CVR Partners LP (UAN)

CVR Energy and CVR Partners Announce Leadership ChangesJune 22, 2026 6:44 PM
Business Wire CVR Energy, Inc. (NYSE: CVI or “CVR Energy”) and CVR Partners, LP (NYSE: UAN or “CVR Partners”) are pleased to announce that Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer of CVI and the general partner of UAN (collectively, the “CVR Entities”), as well as to their Boards of Directors, effective June 18, 2026, following Mark Pytosh’s resignation from the CVR Entities for personal reasons. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260622736918/en/ “On behalf of our Boards of Directors, I am pleased to welcome Dane to the helm of our companies,” said Robert Flint, Chairman of the Boards of Directors of each of the CVR Entities. “Since joining CVR, Dane’s exceptional leadership, financial discipline and deep expertise in all aspects of our businesses, combined with his unwavering commitment to our Mission and Values, have enabled him to serve as a critical catalyst for process improvements, setting the stage for the growth and value creation that remain primary priorities for our companies. These unprecedented times demand unprecedented focus, and we are confident Dane is the right person to lead us into the future.” “We have an exceptional and dedicated team that has been laser focused on maintaining our operational excellence and optimizing our business,” said Mr. Neumann. “Looking ahead, we intend to carry our philosophy of Continuous Improvement into all aspects of our businesses, seeking to maintain safe, reliable operations while driving meaningful growth and shareholder returns.” Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 process improvements, growth, value creation, operational excellence, business optimization, our ability to continuously improve, safe and reliable operations, meaningful growth and shareholder returns. 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, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others), future actions of the EPA, the outcome of related court proceedings 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 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 Energy and CVR Partners disclaim 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 Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. 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 Energy and CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations pages of their websites. CVR Energy and CVR Partners may use these channels to distribute material information about CVR Energy and/or CVR Partners, as applicable, and to communicate important information about CVR Energy, CVR Partners, corporate initiatives and other matters. Information that CVR Energy or CVR Partners post on their websites could be deemed material; therefore, CVR Energy and CVR Partners encourage investors, the media, their customers, business partners and others interested in CVR Energy and/or CVR Partners to review the information posted on their websites. View source version on businesswire.com: https://www.businesswire.com/news/home/20260622736918/en/ Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com Original: CVR Energy and CVR Partners Announce Leadership Changes

CVR Energy and CVR Partners Announce Leadership ChangesJune 22, 2026 5:31 PM
Business Wire CVR Energy, Inc. (NYSE: CVI or “CVR Energy”) and CVR Partners, LP (NYSE: UAN or “CVR Partners”) are pleased to announce that Dane Neumann, Executive Vice President and Chief Financial Officer, has been promoted to the position of President and Chief Executive Officer of CVI and the general partner of UAN (collectively, the “CVR Entities”), as well as to their Boards of Directors, effective June 18, 2026, following Mark Pytosh’s resignation from the CVR Entities for personal reasons. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260622736918/en/ “On behalf of our Boards of Directors, I am pleased to welcome Dane to the helm of our companies,” said Robert Flint, Chairman of the Boards of Directors of each of the CVR Entities. “Since joining CVR, Dane’s exceptional leadership, financial discipline and deep expertise in all aspects of our businesses, combined with his unwavering commitment to our Mission and Values, have enabled him to serve as a critical catalyst for process improvements, setting the stage for the growth and value creation that remain primary priorities for our companies. These unprecedented times demand unprecedented focus, and we are confident Dane is the right person to lead us into the future.” “We have an exceptional and dedicated team that has been laser focused on maintaining our operational excellence and optimizing our business,” said Mr. Neumann. “Looking ahead, we intend to carry our philosophy of Continuous Improvement into all aspects of our businesses, seeking to maintain safe, reliable operations while driving meaningful growth and shareholder returns.” Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 process improvements, growth, value creation, operational excellence, business optimization, our ability to continuously improve, safe and reliable operations, meaningful growth and shareholder returns. 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, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others), future actions of the EPA, the outcome of related court proceedings 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 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 Energy and CVR Partners disclaim 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 Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. 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 Energy and CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations pages of their websites. CVR Energy and CVR Partners may use these channels to distribute material information about CVR Energy and/or CVR Partners, as applicable, and to communicate important information about CVR Energy, CVR Partners, corporate initiatives and other matters. Information that CVR Energy or CVR Partners post on their websites could be deemed material; therefore, CVR Energy and CVR Partners encourage investors, the media, their customers, business partners and others interested in CVR Energy and/or CVR Partners to review the information posted on their websites. View source version on businesswire.com: https://www.businesswire.com/news/home/20260622736918/en/ Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com Original: CVR Energy and CVR Partners Announce Leadership Changes

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

CVR Partners Files Form 10-K Annual Report For Fiscal Year Ended December 31, 2025February 18, 2026 4:57 PM
Business Wire
CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, announced that its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, was filed today with the Securities and Exchange Commission and can be viewed on its website at www.CVRPartners.com by selecting the “SEC Filings” link.


Upon written request, unitholders may receive, free of charge, a printed copy of the Annual Report on Form 10-K, which includes audited financial statements. Please send requests to the following address:


CVR Partners, LP

Attn: Investor Relations

2277 Plaza Drive, Suite 500

Sugar Land, Texas 77479


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/20260218827583/en/
For further information, please contact:


Investor Relations:

Richard Roberts

CVR Partners, LP

(281) 207-3205

InvestorRelations@CVRPartners.com


Media Relations:

Brandee Stephens

CVR Partners, LP

(281) 207-3516

MediaRelations@CVRPartners.com


Original: CVR Partners Files Form 10-K Annual Report For Fiscal Year Ended December 31, 2025

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