CVR Refining kicked off their roadshow and in contrast to many that seek to provide some context around their market and company CVR jumps right into the depths of their refining business in way that only an oil man (or oil woman) could love.

There's noting obviously wrong with the story and the deal is being led to market by Credit Suisse, Citi, Barclays, UBS and Jefferies with co-managers JP Morgan, Macquarie and Simmons. The refinery business is conceptually simple insofar as they process volumes and earn a profit based on the "spread" between their inputs and outputs . . .

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