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SUGAR LAND, Texas - CVR Energy Inc., an independent refiner, said Wednesday it is in talks with several companies to replace its current crude oil supply agreement with J. Aron & Co.
| CVI | 4.45 |  -0.08 |
CVR Energy did not disclose which companies have submitted proposals for the contract.
J. Aron and CVR have extended their current agreement to Dec. 1, after which either of them may pull out of the contract.
Under the current contract, CVR Energy would have had to cancel the supply agreement with J. Aron--set to expire on Dec. 31--by Oct. 31. Both companies extended that deadline to Dec. 1.
"I am particularly pleased with the expressed interest we are seeing from competing parties for this business, and appreciate J. Aron's willingness to work with us while we evaluate the alternative suppliers available in the market," Jack Lipinski, CVR Energy's chairman, president and chief executive officer, said in a statement.
Shares fell 51 cents, or 9 percent, to $5.13 in afternoon trading. The stock has traded between $2.15 and $30.94 in the past 52 weeks.
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