CVR Partners LP reported first-quarter net income of $12.6 million on net sales of $127.7 million, down from the year-ago $101.9 million and $226.3 million, respectively. EBITDA fell to $39.5 million from $124.3 million. CVR reported lower prices and UAN sales volumes, while ammonia volumes were up.
CVR posted a combined ammonia production rate of 90% during the first quarter, despite a 14-day planned outage at its Coffeyville, Kan., fertilizer facility. The company expects second-quarter ammonia utilization rates of 95-100%.
“First-quarter ammonia sales volumes were higher than the same period last year due to favorable weather conditions that allowed farmers to apply ammonia earlier in the year,” said CEO Mark Pytosh.
“Nitrogen fertilizer demand for the spring pre-planting season also has been steady and remains consistent with USDA estimates for planted grain acreage,” he continued. “In addition, nitrogen fertilizer pricing has improved since the fourth quarter, driven by continued attractive farmer economics.”
CVR declared a first-quarter 2024 cash distribution of $1.92 per common unit.
| Sales (000 st) | 1Q-24 | 1Q-23 |
| Ammonia | 70 | 42 |
| UAN | 284 | 359 |
| Plant Gate Price $/st | 1Q-24 | 1Q-23 |
| Ammonia | 528 | 888 |
| UAN | 267 | 457 |
| Production (000 st) | 1Q-24 | 1Q-23 |
| Ammonia – gross | 193 | 224 |
| Ammonia – net | 60 | 62 |
| UAN | 305 | 366 |
| Feedstock | 1Q-24 | 1Q-23 |
| Petroleum Coke | 75.71 | 77.24 |
| Natural Gas ($/mmBtu) | 3.10 | 5.76 |