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UAN May 2021 2.500 call

OPR - OPR Delayed Price. Currency in USD
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0.10000.0000 (0.00%)
As of 1:28PM EST. Market open.
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Previous Close0.1000
Open0.1000
Bid0.0000
Ask0.0000
Strike2.50
Expire Date2021-05-21
Day's Range0.1000 - 0.1000
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  • ACCESSWIRE

    CVR Partners LP to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / May 4, 2021 / CVR Partners LP (NYSE:UAN) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 4, 2021 at 11:00 AM Eastern Time.To listen to the event live or access a replay of the call - visit https://www.

  • CVR Partners Reports First Quarter 2021 Results
    GlobeNewswire

    CVR Partners Reports First Quarter 2021 Results

    SUGAR LAND, Texas, May 03, 2021 (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 a net loss of $25 million, or $2.37 per common unit, on net sales of $61 million for the first quarter 2021, compared to a net loss of $21 million, or $1.83 per common unit, on net sales of $75 million for the first quarter 2020. EBITDA was $5 million for the first quarter of 2021, compared to $11 million for the first quarter of 2020. “During the first quarter 2021, CVR Partners continued to operate safely and reliably while responding to Winter Storm Uri, which negatively impacted shipments from both our East Dubuque and Coffeyville fertilizer facilities,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “However, we were able to quickly react to the weather event, reducing throughput at East Dubuque and selling contracted natural gas to capitalize on market opportunities. In addition, our Coffeyville facility was one of the only plants capable of operating during the storm due to its use of petroleum coke as its feedstock. “The nitrogen fertilizer industry reached an inflection point during the first quarter of 2021, where improved farmer economics translated into increased demand for nitrogen fertilizer as well as much higher pricing,” Pytosh said. “So far, the spring planting season has gone well, with nitrogen fertilizer prices materially higher in the second quarter compared to the first quarter.” Consolidated Operations For the first quarter of 2021, CVR Partners’ average realized gate prices for UAN showed a reduction over the prior year, down 4 percent to $159 per ton, and ammonia was up 14 percent over the prior year to $300 per ton. Average realized gate prices for UAN and ammonia were $166 per ton and $264 per ton, respectively, for the first quarter 2020. CVR Partners’ fertilizer facilities produced a combined 188,000 tons of ammonia during the first quarter of 2021, of which 70,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 272,000 tons of UAN. In the first quarter of 2020, the fertilizer facilities produced 201,000 tons of ammonia, of which 78,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 317,000 tons of UAN. Capital Structure On May 6, 2020, the Board of Directors of the Partnership’s general partner (the “Board”), on behalf of the Partnership, authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program enables the Partnership to repurchase up to $10 million of the Partnership’s common units. On February 22, 2021, the Board authorized an additional $10 million for the Unit Repurchase Program. During the three months ended March 31, 2021, the Partnership repurchased 24,378 common units, on the open market in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Exchange Act, at a cost of $0.5 million, inclusive of transaction costs, or an average price of $21.70 per common unit. At March 31, 2021, the Partnership had $12.4 million in authority remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate the Partnership to acquire any common units and may be cancelled or terminated by the Board at any time. Distributions CVR Partners will not pay a cash distribution for the first quarter 2021. 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. First Quarter 2021 Earnings Conference Call CVR Partners previously announced that it will host its first quarter 2021 Earnings Conference Call on Tuesday, May 4, 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 first quarter 2021 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/9uikt5qq. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13718880. Qualified NoticeThis 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 StatementsThis 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: continued safe and reliable operations; impact of Winter Storm Uri on shipments and throughput; capitalization on natural gas sales; the ability of the Coffeyville facility to operate during storm conditions; farmer economics including improvement thereof; nitrogen fertilizer demand and pricing, including the increase thereof; success of the Spring planting season; ammonia production levels including volumes upgraded to other fertilizer products including UAN; purchases under the Unit Repurchase Program (if any), including the cost thereof; distributions, including the timing, payment and amount (if any) thereof; operating performance, finished product pricing, costs and capital expenditures including management thereof, cash flow, use of cash and reserves; 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 COVID-19, the rate of any economic improvements, impacts of planting season on our business, general economic and business conditions, 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 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, LPHeadquartered 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 RobertsCVR Partners, LP (281) 207-3205InvestorRelations@CVRPartners.com Media Relations:Brandee StephensCVR Partners, LP(281) 207-3516MediaRelations@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 GAAP financial information presented in accordance with U.S. 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 March 31, 2021: EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. 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. CVR Partners, LP(all information in this release is unaudited) Financial and Operational Data Three Months EndedMarch 31,(in thousands, except per unit data)2021 2020Consolidated Statement of Operations Data Net sales (1)$60,921 $75,080 Operating costs and expenses: Cost of materials and other17,766 23,991 Direct operating expenses (exclusive of depreciation and amortization)37,075 35,123 Depreciation and amortization14,123 15,597 Cost of sales68,964 74,711 Selling, general and administrative expenses5,891 5,354 Loss (gain) on asset disposal72 (13)Operating loss(14,006) (4,972)Other (expense) income: Interest expense, net(15,916) (15,783)Other income, net4,557 27 Loss before income tax expense(25,365) (20,728)Income tax expense19 7 Net loss$(25,384) $(20,735) Basic and diluted loss per unit$(2.37) $(1.83) EBITDA*$4,674 $10,652 Available Cash for Distribution*(9,479) (5,919) Weighted-average common units outstanding - basic and diluted10,695 11,328 ________________________* See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts. Below are the components of net sales: Three Months EndedMarch 31,(in thousands)2021 2020Components of net sales: Fertilizer sales$52,354 $64,694 Freight in revenue6,114 7,722 Other2,453 2,664 Total net sales$60,921 $75,080 Selected Balance Sheet Data (in thousands)March 31, 2021 December 31, 2020Cash and cash equivalents$52,561 $30,559 Working capital32,902 41,873 Total assets1,031,882 1,032,880 Total debt, including current portion637,256 636,182 Total liabilities743,554 718,639 Total partners’ capital288,328 314,241 Selected Cash Flow Data Three Months EndedMarch 31,(in thousands)2021 2020Net cash flow provided by (used in): Operating activities$25,551 $27,707 Investing activities(2,994) (6,662)Financing activities(555) (25)Net increase in cash and cash equivalents$22,002 $21,020 Capital Expenditures Three Months EndedMarch 31,(in thousands)2021 2020Maintenance capital expenditures$2,459 $4,139 Growth capital expenditures666 1,454 Total capital expenditures$3,125 $5,593 Key Operating Data Ammonia Utilization (1) Two Years Ended March 31,(capacity utilization)2021 2020Consolidated96% 93%Coffeyville Facility94% 93%East Dubuque Facility97% 93% ________________________ Reflects our ammonia utilization rates on a consolidated basis and at each of our facilities. 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 on a two-year rolling average to take into account the impact of our current turnaround cycles on any specific period. The two-year rolling average is a more useful presentation of the long-term utilization performance of our plants. 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 EndedMarch 31, 2021 2020Consolidated sales (thousand tons): Ammonia32 54 UAN239 284 Consolidated product pricing at gate (dollars per ton) (1): Ammonia$300 $264 UAN159 166 Consolidated production volume (thousand tons): Ammonia (gross produced) (2)188 201 Ammonia (net available for sale) (2)70 78 UAN272 317 Feedstock: Petroleum coke used in production (thousand tons)128 125 Petroleum coke used in production (dollars per ton)$42.91 $44.68 Natural gas used in production (thousands of MMBtu) (3)1,882 2,141 Natural gas used in production (dollars per MMBtu) (3)$3.10 $2.42 Natural gas in cost of materials and other (thousands of MMBtu) (3)940 1,418 Natural gas in cost of materials and other (dollars per MMBtu) (3)$2.94 $2.80 ________________________ 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.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.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 EndedMarch 31, 2021 2020Ammonia - Southern plains (dollars per ton)$437 $272 Ammonia - Corn belt (dollars per ton)497 364 UAN - Corn belt (dollars per ton)256 169 Natural gas NYMEX (dollars per MMBtu)$2.72 $1.87 Q2 2021 Outlook The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2021. See “Forward-Looking Statements” above. Q2 2021 Low HighAmmonia utilization rates (1) Consolidated 95% 100%Coffeyville Facility 95% 100%East Dubuque Facility 95% 100% Direct operating expenses (2) (in millions)$35 $40 Total capital expenditures (3) (in millions)$4 $7 ________________________ Ammonia utilization rates exclude the impact of turnarounds.Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments.Capital expenditures are disclosed on an accrual basis. Non-GAAP Reconciliations Reconciliation of Net Loss to EBITDA Three Months EndedMarch 31,(in thousands)2021 2020Net loss$(25,384) $(20,735)Add: Interest expense, net15,916 15,783 Income tax expense19 7 Depreciation and amortization14,123 15,597 EBITDA$4,674 $10,652 Reconciliation of Net Cash Provided By Operating Activities to EBITDA Three Months EndedMarch 31,(in thousands)2021 2020Net cash provided by operating activities$25,551 $27,707 Non-cash items: Other(4,851) (785)Add: Interest expense, net15,916 15,783 Income tax expense19 7 Change in assets and liabilities(31,961) (32,060)EBITDA$4,674 $10,652 Reconciliation of EBITDA to Available Cash for Distribution Three Months EndedMarch 31,(in thousands)2021 2020EBITDA$4,674 $10,652 Current reserves for amounts related to: Debt service(14,996) (14,999)Maintenance capital expenditures(2,459) (4,139)Common units repurchased(529) — Other (reserves) releases: Future turnaround(1,500) — Previously established cash reserves5,331 2,567 Available Cash for distribution (1) (2)$(9,479) $(5,919) Common units outstanding10,681 11,328 ________________________ 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.The Partnership paid no cash distributions related to the fourth quarter of 2020, and no distribution was declared for the first quarter of 2021.

  • CVR Partners to Release First Quarter 2021 Earnings Results
    GlobeNewswire

    CVR Partners to Release First Quarter 2021 Earnings Results

    SUGAR LAND, Texas, April 20, 2021 (GLOBE NEWSWIRE) -- CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, plans to release its first quarter 2021 earnings results on Monday, May 3, after the close of trading on the New York Stock Exchange. The Company will host a teleconference call on Tuesday, May 4, at 11 a.m. Eastern to discuss these results. This call, which will contain forward-looking information, 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/9uikt5qq. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13718880. CVR Partners’ first quarter 2021 earnings news release will be distributed via GlobeNewswire and posted at www.CVRPartners.com. About CVR Partners, LPHeadquartered 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. For further information, please contact: Investor Relations: Richard RobertsCVR Partners, LP (281) 207-3205 InvestorRelations@CVRPartners.comMedia Relations:Brandee StephensCVR Partners, LP(281) 207-3516MediaRelations@CVRPartners.com