Greetings and welcome to the CVR Energy First Quarter 2011 Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ed Morgan, Executive Vice President, Investor Relations. Thank you Mr. Morgan, you may begin.

Thank you, Rob, and good morning everyone. We very much appreciate you joining us this morning for our CVR Energy first quarter 2012 earnings call. With me this morning are Jack Lipinski, our Chief Executive Officer; Frank Pici, our Chief Financial Officer; and Stan Riemann, our Chief Operating Officer. Although we will not reference slides during our call this afternoon, there are slides filed with the SEC, which also summarize our first quarter results. These slides along with other financial disclosure and reconciliations for non-GAAP financial measures should assist in analyzing our results and can also be found on our website at cvrenergy.com under the Investor Relations tab. Prior to discussing our 2012 first quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined on the Federal Securities laws. For this purpose any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, expects, plans, and other similar expressions are intended to identify forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publically update any forward-looking statements whether as a result of new information, future events or otherwise. This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures are included with our 2012 first quarter earnings release that we filed with the SEC yesterday after the close of the market. In addition to the Safe Harbor statement provided, let me additionally add that due to the sensitive nature of the open tender filed by entities affiliated with Carl Icahn, we will not be accepting any questions today after the completion of our prepared remarks. If you'd like further information around the open tender, I encourage you to read our solicitation recommendation statement filed with the SEC on April 23. You may also contact myself or Jay Finks, at CVR Investor Relations with any questions as well. With that said I'll turn the call over to Jack Lipinski, our Chief Executive Officer, Jack.

Thank you, Ed. And good morning everyone and thanks for joining us on our first quarter 2012 earnings call. First, I'll provide a brief recap of the first quarter financial results and related operational impact followed by my thoughts around matters affecting the refining industry. Frank will then provide more detailed color around and numbers reported yesterday and I'll finish with some closing remarks. Before I begin – we appreciate everyone joining us today and before I get into the financial results, I want to speak to our transaction agreement with Carl Icahn that was announced on April 19th. As you know, we signed an agreement with Mr. Icahn that would permit him to complete an amended tender offer for $30 per share in cash plus a contingent cash payment right, if he obtains a majority of the shares. His tender offer is set to close at 11:59 eastern time on May 4th. CVR Energy's Board of Directors as you know, is not recommending that shareholders tender [and to] Mr. Icahn's offer, because the Board continues to believe that the company's long-term value exceeds $30 a share. However, it was our goal in negotiating the agreement to give shareholders the option of realizing near-term value if they so choose and to protect shareholders that do not initially support the offer of tender. If through the first tender, Mr. Icahn receives greater than 50% of shareholders' support, shareholders not tendering in the first offering will be provided a second tender period ensuring that they do not end up as minority shareholders in the company, unless they so choose. Turning to our earnings for the first quarter, consolidated net income was $25 million loss or $0.25 loss per fully diluted share, primarily due to unrealized hedge losses in the quarter of $128.1…

Thanks, Jack. Good morning, everyone. First off, I would like to point out that both in the filing we made this morning and on our website you will see a slide deck that gives you more color on our first quarter, results and there is a number of charts and graphs and tables that will help you to understand things a little better. And as a reminder to that too, as we promised in the last quarter we've also given you more detail around our new acquisition – newly acquired Wynnewood refinery. So we now have both for our petroleum segment combined results page and we've got a Coffeyville and Wynnewood separated out for you. With respect to the earnings as Jack said, we reported net loss of $25.2 million or $0.29 per diluted share versus for the first quarter of last year $45.8 million profit or $52 million of profit per diluted share. When you take and adjust that, as we do and I will go through some of the major adjustments with you on an adjusted basis, our adjusted earnings per share was $0.76 per diluted share versus $0.56 in the first quarter of '11. If you look at the major adjustments, Jack alluded to some of them, our FIFO adjustment as always when we make. In this case, we reduced adjusted net income $0.13 a share for the FIFO benefit that we have in the numbers. We've also made adjustments for our unrealized hedging loss. In this case, on an after-tax basis, it was almost $78 million or $0.90 a share and we also adjusted for the turnaround expense of about $12.7 million after tax or $0.15 a share. In addition the other major item probably was on the share-based comp and other accruals that we made…

All right, thank you, Frank. Listen we're really proud of our first quarter financial results given the product shipping restrictions and the Coffeyville turnaround, which contributed to overall all the throughput. As I discussed earlier, we see strong market fundamentals which will support stronger earnings and cash flow in the second quarter. And we believe the markets provide us a competitive advantage through 2013 as well. All these achievements would not have been attainable without the dedication and hard work of all our employees throughout our CVR family of companies. I'd like to thank all our employees for believing in our strategies and sharing my vision for the benefit of our company's shareholders. And I thank each of you for joining our call today and please make sure to direct any of your follow-up questions to either Ed Morgan or Jay Finks our Investor Relations group, and again thank you all for joining us. Truly appreciate it, thank you. Bye, bye.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.