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CVR Partners Reports Second Quarter 2022 Results and Announces a Cash Distribution of $10.05

CVR Partners LP
CVR Partners LP

SUGAR LAND, Texas, Aug. 01, 2022 (GLOBE NEWSWIRE) -- CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, today announced net income of $118 million, or $11.12 per common unit, on net sales of $244 million for the second quarter of 2022, compared to net income of $7 million, or 66 cents per common unit, on net sales of $138 million for the second quarter of 2021. EBITDA was $147 million for the second quarter of 2022, compared to EBITDA of $51 million for the second quarter of 2021.

“CVR Partners achieved solid operating results for the second quarter of 2022, driven by strong global fertilizer industry conditions,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “While Spring weather presented a challenge, planted grain acres were in line with USDA estimates. We also are pleased to announce a cash distribution of $10.05 per common unit for the 2022 second quarter.

“Looking ahead, we expect industry conditions to remain strong due to attractive farm economics and elevated nitrogen fertilizer prices driven by natural gas shortages in Western Europe and dislocations created by Russia’s invasion of Ukraine,” Pytosh said.

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Consolidated Operations

For the second quarter of 2022, CVR Partners’ average realized gate prices for UAN showed an improvement over the prior year, up 134 percent to $555 per ton, and ammonia was up 193 percent over the prior year to $1,182 per ton. Average realized gate prices for UAN and ammonia were $237 and $403 per ton, respectively, for the second quarter of 2021.

CVR Partners’ fertilizer facilities produced a combined 193,000 tons of ammonia during the second quarter of 2022, of which 50,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 331,000 tons of UAN. In the second quarter of 2021, the fertilizer facilities produced 217,000 tons of ammonia, of which 70,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 334,000 tons of UAN.

Distributions

CVR Partners also announced that on August 1, 2022, the Board of Directors of the Partnership’s general partner (the “Board”) declared a second quarter 2022 cash distribution of $10.05 per common unit, which will be paid on August 22, 2022, to common unitholders of record as of August 12, 2022.

CVR Partners is a variable distribution master limited partnership. As a result, its distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance, fluctuations in the prices received for its finished products, maintenance capital expenditures, use of cash and cash reserves deemed necessary or appropriate by the Board.

Second Quarter 2022 Earnings Conference Call

CVR Partners previously announced that it will host its second quarter 2022 Earnings Conference Call on Tuesday, August 2, at 11 a.m. Eastern. The Earnings Conference Call may also include discussion of the Partnership’s developments, forward-looking information and other material information about business and financial matters.

The second quarter 2022 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8029. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/snqtvvxr. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13731682.

Qualified Notice
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

Forward-Looking Statements
This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: global fertilizer industry conditions, including the impact thereof on operating results; spring weather conditions, including the impact on planted grain acres; distributions, including the timing, payment and amount (if any) thereof; farm economics and nitrogen fertilizer pricing, including the drivers thereof; impact of the Russia-Ukraine conflict on natural gas shortages; shipments of nitrogen fertilizer; nitrogen fertilizer demand; realized gate prices for ammonia and UAN; ammonia production levels, including volumes upgraded to other fertilizer products such as UAN; unit repurchase programs (if any), including the timing and cost thereof; our evaluation of greenfield development projects and opportunities to reduce our carbon footprint; continued safe and reliable operations; operating performance, finished product pricing, costs and capital expenditures, including management thereof, cash flow, use of cash and reserves; 45Q credits (if any) including the amount, timing and receipt thereof; the expected timing of turnaround projects or need to complete turnaround projects in future years; natural gas and global energy costs; exports; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of the COVID-19 pandemic and any variant thereof, the rate of any economic improvements, impacts of planting season on our business, general economic and business conditions, political disturbances, geopolitical instability and tensions, and associated changes in global trade policies and economic sanctions, including, but not limited to, in connection with Russia’s invasion of Ukraine in February 2022, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners, LP is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 1,100 ton-per-day UAN unit.

Investors and others should note that CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Partners may use these channels to distribute material information about the Partnership and to communicate important information about the Partnership, corporate initiatives and other matters. Information that CVR Partners posts on its website could be deemed material; therefore, CVR Partners encourages investors, the media, its customers, business partners and others interested in the Partnership to review the information posted on its website.

For further information, please contact:

Investor Relations
Richard Roberts
CVR Partners, LP
(281) 207-3205
InvestorRelations@CVRPartners.com

Media Relations
Brandee Stephens
CVR Partners, LP
(281) 207-3516
MediaRelations@CVRPartners.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

The following are non-GAAP measures we present for the period ended June 30, 2022:

EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Adjusted EBITDA - EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Reconciliation of Net Cash Provided By Operating Activities to EBITDA - Net cash provided by operating activities reduced by (i) interest expense, net, (ii) income tax expense (benefit), (iii) change in working capital, and (iv) other non-cash adjustments.

Available Cash for Distribution - EBITDA for the quarter excluding non-cash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, debt service and other contractual obligations, and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available cash for distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board.

We present these measures because we believe they may help investors, analysts, lenders, and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including, but not limited to, our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or financing methods, and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Refer to the “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Our historical results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reasons discussed below.

Coffeyville Facility - A planned turnaround at the Coffeyville Facility commenced during July 2022 and is expected to be completed in early to mid-August 2022. For the three and six months ended June 30, 2022, we incurred turnaround expense of $0.2 million and $0.3 million, respectively, related to planning for this turnaround.

East Dubuque Facility - The next planned turnaround at the East Dubuque Facility is currently expected to commence during August 2022. For the three and six months ended June 30, 2022, we incurred turnaround expense of $0.8 million and $1.3 million, respectively, related to planning for this turnaround.

CVR Partners, LP
(all information in this release is unaudited)

Consolidated Statement of Operations Data

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 (in thousands, except per unit data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales (1)

$

244,000

 

 

$

138,025

 

 

$

466,874

 

 

$

198,945

 

Operating costs and expenses:

 

 

 

 

 

 

 

Cost of materials and other

 

40,984

 

 

 

26,094

 

 

 

71,230

 

 

 

43,860

 

Direct operating expenses (exclusive of depreciation and amortization)

 

48,767

 

 

 

53,291

 

 

 

109,084

 

 

 

90,366

 

Depreciation and amortization

 

21,220

 

 

 

21,119

 

 

 

40,686

 

 

 

35,242

 

Cost of sales

 

110,971

 

 

 

100,504

 

 

 

221,000

 

 

 

169,468

 

Selling, general and administrative expenses

 

7,008

 

 

 

6,802

 

 

 

15,752

 

 

 

12,692

 

Loss on asset disposal

 

93

 

 

 

405

 

 

 

267

 

 

 

477

 

Operating income

 

125,928

 

 

 

30,314

 

 

 

229,855

 

 

 

16,308

 

Other (expense) income:

 

 

 

 

 

 

 

Interest expense, net

 

(8,308

)

 

 

(23,334

)

 

 

(18,343

)

 

 

(39,251

)

Other income, net

 

81

 

 

 

40

 

 

 

108

 

 

 

4,598

 

Income (loss) before income tax expense

 

117,701

 

 

 

7,020

 

 

 

211,620

 

 

 

(18,345

)

Income tax expense

 

119

 

 

 

 

 

 

377

 

 

 

19

 

Net income (loss)

$

117,582

 

 

$

7,020

 

 

$

211,243

 

 

$

(18,364

)

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per unit

$

11.12

 

 

$

0.66

 

 

$

19.90

 

 

$

(1.72

)

Distributions declared per unit data

 

2.26

 

 

 

 

 

 

7.50

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA*

$

147,229

 

 

$

51,473

 

 

$

270,649

 

 

$

56,148

 

Available Cash for Distribution*

 

106,206

 

 

 

18,411

 

 

 

130,041

 

 

 

9,308

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding:

 

 

 

 

 

 

 

Basic and Diluted

 

10,570

 

 

 

10,681

 

 

 

10,617

 

 

 

10,688

 

__________________________________
*See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts.

(1)   Below are the components of net sales:

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

Components of net sales:

 

 

 

 

 

 

 

Fertilizer sales

$

230,885

 

$

126,502

 

$

441,726

 

$

178,855

Freight in revenue

 

9,856

 

 

8,870

 

 

19,071

 

 

14,985

Other

 

3,259

 

 

2,653

 

 

6,077

 

 

5,105

Total net sales

$

244,000

 

$

138,025

 

$

466,874

 

$

198,945

Selected Balance Sheet Data

 (in thousands)

June 30, 2022

 

December 31, 2021

Cash and cash equivalents

$

156,312

 

$

112,516

Working capital

 

187,574

 

 

100,385

Total assets

 

1,118,800

 

 

1,127,058

Total debt, including current portion

 

546,558

 

 

610,642

Total liabilities

 

657,614

 

 

784,860

Total partners’ capital

 

461,186

 

 

342,198

Selected Cash Flow Data

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 (in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net cash flow provided by (used in):

 

 

 

 

 

 

 

Operating activities

$

48,684

 

 

$

(2,572

)

 

$

215,611

 

 

$

22,979

 

Investing activities

 

(5,831

)

 

 

(2,350

)

 

 

(13,730

)

 

 

(5,344

)

Financing activities

 

(23,888

)

 

 

(4,820

)

 

 

(158,085

)

 

 

(5,375

)

Net increase (decrease) in cash and cash equivalents

$

18,965

 

 

$

(9,742

)

 

$

43,796

 

 

$

12,260

 

Capital Expenditures

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 (in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

Maintenance

$

7,981

 

$

2,855

 

$

13,109

 

$

4,939

Growth

 

32

 

 

876

 

 

553

 

 

1,917

Total capital expenditures

$

8,013

 

$

3,731

 

$

13,662

 

$

6,856

Key Operating Data

Ammonia Utilization (1)

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(percent of capacity utilization)

2022

 

2021

 

2022

 

2021

Consolidated

89

%

 

98

%

 

88

%

 

93

%

__________________________________
(1)   Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Partnership’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2022 and 2021 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.


Sales and Production Data

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2022

 

 

2021

 

2022

 

2021

Consolidated sales (thousand tons):

 

 

 

 

 

 

 

Ammonia

 

52

 

 

80

 

 

91

 

 

112

UAN

 

287

 

 

370

 

 

609

 

 

609

 

 

 

 

 

 

 

 

Consolidated product pricing at gate (dollars per ton): (1)

 

 

 

 

 

 

 

Ammonia

$

1,182

 

$

403

 

$

1,127

 

$

373

UAN

 

555

 

 

237

 

 

524

 

 

206

 

 

 

 

 

 

 

 

Consolidated production volume (thousand tons):

 

 

 

 

 

 

 

Ammonia (gross produced) (2)

 

193

 

 

217

 

 

380

 

 

404

Ammonia (net available for sale) (2)

 

50

 

 

70

 

 

102

 

 

140

UAN

 

331

 

 

334

 

 

648

 

 

606

 

 

 

 

 

 

 

 

Feedstock:

 

 

 

 

 

 

 

Petroleum coke used in production (thousand tons)

 

116

 

 

134

 

 

224

 

 

262

Petroleum coke (dollars per ton)

$

49.91

 

$

36.69

 

$

53.06

 

$

39.73

Natural gas used in production (thousands of MMBtu) (3)

 

1,936

 

 

2,154

 

 

3,697

 

 

4,036

Natural gas used in production (dollars per MMBtu) (3)

$

7.34

 

$

3.04

 

$

6.48

 

$

3.07

Natural gas in cost of materials and other (thousands of MMBtu) (3)

 

1,707

 

 

2,711

 

 

3,235

 

 

3,650

Natural gas in cost of materials and other (dollars per MMBtu) (3)

$

5.98

 

$

3.06

 

$

5.81

 

$

3.03

__________________________________
(1)   Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)   Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)   The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.


Key Market Indicators

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Ammonia — Southern plains (dollars per ton)

$

1,241

 

$

569

 

$

1,259

 

$

503

Ammonia — Corn belt (dollars per ton)

 

1,405

 

 

622

 

 

1,391

 

 

560

UAN — Corn belt (dollars per ton)

 

632

 

 

341

 

 

624

 

 

299

 

 

 

 

 

 

 

 

Natural gas NYMEX (dollars per MMBtu)

$

7.49

 

$

2.98

 

$

6.06

 

$

2.85

Q3 2022 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2022. See “Forward-Looking Statements” above.

 

Q3 2022

 

Low

 

High

Ammonia utilization rates

 

 

 

Consolidated

 

60

%

 

 

65

%

Coffeyville Facility

 

65

%

 

 

70

%

East Dubuque Facility

 

55

%

 

 

60

%

 

 

 

 

Direct operating expenses (in millions) (1)

$

60

 

 

$

65

 

Turnaround expenses (in millions) (2)

$

30

 

 

$

35

 

Capital expenditures (in millions) (2)

$

22

 

 

$

27

 

__________________________________
(1)   Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.
(2)   Turnaround and capital expenditures are disclosed on an accrual basis.

Non-GAAP Reconciliations:

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss)

$

117,582

 

$

7,020

 

$

211,243

 

$

(18,364

)

Interest expense, net

 

8,308

 

 

23,334

 

 

18,343

 

 

39,251

 

Income tax expense

 

119

 

 

 

 

377

 

 

19

 

Depreciation and amortization

 

21,220

 

 

21,119

 

 

40,686

 

 

35,242

 

EBITDA and Adjusted EBITDA

$

147,229

 

$

51,473

 

$

270,649

 

$

56,148

 

Reconciliation of Net Cash Provided By Operating Activities to EBITDA and Adjusted EBITDA

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net cash provided by operating activities

$

48,684

 

 

$

(2,572

)

 

$

215,611

 

 

$

22,979

 

Non-cash items:

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

(7,763

)

 

 

(628

)

 

 

(7,763

)

Share-based compensation

 

721

 

 

 

(6,379

)

 

 

(11,353

)

 

 

(9,971

)

Other

 

(345

)

 

 

(1,549

)

 

 

(958

)

 

 

(2,808

)

Adjustments:

 

 

 

 

 

 

 

Interest expense, net

 

8,308

 

 

 

23,334

 

 

 

18,343

 

 

 

39,251

 

Income tax expense

 

119

 

 

 

 

 

 

377

 

 

 

19

 

Change in assets and liabilities

 

89,742

 

 

 

46,402

 

 

 

49,257

 

 

 

14,441

 

EBITDA and Adjusted EBITDA

$

147,229

 

 

$

51,473

 

 

$

270,649

 

 

$

56,148

 

Reconciliation of EBITDA to Available Cash for Distribution

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

EBITDA

$

147,229

 

 

$

51,473

 

 

$

270,649

 

 

$

56,148

 

Current (reserves) adjustments for amounts related to:

 

 

 

 

 

 

 

Net cash interest expense (excluding capitalized interest)

 

(8,466

)

 

 

 

 

 

(17,800

)

 

 

 

Debt service

 

 

 

 

(14,725

)

 

 

(65,000

)

 

 

(29,721

)

Financing fees

 

 

 

 

(3,244

)

 

 

(815

)

 

 

(3,244

)

Maintenance capital expenditures

 

(7,981

)

 

 

(2,855

)

 

 

(13,109

)

 

 

(4,939

)

Utility pass-through

 

(675

)

 

 

4,145

 

 

 

(1,350

)

 

 

4,145

 

Common units repurchased

 

 

 

 

 

 

 

(12,397

)

 

 

(529

)

Other (reserves) releases:

 

 

 

 

 

 

 

Reserve for recapture of prior negative available cash

 

 

 

 

(14,980

)

 

 

 

 

 

(14,980

)

Future turnaround

 

(9,875

)

 

 

(1,403

)

 

 

(16,750

)

 

 

(2,880

)

Previously established cash reserves

 

 

 

 

 

 

 

 

 

 

5,308

 

Cash reserves for future operating needs

 

(15,000

)

 

 

 

 

 

(15,000

)

 

 

 

Reserve for maintenance capital expenditures

 

974

 

 

 

 

 

 

1,613

 

 

 

 

Available Cash for distribution (1) (2)

$

106,206

 

 

$

18,411

 

 

$

130,041

 

 

$

9,308

 

 

 

 

 

 

 

 

 

Common units outstanding

 

10,570

 

 

 

10,681

 

 

 

10,570

 

 

 

10,681

 

__________________________________
(1)  Amount represents the cumulative available cash based on quarter-to-date and year-to-date results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the period following declaration.
(2) The Partnership declared and paid a $5.24 and $2.26 cash distribution related to the fourth quarter of 2021 and first quarter of 2022, respectively, and declared a cash distribution of $10.05 per common unit related to the second quarter of 2022 to be paid in August 2022.