CVR Energy declares $5.50 special dividend

CVR Energy declares special dividend of $5.50, plans to start paying dividends every quarter

Associated Press

SUGAR LAND, Texas (AP) -- CVR Energy Inc., a diversified holding company controlled by billionaire Carl Icahn, said Thursday its board declared a special dividend of $5.50 and will begin paying a regular quarterly dividend of 75 cents per share.

The company recently spun off its refining business, CVR Refining LP, but retains a majority stake in that as well as in CVR Partners LP, which supplies nitrogen fertilizer.

CVR Energy said the special dividend will cost about $480 million in total, but still leave the company with "abundant liquidity." It expects cash flow of about $700 million this year.

The company will pay the special dividend Feb. 19 to shareholders of record Feb. 5. The quarterly dividend will be paid starting in the second quarter.

In premarket trading, CVR Energy shares jumped 5.9 percent, or $3.04, to $54.40. Over the past year, shares have traded between $23.54 and $53.67.

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