until the resolution of the matter. In addition, on September 21, 2011, MAPL filed an application with the U.S. Federal Energy Regulatory Commission ("FERC") for a rate increase on the Outbound Line with respect to shipments with an interstate destination. On October 28, 2011 FERC issued an order allowing MAPL to place its increased rate into effect October 1, 2011 with respect to interstate shipments, subject to refund based on the final outcome of the FERC proceedings. Historically, the majority of CRRM's shipments on the Outbound Line are to Kansas intrastate destinations and therefore, are subject to KCC and not FERC rate regulation. On April 3, 2012, the parties entered into a Settlement Agreement which resolved the rate dispute both at the KCC and at FERC. Among other provisions, the Settlement Agreement provides for pipeage contracts to be entered into between the parties with rates ("Settlement Rates") to be established for an initial one year period. The Settlement Rates consist of two components, a base rate and a pipeline integrity cost recovery rate along with an annual take or pay minimum transportation quantity. The Settlement Rate on the Inbound Line is effective April 1, 2012 subject to KCC approval and the Settlement Rate on the Outbound Line will go into effect, subject to KCC approval, upon MAPL's completion of a pipeline integrity project on the Outbound Line. Prior to the end of the initial one year term of the pipeage contracts, and prior to the end of each annual period thereafter until the tenth anniversary of each of the two pipeage contracts, MAPL will provide its estimate of pipeline integrity costs for the upcoming annual period and CRRM may either agree to pay a rate for such upcoming annual period which includes a recovery rate component sufficient to collect such pipeline integrity costs for such upcoming annual period subject to true-up to actual costs at the end of the annual period. FERC rates will be the same as the KCC rates.

Flood, Crude Oil Discharge and Insurance

Crude oil was discharged from the Company's Coffeyville refinery on July 1, 2007, due to the short amount of time available to shut down and secure the refinery in preparation for the flood that occurred on June 30, 2007. In connection with the discharge, the Company received in May 2008 notices of claims from sixteen private claimants under the Oil Pollution Act ("OPA") in an aggregate amount of approximately $4.4 million (plus punitive damages). In August 2008, those claimants filed suit against the Company in the United States District Court for the District of Kansas in Wichita (the "Angleton Case"). In October 2009 and June 2010, companion cases to the Angleton Case were filed in the United States District Court for the District of Kansas in Wichita, seeking a total of approximately $3.2 million (plus punitive damages) for three additional plaintiffs as a result of the July 1, 2007 crude oil discharge. The Company has settled all of the claims with the plaintiffs from the Angleton Case and has settled all of the claims except for one of the plaintiffs from the companion cases. The settlements did not have a material adverse effect on the condensed consolidated financial statements. The Company believes that the resolution of the remaining claim will not have a material adverse effect on the condensed consolidated financial statements.

As a result of the crude oil discharge that occurred on July 1, 2007, the Company entered into an administrative order on consent (the "Consent Order") with the U.S. Environmental Protection Agency (the "EPA") on July 10, 2007. As set forth in the Consent Order, the EPA concluded that the discharge of crude oil from the Company's Coffeyville refinery caused an imminent and substantial threat to the public health and welfare. Pursuant to the Consent Order, the Company agreed to perform specified remedial actions to respond to the discharge of crude oil from the Company's refinery. The substantial majority of all required remedial actions were completed by January 31, 2009. The Company prepared and provided its final report to the EPA in January 2011 to satisfy the final requirement of the Consent Order. In April 2011, the EPA provided the Company with a notice of completion indicating that the Company has no continuing obligations under the Consent Order, while reserving its rights to recover oversight costs and penalties.

On October 25, 2010, the Company received a letter from the United States Coast Guard on behalf of the EPA seeking approximately $1.8 million in oversight cost reimbursement. The Company responded by asserting defenses to the Coast Guard's claim for oversight costs. On September 23, 2011, the United States Department of Justice ("DOJ"), acting on behalf of the EPA and the United States Coast Guard, filed suit against CRRM in the United States District Court for the District of Kansas seeking (i) recovery from CRRM of the EPA's oversight costs under the OPA, (ii) a civil penalty under the Clean Water Act (as amended by the OPA) and (iii) recovery from CRRM related to alleged non-compliance with the Clean Air Act's Risk Management Program ("RMP"). (See "Environmental, Health and Safety ("EHS") Matters" below.) The Company has reached an agreement in principle with the DOJ to resolve the DOJ's claims. The Company anticipates that civil penalties associated with the proceeding will exceed $100,000; however, the Company does not anticipate that civil penalties or any other costs associated with the proceeding will be material. The discovery in the lawsuit is temporarily stayed while the parties attempt to finalize that agreement in a consent decree.

The Company is seeking insurance coverage for this release and for the ultimate costs for remediation and third-party property damage claims. On July 10, 2008, the Company filed a lawsuit in the United States District Court for the District of Kansas against certain of the Company's environmental insurance carriers requesting insurance coverage indemnification for the June/July 2007 flood and crude oil discharge losses. Each insurer reserved its rights under various policy exclusions and limitations and cited potential coverage defenses. Although the Court has now issued summary judgment opinions that eliminate the majority of the insurance defendants' reservations and defenses, the Company cannot be certain of the ultimate amount or timing of such recovery because of the difficulty inherent in projecting the ultimate resolution of the Company's claims. The Company has received $25 million of insurance proceeds under its primary environmental liability insurance policy which constitutes full payment to the Company of the primary pollution liability policy limit.

The lawsuit with the insurance carriers under the environmental policies remains the only unsettled lawsuit with the insurance carriers related to these events.

Environmental, Health, and Safety ("EHS") Matters

CRRM, Coffeyville Resources Crude Transportation, LLC ("CRCT"), Coffeyville Resources Terminal, LLC ("CRT"), and Wynnewood Refining Company, LLC ("WRC"), all of which are wholly-owned subsidiaries of CVR, and CRNF are subject to various stringent federal, state, and local EHS rules and regulations. Liabilities related to EHS matters are recognized when the related costs are probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, existing technology, site-specific costs, and currently enacted laws and regulations. In reporting EHS liabilities, no offset is made for potential recoveries.

CRRM, CRNF, CRCT, WRC and CRT own and/or operate manufacturing and ancillary operations at various locations directly related to petroleum refining and distribution and nitrogen fertilizer manufacturing. Therefore, CRRM, CRNF, CRCT, WRC and CRT have exposure to potential EHS liabilities related to past and present EHS conditions at these locations. Under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act ("RCRA"), and related state laws, certain persons may be liable for the release or threatened release of hazardous substances. These persons include the current owner or operator of property where a release or threatened release occurred, any persons who owned or operated the property when the release occurred, and any persons who disposed of, or arranged for the transportation or disposal of, hazardous substances at a contaminated property. Liability under CERCLA is strict, and under certain circumstances, joint and several, so that any responsible party may be held liable for the entire cost of investigating and remediating the release of hazardous substances. Similarly, the Oil Pollution Act of 1990 ("OPA") generally subjects owners and operators of facilities to strict, joint and several liability for all containment and cleanup costs, natural resource damages, and potential governmental oversight costs arising from oil spills into the waters of the United States.

CRRM and CRT have agreed to perform corrective actions at the Coffeyville, Kansas refinery and the now-closed Phillipsburg, Kansas terminal facility, pursuant to Administrative Orders on Consent issued under RCRA to address historical contamination by the prior owners (RCRA Docket No. VII-94-H-0020 and Docket No. VII-95-H-011, respectively). As of March 31, 2012 and December 31, 2011, environmental accruals of approximately $2.0 million and $1.9 million, respectively, were reflected in the Condensed Consolidated Balance Sheets for probable and estimated costs for remediation of environmental contamination under the RCRA Administrative Orders, for which approximately $0.4 million and $0.5 million, respectively, are included in other current liabilities. The Company's accruals were determined based on an estimate of payment costs through 2031, for which the scope of remediation was arranged with the EPA, and were discounted at the appropriate risk free rates at March 31, 2012 and December 31, 2011, respectively. The accruals include estimated closure and post-closure costs of approximately $0.9 million and $0.9 million for two landfills at March 31, 2012 and December 31, 2011, respectively. The estimated future payments for these required obligations are as follows:

Year Ending December 31,	Amount

	(in thousands)
Nine months ending December 31, 2012	$	374
2013		163
2014		163
2015		163
2016		163
Thereafter		1,064

Undiscounted total		2,090
Less amounts representing interest at 2.04%		255

Accrued environmental liabilities at March 31, 2012	$	1,835

Management periodically reviews and, as appropriate, revises its environmental accruals. Based on current information and regulatory requirements, management believes that the accruals established for environmental expenditures are adequate.

CRRM, CRNF, CRCT, WRC and CRT are subject to extensive and frequently changing federal, state and local, environmental and health and safety laws and regulations governing the emission and release of hazardous substances into the environment, the treatment and discharge of waste water, the storage, handling, use and transportation of petroleum and nitrogen products, and the characteristics and composition of gasoline and diesel fuels. The ultimate impact on the Company's business of complying with evolving laws and regulations is not always clearly known or determinable due in part to the fact that our operations may change over time and certain implementing regulations for laws, such as the federal Clean Air Act, have not yet been finalized, are under governmental or judicial review or are being revised. These laws and regulations could result in increased capital, operating and compliance costs.

In 2007, the EPA promulgated the Mobile Source Air Toxic II ("MSAT II") rule that requires the reduction of benzene in gasoline by 2011. CRRM and WRC are considered to be small refiners under the MSAT II rule and compliance with the rule is extended until 2015 for small refiners. Capital expenditures to comply with the rule are expected to be approximately $10.0 million for CRRM and $20.5 million for WRC.

CRRM's refinery is subject to the Renewable Fuel Standard ("RFS") which requires refiners to blend "renewable fuels" in with their transportation fuels or purchase renewable energy credits in lieu of blending. The EPA is required to determine and publish the applicable annual renewable fuel percentage standards for each compliance year by November 30 for the forthcoming year. The percentage standards represent the ratio of renewable fuel volume to gasoline and diesel volume. In 2011, about 8% of all fuel used was required to be "renewable fuel." For 2012, the EPA has proposed to raise the renewable fuel percentage standards to about 9%. Due to mandates in the RFS requiring increasing volumes of renewable fuels to replace petroleum products in the U.S. motor fuel market, there may be a decrease in demand for petroleum products. In addition, CRRM may be impacted by increased capital expenses and production costs to accommodate mandated renewable fuel volumes to the extent that these increased costs cannot be passed on to the consumers. CRRM's small refiner status under the original RFS expired on December 31, 2010. Beginning on January 1, 2011, CRRM was required to blend renewable fuels into its gasoline and diesel fuel or purchase renewable energy credits, known as Renewable Identification Numbers ("RINs") in lieu of blending. To achieve compliance with the renewable fuel standard for the remainder of 2012, CRRM is able to blend a small amount of ethanol into gasoline sold at its refinery loading rack, but otherwise will have to purchase RINs to comply with the rule. CRRM requested "hardship relief" (an extension of the compliance deadline) from the EPA based on the disproportionate economic impact of the rule on CRRM, but the EPA denied CRRM's request on February 17, 2012. CRRM may appeal the denial of its hardship petition.

WRC's refinery is a small refinery under the RFS and has received a two year extension of time to comply. Therefore, WRC will have to begin complying with the RFS beginning in 2013 unless a further extension is requested and granted.

The EPA is expected to propose "Tier 3" gasoline sulfur standards in 2012. If the EPA were to propose a standard at the level recently being discussed in the pre-proposal phase by the EPA, CRRM will need to make modifications to its equipment in order to meet the anticipated new standard. It is not anticipated that the Wynnewood refinery would require additional capital to meet the anticipated new standard. The Company does not believe that costs associated with the EPA's proposed Tier 3 rule will be material.

In March 2004, CRRM and CRT entered into a Consent Decree (the "2004 Consent Decree") with the EPA and the Kansas Department of Health and Environment (the "KDHE") to resolve air compliance concerns raised by the EPA and KDHE related to Farmland Industries Inc.'s prior ownership and operation of the Coffeyville crude oil refinery and the now-closed Phillipsburg terminal facilities. Under the 2004 Consent Decree, CRRM agreed to install controls to reduce emissions of sulfur dioxide, nitrogen oxides and particulate matter from its FCCU by January 1, 2011. In addition, pursuant to the 2004 Consent Decree, CRRM and CRT assumed cleanup obligations at the Coffeyville refinery and the now-closed Phillipsburg terminal facilities. On June 30, 2009, CRRM submitted a force majeure notice to the EPA and KDHE in which CRRM indicated that it may be unable to meet the 2004 Consent Decree's January 1, 2011 deadline for the installation of controls on the FCCU to reduce emissions of sulfur dioxide and nitrogen oxides because of delays caused by the June/July 2007 flood. In February 2010, CRRM and the EPA agreed to a fifteen month extension of the January 1, 2011, deadline for the installation of FCCU controls which was approved by the Court as a "First Material Modification" to the 2004 Consent Decree. In the First Material Modification, CRRM agreed to offset any incremental emissions resulting from the delay by installing additional controls to existing emission sources over a set timeframe.

In March 2012, CRRM entered into a "Second Consent Decree" with the EPA, which replaces the 2004 Consent Decree (other than the RCRA provisions) and the First Material Modification. The Second Consent Decree gives CRRM more time to install the FCCU controls from the 2004 Consent Decree and expands the scope of the settlement so that it is now considered a "global settlement" under the EPA's "National Petroleum Refining Initiative." Under the National Petroleum Refining Initiative, the EPA identified industry-wide noncompliance with four "marquee" issues under the Clean Air Act: New Source Review, Flaring, Leak Detection and Repair, and Benzene Waste Operations NESHAP. The National Petroleum Refining Initiative has resulted in most U.S. refineries (representing more than 90% of the US refining capacity) entering into consent decrees imposing civil penalties and requiring the installation of pollution control equipment and enhanced operating procedures. The EPA has indicated that it will seek to have all refiners enter into "global settlements" pertaining to all "marquee" issues. The 2004 Consent Decree covered some, but not all, of the "marquee" issues. The Second Consent Decree covers all of the marquee issues. Under the Second Consent Decree, the Company will be required to pay a civil penalty of approximately $0.7 million and complete the installation of FCCU controls required under the 2004 Consent Decree, the remaining costs of which are expected to be approximately $49 million, of which approximately $47 million is expected to be capital expenditures and complete a voluntary environmental project that will reduce air emissions and conserve water at an estimated cost of approximately $1.2 million. The incremental capital expenditures associated with the Second Consent Decree would not be material and will be limited primarily to the retrofit and replacement of heaters and boilers over a five to seven year timeframe. The Second Consent Decree was entered by the Court on April 19, 2012.

WRC's refinery has not entered into a global settlement with the EPA and the Oklahoma Department of Environmental Quality (the "ODEQ") under the National Petroleum Refining Initiative, although it had discussions with the EPA and the ODEQ about doing so. Instead, WRC entered into a Consent Order with the ODEQ in August 2011 (the "Wynnewood Consent Order"). The Wynnewood Consent Order addresses some, but not all, of the traditional marquee issues under the National Petroleum Refining Initiative and addresses certain historic Clean Air Act compliance issues that are generally beyond the scope of a traditional global settlement. Under the Wynnewood Consent Order, WRC paid a civil penalty of $950,000, and agreed to install certain controls, enhance certain compliance programs, and undertake additional testing and auditing. The costs of complying with the Wynnewood Consent Order, other than costs associated with a planned turnaround, are expected to be approximately $1.5 million. In consideration for entering into the Wynnewood Consent Order, WRC received a broad release from liability from ODEQ. The EPA may later request that WRC enter into a global settlement which, if WRC agreed to do so, would necessitate the payment of a civil penalty and the installation of additional controls.

On February 24, 2010, CRRM received a letter from the DOJ on behalf of the EPA seeking an approximately $0.9 million civil penalty related to alleged late and incomplete reporting of air releases in violation of the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") and the Emergency Planning and Community Right-to-Know Act ("EPCRA"). The Company has reached an agreement with EPA to resolve these claims. The resolution was included in the Second Consent Decree described above pursuant to which the Company has agreed to pay an immaterial civil penalty.

The EPA has investigated CRRM's operation for compliance with the Clean Air Act's RMP. On September 23, 2011, the DOJ, acting on behalf of the EPA and the United States Coast Guard, filed suit against CRRM in the United States District Court for the District of Kansas (in addition to the matters described above, see "Flood, Crude Oil Discharge and Insurance") seeking recovery from CRRM related to alleged non-compliance with the RMP. The Company anticipates that civil penalties associated with the proceeding will exceed $100,000; however, the Company does not anticipate that civil penalties or any other costs associated with the proceeding will be material. The discovery in the lawsuit is temporarily stayed while the parties attempt to finalize that agreement in a consent decree.

From time to time, the EPA has conducted inspections and issued information requests to CRNF with respect to the Company's compliance with the RMP and the release reporting requirements under CERCLA and the EPCRA. These previous investigations have resulted in the issuance of preliminary findings regarding CRNF's compliance status. In the fourth quarter of 2010, following CRNF's reported release of ammonia from its cooling water system and the rupture of its UAN vessel (which released ammonia and other regulated substances), the EPA conducted its most recent inspection and issued an additional request for information to CRNF. The EPA has not made any formal claims against the Company and the Company has not accrued for any liability associated with the investigations or releases.

WRC has entered into a series of Clean Water Act consent orders with ODEQ. The latest Consent Order (the "CWA Consent Order"), which supersedes other consent orders, became effective in September 2011. The CWA Consent Order addresses alleged noncompliance by WRC with its OPDES permit limits. The CWA Consent Order requires WRC to take corrective action steps, including undertaking studies to determine whether the Wynnewood refinery's wastewater treatment plant capacity is sufficient. The Wynnewood refinery may need to install additional controls or make operational changes to satisfy the requirements of the CWA Consent Order. The cost of additional controls, if any, cannot be predicted at this time. However, based on our experience with wastewater treatment and controls, we do not believe that the costs of the potential corrective actions would be material.

Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. For the three months ended March 31, 2012 and 2011, capital expenditures were approximately $2.8 million and $1.6 million, respectively, and were incurred to improve the environmental compliance and efficiency of the operations.

CRRM, CRNF, CRCT, WRC and CRT each believes it is in substantial compliance with existing EHS rules and regulations. There can be no assurance that the EHS matters described above or other EHS matters which may develop in the future will not have a material adverse effect on the business, financial condition, or results of operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 9, 10, 11, 12
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
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-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Fair Value Measurements

(15) Fair Value Measurements

In accordance with ASC Topic 820—Fair Value Measurements and Disclosures ("ASC 820"), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•

Level 1—Quoted prices in active market for identical assets and liabilities

•

Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities)

•

Level 3—Significant unobservable inputs (including the Company's own assumptions in determining the fair value)

The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, as of March 31, 2012 and December 31, 2011:

	March 31, 2012

	Level 1		Level 2			Level 3		Total
	(in thousands)
Location and Description
Cash equivalents	$	176,974	$	—		$	—	$	176,974
Other current assets (marketable securities)		28		—			—		28
Other current assets (other derivative agreements)		—		994			—		994
Other long-term assets (other derivative agreements)		—		19			—		19

Total Assets	$	177,002	$	1,013		$	—	$	178,015

Other current liabilities (other derivative agreements)		—		(42,751	)		—		(42,751	)
Other current liabilities (interest rate swap)		—		(965	)		—		(965	)
Other long-term liabilities (other derivative agreements)		—		(5,211	)		—		(5,211	)
Other long-term liabilities (interest rate swap)		—		(1,427	)		—		(1,427	)

Total Liabilities	$	—	$	(50,354	)	$	—	$	(50,354	)

	December 31, 2011

	Level 1		Level 2			Level 3		Total
	(in thousands)
Location and Description
Cash equivalents	$	187,327	$	—		$	—	$	187,327
Other current assets (marketable securities)		25		—			—		25
Other current assets (other derivative agreements)		—		63,051			—		63,051
Other long-term assets (other derivative agreements)		—		18,831			—		18,831

Total Assets	$	187,352	$	81,882		$	—	$	269,234

Other current liabilities (interest rate swap)		—		(905	)		—		(905	)
Other long-term liabilities (interest rate swap)		—		(1,483	)		—		(1,483	)

Total Liabilities	$	—	$	(2,388	)	$	—	$	(2,388	)

As of March 31, 2012 and December 31, 2011, the only financial assets and liabilities that are measured at fair value on a recurring basis are the Company's cash equivalents, available-for-sale marketable securities and derivative instruments. Additionally, the fair value of the Company's Notes is disclosed in Note 12 ("Long-Term Debt"). The Company's commodity derivative contracts are valued using broker quoted market prices of similar commodity contracts using Level 2 inputs. The Partnership has an interest rate swap that is measured at fair value on a recurring basis using Level 2 inputs. The fair value of these interest rate swap instruments are based on discounted cash flow models that incorporate the cash flows of the derivatives, net, as well as the current LIBOR rate and a forward LIBOR curve, along with other observable market inputs. The Company had no transfers of assets or liabilities between any of the above levels during the three months ended March 31, 2012.

The Company's investments in marketable securities are classified as available-for-sale, and as a result, are reported at fair market value using quoted market prices.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2012

Derivative Financial Instruments

Derivative Financial Instruments

(16) Derivative Financial Instruments

Gain (loss) on derivatives, net consisted of the following:

	Three Months Ended March 31,

	2012			2011
Realized gain (loss) on other derivative agreements	$	(19,086	)	$	(18,848	)
Unrealized gain (loss) on other derivative agreements		(128,167	)		(3,258	)

Total gain (loss) on derivatives, net	$	(147,253	)	$	(22,106	)

CVR is subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, the Company from time to time enters into various commodity derivative transactions.

CVR has adopted accounting standards which impose extensive record-keeping requirements in order to designate a derivative financial instrument as a hedge. CVR holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges for GAAP purposes. Gains or losses related to the change in fair value and periodic settlements of these derivative instruments are classified as gain (loss) on derivatives, net in the Condensed Consolidated Statements of Operations.

CVR maintains a margin account to facilitate other commodity derivative activities. A portion of this account may include funds available for withdrawal. These funds are included in cash and cash equivalents within the Condensed Consolidated Balance Sheets. The maintenance margin balance is included within other current assets within the Condensed Consolidated Balance Sheets. Dependant upon the position of the open commodity derivatives, the amounts are accounted for as an other current asset or an other current liability within the Condensed Consolidated Balance Sheets. From time to time, CVR may be required to deposit additional funds into this margin account. The fair value of the open commodity positions as of March 31, 2012 was a net asset of $0.7 million included in other current assets. For the three months ended March 31, 2012, the Company recognized a realized loss of $8.2 million and an unrealized gain of $0.2 million which is recorded in loss on derivatives, net in the Condensed Consolidated Statement of Operations.

Commodity Swap

Beginning September 2011, the Company entered into several commodity swap contracts with effective periods beginning in January 2012. The physical volumes are not exchanged and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the Condensed Consolidated Balance Sheets with changes in fair value currently recognized in the Condensed Consolidated Statements of Operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. At March 31, 2012, the Company had open commodity hedging instruments consisting of 17.7 million barrels of crack spreads primarily to fix the margin on a portion of its future gasoline and distillate production. The fair value of the outstanding contracts at March 31, 2012 was a net liability of $47.9 million which was comprised of $42.8 million included in current liabilities, $5.2 million is included in long-term liabilities and $0.1 million is included in current assets. For the three months ended March 31, 2012, the Company recognized a realized loss of $10.9 million and unrealized loss of $128.3 million which are recorded in loss on derivatives, net in the Condensed Consolidated Statements of Operations.

Partnership Interest Rate Swap

On June 30 and July 1, 2011, CRNF entered into two floating-to-fixed interest rate swap agreements for the purpose of hedging the interest rate risk associated with a portion of its $125 million floating rate term debt which matures in April 2016. The aggregate notional amount covered under these agreements totals $62.5 million (split evenly between the two agreement dates) and commences on August 12, 2011 and expires on February 12, 2016. Under the terms of the interest rate swap agreement entered into on June 30, 2011, CRNF will receive a floating rate based on three month LIBOR and pay a fixed rate of 1.94%. Under the terms of the interest rate swap agreement entered into on July 1, 2011, CRNF will receive a floating rate based on three month LIBOR and pay a fixed rate of 1.975%. Both swap agreements will be settled every 90 days. The effect of these swap agreements is to lock in a fixed rate of interest of approximately 1.96% plus the applicable margin paid to lenders over three month LIBOR as governed by the CRNF credit agreement. At March 31, 2012, the effective rate was approximately 4.60%. The agreements were designated as cash flow hedges at inception and accordingly, the effective portion of the gain or loss on the swap is reported as a component of accumulated other comprehensive income (loss) ("AOCI"), and will be reclassified into interest expense when the interest rate swap transaction affects earnings. The ineffective portion of the gain or loss will be recognized immediately in current interest expense on the Condensed Consolidated Statement of Operations. The interest expense was $0.2 million for the three months ended March 31, 2012.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2012

Related Party Transactions

Related Party Transactions

(17) Related Party Transactions

Until February 2011, the Goldman Sachs Funds and Kelso Funds owned approximately 40% of CVR. On February 8, 2011, GS and Kelso completed a registered public offering, whereby GS sold its remaining ownership interest in CVR and Kelso substantially reduced its interest in the Company. On May 26, 2011, Kelso completed a registered public offering in which Kelso sold its remaining ownership interest in CVR. As a result of these sales, the Goldman Sachs Funds and Kelso Funds are no longer stockholders of the Company.

Financing and Other

In connection with the Partnership IPO, an affiliate of GS received an underwriting fee of approximately $5.7 million for its role as a joint book-running manager. In April 2011, CRNF entered into a credit facility as discussed further in Note 12 ("Long-Term Debt") whereby an affiliate of GS was paid fees and expenses of approximately $2.0 million.

For the three months ended March 31, 2012 and 2011, the Company recognized approximately $0.0 million and $0.3 million, respectively, in expenses for the benefit of GS, Kelso and the president, chief executive officer and chairman of the Board of CVR, in connection with CVR's Registration Rights Agreement. These amounts included registration and filing fees, printing fees, external accounting fees and external legal fees.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
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+ Details

Business Segments

3 Months Ended

Mar. 31, 2012

Business Segments

Business Segments

(18) Business Segments

The Company measures segment profit as operating income for Petroleum and Nitrogen Fertilizer, CVR's two reporting segments, based on the definitions provided in ASC Topic 280—Segment Reporting. All operations of the segments are located within the United States.

Petroleum

Principal products of the Petroleum Segment are refined fuels, liquefied petroleum gas, asphalts, and petroleum refining by-products, including pet coke. The Petroleum Segment's Coffeyville refinery sells pet coke to the Partnership for use in the manufacture of nitrogen fertilizer at the adjacent nitrogen fertilizer plant. For the Petroleum Segment, a per-ton transfer price is used to record intercompany sales on the part of the Petroleum Segment and corresponding intercompany cost of product sold (exclusive of depreciation and amortization) for the Nitrogen Fertilizer Segment. The per ton transfer price paid, pursuant to the pet coke supply agreement that became effective October 24, 2007, is based on the lesser of a pet coke price derived from the price received by the Nitrogen Fertilizer Segment for UAN (subject to a UAN based price ceiling and floor) and a pet coke price index for pet coke. The intercompany transactions are eliminated in the Other Segment. Intercompany sales included in petroleum net sales were approximately $2.4 million and $1.4 million for the three months ended March 31, 2012 and 2011, respectively.

The Petroleum Segment recorded intercompany cost of product sold (exclusive of depreciation and amortization) for the hydrogen sales described below under "Nitrogen Fertilizer" of approximately $5.7 and $0.0 million for the three months ended March 31, 2012 and 2011, respectively. For the three months ended March 31, 2012 and 2011, the net sales generated from the sale of hydrogen to the Partnership were approximately $0.0 and $0.7 million, respectively.

Nitrogen Fertilizer

The principal product of the Nitrogen Fertilizer Segment is nitrogen fertilizer. Intercompany cost of product sold (exclusive of depreciation and amortization) for the pet coke transfer described above was approximately $3.0 and $0.8 million for the three months ended March 31, 2012 and 2011, respectively.

Pursuant to the feedstock agreement, the Company's segments have the right to transfer excess hydrogen to one another between the Coffeyville refinery and nitrogen fertilizer plant. Sales of hydrogen to the Petroleum Segment have been reflected as net sales for the Nitrogen Fertilizer Segment. Receipts of hydrogen from the Petroleum Segment have been reflected in cost of product sold (exclusive of depreciation and amortization) for the Nitrogen Fertilizer Segment. For the three months ended March 31, 2012 and 2011, the net sales generated from intercompany hydrogen sales were $5.7 million and $0.0, respectively. For the three months ended March 31, 2012 and 2011, the Nitrogen Fertilizer Segment also recognized approximately $0.0 and $0.7 million, respectively, of cost of product sold related to the transfer of excess hydrogen. As these intercompany sales and cost of product sold are eliminated, there is no financial statement impact on the condensed consolidated financial statements.

Other Segment

The Other Segment reflects intercompany eliminations, cash and cash equivalents, all debt related activities, income tax activities and other corporate activities that are not allocated to the operating segments.

The following table summarizes certain operating results and capital expenditures information by segment:

	Three Months Ended March 31,

	2012			2011
	(in thousands)
Net sales
Petroleum	$	1,898,485		$	1,111,260
Nitrogen Fertilizer		78,276			57,377
Intersegment elimination		(8,130	)		(1,372	)

Total	$	1,968,631		$	1,167,265

Cost of product sold (exclusive of depreciation and amortization)
Petroleum	$	1,630,665		$	930,283
Nitrogen Fertilizer		12,598			7,491
Intersegment elimination		(8,108	)		(952	)

Total	$	1,635,155		$	936,822

Direct operating expenses (exclusive of depreciation and amortization)
Petroleum	$	92,703		$	45,410
Nitrogen Fertilizer		22,837			23,024
Other		(26	)		—

Total	$	115,514		$	68,434

Insurance recovery—business interruption
Petroleum	$	—		$	—
Nitrogen Fertilizer		—			(2,870	)
Other		—			—

Total	$	—		$	(2,870	)

Depreciation and amortization
Petroleum	$	26,259			16,916
Nitrogen Fertilizer		5,438			4,637
Other		415			458

Total	$	32,112		$	22,011

Operating income (loss)
Petroleum	$	134,896		$	105,690
Nitrogen Fertilizer		31,426			16,766
Other		(25,814	)		(12,850	)

Total	$	140,508		$	109,606

Capital expenditures
Petroleum	$	35,403		$	4,588
Nitrogen fertilizer		22,274			2,041
Other		1,848			708

Total	$	59,525		$	7,337

	As of March 31, 2012		As of December 31, 2011

	(in thousands)
Total assets
Petroleum	$	2,396,272	$	2,322,148
Nitrogen Fertilizer		656,931		659,309
Other		150,239		137,834

Total	$	3,203,442	$	3,119,291

Goodwill
Petroleum	$	—	$	—
Nitrogen Fertilizer		40,969		40,969
Other		—		—

Total	$	40,969	$	40,969

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events

Subsequent Events

(19) Subsequent Events

Partnership Registration Statement

The Partnership filed a registration statement with the SEC on March 6, 2012, as amended on April 2, 2012, in which CRLLC planned to offer up to 11.5 million common units representing limited partner interests of the Partnership. The registration statement remains on file with the SEC.

Partnership Distribution

On April 26, 2012, the Board of Directors of the Partnership's general partner declared a cash distribution for the first quarter of 2012 to the Partnership's unitholders of $0.523 per common unit. The cash distribution will be paid on May 15, 2012 to unitholders of record at the close of business on May 8, 2012.

Transaction Agreement

In February 2012, Mr. Carl Icahn and related entities commenced a tender offer to acquire all of the outstanding shares of common stock of CVR Energy. On April 18, 2012, CVR entered into a Transaction Agreement (the "Transaction Agreement") with IEP Energy LLC (the "Offeror") and each of the other parties listed on the signature pages thereto, each of whom is an affiliate of the Offeror, and Carl C. Icahn (collectively with the Offeror, the "Offeror Parties").

Pursuant to the Transaction Agreement, the Offeror amended its pending tender offer (the "Offer") to purchase all of the issued and outstanding shares of the Company's common stock (the "Shares") for a price of $30 per Share in cash, without interest, less any applicable withholding taxes, plus one non-transferable contingent cash payment right for each Share, which represents the contractual right to receive an additional cash payment per Share if a definitive agreement for the sale of the Company is executed within fifteen months following the expiration of the offer and such transaction closes (a "CCP"). The Offer, as amended, will expire at 11:59 p.m., New York City time, on the later of May 4, 2012 and such later date as may be required to resolve any comments made by the Securities and Exchange Commission (the "SEC") in respect of the Offeror's tender offer (the "Expiration Date").

The Offer is conditioned upon there being validly tendered (including pursuant to notices of guaranteed delivery) and not properly withdrawn, as of immediately prior to 11:59 p.m. on the Expiration Date, at least 31,661,040 Shares, which when added to the Shares already owned by the Offeror and its affiliates, represents a majority of the Shares (the "Minimum Condition"). The Transaction Agreement provides that if the Minimum Condition is not satisfied as of immediately prior to 11:59 p.m. on the Expiration Date, and the Company has complied in all material respects with its obligations under the Transaction Agreement, the Offeror Parties must immediately terminate the Offer and discontinue their previously announced intention to replace all nine directors on the Company's board of directors (the "Board") at the Company's 2012 annual meeting of stockholders (the "2012 Annual Meeting") and will not present any other proposal for consideration at the 2012 Annual Meeting.

If, following the closing of the Offer, the Minimum Condition is satisfied but the Offeror holds less than 90% of the outstanding Shares, the Transaction Agreement requires the Offeror to provide for a ten business day subsequent offering period during which stockholders who did not previously tender will have a second opportunity to tender their Shares for the same consideration of $30 per share plus the CCP (the "Subsequent Offering Period"). If, following the closing of the Offer or the Subsequent Offering Period, the Offeror holds at least 90% of the outstanding Shares, the Offeror is required to cause a short-form merger of the Company under Section 253 of the Delaware General Corporation Law (the "Short-Form Merger"). If the Short-Form Merger occurs, all remaining Shares will be cancelled and the holders thereof will receive $30 in cash plus a CCP for each share, unless such stockholder elects to assert statutory appraisal rights under Delaware law.

Pursuant to the Transaction Agreement, immediately and contingent upon the closing of the Offer, all but two of the current members of the Board will resign and be replaced by an equal number of directors designated by the Offeror. Effective upon the earlier of the completion of the Subsequent Offering Period and the Short-Form Merger, the remaining two directors will resign from the Board and be replaced by two directors designated by the Offeror.

Promptly following the consummation of the Offer, for a period of 60 days the Company will solicit proposals or offers from third parties to acquire the Company (the "Marketing Period"). If a proposal to acquire the Company for all-cash consideration equal to or exceeding $35 per share is made within the Marketing Period (subject to certain adjustments and qualifications set forth in the Transaction Agreement), the Offeror Parties have agreed to support the proposal, including by voting for or consenting to the proposal if it is submitted to the stockholders of the Company for their vote or consent. Any holder of CCPs will be entitled to any value realized in excess of $30 per Share, net of any investment banking fees, subject to the terms of the CCPs.

The obligation of the Offeror to accept for payment and pay for shares of Company common stock tendered in the Offer will be subject to certain conditions, including, among other things: the absence of a Company Material Adverse Effect (as defined in the terms of the Offer); the absence of an injunction relating to the Offer; the Offeror becoming aware of material misstatements or omissions in the Company's SEC reports; the Company not making any non-ordinary course material enhancements to executive compensation; the Company not making any non-ordinary course acquisitions or dispositions of assets (including completing the previously announced sale of a portion of the Company's stake in CVR Partners, LP); the Company not entering into any agreement for a merger, consolidation, business combination or reorganization transaction; and the taking of any actions by the Company intended to cause the failure of a condition to the Offer, except for the Minimum Condition.

Pursuant to the Transaction Agreement, if the Offer is consummated all employee restricted stock awards ("awards") that vest in 2012 will vest in accordance with the current vesting terms and upon vesting will receive the offer price of $30 per share in cash plus one CCP. For all such awards that vest in accordance with their terms in 2013, 2014 and 2015, the holders of the awards will receive the lesser of the offer price or the appraised value of the shares at the time of vesting. If this Offer is consummated, additional share-based compensation will be incurred with the modification of the awards and the fair value upon the date of modification. For awards vesting subsequent to 2012, the awards will be remeasured at each subsequent reporting date until they vest.

Dividend

The Board of Directors of the Company previously announced the intention to pay a regular quarterly cash dividend from the Company following the end of the first quarter in 2012 of $0.08 per common share. In conjunction with the Transaction Agreement, the Board will not proceed with the regular quarterly dividend unless the Offer is terminated.

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2012

Share-based Compensation

Schedule of service phantom interest and performance phantom interest values

	March 31, 2011

Service Phantom interest (per point)	$	13.14
Performance Phantom interest (per point)	$	22.62

Long-Term Incentive Plan

Share-based Compensation

Summary of the status of non-vested shares

			Weighted- Average Grant-Date Fair Value

Non-vested at January 1, 2012	1,634,154		$	14.61
Granted	44,662			21.57
Vested	—			—
Forfeited	(19,333	)		10.21

Non-vested at March 31, 2012	1,659,483		$	14.73

CALLC and CALLC II

Share-based Compensation

Schedule of significant assumption used in the valuation of the Units

		March 31, 2011

Estimated forfeiture rate		None
Derived Service Period		Based on forfeiture schedule
Estimated fair value (per unit)		$2.82
Marketability and minority interest discount		5.0%
Volatility		47.0%

CALLC, CALLC II and CALLC III

Share-based Compensation

Schedule of key information for share-based compensation plans related to override units

Award Type	Benchmark Value (per Unit)			Grant Date	Compensation Expense Increase (Decrease) for the Three Months Ended March 31, 2011

					(in thousands)
Override Value Units(a)	$	11.31	1,839,265	June 2005		4,987
Override Value Units(b)	$	34.72	144,966	December 2006		515
Override Units(c)	$	10.00	642,219	February 2008		135

Total					$	5,637

Override Value Units | CALLC and CALLC II

Share-based Compensation

Schedule of significant assumption used in the valuation of the Units

	(a) Override Value Units March 31, 2011	(b) Override Value Units March 31, 2011

Estimated forfeiture rate	None	None
Derived service period	6 years	6 years
CVR closing stock price	$23.16	$23.16
Estimated weighted-average fair value (per unit)	$22.61	$13.70
Marketability and minority interest discounts	5.0%	5.0%
Volatility	47.1%	47.1%

CVR Partners' Long-Term Incentive Plan

Share-based Compensation

Summary of the status of non-vested shares

	Units		Weighted- Average Grant Date Fair Value

	(in thousands)
Non-vested at January 1, 2012		164,571	$	22.99
Granted		—		—
Vested		—		—
Forfeited		—		—

Non-vested at March 31, 2012		164,571	$	22.99

Inventories (Tables)

3 Months Ended

Mar. 31, 2012

Inventories

Schedule of inventories

	March 31, 2012		December 31, 2011

	(in thousands)
Finished goods	$	294,214	$	323,315
Raw materials and precious metals		194,648		157,931
In-process inventories		61,862		115,372
Parts and supplies		39,383		39,603

	$	590,107	$	636,221

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2012

Property, Plant, and Equipment

Summary of costs for property, plant, and equipment

	March 31, 2012		December 31, 2011

	(in thousands)
Land and improvements	$	26,673	$	26,136
Buildings		37,375		37,289
Machinery and equipment		1,992,653		1,967,269
Automotive equipment		10,621		10,217
Furniture and fixtures		12,664		12,349
Leasehold improvements		1,970		1,445
Railcars		2,496		2,496
Construction in progress		117,204		94,085

		2,201,656		2,151,286
Accumulated depreciation		509,522		478,325

	$	1,692,134	$	1,672,961

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2012

Other Current Liabilities

Schedule of other current liabilities

	March 31, 2012		December 31, 2011

	(in thousands)
Other derivative agreements (realized)	$	7,857	$	—
Other derivative agreements (unrealized)		42,751		—
Accrued interest		33,544		17,867
Partnership interest rate swap		965		905
Other accrued expenses and liabilities		10,721		15,655

	$	95,838	$	34,427

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2012

Long-Term Debt

Schedule of long-term debt

	March 31, 2012		December 31, 2011

	(in thousands)
9.0% Senior Secured Notes, due 2015, net of unamortized premium of $8,165(1) and $9,003(2) as of March 31, 2012 and December 31, 2011, respectively	$	455,224	$	456,053
10.875% Senior Secured Notes, due 2017, net of unamortized discount of $2,083 and $2,159 as of March 31, 2012 and December 31, 2011, respectively		220,667		220,591
CRNF credit facility		125,000		125,000
Capital lease obligations		52,013		52,259

Long-term debt	$	852,904	$	853,903

(1): Net unamortized premium of $8.2 million represents an unamortized discount of $0.8 million on the original First Lien Notes and a $9.0 million unamortized premium on the additional First Lien Notes issued in December 2011.
(2): Net unamortized premium of $9.0 million represents an unamortized discount of $0.9 million on the original First Lien Notes and a $9.9 million unamortized premium on the additional First Lien Notes issued in December 2011.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2012

Earnings (Loss) Per Share

Schedule of computations of the basic and diluted earnings per share

	For the Three Months Ended March 31,

	2012			2011
	(in thousands, except share data)
Net income (loss) attributable to CVR Energy stockholders	$	(25,202	)	$	45,788
Weighted-average number of shares of common stock outstanding		86,808,150			86,413,781
Effect of dilutive securities:
Non-vested common stock		—			1,366,782
Stock options		—			3,294

Weighted-average number of shares of common stock outstanding assuming dilution		86,808,150			87,783,857

Basic earnings (loss) per share	$	(0.29	)	$	0.53
Diluted earnings (loss) per share	$	(0.29	)	$	0.52

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies

Schedule of minimum required payments for lease agreements and unconditional purchase obligations

	Operating Leases		Unconditional Purchase Obligations(1)

	(in thousands)
Nine months ending December 31, 2012	$	7,342	$	92,276
Year ending December 31, 2013		8,900		123,478
Year ending December 31, 2014		6,951		117,694
Year ending December 31, 2015		5,393		110,270
Year ending December 31, 2016		4,471		110,605
Thereafter		8,455		438,029

	$	41,512	$	992,352

(1): This amount includes approximately $486.8 million payable ratably over nine years pursuant to petroleum transportation service agreements between CRRM and TransCanada Keystone Pipeline, LP ("TransCanada"). Under the agreements, CRRM will receive transportation for at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of ten years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011.

Schedule of accrual for environmental loss contingencies

Year Ending December 31,	Amount

	(in thousands)
Nine months ending December 31, 2012	$	374
2013		163
2014		163
2015		163
2016		163
Thereafter		1,064

Undiscounted total		2,090
Less amounts representing interest at 2.04%		255

Accrued environmental liabilities at March 31, 2012	$	1,835

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

	March 31, 2012

	Level 1		Level 2			Level 3		Total
	(in thousands)
Location and Description
Cash equivalents	$	176,974	$	—		$	—	$	176,974
Other current assets (marketable securities)		28		—			—		28
Other current assets (other derivative agreements)		—		994			—		994
Other long-term assets (other derivative agreements)		—		19			—		19

Total Assets	$	177,002	$	1,013		$	—	$	178,015

Other current liabilities (other derivative agreements)		—		(42,751	)		—		(42,751	)
Other current liabilities (interest rate swap)		—		(965	)		—		(965	)
Other long-term liabilities (other derivative agreements)		—		(5,211	)		—		(5,211	)
Other long-term liabilities (interest rate swap)		—		(1,427	)		—		(1,427	)

Total Liabilities	$	—	$	(50,354	)	$	—	$	(50,354	)

	December 31, 2011

	Level 1		Level 2			Level 3		Total
	(in thousands)
Location and Description
Cash equivalents	$	187,327	$	—		$	—	$	187,327
Other current assets (marketable securities)		25		—			—		25
Other current assets (other derivative agreements)		—		63,051			—		63,051
Other long-term assets (other derivative agreements)		—		18,831			—		18,831

Total Assets	$	187,352	$	81,882		$	—	$	269,234

Other current liabilities (interest rate swap)		—		(905	)		—		(905	)
Other long-term liabilities (interest rate swap)		—		(1,483	)		—		(1,483	)

Total Liabilities	$	—	$	(2,388	)	$	—	$	(2,388	)

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivative Financial Instruments

Components of gain (loss) on derivatives, net

	Three Months Ended March 31,

	2012			2011
Realized gain (loss) on other derivative agreements	$	(19,086	)	$	(18,848	)
Unrealized gain (loss) on other derivative agreements		(128,167	)		(3,258	)

Total gain (loss) on derivatives, net	$	(147,253	)	$	(22,106	)

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Business Segments (Tables)

3 Months Ended

Mar. 31, 2012

Business Segments

Schedule of segment information

	Three Months Ended March 31,

	2012			2011
	(in thousands)
Net sales
Petroleum	$	1,898,485		$	1,111,260
Nitrogen Fertilizer		78,276			57,377
Intersegment elimination		(8,130	)		(1,372	)

Total	$	1,968,631		$	1,167,265

Cost of product sold (exclusive of depreciation and amortization)
Petroleum	$	1,630,665		$	930,283
Nitrogen Fertilizer		12,598			7,491
Intersegment elimination		(8,108	)		(952	)

Total	$	1,635,155		$	936,822

Direct operating expenses (exclusive of depreciation and amortization)
Petroleum	$	92,703		$	45,410
Nitrogen Fertilizer		22,837			23,024
Other		(26	)		—

Total	$	115,514		$	68,434

Insurance recovery—business interruption
Petroleum	$	—		$	—
Nitrogen Fertilizer		—			(2,870	)
Other		—			—

Total	$	—		$	(2,870	)

Depreciation and amortization
Petroleum	$	26,259			16,916
Nitrogen Fertilizer		5,438			4,637
Other		415			458

Total	$	32,112		$	22,011

Operating income (loss)
Petroleum	$	134,896		$	105,690
Nitrogen Fertilizer		31,426			16,766
Other		(25,814	)		(12,850	)

Total	$	140,508		$	109,606

Capital expenditures
Petroleum	$	35,403		$	4,588
Nitrogen fertilizer		22,274			2,041
Other		1,848			708

Total	$	59,525		$	7,337

	As of March 31, 2012		As of December 31, 2011

	(in thousands)
Total assets
Petroleum	$	2,396,272	$	2,322,148
Nitrogen Fertilizer		656,931		659,309
Other		150,239		137,834

Total	$	3,203,442	$	3,119,291

Goodwill
Petroleum	$	—	$	—
Nitrogen Fertilizer		40,969		40,969
Other		—		—

Total	$	40,969	$	40,969

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Organization and History of the Company and Basis of Presentation (Details) $ / shares in Units, barrel in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Dec. 31, 2011 barrelperday barrel	Apr. 30, 2011 USD ($) $ / shares shares	Mar. 31, 2012 USD ($) Segment type shares	Dec. 31, 2012 USD ($)	Dec. 15, 2011 USD ($)	Dec. 31, 2010
Number of reportable segments \| Segment			2
Basis of Consolidation
Percentage of holders of the outstanding common units required to vote for removal of the general partner			66.667%
GWEC
Preliminary purchase price					$ 592.3
Increase in preliminary purchase price				$ 1.2
Capacity of refinery acquired by the entity in Wynnewood, Oklahoma (in bpd) \| barrelperday	70,000
Capacity of refinery owned by acquiree in Wynnewood, Oklahoma (in bpd) \| barrel	2.0
Goldman Sachs Funds and Kelso Funds
Percentage of outstanding shares beneficially owned						40.00%
CVR GP, LLC
Percentage of CVR's ownership interest in CVR GP, LLC			100.00%
CVR Partners, LP
CVR Partners, LP
Sale price of managing GP interest			$ 10.6
Interest in the partnership sold into the public market (as a percent)			30.00%
Number of units sold in public offering (in shares) \| shares		22,080,000
Offering price per unit (in dollars per share) \| $ / shares		$ 16.00
Purchase of incentive distribution rights		$ 26.0
Common units outstanding (in units) \| shares			73,030,936
Common units owned by the public (in shares) \| shares			22,110,936
Percentage of common units owned by the public			30.00%
Common units owned by general partner (in units) \| shares			50,920,000
Percentage of common units owned by the general partner			70.00%
Amount paid for purchase of IDRs from general partner			$ 26.0
Number of types of partnership interests outstanding \| type			2

Wynnewood Acquisition (Details) - GWEC $ in Millions	1 Months Ended	3 Months Ended
Wynnewood Acquisition (Details) - GWEC $ in Millions	Dec. 31, 2011 subsidiary	Mar. 31, 2012 USD ($)	Dec. 15, 2011 USD ($)
Acquisition
Number of wholly-owned subsidiaries of acquired entity \| subsidiary	2
Preliminary purchase price			$ 592.3
Amount of increase in preliminary purchase price		$ 1.2
Refund resulting from post-closing working capital and capital expenditure adjustments		14.6
Transaction fees and expenses included in selling, general and administrative expense		$ 3.7

Share-Based Compensation (Details)	1 Months Ended						3 Months Ended
Share-Based Compensation (Details)	May 31, 2011 shares	Feb. 28, 2011 shares	Feb. 29, 2008 shares	Oct. 31, 2007 entity	Dec. 31, 2006 shares	Jun. 30, 2005 shares	Mar. 31, 2012 USD ($) $ / shares	Mar. 31, 2011 USD ($)
CALLC Pre Split
Share-based Compensation
Number of entities into which the limited liability company was split \| entity				2
CALLC -Post Split
Share-based Compensation
Number of shares of common stock sold pursuant to a registered public offering \| shares	7,988,179	11,759,023
CALLC II
Share-based Compensation
Number of shares of common stock sold pursuant to a registered public offering \| shares		15,113,254
CALLC and CALLC II
Key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III
Compensation Expense Increase (Decrease) \| $								$ 5,637,000
Override Value Units (a) \| CALLC and CALLC II
Key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III
Benchmark Value (per unit)							$ 11.31
Original Award Issued (in shares) \| shares						1,839,265
Compensation Expense Increase (Decrease) \| $							$ 4,987,000
Valuation Assumptions
Derived service period (in years)							6 years
CVR closing stock price (in dollars per share)							$ 23.16
Estimated fair value (per unit)							$ 22.61
Marketability and minority interest discounts (as a percent)							5.00%
Volatility (as a percent)							47.10%
Override Value Units (b) \| CALLC and CALLC II
Key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III
Benchmark Value (per unit)							$ 34.72
Original Award Issued (in shares) \| shares					144,966
Compensation Expense Increase (Decrease) \| $							$ 515,000
Valuation Assumptions
Derived service period (in years)							6 years
CVR closing stock price (in dollars per share)							$ 23.16
Estimated fair value (per unit)							$ 13.70
Marketability and minority interest discounts (as a percent)							5.00%
Volatility (as a percent)							47.10%
Override Units (c) \| CALLC III
Key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III
Original Award Issued (in shares) \| shares			642,219
Valuation Assumptions
Estimated fair value (per unit)							$ 2.82
Marketability and minority interest discounts (as a percent)							5.00%
Volatility (as a percent)							47.00%
Information of all overrides value units that are initially subject to forfeiture
Estimated grant date fair value \| $							$ 3,000
Number of units vested upon issuance (in shares) \| shares			109,720
Override Units (c) \| CALLC and CALLC II
Key information for the share-based compensation plans related to the override units of CALLC, CALLC II and CALLC III
Benchmark Value (per unit)							$ 10.00
Compensation Expense Increase (Decrease) \| $								$ 135,000

Share-Based Compensation (Details 2) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2010 USD ($)	Nov. 30, 2009 USD ($)	Mar. 31, 2012 USD ($) plan	Jun. 30, 2011 USD ($)	Mar. 31, 2011 USD ($) $ / shares
Phantom Unit Appreciation Plan
Share-based Compensation
Number of Phantom Unit Appreciation Plans \| plan			2
Payments to phantom unit holders \| $	$ 3.6	$ 0.9		$ 9.2	$ 20.1
Compensation expense \| $			$ 0.0		$ 11.2
Service Phantom interest
Share-based Compensation
Interest (per point) \| $ / shares					$ 13.14
Performance Phantom interest
Share-based Compensation
Interest (per point) \| $ / shares					$ 22.62

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Share-Based Compensation (Details 3) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($) year $ / shares shares	Mar. 31, 2011 USD ($)	Jun. 30, 2010 shares
Stock option activity
Granted (in shares)	32,350
Vested (in shares)	29,201
Forfeited (in shares)			3,149
Expired (in shares)	6,301
Options outstanding (in shares)	22,900
Long-Term Incentive Plan
Other disclosures
Compensation expense \| $	$ 3.3	$ 2.2
Long-Term Incentive Plan \| Restricted Stock
Non-vested shares activity
Non-vested at the beginning of the period (in shares)	1,634,154
Granted (in shares)	44,662
Forfeited (in shares)	(19,333)
Non-vested at the end of the period (in shares)	1,659,483
Weighted-Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 14.61
Granted (in dollars per share) \| $ / shares	21.57
Forfeited (in dollars per share) \| $ / shares	10.21
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 14.73
Other disclosures
Unrecognized compensation cost \| $	$ 17.0
Weighted-average period for amortization of unrecognized compensation cost (in years) \| year	2
Vesting period (in years)	3 years

Share-Based Compensation (Details 4) - CVR Partners' Long-Term Incentive Plan $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($) year $ / shares shares	Mar. 31, 2011 USD ($)
Non-vested shares activity
Non-vested at the beginning of the period (in shares)	164,571
Non-vested at the end of the period (in shares)	164,571
Weighted-Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share) \| $ / shares	$ 22.99
Non-vested at the end of the period (in dollars per share) \| $ / shares	$ 22.99
CVR Partners, LP
Share-based Compensation
Common stock authorized for issuance (in shares)	5,000,000
CVR Partners, LP \| Phantom and common units
Share-based Compensation
Vesting period (in years)	3 years
Compensation expense \| $	$ 0.6	$ 0.0
Weighted-average period for amortization of unrecognized compensation cost (in years) \| year	2
Unrecognized compensation cost \| $	$ 2.7

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Inventories
Finished goods	$ 294,214	$ 323,315
Raw materials and precious metals	194,648	157,931
In-process inventories	61,862	115,372
Parts and supplies	39,383	39,603
Inventories	$ 590,107	$ 636,221

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Property, Plant, and Equipment
Gross property, plant and equipment	$ 2,201,656		$ 2,151,286
Accumulated depreciation	509,522		478,325
Property, plant, and equipment, net of accumulated depreciation	1,692,134		1,672,961
Capitalized interest	2,100	$ 100
Original carrying value of assets under capital lease obligations	25,100	$ 300
Land and improvements
Property, Plant, and Equipment
Gross property, plant and equipment	26,673		26,136
Buildings
Property, Plant, and Equipment
Gross property, plant and equipment	37,375		37,289
Machinery and equipment
Property, Plant, and Equipment
Gross property, plant and equipment	1,992,653		1,967,269
Automotive equipment
Property, Plant, and Equipment
Gross property, plant and equipment	10,621		10,217
Furniture and fixtures
Property, Plant, and Equipment
Gross property, plant and equipment	12,664		12,349
Leasehold improvements
Property, Plant, and Equipment
Gross property, plant and equipment	1,970		1,445
Railcars
Property, Plant, and Equipment
Gross property, plant and equipment	2,496		2,496
Construction in progress
Property, Plant, and Equipment
Gross property, plant and equipment	$ 117,204		$ 94,085

Cost Classifications (Details) - USD ($) $ in Millions	3 Months Ended
Cost Classifications (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Cost Classifications
Depreciation and amortization not included in cost of product sold	$ 0.7	$ 0.6
Depreciation and amortization not included in direct operating expenses	30.8	20.9
Depreciation and amortization not included in selling, general and administrative expenses	$ 0.6	$ 0.5

Note Payable and Capital Lease Obligations (Details) $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2011 USD ($)	Jun. 30, 2010 year	May 31, 2008 year renewal	Mar. 31, 2012 USD ($) agreement month	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)
Note Payable and Capital Lease Obligations
Note payable balance						$ 9,900
Borrowings on note payable				$ 5,500		8,800
Capital lease obligations
Payment of capital lease obligations				196	$ 4,796
Outstanding obligation				$ 852,904		$ 853,903
Wynnewood Acquisition \| Capital lease obligations assumed in acquisition
Capital lease obligations
Number of lease agreements assumed in acquisition \| agreement				2
Outstanding obligation				$ 52,900
Wynnewood Acquisition \| Capital Lease related to Magellan Pipeline Terminals, L.P.
Capital lease obligations
Remaining term of leases (in months) \| month				210
Wynnewood Acquisition \| Capital Lease related to Excel Pipeline
Capital lease obligations
Remaining term of leases (in months) \| month				211
Real property
Capital lease obligations
Initial contractual lease term (in years) \| year			1
Frequency of capital lease renewals \| renewal			3
Contractual lease renewal term (in years) \| year		1
Payment of capital lease obligations	$ 4,700

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Other Current Liabilities
Other derivative agreements (realized)	$ 7,857
Other derivative agreements (unrealized)	42,751
Accrued interest	33,544	$ 17,867
Partnership interest rate swap	965	905
Other liabilities	10,721	15,655
Total	$ 95,838	$ 34,427

- Definition

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Insurance Claims (Details) $ in Thousands	3 Months Ended		12 Months Ended	18 Months Ended
Insurance Claims (Details) $ in Thousands	Mar. 31, 2012 USD ($) D	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2010 USD ($)
Insurance Claims
Property damage insurance deductible amount	$ 2,500			$ 2,500
Minimum number of days of business interruption covered under the insurance policies \| D	45
Business interruption insurance proceeds		$ 2,315
Nitrogen Fertilizer Incident
Insurance Claims
Repairs and other associated costs				11,500
Repairs and other associated costs recognized	$ 100	400
Repairs and other associated costs capitalized			$ 100		$ 100	$ 4,500
Insurance proceeds for UAN reactor rupture				7,000
Business interruption insurance proceeds		$ 2,900	3,400
Coffeyville refinery incident in connection with FCCU
Insurance Claims
Repairs and other associated costs			8,000
Insurance proceeds on Coffeyville Refinery incident			$ 4,000
Insurance receivable	1,200			1,200
Coffeyville refinery incident at CCR
Insurance Claims
Repairs and other associated costs	3,200
Insurance receivable	$ 700			$ 700

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Income Taxes
Unrecognized tax benefits	$ 17.7
Unrecognized tax benefits which, if recognized, would impact the Company's effective tax rate	$ 0.2
Effective tax rate (as a percent)	37.80%	37.20%
Combined federal and state expected statutory tax rate (as a percent)	39.40%	39.70%

Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended						3 Months Ended			12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2011	May 31, 2011	Apr. 30, 2011	Feb. 28, 2011	Dec. 31, 2010	Apr. 30, 2010	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2011	Dec. 15, 2011	May 16, 2011	Apr. 13, 2011	Feb. 22, 2011	Dec. 30, 2010	Apr. 06, 2010
Long-Term Debt
Capital lease obligations	$ 52,259						$ 52,013	$ 52,259		$ 52,259
Long-term debt	853,903						852,904	853,903		853,903
Aggregate principal amount							$ 5,500			8,800
Loss on extinguishment of debt									$ (1,908)
Icahn Parties
Long-Term Debt
Percentage of principal amount at which notes are required to be repurchased in event of change of control							101.00%
Minimum \| Icahn Parties
Long-Term Debt
Ownership percentage required to constitute a change of control under indentures							50.00%
CRLLC \| LIBOR
Long-Term Debt
Variable rate basis				LIBOR
CRLLC \| LIBOR \| Minimum
Long-Term Debt
Basis spread on variable rate (as a percent)														2.75%
CRLLC \| LIBOR \| Maximum
Long-Term Debt
Basis spread on variable rate (as a percent)														3.00%
CRLLC \| Prime
Long-Term Debt
Variable rate basis				prime rate
CRLLC \| Prime \| Minimum
Long-Term Debt
Basis spread on variable rate (as a percent)														1.75%
CRLLC \| Prime \| Maximum
Long-Term Debt
Basis spread on variable rate (as a percent)														2.00%
Senior Secured Notes
Long-Term Debt
Principal payment		$ 2,700
Senior Secured Notes \| CRLLC
Long-Term Debt
Prepayment premium percentage												3.00%
Purchase price as a percentage of the principal amount at which the entity is required to purchase a portion of the notes		103.00%
9.0% Senior Secured Notes, due 2015
Long-Term Debt
Long-term debt	456,053						$ 455,224	456,053		456,053
Stated interest rate (as a percent)							9.00%
Net unamortized premium	9,003						$ 8,165	9,003		9,003
9.0% Senior Secured Notes, due 2015 \| CRLLC and Coffeyville Finance Inc. (Issuers)
Long-Term Debt
Stated interest rate (as a percent)																9.00%
Aggregate principal amount						$ 275,000
Issue price as a percentage of principal amount																99.511%
9.0% Senior Secured Notes, due 2015 \| CRLLC
Long-Term Debt
Net unamortized premium	(9,003)						(8,165)	(9,003)		(9,003)
Unamortized discount	900						800	900		900
Unamortized premium	9,900						9,000	9,900		9,900
Principal payment					$ 27,500
Prepayment premium percentage															3.00%
Loss on extinguishment of debt					1,600
Estimated fair value							477,200
10.875% Senior Secured Notes, due 2017
Long-Term Debt
Long-term debt	220,591						$ 220,667	220,591		220,591
Stated interest rate (as a percent)							10.875%
Unamortized discount	2,159						$ 2,083	2,159		2,159
Estimated fair value							$ 250,600
10.875% Senior Secured Notes, due 2017 \| CRLLC and Coffeyville Finance Inc. (Issuers)
Long-Term Debt
Stated interest rate (as a percent)																10.875%
Aggregate principal amount						$ 225,000
Issue price as a percentage of principal amount																98.811%
New Notes \| CRLLC
Long-Term Debt
Aggregate principal amount	200,000
Issue price as a percentage of principal amount							105.00%
Accrued interest payable								3,700
ABL Credit Facility \| CRLLC
Long-Term Debt
Lender and other third party costs incurred	9,100							9,100		9,100
Portion of unamortized deferred financing cost incurred written off									1,900
ABL Credit Facility \| CRLLC \| Prime
Long-Term Debt
Borrowing capacity											$ 400,000			$ 250,000
Outstanding letters of credit							$ 26,600
Aggregate availability							373,400
Letter of credit sublimit as a percentage of the total facility commitment														90.00%
Maximum borrowing capacity optional expansion														$ 250,000
Term loan facility \| CRNF
Long-Term Debt
Borrowing capacity													$ 125,000
Partnership credit facility
Long-Term Debt
Long-term debt	125,000						125,000	125,000		125,000
Partnership credit facility \| CRNF \| Prime
Long-Term Debt
Variable rate basis			prime rate
Basis spread on variable rate (as a percent)													2.50%
Partnership credit facility \| CRNF \| Eurodollar
Long-Term Debt
Variable rate basis			Eurodollar rate
Basis spread on variable rate (as a percent)													3.50%
Partnership credit facility \| CVR Partners, LP
Long-Term Debt
Lender and other third party costs incurred	$ 4,800				$ 4,800			$ 4,800		$ 4,800
Revolving credit facility \| CRNF
Long-Term Debt
Borrowing capacity													$ 25,000
Uncommitted incremental facility			$ 50,000
First priority revolving credit facility \| CRLLC
Long-Term Debt
Borrowing capacity							$ 150,000
Lender and other third party costs incurred									$ 800

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Earnings (Loss) Per Share
Net income (loss) attributable to CVR Energy Stockholders	$ (25,202)	$ 45,788
Weighted-average number of shares of common stock outstanding	86,808,150	86,413,781
Effect of dilutive securities:
Non-vested common stock (in shares)		1,366,782
Stock Options (in shares)		3,294
Weighted-average number of shares of common stock outstanding assuming dilution	86,808,150	87,783,857
Basic earnings (loss) per share (in dollars per share)	$ (0.29)	$ 0.53
Diluted earnings (loss) per share (in dollars per share)	$ (0.29)	$ 0.52
Non-vested shares
Antidilutive securities
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	1,659,483
Stock Options
Antidilutive securities
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	22,900	19,606

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2012 USD ($) year barrel	Mar. 31, 2011 USD ($)
Operating Leases
Nine months ending, 2012	$ 7,342
Year ending, 2013	8,900
Year ending, 2014	6,951
Year ending, 2015	5,393
Year ending 31, 2016	4,471
Thereafter	8,455
Operating leases	41,512
Unconditional Purchase Obligations
Nine months ending, 2012	92,276
Year ending, 2013	123,478
Year ending, 2014	117,694
Year ending, 2015	110,270
Year ending 31, 2016	110,605
Thereafter	438,029
Unconditional purchase obligations	992,352
Lease expenses	1,300	$ 1,300
Petroleum transportation service agreement with TransCanada \| CRRM
Unrecorded purchase agreements
Amount payable related to petroleum transportation service agreements	$ 486,800
Term of agreement (in years) \| year	9
Minimum quantity of crude oil to be received per day (in barrels) \| barrel	25,000
Period over which minimum quantity of crude oil is receivable (in years)	10 years

Commitments and Contingencies (Details 2)	1 Months Ended										3 Months Ended		12 Months Ended
Commitments and Contingencies (Details 2)	Apr. 30, 2012 year component anniversary contract	Mar. 31, 2012 USD ($)	Oct. 31, 2011 USD ($)	Sep. 30, 2011 USD ($)	Oct. 31, 2010 USD ($)	Jun. 30, 2010 USD ($)	May 31, 2010 lawsuit	Feb. 28, 2010 month year	Oct. 31, 2009 USD ($) plaintiff	May 31, 2008 USD ($) claimant	Mar. 31, 2012 USD ($) year lawsuit landfill claim issues	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($) year landfill	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)	Oct. 25, 2010 USD ($)	Feb. 24, 2010 USD ($)
Estimated future payments for environmental obligations
Expenses related to environmental, health and safety ("EHS") matters											$ 2,800,000	$ 1,600,000
WRC
Estimated future payments for environmental obligations
Extension period for compliance with Renewable Fuel Standard if hardship relief is granted (in years) \| year													2
Payment of civil penalties											950,000
Costs associated with consent order other than planned costs											$ 1,500,000
KCC and FERC
Commitments and Contingencies
Tenure of pipeage contracts under Settlement Agreement (in years) \| year	1
Number of components of Settlement Rates \| component	2
MAPL
Commitments and Contingencies
Period until which third party entity would provide an estimate of pipeline integrity costs (in years) \| anniversary	10
Number of pipeage contracts \| contract	2
Litigation \| CRRM
Commitments and Contingencies
Increase in expenses related to use of inbound and outbound lines			$ 14,750,000
Litigation \| CRNF
Commitments and Contingencies
Property tax abatement period (in years) \| year											10
Increase in property tax expenses													$ 11,400,000	$ 11,700,000	$ 10,700,000	$ 10,700,000
Litigation \| Oklahoma and Kansas \| CRRM
Commitments and Contingencies
Number of lawsuits filed \| lawsuit							2
Litigation \| Oklahoma \| CRRM
Commitments and Contingencies
Number of lawsuits filed \| lawsuit											15
Litigation \| New Mexico \| CRRM
Commitments and Contingencies
Number of lawsuits filed \| lawsuit											2
Flood, Crude Oil Discharge and Insurance
Commitments and Contingencies
Number of private claimants \| claimant										16
Aggregate amount of claims						$ 3,200,000			$ 3,200,000	$ 4,400,000
Number of additional plaintiffs \| plaintiff									3
Number of claims not settled \| claim											1
Reimbursement of oversight cost																	$ 1,800,000
Insurance proceeds under primary environmental liability insurance policy											$ 25,000,000
Flood, Crude Oil Discharge and Insurance \| Minimum
Commitments and Contingencies
Anticipated civil penalties associated with the proceeding					$ 100,000
EHS
Environmental, Health, and Safety ("EHS") Matters
Environmental accruals		$ 2,000,000									2,000,000		1,900,000
Environmental accruals included in other current liabilities		400,000									400,000		500,000
Estimated closure and post-closure costs		900,000									$ 900,000		$ 900,000
Number of landfills \| landfill											2		2
Estimated future payments for environmental obligations
Nine months ending December 31, 2012		374,000									$ 374,000
2013		163,000									163,000
2014		163,000									163,000
2015		163,000									163,000
2016		163,000									163,000
Thereafter		1,064,000									1,064,000
Undiscounted total		2,090,000									2,090,000
Less amounts representing interest at 2.04%		255,000									255,000
Accrued environmental liabilities at the end of the year		$ 1,835,000									$ 1,835,000
Interest rate (as a percent)		2.04%									2.04%
Environmental civil penalty																		$ 900,000
EHS \| CRRM
Estimated future payments for environmental obligations
Expected capital expenditures related to environmental, health and safety ("EHS") matters											$ 10,000,000
Renewable fuel as percentage of all fuel used as required by the EPA under the Renewable Fuel Standard													8.00%
Proposed renewable fuel as percentage of all fuel used in 2012 under the EPA's Renewable Fuel Standard											9.00%
Extension period for installation of controls (in months) \| month								15
Marquee issues under the Clean Air Act \| issues											4
Environmental civil penalty		$ 700,000									$ 700,000
Percentage of refining capacity		90.00%
Remaining costs associated with Second Consent Decree		$ 49,000,000
Portion of remaining costs associated with Second Consent Decree to be recorded as capital expenditures		47,000,000
Estimated cost of completion of project		$ 1,200,000
EHS \| WRC
Estimated future payments for environmental obligations
Expected capital expenditures related to environmental, health and safety ("EHS") matters											$ 20,500,000
EHS \| Maximum
Estimated future payments for environmental obligations
Period over which incremental capital expenditure not material and limited primarily to retrofit and replacement of heaters and boilers (in years) \| year								7
EHS \| Minimum
Commitments and Contingencies
Anticipated civil penalties associated with the proceeding				$ 100,000
Estimated future payments for environmental obligations
Period over which incremental capital expenditure not material and limited primarily to retrofit and replacement of heaters and boilers (in years) \| year								5

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Level 1
Fair value measurements
Cash equivalents	$ 176,974	$ 187,327
Other current assets (marketable securities)	28	25
Total Assets	177,002	187,352
Level 2
Fair value measurements
Total Assets	1,013	81,882
Total Liabilities	(50,354)	(2,388)
Level 2 \| Other derivative agreements
Fair value measurements
Other current assets	994	63,051
Other long-term assets	19	18,831
Other current liabilities	(42,751)
Other long-term liabilities	(5,211)
Level 2 \| Interest rate swap
Fair value measurements
Other current liabilities	(965)	(905)
Other long-term liabilities	(1,427)	(1,483)
Total
Fair value measurements
Cash equivalents	176,974	187,327
Other current assets (marketable securities)	28	25
Total Assets	178,015	269,234
Total Liabilities	(50,354)	(2,388)
Total \| Other derivative agreements
Fair value measurements
Other current assets	994	63,051
Other long-term assets	19	18,831
Other current liabilities	(42,751)
Other long-term liabilities	(5,211)
Total \| Interest rate swap
Fair value measurements
Other current liabilities	(965)	(905)
Other long-term liabilities	$ (1,427)	$ (1,483)

Derivative Financial Instruments (Details) barrel in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2010	Mar. 31, 2012 USD ($) D barrel	Mar. 31, 2011 USD ($)	Jul. 01, 2011 agreement	Jun. 30, 2011 agreement	Apr. 13, 2011 USD ($)
Derivative Financial Instruments
Unrealized gain (loss)		$ (128,167,000)	$ (3,258,000)
Realized gain (loss)		(19,086,000)	(18,848,000)
CRNF \| Term loan facility
Derivative Financial Instruments
Borrowing capacity on credit facility						$ 125,000,000
Other derivative agreements
Derivative Financial Instruments
Realized gain (loss)		(19,086,000)	(18,848,000)
Unrealized gain (loss)		(128,167,000)	(3,258,000)
Realized gain (loss)		(147,253,000)	$ (22,106,000)
Commodity derivatives
Derivative Financial Instruments
Unrealized gain (loss)		200,000
Portion of net unrealized gain (loss) in current assets		700,000
Realized loss		8,200,000
Commodity swap
Derivative Financial Instruments
Unrealized gain (loss)		128,300,000
Realized gain (loss)		$ 10,900,000
Designated as hedges \| Interest rate swap agreements entered into on June 30, 2011 \| CRNF
Derivative Financial Instruments
Floating rate basis		Three months LIBOR
Fixed rate (as a percent)		1.94%
Settlement period (in days) \| D		90
Designated as hedges \| Interest rate swap agreements entered into on July 1, 2011 \| CRNF
Derivative Financial Instruments
Floating rate basis		Three months LIBOR
Fixed rate (as a percent)		1.975%
Settlement period (in days) \| D		90
Designated as hedges \| Interest rate swap agreements \| CRNF
Derivative Financial Instruments
Number of agreements \| agreement				2	2
Borrowing capacity on credit facility		$ 125,000,000
Aggregate notional amount		$ 62,500,000
Average fixed rate of interest (as a percent)		1.96%
Effective rate (as a percent)		4.60%
Interest expense		$ 200,000
Not designated as hedges \| Commodity derivative contracts entered into during September 2011
Derivative Financial Instruments
Number of barrels \| barrel		17.7
Net liability		$ 47,900,000
Portion of net unrealized loss in current liabilities		42,800,000
Portion of net unrealized loss in long-term liabilities		5,200,000
Portion of net unrealized gain (loss) in current assets		$ (100,000)
Not designated as hedges \| Interest rate swap agreements \| CRLLC
Derivative Financial Instruments
Floating rate basis	Three months LIBOR

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2011	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2010
Goldman Sachs Funds and Kelso Funds
Related Party Transactions
Percentage of outstanding shares beneficially owned				40.00%
Affiliate of GS
Financing and Other
Underwriter fees		$ 5.7
Affiliate of GS \| CRLLC \| CRNF credit facility
Financing and Other
Additional third party fees and expenses associated with the offering	$ 2.0
GS, Kelso and the president, chief executive officer and chairman of the board of CVR
Financing and Other
Expenses related to Registration Rights Agreement		$ 0.0	$ 0.3

Business Segments (Details)	3 Months Ended		12 Months Ended
Business Segments (Details)	Mar. 31, 2012 USD ($) Segment	Mar. 31, 2011 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Business Segments
Number of reportable segments \| Segment	2
Business Segments
Net sales	$ 1,968,631,000	$ 1,167,265,000
Cost of product sold (exclusive of depreciation and amortization)	1,635,155,000	936,822,000
Direct operating expenses (exclusive of depreciation and amortization)	115,514,000	68,434,000
Insurance recovery-business interruption		(2,870,000)
Depreciation and amortization	32,112,000	22,011,000
Operating income	140,508,000	109,606,000
Capital expenditures	59,525,000	7,337,000
Total assets	3,203,442,000	3,119,291,000		$ 3,119,291,000
Goodwill	40,969,000	40,969,000		40,969,000
Petroleum
Business Segments
Intercompany sales	2,400,000	1,400,000
Intercompany cost of product sold (exclusive of depreciation and amortization)	5,700,000	0
Net sales	1,898,485,000	1,111,260,000
Cost of product sold (exclusive of depreciation and amortization)	1,630,665,000	930,283,000
Direct operating expenses (exclusive of depreciation and amortization)	92,703,000	45,410,000
Depreciation and amortization	26,259,000	16,916,000
Operating income	134,896,000	105,690,000
Capital expenditures	35,403,000	4,588,000
Total assets	2,396,272,000			2,322,148,000
Petroleum \| Hydrogen
Business Segments
Intercompany sales			$ 700,000
Nitrogen Fertilizer
Business Segments
Intercompany sales	5,700,000	0
Intercompany cost of product sold (exclusive of depreciation and amortization)	3,000,000	800,000
Cost of product sold related to the transfer of excess hydrogen	0	700,000
Net sales	78,276,000	57,377,000
Cost of product sold (exclusive of depreciation and amortization)	12,598,000	7,491,000
Direct operating expenses (exclusive of depreciation and amortization)	22,837,000	23,024,000
Insurance recovery-business interruption		(2,870,000)
Depreciation and amortization	5,438,000	4,637,000
Operating income	31,426,000	16,766,000
Capital expenditures	22,274,000	2,041,000
Total assets	656,931,000			659,309,000
Goodwill	40,969,000			40,969,000
Other
Business Segments
Direct operating expenses (exclusive of depreciation and amortization)	(26,000)
Depreciation and amortization	415,000	458,000
Operating income	(25,814,000)	(12,850,000)
Capital expenditures	1,848,000	708,000
Total assets	150,239,000			$ 137,834,000
Intersegment elimination
Business Segments
Net sales	(8,130,000)	(1,372,000)
Cost of product sold (exclusive of depreciation and amortization)	$ (8,108,000)	$ (952,000)

Subsequent Events (Details)	1 Months Ended	3 Months Ended
Subsequent Events (Details)	Apr. 30, 2012 month $ / shares shares	Mar. 31, 2012 $ / shares	Apr. 26, 2012 $ / shares	Apr. 18, 2012 shares D opportunity member director $ / shares	Apr. 02, 2012 shares
Offeror
Transaction Agreement
Cash dividend of common stock approved (in dollars per share)		$ 30
Issuance of common units
Transaction Agreement
Option to retender Shares by shareholders if specified percentage of shareholding of outstanding Shares required is not met by Offeror				90.00%
Number of business days subsequent to offering period allowed for shareholders to retender Shares \| D				10
Number of opportunities given to shareholder's to retender Shares if specified percentage of shareholding of outstanding Shares required is not met by Offeror \| opportunity				2
Price at which shareholders can retender their Shares if specified percentage of shareholding of outstanding Shares required is not met by Offeror				3000.00%
Price at which holders of Shares will receive on cancellation of Shares on event of issuance of Short-Form Merger by Offeror (in dollars per share)				3000.00%
Resignation of number of board of directors upon closing of the offer \| member				2
Resignation of number of board of directors upon completion of the Subsequent Offering Period and the Short-Form Merger \| director				2
Number of directors designated by Offeror to replace resigned board of directors upon completion of offering period and Short-Form Merger \| director				2
Marketing period for third parties to acquire entity (in days) \| D				60
Acceptance of proposal by Offerors for acquisition of the entity if specified price per common Share is made during marketing period				$ 35
Offer price per Share on restricted stock awards vested	$ 30
Number of CCP received upon vesting of award \| shares				1
Issuance of common units \| Minimum
Transaction Agreement
Issuance of Short-Form Merger by Offeror if required percentage of shareholding of outstanding Shares is not met by Offeror in subsequent offering				90.00%
Issuance of common units \| CRLLC
Distribution
Limited partner units issued \| shares					11,500,000
Issuance of common units \| Offeror
Transaction Agreement
Number of non-transferable contingent cash payments right for each Share \| shares				1
Specified period within which additional cash payment per Share is paid upon execution of sale of the Company (in months) \| month	15
Issuance of common units \| Offeror \| Minimum
Transaction Agreement
Number of Shares added to existing Shares of Offeror parties to constitute majority \| shares	31,661,040
Dividend declared
Transaction Agreement
Cash dividend of common stock approved (in dollars per share)		$ 0.08
Dividend declared \| CVR GP, LLC
Distribution
Cash distribution declared (in dollars per share)			$ 0.523