Financial Projections - Preliminary estimated net income for Q4 2025 is projected to be between $(14) million and $(7) million, while full-year 2025 net income is expected to range from $95 million to $102 million[2]. - Estimated EBITDA for Q4 2025 is expected to be between $15 million and $25 million, with full-year 2025 EBITDA projected to be between $206 million and $216 million[2]. - Cash and cash equivalents are estimated to be between $65 million and $75 million for both Q4 and full-year 2025[2]. - Total long-term debt and finance lease obligations are projected to be between $550 million and $600 million for both Q4 and full-year 2025[2]. Operational Performance - Ammonia utilization rate for Q4 2025 is estimated to be between 60% and 65%, while the full-year 2025 rate is expected to be between 87% and 89%[2]. - Strong demand for nitrogen fertilizers was noted in Q4 2025, with robust pricing amid tight inventories[2]. - The planned turnaround at the Coffeyville facility was completed as scheduled, although startup was delayed by several weeks due to third-party unit downtime[2]. Risk and Uncertainty - The company emphasizes that these preliminary estimates are subject to final adjustments and may differ from actual results[3]. - Forward-looking statements indicate potential risks and uncertainties that may affect future performance[10]. Business Focus - CVR Partners focuses on the production, marketing, and distribution of nitrogen fertilizer products, primarily urea ammonium nitrate (UAN) and ammonia[11].

Industry Outlook - The fertilizer business is expected to thrive as global efforts to secure food supply chains intensify, particularly in the US where executive orders are aimed at boosting domestic production [1] - US corn production is anticipated to increase, reflecting a positive trend in the agricultural sector [1] Analyst Background - The analyst has over a decade of experience in financial markets, primarily in hedge funds, with a focus on sectors such as technology (SaaS and cloud) and recently energy and minerals [1] - The analyst emphasizes rigorous research standards and personal investment criteria, indicating a high level of diligence in investment decisions [1]

Core Viewpoint - Renault plans to launch its new Filante car in South Korea starting in March, with subsequent sales expected in Latin America and Gulf countries by early 2027 [1] Group 1 - The Filante car will be available in South Korea from March [1] - Sales in Latin America and Gulf countries are anticipated to begin by early 2027 [1]

Core Viewpoint - The article emphasizes the attractiveness of dividend stocks for investors, highlighting their potential for both passive income and price appreciation through reinvestment opportunities [3]. Group 1: Dividend Stocks and Their Appeal - Dividend stocks are appealing for their ability to provide passive income and enhance price appreciation through reinvestment [3]. - Dividends have historically contributed nearly one-third of the total return of the S&P 500 since the 1920s [3]. Group 2: Hafnia's Dividend Performance - Hafnia, a petroleum shipping firm, has shown significant fluctuations in its dividend payments, with a recent increase from just under 3 cents per share in February to nearly 15 cents in December [4]. - Hafnia's dividend yield is exceptionally high as its share price has slightly decreased year-to-date, making it an attractive option for investors [5]. - The company reported a net profit of $91.5 million last quarter and an adjusted EBITDA of $150.5 million, maintaining over $630 million in total liquidity [5]. Group 3: Market Conditions and Future Outlook - Despite macro headwinds such as inflation and geopolitical instability, Hafnia is navigating challenges effectively and is expected to see its shares climb by over 14% [5]. - The article mentions three stocks with ultra-high yields heading into 2026, including Hafnia, Spok, and CVR Partners, indicating a focus on high dividend yield investments [6].

Core Insights - The article expresses a positive outlook on UAN shares, indicating a beneficial long position held by the author [1]. Group 1 - The author emphasizes that the information provided is solely their opinion and does not constitute an offer or solicitation to buy or sell any security [2]. - There is a disclaimer regarding the accuracy and completeness of the information, highlighting that past performance does not guarantee future results [3].

Core Insights - The individual has extensive experience in the energy industry, having worked for 22 years in various roles including engineering, planning, and financial analysis [1] - The investment strategy focuses on achieving returns that match the S&P 500 while maintaining lower volatility and higher income [1] - The approach emphasizes long-term holding of investments unless there is a compelling reason to sell, with a focus on intrinsic value [1] Investment Strategy - The individual has managed their own investment portfolio since 1998, successfully meeting long-term return goals [1] - Investment opportunities are sought without regard to asset class, market cap, sector, or yield, aiming to maximize total return over time [1] Position Disclosure - The individual holds a beneficial long position in UAN shares, indicating a personal investment in this specific stock [2]

Financial Performance - Net sales for Q3 2025 reached $163,549,000, a 30.6% increase from $125,203,000 in Q3 2024[20] - Operating income for Q3 2025 was $50,636,000, compared to $10,996,000 in Q3 2024, reflecting a significant improvement[20] - Net income for the nine months ended September 30, 2025, was $108,928,000, up from $42,605,000 in the same period of 2024, representing a 155.5% increase[25] - Total revenue for the three months ended September 30, 2025, was $163.5 million, a 30.6% increase from $125.2 million in the same period of 2024[48] - Net sales for the Nitrogen Fertilizer Segment reached $163,549,000 for the three months ended September 30, 2025, compared to $125,203,000 in 2024, reflecting a 30.6% increase[60] - Net income for the Nitrogen Fertilizer Segment was $43,072,000 for the three months ended September 30, 2025, compared to $3,807,000 in 2024, indicating a substantial increase of 1,131%[60] - For the three months ended September 30, 2025, total share-based compensation expense was $3,272,000, a significant increase from $714,000 in the same period of 2024, representing a 358% increase[52] - The company reported EBITDA of $70.6 million for the three months ended September 30, 2025, compared to $35.8 million in 2024[131] Cash and Liquidity - Cash and cash equivalents increased to $156,183,000 as of September 30, 2025, from $90,857,000 at the end of 2024, marking a 72.0% rise[18] - Available cash for distribution for the three months ended September 30, 2025, was $42.4 million, compared to $12.6 million in the same period of 2024[131] - As of September 30, 2025, the company had cash and cash equivalents of $156.2 million, with total liquidity of $206.2 million including $50.0 million available under the ABL Credit Facility[140] - The company believes its current cash from operations and liquidity will be sufficient to meet anticipated cash requirements for at least the next 12 months[136] Capital Expenditures and Debt - Total capital expenditures for the nine months ended September 30, 2025, were $29.4 million, with estimated full-year expenditures projected between $58.0 million and $65.0 million[143] - The company experienced an increase in capital expenditures of $8.5 million in 2025 due to various capital projects compared to 2024[151] - Maintenance capital expenditures for the nine months ended September 30, 2025, were $17.7 million, with full-year estimates between $39.0 million and $42.0 million[143] - The company's long-term debt as of September 30, 2025, was $548.3 million, consistent with the previous year[141] - Long-term debt and finance lease obligation, including current portion, was $569.9 million as of September 30, 2025, compared to $568.9 million as of December 31, 2024[45] Distributions - Cash distributions to common unitholders (affiliates and non-affiliates) totaled $83,500,000 for the nine months ended September 30, 2025, compared to $58,133,000 in the same period of 2024[25] - The Partnership declared a distribution of $4.02 per common unit for the third quarter of 2025, totaling approximately $42.5 million, payable on November 17, 2025[65] - Total quarterly distributions for 2025 amounted to $83,500,000, compared to $70,710,000 in 2024, reflecting an increase of 18%[65] Operational Metrics - The Partnership's ammonia utilization rate for the three months ended September 30, 2025, is a key operational metric, calculated as actual tons produced divided by capacity[101][102] - Ammonia gross production for the three months ended September 30, 2025, was 208,000 tons, slightly down from 212,000 tons in 2024, while net tons available for sale decreased to 59,000 tons from 61,000 tons[109] - UAN sales volumes for the three months ended September 30, 2025, were 337,000 tons, up from 321,000 tons in 2024, reflecting strong demand[109] Market and Industry Outlook - The anticipated combination of increasing global population, decreasing arable land per capita, and sustained use of corn and soybeans for renewable fuels supports long-term fundamentals for the U.S. nitrogen fertilizer industry[82] - The USDA estimates that in spring 2025, farmers planted 98.7 million corn acres, an increase of 8.6% from 2024, while soybean acres decreased by 7.0% to 81.1 million[86] - The EPA's proposed renewable volume requirements for 2026 and 2027 are expected to support grain demand and prices, impacting the overall market for nitrogen fertilizers[87] Governance and Management Changes - On October 30, 2025, the Board of Directors of CVR GP, LLC was reduced from seven to six directors, with three new appointments made[161] - Robert E. Flint was appointed as Chairman of the Board, while Brian Goebel and Alexander Nickolatos were also appointed as board members[161] - The changes in the Board and committee appointments were part of an evaluation and refreshment process, not due to any disagreements[161] - The Partnership is not aware of any transactions involving Messrs. Flint, Goebel, or Nickolatos that require disclosure under SEC regulations[161]

Financial Data and Key Metrics Changes - For Q3 2025, consolidated net income was $401 million, with earnings per share at $3.72 and EBITDA of $625 million, including a $488 million benefit from small refinery exemptions [4][10] - Adjusted EBITDA for the quarter was $180 million, with adjusted earnings per share at $0.40, reflecting a significant impact from RFS liability changes and inventory valuation [10][11] - The estimated accrued RFS obligation on the balance sheet was $93 million as of September 30, representing 90 million RINs marked to market at an average price of $1.03 [11] Business Line Data and Key Metrics Changes - In the petroleum segment, adjusted EBITDA was $120 million for Q3, driven by increased Group 3 benchmark cracks and higher throughput volumes [10][12] - The ammonia utilization rate in the fertilizer segment was 95%, down from 97% in Q3 2024, with higher nitrogen fertilizer prices compared to the previous year [8][13] - The renewable segment reported an adjusted EBITDA loss of $7 million, a decline from an $8 million profit in Q3 2024, primarily due to increased soybean oil prices and the loss of the blenders' tax credit [12][13] Market Data and Key Metrics Changes - Group 3 benchmark cracks averaged $25.97 per barrel in Q3 2025, up from $19.40 per barrel in the previous year [5][10] - Average RIN prices for Q3 were approximately $6.33 per barrel, nearly 25% of the Group 3 2-1-1 crack [5] - Fertilizer prices remained high due to tight global supplies, with ammonia priced at approximately $700 per ton and urea ammonium nitrate at $360 per ton [23] Company Strategy and Development Direction - The company plans to revert the renewable diesel unit back to hydrocarbon processing during the next scheduled turnaround in December, citing profitability concerns in the renewable space [21][22] - The management remains cautiously optimistic about the refining sector, anticipating stable demand and limited new refining capacity, which could support healthy crack spreads [19][20] - The company is focused on returning the balance sheet to targeted leverage and prioritizing paying down the term loan with excess cash flow [24][25] Management's Comments on Operating Environment and Future Outlook - Management noted that refining market conditions improved in Q3, with steady refined product demand and inventories near five-year averages [18] - The company expressed concerns about the renewable business's reliance on government support, which has been lacking, impacting profitability [21] - Future pipeline projects are expected to positively impact the Mid-Continent region, providing relief for product movement [28] Other Important Information - The company ended Q3 with a consolidated cash balance of $670 million and total liquidity of approximately $830 million [14][15] - Significant cash uses included $43 million for capital and turnaround spending and $20 million for term loan repayment [14] Q&A Session Summary Question: Pipeline projects and shipping commitments - Management acknowledged the potential positive impact of new pipeline projects for Mid-Continent refiners but has not yet decided on shipping commitments [27][28] Question: Renewable diesel plant utilization - The renewable diesel unit will be mothballed, with plans to find new uses for logistical assets, but the pretreatment plant will be shut down [29][30] Question: Renewable diesel conversion costs - The conversion back to hydrocarbon processing is primarily a catalyst change, with low costs associated with mothballing the unit [36][40] Question: RIN obligation strategy - The company plans to monitor RIN obligations closely and is preparing to purchase RINs to meet compliance deadlines [46][47] Question: Dividend restart timeline - Management indicated that predicting the right debt levels for restarting dividends is challenging, but the refining environment appears favorable for future growth [52][54]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net sales of $164 million, net income of $43 million, and EBITDA of $71 million, with a distribution of $4.02 per common unit [5][9][12] - Compared to Q3 2024, EBITDA increased primarily due to higher UAN and ammonia sales pricing, with direct operating expenses rising by approximately $7 million due to higher natural gas and electricity costs [9][10] Business Line Data and Key Metrics Changes - Consolidated ammonia plant utilization was 95%, with combined ammonia production of 208,000 gross tons and UAN production of 337,000 tons [5][6] - The company sold approximately 328,000 tons of UAN at an average price of $348 per ton and 48,000 tons of ammonia at an average price of $531 per ton, with UAN and ammonia prices increasing by 52% and 33% respectively from the prior year [6][9] Market Data and Key Metrics Changes - Domestic and global inventories of nitrogen fertilizer remain tight, supporting higher prices, with expectations for these conditions to persist into spring 2026 [7][18] - Grain prices have remained low due to expectations of large crop production in Brazil and North America, with December corn prices at approximately $4.30 per bushel and November soybeans at approximately $10.90 per bushel [17] Company Strategy and Development Direction - The company is focusing on safety, reliability, and performance, with plans for a 35-day turnaround at the East Dubuque facility in Q3 2026 and ongoing projects to utilize natural gas and hydrogen as alternative feedstocks [20][21] - The company anticipates holding higher levels of cash related to capital projects in the near term as it ramps up execution and spending [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming ammonia application season, citing favorable conditions for a strong fall ammonia run [28] - The company expects ammonia utilization rates to be between 80% and 85% in Q4 2025 due to planned turnaround at the Coffeyville facility [14][19] - Management is optimistic about pricing for ammonia and UAN in Q4, expecting higher prices compared to Q3 [34] Other Important Information - The company ended the quarter with total liquidity of $206 million, consisting of $156 million in cash and $50 million available under the ABL facility [12] - The company plans to spend approximately $58 to $65 million on capital projects in 2025, with a significant portion funded through cash reserves [10][12] Q&A Session Summary Question: Update on Coffeyville natural gas feedstock project - Management is not ready to discuss final costs and returns but is in detailed engineering and expects to provide more specifics in the next call [26] Question: Concerns about drought conditions impacting ammonia runs - Management is optimistic about conditions in the Northern Plains, expecting a strong fall ammonia run [28] Question: Impact of anticipated acreage changes on supply - Management believes corn acreage may not drop as much as previously expected due to market conditions and is not overly concerned about inventory levels [29] Question: Impact of Russian imports on the marketplace - Management has not seen any impact from Russian imports, although there are concerns about potential tariffs [32] Question: Outlook for ammonia, UAN, and urea prices - Management expects a solid quarter with higher prices in Q4 compared to Q3, optimistic about supply-demand balance [34]

Financial Performance - Net income for Q3 2025 was $43 million, or $4.08 per common unit, compared to $4 million, or $0.36 per common unit in Q3 2024[2][9] - EBITDA for Q3 2025 reached $71 million, up from $36 million in Q3 2024, reflecting strong operational performance[2][9] - Net sales for Q3 2025 were $164 million, a 31% increase from $125 million in Q3 2024[2][21] - Available cash for distribution was $42.4 million for Q3 2025, compared to $12.6 million in Q3 2024[21] - Net cash flow from operating activities for Q3 2025 was $91,744,000, compared to $86,725,000 in Q3 2024, representing an increase of 3%[24] - Available cash for distribution in Q3 2025 was $42,440,000, significantly higher than $12,612,000 in Q3 2024, an increase of 236%[37] Production and Utilization - Total ammonia production in Q3 2025 was 208,000 tons, slightly down from 212,000 tons in Q3 2024[4] - Ammonia utilization rate for Q3 2025 was 95%, slightly down from 97% in Q3 2024, while the nine-month utilization rate remained stable at 96% for both years[26] - Consolidated sales volumes of ammonia decreased to 48,000 tons in Q3 2025 from 62,000 tons in Q3 2024, a decline of 23%[28] - The company expects ammonia utilization rate for Q4 2025 to be between 80% and 85%[32] Pricing and Costs - Average realized gate prices for ammonia and UAN increased by 33% and 52%, respectively, to $531 and $348 per ton in Q3 2025[5] - Average consolidated product pricing for ammonia increased to $531 per ton in Q3 2025, up from $399 per ton in Q3 2024, marking a rise of 33%[28] - The average price of natural gas used in production increased to $3.18 per MMBtu in Q3 2025 from $2.19 per MMBtu in Q3 2024, a rise of 45%[28] - Direct operating expenses for Q4 2025 are projected to be between $58 million and $63 million[32] Capital and Assets - Total assets as of September 30, 2025, were $1,037.2 million, up from $1,018.7 million at the end of 2024[23] - Total partners' capital increased to $318.5 million as of September 30, 2025, from $293.1 million at the end of 2024[23] - Total capital expenditures for the nine months ended September 30, 2025, were $29,392,000, up from $19,205,000 in the same period of 2024, reflecting a growth of 53%[25] Future Outlook - The company plans to continue focusing on safe operations and cash generation amid favorable market conditions[4] - The company declared a cash distribution of $4.02 per common unit related to Q3 2025, to be paid in November 2025[36]