CVR Partners, LP

CVR Partners, LP is a master limited partnership listed on the New York Stock Exchange under the ticker UAN that manufactures ammonia and urea ammonium nitrate (UAN) solution fertilizer products at two nitrogen fertilizer facilities, in Coffeyville, Kansas and East Dubuque, Illinois. The Coffeyville facility is the only one in North America using a petroleum coke gasification process to produce hydrogen for nitrogen fertilizer, while East Dubuque uses natural gas and can flex its product mix between UAN and nitric acid.

For the full year 2024 the partnership reported net sales of USD 525 million, down from USD 681 million in 2023, with net income of USD 61 million, or USD 5.76 per common unit, and EBITDA of USD 179 million. Its facilities produced a combined 836,000 tons of ammonia at a 96 percent combined ammonia utilization rate, of which 270,000 net tons were available for sale, and 1,273,000 tons of UAN. Average realized gate prices declined to USD 248 per ton for UAN and USD 479 per ton for ammonia.

The partnership declared a fourth quarter 2024 cash distribution of USD 1.75 per common unit, bringing cumulative declared distributions for 2024 to USD 6.76 per common unit. Management is also advancing engineering studies on using natural gas as an optional feedstock at Coffeyville, which would give the facility flexibility to switch between pet coke and natural gas based on relative economics.