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]

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]