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CVR Partners releases 1Q21 results

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World Fertilizer,

CVR Partners, LP has announced a net loss of US$25 million, or US$2.37 per common unit, on net sales of US$61 million for 1Q21, compared to a net loss of US$21 million, or US$1.83 per common unit, on net sales of US$75 million for 1Q20.

EBITDA was US$5 million for 1Q21, compared to US$11 million for 1Q20.

“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, CEO 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 capitalise 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.”

For 1Q21, CVR Partners’ average realised gate prices for UAN showed a reduction over the prior year, down 4% to US$159/t, and ammonia was up 14% over the prior year to US$300/t. Average realised gate prices for UAN and ammonia were US$166/t and US$264/t, respectively, for 1Q20.

CVR Partners’ fertilizer facilities produced a combined 188 000 t of ammonia during 1Q21, of which 70 000 net t were available for sale while the rest was upgraded to other fertilizer products, including 272 000 t of UAN. In 1Q20, the fertilizer facilities produced 201 000 t of ammonia, of which 78 000 net t were available for sale while the remainder was upgraded to other fertilizer products, including 317 000 t of UAN.

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