CVR Partners LP reported second-quarter net income of $117.6 million ($11.12 per diluted unit) on net sales of $244 million, up from the year-ago $7 million ($0.66 cents per common unit) on net sales of $138 million. EBITDA was $147.2 million, up from the year-ago $51.5 million.
“CVR Partners achieved solid operating results for the second quarter of 2022, driven by strong global fertilizer industry conditions,” said Mark Pytosh, CEO of CVR Partners’ general partner. “While spring weather presented a challenge, planted grain acres were in line with USDA estimates. We also are pleased to announce a cash distribution of $10.05 per common unit for the 2022 second quarter.
“Looking ahead, we expect industry conditions to remain strong due to attractive farm economics and elevated nitrogen fertilizer prices driven by natural gas shortages in Western Europe and dislocations created by Russia’s invasion of Ukraine,” he added.
Six-month net income was $211.2 million ($19.90 per unit) on net sales of $466.9 million, up from the year-ago loss of $18.4 million ($1.72 per unit) and $198.9 million, respectively. EBITDA was $270.6 million, up from $56.1 million.
| Sales (000 st) | 2Q-22 | 2Q-21 | YTD-22 | YTD-21 |
| Ammonia | 52 | 80 | 91 | 112 |
| UAN | 287 | 370 | 609 | 609 |
| Plant Gate Price $/st | 2Q-22 | 2Q-21 | YTD-22 | YTD-21 |
| Ammonia | 1,182 | 403 | 1,127 | 373 |
| UAN | 555 | 237 | 524 | 206 |
| Production (000 st) | 2Q-22 | 2Q-21 | YTD-22 | YTD-21 |
| Ammonia – gross | 193 | 217 | 380 | 404 |
| Ammonia – net | 50 | 70 | 102 | 140 |
| UAN | 331 | 334 | 648 | 606 |
| Feedstock | 2Q-22 | 2Q-21 | YTD-22 | YTD-21 |
| Petroleum Coke | 49.91 | 36.69 | 53.06 | 39.73 |
| Natural Gas ($/mmBtu) | 7.34 | 3.04 | 6.48 | 3.07 |