CVR Partners Reports Second Quarter 2021 Results and Announces a Cash Distribution of $1.72
CVR Partners, LP (NYSE: UAN) reported a net income of $7 million, or 66 cents per common unit, for Q2 2021, a turnaround from a net loss of $42 million in Q2 2020. The Q2 2021 net sales reached $138 million, up from $105 million a year prior, with EBITDA improving to $51 million from a $2 million loss. Ideal planting conditions and strong nitrogen fertilizer demand drove performance. A cash distribution of $1.72 per unit will be paid on August 23, 2021, marking the first distribution since Q4 2019. The average realized prices for UAN and ammonia rose significantly.
- Net income of $7 million in Q2 2021, compared to a loss of $42 million in Q2 2020.
- EBITDA of $51 million, improving from a loss of $2 million year-over-year.
- Average realized price for UAN rose 44% to $237 per ton.
- Cash distribution of $1.72 per common unit, first since Q4 2019.
- Strong ammonia utilization rate of 98%.
- Goodwill impairment charge of $41 million in the previous year.
- Production outages due to Winter Storm Uri may impact supply in the future.
SUGAR LAND, Texas, Aug. 02, 2021 (GLOBE NEWSWIRE) -- CVR Partners, LP (“CVR Partners” or the “Partnership”) (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (“UAN”) solution fertilizer products, today announced net income of
“CVR Partners experienced a solid 2021 second quarter, led by a combined ammonia utilization rate of 98 percent,” said Mark Pytosh, Chief Executive Officer of CVR Partners’ general partner. “Further contributing to the quarter were ideal spring planting conditions and strong shipments of nitrogen fertilizer at both facilities.
“So far in the third quarter, farm economics remain robust with grain prices nearing a 10-year high and demand for all crop inputs, including nitrogen fertilizer, remaining strong,” Pytosh said. “Nitrogen fertilizer pricing also continues to remain firm due to supply constraints resulting from Winter Storm Uri-related production outages and the planned major plant turnarounds scheduled across the industry for the second half of the year.
“In addition, we are pleased to announce a second quarter 2021 cash distribution of
Consolidated Operations
For the second quarter of 2021, CVR Partners’ average realized gate prices for UAN showed an improvement over the prior year, up 44 percent to
CVR Partners’ fertilizer facilities produced a combined 217,000 tons of ammonia during the second quarter of 2021, of which 70,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 334,000 tons of UAN. In the second quarter of 2020, the fertilizer facilities produced 216,000 tons of ammonia, of which 79,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 321,000 tons of UAN.
Capital Structure
On June 23, 2021, CVR Partners and its subsidiary, CVR Nitrogen Finance Corporation (“Finance Co.” and, together with CVR Partners, the “Issuers”), completed a private offering of
On May 6, 2020, the board of directors of the Partnership’s general partner (the “Board”), on behalf of the Partnership, authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program enables the Partnership to repurchase up to
Distributions
CVR Partners also announced that, on August 2, 2021, the Board of Directors of its general partner declared a second quarter 2021 cash distribution of
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, use of cash and cash reserves deemed necessary or appropriate by the Board.
Second Quarter 2021 Earnings Conference Call
CVR Partners previously announced that it will host its second quarter 2021 Earnings Conference Call on Tuesday, August 3, at 11 a.m. Eastern. The Earnings Conference Call may also include discussion of the Partnership’s developments, forward-looking information and other material information about business and financial matters.
The second quarter 2021 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Partners’ website at www.CVRPartners.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8029. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/s9bw32pq. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13721549.
Qualified Notice
This release serves as a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of CVR Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, CVR Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
Forward-Looking Statements
This news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: ammonia utilization rates; planting conditions; shipments of nitrogen fertilizer; farm economics including improvement thereof; nitrogen fertilizer demand, including the strength thereof; the impact of Winter Storm Uri outages and plant turnarounds on nitrogen fertilizer supply and pricing; distributions, including the timing, payment and amount (if any) thereof; realized gate prices for ammonia and UAN; ammonia production levels including volumes upgraded to other fertilizer products including UAN; impact of the issuance of the 2028 Notes and partial redemption of the 2023 Notes on liquidity and interest expense; purchases under the Unit Repurchase Program (if any), including the cost thereof; continued safe and reliable operations; operating performance, finished product pricing, costs and capital expenditures including management thereof, cash flow, use of cash and reserves; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “outlook,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of the COVID-19 pandemic and any variant thereof, the rate of any economic improvements, impacts of planting season on our business, general economic and business conditions, and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About CVR Partners, LP
Headquartered in Sugar Land, Texas, CVR Partners is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 1,100 ton-per-day UAN unit.
Investors and others should note that CVR Partners may announce material information using SEC filings, press releases, public conference calls, webcasts, and the Investor Relations page of its website. CVR Partners may use these channels to distribute material information about the Partnership and to communicate important information about the Partnership, corporate initiatives and other matters. Information that CVR Partners posts on its website could be deemed material; therefore, CVR Partners encourages investors, the media, its customers, business partners and others interested in the Partnership to review the information posted on its website.
For further information, please contact:
Investor Relations:
Richard Roberts
CVR Partners, LP
(281) 207-3205
InvestorRelations@CVRPartners.com
Media Relations:
Brandee Stephens
CVR Partners, LP
(281) 207-3516
MediaRelations@CVRPartners.com
Non-GAAP Measures
Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with U.S. GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.
Beginning with the second quarter of 2021, management began reporting Adjusted EBITDA, as defined below. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and peer companies. All prior periods presented have been conformed to the definition below. The following are non-GAAP measures we present for the period ended June 30, 2021:
EBITDA - Net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Adjusted EBITDA - EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Reconciliation of Net Cash Provided By Operating Activities to EBITDA - Net cash provided by operating activities reduced by (i) interest expense, net, (ii) income tax expense (benefit), (iii) change in working capital, and (iv) other non-cash adjustments.
Available Cash for Distribution - EBITDA for the quarter excluding non-cash 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, 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.
We present these measures because we believe they may help investors, analysts, lenders, and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including, but not limited to, our operating performance as compared to other publicly traded companies in the fertilizer industry, without regard to historical cost basis or financing methods, and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Refer to the “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.
Factors Affecting Comparability of Our Financial Results
Our historical results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future for the reason discussed below.
Goodwill Impairment
As a result of lower expectations for market conditions in the fertilizer industry during 2020, the market performance of the Partnership’s common units, a qualitative analysis, and additional risks associated with the business, the Partnership performed an interim quantitative impairment assessment of goodwill for the Coffeyville Facility reporting unit as of June 30, 2020. The results of the impairment test indicated the carrying amount of this reporting unit exceeded the estimated fair value, and a full, non-cash impairment charge of
CVR Partners, LP
(all information in this release is unaudited)
Financial and Operational Data
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands, except per unit data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Consolidated Statement of Operations Data | |||||||||||||||
| Net sales (1) | $ | 138,025 | $ | 105,091 | $ | 198,945 | $ | 180,172 | |||||||
| Operating costs and expenses: | |||||||||||||||
| Cost of materials and other | 26,094 | 21,948 | 43,860 | 45,939 | |||||||||||
| Direct operating expenses (exclusive of depreciation and amortization) | 53,291 | 40,008 | 90,366 | 75,131 | |||||||||||
| Depreciation and amortization | 21,119 | 23,371 | 35,242 | 38,968 | |||||||||||
| Cost of sales | 100,504 | 85,327 | 169,468 | 160,038 | |||||||||||
| Selling, general and administrative expenses | 6,802 | 4,451 | 12,692 | 9,806 | |||||||||||
| Loss on asset disposal | 405 | 94 | 477 | 81 | |||||||||||
| Goodwill impairment | — | 40,969 | — | 40,969 | |||||||||||
| Operating income (loss) | 30,314 | (25,750 | ) | 16,308 | (30,722 | ) | |||||||||
| Other (expense) income: | |||||||||||||||
| Interest expense, net | (23,334 | ) | (15,890 | ) | (39,251 | ) | (31,673 | ) | |||||||
| Other income, net | 40 | 38 | 4,598 | 65 | |||||||||||
| Income (loss) before income tax expense | 7,020 | (41,602 | ) | (18,345 | ) | (62,330 | ) | ||||||||
| Income tax expense | — | 10 | 19 | 17 | |||||||||||
| Net income (loss) | $ | 7,020 | $ | (41,612 | ) | $ | (18,364 | ) | $ | (62,347 | ) | ||||
| Basic and diluted earnings (loss) per unit | $ | 0.66 | $ | (3.68 | ) | $ | (1.72 | ) | $ | (5.51 | ) | ||||
| EBITDA* | $ | 51,473 | $ | (2,341 | ) | $ | 56,148 | $ | 8,311 | ||||||
| Adjusted EBITDA* | 51,473 | 38,628 | 56,148 | 49,280 | |||||||||||
| Available Cash for Distribution* | 18,411 | — | 9,308 | (5,918 | ) | ||||||||||
| Weighted-average common units outstanding - basic and diluted | 10,681 | 11,317 | 10,688 | 11,323 | |||||||||||
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* See “Non-GAAP Reconciliations” section below for a reconciliation of these amounts.
(1) Below are the components of net sales:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Components of net sales: | |||||||||||||||
| Fertilizer sales | $ | 126,502 | $ | 95,594 | $ | 178,855 | $ | 160,287 | |||||||
| Freight in revenue | 8,870 | 6,954 | 14,985 | 14,677 | |||||||||||
| Other | 2,653 | 2,543 | 5,105 | 5,208 | |||||||||||
| Total net sales | $ | 138,025 | $ | 105,091 | $ | 198,945 | $ | 180,172 | |||||||
Selected Balance Sheet Data
| (in thousands) | June 30, 2021 | December 31, 2020 | |||||
| Cash and cash equivalents | $ | 42,819 | $ | 30,559 | |||
| Working capital | 64,767 | 41,873 | |||||
| Total assets | 1,019,160 | 1,032,880 | |||||
| Total debt, including current portion | 640,474 | 636,182 | |||||
| Total liabilities | 723,812 | 718,639 | |||||
| Total partners’ capital | 295,348 | 314,241 | |||||
Selected Cash Flow Data
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net cash flow (used in) provided by: | |||||||||||||||
| Operating activities | $ | (2,572 | ) | $ | (20,929 | ) | $ | 22,979 | $ | 6,778 | |||||
| Investing activities | (2,350 | ) | (3,495 | ) | (5,344 | ) | (10,157 | ) | |||||||
| Financing activities | (4,820 | ) | (1,033 | ) | (5,375 | ) | (1,058 | ) | |||||||
| Net (decrease) increase in cash and cash equivalents | $ | (9,742 | ) | $ | (25,457 | ) | $ | 12,260 | $ | (4,437 | ) | ||||
Capital Expenditures
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Maintenance capital expenditures | $ | 2,855 | $ | 2,220 | $ | 4,939 | $ | 6,358 | |||||||
| Growth capital expenditures | 876 | 288 | 1,917 | 1,742 | |||||||||||
| Total capital expenditures | $ | 3,731 | $ | 2,508 | $ | 6,856 | $ | 8,100 | |||||||
Key Operating Data
| Ammonia Utilization (1) | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| (capacity utilization) | 2021 | 2020 | 2021 | 2020 | |||||||
| Consolidated | 98 | % | 100 | % | 93 | % | 96 | % | |||
__________________
| (1) | Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Partnership’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2021 and 2020 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate. | |
Sales and Production Data
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Consolidated sales (thousand tons): | |||||||||||||||
| Ammonia | 80 | 111 | 112 | 164 | |||||||||||
| UAN | 370 | 337 | 609 | 621 | |||||||||||
| Consolidated product pricing at gate (dollars per ton) (1): | |||||||||||||||
| Ammonia | $ | 403 | $ | 332 | $ | 373 | $ | 310 | |||||||
| UAN | 237 | 165 | 206 | 166 | |||||||||||
| Consolidated production volume (thousand tons): | |||||||||||||||
| Ammonia (gross produced) (2) | 217 | 216 | 404 | 417 | |||||||||||
| Ammonia (net available for sale) (2) | 70 | 79 | 140 | 157 | |||||||||||
| UAN | 334 | 321 | 606 | 638 | |||||||||||
| Feedstock: | |||||||||||||||
| Petroleum coke used in production (thousand tons) | 134 | 138 | 262 | 263 | |||||||||||
| Petroleum coke used in production (dollars per ton) | $ | 36.69 | $ | 31.13 | $ | 39.73 | $ | 37.59 | |||||||
| Natural gas used in production (thousands of MMBtu) (3) | 2,154 | 2,131 | 4,036 | 4,272 | |||||||||||
| Natural gas used in production (dollars per MMBtu) (3) | $ | 3.04 | $ | 1.94 | $ | 3.07 | $ | 2.18 | |||||||
| Natural gas in cost of materials and other (thousands of MMBtu) (3) | 2,711 | 3,216 | 3,650 | 4,633 | |||||||||||
| Natural gas in cost of materials and other (dollars per MMBtu) (3) | $ | 3.06 | $ | 2.17 | $ | 3.03 | $ | 2.36 | |||||||
__________________
| (1) | Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry. | |
| (2) | Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products. | |
| (3) | The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense. | |
Key Market Indicators
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Ammonia - Southern plains (dollars per ton) | $ | 569 | $ | 261 | $ | 503 | $ | 266 | |||||||
| Ammonia - Corn belt (dollars per ton) | 622 | 346 | 560 | 355 | |||||||||||
| UAN - Corn belt (dollars per ton) | 341 | 183 | 299 | 176 | |||||||||||
| Natural gas NYMEX (dollars per MMBtu) | $ | 2.98 | $ | 1.75 | $ | 2.85 | $ | 1.81 | |||||||
Q3 2021 Outlook
The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2021. See “Forward-Looking Statements” above.
| Q3 2021 | |||||||
| Low | High | ||||||
| Ammonia utilization rates (1) | |||||||
| Consolidated | 95 | % | 100 | % | |||
| Coffeyville Facility | 95 | % | 100 | % | |||
| East Dubuque Facility | 95 | % | 100 | % | |||
| Direct operating expenses (2) (in millions) | $ | 38 | $ | 43 | |||
| Total capital expenditures (3) (in millions) | $ | 9 | $ | 12 | |||
__________________
| (1) | Ammonia utilization rates exclude the impact of turnarounds. | |
| (2) | Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and impacts of inventory adjustments. | |
| (3) | Capital expenditures are disclosed on an accrual basis. | |
Non-GAAP Reconciliations
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net income (loss) | $ | 7,020 | $ | (41,612 | ) | $ | (18,364 | ) | $ | (62,347 | ) | ||||
| Interest expense, net | 23,334 | 15,890 | 39,251 | 31,673 | |||||||||||
| Income tax expense | — | 10 | 19 | 17 | |||||||||||
| Depreciation and amortization | 21,119 | 23,371 | 35,242 | 38,968 | |||||||||||
| EBITDA | 51,473 | (2,341 | ) | 56,148 | 8,311 | ||||||||||
| Adjustments: | |||||||||||||||
| Goodwill impairment | — | 40,969 | — | 40,969 | |||||||||||
| Adjusted EBITDA | $ | 51,473 | $ | 38,628 | $ | 56,148 | $ | 49,280 | |||||||
Reconciliation of Net Cash Provided By Operating Activities to EBITDA and Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Net cash provided by operating activities | $ | (2,572 | ) | $ | (20,929 | ) | $ | 22,979 | $ | 6,778 | |||||
| Non-cash items: | |||||||||||||||
| Loss on extinguishment of debt | (7,763 | ) | — | (7,763 | ) | — | |||||||||
| Goodwill impairment | — | (40,969 | ) | — | (40,969 | ) | |||||||||
| Other | (7,928 | ) | (1,426 | ) | (12,779 | ) | (2,211 | ) | |||||||
| Add: | |||||||||||||||
| Interest expense, net | 23,334 | 15,890 | 39,251 | 31,673 | |||||||||||
| Income tax expense | — | 10 | 19 | 17 | |||||||||||
| Change in assets and liabilities | 46,402 | 45,083 | 14,441 | 13,023 | |||||||||||
| EBITDA | 51,473 | (2,341 | ) | 56,148 | 8,311 | ||||||||||
| Goodwill impairment | — | 40,969 | — | 40,969 | |||||||||||
| Adjusted EBITDA | $ | 51,473 | $ | 38,628 | $ | 56,148 | $ | 49,280 | |||||||
Reconciliation of EBITDA to Available Cash for Distribution
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| EBITDA | $ | 51,473 | $ | (2,341 | ) | $ | 56,148 | $ | 8,311 | ||||||
| Non-cash items: | |||||||||||||||
| Goodwill impairment | — | 40,969 | — | 40,969 | |||||||||||
| Current (reserves) adjustments for amounts related to: | |||||||||||||||
| Debt service | (14,725 | ) | (14,999 | ) | (29,721 | ) | (29,998 | ) | |||||||
| Financing fees | (3,244 | ) | — | (3,244 | ) | — | |||||||||
| Maintenance capital expenditures | (2,855 | ) | (2,220 | ) | (4,939 | ) | (6,358 | ) | |||||||
| Utility pass-through | 4,145 | — | 4,145 | — | |||||||||||
| Common units repurchased | — | (1,008 | ) | (529 | ) | (1,008 | ) | ||||||||
| Other (reserves) releases: | |||||||||||||||
| Reserve for recapture of prior negative available cash | (14,980 | ) | (5,917 | ) | (14,980 | ) | (5,917 | ) | |||||||
| Future turnaround | (1,403 | ) | (1,500 | ) | (2,880 | ) | (1,500 | ) | |||||||
| Previously established cash reserves | — | — | 5,308 | 2,567 | |||||||||||
| Reserve for repayment of current portion of long-term debt | — | (2,240 | ) | — | (2,240 | ) | |||||||||
| Cash reserves for future operating needs | — | (10,744 | ) | — | (10,744 | ) | |||||||||
| Available Cash for distribution (1) (2) | $ | 18,411 | $ | — | $ | 9,308 | $ | (5,918 | ) | ||||||
| Common units outstanding | 10,681 | 11,239 | 10,681 | 11,239 | |||||||||||
__________________
| (1) | Amount represents the cumulative available cash based on quarter-to-date and year-to-date results. However, available cash for distribution is calculated quarterly, with distributions (if any) being paid in the period following declaration. | |
| (2) | The Partnership paid no cash distributions related to the first quarter of 2021, and declared a cash distribution of |
FAQ
What are the financial results of CVR Partners for Q2 2021?
What is the cash distribution announced by CVR Partners?
How much did CVR Partners' EBITDA improve in Q2 2021?
What was the average realized price for UAN in Q2 2021?
What was the ammonia utilization rate for CVR Partners in Q2 2021?
