CVR Partners, LP (NYSE:UAN) Q1 2022 Earnings Conference Call May 3, 2022 11:00 AM ET Company Participants Richard Roberts - Vice President of Financial Planning and Analysis and Investor Relations Mark Pytosh - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants Richard Kus - Jefferies Operator 00:03 Greetings and welcome to the CVR Partners First quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer sessio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35120 ______________________________________________ ...

Financial Data and Key Metrics Changes - For the full year 2021, the company reported net sales of $533 million, net income of $78 million, and EBITDA of $213 million, a significant improvement from a net sales of $350 million and an operating loss of $35 million in 2020 [15][8] - In Q4 2021, net sales were $189 million, net income was $61 million, and EBITDA was $93 million, compared to net sales of $90 million and an operating loss of $1 million in Q4 2020 [9][16] - The company declared total cash distributions for the full year 2021 of $9.89 per common unit and a fourth quarter distribution of $5.24 per common unit [8][9] Business Line Data and Key Metrics Changes - The company produced approximately 197,000 gross tons of ammonia in Q4 2021, down from 220,000 gross tons in the prior year period, with 70,000 net tons available for sale [12] - UAN production in Q4 2021 was 288,000 tons, compared to 335,000 tons in the prior year period [12] - The average realized price for UAN was $347 per ton, and for ammonia, it was $745 per ton, with year-over-year pricing increases of 150% for UAN and 179% for ammonia [13] Market Data and Key Metrics Changes - The nitrogen fertilizer market saw significant improvements in 2021, driven by strong demand and pricing, with a favorable fall harvest in the U.S. [10][13] - Supply challenges in Europe and restrictions on urea exports from China and Egypt contributed to higher prices for nitrogen fertilizers [27] - The Department of Commerce's preliminary determination of countervailing duties against UAN imports from Russia and Trinidad may reduce core volumes, supporting pricing in the U.S. [29][30] Company Strategy and Development Direction - The company is focused on maximizing cash flow generation while safely operating its plants and managing costs [35] - There is an ongoing evaluation of opportunities to improve and diversify the business, including potential investments in decarbonization projects and brownfield expansions [34][48] - The company aims to maintain a disciplined approach to capital deployment, with a high hurdle rate for any new investments [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong crop prices and favorable planting conditions for the upcoming season, with a good order book for spring [26][28] - The company is closely monitoring the geopolitical situation regarding Russia and Ukraine, which could impact nitrogen fertilizer exports [27] - Management expects strong pricing to persist through the first half of 2022, supported by a tight nitrogen fertilizer market [28] Other Important Information - The company completed a $95 million debt reduction, significantly lowering its annual debt service cost by approximately $26 million [22][33] - The company has approximately $148 million in liquidity as of December 31, 2021, with $113 million in cash [21] Q&A Session Summary Question: Can you help me get to a pro forma liquidity number between the payout of the distribution and the redemption of the old first lien notes? - Management indicated that they maintain minimum liquidity levels similar to the past and that strong operating performance has not materially impacted that minimum balance [38][40] Question: Can you remind us what the minimum liquidity level is? - The minimum target liquidity level is usually between $20 million to $30 million, which may increase with higher prices [39] Question: Can you help us understand the drop in imports for UAN? - Management noted that the drop in imports was primarily observed in the fourth quarter due to concerns over potential duties, leading to a slowdown in imports from Russia and Trinidad [41] Question: Is Coffeyville still considered a pet coke facility? - Management confirmed that Coffeyville has become more competitive with pet coke and that they have adequate supplies and agreements with refiners [42][43] Question: What are the company's plans for future investments? - Management stated that they are considering a combination of M&A activity and diversification opportunities, but will be methodical and disciplined in their approach [46][47]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-35120 CVR PARTNERS, LP (Exact name of registrant as specified in its charter) (State or other jurisdict ...

CVR Partners LP (NYSE:UAN) Q3 2021 Earnings Conference Call November 2, 2021 11:00 AM ET Company Participants Richard Roberts - IR Officer Mark Pytosh - Chief Executive Officer & President Dane Neumann - Executive Vice President & Chief Financial Officer Conference Call Participants Brian DiRubbio - Baird William Stein - Private Investor Rob McGuire - Granite Research Operator Greetings. Welcome to the CVR Partners LP Third Quarter 2021 Conference Call. [Operator Instructions]. As a reminder, this conferenc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35120 CVR PARTNERS, LP (Registrant's telephone number, including area code) _____________________________________________________________ For th ...

CVR Partners LP (NYSE:UAN) Q2 2021 Earnings Conference Call August 3, 2021 11:00 AM ET Company Participants Richard Roberts - IR Officer Mark Pytosh - CEO, President & Director Tracy Jackson - EVP & CFO Conference Call Participants Richard Kus - Jefferies Brian DiRubbio - Brian DiRubbio Operator Greetings, and welcome to the CVR Partners LP Second Quarter 2021 Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Mr ...

Financial Performance - Net sales for the three months ended March 31, 2021, were $60,921,000, a decrease of 18.9% compared to $75,080,000 for the same period in 2020[22] - The operating loss for the first quarter of 2021 was $14,006,000, compared to an operating loss of $4,972,000 in the first quarter of 2020[22] - Net loss for the three months ended March 31, 2021, was $25,384,000, compared to a net loss of $20,735,000 for the same period in 2020, representing a 22.5% increase in loss[22] - For the three months ended March 31, 2021, the company's operating loss was $14.0 million, and net loss was $25.4 million, representing an increase of $9.0 million and $4.7 million, respectively, compared to the same period in 2020[97] - EBITDA for the quarter ended March 31, 2021, was $4.7 million, down from $10.7 million in the same quarter of 2020[114] - EBITDA for the three months ended March 31, 2021, was $4.674 million, a decrease of 56.1% from $10.652 million in the same period of 2020[116] - Available Cash for distribution was $(9.479) million for Q1 2021, compared to $(5.919) million in Q1 2020[116] Cash and Liquidity - Cash and cash equivalents increased to $52,561,000 as of March 31, 2021, from $30,559,000 at the end of 2020, marking a 72.0% increase[28] - Total liquidity as of March 31, 2021, was $77.2 million, combining cash and cash equivalents with available credit[123] - Cash paid for interest decreased to $45,000 in Q1 2021 from $49,000 in Q1 2020, reflecting a reduction of approximately 8.16%[12] - Net cash flow provided by operating activities for Q1 2021 was $25.551 million, a decrease of 7.8% from $27.707 million in Q1 2020[132] Assets and Liabilities - Total current assets rose to $132,730,000 as of March 31, 2021, compared to $118,214,000 at December 31, 2020, reflecting a 12.3% increase[20] - Total current liabilities increased to $99,828,000 as of March 31, 2021, from $76,341,000 at December 31, 2020, indicating a 30.7% rise[20] - The Partnership's total long-term debt, including current portion, was $637,256,000 as of March 31, 2021, slightly up from $636,182,000 as of December 31, 2020[54] - Total long-term debt as of March 31, 2021, was $634.946 million, slightly increased from $633.942 million as of December 31, 2020[124] - The estimated fair value of long-term debt outstanding was approximately $650.6 million as of March 31, 2021, compared to $645.7 million as of December 31, 2020[54] Inventory and Production - Total inventories increased to $57,184,000 as of March 31, 2021, compared to $42,349,000 as of December 31, 2020, reflecting a growth of 35.0%[40] - Ammonia gross production for the three months ended March 31, 2021, was 188,000 tons, down from 201,000 tons in 2020, while net available for sale was 70,000 tons compared to 78,000 tons in 2020[96] - The company's ammonia utilization rate increased by 3% to 96% for the two years ended March 31, 2021, compared to the previous two-year period[93] Expenses - Share-based compensation expense for the three months ended March 31, 2021, was $3,592,000, compared to a negative expense of $477,000 in the same period of 2020[60] - Direct operating expenses (exclusive of depreciation and amortization) increased to $37.1 million for the three months ended March 31, 2021, compared to $35.1 million in 2020[105] - Cost of materials and other decreased to $17.8 million from $24.0 million for the three months ended March 31, 2021, largely due to reduced sales[104] - Operating lease expense for the three months ended March 31, 2021, was $916,000, down from $1,111,000 in the same period of 2020, a decrease of 17.5%[44] - The Partnership recognized lease expense components totaling $1,099,000 for the three months ended March 31, 2021, compared to $1,215,000 in the same period of 2020, a decrease of 9.5%[44] Market and Industry Outlook - The general business environment is expected to remain volatile in 2021 due to uncertainty around feedstock availability and product demand[80] - The anticipated long-term fundamentals for the U.S. nitrogen fertilizer industry include increasing global population and decreasing arable land per capita[81] - Higher corn and soybean prices have increased expectations for planted corn and soybean acres for spring 2021, leading to higher demand for nitrogen fertilizer[85] - The company anticipates attractive farm economics in 2021 based on expected yields and crop prices, with farmers intending to plant 91.1 million acres of corn and 87.6 million acres of soybeans, marking historical highs[86] Other Information - The Partnership repurchased 24,378 common units at a cost of $529,000 during the first quarter of 2021, with an average price of $21.70 per unit[32] - The Partnership had $12.4 million remaining under the Unit Repurchase Program as of March 31, 2021[32] - The Partnership did not declare any cash distributions for Q1 2021, continuing from no distributions in 2020[130] - Capital expenditures for Q1 2021 were $3.125 million, with estimated full-year expenditures ranging from $22 million to $26 million[127] - The next planned turnaround at the Coffeyville Facility is expected to occur in fall 2021, with an estimated cost of $8 to $10 million[128] - CVR Partners, LP reported a performance-based bonus plan approved on February 19, 2021[144] - The financial information for the quarter ended March 31, 2021, includes unaudited condensed consolidated balance sheets and statements of operations[144] - The company emphasizes that the agreements filed are intended to provide investors with information regarding their respective terms, not factual information about the business[146]

CVR Partners, LP (NYSE:UAN) Q1 2021 Earnings Conference Call May 4, 2021 11:00 AM ET Company Participants Richard Roberts - Senior Manager, Financial Planning & Analysis & Investor Relations Mark Pytosh - Chief Executive Officer Tracy Jackson - Chief Financial Officer Conference Call Participants Brian DiRubbio - Baird Roger Spitz - Bank of America Operator Greetings and welcome to the CVR Partners First Quarter 2021 Conference Call. At this time, all participants are in a listen-only mode. A brief question ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________ Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35120 ______________________________________________ ...