CVR PARTNERS, LP
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
UAN$109.48+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001425292-26-000022
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001425292-26-000031
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 110 previous paragraphs and 114 current paragraphs.
70 unchanged; 35 reworded; 6 added; 5 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 13 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
•In June 2026, the Coffeyville Facility received its Verified Ammonia Carbon Intensity certification from an independent third-party auditor under The Fertilizer Institute framework, which will enable the Coffeyville Facility to market ammonia it produces as “blue.”
Current report
•Recent damage to liquid natural gas (“LNG”) production facilities and loss of LNG trade flows through the Middle East have contributed to higher natural gas prices in Europe, impacting competitiveness of European fertilizer facilities. Meanwhile, the abundance of natural gas supply available in the U.S. continues to keep domestic prices subdued, providing a sustained cost advantage for U.S. fertilizer facilities.
Current report
◦The EPA has issued a nationwide emergency waiver of the Reid Vapor Pressure specification during the summer of 2026, increasing flexibility in gasoline blending during the summer driving season. In May 2026, H.R. 1346 aimed at permanently allowing year-round, nationwide E15 (gasoline blended with 15% ethanol), among other actions, was passed by the U.S. House of Representatives and is currently being considered by the U.S. Senate, together with other related legislation. If enacted, year-round, nationwide E-15 could support fertilizer demand.
Current report
For the three months ended June 30, 2026, ammonia sales volumes decreased by 6% due to an early start to spring ammonia application in 2026 shifting volume into the first quarter of 2026, while UAN sales volumes decreased by 3% due to lower consumer demand as a result of fewer corn acres planted and higher prices for UAN relative to other comparable fertilizer products during the end of the current period. For the six months ended June 30, 2026, ammonia sales volumes increased by 8% due to higher ammonia production in the current period as a result of the 2025 Outages in the prior period, while UAN sales volumes decreased by 6% due to the aforementioned decrease in corn acres planted and increase in UAN prices in the current period.
Current report
Cost of Materials and Other -The $4.5 million decrease and $2.9 million decrease for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 were driven primarily by decreased feedstock prices, largely related to petroleum coke, combined with favorable changes in inventory adjustments due to a build of inventory in the current periods compared to a draw of inventory in the prior periods and lower volumes of other purchased feedstocks. These decreases were partially offset by higher distribution costs for the three months ended June 30, 2026 and increased natural gas feedstock prices for the six months ended June 30, 2026 compared to the respective prior period.
Current report
Direct Operating Expenses (exclusive of depreciation and amortization) -The $1.8 million decrease for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily a result of the aforementioned favorable inventory impacts, partially offset by increased repairs and maintenance costs and catalyst and chemical costs. The $6.9 million increase for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily a result of increased utility costs as a result of higher natural gas and electricity prices, increased repairs and maintenance costs, and catalyst and chemical costs, partially offset by the aforementioned favorable inventory impacts.
Removed paragraphs (5)
Previous report
◦As a result of the Iran War, the EPA has proposed a waiver of the Reid Vapor Pressure specification during the summer of 2026 to increase the size of the gasoline pool for the summer driving season. Further, congress is considering a potential year-round, nationwide E15 (gasoline blended with 15% ethanol) expansion to increase the amount of ethanol blended into gasoline. These actions are expected to support fertilizer demand and pricing by driving increased, long-term demand for corn.
Previous report
For the three months ended March 31, 2026, ammonia sales volumes increased by 22% due to an early start to spring planting in 2026, while UAN sales volumes decreased by 8% due to minor unplanned outages in the UAN upgrading units, as well as planned outages for control systems upgrades, at the East Dubuque Facility in the current period.
Previous report
Cost of Materials and Other -The $1.5 million increase for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was driven primarily by increased natural gas prices and unfavorable changes in inventory adjustments, partially offset by lower distribution costs.
Previous report
Direct Operating Expenses (exclusive of depreciation and amortization) -The $8.7 million increase for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily a result of increased utility costs from higher natural gas and electricity prices, as well as increased repairs and maintenance costs, personnel costs, insurance expenses, and preliminary spend for the East Dubuque Facility’s planned 2026 turnaround in the current period.
Previous report
Selling, General, and Administrative Expenses - The $1.1 million increase for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily related to higher share-based compensation expense due to an increase in market prices for CVR Partners’ common units during the three months ended March 31, 2026 compared to a decrease during the three months ended March 31, 2025, combined with increased legal expenses, partially offset by decreased consulting expenses.
Reworded paragraphs (35)
Previous wording
The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations and cash flows for the three months ended March 31, 2026 are not necessarily indicative of results to be attained for any other period. See “Important Information Regarding Forward-Looking Statements”.
Current wording
The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations and cash flows for the three and six months ended June 30, 2026 are not necessarily indicative of results of operations and cash flows to be attained for any other period. See “Important Information Regarding Forward-Looking Statements”.
Previous wording
As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and CVR Energy are considering potential strategic transactions available to CVR Energy and its subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses through negotiated mergers and/or stock or asset purchase agreements, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned or previously disclosed or other transactions will develop or materialize, or if they do, as to their timing. As of March 31, 2026, IEP owns approximately 71% of CVR Energy’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of March 31, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests.
Current wording
As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and CVR Energy are considering potential strategic transactions available to CVR Energy and its subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses through negotiated mergers and/or stock or asset purchase agreements, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned, previously disclosed, or other transactions will develop or materialize, or if they do, as to their timing. As of June 30, 2026, IEP owns approximately 71% of CVR Energy’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of June 30, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests.
Previous wording
Over the past two years, the Partnership has reserved funds for a series of debottlenecking and reliability projects that are intended to enhance operational reliability and ultimately facilitate potential increases in production capacity:
Current wording
Over the past three years, the Partnership has reserved funds for a series of debottlenecking and reliability projects that are intended to enhance operational reliability and ultimately facilitate potential increases in production capacity, or provide feedstock availability at the Facilities:
Previous wording
•During the planned turnaround at the East Dubuque Facility, scheduled for August 2026, the Partnership intends to upgrade water quality and wastewater treatment capabilities while expanding brownfield ammonia production capacity by approximately 5%.
Current wording
•During the planned turnaround at the East Dubuque Facility, scheduled for August 2026, the Partnership plans to commence work on the upgrades to its water systems, in addition to completing the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%.
Previous wording
•Based on engineering studies completed in 2025, the Coffeyville Facility has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer, which along with certain other modifications may increase the nameplate ammonia production of the Coffeyville Facility. We are nearing completion of detailed engineering and final cost estimates, and with approval by the board of directors of our General Partner (the “Board”), expect to proceed with construction in 2026. If completed, these initiatives would make the Coffeyville Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices.
Current wording
•Based on engineering studies completed in 2025, the Coffeyville Facility has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer. We are in the final phases of completing detailed engineering and cost estimates, and with approval by the board of directors of our General Partner (the “Board”), expect to proceed with construction in 2026 and 2027. If completed, these initiatives would make the Coffeyville Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices.
Previous wording
•On February 28, 2026, a war began between the U.S.-Israel and Iran (the “Iran War”), further increasing the conflicts and tensions in the Middle East, resulting in significant disruptions to fertilizer production facilities in the Middle East and to global energy and fertilizer supply chain production and availability. The Iran War has disrupted key trade routes, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile fertilizer prices. As a result, availability of fertilizer for spring planting has been constrained at a critical time, and prices have escalated as customers have sought available supply.
Current wording
•The conflicts and tensions in the Middle East have resulted in significant disruptions to fertilizer production facilities in the region, as well as to global energy and fertilizer supply chain production and availability. These conflicts have disrupted key trade routes, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile fertilizer prices. Recent escalations have increased the uncertainty regarding the duration and severity of these disruptions and any further impacts on the global and fertilizer markets.
Previous wording
•In addition, the ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of fertilizer, grains, and feedstock through various means, such as trade restrictions, sanctions or transportation bottlenecks. The ultimate impacts of the Iran War and these other conflicts, including any escalation, expansion, or resolution, may materially affect our business, operations, cash flows, and access to capital.
Current wording
•In addition, the ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of fertilizer, grains, and feedstock through various means, such as trade restrictions, sanctions or transportation bottlenecks. The ultimate impacts of these conflicts, including any escalation, de-escalation, or resolution, may materially affect our business, operations, cash flows, and access to capital.
Previous wording
•Actual and potential tariffs imposed by the U.S. on imports of nitrogen fertilizers have also contributed to higher fertilizers prices in the U.S. Changes, and proposed changes, to the U.S. global trade policy, together with recent U.S. Supreme Court decisions affecting the interpretation and implementation of certain federal regulatory and trade authorities, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth. The Partnership continues to monitor these developments and may experience variability in margins depending on the duration and severity of these market disruptions.
Current wording
•Actual and potential tariffs imposed by the U.S. on imports of nitrogen fertilizers have also contributed to higher fertilizers prices in the U.S. Changes, and proposed changes, to the U.S. global trade policy, together with related judicial, regulatory and administrative developments, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth. The Partnership continues to monitor these developments and may experience variability in margins depending on the duration and severity of these market disruptions.
Previous wording
•On September 25, 2025, the United States Department of Agriculture (“USDA”) and the Department of Justice antitrust division signed a memorandum of understanding to conduct an investigation into alleged anti-competitive practices among suppliers of agricultural inputs, including fertilizers, seeds, and crop protection products. The fertilizer industry is facing additional scrutiny from legislators, regulators, agriculture groups and others following fertilizer and fertilizer input price increases related to the impacts of the Iran War, which only exacerbated price increases caused by the ongoing Russia-Ukraine war, continued conflicts and tensions in the Middle East, and related geopolitical developments.
Current wording
•The fertilizer industry continues to face additional scrutiny from legislators, regulators, agriculture groups and others following fertilizer and fertilizer input price increases related to the impacts of the conflicts and tensions in the Middle East, which only exacerbated price increases caused by the ongoing Russia-Ukraine war, and related geopolitical developments. Such scrutiny has increased in 2026 and may result in additional government inquiries, investigations, legislative actions or regulatory initiatives affecting participants in the fertilizer industry.
Previous wording
•Our business faces potential and future climate-related regulations and legal proceedings, as well as an uncertain regulatory landscape around climate-related reporting requirements, at the federal, state, and international levels which may materially impact our business, operations, compliance costs, results of operations and overall market stability.
Current wording
•Our business faces existing, potential and future climate-related regulations and legal proceedings, as well as an uncertain regulatory landscape around climate-related reporting requirements, at the federal, state, and international levels which may materially impact our business, operations, compliance costs, results of operations and overall market stability.
Previous wording
•Certain governmental regulations and incentives associated with the automobile transportation, agricultural and renewables industries, including the ones related to corn-based ethanol and vegetable oil-based biodiesel, renewable diesel, and sustainable aviation fuel production or consumption, have impacted, and is expected to continue to impact, our business. For example:
Current wording
•Certain governmental regulations and incentives associated with the automobile transportation, agricultural and renewables industries, including the ones related to corn-based ethanol and vegetable oil-based biodiesel, renewable diesel, and sustainable aviation fuel production or consumption, have impacted, and are expected to continue to impact, our business. For example:
Previous wording
◦Ethanol is blended with gasoline to meet requirements under the Renewable Fuel Standard (“RFS”) of the Clean Air Act and for its octane value. Since 2020, corn used in ethanol production has historically consumed an average of approximately 36% of annual domestic corn production, so demand for corn generally rises and falls with ethanol demand. Accordingly, corn demand can be impacted by the actions of the United States Environmental Protection Agency (“EPA”) under the RFS, including its establishment of annual blending obligations and related actions. In April 2026, the EPA proposed a final rule reflecting the highest RFS blending obligation in history for 2026 and 2027, including for biomass-based diesel and advanced biofuel, which should further increase ethanol demand and support grain demand and prices. However, even if the EPA decreases RFS blending obligations, we believe ethanol should continue to be blended into transportation fuel for its inherent octane value and further expect the government would seek ways to mitigate any potential negative impact on farmers to promote continued planting activities in the future.
Current wording
◦Ethanol is blended with gasoline to meet requirements under the Renewable Fuel Standard (“RFS”) and for its octane value. Since 2020, corn used in ethanol production has historically consumed an average of approximately 36% of annual domestic corn production. Accordingly, corn and/or ethanol demand can be impacted by the actions of the United States Environmental Protection Agency (“EPA”) under the RFS, including its establishment of annual blending obligations and related actions. In 2026, the EPA finalized the RFS blending obligations for 2026 and 2027 that reflect the highest renewable fuel volume in the program’s history, including for biomass-based diesel and advanced biofuel, which is expected to support ethanol and grain demand.
Previous wording
On a consolidated basis, for the three months ended March 31, 2026 as compared to March 31, 2025, utilization increased 2% primarily due to minor unplanned outages at the Facilities during the first quarter of 2025 (the “Q1 2025 Outages”).
Current wording
On a consolidated basis, for the three months ended June 30, 2026 as compared to June 30, 2025, utilization increased 8% primarily due to planned downtime associated with control systems upgrades at the East Dubuque Facility and other minor unplanned outages at the Facilities during the second quarter of 2025. For the six months ended June 30, 2026 as compared to June 30, 2025, utilization increased 5% primarily due to the aforementioned control systems upgrades at the East Dubuque Facility and other minor unplanned outages at the Facilities during 2025 (the “2025 Outages”).
Previous wording
Ammonia and UAN sales prices increased by 24% and 34%, respectively, during the period. This was primarily due to improved market conditions, primarily driven by tight inventory levels. These inventory constraints resulted from increased demand arising from higher planting acreage of corn in 2025, as well as the Iran War combined with domestic and international production outages, logistics constraints, and other impacts that reduced global supply of nitrogen fertilizers. Higher natural gas prices also raised input costs, contributing to an overall increase in market prices.
Current wording
For the three months ended June 30, 2026, ammonia and UAN sales prices increased by 33% and 24%, respectively. For the six months ended June 30, 2026, ammonia and UAN sales prices increased by 28% and 28%, respectively. These increases were primarily due to changes in market conditions, primarily driven by tight inventory levels as a result of the conflicts and tensions in the Middle East combined with domestic and international production outages, logistics constraints, and other impacts that reduced global supply of nitrogen fertilizers.
Previous wording
The relationship between the total acres planted for both corn and soybeans has a direct impact on the overall demand for nitrogen products, as the market and demand for nitrogen increases with increased corn acres and decreases with increased soybean acres. Additionally, an estimated 14 billion pounds of soybean oil is expected to be used in producing cleaner renewable fuels in marketing year 2025/2026 and is forecasted to rise to 17 billion pounds in marketing year 2026/2027.
Current wording
The relationship between the total acres planted for both corn and soybeans has a direct impact on the overall demand for nitrogen products, as the market and demand for nitrogen increases with increased corn acres and decreases with increased soybean acres. Additionally, an estimated 18 billion pounds of soybean oil is expected to be used in producing renewable fuels in marketing year 2026/2027.
Previous wording
Weather continues to be a critical variable for crop production. Even with escalating prices for nitrogen fertilizer, demand has been strong for the spring 2026 planting season, primarily due to elevated grain prices and favorable weather conditions for planting. With high planted acres and above trendline yields per acre for corn in the United States in 2025, global inventory levels for corn remain above historical 10-year averages, but prices have risen in 2026. While soybean production declined slightly due to fewer planted acres in 2026, yields were above historical levels, and pricing has remained steady as global inventory levels have increased.
Current wording
Weather continues to be a critical variable for crop production. Even with escalating prices for nitrogen fertilizer, demand was strong for the spring 2026 planting season, primarily due to elevated grain prices and favorable weather conditions for planting. With high planted acres and above trendline yields per acre for corn in the United States in 2025, global inventory levels for corn remain above historical 10-year averages, but prices have risen in 2026 on expectations of lower carryout inventory levels compared to 2025. While soybean production declined slightly due to fewer planted acres in 2025, yields were above historical levels, and pricing has increased in the United States due in part to increased biofuel blending obligations set by the EPA increasing demand for soybean oil used in the production of biodiesel and renewable diesel.
Previous wording
The USDA estimates that in spring 2026 farmers will plant 3.5% fewer corn acres and 4.3% more soybean acres compared to 2025. The combined estimated corn and soybean planted acres of 180.0 million in 2026 represents a slight increase compared to the acreage planted in 2025. Due to the relative grain prices of corn versus soybeans, economics slightly favor planting corn compared to soybeans in 2026. Inventory levels of corn and soybeans are expected to be higher in 2026 but supportive of grain prices through the fall 2026 harvest.
Current wording
The United States Department of Agriculture (“USDA”) estimates that in spring 2026 farmers planted 3.5% fewer corn acres and 5.1% more soybean acres compared to 2025. The combined estimated corn and soybean planted acres of 180.7 million in 2026 represents a slight increase compared to the acreage planted in 2025. Due to the relative grain prices of corn versus soybeans, economics slightly favor planting corn compared to soybeans in 2026. Inventory levels of corn and soybeans are expected to be higher in 2026 but supportive of grain prices through the fall 2026 harvest.
Previous wording
With the Iran War, we believe the structural shortage of natural gas in Europe will continue to be a source of volatility through at least 2026 and 2027. Pet coke prices have fallen in 2026 and prices are largely contractually set for 2026.
Current wording
Given the current geopolitical events, we believe the structural shortage of natural gas in Europe will continue to be a source of volatility through at least 2027. Pet coke prices have risen slightly in 2026 and prices are largely contractually set for 2026.
Previous wording
Overview - For the three months ended March 31, 2026, the Partnership’s operating income and net income increased $23.1 million and $22.8 million, respectively, compared to the three months ended March 31, 2025. These increases resulted from higher revenues which were due primarily to increases in UAN and ammonia sales prices resulting from improved market conditions, mainly driven by tight inventory levels.
Current wording
Overview - For the three months ended June 30, 2026, the Partnership’s operating income and net income increased $38.5 million and $38.7 million, respectively, compared to the three months ended June 30, 2025. For the six months ended June 30, 2026, the Partnership’s operating income and net income increased $61.6 million and $61.6 million, respectively, compared to the six months ended June 30, 2025. These increases resulted from higher revenues which were due primarily to the increases in UAN and ammonia sales prices described below.
Previous wording
Net Sales - The $37.2 million increase for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to favorable UAN and ammonia sales prices contributing $36.8 million in higher revenue and favorable ammonia sales volumes contributing $7.4 million in higher revenue, partially offset by decreased UAN sales volumes reducing revenues by $6.7 million.
Current wording
Net Sales - The $33.6 million increase for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to favorable UAN and ammonia sales prices contributing $35.4 million in higher revenue, partially offset by decreased UAN and ammonia sales volumes reducing revenues by $5.8 million.
Previous wording
Ammonia and UAN sales price variances were favorable primarily due to the aforementioned improved pricing and inventory conditions within the Sales Volume and Pricing per Ton discussion.
Current wording
Ammonia and UAN sales price variances were favorable primarily due to the aforementioned improved pricing and inventory conditions discussed in “—Sales Volume and Pricing per Ton” above.
Previous wording
Depreciation and Amortization Expense- The $1.9 million increase for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was primarily due to new capital projects placed into service during the planned turnaround at the Coffeyville Facility during the fourth quarter of 2025, as well as increased depreciation on assets scheduled for retirement during the planned turnaround at the East Dubuque Facility in 2026.
Current wording
Depreciation and Amortization Expense- The $1.4 million increase and $3.3 million increase for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 was primarily due to new capital projects placed into service during the planned turnaround at the Coffeyville Facility during the fourth quarter of 2025, as well as increased depreciation on assets scheduled for retirement during the planned turnaround at the East Dubuque Facility in the second half of 2026.
Previous wording
Available Cash for Distribution - EBITDA for the quarter excluding noncash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, turnarounds, debt service and other contractual obligations and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available Cash for Distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board.
Current wording
Available Cash for Distribution - EBITDA for the period excluding noncash income or expense items (if any), for which adjustment is deemed necessary or appropriate by the Board in its sole discretion, less (i) reserves for maintenance capital expenditures, turnarounds, debt service and other contractual obligations and (ii) reserves for future operating or capital needs (if any), in each case, that the Board deems necessary or appropriate in its sole discretion. Available Cash for Distribution may be increased by the release of previously established cash reserves, if any, and other excess cash, at the discretion of the Board.
Previous wording
(2)Amount consists of maintenance capital expenditures, including additional reserves for future profit and growth projects, net of any releases of previously reserved funds, of $10.2 million and $7.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
Current wording
(2)Amount consists of maintenance capital expenditures, including additional reserves for future profit and growth projects and potential investment opportunities, net of any releases of previously reserved funds, of $10.2 million and $20.5 million for the three and six months ended June 30, 2026, respectively, and $7.5 million and $15.4 million for the three and six months ended June 30, 2025, respectively.
Previous wording
(5)Amount represents the cumulative available cash for distribution based on full year results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the following period. The Partnership declared and paid a cash distribution of $0.37 related to the fourth quarter of 2025 and declared a cash distribution of $4.00 per common unit related to the first quarter of 2026 to be paid in May 2026.
Current wording
(5)Amount represents the cumulative available cash for distribution based on full year results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the following period. The Partnership declared and paid a cash distribution of $0.37 and $4.00 per common unit related to the fourth quarter of 2025 and the first quarter of 2026, respectively, and declared a cash distribution of $6.08 per common unit related to the second quarter of 2026 to be paid in August 2026.
Previous wording
Considering current market conditions and geopolitical matters, we believe that cash from operations, together with existing cash and cash equivalents, available borrowings, and reserves is sufficient to meet anticipated operating cash requirements for at least the next 12 months. However, future capital expenditures and other cash needs may exceed current expectations due to risk factors such as rising material and labor costs, inflationary pressures, and interest rate volatility.
Current wording
Considering current market conditions and geopolitical matters, we believe that cash from operations, together with existing cash and cash equivalents, available borrowings, and reserves is sufficient to meet anticipated operating cash requirements for at least the next 12 months. However, future capital expenditures and other cash needs may exceed current expectations due to risk factors such as rising material and labor costs, inflationary pressures, and changes in project scope, timing or execution.
Previous wording
In addition, supply chain disruptions, geopolitical instability, commodity price fluctuations, and changes in regulatory policies may negatively impact our operations. Our ability to generate adequate cash flow and access additional financing depends on our future performance, which is subject to various factors—economic, political, financial, and competitive—many of which may be beyond our control. Shifts in the U.S. trade policy, global demand dynamics, and tightening credit markets conditions could also affect our financial position.
Current wording
In addition, supply chain disruptions, geopolitical instability, commodity price fluctuations, and changes in regulatory policies may negatively impact our operations. Our ability to generate adequate cash flow and access additional financing depends on our future performance, which is subject to various factors—economic, political, financial, and competitive—many of which may be beyond our control. Shifts in the U.S. trade policy, global demand dynamics, commodity market volatility, and tightening credit market conditions could also affect our financial position.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of $128.1 million, and combined with $50.0 million available under our ABL Credit Facility, we had total liquidity of $178.1 million. As of December 31, 2025, we had $69.2 million in cash and cash equivalents and, combined with $47.9 million available under our ABL Credit Facility, we had total liquidity of $117.1 million.
Current wording
As of June 30, 2026, we had cash and cash equivalents of $137.5 million, and combined with $50.0 million available under our ABL Credit Facility, we had total liquidity of $187.5 million. As of December 31, 2025, we had $69.2 million in cash and cash equivalents and, combined with $47.9 million available under our ABL Credit Facility, we had total liquidity of $117.1 million.
Previous wording
Our total capital expenditures for the three months ended March 31, 2026, along with our estimated expenditures for 2026 are as follows:
Current wording
Our total capital expenditures for the six months ended June 30, 2026, along with our estimated expenditures for 2026 are as follows:
Previous wording
The next scheduled turnaround is set to commence in August of 2026 at the East Dubuque Facility at an estimated cost of $30 million to $35 million, and is expected to last 48 days. Turnaround costs are not capitalized, but instead are expensed as incurred within Direct operating expenses (exclusive of depreciation and amortization), and are expected to be funded through cash reserves taken during the three years preceding the turnaround.
Current wording
The next scheduled turnaround is set to commence in August of 2026 at the East Dubuque Facility at an estimated cost of $35 million to $40 million, and is expected to last approximately 40 days. Turnaround costs are not capitalized, but instead are expensed as incurred within Direct operating expenses (exclusive of depreciation and amortization), and are expected to be funded through cash reserves taken during the three years preceding the turnaround.
Previous wording
For the first quarter of 2026, upon approval by the Board on April 29, 2026, the Partnership declared a distribution of $4.00 per common unit, or approximately $42.3 million, which is payable May 18, 2026 to unitholders of record as of May 11, 2026. Of this amount, CVR Energy and IEP will receive approximately $15.6 million and $1.1 million, respectively, with the remaining amount payable to public unitholders.
Current wording
For the second quarter of 2026, upon approval by the Board on July 29, 2026, the Partnership declared a distribution of $6.08 per common unit, or approximately $64.3 million, which is payable August 17, 2026 to unitholders of record as of August 10, 2026. Of this amount, CVR Energy and IEP will receive approximately $23.7 million and $1.7 million, respectively, with the remaining amount payable to public unitholders.
Previous wording
The change in net cash flows from operating activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to an increase in net income of $22.8 million offset by a decrease in working capital of $6.7 million. The change in working capital was primarily due to unfavorable changes in accounts receivable due to a larger dollar amount of outstanding prepaid contracts from customers being collected during 2025 versus 2026, partially offset by favorable changes in deferred revenue resulting from more prepayments being received for new prepay contracts.
Current wording
The change in net cash flows from operating activities for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in net income of $61.6 million offset by a decrease in working capital of $3.9 million. The change in working capital was primarily due to unfavorable changes in accounts receivable due to a larger dollar amount of outstanding prepaid contracts from customers being collected during 2025 versus 2026, unfavorable changes in inventory resulting from less UAN inventory being sold in the current period due to increased UAN prices decreasing consumer demand during the end of the second quarter of 2026, partially offset by favorable changes in deferred revenue resulting from more prepayments being received in the current period for new prepay contracts.
Previous wording
The change in net cash flows from investing activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was due to an increase in capital expenditures of $7.2 million during 2026 resulting from increased spending on maintenance and growth capital projects in the current period compared to 2025.
Current wording
The change in net cash flows from investing activities for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was due to an increase in capital expenditures of $16.4 million during 2026 resulting from increased spending in the current period on the diesel exhaust fluid expansion project at the Coffeyville Facility combined with various projects to be completed during the upcoming East Dubuque Facility turnaround.
Previous wording
The change in net cash flows from financing activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to a decrease in cash distributions paid of $14.6 million in 2026 compared to 2025.
Current wording
The change in net cash flows from financing activities for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in cash distributions paid of $3.8 million in 2026 compared to 2025, mostly offset by a decrease in payments related to finance lease obligations of $2.5 million.
Previous wording
Our critical accounting estimates are disclosed in the “Critical Accounting Estimates” section of our 2025 Form 10-K. No modifications have been made during the three months ended March 31, 2026 to these estimates.
Current wording
Our critical accounting estimates are disclosed in the “Critical Accounting Estimates” section of our 2025 Form 10-K. No modifications have been made during the three and six months ended June 30, 2026 to these estimates.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The $70.8 million increase for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to favorable UAN and ammonia sales prices contributing $72.3 million in higher revenue, combined with favorable ammonia sales volumes contributing $5.6 million in higher revenue, partially offset by decreased UAN sales volumes reducing revenues by $10.9 million.
Current report — wording carried from elsewhere
The following table demonstrates the impact of changes in sales volumes and pricing for the primary components of net sales, excluding urea products, freight, and other revenue, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:
Current report — wording carried from elsewhere
Ammonia and UAN sales price variances were favorable primarily due to aforementioned improved pricing and inventory conditions discussed in “—Sales Volume and Pricing per Ton” above.