The following is a summary of the CVR Partners, LP (UAN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CVR Partners, LP reported Q1 2024 net sales of $128 million, a decrease from Q1 2023 due to lower market prices for ammonia and UAN.

• Net income for Q1 was $13 million and EBITDA was $40 million.

• Direct operating expenses for Q1 decreased to $56 million, primarily due to reductions in natural gas and electricity costs.

• Earnings per common unit in Q1 stood at $1.19 and the board declared a distribution of $1.92 per common unit.

Business Progress:

• Ammonia plant utilization stood at 90% for Q1, despite a 14-day planned outage at the Coffeyville facility.

• There was an increase in ammonia production due to favorable weather conditions while UAN production lowered due to reduced volumes.

• Improved planting conditions led to higher demand for nitrogen fertilizers in Southern Plains regions.

• The company is conducting engineering studies to evaluate the use of natural gas as an alternative feedstock at their Coffeyville facility.

• The company is exploring brownfield development projects to boost capacity, after the successful resolution of the strike in their East Dubuque facility.

• Focus is also on improving reliability and redundancy across both plants to enhance production rates and minimize downtime in future.

• CVR Partners is actively working towards reducing their carbon footprint as part of a responsible business execution plan.

More details: CVR Partners IR

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