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Cvr Partners, Lp (UAN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Cvr Partners, Lp

CIK: 1425292 Ticker: UAN
Exhibit 99.1
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CVR Partners Reports Third Quarter 2018 Results

SUGAR LAND, Texas (Oct. 24, 2018)
CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced a third quarter 2018 net loss of $13 million, or 12 cents per common unit, on net sales of $80 million, compared to a net loss of $32 million, or 28 cents per common unit, on net sales of $69 million for the third quarter a year earlier. Adjusted EBITDA was $19 million for the third quarter of 2018, compared to adjusted EBITDA of $5 million for the third quarter of 2017.

For the first nine months of 2018, CVR Partners had a net loss of $49 million, or 43 cents per common unit, on net sales of $253 million, compared to a net loss of $45 million, or 40 cents per common unit, on net sales of $253 million for the comparable period a year earlier. Adjusted EBITDA for the first nine months of 2018 was $58 million, compared to adjusted EBITDA of $58 million for the first nine months of 2017.

“We are pleased to report strong operating performance and improved fertilizer netbacks at both our Coffeyville, Kansas, and East Dubuque, Illinois, fertilizer facilities during the 2018 third quarter,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “Market conditions have continued to improve since summer and we are seeing strong global demand for nitrogen fertilizer.

“In addition, product pricing for the late fall of 2018 has increased by approximately 25 percent from the summer fill season and we’re seeing continued pricing strength into the first quarter of 2019,” Pytosh said.
 
Consolidated Operations

For the third quarter of 2018, consolidated average realized gate prices for UAN and ammonia were $170 per ton and $297 per ton, respectively. Consolidated average realized gate prices for UAN and ammonia were $138 per ton and $214 per ton, respectively, for the same period in 2017.

CVR Partners’ fertilizer facilities produced a combined 212,000 tons of ammonia during the third quarter of 2018, of which 63,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 338,000 tons of UAN. In the 2017 third quarter, the fertilizer facilities produced 181,000 tons of ammonia, of which 46,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 307,000 tons of UAN.

Distributions

CVR Partners will not pay a cash distribution for the 2018 third quarter. 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, and cash reserves deemed necessary or appropriate by the board of directors of its general partner.


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The following information was filed by Cvr Partners, Lp (UAN) on Wednesday, October 24, 2018 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Expenses And Other Current Liabilities
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Debt
Debt - Debt Balance, Net Of Current Maturities And Unamortized Discount And Issuance Costs (Details)
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Debt - Credit Facilities Outstanding (Details)
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Organization And Nature Of Business (Details)
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Property, Plant And Equipment (Details)
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Recent Accounting Pronouncements (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Amounts Due To Related Parties (Details)
Related Party Transactions - Expenses From Related Parties (Details)
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Revenue - Revenue Disaggregated By Product (Details)
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Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: UAN
CIK: 1425292
Form Type: 10-Q Quarterly Report
Accession Number: 0001425292-18-000059
Submitted to the SEC: Thu Oct 25 2018 1:23:19 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Agricultural Chemicals

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