CF Industries Holdings, Inc.

Good day, ladies and gentlemen, and welcome to the CF Industries Holdings' nine-month and third-quarter 2020 results and conference call. My name is Joanna, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of the presentation. To pose a question at any time, please press star 1 on your touchstone telephone keypad. If at any time during this call you require assistance, please press star zero and a coordinator will be happy to assist you. Thank you. I would now like to turn the presentation over to your host for today, Mr. Martin Jarosik with CF Investor Relations. Sir, please proceed.

Good morning, and thanks for joining the CF Industries Year-to-Date 2020 Earnings Conference Call. I'm Martin Jarosik, Vice President, Investor Relations for CF. With me today are Tony Will, CEO, Chris Bone, CFO, and Bert Frost, Senior Vice President of Sales, Market Development, and Supply Chain. CF Industries reported its year-to-date 2020 results yesterday afternoon. On this call, we'll review the CF Industries' year-to-date results in detail, discuss our outlook, and then host a question-and-answer session. Statements made on this call and in the presentation on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statements. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available on our website. Also, you will find reconciliations between GAAP and non-GAAP measures in the press release and presentation posted on our website.

Now, let me introduce Tony Will, our president and CEO. Thanks, Martin, and good morning, everyone. Yesterday we posted our financial results for the first nine months of 2020 in which we generated adjusted EBITDA of just over $1 billion. We feel good about our position as we near the end of the year. As we review our results on this call, I'd like to remind you that we evaluate our performance based on half years and full years rather than a single quarter. This is because there can be significant shifts across quarters due to weather or other events However, that spikiness tends to smooth out over time. So a longer time period provides a better picture of actual performance than focusing on an individual quarter. As of today, with two months to go and most of the fall ammonia season still ahead of us, we continue to expect that our full year 2020 results will end up within plus or minus a few percentage points of our 2018 performance for adjusted EBITDA. Our outlook hasn't changed since back in February, when we first gave our expectations for the full year. Overall, the CF team continues to execute exceptionally well. Assay utilization remains high, and our sales volumes through nine months are a new company record. We also continue to efficiently convert EBITDA into free cash. Most importantly, we are operating safely. Our 12-month rolling recordable incident rate at the end of September was 0.17 incidents per 200,000 labor hours, which is a new company record and substantially better than industry benchmarks. This is a tremendous accomplishment and we're extraordinarily proud of our team's unwavering focus on safety, particularly in the face of the pandemic. Speaking of which, our pandemic-related precautionary measures have been working well, and we have not had a single known transmission of the COVID-19 virus within any of our locations. With these precautions in place, we were able to complete safely critical turnaround activity at several locations during the quarter. As we look toward next year, the company is well positioned for the opportunities ahead. As Bert will describe in a few moments, we expect solid global demand and widening energy spreads, which will create greater price realization opportunities during 21 compared to this year. Given our position at the low end of the global cost curve, we believe these dynamics will support continued strong free cash flow generation. We were very excited about our announcement last week and our commitment to the clean energy economy, which provides a real growth platform for the company. As we discussed, hydrogen has emerged as a leading clean energy source to help the world achieve net zero carbon emissions, and ammonia is one of the most efficient ways to transport and store hydrogen. Because CF is the world's largest producer of ammonia, We are uniquely positioned with our unparalleled asset base and technical knowledge to serve this developing demand. As we decarbonize our network and aggressively scale our ability to produce green and low-carbon ammonia, we believe we will be able to realize the clean fuel value for ammonia rather than its nutrient value. In doing so, we expect to realize a substantial premium compared to the value of ammonia as a fertilizer or a feedstock. Last Thursday, we announced our first steps in seizing this growth opportunity with the Green Ammonia Project at Donaldsonville as the centerpiece of initial investments. We look forward to sharing our progress and our follow-on steps in the months ahead. With that, let me turn it over to Bert, who will discuss the global nitrogen market. Then Chris will follow to talk about our financial position of capital allocation before I return for some closing comments. Bert?