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, 2023 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 ...

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, 2023 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 jurisdiction o ...

Financial Highlights - For Q2 2023, the company reported net sales of $183 million, net income of $60 million, and EBITDA of $87 million, with a distribution of $4.14 per common unit declared by the Board [5][7][8] - The decline in EBITDA compared to Q2 2022 was primarily due to lower prices for UAN and ammonia, despite higher production and sales volumes [7][22] Business Line Performance - The company sold approximately 329,000 tons of UAN at an average price of $316 per ton and 79,000 tons of ammonia at an average price of $707 per ton, with sales volumes higher than Q2 2022 due to improved operations [6][21] - Ammonia prices fell by 40% and UAN prices fell by 43% compared to the same quarter last year [22] Market Conditions - Grain prices remained strong, with December corn at $5.15 per bushel and November soybeans at $13.30 per bushel, supporting attractive farmer economics [42] - The company noted a significant drought risk affecting USDA yield estimates for corn and soybeans [10] Company Strategy and Industry Competition - The company is pursuing certification for blue ammonia and UAN production and is evaluating brownfield development projects for capacity increases [12] - The company plans to continue reserving capital for potential projects over the next two to three years [12] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about nitrogen fertilizer prices stabilizing and potentially increasing due to strong grain prices and farmer economics [22][42] - The company expects ammonia utilization rates to be between 95% and 100% in Q3 2023, with direct operating expenses projected to be between $50 million and $55 million [40] Other Important Information - Total capital spending for 2023 is estimated to be approximately $33 million to $35 million, with a focus on maintenance capital [24] - The company ended the quarter with total liquidity of $104 million, consisting of $69 million in cash and $35 million available under the ABL facility [24] Q&A Session Summary Question: What are the leading drivers behind nitrogen prices stabilizing? - Management indicated that a combination of planned turnarounds and operating difficulties, along with consistent demand, contributed to the stabilization of nitrogen prices [32] Question: Is the summer fill program for ammonia and UAN over? - Yes, the summer fill program has concluded [34] Question: Can you provide insights on fourth quarter production sold at summer fill prices? - The volume sold was lower than historic averages, with customers shifting to shorter purchasing increments due to increased carrying costs [35] Question: Should we expect pet coke prices to remain around the $75 ton level for the second half of the year? - Yes, the company is in longer-term contracts for pet coke, and prices are expected to reset lower next year due to low natural gas prices [51] Question: What are the current fall prices for UAN compared to summer lows? - Current pricing for UAN is approximately 20% higher than summer fill prices [52]

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 March 31, 2023 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 jurisdiction ...

CVR Partners, LP (NYSE:UAN) Q1 2023 Results Conference Call May 2, 2023 11:00 AM ET Company Participants Richard Roberts - Vice President, Financial Planning and Analysis and IR Mark Pytosh - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants Rob McGuire - Granite Research Operator Greetings, and welcome to the CVR Partners LP First Quarter 2023 Conference Call. [Operator Instructions] It is now my pleasure to introduce your host. Richard Roberts, Vice President of ...

Commodity Price Risks - The company reported a significant reliance on natural gas as the primary raw material for nitrogen-based products, with market prices being volatile and influenced by grain prices and demand fluctuations [284]. - The company faces risks related to the cyclical and highly volatile nature of nitrogen fertilizer prices, which could materially impact financial performance [35]. - The company is exposed to significant market risks due to potential changes in fertilizer product prices, which are subject to fluctuations in commodity markets [284]. - The company has commitments to purchase natural gas through various contracts, indicating a strategic approach to manage commodity price risk [283]. - The company’s future operations may be influenced by geopolitical factors, including the ongoing Russia-Ukraine conflict, which could affect commodity supply chains and pricing [26]. Financial Performance - Net sales for the year ended December 31, 2022, were $835.6 million, a 57% increase from $532.6 million in 2021 [305]. - Operating income for 2022 was $319.9 million, compared to $134.5 million in 2021, reflecting a significant improvement in profitability [305]. - Net income for 2022 reached $286.8 million, up from $78.2 million in 2021, indicating a strong recovery and growth trajectory [305]. - Basic and diluted earnings per common unit for 2022 were $27.07, compared to $7.31 in 2021, showcasing enhanced earnings performance [305]. - Net income for the year ended December 31, 2022, was $286,801,000, a significant increase from $78,155,000 in 2021 [311]. - Net cash provided by operating activities increased to $301,464,000 in 2022 from $188,725,000 in 2021, reflecting a growth of 59.7% [311]. - Total revenue for the year ended December 31, 2022, was $835,584,000, a 57% increase from $532,581,000 in 2021 [383]. Asset and Liability Management - Total assets as of December 31, 2022, were $1.1 billion, a decrease from $1.13 billion in 2021, primarily due to changes in cash and long-term debt [302]. - Total current liabilities decreased to $126.1 million in 2022 from $161.9 million in 2021, indicating improved liquidity management [302]. - Long-term debt decreased to $546.8 million in 2022 from $610.6 million in 2021, reflecting a reduction in leverage [302]. - Cash and cash equivalents as of December 31, 2022, were $86.3 million, down from $112.5 million in 2021, highlighting cash flow dynamics [302]. - The total lease liability as of December 31, 2022, was $10,905,000, with total lease payments amounting to $12,220,000 [363]. Operational Efficiency - The company’s operations are dependent on third-party suppliers, which could adversely affect business continuity and operational efficiency [35]. - The company has limited asset diversification and is dependent on significant customers, which poses risks to revenue stability [30]. - The Partnership incurred turnaround expenses of $33.4 million in 2022, compared to $2.9 million in 2021 and $0.7 million in 2020, indicating a significant increase in maintenance activities [350]. - The Partnership's total property, plant, and equipment, net was $810,994,000 as of December 31, 2022, compared to $850,462,000 in 2021, a decrease of 4.6% [329]. Regulatory and Environmental Factors - The company is subject to environmental regulations that could increase operational costs and impact profitability [35]. - No liabilities have been recognized for environmental remediation matters as of December 31, 2022, indicating no identified probable or estimable issues [342]. - The environmental agreement allows CRRM to manage certain environmental liabilities, with no recorded liabilities as of December 31, 2022 [420]. Shareholder Returns - The Partnership declared a distribution of $10.50 per common unit for the fourth quarter of 2022, totaling $111.0 million, payable on March 13, 2023 [427]. - Total quarterly distributions for 2022 reached $204.8 million, with $129.6 million paid to public unitholders and $75.2 million to CVR Energy [426]. Customer Concentration - The largest concentration of credit for any one customer was approximately 45% of the accounts receivable net balance at December 31, 2022 [324]. - Major customers accounted for 30% and 26% of net sales for the years ended December 31, 2022, and 2020, respectively [387]. Compensation and Employee Costs - Share-based compensation increased to $9,231,000 in 2022 from $5,888,000 in 2021, reflecting a 56% rise [364]. - For the year ended December 31, 2022, the total compensation expense related to phantom unit awards was approximately $25.7 million, compared to $27.0 million in 2021 and $0.6 million in 2020 [393]. - The Partnership recognized personnel costs of $8.3 million for the year ended December 31, 2022, compared to $8.1 million in 2021 and $6.6 million in 2020 [416].

CVR Partners, LP (NYSE:UAN) Q4 2022 Earnings Conference Call February 22, 2023 11:00 AM ET Company Participants Richard Roberts - Vice President, Financial Planning and Analysis and IR Mark Pytosh - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants Rob McGuire - Granite Research Operator Greetings. And welcome to the CVR Partners Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will fo ...

CVR Partners, LP (NYSE:UAN) Q3 2022 Earnings Conference Call November 1, 2022 11:00 AM ET Company Participants Richard Roberts - Vice President of Financial Planning & Analysis & Investor Relations Mark Pytosh - Chief Executive Officer Dane Neumann - Chief Financial Officer Conference Call Participants Rob McGuire - Granite Research Operator Greetings. Welcome to CVR Partners LP Third Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will f ...

PART I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q2 2022 reflect significant increases in net income and cash from operations, alongside improved liquidity and reduced debt [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, total assets slightly decreased to $1.119 billion, while cash and partners' capital increased, and total liabilities significantly decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $156,312 | $112,516 | | Total current assets | $283,371 | $262,245 | | Total assets | $1,118,800 | $1,127,058 | | **Liabilities & Partners' Capital** | | | | Deferred revenue | $4,196 | $87,060 | | Total current liabilities | $95,797 | $161,860 | | Long-term debt, net | $546,558 | $610,642 | | Total liabilities | $657,614 | $784,860 | | Total partners' capital | $461,186 | $342,198 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The Partnership reported a significant increase in profitability for Q2 and H1 2022, with net sales and net income substantially rising year-over-year Statement of Operations Highlights (in thousands, except per unit data) | Metric | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $244,000 | $138,025 | $466,874 | $198,945 | | Operating income | $125,928 | $30,314 | $229,855 | $16,308 | | Net income (loss) | $117,582 | $7,020 | $211,243 | $(18,364) | | Basic and diluted EPS | $11.12 | $0.66 | $19.90 | $(1.72) | | Distributions declared per unit | $2.26 | $— | $7.50 | $— | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $215.6 million for H1 2022, while cash was primarily used for debt repayment and distributions Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $215,611 | $22,979 | | Net cash used in investing activities | $(13,730) | $(5,344) | | Net cash used in financing activities | $(158,085) | $(5,375) | | **Net increase in cash** | **$43,796** | **$12,260** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the Partnership's business, debt structure, and revenue recognition, highlighting debt redemption and significant distribution declarations - On February 22, 2022, the Partnership redeemed all outstanding 9.25% Senior Secured Notes due 2023 at par, paying the **$65 million** balance and recognizing a **$0.6 million** loss on extinguishment of debt[43](index=43&type=chunk)[47](index=47&type=chunk) Disaggregated Revenue by Product (in thousands) | Product | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Ammonia | $60,942 | $32,097 | $102,953 | $41,630 | | UAN | $159,399 | $87,585 | $319,006 | $125,647 | - For Q2 2022, the Partnership declared a distribution of **$10.05 per common unit**, totaling **$106.2 million**, payable in August 2022[64](index=64&type=chunk) - During the six months ended June 30, 2022, the Partnership repurchased **111,695 common units** for **$12.4 million** under its Unit Repurchase Program[27](index=27&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant financial improvement in H1 2022 to strong nitrogen fertilizer pricing and global supply disruptions, despite some operational downtime [Industry Factors and Market Indicators](index=19&type=section&id=Industry%20Factors%20and%20Market%20Indicators) Global events, including the Russia-Ukraine conflict and high European natural gas prices, have significantly impacted the nitrogen fertilizer market, tightening supply and raising prices - The Russia-Ukraine conflict has significantly impacted global fertilizer and agriculture markets by restricting exports from the Black Sea, tightening supply, and causing grain and fertilizer prices to rise[80](index=80&type=chunk) - The USDA estimates **89.9 million corn acres** planted in spring 2022, a **3.7% decrease** from 2021, while soybean acres increased **1.3%** to **88.3 million**[86](index=86&type=chunk) - On July 18, 2022, the ITC made a negative final injury determination regarding UAN imports from Russia and Trinidad, meaning anti-dumping and countervailing duties will not be imposed, normalizing trade flows[90](index=90&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Operating income significantly increased in Q2 and H1 2022, driven by substantially higher product pricing for ammonia and UAN, offsetting lower sales volumes and higher feedstock costs Product Pricing at Gate ($ per ton) | Product | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Ammonia | $1,183 | $404 | $1,157 | $403 | | UAN | $554 | $236 | $492 | $174 | Feedstock Costs | Feedstock | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Petroleum coke ($/ton) | $49.91 | $36.69 | $53.06 | $39.73 | | Natural gas ($/MMBtu) | $7.34 | $3.04 | $6.48 | $3.07 | - Consolidated ammonia utilization decreased to **89%** in Q2 2022 from **99%** in Q2 2021, primarily due to unplanned downtime at both facilities[97](index=97&type=chunk)[98](index=98&type=chunk) - For H1 2022, net sales increased by **$268.0 million**, primarily due to a **$262.3 million** positive impact from favorable pricing, partially offset by a **$7.6 million** negative impact from lower sales volumes[113](index=113&type=chunk) [Non-GAAP Reconciliations](index=27&type=section&id=Non-GAAP%20Reconciliations) The company utilizes non-GAAP measures like EBITDA and Available Cash for Distribution, both showing significant increases for Q2 and H1 2022 Reconciliation of Net Income to EBITDA (in thousands) | Metric | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $117,582 | $7,020 | $211,243 | $(18,364) | | Interest expense, net | $8,308 | $23,334 | $18,343 | $39,251 | | Depreciation & amortization | $21,220 | $21,119 | $40,686 | $35,242 | | **EBITDA** | **$147,229** | **$51,473** | **$270,649** | **$56,148** | - Available Cash for Distribution for the second quarter of 2022 was determined to be **$106.2 million**, leading to a declared distribution of **$10.05 per common unit**[135](index=135&type=chunk)[136](index=136&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2022, total liquidity stood at $191.3 million, bolstered by debt redemption and projected capital expenditures for facility turnarounds - Total liquidity as of June 30, 2022 was **$191.3 million**, including **$156.3 million** in cash and **$35.0 million** available under the ABL Credit Facility[143](index=143&type=chunk) - The company redeemed the remaining **$65 million** of its 2023 Notes in February 2022, which will save approximately **$6 million** in annual cash interest expense[141](index=141&type=chunk) - Total capital expenditures for 2022 are estimated to be between **$44 million** and **$47 million**, with planned turnarounds at Coffeyville and East Dubuque facilities scheduled for July/August 2022 costing **$12-$15 million** and **$19-$21 million**, respectively[147](index=147&type=chunk)[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risks were reported as of June 30, 2022, compared to those disclosed in the 2021 Annual Report on Form 10-K - There have been no material changes to market risks as of and for the three and six months ended June 30, 2022, compared to those discussed in the 2021 Form 10-K[159](index=159&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the Partnership's disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting - Management concluded that the Partnership's disclosure controls and procedures were effective as of June 30, 2022[160](index=160&type=chunk) - No material changes in internal controls over financial reporting occurred during the fiscal quarter ended June 30, 2022[161](index=161&type=chunk) PART II. Other Information [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 for legal proceedings, indicating no material changes in commitments or contingencies and no expected material financial impact - For information on legal proceedings, the report refers to Note 11 ("Commitments and Contingencies")[163](index=163&type=chunk) - Note 11 indicates no material changes in commitments and contingencies and no expected material impact from ongoing proceedings[55](index=55&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes from previously disclosed risk factors were reported, though the Russia-Ukraine conflict could potentially affect them - There have been no material changes from the risk factors previously disclosed in the 2021 Form 10-K, although they could be affected by the Russia-Ukraine conflict[165](index=165&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No other information is reported for this period - None[166](index=166&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including required certifications by executive officers and Inline XBRL financial data - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 31.3, 31.4, 32.1) and financial statements in Inline XBRL format (101, 104)[168](index=168&type=chunk)

CVR Partners LP (NYSE:UAN) Q2 2022 Earnings Conference Call August 2, 2022 11:00 AM ET Company Participants Richard Roberts - IR Officer Mark Pytosh - CEO, President & Director Dane Neumann - EVP, CFO & Treasurer Conference Call Participants Rob McGuire - Granite Research Operator Greetings, and welcome to the CVR Partners, LP Second Quarter 2022 Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Richard ...