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- **Q4 Results Under Pressure**: $10 million net loss driven by planned turnaround and start-up delays.
- **2026 Growth Catalysts**: $25-30M in growth capex for feedstock diversification and ammonia expansion.
- **Supply Tightness**: Trinidad plant outage and geopolitical risks constrain UAN supply.
- **Spring Optimism**: 95 million corn acres and tight global supply support higher fertilizer demand.
- **Distribution Volatility**: $0.37 per unit payout reflects Board's conservative cash management.

**【Management Opening Remarks】**
- CVR Partners declared a fourth-quarter distribution of $0.37 per common unit, down from $0.52 in Q3 2025, due to lower production and sales volumes.
- The company operates as a variable distribution MLP, with distributions subject to Board approval based on cash flow and capital needs.
- Forward-looking statements are subject to risks, including energy price volatility and geopolitical tensions.

**【CEO Commentary】**
- Q4 2025 net loss of $10 million (vs. $12 million in Q4 2024) due to planned turnaround at Coffeyville and start-up issues at the air separation unit.
- Full-year 2025 EBITDA of $211 million, with a 95% ammonia utilization rate excluding turnarounds.
- 2026 outlook: 
  - Ammonia utilization rate of 95-100% in Q1
  - $35-45 million in maintenance capex
  - $25-30 million in growth capex
- New COO Mike Wright to lead fertilizer operations with 35+ years of industry experience.

**【CFO Financial Commentary】**
- Q4 2025 results:
  - Net sales: $131 million (down 22% YoY)
  - Direct operating expenses: $81 million (up 12% YoY)
  - EBITDA: $20 million (down 60% YoY)
- 2025 full-year results:
  - Net income: $99 million
  - EBITDA: $211 million
  - Distributions: $10.54 per unit
- Liquidity of $117 million at end of Q4, with $3 million in customer prepayments.

**【Q&A Highlights】**
- **UAN Imports**: Trinidad's Nutrien plant remains offline, tightening UAN supply.
- **Pricing Trends**: Q1 2026 prices expected to rise sequentially from Q4 levels.
- **Air Separator Issue**: Ongoing discussions with operator for improved service levels.
- **Spring Outlook**: Record corn acreage (95 million acres) and tight supply-demand balance support strong demand.
- **Geopolitical Risks**: Monitoring Middle East and Russia for potential supply disruptions.

CVR Partners, LP Common Units (UAN) Q4 2025 Earnings Call Transcript

- **Record Q3 Financials**: $43 million net income and $71 million EBITDA, supporting $4.02/unit distribution.
- **Capacity Expansion**: 8% ammonia production increase via Coffeyville natural gas project, nearing engineering completion.
- **Geopolitical Risk**: Ongoing Ukraine/Russia conflict sustains tight global fertilizer markets.
- **Price Outlook**: Q4 ammonia/UAN prices expected to rise, with 2026 supply-demand balance favorable.

**【CEO Summary Section】**
- Reported net sales of $164 million, net income of $43 million, and EBITDA of $71 million for Q3 2025.
- Distributed $4.02 per common unit, reflecting strong cash flow from operations.
- Ammonia production of 208,000 gross tons (95% utilization), with UAN sales of 328,000 tons at an average price of $348 per ton.
- Tight global fertilizer inventories and geopolitical disruptions in Russia and Ukraine continue to support prices.
- Fall ammonia run expected to be robust due to favorable moisture conditions and farmer demand.

**【CFO Financial Commentary】**
- Direct operating expenses of $58 million, with higher natural gas and electricity costs impacting Q3 2025 vs. Q3 2024.
- Capital spending for 2025 estimated at $58 million to $65 million, with $39 million to $42 million allocated to maintenance.
- Liquidity of $206 million, including $156 million in cash and $50 million in ABL availability.
- Anticipate Q4 2025 ammonia utilization rate of 80% to 85%, with planned turnaround at Coffeyville facility.

**【Q&A Highlights】**
- Coffeyville natural gas feedstock project could increase ammonia capacity by up to 8%, with engineering work on track.
- No immediate impact from potential Russian fertilizer tariffs, but geopolitical risks remain.
- Expect higher ammonia and UAN prices in Q4 2025 compared to Q3, driven by seasonal demand and tight supply.
- Long-term outlook for 2026 remains favorable due to structural natural gas supply issues in Europe and U.S. export opportunities.

CVR Partners, LP Common Units (UAN) Q3 2025 Earnings Call Transcript

- **Strong Q2 Results**: $67M EBITDA, 18% UAN price growth, $3.89/unit distribution.
- **Supply Tightness Drives Pricing**: Global urea exports 20% offline; U.S. ammonia exports to Europe.
- **Strategic Investments**: 
  - $15M Coffeyville turnaround for 8% ammonia capacity expansion.
  - Low-carbon certification pursuit with nitrous oxide abatement.
- **Operational Challenges**: 
  - DOE up 10% YoY due to energy costs.
  - 20% of global urea capacity offline in Q2.
- **Growth Outlook**: 
  - 5-8% ammonia capacity expansion via brownfield projects.
  - Fall UAN pricing ~spring levels.

**【CEO Summary Section】**
- Q2 2025 net sales: $169 million; net income: $39 million; EBITDA: $67 million; distribution: $3.89 per unit.
- Ammonia utilization: 91% (despite downtime); UAN production: 321,000 tons; ammonia production: 197,000 tons.
- UAN price up 18% YoY to $317/ton; ammonia price up 14% YoY to $593/tonne, driven by tight inventories and increased corn plantings.
- Global supply tightness: 20% of urea export capacity offline in Q2; India importing urea; Europe reliant on U.S. ammonia exports.
- Strategic projects: 
  - Coffeyville plant to use natural gas/hydrogen feedstock, expanding ammonia capacity by ~8%.
  - Nitrous oxide abatement units on all nitric acid plants; low-carbon certification pursuit.
  - Fall 2025 turnaround at Coffeyville to replace internals and install abatement unit ($15M cost).

**【CFO Financial Commentary】**
- Q2 2025 EBITDA up vs. Q2 2024 due to higher UAN/ammonia prices (+$11M) and lower pet coke costs (-$4M).
- Direct operating expenses (DOE): $60M (up $6M YoY due to higher natural gas/electricity costs).
- 2025 capital spending: $55-65M (90%+ funded by reserves); Q2 spending: $11M (maintenance).
- Liquidity: $162M (cash: $114M; ABL: $47M).
- Cash available for distribution: $41M (vs. $3.89M distribution).

**【Q&A Key Highlights】**
- **UAN Pricing**: Summer fill prices will decline <25% YoY due to tight supply; fall prices ~spring levels.
- **DOE Trends**: Q3 DOE guidance: $60-65M (higher gas/electricity costs persisting).
- **Capacity Expansion**: 
  - Coffeyville: ~100 tons/day ammonia via brownfield projects.
  - East Dubuque: 5%+ capacity increase via debottlenecking.
- **Geopolitical Risks**: Potential Russian fertilizer export tariffs; Europe's natural gas inventory refill challenges.
- **Leadership Transition**: Mark Pytosh to become CEO of CVR Energy in 2026, maintaining dual role for now.
- **Industry Trends**: U.S. as durable ammonia exporter; consolidation potential in fertilizer sector.


CVR Partners, LP Common Units (UAN) Q2 2025 Earnings Conference Call Transcript

- **Q1 Financial Stronghold**: $143M sales, $27M net income, $53M EBITDA, $2.26/unit distribution.
- **Operational Excellence**: 101% ammonia utilization, tight inventory setup for spring planting.
- **Growth Projects**: $50-60M capex for reliability upgrades, natural gas flexibility, and emissions reduction.
- **Market Risks**: Tariff uncertainty, geopolitical supply chain disruptions, natural gas price volatility.
- **Key Trends**: UAN prices poised to rebound in Q2, favorable grain prices supporting fertilizer demand.

**【CEO Opening Remarks】**
- Q1 2025 net sales: $143 million; net income: $27 million; EBITDA: $53 million.
- Distribution declared: $2.26 per common unit (paid May 19).
- Key operational metrics: 101% ammonia utilization, 348,000 tons UAN produced, 64,000 net tons ammonia sold.
- Pricing trends: UAN down 4% (delayed 2024 shipments), ammonia up 5% (earlier Q2 deliveries).

**【CFO Financial Breakdown】**
- Operating income: $35 million (vs. $28M Q1 2024).
- Direct operating expenses: $54 million (+$1M YoY due to energy costs).
- 2025 capital spend guidance: $50-60 million (90%+ funded from reserves).
- Liquidity: $172 million (cash: $122M, ABL: $50M).
- Cash available for distribution: $24 million (vs. $2.26M distribution).

**【CEO Market & Operations Update】**
- 2025 spring outlook: Tight inventories, strong demand, favorable weather.
- USDA estimates: 95M corn acres, 83M soybean acres; corn/soybean prices: $4.75/bu, $10.50/bu.
- Project pipeline:
  - East Dubuque control system upgrade (Q2 downtime).
  - Coffeyville natural gas/pet coke flexibility ($10-20M cost).
  - Nitrous oxide abatement units for all nitric acid plants.
- Risks: Tariffs on fertilizer/grains, geopolitical supply disruptions, natural gas price volatility.

**【Q&A Highlights】**
1. **Utilization Rate Drop (93-97% Q2 vs. 101% Q1):**
   - Driven by planned East Dubuque control system upgrade, expected to improve reliability.
2. **Project Timing & Scale:**
   - Capacity expansion via downtime reduction and nameplate increases (several % points over 2-3 years).
3. **Coffeyville NG Conversion Cost:**
   - $10-20 million estimate; final cost TBD after hydrogen integration study.
4. **UAN Pricing Outlook:**
   - Q2 prices to reflect current market (~$256/ton vs. Q1 delayed shipments).
5. **Trade Policy Impact:**
   - U.S. support mechanisms for farmers; China using soybean purchases as trade leverage.
6. **Inventory Tightness:**
   - USDA estimates 10% corn, 9% soybean carryouts (below 10-year averages), supporting spring/summer pricing.

CVR Partners (UAN)-29 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Strong Performance**: $140M net sales, $18M net income, $50M EBITDA; full-year EBITDA up 17% to $179M.
- **Operational Excellence**: 96% ammonia utilization (annualized); East Dubuque plant breaks production records.
- **Dual-Fuel Flexibility**: Coffeyville plant to add natural gas/pet coke switching capability by 2026.
- **Market Catalysts**: Tight global supply, rising grain prices, 91-94M corn acres expected in 2025.
- **Financial Discipline**: 2025 capex guided at $55-70M; $1.75/unit dividend maintained despite macro volatility.


**【CEO Opening Remarks】**
- Q4 2024 net sales: $140 million; net income: $18 million; EBITDA: $50 million.
- Full-year 2024 EBITDA: $179 million; distribution: $6.76 per unit.
- Ammonia utilization rate: 96% (annualized), with East Dubuque plant setting record at 102%.
- UAN production: 310,000 tons (Q4); ammonia production: 210,000 tons (Q4).
- Safety improvement: 40% reduction in recordable incident rate vs. 2023.

**【CFO Financial Highlights】**
- 2024 full-year net sales: $525 million; operating income: $90 million.
- Q4 2024 EBITDA up YoY due to higher ammonia prices and lower pet coke costs.
- 2025 capital spending: $35-45M (maintenance) + $20-25M (growth).
- Liquidity: $130M (cash: $91M; ABL: $39M).
- Q4 2024 cash available for distribution: $18M → $1.75/unit dividend.

**【CEO Market Update】**
- 2025 corn planted acres expected: 91-94M (up YoY).
- Grain prices: March corn $5/bu; soybeans $10.35/bu (up YoY).
- Geopolitical risks: Middle East tensions, potential U.S. tariffs on Canadian fertilizer.
- Europe ammonia production costs remain high; global supply tight.
- Project update: Coffeyville natural gas/pet coke dual-fuel capability nearing Board approval for 2026 implementation.

**【Q&A Key Takeaways】**
1. **Customer Ordering Patterns**: No change in 'just-in-time' buying despite interest rate cuts.
2. **Dual-Fuel Project Timeline**: Construction could begin 2025 if approved; operational by 2026.
3. **Market Trends**: UAN demand strong due to high urea prices; ammonia/UAN inventories tight at distributor level.
4. **CapEx Outlook**: 2025 growth capex ($20-25M) to be funded from prior-year reserves.
5. **Spring 2025 Outlook**: Strong demand for nitrogen fertilizers; corn acreage expansion driving UAN usage.


Actual										-1.8	-3.7	-1.7	-1.53	-2.37	0.66	3.28	5.76	8.78	11.12	-1.87	9.02			0.07		1.19			1.73	2.56		4.08	-0.97
Forecast										-2.1	-0.1	-3.3	-1.77	-1.31	-0.08	-3.42
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+14.29%	-3600.00%	+48.48%	+13.56%	-80.92%	+925.00%	+195.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Actual	--	--	--	--	--	--	--	--	--	75.08M	105.09M	79.48M	90.30M	60.92M	138.03M	144.72M	188.92M	222.87M	244.00M	156.48M	212.23M	--	--	130.59M	--	127.67M	--	--	139.56M	142.87M	--	163.55M	131.06M
Forecast	--	--	--	--	--	--	--	--	--	76.57M	107.30M	68.44M	84.88M	84.55M	106.05M	66.36M	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.95%	-2.06%	+16.13%	+6.38%	-27.94%	+30.16%	+118.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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