US Market News
1月前
CVR Partners Reports First Quarter 2026 ResultsApril 29, 2026 4:26 PM
Business Wire
First quarter net income of $50 million, or $4.72 per common unit; EBITDA of $78 million
Achieved a combined ammonia utilization rate of 103 percent for the first quarter of 2026
Announced cash distribution of $4.00 per common unit
CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, today announced net income of $50 million, or $4.72 per common unit, and EBITDA of $78 million on net sales of $180 million for the first quarter of 2026, compared to net income of $27 million, or $2.56 per common unit, and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025.
“We posted strong operating results for the first quarter with a consolidated ammonia utilization rate of 103 percent,” said Mark Pytosh, Chief Executive Officer of CVR Partners. “Nitrogen fertilizer market conditions have been favorable as domestic and global inventories have remained low to start the year, which has been further impacted by the recent geopolitical events in the Middle East and ongoing conflict between Russia and Ukraine.
“The spring planting season has gone well so far this year. While planted corn acres are expected to be down approximately 4 percent from the record levels of 2025, we continue to see strong demand for nitrogen fertilizers,” Pytosh said. “In addition to the solid operating results, CVR Partners was pleased to declare a first quarter distribution of $4.00 per common unit.”
Consolidated Operations
Production at CVR Partners’ fertilizer facilities increased slightly compared to the first quarter of 2025, producing a combined 220,000 tons of ammonia during the first quarter of 2026, of which 70,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 335,000 tons of UAN. During the first quarter of 2025, the fertilizer facilities produced a combined 216,000 tons of ammonia, of which 64,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 348,000 tons of UAN.
For the first quarter 2026, average realized gate prices for ammonia and UAN were up 24 percent and 34 percent, respectively, over the prior year to $687 and $343 per ton, respectively. Average realized gate prices for ammonia and UAN were $554 and $256 per ton, respectively, for the first quarter of 2025.
Distributions
CVR Partners also announced that on April 29, 2026, the Board of Directors of the Partnership’s general partner (the “Board”) declared a first quarter 2026 cash distribution of $4.00 per common unit, which will be paid on May 18, 2026, to common unitholders of record as of May 11, 2026.
CVR Partners is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices received for its finished products, maintenance capital expenditures, and use of cash and cash reserves deemed necessary or appropriate by the Board.
First Quarter 2026 Earnings Conference Call
CVR Partners previously announced that it will host its first quarter 2026 Earnings Conference Call on Thursday, April 30, at 11 a.m. Eastern. This Earnings Conference Call may also include discussion of the Partnership’s developments, forward-looking information and other material information about business and financial matters.
The first quarter 2026 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 6969200. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 6969200. The webcast will be archived and available on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com.
Qualified Notice
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; impacts of planned and unplanned downtime and turnarounds on our results; drivers of our results; utilization and production rates; supply and demand; pricing of our products; ability to generate free cash flow; distributions, including the timing, payment and amount (if any) thereof; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; global fertilizer industry conditions; grain prices; crop inventory levels; farmer economics and planting seasons; direct operating expenses; capital expenditures; turnaround expense and timing; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) impacts of the planting season on our business; CVR Energy, Inc.’s and its controlling stockholder’s intention regarding potential strategic transactions involving the Partnership and ownership of our common units; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; general economic and business conditions; political disturbances, geopolitical instability and tensions, including those arising from trade policies and tariffs; impacts of plant outages and weather conditions and events; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 950 ton-per-day UAN unit.
Investors and others should note that CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Partners may use these channels to distribute material information about the Partnership and to communicate important information about the Partnership, corporate initiatives and other matters. Information that CVR Partners posts on its website could be deemed material; therefore, CVR Partners encourages investors, the media, its customers, business partners and others interested in the Partnership to review the information posted on its website.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following are non-GAAP measures we present for the periods ended March 31, 2026 and 2025:
EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Adjusted EBITDA - EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Available Cash for Distribution - EBITDA for the quarter excluding noncash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, turnarounds, debt service and other contractual obligations and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available Cash for Distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board.
We present these measures because we believe they may help investors, analysts, lenders, and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including, but not limited to, our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or financing methods, and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. Refer to the “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
CVR Partners, LP
(all information in this release is unaudited)
Statement of Operations Data
Three Months Ended
March 31,
(in thousands, except per unit data)
2026
2025
Net sales (1)
$
180,048
$
142,866
Operating costs and expenses:
Cost of materials and other
29,426
27,901
Direct operating expenses (exclusive of depreciation and amortization)
63,204
54,486
Depreciation and amortization
19,963
18,041
Cost of sales
112,593
100,428
Selling, general and administrative expenses
9,031
7,889
Loss (gain) on asset disposal
777
(40
)
Operating income
57,647
34,589
Other (expense) income:
Interest expense, net
(7,848
)
(7,726
)
Other income, net
114
225
Income before income taxes
49,913
27,088
Income taxes
—
—
Net income
$
49,913
$
27,088
Basic and diluted earnings per common unit
$
4.72
$
2.56
Distributions declared per common unit
0.37
1.75
EBITDA*
$
77,724
$
52,855
Available Cash for Distribution*
42,244
23,925
Weighted-average common units outstanding:
Basic and Diluted
10,570
10,570
____________________
* See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts.
(1) Below are the components of net sales:
Three Months Ended
March 31,
(in thousands)
2026
2025
Components of net sales:
Fertilizer sales
$
166,093
$
128,613
Other
13,955
14,253
Total net sales
$
180,048
$
142,866
Selected Balance Sheet Data
(in thousands)
March 31, 2026
December 31, 2025
Cash and cash equivalents
$
128,086
$
69,243
Working capital (inclusive of cash and cash equivalents)
172,630
117,094
Total assets
1,018,184
969,455
Total debt and finance lease obligation, including current portion
569,815
569,846
Total liabilities
706,441
703,714
Total partners’ capital
311,743
265,741
Selected Cash Flow Data
Three Months Ended
March 31,
(in thousands)
2026
2025
Net cash flow provided by (used in):
Operating activities
$
75,775
$
55,391
Investing activities
(12,835
)
(5,807
)
Financing activities
(4,097
)
(18,666
)
Net increase in cash and cash equivalents
$
58,843
$
30,918
Capital Expenditures
Three Months Ended
March 31,
(in thousands)
2026
2025
Maintenance
$
7,571
$
3,693
Growth
6,180
2,239
Total capital expenditures
$
13,751
$
5,932
Key Operating Data
Three Months Ended
March 31,
(percent of capacity utilization)
2026
2025
Ammonia utilization rate (1)
103
%
101
%
__________________________
(1)
Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Partnership’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three months ended March 31, 2026 and 2025 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.
Sales and Production Data
Three Months Ended
March 31,
2026
2025
Consolidated sales volumes (thousand tons):
Ammonia
73
60
UAN
310
336
Consolidated product pricing at gate (dollars per ton): (1)
Ammonia
$
687
$
554
UAN
343
256
Consolidated production volume (thousand tons):
Ammonia (gross produced) (2)
220
216
Ammonia (net available for sale) (2)
70
64
UAN
335
348
Feedstock:
Petroleum coke used in production (thousands of tons)
138
131
Petroleum coke used in production (dollars per ton)
$
33.94
$
42.43
Natural gas used in production (thousands of MMBtus) (3)
2,115
2,159
Natural gas used in production (dollars per MMBtu) (3)
$
5.40
$
4.62
________________________
(1)
Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)
Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)
The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended
March 31,
2026
2025
Ammonia — Southern plains (dollars per ton)
$
729
$
562
Ammonia — Corn belt (dollars per ton)
771
618
UAN — Corn belt (dollars per ton)
410
324
Natural gas NYMEX (dollars per MMBtu)
$
4.74
$
3.87
Q2 2026 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2026. See “Forward-Looking Statements” above.
Q2 2026
Low
High
Ammonia utilization rate
95
%
100
%
Direct operating expenses (in millions) (1)
$
57
$
62
Total capital expenditures (in millions) (2)
$
28
$
32
_______________________
(1)
Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.
(2)
Capital expenditures are disclosed on an accrual basis.
Non-GAAP Reconciliations
Reconciliation of Net Income to EBITDA, Adjusted EBITDA, and Available Cash for Distribution
Three Months Ended
March 31,
(in thousands)
2026
2025
Net income
$
49,913
$
27,088
Interest expense, net
7,848
7,726
Depreciation and amortization
19,963
18,041
EBITDA and Adjusted EBITDA
77,724
52,855
Adjustments (Reserves)/Releases:
Accrued interest expense (excluding capitalized interest)
(9,111
)
(8,959
)
Future operating needs (1)
(10,000
)
(8,000
)
Capital expenditures (2)
(17,796
)
(11,593
)
Turnaround expenditures, net (3)
(1,204
)
(2,822
)
Equity method investment (4)
2,631
2,444
Available cash for distribution (5)
$
42,244
$
23,925
Common units outstanding
10,570
10,570
_______________________
(1)
Amount consists of reserves established by management and approved by the Board for potential future cash needs related to nitrogen fertilizer seasonality, feedstock price volatility, and any known operating events.
(2)
Amount consists of maintenance capital expenditures, including additional reserves for future profit and growth projects, net of any releases of previously reserved funds, of $10.2 million and $7.9 million for the three months ended March 31, 2026 and 2025, respectively.
(3)
Amount consists of reserves for periodic, planned turnarounds, net of expenditures incurred in the period.
(4)
Amount consists of distributions received by the Partnership adjusted for the amortization of deferred revenue related to the 45Q transaction.
(5)
Amount represents the cumulative available cash for distribution based on full year results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the following period. The Partnership declared and paid a cash distribution of $0.37 per common unit related to the fourth quarter of 2025 and declared a cash distribution of $4.00 per common unit related to the first quarter of 2026 to be paid in May 2026.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429379052/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVRPartners.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVRPartners.com
Original: CVR Partners Reports First Quarter 2026 Results
US Market News
4月前
CVR Partners Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 18, 2026 4:27 PM
Business Wire
Fourth quarter 2025 net loss of $10 million, or 97 cents per common unit; EBITDA of $20 million
Full-year 2025 net income of $99 million, or $9.33 per common unit; EBITDA of $211 million
Declared a fourth quarter 2025 cash distribution of 37 cents per common unit, bringing the cumulative cash distributions declared for 2025 to $10.54 per common unit
CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, today announced net loss of $10 million, or 97 cents per common unit, and EBITDA of $20 million on net sales of $131 million for the fourth quarter of 2025, compared to net income of $18 million, or $1.73 per common unit, and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024.
CVR Partners had net income of $99 million, or $9.33 per common unit, and EBITDA of $211 million on net sales of $606 million for full-year 2025, compared to net income of $61 million, or $5.76 per common unit, and EBITDA of $179 million on net sales of $525 million for full-year 2024.
“CVR Partners’ fourth quarter results were impacted by a 32-day planned turnaround at our Coffeyville fertilizer plant followed by subsequent downtime due to three weeks of startup issues at the third-party air separation plant,” said Mark Pytosh, Chief Executive Officer of CVR Partners. “While volumes available to ship were down, prices remained strong for nitrogen fertilizer and we are pleased to declare a cash distribution of 37 cents per common unit for the fourth quarter, bringing the cumulative cash distributions declared for 2025 to $10.54 per common unit.
“As we are nearing spring, nitrogen fertilizer market conditions continue to be supportive with tight global supply balances and continued strong demand, and pricing has remained robust so far this year.”
Consolidated Operations
Production at CVR Partners’ fertilizer facilities decreased compared to the fourth quarter of 2024, producing a combined 140,000 tons of ammonia during the fourth quarter of 2025, of which 62,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 169,000 tons of UAN. During the fourth quarter of 2024, the fertilizer facilities produced a combined 210,000 tons of ammonia, of which 80,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 310,000 tons of UAN.
For the fourth quarter of 2025, average realized gate prices for ammonia and UAN were up 32 percent and 55 percent, respectively, over the prior year to $626 and $355 per ton, respectively. Average realized gate prices for ammonia and UAN were $475 and $229 per ton, respectively, for the fourth quarter of 2024.
CVR Partners’ fertilizer facilities produced a combined 761,000 tons of ammonia for full-year 2025, of which 243,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,174,000 tons of UAN. For full-year 2024, the fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,273,000 tons of UAN.
For full-year 2025, the average realized gate price for ammonia and UAN were up 22 percent and 27 percent, respectively, over the prior year to $582 and $314 per ton, respectively. Average realized gate prices for ammonia and UAN were $479 per ton and $248 per ton, respectively, for full-year 2024.
Distributions
CVR Partners announced that the board of directors of its general partner (the “Board”) declared a fourth quarter 2025 cash distribution of $0.37 per common unit, which will be paid on March 9, 2026, to common unitholders of record as of March 2, 2026.
CVR Partners is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices received for its finished products, maintenance capital expenditures, use of cash and cash reserves deemed necessary or appropriate by the Board.
Fourth Quarter 2025 Earnings Conference Call
CVR Partners previously announced that it will host its fourth quarter and full-year 2025 Earnings Conference Call on Thursday, February 19, at 11 a.m. Eastern. This Earnings Conference Call may also include discussion of the Partnership’s developments, forward-looking information and other material information about business and financial matters.
The fourth quarter and full-year 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. For investors or analysts who want to participate during the call, the dial-in number is (800) 715-9871, conference ID 6969200. A repeat of the call can be accessed for seven days by dialing (800) 770-2030, conference ID 6969200. The webcast will be archived and available on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com.
Qualified Notice
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; impacts of planned and unplanned downtime and turnarounds on our results; drivers of our results; utilization and production rates; supply and demand; pricing of our products; ability to generate free cash flow; distributions, including the timing, payment and amount (if any) thereof; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; global fertilizer industry conditions; grain prices; crop inventory levels; farmer economics and planting seasons; direct operating expenses; capital expenditures; turnaround expense and timing; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) impacts of the planting season on our business; CVR Energy, Inc.’s and its controlling stockholder’s intention regarding potential strategic transactions involving the Partnership and ownership of our common units; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; general economic and business conditions; political disturbances, geopolitical instability and tensions, including those arising from trade policies and tariffs; impacts of plant outages and weather conditions and events; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners, LP is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 950 ton-per-day UAN unit.
Investors and others should note that CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Partners may use these channels to distribute material information about the Partnership and to communicate important information about the Partnership, corporate initiatives and other matters. Information that CVR Partners posts on its website could be deemed material; therefore, CVR Partners encourages investors, the media, its customers, business partners and others interested in the Partnership to review the information posted on its website.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following are non-GAAP measures we present for the three and twelve months ended December 31, 2025 and 2024:
EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Adjusted EBITDA - EBITDA adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Available Cash for Distribution - EBITDA for the quarter excluding noncash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, turnarounds, debt service and other contractual obligations and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available Cash for Distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board.
We present these measures because we believe they may help investors, analysts, lenders, and ratings agencies analyze our results of operations and liquidity in conjunction with our GAAP results, including, but not limited to, our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or financing methods, and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP financial measures. Refer to the “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Major Scheduled Turnaround Activities
Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to expenses incurred as part of planned turnarounds. We incurred turnaround expenses of $14 million and less than $1 million during the three months ended December 31, 2025 and 2024, respectively, and $17 million and less than $1 million during the twelve months ended December 31, 2025 and 2024, respectively. The next scheduled turnaround is currently set to commence in August 2026 at the East Dubuque Facility.
CVR Partners, LP
(unaudited)
Statement of Operations Data
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands, except per unit data)
2025
2024
2025
2024
Net sales (1)
$
131,065
$
139,555
$
606,038
$
525,324
Operating costs and expenses:
Cost of materials and other
20,906
26,437
106,743
104,141
Direct operating expenses (exclusive of depreciation and amortization)
81,373
55,922
254,058
214,222
Depreciation and amortization
23,008
24,033
81,867
88,096
Cost of sales
125,287
106,392
442,668
406,459
Selling, general and administrative expenses
8,501
7,348
33,594
28,414
Loss on asset disposal
162
83
1,118
100
Operating (loss) income
(2,885
)
25,732
128,658
90,351
Other income (expense):
Interest expense, net
(7,450
)
(7,411
)
(30,345
)
(29,827
)
Other income, net
46
76
326
453
(Loss) income before income taxes
(10,289
)
18,397
98,639
60,977
Income tax (benefit) expense
(23
)
102
(23
)
77
Net (loss) income
$
(10,266
)
$
18,295
$
98,662
$
60,900
Basic and diluted (loss) earnings per common unit
$
(0.97
)
$
1.73
$
9.33
$
5.76
Distributions declared per common unit
4.02
1.19
11.92
6.69
EBITDA*
$
20,169
$
49,841
$
210,851
$
178,900
Available cash for distribution*
3,933
18,476
111,401
71,511
Weighted-average common units outstanding:
Basic and diluted
10,570
10,570
10,570
10,570
_____________
*
See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts.
(1)
Below are the components of net sales:
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2025
2024
2025
2024
Fertilizer sales
$
122,514
$
125,818
$
554,789
$
472,409
Other
8,551
13,737
51,249
52,915
Total net sales
$
131,065
$
139,555
$
606,038
$
525,324
Selected Balance Sheet Data
(in thousands)
December 31, 2025
December 31, 2024
Cash and cash equivalents
$
69,243
$
90,857
Working capital (inclusive of cash and cash equivalents)
117,094
122,192
Total assets
969,455
1,018,724
Total debt and finance lease obligation, including current portion
569,846
568,851
Total liabilities
703,714
725,654
Total partners’ capital
265,741
293,070
Selected Cash Flow Data
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2025
2024
2025
2024
Net cash flows (used in) provided by:
Operating activities
$
(21,599
)
$
12,791
$
149,638
$
150,541
Investing activities
(22,668
)
(17,535
)
(44,087
)
(31,892
)
Financing activities
(42,673
)
(14,938
)
(127,165
)
(73,071
)
Net (decrease) increase in cash and cash equivalents
$
(86,940
)
$
(19,682
)
$
(21,614
)
$
45,578
Capital Expenditures
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2025
2024
2025
2024
Maintenance
$
17,190
$
14,423
$
34,855
$
30,014
Growth
10,341
3,435
22,068
7,049
Total capital expenditures
$
27,531
$
17,858
$
56,923
$
37,063
Key Operating Data
Three Months Ended
December 31,
Year Ended
December 31,
(percent of capacity utilization)
2025
2024
2025
2024
Ammonia utilization rate (1)
64
%
96
%
88
%
96
%
_____________
(1)
Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Partnership’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2025 and 2024, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.
Sales and Production Data
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Consolidated sales (thousands of tons):
Ammonia
81
97
246
271
UAN
182
310
1,191
1,260
Consolidated product pricing at gate (dollars per ton): (1)
Ammonia
$
626
$
475
$
582
$
479
UAN
355
229
314
248
Consolidated production volume (thousands of tons):
Ammonia (gross produced) (2)
140
210
761
836
Ammonia (net available for sale) (2)
62
80
243
270
UAN
169
310
1,174
1,273
Feedstock:
Petroleum coke used in production (thousands of tons)
64
123
459
517
Petroleum coke (dollars per ton)
$
56.76
$
55.71
$
49.11
$
59.69
Natural gas used in production (thousands of MMBtus) (3)
2,063
2,224
8,234
8,667
Natural gas used in production (dollars per MMBtu) (3)
$
3.82
$
3.00
$
3.74
$
2.56
_____________
(1)
Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)
Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)
The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.
Key Market Indicators
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Ammonia — Southern plains (dollars per ton)
$
679
$
526
$
606
$
526
Ammonia — Corn belt (dollars per ton)
741
595
661
573
UAN — Corn belt (dollars per ton)
382
274
377
277
Natural gas NYMEX (dollars per MMBtu)
$
3.73
$
2.98
$
3.53
$
2.41
Q1 2026 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the first quarter of 2026. See “Forward-Looking Statements” above.
Q1 2026
Low
High
Ammonia utilization rate
95
%
100
%
Direct operating expenses (in millions) (1)
$
57
$
62
Total capital expenditures (in millions) (2)
$
25
$
30
_____________
(1)
Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.
(2)
Capital expenditures are disclosed on an accrual basis.
Non-GAAP Reconciliations
Reconciliation of Net (Loss) Income to EBITDA, Adjusted EBITDA and Available Cash for Distribution
Three Months Ended
December 31,
Year Ended
December 31,
(in thousands)
2025
2024
2025
2024
Net (loss) income
$
(10,266
)
$
18,295
$
98,662
$
60,900
Interest expense, net
7,450
7,411
30,345
29,827
Income tax (benefit) expense
(23
)
102
(23
)
77
Depreciation and amortization
23,008
24,033
81,867
88,096
EBITDA and Adjusted EBITDA
20,169
49,841
210,851
178,900
Adjustments (Reserves)/Releases:
Accrued interest expense (excluding capitalized interest)
(9,122
)
(8,717
)
(36,337
)
(34,173
)
Future operating needs (1)
7,000
—
5,000
—
Capital expenditures (2)
(24,646
)
(18,698
)
(65,565
)
(59,114
)
Turnaround expenditures, net (3)
11,226
(3,175
)
(2,878
)
(12,947
)
Equity method investment (4)
(694
)
(775
)
330
(1,155
)
Available cash for distribution (5)
$
3,933
$
18,476
$
111,401
$
71,511
Common units outstanding
10,570
10,570
10,570
10,570
_____________
(1)
Amount consists of reserves established by management and approved by the Board for potential future cash needs related to nitrogen fertilizer seasonality, feedstock price volatility, and any known operating events.
(2)
Amount consists of maintenance capital expenditures, including additional reserves for future growth projects, net of any releases of previously reserved funds, of $7 million and $4 million for the three months ended December 31, 2025 and 2024, respectively, and $31 million and $29 million for the years ended December 31, 2025 and 2024, respectively.
(3)
Amount consists of reserves for periodic, planned turnarounds, net of expenditures incurred in the period.
(4)
Amount consists of distributions received by the Partnership adjusted for the amortization of deferred revenue related to the 45Q transaction.
(5)
Amount represents the cumulative available cash for distribution based on full-year results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the following period. The Partnership declared and paid cash distributions of $1.75, $2.26, $3.89, and $4.02 per common unit related to the fourth quarter of 2024, and the first, second, and third quarters of 2025, respectively, and declared a cash distribution of $0.37 per common unit related to the fourth quarter of 2025, to be paid in March 2026.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218686383/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVRPartners.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVRPartners.com
Original: CVR Partners Reports Fourth Quarter and Full-Year 2025 Results
US Market News
4月前
CVR Partners Reports Preliminary Estimated Fourth Quarter and Full-Year 2025 ResultsJanuary 26, 2026 12:23 PM
Business Wire
CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN) today announced preliminary estimated financial results for the fourth quarter and full-year 2025.
“The planned turnaround at our Coffeyville facility was completed as scheduled in early November; however, the subsequent startup was delayed by several weeks due to downtime at the third-party owned air separation unit,” said Mark Pytosh, Chief Executive Officer. “Despite this delay, we saw strong demand for nitrogen fertilizers in the fourth quarter and pricing remained robust as inventories continue to be tight amid ongoing geopolitical tensions.”
Preliminary estimated fourth quarter and full-year 2025 results are expected to be within the following ranges:
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
(in millions, except utilization data)
Low Estimate
High Estimate
Low Estimate
High Estimate
Net income (loss)
$
(14
)
$
(7
)
$
95
$
102
EBITDA (1)
$
15
$
25
$
206
$
216
Ammonia utilization rate
60
%
65
%
87
%
89
%
Cash and cash equivalents
$
65
$
75
$
65
$
75
Total long-term debt and finance lease obligations
550
600
550
600
_____________________________
(1)
For a reconciliation of preliminary estimated EBITDA to preliminary estimated net income (loss), the most directly comparable measure in accordance with accounting principles generally accepted in the United States of America (“GAAP”), see “Non-GAAP Reconciliations” section below.
Preliminary Financial Data
The financial and operating results included in this press release are preliminary estimates and subject to the completion of our financial statements, including the completion of the annual audit by the Partnership’s independent registered public accounting firm. The Partnership’s actual results may differ as a result of the Partnership’s financial closing procedures, final adjustments and other developments that may arise between now and the time the Partnership’s results for the fourth quarter and full-year 2025 are issued.
These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP, and they should not be viewed as indicative of the Partnership’s results for any future period. The Partnership’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these preliminary estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.
Non-GAAP Measures
Our management uses certain non-GAAP measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with GAAP. These non-GAAP measures are important factors in assessing our operating results and profitability and include the measures defined below.
The following is a non-GAAP measure we present for the three and twelve months ended December 31, 2025:
EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
We present this measure because we believe it may help investors, analysts, lenders and ratings agencies analyze our results of operations in conjunction with our GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable GAAP measures. See “Non-GAAP Reconciliation” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Non-GAAP Reconciliation
Reconciliation of Preliminary Estimated Net Income (Loss) to Preliminary Estimated EBITDA
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
(in millions)
Low Estimate
High Estimate
Low Estimate
High Estimate
Net income (loss)
$
(14
)
$
(7
)
$
95
$
102
Interest expense, net
7
8
30
31
Depreciation and amortization
22
24
81
83
EBITDA
$
15
$
25
$
206
$
216
Forward-Looking Statements
This news release may contain forward-looking statements. Statements concerning current estimates, expectations and projections about future prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding our preliminary estimates of selected financial and operational results for the fourth quarter and full-year 2025 and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” “upcoming,” “before,” “future,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, including risk and uncertainties related to the completion of our financial closing procedures or any adjustments that may result from management’s review of our consolidated financial statements. Investors are cautioned these and other factors may affect these forward-looking statements. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission filings. These and other risks may cause our actual performance or achievements to differ materially from any future performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners, LP is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,100 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 950 ton-per-day UAN unit.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260125802298/en/
Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVRPartners.com
Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVRPartners.com
Original: CVR Partners Reports Preliminary Estimated Fourth Quarter and Full-Year 2025 Results
UserAlias1
11年前
CVR-Partners Reports 2014 Fourth-Quarter and Full-Year Results And Announces Cash Distribution of 41 Cents
Last update: 19/02/2015 8:30:08 am
SUGAR LAND, Texas, Feb. 19, 2015 /PRNewswire/ -- CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced fourth quarter 2014 net income of $24.8 million, or 34 cents per fully diluted common unit, on net sales of $74.4 million, compared to net income of $27.9 million, or 38 cents per fully diluted common unit, on net sales of $84.3 million for the fourth quarter a year earlier. Adjusted EBITDA, a non-GAAP measure, was $33.5 million for the fourth quarter of 2014, compared to adjusted EBITDA of $36.6 million for the fourth quarter of 2013.
Full year 2014 net income was $76.1 million, or $1.04 per fully diluted common unit, on net sales of $298.7 million, compared to $118.6 million of net income, or $1.62 per fully diluted common unit, on net sales of $323.7 million for 2013. Adjusted EBITDA for full year 2014 was $110.3 million compared to adjusted EBITDA of $152.8 million for the previous year.
"We are pleased to report solid results across the board for the 2014 fourth quarter, which included some of the highest production and operating rates of the year," said Mark Pytosh, chief executive officer. "Key highlights of the quarter included ammonia production of 105,900 tons and on-stream rates for the gasifier and ammonia synthesis loop of nearly 100 percent and 98 percent, respectively. These results, combined with solid pricing of UAN in the marketplace, allowed us to generate a significant increase in cash distributions for the quarter as compared to the 2014 third quarter.
"We continue to see strong customer demand for UAN for the first six months of 2015," Pytosh said. "Pricing to date has been steady, and we have sold substantially all of our expected UAN production for the 2015 first quarter.
"We are planning a three-week turnaround in the third quarter of 2015," he continued. "Even with this planned downtime, we expect 2015 will be a beneficial year for the partnership and its unitholders."
Operations
For the fourth quarter of 2014, average realized gate prices for UAN and ammonia were $247 per ton and $547 per ton, respectively, compared to $253 per ton and $478 per ton, respectively, for the same period in 2013. For the full year 2014, average realized gate prices for UAN and ammonia were $259 per ton and $518 per ton, respectively, compared to $282 per ton and $643 per ton, respectively, for the full year 2013.
CVR Partners produced 105,900 tons of ammonia and purchased an additional 3,900 tons of ammonia during the fourth quarter of 2014, of which 4,400 net tons were available for sale while the rest was upgraded to 259,600 tons of UAN. In the 2013 fourth quarter, the plant produced 98,900 tons of ammonia and purchased an additional 12,300 tons of ammonia, of which 1,600 net tons were available for sale while the remainder was upgraded to 270,100 tons of UAN.
For full year 2014, CVR Partners produced 388,900 tons of ammonia and purchased an additional 33,600 tons of ammonia, of which 28,300 net tons were available for sale while the rest was upgraded to 963,700 tons of UAN. For full year 2013, the company produced 402,000 tons of ammonia and purchased an additional 17,300 tons of ammonia, of which 37,900 net tons were available for sale while the remainder was upgraded to 930,600 tons of UAN.
On-stream factors during the 2014 fourth quarter were 99.6 percent for the gasifiers, 98.2 percent for the ammonia synthesis loop, and 95.8 percent for the UAN conversion facility. Full year 2014 on-stream factors were 96.8 percent for the gasifiers, 92.6 percent for the ammonia synthesis loop, and 92.0 percent for the UAN conversion facility. Excluding the impact of the shutdown for the waste heat boiler installation, the pressure swing adsorption unit upgrade and the Linde air separation unit maintenance, 2014 full year on-stream factors would have been 98.2 percent for the gasifiers, 94.3 percent for the ammonia synthesis loop, and 93.7 percent for the UAN conversion facility.
Distributions
CVR Partners also announced today a fourth quarter 2014 distribution of 41 cents per common unit. The distribution, as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid on March 9, 2015, to unitholders of record on March 2, 2015.
CVR Partners' fourth quarter cash distribution brings the cumulative cash distributions paid or declared for the 2014 full year to $1.39 per common unit.
CVR Partners, LP is a variable distribution master limited partnership. As a result, its quarterly distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices received for its finished products, maintenance capital expenditures, and cash reserves deemed necessary or appropriate by the board of directors of its general partner.
2014 Fourth Quarter Earnings Conference Call
CVR Partners previously announced that it will host its 2014 fourth quarter Earnings Conference Call for analysts and investors on Thursday, Feb. 19, at 11 a.m. Eastern.
The Earnings Conference Call will be broadcast live over the Internet at www.videonewswire.com/event.asp?id=101502. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8029.
For those unable to listen live, the Webcast will be archived and available for 14 days at http://www.videonewswire.com/event.asp?id=101502. A repeat of the conference call can be accessed by dialing (877) 660-6853, conference ID 13600364.
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners' distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Partners' distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains forward-looking statements. You can generally identify forward-looking statements by our use of forward-looking terminology such as "outlook," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. For a discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. These risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, with manufacturing facilities located in Coffeyville, Kansas, CVR Partners, LP is a Delaware limited partnership focused primarily on the manufacture of nitrogen fertilizers. The CVR Partners nitrogen fertilizer manufacturing facility is the only operation in North America that uses a petroleum coke gasification process to produce nitrogen fertilizer and includes a 1,225 ton-per-day ammonia unit, a 3,000 ton-per-day urea ammonium nitrate unit, and a dual-train gasifier complex having a capacity of 84 million standard cubic feet per day of hydrogen.
CVR Partners, LP
Financial and Operational Data (all information in this
release is unaudited other than the statement of operations
and cash flow data for the year ended December 31, 2013 and
the balance sheet data as of December 31, 2013).
Three Months
Ended December Year Ended
31, December 31,
------------------ -------------------
2014 2013 2014 2013
-------- -------- ------ -----------
(in millions, except units and per
unit data)
Consolidated
Statement of
Operations Data:
Net sales (1) $ 74.4 $ 84.3 $298.7 $ 323.7
Cost of product sold
- Affiliates 2.6 2.4 9.4 10.8
Cost of product sold
- Third parties 12.8 16.5 62.6 47.3
Direct operating
expenses -
Affiliates 0.8 0.8 3.0 4.1
Direct operating
expenses - Third
parties 20.9 22.6 95.9 90.0
Selling, general and
administrative
expenses -
Affiliates 2.9 4.1 13.4 16.0
Selling, general and
administrative
expenses - Third
parties 0.9 1.2 4.3 5.0
Depreciation and
amortization 7.0 7.0 27.3 25.6
-------- -------- ------ -----------
Operating
income 26.5 29.7 82.8 124.9
Interest expense and
other financing
costs (1.7) (1.7) (6.7) (6.3)
Other income, net -- -- -- 0.1
-------- -------- ------ -----------
Income
before
income tax
expense
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