CVR Partners, LP

Third-quarter 2026 net sales were $146 million. Net loss was $11 million, or $1.02 per common unit, and EBITDA was $20 million. Operating loss was $4 million. Ammonia plant utilization was 80%, affected by the planned East Dubuque turnaround. Total ammonia production was 175 thousand gross tons, with 46 thousand net tons available for sale, and UAN production was 294 thousand tons. Sales included about 327 thousand tons of UAN at an average price of $309 per ton and about 36 thousand tons of ammonia at an average price of $637 per ton. Relative to Q3 2025, EBITDA declined mainly because of turnaround expenses and lower UAN sales prices; ammonia prices increased about 20% year over year while UAN prices decreased about 11%. Direct operating expenses were $90 million, including about $27 million of turnaround expenses. For 2026, total capital spending is expected to be about $95 million to $104 million, including $55 million to $63 million of maintenance capital. Fourth-quarter 2026 ammonia plant utilization is expected to be between 88% and 93%, with direct operating expenses excluding inventory and turnaround impacts of $58 million to $63 million, turnaround expenses of $4 million to $6 million, and total capital spending of $26 million to $34 million.

Dane Neumann framed the quarter as operationally solid aside from the planned East Dubuque turnaround, emphasizing that facilities ran well and that the company continues to see steady demand after the summer price reset. He said prices for both ammonia and UAN have steadily increased since the summer and that CVR Partners has a good order book for the rest of 2026 and into 2027. He also pointed to structural support from low U.S. natural gas prices, tight local supply, and geopolitical disruptions to global nitrogen markets.

Richard Roberts emphasized that Q3 results were driven by turnaround expense and lower UAN sales prices, while ammonia pricing improved year over year. He detailed $146 million of net sales, $11 million of net loss, $20 million of EBITDA, $90 million of direct operating expenses, and about $27 million of turnaround expense. He also said cash available for distribution was $19 million after about $1 million of net cash needs and a $42 million release of previous reserves, and that the balance sheet ended the quarter with total liquidity of $203 million, including $158 million of cash and availability under the ABL facility.

There were no analyst questions in the session, so no additional Q&A issues were raised. Management nonetheless addressed likely investor concerns in prepared remarks, including the impact of the East Dubuque turnaround, the timing of the return to higher utilization, and the use of reserves to fund capital projects. They also reiterated expectations for higher cash needs near term as the company ramps spending on expansion and reliability projects.