Mark A. Pytosh: Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call. Before we get into the results, I would like to introduce our new Chief Operating Officer, Mike Wright. Mike also serves as COO of CVR Energy, a position he has held since January 2022. Mike has nearly 35 years of experience in the refining and petrochemicals industries in a variety of operations and commercial roles, and we are excited to have him leading our fertilizer operations teams. Turning to th ...

Performance in the fourth quarter was significantly impacted by a 64% ammonia utilization rate, driven by a planned turnaround and subsequent three-week startup delay at the Coffeyville facility. The operational delay was attributed to issues at a third-party air separation plant; management is currently renegotiating the service provider's business plan to increase CVR's oversight and prevent future recurrence. Despite lower production volumes, the company benefited from strong market pricing, with U ...

SUGAR LAND, Texas--(BUSINESS WIRE)--CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate ("UAN†) solution fertilizer products, announced that its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, was filed today with the Securities and Exchange Commission and can be viewed on its website at www.CVRPartners.com by selecting the "SEC Filings†link. Upon written request, unitholders may receive, free of charge, a printed copy of the Annual Report. ...

Key Points GraniteShares sold its entire stake of Trinity Capital during the fourth quarter. The fund reported that its holdings decreased by 212,465 shares worth $3.29 million. The position was previously 1.9% of the fund's AUM as of the prior quarter. These 10 stocks could mint the next wave of millionaires › GraniteShares Advisors LLC fully exited its position in Trinity Capital (NASDAQ:TRIN), selling 212,465 shares worth an estimated $3.29 million in the fourth quarter. What happened Accor ...

Core Viewpoint - CVR Partners, LP has announced preliminary capital spending estimates for 2026, ranging from $60 million to $75 million, indicating a focus on both maintenance and growth capital projects [1] Capital Expenditures Summary - Estimated maintenance capital expenditures for 2026 are projected to be between $35 million and $45 million, highlighting the company's commitment to maintaining operational efficiency [1] - Growth capital expenditures are expected to be in the range of $25 million to $30 million, reflecting the company's strategy to enhance margins and address bottlenecks in operations [1] - The total capital expenditures for 2026 are thus estimated to be between $60 million and $75 million, showcasing a balanced approach towards sustaining current operations while pursuing growth opportunities [1]

Core Insights - Two stocks in the materials sector are signaling potential warnings for momentum-focused investors as of November 6, 2025 [1] Company Performance - O-I Glass Inc reported better-than-expected third-quarter financial results, raising its FY25 adjusted EPS guidance above estimates, with a significant stock gain of around 18% over the past five days and a 52-week high of $16.04 [7] - CVR Partners LP posted third-quarter EPS of $4.08, a substantial increase from 36 cents per share in the previous year, with a stock gain of approximately 5% over the past month and a 52-week high of $99.77 [7] Technical Indicators - O-I Glass has an RSI value of 76, indicating it is overbought, with shares closing at $13.47 after a 14.2% increase [7] - CVR Partners has an RSI value of 73.8, also indicating it is overbought, with shares closing at $99.11 after a 1.1% increase [7]

Financial Highlights - Q3 2025 net income attributable to IEP was $287 million, or $049 per depositary unit, compared to $22 million, or $005 per depositary unit, for Q3 2024[6] - Q3 2025 Adjusted EBITDA attributable to IEP was $383 million compared to $183 million for Q3 2024[6] - Indicative net asset value as of September 30, 2025, was approximately $38 billion, an increase of $567 million compared to June 30, 2025[6] - IEP declares third quarter distribution of $050 per depositary unit[6] Segment Performance - Energy segment net income was $258 million in Q3 2025, compared to a loss of $88 million in Q3 2024[9] - Energy segment Adjusted EBITDA was $409 million in Q3 2025, compared to a loss of $38 million in Q3 2024[9] - Investment segment returns were negative 05% for Q3 2025[13, 15] - Automotive Services revenue was $366 million, up $11 million when compared to Q3 2024[25] - Food Packaging Q3 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter[32]

Financial Performance - In 2025, the company reported net sales of $164 million, net income of $43 million, and EBITDA of $71 million [1][6] - The Board of Directors declared a distribution of $4.02 per common unit, to be paid on November 17 to unitholders of record at the close of the market on November 10 [1] - The company experienced a 95% utilization rate of its consolidated ammonia plant, with combined ammonia production of 208,000 gross tons and UAN production of 337,000 tons [1][4] Sales and Pricing - Approximately 328,000 tons of UAN were sold at an average price of $348 per ton, and 48,000 tons of ammonia at an average price of $531 per ton [4] - UAN and ammonia prices increased by 52% and 33% respectively compared to the prior year, driven by tight inventory levels and elevated demand [4][5] Capital Expenditures and Cash Management - The company spent $13 million on capital projects in 2025, with total capital spending estimated to be between $58 to $65 million [6][7] - Total liquidity at the end of the quarter was $206 million, consisting of $156 million in cash and $50 million available under the ABL facility [7][8] Market Conditions and Outlook - Domestic and global inventories of nitrogen fertilizer remain tight, supporting higher prices [5][12] - The company anticipates ammonia utilization rates to be between 80% and 85% due to a planned turnaround at the Coffeyville facility [8][9] - The company expects direct operating expenses and turnaround impacts to be between $58 million and $63 million [9] Geopolitical and Environmental Factors - Geopolitical conflicts, particularly in Ukraine, continue to impact the nitrogen fertilizer industry [11][12] - Natural gas prices in Europe remain high, affecting ammonia production costs and creating export opportunities for U.S. producers [13][14] Future Projects and Developments - The company is working on a project to utilize natural gas and additional hydrogen from the adjacent Coffeyville refinery, which could increase ammonia production capacity by up to 8% [14][20] - Ongoing debottlenecking projects at both plants aim to improve reliability and production rates [15][16]

Core Insights - CVR Partners reported a significant increase in net income and EBITDA for Q3 2025, with net income of $43 million ($4.08 per common unit) and EBITDA of $71 million on net sales of $164 million, compared to net income of $4 million ($0.36 per common unit) and EBITDA of $36 million on net sales of $125 million in Q3 2024 [1][8][19] Financial Performance - The company achieved a combined ammonia production rate of 95% during Q3 2025, with total ammonia production slightly decreasing to 208,000 tons from 212,000 tons in Q3 2024 [2][3] - Average realized gate prices for ammonia and UAN increased by 33% and 52% respectively, reaching $531 and $348 per ton in Q3 2025, compared to $399 and $229 per ton in Q3 2024 [4][22] Distributions - CVR Partners declared a cash distribution of $4.02 per common unit for Q3 2025, to be paid on November 17, 2025, to unitholders of record as of November 10, 2025 [5][27] Operational Highlights - The company produced 337,000 tons of UAN in Q3 2025, with 59,000 net tons of ammonia available for sale [3][22] - The ammonia utilization rate was reported at 95% for Q3 2025, slightly down from 97% in Q3 2024 [21] Market Conditions - The CEO noted strong ammonia demand for fall application as the harvest season nears completion, indicating favorable market conditions [2][3] - The company continues to focus on safe operations, cash generation, and unitholder returns amidst favorable market conditions [3]

Financial Results - Q2 2025 net loss attributable to IEP was $165 million, compared to a net loss of $331 million for Q2 2024[6] - Q2 2025 Adjusted EBITDA loss attributable to IEP was $43 million, compared to an Adjusted EBITDA loss of $155 million for Q2 2024[6] - Indicative net asset value as of June 30, 2025, was approximately $3.3 billion, an increase of $252 million compared to March 31, 2025[6] - The company declares a second quarter distribution of $0.50 per depositary unit[6] Segment Performance - Energy segment: Adjusted EBITDA decreased by $127 million to a loss of $24 million for Q2 2025 compared to $103 million in Q2 2024[17, 20] - Automotive segment: Adjusted EBITDA decreased $27 million for Q2 2025 compared to Q2 2024, impacted by higher labor costs and operating expenses[23, 24] - Investment segment: Returns of negative 0.5% for Q2 2025[12, 14] - All Other Segments: Q2 2025 Adjusted EBITDA attributable to IEP was $17 million compared to $28 million for Q2 2024[31] Energy Segment Details - Refining margin for Q2 2025 was $2.21 per throughput barrel, compared to $10.94 during Q2 2024[17, 20] - Renewable margin for Q2 2025 was $0.38 per vegetable oil throughput gallon, compared to $0.43 in Q2 2024[17, 20] - Q2 2025 average realized gate prices for UAN increased by 18% to $317 per ton and ammonia increased by 14% to $593 per ton when compared to Q2 2024[17, 19]