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, 2022 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 ...

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

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

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

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-35120 CVR PARTNERS, LP (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Financial Data and Key Metrics Changes - In Q1 2022, the company reported net sales of $223 million, net income of $94 million, and EBITDA of $123 million, a significant increase from net sales of $61 million and an operating loss of $14 million in Q1 2021 [7][14] - Net income per common unit for Q1 2022 was $8.78, compared to a net loss of $2.37 per common unit in the prior year [15] - Direct operating expenses increased to $60 million in Q1 2022 from $37 million in the prior year, primarily due to higher electricity and natural gas costs [16] Business Line Data and Key Metrics Changes - The company produced approximately 187,000 gross tons of ammonia in Q1 2022, with 52,000 net tons available for sale, compared to 188,000 gross tons and 70,000 net tons in the prior year [9] - UAN production increased to 317,000 tons in Q1 2022 from 272,000 tons in the prior year [9] - Sales volumes for UAN and ammonia were higher, with UAN sold at an average price of $496 per ton and ammonia at $1,055 per ton, reflecting year-over-year price increases of 212% for UAN and 252% for ammonia [10][11] Market Data and Key Metrics Changes - Fertilizer inventory levels remain tight across the US and globally, exacerbated by the ongoing conflict in Ukraine, which has caused supply concerns in the fertilizer and grain markets [11] - The company expects strong demand for UAN and ammonia due to tight supply conditions and high grain prices, with corn prices at $8, soybeans at $16.50, and wheat at $10.50 [27] Company Strategy and Development Direction - The company plans to focus on maximizing cash flow generation by safely operating its plants, managing costs prudently, and targeting select investments in reliability projects and incremental production capacity increases [33] - The company is evaluating brownfield development projects that could increase capacity within its existing footprint [32] - The management is also progressing on monetizing the 45Q tax credits for the Coffeyville facility, expecting to complete a transaction in the coming months [31] Management's Comments on Operating Environment and Future Outlook - Management indicated that the ongoing conflict in Ukraine and natural gas shortages in Europe are likely to persist, affecting nitrogen fertilizer production and supply conditions [25][26] - The company does not expect supply conditions to improve materially until 2023, with a focus on maintaining strong pricing dynamics in the medium term [28][52] - Management expressed optimism about pricing dynamics for the second half of 2022 and into 2023, supported by strong demand and tight supply conditions [12][30] Other Important Information - The company completed a targeted debt pay down by retiring the remaining $65 million of the 2023 Senior Notes, reducing annual debt service costs by approximately $26 million [20][32] - The Board of Directors declared a distribution of $2.26 per common unit for Q1 2022, reflecting the company's strong cash generation [21] Q&A Session Summary Question: Expectations for volumes in Q2 - Management indicated it is too early to call volumes for Q2, but typically, if less ammonia is applied, demand for UAN and urea may increase [36] Question: Booking for Q3 - Management is in price discussions for Q3 but has not booked significant volumes yet [37] Question: Potential M&A opportunities - Management stated that all options are on the table for potential M&A, but they are focused on returns and will not chase assets that do not meet their return criteria [39] Question: 45Q tax credits cash flows - Management confirmed there will be both an upfront payment and ongoing payments from the 45Q credits, providing two cash streams [44] Question: Inventory levels and production issues - Management explained that production issues contributed to low inventory levels, but they have sufficient ammonia for spring planting [45][48] Question: Long-term supply and demand changes - Management discussed the ongoing energy and grain market issues, indicating it may take two to three years to reach a new equilibrium in supply and demand dynamics [52]