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 $60
million, or $5.66 per common unit, on net sales of $183 million for
the second quarter of 2023, compared to net income of $118 million,
or $11.12 per common unit, on net sales of $244 million for the
second quarter of 2022. EBITDA was $87 million for the second
quarter of 2023, compared to EBITDA of $147 million for the second
quarter of 2022.
“CVR Partners achieved solid results for the
2023 second quarter led by strong production, including a combined
ammonia production rate of 100 percent offset by lower fertilizer
pricing,” said Mark Pytosh, Chief Executive Officer of CVR
Partners’ general partner. “The spring planting season went well
with favorable weather and strong demand for nitrogen
fertilizer.
“As we enter a new planting season, nitrogen
fertilizer prices have fully reset and we have seen strong demand
for the second half of 2023,” Pytosh said. “Our focus for the
remainder of the year will continue to be on safe, reliable
operations and maximizing our free cash generation and cash
distribution.”
Consolidated Operations
For the second quarter of 2023, CVR Partners’
average realized gate prices for UAN showed a reduction over the
prior year, down 43 percent to $316 per ton, and ammonia was down
40 percent over the prior year to $707 per ton. Average
realized gate prices for UAN and ammonia were $555 and $1,182 per
ton, respectively, for the second quarter of 2022.
CVR Partners’ fertilizer facilities produced a
combined 219,000 tons of ammonia during the second quarter of 2023,
of which 70,000 net tons were available for sale while the rest was
upgraded to other fertilizer products, including 339,000 tons of
UAN. In the second quarter of 2022, the fertilizer facilities
produced 193,000 tons of ammonia, of which 50,000 net tons were
available for sale while the remainder was upgraded to other
fertilizer products, including 331,000 tons of UAN. These increases
were due to operating reliability after completing the planned
turnarounds at both fertilizer facilities during the third quarter
of 2022.
Distributions
CVR Partners also announced that on July 31,
2023, the Board of Directors of the Partnership’s general partner
(the “Board”) declared a second quarter 2023 cash distribution of
$4.14 per common unit, which will be paid on August 21, 2023, to
common unitholders of record as of August 14, 2023.
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
2023 Earnings Conference Call
CVR Partners previously announced that it will
host its second quarter 2023 Earnings Conference Call on Tuesday,
August 1, 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 2023 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/o8wcogou. A repeat of
the call also can be accessed for 14 days by dialing (877)
660-6853, conference ID 13739749.
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: Partnership results, including the
drivers thereof; production and shipment rates; nitrogen fertilizer
pricing; planting season impacts; demand for nitrogen fertilizers;
ability to maximize free cash generation and cash distributions;
net income; net sales; EBITDA and Adjusted EBITDA; realized gate
prices for ammonia and UAN; ammonia production levels, including
volumes upgraded to other fertilizer products such as UAN, and the
drivers thereof; distributions, including the timing, payment and
amount (if any) thereof; the Partnership’s cash distribution
policy; continued safe and reliable operations; operating
performance, operating costs and capital expenditures; Section 45Q
credits and future payments arising under the 45Q Transaction (if
any), including the amount, timing and receipt thereof;
consideration of opportunities to reduce our carbon footprint;
timing of turnaround and reliability projects and the impact
thereof on operating rates and results; utilization and reliability
of our plants, including the impacts thereon; global fertilizer
industry conditions, including the drivers thereof; farm economics;
cash flow, use of cash and reserves; weather conditions, including
the impact thereof on our business; natural gas and global energy
costs; risks related to the conclusion of consideration of a
spin-off of some or all of the interests CVR Energy owns in the
Partnership or potential future reconsideration thereof; 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 rate of any economic improvement, impacts of the
planting season on our business, the health and economic effects of
COVID-19 and any variants thereof, 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 the Russia/Ukraine conflict, 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 its 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
3,100 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 950 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 RelationsRichard
RobertsCVR Partners, LP (281)
207-3205InvestorRelations@CVRPartners.com
Media RelationsBrandee
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 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, 2023:
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 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 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)
Consolidated Statement of Operations Data
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands, except per
unit data) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net sales(1) |
$ |
183,005 |
|
|
$ |
244,000 |
|
|
$ |
409,266 |
|
|
$ |
466,874 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
|
33,410 |
|
|
|
40,984 |
|
|
|
69,989 |
|
|
|
71,230 |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
|
55,759 |
|
|
|
48,767 |
|
|
|
113,303 |
|
|
|
109,084 |
|
Depreciation and amortization |
|
19,755 |
|
|
|
21,220 |
|
|
|
34,965 |
|
|
|
40,686 |
|
Cost of sales |
|
108,924 |
|
|
|
110,971 |
|
|
|
218,257 |
|
|
|
221,000 |
|
Selling, general and
administrative expenses |
|
7,291 |
|
|
|
7,008 |
|
|
|
14,675 |
|
|
|
15,752 |
|
Loss on asset disposal |
|
64 |
|
|
|
93 |
|
|
|
256 |
|
|
|
267 |
|
Operating income |
|
66,726 |
|
|
|
125,928 |
|
|
|
176,078 |
|
|
|
229,855 |
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
|
(6,919 |
) |
|
|
(8,308 |
) |
|
|
(14,093 |
) |
|
|
(18,343 |
) |
Other income (expense), net |
|
52 |
|
|
|
81 |
|
|
|
(212 |
) |
|
|
108 |
|
Income before income tax expense |
|
59,859 |
|
|
|
117,701 |
|
|
|
161,773 |
|
|
|
211,620 |
|
Income tax expense |
|
2 |
|
|
|
119 |
|
|
|
46 |
|
|
|
377 |
|
Net income |
$ |
59,857 |
|
|
$ |
117,582 |
|
|
$ |
161,727 |
|
|
$ |
211,243 |
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per
common unit |
$ |
5.66 |
|
|
$ |
11.12 |
|
|
$ |
15.30 |
|
|
$ |
19.90 |
|
Distributions declared per
common unit |
|
10.43 |
|
|
|
2.26 |
|
|
|
20.93 |
|
|
|
7.50 |
|
|
|
|
|
|
|
|
|
EBITDA* |
$ |
86,533 |
|
|
$ |
147,229 |
|
|
$ |
210,831 |
|
|
$ |
270,649 |
|
Available Cash for
Distribution* |
|
43,778 |
|
|
|
106,206 |
|
|
|
154,071 |
|
|
|
130,041 |
|
|
|
|
|
|
|
|
|
Weighted-average common units
outstanding: |
|
|
|
|
|
|
|
Basic and Diluted |
|
10,570 |
|
|
|
10,570 |
|
|
|
10,570 |
|
|
|
10,617 |
|
________________________________
* 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) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Components of net sales: |
|
|
|
|
|
|
|
Fertilizer sales |
$ |
167,006 |
|
$ |
230,885 |
|
$ |
377,018 |
|
$ |
441,726 |
Freight in revenue |
|
10,910 |
|
|
9,856 |
|
|
21,846 |
|
|
19,071 |
Other |
|
5,089 |
|
|
3,259 |
|
|
10,402 |
|
|
6,077 |
Total net sales |
$ |
183,005 |
|
$ |
244,000 |
|
$ |
409,266 |
|
$ |
466,874 |
Selected Balance Sheet Data
(in thousands) |
June 30, 2023 |
|
December 31, 2022 |
Cash and cash equivalents |
$ |
68,699 |
|
$ |
86,339 |
Working capital |
|
120,009 |
|
|
139,647 |
Total assets |
|
1,018,990 |
|
|
1,100,402 |
Total debt, including current portion |
|
547,050 |
|
|
546,800 |
Total liabilities |
|
666,674 |
|
|
688,591 |
Total partners’ capital |
|
352,316 |
|
|
411,811 |
Selected Cash Flow Data
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net cash flow provided by (used in): |
|
|
|
|
|
|
|
Operating activities |
$ |
60,844 |
|
|
$ |
48,684 |
|
|
$ |
191,287 |
|
|
$ |
215,611 |
|
Investing activities |
|
(3,268 |
) |
|
|
(5,831 |
) |
|
|
12,294 |
|
|
|
(13,730 |
) |
Financing activities |
|
(110,240 |
) |
|
|
(23,888 |
) |
|
|
(221,221 |
) |
|
|
(158,085 |
) |
Net (decrease) increase in cash and cash
equivalents |
$ |
(52,664 |
) |
|
$ |
18,965 |
|
|
$ |
(17,640 |
) |
|
$ |
43,796 |
|
Capital Expenditures
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Maintenance |
$ |
5,691 |
|
$ |
7,981 |
|
$ |
9,191 |
|
$ |
13,109 |
Growth |
|
598 |
|
|
32 |
|
|
623 |
|
|
553 |
Total capital expenditures |
$ |
6,289 |
|
$ |
8,013 |
|
$ |
9,814 |
|
$ |
13,662 |
Key Operating Data
Ammonia Utilization(1) |
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(percent of capacity
utilization) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Consolidated |
100 |
% |
|
89 |
% |
|
103 |
% |
|
88 |
% |
________________________________
(1) 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 for the three and
six months ended June 30, 2023 and 2022 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 EndedJune 30, |
|
Six Months EndedJune 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
|
79 |
|
|
52 |
|
|
121 |
|
|
91 |
UAN |
|
329 |
|
|
287 |
|
|
688 |
|
|
609 |
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton):(1) |
|
|
|
|
|
|
|
Ammonia |
$ |
707 |
|
$ |
1,182 |
|
$ |
770 |
|
$ |
1,127 |
UAN |
|
316 |
|
|
555 |
|
|
390 |
|
|
524 |
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced)(2) |
|
219 |
|
|
193 |
|
|
442 |
|
|
380 |
Ammonia (net available for sale)(2) |
|
70 |
|
|
50 |
|
|
132 |
|
|
102 |
UAN |
|
339 |
|
|
331 |
|
|
705 |
|
|
648 |
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand of tons) |
|
124 |
|
|
116 |
|
|
255 |
|
|
224 |
Petroleum coke used in production (dollars per ton) |
$ |
73.91 |
|
$ |
49.91 |
|
$ |
75.62 |
|
$ |
53.06 |
Natural gas used in production (thousands of MMBtu)(3) |
|
2,194 |
|
|
1,936 |
|
|
4,296 |
|
|
3,697 |
Natural gas used in production (dollars per MMBtu)(3) |
$ |
2.35 |
|
$ |
7.34 |
|
$ |
4.02 |
|
$ |
6.48 |
Natural gas in cost of materials and other (thousands of
MMBtu)(3) |
|
2,403 |
|
|
1,707 |
|
|
3,718 |
|
|
3,235 |
Natural gas in cost of materials and other (dollars per
MMBtu)(3) |
$ |
4.11 |
|
$ |
5.98 |
|
$ |
5.41 |
|
$ |
5.81 |
________________________________
(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, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Ammonia — Southern plains (dollars per ton) |
$ |
435 |
|
$ |
1,241 |
|
$ |
586 |
|
$ |
1,259 |
Ammonia — Corn
belt (dollars per ton) |
|
472 |
|
|
1,405 |
|
|
682 |
|
|
1,391 |
UAN — Corn belt (dollars
per ton) |
|
298 |
|
|
632 |
|
|
335 |
|
|
624 |
|
|
|
|
|
|
|
|
Natural gas
NYMEX (dollars per MMBtu) |
$ |
2.33 |
|
$ |
7.49 |
|
$ |
2.54 |
|
$ |
6.06 |
Q3 2023 Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2023. See “Forward-Looking Statements” above.
|
Q3 2023 |
|
Low |
|
High |
Ammonia utilization rates |
|
|
|
Consolidated |
|
95 |
% |
|
|
100 |
% |
Coffeyville Facility |
|
95 |
% |
|
|
100 |
% |
East Dubuque Facility |
|
95 |
% |
|
|
100 |
% |
|
|
|
|
Direct operating
expenses (in millions)(1) |
$ |
50 |
|
|
$ |
55 |
|
Capital expenditures (in
millions)(2) |
$ |
14 |
|
|
$ |
16 |
|
________________________________
(1) Direct operating expenses are shown
exclusive of depreciation and amortization, turnaround expenses,
and impacts of inventory adjustments.(2) Capital expenditures are
disclosed on an accrual basis.
Non-GAAP Reconciliations:
Reconciliation of Net
Income to EBITDA and Adjusted EBITDA
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
$ |
59,857 |
|
$ |
117,582 |
|
$ |
161,727 |
|
$ |
211,243 |
Interest expense, net |
|
6,919 |
|
|
8,308 |
|
|
14,093 |
|
|
18,343 |
Income tax expense |
|
2 |
|
|
119 |
|
|
46 |
|
|
377 |
Depreciation and amortization |
|
19,755 |
|
|
21,220 |
|
|
34,965 |
|
|
40,686 |
EBITDA and Adjusted EBITDA |
$ |
86,533 |
|
$ |
147,229 |
|
$ |
210,831 |
|
$ |
270,649 |
Reconciliation of Net Cash Provided By
Operating Activities to EBITDA and Adjusted
EBITDA
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net cash provided by operating activities |
$ |
60,844 |
|
|
$ |
48,684 |
|
|
$ |
191,287 |
|
|
$ |
215,611 |
|
Non-cash items: |
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(628 |
) |
Share-based compensation |
|
(2,203 |
) |
|
|
721 |
|
|
|
(4,136 |
) |
|
|
(11,353 |
) |
Other |
|
(250 |
) |
|
|
(345 |
) |
|
|
(752 |
) |
|
|
(958 |
) |
Adjustments: |
|
|
|
|
|
|
|
Interest expense, net |
|
6,919 |
|
|
|
8,308 |
|
|
|
14,093 |
|
|
|
18,343 |
|
Income tax expense |
|
2 |
|
|
|
119 |
|
|
|
46 |
|
|
|
377 |
|
Change in assets and liabilities |
|
21,221 |
|
|
|
89,742 |
|
|
|
10,293 |
|
|
|
49,257 |
|
EBITDA and Adjusted EBITDA |
$ |
86,533 |
|
|
$ |
147,229 |
|
|
$ |
210,831 |
|
|
$ |
270,649 |
|
Reconciliation of EBITDA to Available Cash for
Distribution
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
EBITDA |
$ |
86,533 |
|
|
$ |
147,229 |
|
|
$ |
210,831 |
|
|
$ |
270,649 |
|
Current (reserves) adjustments
for amounts related to: |
|
|
|
|
|
|
|
Net cash interest expense (excluding capitalized interest) |
|
(8,466 |
) |
|
|
(8,466 |
) |
|
|
(16,932 |
) |
|
|
(17,800 |
) |
Debt service |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(65,000 |
) |
Financing fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(815 |
) |
Maintenance capital expenditures |
|
(5,691 |
) |
|
|
(7,981 |
) |
|
|
(9,191 |
) |
|
|
(13,109 |
) |
Utility pass-through |
|
(675 |
) |
|
|
(675 |
) |
|
|
(1,350 |
) |
|
|
(1,350 |
) |
Major scheduled expenditures |
|
662 |
|
|
|
— |
|
|
|
662 |
|
|
|
— |
|
Common units repurchased |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,397 |
) |
Net cash proceeds from the 45Q Transaction |
|
(701 |
) |
|
|
— |
|
|
|
17,351 |
|
|
|
— |
|
Other (reserves) releases: |
|
|
|
|
|
|
|
Future turnaround |
|
(3,334 |
) |
|
|
(9,875 |
) |
|
|
(6,500 |
) |
|
|
(16,750 |
) |
Cash reserves for future operating needs |
|
(20,000 |
) |
|
|
(15,000 |
) |
|
|
(20,000 |
) |
|
|
(15,000 |
) |
Reserve for maintenance capital expenditures |
|
(4,550 |
) |
|
|
974 |
|
|
|
(20,800 |
) |
|
|
1,613 |
|
Available Cash for distribution(1)
(2) |
$ |
43,778 |
|
|
$ |
106,206 |
|
|
$ |
154,071 |
|
|
$ |
130,041 |
|
|
|
|
|
|
|
|
|
Common units outstanding |
|
10,570 |
|
|
|
10,570 |
|
|
|
10,570 |
|
|
|
10,570 |
|
________________________________
(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 $10.50 and
$10.43 cash distribution related to the fourth quarter of 2022 and
first quarter of 2023, respectively, and declared a cash
distribution of $4.14 per common unit related to the second quarter
of 2023 to be paid in August 2023.
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