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]

Financial Data and Key Metrics Changes - For Q1 2021, the company reported net sales of $61 million, a net loss of $25 million, and EBITDA of $5 million, compared to net sales of $75 million, a net loss of $21 million, and EBITDA of $11 million in Q1 2020 [9][16][10] - Direct operating expenses increased to $37 million from $35 million year-over-year, primarily due to higher stock-based compensation and elevated natural gas and electricity costs [17][10] - The company had approximately $77 million in liquidity as of March 31, 2021, with total debt remaining at $647 million [19][20] Business Line Data and Key Metrics Changes - The ammonia plant at Coffeyville operated at 87% utilization in Q1 2021, up from 86% in Q1 2020, while the East Dubuque ammonia plant operated at 89% utilization, down from 101% in the prior year [10][11] - Combined operations produced approximately 188,000 gross tons of ammonia, with 70,000 net tons available for sale, compared to 201,000 gross tons and 78,000 net tons in the prior year [12] - UAN production decreased to 272,000 tons in Q1 2021 from 317,000 tons in the prior year [12] Market Data and Key Metrics Changes - Ammonia prices increased by 14% year-over-year, while UAN prices decreased by 4% due to forward sales agreements [14] - The demand for nitrogen fertilizers is expected to remain strong due to high crop prices, with corn prices at $7 per bushel and soybeans over $15.50 per bushel [26][24] Company Strategy and Development Direction - The company aims to reduce its debt level by approximately $100 million over the next two years, with proceeds from 45Q tax credits contributing to this goal [30] - The focus on sustainability includes reducing the carbon footprint through CO2 sequestration and nitrous oxide abatement initiatives [31][32] - The company plans to refinance its 9.25% senior notes due in 2023, aiming for a favorable rate due to improved market conditions [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the recovery in farm economics, driven by high grain prices and strong demand for nitrogen fertilizers [54][41] - The company anticipates that the second quarter will reflect higher spot market prices for UAN, contrasting with the first quarter's lower prices due to forward sales [14][68] - Management noted that the spring ammonia application period was strong, and they expect solid conditions for the second half of the year [74][73] Other Important Information - The company repurchased 24,000 common units for $0.5 million during the quarter, with $12 million remaining under the Board's repurchase authorization [21][33] - The company established reserves of $1.5 million for a planned turnaround at Coffeyville in Q4 2021 [21][76] Q&A Session Summary Question: Pricing and Market Understanding - An analyst inquired about how to assess likely pricing for the company’s products in the current and future quarters, emphasizing the importance of understanding spot versus forward pricing [36] - Management explained that pricing is influenced by seasonal demand and supply dynamics, with a significant industry outage affecting supply in February [39][41] Question: Comparison to Historical Performance - Another analyst asked for a comparison of the current business environment to that of 9-10 years ago when corn and fertilizer prices were similarly high [46] - Management highlighted that the business has grown due to acquisitions and emphasized the importance of durable recovery in farm economics [49][54] Question: Natural Gas Sales Impact - An analyst questioned the gain from selling natural gas during the shutdown of East Dubuque and its overall impact on the quarter [57] - Management confirmed the gain was offset by lower production and accelerated maintenance costs [58] Question: Forward Sales and Pricing - An analyst asked if the company was satisfied with the forward sales made in November and December and how it would affect future pricing [59] - Management confirmed that those sales would be cleared out in Q1, with Q2 reflecting more current spot rates [60] Question: Turnaround Expenses Timing - An analyst inquired about the timing of the $8 million to $10 million turnaround expenses [75] - Management indicated that these expenses would be scheduled for Q4 2021 [76]

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 ______________________________________________ ...

CVR Partners, LP (NYSE:UAN) Q4 2020 Earnings Conference Call February 23, 2021 11:00 AM ET Company Participants Richard Roberts - IR Mark Pytosh - President and CEO Tracy Jackson - EVP and CFO Conference Call Participants Roger Spitz - Bank of America Richard Kus - Jefferies Brian DiRubbio - Robert W. Baird Operator Greetings, and welcome to the CVR Partners LP Fourth Quarter 2020 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the f ...

Financial Data and Key Metrics Changes - For Q3 2020, the company reported net sales of $79 million, a net loss of $19 million, and EBITDA of $15 million, compared to net sales of $89 million, a net loss of $23 million, and EBITDA of $11 million in Q3 2019 [7][12] - Direct operating expenses decreased to $39 million from $48 million in the prior year period, with a 7% reduction when excluding inventory and turnaround impacts [13] - Total debt remained at $647 million, with liquidity improving to approximately $74 million as of September 30, 2020 [15][16] Business Line Data and Key Metrics Changes - The Coffeyville ammonia plant operated at 97% utilization, while the East Dubuque plant operated at 99% utilization, with combined operations producing approximately 215,000 gross tons of ammonia [8] - The company produced 330,000 tons of UAN in Q3 2020, compared to 318,000 tons in the prior year period [9] - Approximately 365,000 tons of UAN were sold at an average price of $140 per ton, and 54,000 tons of ammonia at an average price of $242 per ton, with year-over-year pricing down 23% for UAN and 28% for ammonia [10] Market Data and Key Metrics Changes - Crop prices have improved significantly, with corn prices rising from $3.08 to over $3.95 per bushel and soybean prices from $8.70 to over $10.50 per bushel since July [21] - The USDA forecasts lower expected yields and harvested acres due to drought conditions, leading to much lower expected corn inventory levels [21] - Natural gas prices have risen over a dollar per MMBTU, which may impact production incentives [23] Company Strategy and Development Direction - The company aims to maximize free cash flow by operating plants reliably, managing costs prudently, and selectively investing in reliability projects and production capacity [26] - Efforts to reduce carbon footprint include certifying carbon offset credits and enhancing carbon sequestration processes, positioning the company for future demand for low-carbon ammonia [24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about an uptick in fertilizer pricing due to improved crop prices and farm economics [10] - The company expects solid demand for ammonia this fall, with favorable market conditions for fertilizer demand [22] - Management is comfortable with the current capital structure and is not in a rush to refinance until market conditions are favorable [39] Other Important Information - The company announced a 1 for 10 reverse split of common units effective after the market close on November 23, 2020, to regain compliance with NYSE listing standards [25] Q&A Session Summary Question: Insights on marketing strategy and UAN market - Management indicated that third-quarter pricing was primarily based on fill pricing rather than spring pricing, as summer fills were completed earlier this year [34] Question: Capital structure and refinancing options - Management expressed confidence in the current cash flow position and indicated that they are not in a rush to refinance until favorable market conditions arise [38]

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]