Financial Data and Key Metrics Changes - For the full year 2025, the company reported adjusted EBITDA of approximately $2.9 billion, net earnings attributable to common stockholders of approximately $1.5 billion, or $8.97 per diluted share [4][12] - In the fourth quarter of 2025, net earnings attributable to common stockholders were $404 million, or $2.59 per diluted share, with adjusted EBITDA of approximately $821 million [12][14] - The company generated net cash from operations of $2.75 billion and free cash flow of approximately $1.8 billion in 2025, returning $1.7 billion to shareholders [6][12] Business Line Data and Key Metrics Changes - The company produced 10.1 million tons of gross ammonia in 2025, achieving a 97% utilization rate, although production is expected to decrease to approximately 9.5 million tons in 2026 due to the Yazoo City incident [4][5] - The Blue Point joint venture with JERA and Mitsui is progressing well, with plans to begin civil work at the site in the second quarter of 2026 [5][6] Market Data and Key Metrics Changes - The global nitrogen market remains tighter than expected, with strong demand from India, Brazil, and North America, while supply is constrained by natural gas availability and geopolitical concerns [8][10] - Urea prices are currently trading well above historical levels, with North American ammonia pricing at $450 per short ton, which is $100 higher than in December 2025 [9][43] Company Strategy and Development Direction - The company is committed to its capital allocation framework, focusing on growth investments and returning capital to long-term shareholders [6][7] - There is a strong emphasis on low-carbon ammonia and nitrogen products, with increasing demand from customers seeking to meet sustainability goals [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate substantial free cash flow, supported by high-margin business and strategic initiatives [6][18] - The outlook for the nitrogen market remains positive, with expectations of continued high demand and limited new supply [10][44] Other Important Information - The company recorded two impairment charges totaling $76 million in the fourth quarter, related to the electrolyzer pilot project and the Yazoo City incident [12][13] - Capital expenditures for 2026 are expected to total approximately $1.3 billion, with $950 million allocated for sustaining CapEx and the Blue Point joint venture [13][14] Q&A Session Summary Question: About the pace of spending at the Blue Point project - The overall expenditure for Blue Point remains forecasted at $3.7 billion, with no changes in costs but updated timing for cash flow outflows [20][22] Question: On CBAM and its impact on the business - CBAM is seen as an opportunity, with European customers showing interest in low-carbon products, and any changes to CBAM could still benefit the company due to its low-carbon offerings [29][31] Question: Regarding the Yazoo City plant restart - The ammonium nitrate plant is the only one affected, and the company aims to restart it as soon as possible, with an estimated EBITDA impact of $200 million for 2026 [33][35] Question: Current market tightness and pricing outlook - The market is expected to remain tight due to high demand and limited supply, with pricing likely to stay elevated in the near term [38][42] Question: On the Blue Point project and its future expansion - The focus remains on the first site, but there is potential for future expansion given the infrastructure being built [24][25] Question: Affordability issues in nitrogen pricing - The company is aware of affordability issues and is studying the economics to ensure they remain part of the solution for farmers [90][92]