Group 1: Company Overview - CVR Partners (NYSE: UAN) is a limited partnership involved in the supply chain of nitrogen fertilizer products, operating within the agricultural chemicals industry with key products like ammonium nitrate and general ammonia [1] Group 2: Investment Focus - The company is characterized as a growth entity, focusing on sectors that are often undervalued or disliked but possess strong fundamentals and good cash flows, particularly in agricultural chemicals [1] - There is a specific interest in sectors such as Oil & Gas and consumer goods, highlighting a strategy that seeks substantial returns from companies that are overlooked for unjustified reasons [1] Group 3: Investment Philosophy - The investment approach emphasizes long-term value investing while also exploring potential deal arbitrage opportunities, indicating a flexible strategy that adapts to market conditions [1] - The company tends to avoid investments in high-tech or certain consumer goods sectors, indicating a preference for more traditional and understandable business models [1]

Group 1 - The article emphasizes the importance of patience when investing in CVR Partners, L.P. (NYSE: UAN), a variable-distribution fertilizer MLP, suggesting that long-term holding is preferred unless compelling reasons to sell arise [1] - The author has a background in the energy industry and has managed a personal investment portfolio since 1998, aiming to match the S&P 500 returns with lower volatility and higher income [1] - The investment strategy focuses on identifying opportunities without regard to asset class, market cap, sector, or yield, with an emphasis on maximizing total return by purchasing when prices are low relative to intrinsic value [1]

Financial Performance - Net sales for the three months ended March 31, 2025, increased to $142,866,000, up 11.9% from $127,665,000 in the same period of 2024[19] - Operating income rose significantly to $34,589,000, compared to $20,059,000 in the prior year, reflecting a 72.3% increase[19] - Net income for the first quarter of 2025 was $27,088,000, more than double the $12,579,000 reported in the same quarter of 2024, representing a 115.5% increase[19] - Basic and diluted earnings per common unit increased to $2.56, up from $1.19 in the prior year, marking a 115.9% rise[19] - Total revenue for the three months ended March 31, 2025, was $142.9 million, an increase of 11.9% compared to $127.7 million for the same period in 2024[45] - For the three months ended March 31, 2025, the company's operating income was $34.6 million, up from $20.1 million in the same period in 2024, and net income increased to $27.1 million from $12.6 million[100] - EBITDA and Adjusted EBITDA for Q1 2025 were $52.9 million, up from $39.5 million in Q1 2024, reflecting a 33.8% increase[114] Assets and Liabilities - Total current assets as of March 31, 2025, were $247,108,000, an increase of 5.8% from $233,541,000 at the end of 2024[17] - Cash and cash equivalents increased to $121,775,000 from $90,857,000, reflecting a 34.1% increase[17] - Total liabilities decreased slightly to $712,293,000 from $725,654,000, a reduction of 1.8%[17] - Long-term debt and finance lease obligation, including current portion, was $570.0 million as of March 31, 2025, slightly up from $568.9 million as of December 31, 2024[42] - As of March 31, 2025, total long-term debt was $548.0 million, consistent with the previous quarter[120] Cash Flow - Cash flows from operating activities for the first quarter of 2025 were $55,391,000, compared to $42,417,000 in the same period of 2024, indicating a 30.6% increase[25] - Total liquidity as of March 31, 2025, was $171.8 million, compared to $129.8 million as of December 31, 2024, indicating a 32.3% increase[119] - Cash flow from operating activities for Q1 2025 was $55.4 million, an increase of $13.0 million or 30.6% compared to $42.4 million in Q1 2024[130] Capital Expenditures - The partnership's capital expenditures for the first quarter of 2025 were $9,871,000, compared to $8,095,000 in the same period of 2024, reflecting a 21.9% increase[25] - Total capital expenditures for Q1 2025 were $5.9 million, with estimated full-year expenditures projected between $50 million and $60 million[123] - Maintenance capital expenditures for Q1 2025 were $3.7 million, with full-year estimates ranging from $40 million to $45 million[123] - Growth capital expenditures for Q1 2025 were $2.2 million, with full-year estimates projected between $10 million and $15 million[123] - The next planned turnaround at the Coffeyville Facility is scheduled for Q4 2025, costing approximately $15 million[124] Inventory and Expenses - Total inventories as of March 31, 2025, were $80.4 million, up from $75.6 million as of December 31, 2024, reflecting a 6.4% increase[36] - The cost of materials and other increased to $27.9 million in Q1 2025 from $25.3 million in Q1 2024, mainly due to higher natural gas prices and freight expenses[106] - Direct operating expenses decreased to $54.5 million in Q1 2025 from $55.7 million in Q1 2024, attributed to lower repairs and maintenance costs[107] Related Party Transactions - Sales to related parties rose to $1,118,000 in Q1 2025, compared to $639,000 in Q1 2024, indicating increased intercompany transactions[58] - Expenses from related parties decreased slightly to $9,916,000 in Q1 2025 from $10,855,000 in Q1 2024, showing a reduction in costs associated with related entities[59] - The Partnership's due to related parties decreased to $4,969,000 as of March 31, 2025, down from $6,213,000 at the end of 2024, reflecting better liquidity management[58] Market and Industry Outlook - The anticipated combination of increasing global population and decreasing arable land per capita supports long-term fundamentals for the U.S. nitrogen fertilizer industry[76] - Regulatory changes, including the EPA's renewable volume obligations, are expected to maintain strong demand for corn, supporting the use of nitrogen-based fertilizers[73] - Geopolitical risks, including the ongoing Russia-Ukraine conflict, may disrupt production and trade in the fertilizer industry, impacting future operations[72] - In spring 2025, farmers are estimated to plant 95.3 million corn acres, a 5.0% increase from 90.7 million acres in 2024, while soybean acres are expected to decrease by 4.1% to 83.5 million acres[79] Operational Improvements - The Partnership aims to achieve industry-leading utilization rates at both manufacturing facilities, focusing on operational improvements and cost reductions[71] - The company plans to execute debottlenecking projects in 2025 to improve reliability and expand production capabilities, including a nitrous oxide abatement unit installation[87] - The partnership is exploring the use of natural gas as an optional feedstock at its Coffeyville Facility, which could enhance ammonia production flexibility[85] - The ammonia utilization rate improved to 101% for the three months ended March 31, 2025, compared to 90% in the same period in 2024, primarily due to planned outages in 2024[96] Compensation and Distributions - Total quarterly distributions for 2025 were declared at $1.75 per common unit, totaling approximately $18.5 million, consistent with the previous quarter's distribution[61] - The Partnership declared a distribution of $2.26 per common unit for Q1 2025, totaling approximately $23.9 million, payable on May 19, 2025[129] - The Compensation Committee adopted the 2025 Performance Based Bonus Plan, which requires achieving at least 50% of an Adjusted EBITDA Threshold for bonus payments[141] - The EBITDA multiplier for the Partnership's performance measures will range from 50% to 150% based on Adjusted EBITDA achieved relative to the threshold[141] - The 2025 UAN Plan will be filed with the Quarterly Report on Form 10-Q for the period ending June 30, 2025[141]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $143 million, net income of $27 million, and EBITDA of $53 million, with a declared distribution of $2.26 per common unit [5][8] - Compared to Q1 2024, EBITDA increased primarily due to higher UAN sales volumes and higher market prices for ammonia, along with lower pet coke feedstock costs [8][6] - Direct operating expenses for Q1 2025 were $54 million, with an increase of approximately $1 million relative to Q1 2024, mainly due to higher natural gas and electricity costs [8][9] Business Line Data and Key Metrics Changes - Combined ammonia production for Q1 2025 was 216,000 gross tons, with 64,000 net tons available for sale, and UAN production was 348,000 tons [5][6] - The company sold approximately 336,000 tons of UAN at an average price of $256 per ton and approximately 60,000 tons of ammonia at an average price of $554 per ton [6][8] - Ammonia prices increased by 5% year-over-year, while UAN prices declined by 4% due to delayed shipments [6][11] Market Data and Key Metrics Changes - The USDA estimates that farmers will plant approximately 95 million acres of corn and 83 million acres of soybeans in spring 2025, with inventory carryout levels for corn at approximately 109% for soybeans [11][12] - Current grain prices are $4.75 per bushel for corn and $10.50 for soybeans, which are below the ten-year averages, supporting strong demand for nitrogen fertilizer [11][12] - The company anticipates that tight nitrogen fertilizer inventories and solid demand will support continued price increases for the spring [6][11] Company Strategy and Development Direction - The company is focused on reliability and performance, with ongoing projects aimed at reducing downtime and improving production rates [18][19] - Plans include installing a nitrous oxide abatement unit at the Coffeyville plant and utilizing natural gas as an alternative feedstock [17][18] - The company expects 2025 to be a period of higher volatility, influenced by geopolitical risks and natural gas market issues in Europe [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong planting season due to favorable weather and attractive farmer economics [6][11] - Concerns were raised about the potential impact of tariffs on fertilizer and grains, which could lead to higher domestic prices [12][14] - The company expects to see higher UAN prices in Q2 2025, reflecting current market conditions [32] Other Important Information - The company ended Q1 2025 with total liquidity of $172 million, consisting of $122 million in cash and $50 million available under the ABL facility [9] - Capital spending for 2025 is estimated to be between $50 million and $60 million, with a significant portion funded through cash reserves [9][10] Q&A Session Summary Question: Can you discuss the step down in utilization rates from Q1? - Management explained that the step down is due to the installation of a new control system at the East Dubuque facility, not a performance issue [23][24] Question: What is the status of growth projects and their impact on ammonia production? - Management indicated that several projects aim to reduce downtime and potentially expand nameplate capacity, leading to increased production over the next two to three years [25][26] Question: Can you provide a cost estimate for the natural gas project? - Management mentioned that the cost is expected to be in the low double-digit millions, with ongoing evaluations of alternatives [27][28] Question: Should we expect more reserves for future operating needs? - Management clarified that reserves are being set aside for growth projects and to ensure cash availability for future capital expenditures [29][30] Question: Will UAN pricing improve in Q2? - Management confirmed that UAN prices are expected to reflect higher market prices in Q2, following an increase since December [32] Question: How will the tight inventory impact summer fill pricing? - Management expressed optimism that tight inventory levels will bode well for summer fill pricing for both ammonia and UAN [33][34] Question: What is the perspective on the pricing divergence between urea and ammonia? - Management noted that the pricing gap is influenced by regional market conditions and supply-demand dynamics, with strong demand for urea and UAN [35][36] Question: How will China's reduced corn purchases affect American farmers? - Management indicated that Mexico is a more significant buyer of corn, and while China may reduce soybean purchases, global demand for corn and soybeans remains strong [39][40]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $143 million, net income of $27 million, and EBITDA of $53 million, with a declared distribution of $2.26 per common unit [6][10] - Compared to Q1 2024, EBITDA increased primarily due to higher UAN sales volumes, higher market prices for ammonia, and lower pet coke feedstock costs [10] - Direct operating expenses for Q1 2025 were $54 million, with an increase of approximately $1 million from Q1 2024, mainly due to higher natural gas and electricity costs [10] Business Line Data and Key Metrics Changes - Combined ammonia production for Q1 2025 was 216,000 gross tons, with 64,000 net tons available for sale, and UAN production was 348,000 tons [6][10] - The company sold approximately 336,000 tons of UAN at an average price of $256 per ton and approximately 60,000 tons of ammonia at an average price of $554 per ton [7][10] - Ammonia prices increased by 5% year-over-year, while UAN prices declined by 4% due to delayed shipments [8] Market Data and Key Metrics Changes - The USDA estimates that farmers will plant approximately 95 million acres of corn and 83 million acres of soybeans in spring 2025, with carryout inventory levels below ten-year averages [13][14] - Current grain prices are $4.75 per bushel for corn and $10.50 for soybeans, supporting strong demand for nitrogen fertilizer [13] Company Strategy and Development Direction - The company is focused on reliability and performance, with ongoing projects aimed at reducing downtime and improving production rates [19][20] - Plans include installing a nitrous oxide abatement unit at the Coffeyville plant and utilizing natural gas as an alternative feedstock [19][18] - The company anticipates continued volatility in the nitrogen fertilizer market due to geopolitical risks and natural gas pricing [17][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong planting season due to favorable weather and solid demand for nitrogen fertilizer [8][9] - Concerns about tariffs on fertilizer and grains were noted, with potential impacts on domestic prices and farmer economics [14][15] - The company expects to maintain high utilization rates and capitalize on tight nitrogen fertilizer inventories [13][36] Other Important Information - The company ended Q1 2025 with total liquidity of $172 million, including $122 million in cash [11] - Capital spending for 2025 is estimated to be between $50 million and $60 million, primarily for maintenance [10] Q&A Session Summary Question: Can you discuss the step down in utilization rates from Q1? - The decrease is due to installing a new control system at the East Dubuque facility, not a performance issue [26] Question: What is the status of growth projects and their impact on ammonia production? - Projects aim to reduce downtime and potentially expand nameplate capacity, leading to increased production over the next two to three years [27][28] Question: Can you provide a cost estimate for the natural gas project? - The project is expected to cost in the low double digits, with ongoing evaluations for natural gas and hydrogen integration [29][30] Question: Should we expect more robust UAN pricing in Q2? - Yes, pricing is expected to reflect current market conditions, which have been escalating since December [34] Question: How will the tight inventory impact summer fill pricing? - A relatively empty system at the end of the planting year is expected to bode well for summer fill pricing [35][36] Question: What is the perspective on the pricing divergence between urea and ammonia? - The ammonia price is not reflective of the Tampa price but rather the local Midwest market, with strong demand and supply constraints affecting pricing [37][39] Question: How will China's reduced corn purchases impact American farmers? - The primary concern is with Mexico as a corn buyer, while the overall global need for corn and soybeans remains strong [40][41]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $143 million, net income of $27 million, and EBITDA of $53 million, with a declared distribution of $2.26 per common unit [5][8] - Ammonia prices increased by 5% year-over-year, while UAN prices declined by 4% due to delayed shipments [6][11] - The company ended the quarter with total liquidity of $172 million, including $122 million in cash [9] Business Line Data and Key Metrics Changes - Consolidated ammonia plant utilization was at 101%, with combined ammonia production of 216,000 gross tons and UAN production of 348,000 tons for Q1 2025 [5][6] - Approximately 336,000 tons of UAN were sold at an average price of $256 per ton, and 60,000 tons of ammonia at an average price of $554 per ton [6][8] Market Data and Key Metrics Changes - The USDA estimates that farmers will plant approximately 95 million acres of corn and 83 million acres of soybeans in spring 2025, with carryout inventory levels below ten-year averages [11][12] - Natural gas prices in Europe have declined to about $12 per MMBtu, while U.S. prices range between $3 and $4.5 per MMBtu [16] Company Strategy and Development Direction - The company is focused on reliability and performance, with ongoing debottlenecking projects aimed at improving production rates and reducing downtime [18][19] - Plans to install a nitrous oxide abatement unit at the Coffeyville plant align with the strategy of reducing the carbon footprint [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong planting season due to favorable weather and solid demand for nitrogen fertilizer [7][11] - Concerns about geopolitical risks and tariffs impacting fertilizer and grain prices were highlighted, with a focus on the potential effects on U.S. farmer economics [12][15] Other Important Information - The company anticipates total capital spending for 2025 to be between $50 million and $60 million, primarily for maintenance capital [9] - The Board of Directors continues to reserve capital for future projects, with expectations for cash flows to support growth initiatives [19] Q&A Session Summary Question: Can you discuss the step down in utilization rates from Q1? - Management explained that the step down is due to the installation of a new control system at the East Dubuque facility, not a performance issue [24] Question: What is the status of growth projects and their impact on ammonia production? - Management indicated that several projects aim to reduce downtime and potentially expand nameplate capacity, leading to increased production over the next two to three years [25][26] Question: Can you provide a cost estimate for the natural gas project? - Management mentioned that the cost is expected to be in the low double digits, with ongoing evaluations of alternatives [27] Question: Should we expect more robust UAN pricing in Q2? - Management confirmed that pricing has been escalating since December and Q2 will reflect higher market prices [32] Question: How will the tight inventory impact summer fill pricing? - Management expressed optimism that tight inventory levels will bode well for summer fill pricing [33][34] Question: What is the perspective on the pricing divergence between urea and ammonia? - Management noted that the Midwest ammonia market is not accurately represented by the Tampa ammonia contract, and the supply-demand balance remains tight [35][36] Question: How will China's reduced corn purchases impact American farmers? - Management indicated that Mexico is a more significant buyer of corn, and while China may reduce soybean purchases, global demand for corn and soybeans remains strong [37][38]

Financial Performance - For the first quarter of 2025, CVR Partners reported net income of $27 million, or $2.56 per common unit, and EBITDA of $53 million on net sales of $143 million, compared to net income of $13 million, or $1.19 per common unit, and EBITDA of $40 million on net sales of $128 million for the same period in 2024[2][9]. - Operating income for Q1 2025 was $34.59 million, compared to $20.06 million in Q1 2024, reflecting stronger performance[21]. - Net income for Q1 2025 was $27.1 million, significantly higher than $12.6 million in Q1 2024, leading to an EBITDA of $52.9 million compared to $39.5 million in the prior year[33]. - Available cash for distribution increased to $23.9 million in Q1 2025 from $20.3 million in Q1 2024, reflecting improved financial performance[33]. Production and Sales - The production of ammonia increased to 216,000 tons in Q1 2025, with 64,000 net tons available for sale, compared to 193,000 tons produced in Q1 2024, of which 60,000 net tons were available for sale[4][21]. - Total net sales for Q1 2025 were $142.87 million, an increase from $127.67 million in Q1 2024, driven by higher fertilizer product sales[21][22]. - Consolidated sales volumes for ammonia decreased to 60,000 tons in Q1 2025 from 70,000 tons in Q1 2024, while UAN sales increased to 336,000 tons from 284,000 tons[28]. - Total ammonia production increased to 216,000 tons in Q1 2025 from 193,000 tons in Q1 2024, with net available for sale rising to 64,000 tons from 60,000 tons[28]. Pricing and Costs - Average realized gate prices for ammonia rose by 5% to $554 per ton in Q1 2025, while UAN prices decreased by 4% to $256 per ton[5]. - Ammonia pricing at gate rose to $554 per ton in Q1 2025, up from $528 per ton in Q1 2024, while UAN pricing decreased to $256 per ton from $267 per ton[28]. - Natural gas costs per MMBtu increased to $4.62 in Q1 2025 from $3.10 in Q1 2024, impacting overall production costs[28]. - Ammonia pricing in the Southern plains decreased slightly to $562 per ton in Q1 2025 from $567 per ton in Q1 2024, while pricing in the Corn belt increased to $618 per ton from $598 per ton[30]. Operational Efficiency - The ammonia utilization rate reached 101% in Q1 2025, up from 90% in Q1 2024, indicating improved operational efficiency[26]. - The company continues to focus on high utilization of its plants and generating free cash flow, indicating a strategic emphasis on operational efficiency and financial health[4]. - The ammonia utilization rate for Q2 2025 is forecasted to be between 93% and 97%[32]. Cash Distribution - CVR Partners declared a cash distribution of $2.26 per common unit for Q1 2025, payable on May 19, 2025[6][9]. - The company declared a cash distribution of $2.26 per common unit related to Q1 2025, to be paid in May 2025[34]. Capital Expenditures - Total capital expenditures for Q1 2025 were $5.93 million, compared to $4.61 million in Q1 2024, with maintenance expenditures at $3.69 million[25]. - Direct operating expenses for Q2 2025 are projected to be between $57 million and $62 million, while total capital expenditures are expected to range from $18 million to $22 million[32].

Core Insights - CVR Partners reported a net income of $27 million, or $2.56 per common unit, for Q1 2025, a significant increase from $13 million, or $1.19 per common unit, in Q1 2024 [1][9] - The company achieved an EBITDA of $53 million on net sales of $143 million in Q1 2025, compared to an EBITDA of $40 million on net sales of $128 million in Q1 2024 [1][19] - The average realized gate prices for ammonia increased by 5% to $554 per ton, while UAN prices decreased by 4% to $256 per ton compared to the previous year [4][32] Financial Performance - Net sales for Q1 2025 were $142.87 million, up from $127.67 million in Q1 2024 [19] - Operating income rose to $34.59 million in Q1 2025 from $20.06 million in Q1 2024 [19] - The company declared a cash distribution of $2.26 per common unit for Q1 2025, payable on May 19, 2025 [5][9] Production and Operations - CVR Partners produced a total of 216,000 tons of ammonia in Q1 2025, an increase from 193,000 tons in Q1 2024 [3][27] - The ammonia utilization rate reached 101% in Q1 2025, compared to 90% in Q1 2024 [26] - The company upgraded a significant portion of its ammonia production into other fertilizer products, producing 348,000 tons of UAN in Q1 2025, up from 305,000 tons in Q1 2024 [3][27] Market Conditions - The supply and demand for nitrogen fertilizer products remain tight, contributing to rising prices as the spring planting season approaches [2] - The average prices for ammonia and UAN in key markets showed mixed trends, with ammonia prices in the Southern Plains at $562 per ton and UAN prices in the Corn Belt at $324 per ton [29][32] Cash Flow and Capital Expenditures - Net cash flow from operating activities was $55.39 million in Q1 2025, compared to $42.42 million in Q1 2024 [25] - Total capital expenditures for Q1 2025 were $5.93 million, up from $4.61 million in Q1 2024 [26] - Available cash for distribution was reported at $23.93 million for Q1 2025, compared to $20.35 million for Q1 2024 [35]

Core Viewpoint - CVR Partners, LP is set to release its first quarter 2025 earnings results on April 28, 2025, after market close, followed by a teleconference on April 29, 2025, to discuss these results [1][2]. Company Overview - CVR Partners, LP is headquartered in Sugar Land, Texas, and operates as a Delaware limited partnership focused on the production, marketing, and distribution of nitrogen fertilizer products [4]. - The company primarily produces urea ammonium nitrate (UAN) and ammonia, which are essential for enhancing crop yield and quality [4]. - The manufacturing facility in Coffeyville, Kansas, has a capacity of 1,300 tons per day for ammonia and 3,100 tons per day for UAN, along with a dual-train gasifier complex capable of producing 89 million standard cubic feet per day of hydrogen [4]. - The East Dubuque, Illinois facility includes a 1,075 tons per day ammonia unit and a 950 tons per day UAN unit [4].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net sales of $140 million, net income of $18 million, and EBITDA of $50 million [8] - Full year 2024 results included net sales of $525 million, operating income of $90 million, net income of $61 million, and EBITDA of $179 million [14] - The fourth quarter distribution was declared at $1.75 per common unit, with full year distributions totaling $6.76 per common unit [9][14] Business Line Data and Key Metrics Changes - Ammonia utilization rate for the year was 96%, with a record 102% at East Dubuque [9][10] - Total ammonia production for Q4 2024 was 210,000 gross tons, with 80,000 net tons available for sale [11] - UAN production reached 310,000 tons, sold at an average price of $229 per ton, while ammonia was sold at an average price of $475 per ton [11] Market Data and Key Metrics Changes - Ammonia sales volumes were stable, while UAN sales volumes decreased by approximately 3% due to challenging weather conditions [12] - Prices for ammonia increased by approximately 3%, while UAN prices declined by about 5% compared to Q4 2023 [12] - The market for nitrogen fertilizer products is tight, with strong demand anticipated for the spring planting season [13] Company Strategy and Development Direction - The company is focused on improving reliability and redundancy at its plants, with capital reserved for projects over the next two to three years [29] - Plans to utilize natural gas as an alternative feedstock to pet coke are underway, which could enhance operational flexibility [25][26] - The company aims to operate plants at utilization rates above 95% of nameplate capacity, excluding turnaround impacts [27] Management Comments on Operating Environment and Future Outlook - Management noted that geopolitical risks could impact the nitrogen fertilizer industry, particularly regarding energy and fertilizer markets [22] - The USDA estimates record high corn yields, which may drive demand for nitrogen fertilizer [19] - The company expects continued volatility in the market and is monitoring potential tariffs on foreign fertilizer imports [23] Other Important Information - The company reported a 40% reduction in total recordable incident rate compared to 2023, indicating improved safety metrics [10] - Total liquidity at the end of the quarter was $130 million, consisting of $91 million in cash and $39 million available under the ABL facility [17] Q&A Session Summary Question: Changes in customer ordering patterns due to Fed rate changes - Management indicated no significant change in customer ordering patterns, with continued ratable buying observed [33] Question: Timing of the Coffeyville project - The dual fuel project is expected to be approved and potentially executed in 2026, with construction starting this year if approved [39][40] Question: Impact of UAN demand due to higher urea prices - Management noted that tight urea supply has lifted both UAN and ammonia prices, with expectations of increased corn acreage leading to higher demand for nitrogen fertilizers [52][54] Question: Trends towards UAN versus ammonia usage - There is no significant trend towards UAN over ammonia; pricing dynamics will influence customer choices [58] Question: UAN presales for Q1 and Q2 2025 - Management confirmed a solid book of business for UAN and ammonia, with customers seeking more than what is available [61] Question: CapEx outlook for the year - Management expects no substantial change in reserves for CapEx, maintaining a comparable level for growth projects [65]