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, 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 CVR PARTNERS, LP (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Financial Data and Key Metrics Changes - For Q2 2020, the company reported net sales of $105 million, a net loss of $42 million, and EBITDA of negative $2 million, which included a non-cash goodwill impairment of $41 million [7][14] - This compares to net sales of $138 million and operating income of $35 million in Q2 2019, indicating a significant decline in performance year-over-year [13][14] - Direct operating expenses decreased to $40 million from $46 million in the prior year period, reflecting cost reduction efforts [15] Business Line Data and Key Metrics Changes - The company produced approximately 216,000 gross tons of ammonia in Q2 2020, with 79,000 net tons available for sale, compared to 211,000 gross tons and 71,000 net tons in the prior year [9] - UAN production was 321,000 tons in Q2 2020, slightly up from 316,000 tons in the prior year, while sales were approximately 337,000 tons at an average price of $165 per ton [10] - Ammonia sales reached approximately 111,000 tons at an average price of $332 per ton, with year-over-year pricing down 27% [10] Market Data and Key Metrics Changes - The company noted that normal weather conditions for spring fertilizer application resulted in approximately 92 million acres of corn planted, an increase of over 2 million acres compared to last year [11] - Despite lower nitrogen fertilizer prices, demand remained strong, and the company has a good order book for the coming months [11][27] - Natural gas prices have been trending lower, which helped offset some price weaknesses in UAN and ammonia [10][28] Company Strategy and Development Direction - The company aims to maximize free cash flow by operating plants reliably and at high utilization rates while managing costs prudently [29] - There is a focus on selectively investing in reliability projects and incremental production capacity additions [29] - The company plans to run full capacity for the remainder of the year, with no turnarounds scheduled for the second half of 2020 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed that the recovery in gasoline and ethanol demand is more elongated than expected, contributing to volatility in corn markets [26] - The company anticipates ammonia utilization rates for Q3 2020 to be between 95% and 100% and expects direct operating expenses to be approximately $37 million to $42 million [21] - Management highlighted the importance of summer growing conditions and noted that inventory carryout will be higher than last year but lower than market expectations [25] Other Important Information - The company reported liquidity of approximately $53 million as of June 30, with total debt remaining at $647 million [17][18] - The Board established reserves of $14.5 million for planned turnaround and future operating needs, resulting in no cash available for distribution this quarter [20][21] Q&A Session Summary Question: Details on the impairment - Management clarified that the $41 million goodwill impairment was related to the Farmland acquisition, triggered by a significant decline in prices [37] Question: UAN inventories exiting spring - Management indicated that UAN inventories were low at the end of June, but in good shape going into the summer [38] Question: Financing plans and refinancing opportunities - Management is monitoring high-yield markets for opportunities to reduce interest burdens and is looking for an opportunistic window for refinancing [39]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (State or other jurisdiction of incorporation or organization) Delaware 56-2677689 (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, 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 ___________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to . Form 10-Q Commission file number: 001-35120 ______________________________________________ (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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 2277 Plaza Drive, Suite 500, Sugar Land, Texas 77479 ( ...

Financial Data and Key Metrics Changes - For Q1 2020, the company reported net sales of $75 million, a net loss of $21 million, and EBITDA of $11 million, compared to net sales of $92 million, a net income of $9 million, and EBITDA of $26 million in Q1 2019, indicating a significant decline in performance year-over-year [8][17] - The operating loss for Q1 2020 was $5 million, compared to an operating income of $9 million in the prior year [17] - Direct operating expenses remained consistent at $35 million, while total cash needs for debt service and maintenance capital expenditures were $15 million and $4 million respectively, resulting in no cash available for distribution [21][17] Business Line Data and Key Metrics Changes - The ammonia plant at Coffeyville operated at 86% utilization, down from 96% in Q1 2019, primarily due to unplanned downtime [10] - The East Dubuque facility achieved 101% utilization, a significant increase from 69% in the prior year, following a successful turnaround [11] - Combined operations produced approximately 201,000 gross tons of ammonia and 317,000 tons of UAN in Q1 2020, compared to 179,000 gross tons of ammonia and 335,000 tons of UAN in the prior year [12] Market Data and Key Metrics Changes - UAN pricing decreased by 25% year-over-year, while ammonia pricing fell by 28%, influenced by increased imports and well-supplied market conditions [12][13] - Natural gas prices averaged $2.42 per MMBtu in Q1 2020, down from $3.83 per MMBtu in Q1 2019, which helped mitigate some pricing pressures [28] Company Strategy and Development Direction - The company plans to maximize free cash flow by operating plants reliably and at high utilization rates, while managing costs and selectively investing in reliability projects [32] - The planned turnaround for the Coffeyville facility has been moved from fall 2020 to summer 2021, allowing for proactive maintenance during downtime [9][29] Management's Comments on Operating Environment and Future Outlook - Management noted that spring planting activity has been robust, with expectations for a healthy increase in planted corn acreage compared to the previous year [14][26] - The company expressed caution regarding the recovery of gasoline demand and its impact on ethanol and corn prices, which are critical for future performance [26][38] Other Important Information - The company received a continued listing notice from the New York Stock Exchange due to its unit price falling below $1, with a deadline to regain compliance by January 1, 2021 [30] - A unit repurchase program of up to $10 million has been authorized by the Board, reflecting management's belief that the units are undervalued [30] Q&A Session Summary Question: Outlook for UAN cost curve and market dynamics - Management acknowledged early signs of recovery in gasoline demand, which fell significantly due to COVID-19, and expressed concerns about the impact on ethanol demand [38] - The company expects to maintain competitive advantages in natural gas pricing, which is crucial for fertilizer production costs [41]

Financial Performance - Net sales for the year ended December 31, 2019, increased to $404,177,000, up 15.1% from $351,082,000 in 2018[272] - Operating income improved significantly to $27,380,000 in 2019, compared to $6,314,000 in 2018, marking a 334.5% increase[272] - The net loss for 2019 was $34,969,000, a reduction from a net loss of $50,027,000 in 2018, representing a 30.5% improvement[272] - Cash flows from operating activities increased to $39,157,000 in 2019, up from $32,234,000 in 2018, indicating a 21.5% growth[280] - For the year ended December 31, 2019, the Partnership reported net sales of $404.2 million, an increase of 15.1% from $351.1 million in 2018[343] - Ammonia sales increased to $94.5 million in 2019 from $66.3 million in 2018, representing a growth of 42.5%[343] - UAN sales rose to $251.2 million in 2019, up 13.0% from $222.3 million in 2018[343] - The Partnership reported a net loss of $24.882 million in the fourth quarter of 2019, with a basic and diluted loss per common unit of $0.22[410] - Operating income for the second quarter of 2019 was $34.544 million, while the Partnership experienced an operating loss of $9.086 million in the fourth quarter[410] Assets and Liabilities - As of December 31, 2019, total assets decreased to $1,137,955,000 from $1,254,388,000 in 2018, representing a decline of approximately 9.3%[270] - Current assets fell to $130,594,000 in 2019, down from $193,981,000 in 2018, a decrease of about 32.6%[270] - Total liabilities increased slightly to $718,411,000 in 2019 from $754,562,000 in 2018, indicating a marginal rise of approximately 1.5%[270] - Partners' capital decreased to $419,544,000 in 2019, down from $499,826,000 in 2018, reflecting a decline of about 16%[270] - Cash and cash equivalents dropped to $36,994,000 in 2019 from $61,776,000 in 2018, a decrease of approximately 40%[270] - Accounts receivable decreased to $34,264,000 in 2019, down from $61,662,000 in 2018, representing a decline of about 44.7%[270] - Total Property, Plant, and Equipment, net decreased from $1,015,240,000 in 2018 to $951,959,000 in 2019, a decline of approximately 6.3%[299] - Long-term debt remained relatively stable at $632,406,000 in 2019 compared to $628,989,000 in 2018, showing a slight increase of about 0.7%[270] - The Partnership's total current liabilities increased from $122,635,000 to $126,097,000 due to the initial recognition of lease liabilities following the adoption of Topic 842[319] - Long-term debt as of December 31, 2019, was $632.4 million, slightly up from $629.0 million in 2018[334] - The estimated fair value of total long-term debt outstanding was approximately $673.8 million as of December 31, 2019[340] Revenue and Expenses - The company reported a significant reduction in deferred revenue, which fell to $27,841,000 in 2019 from $68,804,000 in 2018, a decrease of approximately 59.6%[270] - Total inventories decreased to $53,930,000 in 2019 from $63,554,000 in 2018, reflecting a 15.2% decline[297] - Cash and cash equivalents at the end of 2019 were $36,994,000, down from $61,776,000 at the end of 2018, representing a 40.4% decrease[280] - Capital expenditures for 2019 were $18,656,000, slightly down from $19,806,000 in 2018, indicating a 5.8% decrease[280] - The total cost of materials and other for 2019 was $113.103 million, with the highest cost recorded in the second quarter at $26.000 million[410] - The Partnership's natural gas expense totaled approximately $33.1 million for the year ended December 31, 2019, down from $42.4 million in 2018[365] Market and Operational Risks - The company is exposed to significant market risk due to potential changes in prices for fertilizer products and natural gas, which are critical for production[255] - The management believes that market prices of nitrogen products are affected by changes in grain prices and demand, as well as natural gas prices[256] Distributions and Compensation - The company declared distributions of $0.40 per common unit in 2019, compared to $0.02 in 2017, showing a significant increase[272] - Total distributions paid to CVR Partners' unitholders for 2019 amounted to $45.313 million, with a distribution per common unit of $0.40[405] - In 2019, the Partnership did not declare any distributions for the fourth quarter, while the total distributions for the previous quarters were $29.745 million to public unitholders and $15.567 million to CVR Energy[405] - Total compensation expense related to the Long-Term Incentive Plan (LTIP) was approximately $2.3 million for the year ended December 31, 2019, up from $1.9 million in 2018[357] Agreements and Contracts - The Partnership's share-based compensation is classified as liability-classified and is measured at fair value, affecting compensation expense based on unit price fluctuations[313] - The Partnership's cash settled non-vested phantom unit awards liability was $1.2 million as of December 31, 2019, compared to $0.5 million in 2018[358] - The Partnership had an outstanding liability of $0.4 million related to the 2017 Performance Unit Award Agreement as of December 31, 2019[362] - The Partnership's expenses associated with the Amended and Restated On-Site Product Supply Agreement totaled approximately $4.2 million for the year ended December 31, 2019[367] - The Coffeyville Facility operates under a Feedstock Agreement with CRRM, which has an initial term of 20 years ending in 2031, automatically extending for successive five-year periods[377] - The Coke Supply Agreement requires CRRM to deliver a minimum of 500,000 tons of pet coke annually, with the facility purchasing 61% of its pet coke needs from this agreement over the last five years[379] - The Hydrogen Purchase and Sale Agreement commits CRRM to deliver 90,000 mscf of hydrogen per month, with pricing based on fixed and variable fees[383] - The Corporate MSA, also effective February 19, 2020, consolidates the Services Agreement and GP Services Agreement, providing for monthly fees for services supplied[400] Environmental and Compliance Matters - The Partnership recognized no liabilities for environmental remediation matters as of December 31, 2019, indicating no identified probable or estimable matters[308] - The partnership's environmental agreement with CRRM includes indemnification rights related to environmental contamination, with no liabilities recorded as of December 31, 2019[386]

Financial Data and Key Metrics Changes - For the full year 2019, the company reported net sales of $404 million, a net loss of $35 million, and EBITDA of $107 million, compared to a net loss of $50 million and EBITDA of $84 million for 2018, indicating a 27% increase in EBITDA year-over-year [7][14] - In Q4 2019, net sales were $86 million with a net loss of $25 million and EBITDA of $11 million, down from net sales of $98 million and EBITDA of $33 million in Q4 2018 [7][15] - Direct operating expenses for Q4 2019 increased to $46 million from $38 million in the prior year, primarily due to turnaround expenses and higher personnel costs [16] Business Line Data and Key Metrics Changes - Combined operations produced approximately 180,000 gross tons of ammonia, 286,000 tons of UAN, and 55,000 tons of ammonia available for sale in Q4 2019, compared to 209,000 gross tons of ammonia and 357,000 tons of UAN in Q4 2018 [10] - UAN sales volumes decreased by 20% in Q4 2019, with an average netback price of $176 per ton, a 2% decrease from Q4 2018 [11][15] Market Data and Key Metrics Changes - The extreme wet conditions in spring 2019 led to a late planting season and delayed grain harvest, negatively impacting nitrogen application and pricing in Q4 2019 [12][23] - The UAN market experienced changes in trade flows due to EU tariffs on imports from certain countries, affecting pricing and availability [24] Company Strategy and Development Direction - The company is focused on improving plant reliability and debottlenecking to increase production with low capital investment over the next five years [22] - A re-expansion project at the Coffeyville plant has been approved, expected to enhance reliability and UAN production [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2020, anticipating an increase in planted corn acreage and strong in-season purchases of nitrogen fertilizer [12][26] - The company expects to navigate near-term market volatility while benefiting from lower natural gas costs, which positively impact production costs [25] Other Important Information - As of December 31, the company had approximately $62 million in liquidity, with $37 million in cash and $50 million available under the ABL facility [18] - The company generated EBITDA of $11 million for Q4 2019 but had total cash needs of $15 million for debt service, resulting in no cash available for distribution [19] Q&A Session Summary Question: Market conditions and UAN values - The market saw a sharp fall in UAN values, with producers trying to clear inventory and manage sales for the first quarter [32][34] - The NOLA price for UAN is not a liquid market point and may not reflect inland pricing accurately [34] Question: Urea debottlenecking and capital expenditure - The company is not ready to disclose incremental production figures but expects capital expenditures to be within the normal range for 2020 [37]

Financial Data and Key Metrics Changes - For Q3 2019, the company reported net sales of $89 million, a net income of $23 million, and adjusted EBITDA of $18 million, compared to net sales of $80 million and operating income of $3 million in Q3 2018 [6][12] - The net loss for Q3 2019 was $23 million or $0.20 per common unit, compared to a net loss of $13 million or $0.12 per common unit in the prior year [12] - Direct operating expenses increased to $48 million from $35 million in the prior year period, primarily due to turnaround expenses [13] Business Line Data and Key Metrics Changes - Combined operations produced approximately 196,000 gross tons of ammonia, 318,000 tons of UAN, and 56,000 net tons of ammonia available for sale, compared to 212,000 gross tons of ammonia, 338,000 tons of UAN, and 63,000 net tons of ammonia available for sale in the prior year [8] - UAN sales increased by 10% year-over-year, with an average price of $182 per ton, while ammonia pricing increased by 13% to an average of $337 per ton [9][10] Market Data and Key Metrics Changes - The company experienced strong utilization rates at both facilities, with the Coffeyville ammonia plant operating at 98% utilization, up from 94% in Q3 2018, and East Dubuque ammonia plant also at 98% utilization [7] - The company anticipates a favorable spring 2020 planting season compared to 2019, influenced by lower natural gas prices and higher fertilizer prices [10][23] Company Strategy and Development Direction - The company aims to maximize free cash flow by safely operating plants at high utilization rates, managing costs prudently, and selectively investing in reliability projects [25] - Future turnaround projects will focus on improving reliability and increasing production capacity with low capital investment [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the existing corn and soybean inventory levels are lower than expected, which has led to rising crop prices [23] - The company expects to maintain ammonia utilization rates between 95% and 100% in Q4 2019, with direct operating expenses projected at $40 million to $45 million [18] Other Important Information - The Board of Directors declared a third-quarter distribution of $0.07 per common unit, payable on November 12 [6] - The company released $18 million of cash reserved in prior quarters for maintenance turnaround and other operating needs [16] Q&A Session Summary Question: Can you provide more details on the sales cadence through the second half of the year? - Management indicated that July sales were light due to limited activity, and pricing was reflective of fill levels rather than carryover from previous sales [31][32] Question: What is the company's approach to refinancing bonds? - Management stated they are evaluating refinancing opportunities but decided against it due to insufficient payback periods and uncertainty around market rates [34] Question: How are inventories for UAN and ammonia managed? - Management noted that inventory levels were generally comfortable, with some geographic variations, and that early ammonia applications were being observed due to favorable weather conditions [35][36][42]

For the transition period from to . Commission file number: 001-35120 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, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ______________________________________________ CVR PARTNERS, LP (Exact name of registrant as spec ...

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for periods ended June 30, 2019, covering balance sheets, operations, partners' capital, and cash flows Condensed Consolidated Balance Sheet Highlights (unaudited) | (in thousands) | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total current assets** | $153,966 | $193,981 | | **Total assets** | $1,190,405 | $1,254,388 | | **Total current liabilities** | $56,211 | $122,635 | | **Long-term debt** | $630,655 | $628,989 | | **Total partners' capital** | $491,192 | $499,826 | Condensed Consolidated Statements of Operations Highlights (unaudited) | (in thousands, except per unit data) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $137,660 | $93,197 | $229,533 | $173,056 | | **Operating income (loss)** | $34,544 | $(790) | $43,983 | $(4,211) | | **Net income (loss)** | $18,968 | $(16,459) | $12,889 | $(35,510) | | **Basic and diluted earnings (loss) per unit** | $0.17 | $(0.15) | $0.11 | $(0.31) | Condensed Consolidated Statements of Cash Flows Highlights (unaudited) | (in thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $34,681 | $(12,470) | | **Net cash used in investing activities** | $(5,668) | $(8,451) | | **Net cash used in financing activities** | $(21,523) | — | | **Net increase (decrease) in cash and cash equivalents** | $7,490 | $(20,921) | - The Partnership adopted the new lease standard, Topic 842, on January 1, 2019, resulting in the recognition of Right-of-Use (ROU) assets of **$14.3 million** and corresponding lease liabilities on the balance sheet[30](index=30&type=chunk)[31](index=31&type=chunk) - In April 2019, CRNF settled a property tax dispute with Montgomery County, Kansas, expecting to recover **$7.9 million** through favorable property tax assessments from 2019 through 2028[60](index=60&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Partnership's financial performance, highlighting significant increases in net sales and operating income driven by favorable pricing and volumes [Strategy and Market Conditions](index=18&type=section&id=Strategy%20and%20Market%20Conditions) The Partnership aims to be a top-tier North American nitrogen fertilizer company, focusing on strategic objectives and strong long-term market fundamentals - The Partnership's strategic objectives are centered on achieving excellence in **Safety, Reliability, Market Capture, and Financial Discipline**[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - A long-term positive outlook for the U.S. nitrogen fertilizer industry is based on increasing global population, decreasing arable land per capita, and sustained demand for corn as ethanol feedstock[80](index=80&type=chunk) - Key achievements include maintaining high asset reliability, generating positive cash available for distribution despite weather delays, and declaring cash distributions of **$0.33 per unit** in 2019[76](index=76&type=chunk) [Results of Operations](index=21&type=section&id=Results%20of%20Operations) The Partnership's financial performance significantly improved in Q2 and H1 2019, driven by higher net sales and operating income from favorable pricing and volumes Financial Highlights Comparison (Q2 2019 vs Q2 2018) | (in thousands) | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | **Net Sales** | $137,660 | $93,197 | | **Operating Income (Loss)** | $34,544 | $(790) | | **Net Income (Loss)** | $18,968 | $(16,459) | | **Adjusted EBITDA** | $59,760 | $25,979 | Financial Highlights Comparison (Six Months 2019 vs 2018) | (in thousands) | Six Months 2019 | Six Months 2018 | | :--- | :--- | :--- | | **Net Sales** | $229,533 | $173,056 | | **Operating Income (Loss)** | $43,983 | $(4,211) | | **Net Income (Loss)** | $12,889 | $(35,510) | | **Adjusted EBITDA** | $85,803 | $39,095 | - The increase in net sales for Q2 2019 was driven by favorable pricing (**$19.8 million**) and volume (**$24.7 million**) conditions, primarily due to a shift in demand from Q1 to Q2 because of inclement weather[102](index=102&type=chunk)[103](index=103&type=chunk) Production Volumes (in thousands of tons) | Product | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Ammonia (gross produced)** | 211 | 174 | 390 | 373 | | **UAN** | 316 | 241 | 651 | 580 | [Non-GAAP Reconciliations](index=20&type=section&id=Non-GAAP%20Reconciliations) This section reconciles non-GAAP financial measures like EBITDA, Adjusted EBITDA, and Available Cash for Distribution, used to evaluate performance Reconciliation of Net Income (Loss) to Adjusted EBITDA | (in thousands) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss)** | $18,968 | $(16,459) | $12,889 | $(35,510) | | **EBITDA** | $59,609 | $19,642 | $85,652 | $32,691 | | **Adjusted EBITDA** | $59,760 | $25,979 | $85,803 | $39,095 | Reconciliation of Adjusted EBITDA to Available Cash for Distribution | (in thousands) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Adjusted EBITDA** | $59,760 | $25,979 | | **Less: Debt Service** | $(14,865) | $(14,870) | | **Less: Maintenance capital expenditures** | $(1,447) | $(4,098) | | **Less: Turnaround expenses** | $(151) | $(6,337) | | **Adjustments (Reserves)** | $(28,000) | $(674) | | **Available Cash for distribution** | $15,297 | $— | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2019, the Partnership reported **$92.6 million** in liquidity, **$630.7 million** in debt, and projected 2019 capital expenditures of **$20-25 million** - As of June 30, 2019, total liquidity was **$92.6 million**, comprising **$69.3 million** in cash and cash equivalents and **$48.3 million** available under the AB Credit Facility (net of certain cash balances)[117](index=117&type=chunk) 2019 Capital Expenditure Outlook | (in thousands) | Estimated full year 2019 | | :--- | :--- | | **Maintenance capital** | $18,000 - $20,000 | | **Growth capital** | $2,000 - $5,000 | | **Total capital expenditures** | **$20,000 - $25,000** | - A major turnaround is planned for the East Dubuque facility in the second half of 2019, expected to take 28 days and cost **$7 million**[124](index=124&type=chunk) - For the second quarter of 2019, a distribution of **$0.14 per common unit** (**$15.9 million** total) was declared, payable in August 2019[127](index=127&type=chunk) [Cash Flows](index=30&type=section&id=Cash%20Flows) For H1 2019, net cash from operating activities significantly improved to **$34.7 million**, while investing and financing activities used **$5.7 million** and **$21.5 million** respectively Cash Flow Summary | (in thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Operating activities** | $34,681 | $(12,470) | | **Investing activities** | $(5,668) | $(8,451) | | **Financing activities** | $(21,523) | — | - The **$47.2 million** positive change in operating cash flow was primarily due to a shift from a net loss of **$35.5 million** in 2018 to net income of **$12.9 million** in 2019[130](index=130&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the Partnership's market risks were reported for the periods ended June 30, 2019, compared to the 2018 Form 10-K - There have been no material changes to the company's market risks as of June 30, 2019, compared to those disclosed in the 2018 Form 10-K[134](index=134&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal controls - The Partnership's management concluded that disclosure controls and procedures were effective as of June 30, 2019[135](index=135&type=chunk) - There were no material changes in the Partnership's internal control over financial reporting during the quarter ended June 30, 2019[136](index=136&type=chunk) [PART II. Other Information](index=31&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference legal proceedings information from Note 11 of the financial statements, detailing a property tax dispute settlement - Information regarding legal proceedings is incorporated by reference from Note 11 ("Commitments and Contingencies") of the financial statements[138](index=138&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the Partnership's risk factors were reported compared to those disclosed in the 2018 Form 10-K - There have been no material changes from the risk factors previously disclosed in the 2018 Form 10-K[139](index=139&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No information is reported under this item - None[140](index=140&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL-formatted financial statements List of Exhibits | Exhibit | Exhibit Description | | :--- | :--- | | 31.1 - 31.4 | Rule 13a-14(a)/15d-14(a) Certifications of various officers | | 32.1 | Section 1350 Certification of various officers | | 101 | Financial information formatted in XBRL |