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CVR Partners reports 1Q20 results

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World Fertilizer,

CVR Partners has announced a net loss of US$21 million, or 18 cents per common unit, on net sales of US$75 million for 1Q20, compared to a net loss of US$6 million, or 5 cents per common unit, on net sales of US$92 million for 1Q19. EBITDA was US$11 million for 1Q20, compared to US$26 million for 1Q19.

“CVR Partners has successfully maintained safe and reliable operations while delivering nitrogen fertilizer on a timely basis to our customers despite the Covid-19 outbreak,” said Mark Pytosh, CEO of CVR Partners’ general partner.

“After experiencing poor weather conditions for fertilizer application during the past 18 months, the Midwest enjoyed warm, dry conditions in April,” Pytosh said. “As a result, we have seen strong shipments of nitrogen fertilizer for the spring application. Despite volatility in commodity markets due to the impacts of Covid-19, we expect planted corn acres to increase this year to between 92 million and 95 million acres, up from 89.7 million acres in 2019.

“In addition, the Board of Directors of CVR Partners’ general partner has authorised us to repurchase up to US$10 million in CVR Partners’ common units as we believe our units are significantly undervalued,” Pytosh concluded.

Consolidated operations

For 1Q20, CVR Partners’ average realised gate prices for urea ammonium nitrate (UAN) showed a reduction over the prior year, down 25% to US$166/t, and ammonia was down 28% over the prior year to US$264/t. Average realised gate prices for UAN and ammonia were US$222/t and US$367/t, respectively, for 1Q19.

CVR Partners’ fertilizer facilities produced a combined 201 000 t of ammonia during 1Q20, of which 78 000 net t were available for sale while the rest was upgraded to other fertilizer products, including 317 000 t of UAN. In 1Q19, the fertilizer facilities produced 179 000 t of ammonia, of which 41 000 net t were available for sale while the remainder was upgraded to other fertilizer products, including 335 000 t of UAN.

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