CVR Partners LP, Sugar Land, Texas, reported a first-quarter net loss of $25.4 million ($2.37 per diluted unit) on net sales of $60.9 million, compared to the year-ago loss of $20.7 million ($1.83 per unit) and net sales of $75.1 million. EBITDA was $4.67 million, down from the year-ago $10.7 million.
“During the first quarter 2021, CVR Partners continued to operate safely and reliably while responding to Winter Storm Uri, which negatively impacted shipments from both our East Dubuque and Coffeyville fertilizer facilities,” said Mark Pytosh, CEO of CVR Partners’ general partner.
“However, we were able to quickly react to the weather event, reducing throughput at East Dubuque and selling contracted natural gas to capitalize on market opportunities,” he continued. “In addition, our Coffeyville facility was one of the only plants capable of operating during the storm due to its use of petroleum coke as its feedstock.
“The nitrogen fertilizer industry reached an inflection point during the first quarter of 2021, where improved farmer economics translated into increased demand for nitrogen fertilizer as well as much higher pricing,” Pytosh added. “So far, the spring planting season has gone well, with nitrogen fertilizer prices materially higher in the second quarter compared to the first quarter.”
CVR Partners will not pay a cash distribution for the quarter.
| Sales (000 st) | 1Q-21 | 1Q-20 |
| Ammonia | 32 | 54 |
| UAN | 239 | 284 |
| Plant Gate Price ($/st) | 1Q-21 | 1Q-20 |
| Ammonia | 300 | 264 |
| UAN | 159 | 166 |
| Production (000 st) | 1Q-21 | 1Q-20 |
| Ammonia – gross | 188 | 201 |
| Ammonia – net | 70 | 78 |
| UAN | 272 | 317 |
| Feedstock | 1Q-21 | 1Q-20 |
| Petroleum Coke ($/st) | 42.91 | 44.68 |
| Natural Gas ($/mmBtu) | 3.10 | 2.42 |