CF(CF) - 2025 Q1 - Quarterly Results

Executive Summary & Highlights CF Industries reported strong Q1 2025 results, driven by operational excellence, strategic low-carbon initiatives, and significant capital returns to shareholders First Quarter 2025 Performance Highlights CF Industries reported strong Q1 2025 results, driven by outstanding operations and a positive global nitrogen environment, marked by increased net earnings, adjusted EBITDA, substantial share repurchases, and a positive FID for the Blue Point low-carbon ammonia joint venture | Metric | Q1 2025 | Q1 2024 | | :-------------------------------- | :------ | :------ | | Net Earnings | $312 million | $194 million | | Diluted EPS | $1.85 | $1.03 | | EBITDA | $617 million | $488 million | | Adjusted EBITDA | $644 million | $459 million | - Repurchased 5.4 million shares for $434 million during Q1 2025, and the Board authorized an additional $2 billion share repurchase program through 2029[5][16][17] - Announced positive final investment decision (FID) for the Blue Point Complex low-carbon ammonia plant, forming a joint venture with JERA Co., Inc. and Mitsui & Co., Ltd[1][4][5] CEO Commentary CEO Tony Will highlighted the team's strong Q1 2025 results, emphasizing safe operations and execution, and noted the company's position for creating long-term shareholder value through growth initiatives and substantial capital returns - CEO Tony Will stated that CF Industries delivered strong Q1 2025 results through safe operations and effective execution[3] - The company's operational performance and cost-advantaged network are expected to create long-term shareholder value[3] - Commitment to investing in attractive growth initiatives, such as the Blue Point joint venture, and returning substantial capital to shareholders[3] Strategic Developments CF Industries is advancing key low-carbon initiatives, including a major ammonia joint venture, multiple carbon capture projects, and an N2O abatement project, to enhance sustainability and reduce emissions Blue Point Joint Venture for Low-Carbon Ammonia CF Industries formed a joint venture with JERA and Mitsui to construct and operate the world's largest low-carbon ammonia production facility at its Blue Point Complex, utilizing ATR with carbon capture and sequestration, with production anticipated to begin in 2029 - Joint venture formed with JERA (35% ownership) and Mitsui (25% ownership) for low-carbon ammonia production, with CF Industries holding 40% ownership[4] - The facility at Blue Point Complex will be an autothermal reforming (ATR) ammonia production facility with CO2 dehydration and compression, estimated to cost approximately $4 billion[4] - Expected annual nameplate capacity of approximately 1.4 million metric tons, making it the largest ammonia production facility globally, with production starting in 2029[4] - CF Industries will invest approximately $550 million for common facilities and receive ongoing compensation for services, while 1PointFive will transport and sequester 2.3 million metric tons of CO2 annually[6][7] Carbon Capture and Sequestration Projects CF Industries is advancing multiple carbon capture and sequestration (CCS) projects to reduce emissions and qualify for tax credits, with projects at Donaldsonville and Yazoo City Complexes aiming to capture significant amounts of CO2 for permanent storage Donaldsonville Complex CCS Project The Donaldsonville Complex CCS project is in advanced stages, with commissioning in progress for a unit to capture up to 2 million metric tons of CO2 annually for storage by ExxonMobil, expected to start in 2025 and qualify for Section 45Q tax credits - Construction of a dehydration and compression unit at Donaldsonville Complex is in advanced stages, with commissioning in progress[22] - The unit will enable up to 2 million metric tons annually of captured process CO2 to be transported and stored by ExxonMobil, with start-up expected in 2025[22] - The project is expected to qualify for tax credits under Section 45Q of the Internal Revenue Code[22] Yazoo City Complex CCS Project CF Industries signed an agreement with ExxonMobil for the Yazoo City Complex CCS project, involving a $100 million investment for a CO2 dehydration and compression unit to capture up to 500,000 metric tons of CO2 annually, with start-up expected in 2028 and eligibility for Section 45Q tax credits - Signed a definitive commercial agreement with ExxonMobil in July 2024 for transport and sequestration of up to 500,000 metric tons of CO2 annually from Yazoo City Complex[23] - CF Industries will invest approximately $100 million to build a CO2 dehydration and compression unit at the Yazoo City Complex[23] - Start-up of the Yazoo City project is expected in 2028, and it is also expected to qualify for Section 45Q tax credits[23] Verdigris Complex N2O Abatement Project & Low Carbon Fertilizer Alliance CF Industries, as a founding member of the Low Carbon Fertilizer Alliance, is implementing a nitric acid plant emissions abatement project at its Verdigris Complex, aiming to reduce CO2-equivalent emissions by approximately 600,000 metric tons annually starting in 2025 - CF Industries is a founding manufacturing member of the Low Carbon Fertilizer Alliance, managed by 3Degrees, to reduce emissions in agricultural supply chains[24] - The Alliance provides funding for emissions reduction initiatives, including a new nitric acid plant emissions abatement project at the Verdigris, Oklahoma, manufacturing facility[25] - This project is expected to reduce CO2-equivalent emissions from the Verdigris facility by approximately 600,000 metric tons annually, beginning in 2025[25] Operational Overview CF Industries maintained a strong safety record and significantly increased gross ammonia production in Q1 2025, projecting approximately 10 million tons for the full year Safety Performance As of March 31, 2025, CF Industries maintained a strong safety record with a 12-month rolling average recordable incident rate of 0.34 incidents per 200,000 work hours - 12-month rolling average recordable incident rate was 0.34 incidents per 200,000 work hours as of March 31, 2025[7] Production Volumes Gross ammonia production significantly increased in Q1 2025 compared to Q1 2024 due to fewer outages, with the company projecting full-year 2025 gross ammonia production to reach approximately 10 million tons | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Gross Ammonia Production | 2.6 million tons | 2.1 million tons | +0.5 million tons (+23.8%) | - The increase in ammonia production was due to significantly fewer production outages compared to the prior year, which experienced severe cold weather and other operational events[8] - Company expects gross ammonia production for the full year 2025 to be approximately 10 million tons[8] Financial Performance Overview CF Industries reported strong Q1 2025 financial results with increased net sales and profitability, alongside active capital management through share repurchases and dividend payments Consolidated Financial Results CF Industries reported strong Q1 2025 financial performance, with significant year-over-year increases in net earnings, EBITDA, and adjusted EBITDA, driven by higher average selling prices and increased sales volumes | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $1,663 million | $1,470 million | +$193 million (+13.1%) | | Gross margin | $572 million | $409 million | +$163 million (+39.9%) | | Gross margin percentage | 34.4% | 27.8% | +6.6 percentage points | | Net earnings attributable to common stockholders | $312 million | $194 million | +$118 million (+60.8%) | | Net earnings per diluted share | $1.85 | $1.03 | +$0.82 (+79.6%) | | EBITDA | $617 million | $488 million | +$129 million (+26.4%) | | Adjusted EBITDA | $644 million | $459 million | +$185 million (+40.3%) | | Sales volume by product tons (000s) | 5,004 | 4,524 | +480 (+10.6%) | Net Sales and Cost of Sales Analysis Net sales increased in Q1 2025 due to higher average selling prices and greater sales volumes, while cost of sales remained similar year-over-year, with higher natural gas costs offset by reduced maintenance expenses - Net sales increased to $1.66 billion in Q1 2025 from $1.47 billion in Q1 2024[10] - Higher global energy costs led to increased average selling prices for most major products[10] - Sales volumes for most major products were higher due to greater supply availability from increased production[10] - Cost of sales was similar to Q1 2024, with higher realized natural gas costs ($3.68/MMBtu in Q1 2025 vs. $3.19/MMBtu in Q1 2024) offset by lower maintenance costs[11][12][28] Capital Management CF Industries is consolidating the Blue Point joint venture, impacting capital expenditure projections, and continued its share repurchase program with $434 million bought back in Q1 2025, authorizing a new $2 billion program, alongside an estimated $71 million distribution to CHS Inc Capital Expenditures Capital expenditures increased to $132 million in Q1 2025, with full-year 2025 projections of $800-$900 million, including $300-$400 million for the Blue Point joint venture | Metric | Q1 2025 | Q1 2024 | | :------------------ | :------ | :------ | | Capital Expenditures | $132 million | $98 million | - Full-year 2025 capital expenditures are projected to be approximately $800-$900 million, including $300-$400 million related to the Blue Point joint venture[15] - Excluding the portion funded by Blue Point joint venture partners, projected capital expenditures for 2025 are approximately $650 million[15] Share Repurchase Programs CF Industries repurchased 5.4 million shares for $434 million in Q1 2025, with $630 million remaining on the current $3 billion program, and authorized an additional $2 billion program through 2029 - Repurchased 5.4 million shares for $434 million during Q1 2025[5][16] - Since Q2 2023, the company has repurchased 29.8 million shares for approximately $2.37 billion under its current $3 billion program, with $630 million remaining[16] - Board authorized an additional $2 billion share repurchase program on May 6, 2025, effective through December 2029, commencing after the current program[5][17] CHS Inc. Distribution An estimated partnership distribution of approximately $71 million was earned by CHS Inc. for Q1 2025 - Estimated partnership distribution earned by CHS Inc. for Q1 2025 is approximately $71 million[18] Dividend Payment CF Industries' Board of Directors declared a quarterly dividend of $0.50 per common share, payable on May 30, 2025, to stockholders of record as of May 15, 2025 - Quarterly dividend of $0.50 per common share declared on April 29, 2025[42] - Dividend payable on May 30, 2025, to stockholders of record as of May 15, 2025[42] Nitrogen Market Outlook The nitrogen market is expected to remain constructive in the near term due to strong demand and constrained supply, with persistent energy cost differentials supporting North American producers and a tightening global balance longer term Near-Term Outlook Global nitrogen pricing was supported in Q1 2025 by strong demand, constrained supply, and China's export restrictions, with management expecting a constructive supply-demand balance driven by strong corn demand, low global inventories, and challenging European production economics - Global nitrogen pricing supported by positive global demand, constrained supply (Iran natural gas shortages), and China's urea export restrictions[19] - North America expects strong nitrogen demand due to favorable corn returns and higher planted corn acres (95.3 million acres in 2025)[19] - Brazil is projected to remain the largest urea import region, exceeding 8 million metric tons, while India is expected to have higher urea import requirements due to lower domestic production and inventories[19] - Europe's ammonia operating rates and domestic nitrogen output are expected to remain below historical averages, and China's urea export controls are anticipated to continue until at least after its domestic spring application season[19] Medium-Term Outlook Significant energy cost differentials between North American producers and high-cost producers in Europe and Asia are expected to persist in the medium term, supporting strong margin opportunities for low-cost North American nitrogen producers - Significant energy cost differentials between North American producers and high-cost producers in Europe and Asia are expected to persist[20] - The global nitrogen cost structure will remain supportive of strong margin opportunities for low-cost North American producers[20] Longer-Term Outlook Management anticipates a tightening global nitrogen supply-demand balance in the longer term, as capacity growth is not keeping pace with expected demand growth (1.5% annually), coupled with production constraints in Europe, Egypt, Trinidad, and Iran - Global nitrogen supply-demand balance is expected to tighten over the next four years[21] - Global nitrogen capacity growth is not projected to keep pace with expected demand growth of approximately 1.5% per year for traditional applications and new clean energy demand[21] - Global production is expected to remain constrained by poor margins for European ammonia producers and natural gas availability issues in Egypt, Trinidad, and Iran[21] Segment Performance CF Industries' segments showed varied performance in Q1 2025, with Ammonia, Granular Urea, and Other segments reporting increased net sales and gross margins, while UAN and AN segments experienced mixed results Ammonia Segment The Ammonia segment saw significant improvements in Q1 2025, with net sales and gross margin increasing substantially year-over-year, driven by higher sales volumes and increased average selling prices, partially offset by higher natural gas costs | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $520 million | $402 million | +$118 million (+29.4%) | | Gross margin | $186 million | $65 million | +$121 million (+186.2%) | | Gross margin percentage | 35.8% | 16.2% | +19.6 percentage points | | Sales volume by product tons (000s) | 1,146 | 918 | +228 (+24.8%) | | Average selling price per product ton | $454 | $438 | +$16 (+3.7%) | | Adjusted gross margin | $235 million | $125 million | +$110 million (+88.0%) | | Adjusted gross margin per product ton | $205 | $136 | +$69 (+50.7%) | - Ammonia sales volume increased primarily due to greater supply availability from higher gross ammonia production[30] - Ammonia average selling prices increased due to higher global energy costs raising the global market clearing price[30] - Adjusted gross margin per ton increased due to lower maintenance costs and higher average selling prices, partially offset by higher realized natural gas costs[30] Granular Urea Segment The Granular Urea segment experienced increased net sales and gross margin in Q1 2025, driven by higher average selling prices influenced by global energy costs, despite similar sales volumes and higher realized natural gas costs | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $439 million | $407 million | +$32 million (+7.9%) | | Gross margin | $173 million | $154 million | +$19 million (+12.3%) | | Gross margin percentage | 39.4% | 37.8% | +1.6 percentage points | | Sales volume by product tons (000s) | 1,125 | 1,092 | +33 (+3.0%) | | Average selling price per product ton | $390 | $373 | +$17 (+4.6%) | | Adjusted gross margin | $244 million | $214 million | +$30 million (+14.0%) | | Adjusted gross margin per product ton | $217 | $196 | +$21 (+10.7%) | - Granular urea sales volumes for 2025 were similar to 2024[33] - Average selling prices increased due to higher global energy costs[33] - Adjusted gross margin per ton increased primarily due to higher average selling prices, partially offset by higher realized natural gas costs[33] UAN Segment The UAN segment saw increased net sales and sales volumes in Q1 2025, but experienced a slight decrease in gross margin and average selling prices, with lower average selling prices and higher natural gas costs contributing to a decrease in adjusted gross margin per ton | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $470 million | $425 million | +$45 million (+10.6%) | | Gross margin | $142 million | $143 million | -$1 million (-0.7%) | | Gross margin percentage | 30.2% | 33.6% | -3.4 percentage points | | Sales volume by product tons (000s) | 1,875 | 1,611 | +264 (+16.4%) | | Average selling price per product ton | $251 | $264 | -$13 (-4.9%) | | Adjusted gross margin | $216 million | $202 million | +$14 million (+6.9%) | | Adjusted gross margin per product ton | $115 | $125 | -$10 (-8.0%) | - UAN sales volumes were higher due to greater supply availability from increased UAN production[35] - Average selling prices decreased due to the timing of sales, primarily concluded in a lower-priced environment in Q4 2024[35] - Adjusted gross margin per ton decreased primarily due to lower average selling prices and higher realized natural gas costs[35] AN Segment The AN segment experienced a decrease in net sales and sales volumes in Q1 2025 due to lower supply availability, but gross margin and average selling prices increased, leading to an improved adjusted gross margin per ton, partially offset by higher natural gas costs | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $101 million | $114 million | -$13 million (-11.4%) | | Gross margin | $16 million | $9 million | +$7 million (+77.8%) | | Gross margin percentage | 15.8% | 7.9% | +7.9 percentage points | | Sales volume by product tons (000s) | 328 | 390 | -62 (-15.9%) | | Average selling price per product ton | $308 | $292 | +$16 (+5.5%) | | Adjusted gross margin | $24 million | $21 million | +$3 million (+14.3%) | | Adjusted gross margin per product ton | $73 | $54 | +$19 (+35.2%) | - AN sales volumes were lower primarily due to lower supply availability from reduced production and lower starting inventory[38] - Average selling prices increased due to higher global energy costs[38] - Adjusted gross margin per ton increased primarily due to higher average selling prices, partially offset by higher realized natural gas costs[38] Other Segment The Other segment, including products like diesel exhaust fluid (DEF) and nitric acid, reported increased net sales and gross margin in Q1 2025. Similar sales volumes combined with higher average selling prices, influenced by global energy costs, drove an increase in adjusted gross margin per ton, despite higher natural gas costs | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net sales | $133 million | $122 million | +$11 million (+9.0%) | | Gross margin | $55 million | $38 million | +$17 million (+44.7%) | | Gross margin percentage | 41.4% | 31.1% | +10.3 percentage points | | Sales volume by product tons (000s) | 530 | 513 | +17 (+3.3%) | | Average selling price per product ton | $251 | $238 | +$13 (+5.5%) | | Adjusted gross margin | $68 million | $57 million | +$11 million (+19.3%) | | Adjusted gross margin per product ton | $128 | $111 | +$17 (+15.3%) | - Other sales volumes for 2025 were similar to 2024[41] - Average selling prices increased due to higher global energy costs[41] - Adjusted gross margin per ton increased primarily due to higher average selling prices, partially offset by higher realized natural gas costs[41] Financial Statements & Non-GAAP Reconciliations This section presents CF Industries' consolidated financial statements, including statements of operations, balance sheets, and cash flows, along with reconciliations of non-GAAP financial measures and details on items affecting comparability Consolidated Statements of Operations The consolidated statements of operations show a significant increase in net earnings attributable to common stockholders for Q1 2025 compared to Q1 2024, driven by higher net sales and gross margin, despite increased total other operating costs and expenses | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :------------------------------------ | :-------------------- | :-------------------- | | Net sales | $1,663 | $1,470 | | Cost of sales | $1,091 | $1,061 | | Gross margin | $572 | $409 | | Operating earnings | $455 | $303 | | Earnings before income taxes | $437 | $300 | | Net earnings | $351 | $238 | | Net earnings attributable to common stockholders | $312 | $194 | | Diluted EPS | $1.85 | $1.03 | - Total other operating costs and expenses increased to $121 million in Q1 2025 from $108 million in Q1 2024, primarily due to U.K. operations restructuring costs of $23 million[52] Condensed Consolidated Balance Sheets The condensed consolidated balance sheet shows a slight decrease in total assets from December 31, 2024, to March 31, 2025, primarily due to a reduction in cash and cash equivalents, with total liabilities increasing mainly from customer advances, and total equity decreasing | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :-------------------------------- | :--------------------------- | :------------------------------ | | Cash and cash equivalents | $1,406 | $1,614 | | Total current assets | $2,433 | $2,520 | | Total assets | $13,308 | $13,466 | | Total current liabilities | $939 | $818 | | Long-term debt | $2,972 | $2,971 | | Total liabilities and equity | $13,308 | $13,466 | | Total equity | $7,297 | $7,592 | - Customer advances significantly increased from $118 million at December 31, 2024, to $241 million at March 31, 2025[54] Consolidated Statements of Cash Flows The consolidated statements of cash flows indicate an increase in net cash provided by operating activities in Q1 2025, but higher net cash used in financing activities, primarily due to increased treasury stock purchases, resulted in a larger decrease in cash and cash equivalents for the quarter | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :------------------------------------ | :-------------------- | :-------------------- | | Net cash provided by operating activities | $586 | $445 | | Net cash used in investing activities | ($126) | ($100) | | Net cash used in financing activities | ($671) | ($602) | | Decrease in cash and cash equivalents | ($208) | ($259) | | Cash and cash equivalents at end of period | $1,406 | $1,773 | - Purchases of treasury stock increased to $444 million in Q1 2025 from $339 million in Q1 2024[56] - Changes in assets and liabilities, particularly accounts receivable and customer advances, significantly impacted operating cash flow[56] Non-GAAP Financial Measures Reconciliations CF Industries provides reconciliations for non-GAAP financial measures like Free Cash Flow, EBITDA, and Adjusted EBITDA, which management uses to assess performance and financial strength, offering additional insights beyond GAAP results for year-over-year comparisons Free Cash Flow Reconciliation Free cash flow increased by $188 million year-over-year for the trailing twelve months ended March 31, 2025, as detailed in the reconciliation | Metric | TTM March 31, 2025 (in millions) | TTM March 31, 2024 (in millions) | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $2,412 | $2,255 | | Capital expenditures | ($552) | ($528) | | Distributions to noncontrolling interest | ($293) | ($348) | | Free cash flow | $1,567 | $1,379 | - Free cash flow increased by $188 million year-over-year for the trailing twelve months ended March 31, 2025[59] EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA increased by $185 million (40.3%) in Q1 2025 compared to Q1 2024, reflecting strong operational performance, with adjustments including an unrealized net mark-to-market loss on natural gas derivatives and a loss on the sale of the Ince facility | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :-------------------------------- | :-------------------- | :-------------------- | | Net earnings attributable to common stockholders | $312 | $194 | | EBITDA | $617 | $488 | | Adjusted EBITDA | $644 | $459 | | Adjusted EBITDA per ton | $128.70 | $101.46 | - Adjusted EBITDA increased by $185 million (40.3%) in Q1 2025 compared to Q1 2024, reflecting strong operational performance[64] - Adjustments to EBITDA in Q1 2025 included a $2 million unrealized net mark-to-market loss on natural gas derivatives and a $23 million loss on the sale of the Ince facility[64] Items Affecting Comparability of Results Certain items impacted the comparability of financial results between Q1 2025 and Q1 2024, including unrealized mark-to-market losses/gains on natural gas derivatives, foreign currency transaction losses, and a $23 million loss on the sale of the Ince facility in Q1 2025 | Item | Q1 2025 Pre-Tax (in millions) | Q1 2025 After-Tax (in millions) | Q1 2024 Pre-Tax (in millions) | Q1 2024 After-Tax (in millions) | | :------------------------------------------ | :---------------------------- | :------------------------------ | :---------------------------- | :------------------------------ | | Unrealized net mark-to-market loss (gain) on natural gas derivatives | $2 | $1 | ($33) | ($26) | | Loss on foreign currency transactions | $2 | $1 | $1 | $1 | | Loss on sale of Ince facility | $23 | $21 | — | — | | Integration costs | — | — | $3 | $2 | - The loss on the sale of the Ince facility, totaling $23 million pre-tax, was a new item affecting comparability in Q1 2025[67] Additional Information This section provides an overview of CF Industries, clarifies the use of non-GAAP financial measures, includes a safe harbor statement regarding forward-looking information, and lists contact details About CF Industries CF Industries Holdings, Inc. is a global manufacturer of hydrogen and nitrogen products, committed to providing clean energy to feed and fuel the world sustainably, focusing on safe operations, environmental stewardship, and decarbonizing its ammonia production network - CF Industries' mission is to provide clean energy to feed and fuel the world sustainably[44] - The company is decarbonizing its ammonia production network to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities[44] - Operates manufacturing complexes in the U.S., Canada, and the U.K., with an extensive North American storage, transportation, and distribution network[44] Note Regarding Non-GAAP Financial Measures CF Industries utilizes non-GAAP financial measures like EBITDA, adjusted EBITDA, and free cash flow to provide additional meaningful information on performance and financial strength, serving as supplemental tools for year-over-year comparisons with provided reconciliations - Non-GAAP measures (EBITDA, adjusted EBITDA, free cash flow, adjusted gross margin) provide additional meaningful information on performance and financial strength[45] - Management uses these measures as supplemental financial tools for year-over-year performance comparison[45] - Reconciliations to the most directly comparable GAAP measures are provided within the release[45] Safe Harbor Statement The Safe Harbor Statement clarifies that the communication contains forward-looking statements subject to various assumptions, risks, and uncertainties that could cause actual results to differ materially, including project completion, funding, market cyclicality, commodity prices, regulatory changes, and technological performance - All statements other than historical facts are forward-looking and subject to assumptions, risks, and uncertainties beyond the company's control[46][47] - Important factors that could cause actual results to differ include project completion, funding needs, market cyclicality, global competition, natural gas price volatility, and regulatory changes[47] - The company disclaims any obligation to update or revise forward-looking statements, except as required by law[48] Contact Information Contact information for media and investor relations is provided for inquiries regarding CF Industries Holdings, Inc - Media contact: Chris Close, Senior Director, Corporate Communications (847-405-2542, cclose@cfindustries.com)[49][50] - Investor contact: Darla Rivera, Director, Investor Relations (847-405-2045, darla.rivera@cfindustries.com)[49][50]