Cvr Partners, Lp (UAN) 10K Annual Reports & 10Q SEC Filings

•Declared a fourth quarter 2022 cash distribution of $10.50 per common unit, bringing the cumulative cash distributions declared for 2022 to $24.58 per common unit.

•Received upfront proceeds of $18 million in connection with transactions finalized in January 2023 relating to Section 45Q tax credits.

SUGAR LAND, Texas (February 21, 2023)

– 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 $95 million, or $9.02 per common unit, on net sales of $212 million for the fourth quarter of 2022, compared to net income of $61 million, or $5.76 per common unit, on net sales of $189 million for the fourth quarter of 2021. EBITDA was $122 million for the fourth quarter of 2022, compared to EBITDA of $93 million for the fourth quarter of 2021.

CVR Partners had net income of $287 million, or $27.07 per common unit, on net sales of $836 million for full-year 2022, compared to net income of $78 million, or $7.31 per common unit, on net sales of $533 million for full-year 2021. EBITDA for full-year 2022 was $403 million, compared to EBITDA of $213 million for full-year 2021.

“CVR Partners reported strong results for the full-year 2022 despite planned turnarounds at both nitrogen fertilizer production facilities,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “After the successful completion of the turnarounds, we have achieved record monthly production rates at both facilities.

“Grain prices are near 10-year highs and planted corn acres are expected to increase by 3 percent to 5 percent for the spring 2023 planting season, driving strong demand for nitrogen fertilizer,” Pytosh said. “With no planned turnarounds until fall 2024 and the strengthening of our balance sheet completed earlier in 2022, the Partnership will continue to focus on maintaining financial flexibility and generating free cash flow.”

Consolidated Operations

For the fourth quarter of 2022, CVR Partners’ average realized gate prices for UAN improved by 31 percent to $455 per ton and ammonia improved by 30 percent to $967 per ton when compared to the fourth quarter of 2021. Average realized gate prices for UAN and ammonia were $347 per ton and $745 per ton, respectively, for the fourth quarter of 2021.

CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2022, of which 75,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 308,000 tons of UAN. During the fourth quarter of 2021, the fertilizer facilities produced a combined 197,000 tons of ammonia, of which 70,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 288,000 tons of UAN.

For full-year 2022, the average realized gate price for UAN improved by 84 percent to $486 per ton and ammonia improved 88 percent to $1,024 per ton when compared to full-year 2021. Average realized gate prices for UAN and ammonia were $264 per ton and $544 per ton, respectively, for full-year 2021.

CVR Partners’ fertilizer facilities produced a combined 703,000 tons of ammonia for full-year 2022, of which 213,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,140,000 tons of UAN. For full-year 2021, the fertilizer facilities produced a combined 807,000 tons of ammonia, of which 275,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,208,000 tons of UAN.

The following information was filed by Cvr Partners, Lp (UAN) on Tuesday, February 21, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cvr Partners, Lp's 10-K Annual Report:

Financial - Cash Flow Highlight
December 31, 2022 | 48 Cash Flows The following table sets forth our cash flows for the periods indicated below: Operating Activities The change in net cash flows from operating activities for the year ended December 31, 2022 as compared to the year ended December 31, 2021 is primarily due to a $209 million increase in net income in 2022 as a result of stronger sales related to the higher price environment in which our products were sold in 2022 compared to 2021, and a $2.2 million net increase in non-cash share based compensation as a result of higher market prices for CVR Partners' units.

Other - Other Highlight
Despite the volatility in recent commodity pricing, the increase in fertilizer product pricing has had a favorable impact to our business and has not significantly impacted our primary source of liquidity.
Revenue - Product Highlight
For the year ended December 31, 2022, total product sales were favorable driven by sales price increases of 88% for ammonia and 84% for UAN.
Financial - Expense Highlight
Financial Discipline - We strive to be as efficient as possible by maintaining low operating costs and disciplined deployment of capital.
Other - Other Highlight
Financing Activities The change in net cash used in financing activities for the year ended December 31, 2022 compared to the year ended December 31, 2021 was primarily due to an increase of $155.1 million in cash distributions paid in 2022 compared to 2021, a change of $32.8 million in the redemption of the remaining balance of the 2023 Notes during 2022 compared to the partial redemption of the 2023 Notes and the 6.5% Notes due April 2021 during 2021, and an increase of $11.9 million for unit repurchases in 2022 compared to 2021.
Financial - Expense
The $71.5 million variance was...Read more
Other - Other
As a result, future operating...Read more
Other - Other
Investing Activities The change in...Read more
Financial - Expense
However, our future capital expenditures...Read more
Revenue - Product
Due to the amount and...Read more
Financial - Expense
Selling, General, and Administrative Expenses,...Read more
Financial - Earnings
Non-GAAP Reconciliations Reconciliation of Net...Read more
Other - Other
Fertilizer market conditions improved steadily...Read more
Other - Other
These measures should not be...Read more
Financial - Expense
For example, we may experience...Read more
Financial - Expense
During the planning and execution...Read more
Financial - Earnings
These non-GAAP financial measures are...Read more
Other - Other
Our core Values are driven...Read more
Financial - Expense
The Partnership views the anticipated...Read more
Other - Other
We are good neighbors and...Read more
Financial - Expense
These are partially offset by...Read more
Other - Other
We are focusing on improvements...Read more
Other - Other
Recent Accounting Pronouncements Refer to...Read more
Other - Other
Due to the uncertainty of...Read more
Revenue - Geography
Mission and Core Values Our...Read more
Other - Other
We expect tight grain inventories...Read more
Financial - Expense
During the planning and execution...Read more
Revenue - Product
This increase was primarily due...Read more
Other - Other
These increases were partially offset...Read more
Other - Other
These increases were partially offset...Read more
Other - Other
December 31, 2022 | 37...Read more
Financial - Earnings
The following are non-GAAP measures...Read more
Financial - Expense
Market Capture - We continuously...Read more
Revenue - Product
Ammonia and UAN sales prices...Read more
Revenue - Product
This is partially offset by...Read more
Financial - Expense
Growth capital projects generally involve...Read more
Other - Other
Additionally, as the context may...Read more
Other - Other
When considering the market conditions...Read more
Revenue - Product
Net Sales - Net sales...Read more
Other - Other
Continuous Improvement - We believe...Read more
Revenue - Geography
Additionally, natural gas supplied from...Read more
Other - Other
Strategic Objectives We have outlined...Read more
Other - Other
Cash and Other Liquidity As...Read more
Other - Other
As of December 31, 2021,...Read more
Other - Other
The Partnership believes the general...Read more
Other - Other
As of December 31, 2022,...Read more
Financial - Expense
Reductions to selling prices for...Read more
Revenue - Product
Depending on inventory levels, the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cvr Partners, Lp provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: UAN
CIK: 1425292
Form Type: 10-K Annual Report
Accession Number: 0001425292-23-000008
Submitted to the SEC: Wed Feb 22 2023 4:18:02 PM EST
Accepted by the SEC: Wed Feb 22 2023
Period: Saturday, December 31, 2022
Industry: Agricultural Chemicals