CF Industries Holdings, Inc.

Good day, ladies and gentlemen, and welcome to the full year results conference call. My name is Crystal. 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 touchtone telephone keypad. If at any time during the call you require assistance, please press star 0. and a coordinator will be happy to assist you. I would now like to turn the presentation over to the host for today, Mr. Martin Jarosik with CF Investor Relations. Sir, please proceed.

Good morning, and thanks for joining the CF Industries Year-End 2020 Earnings Conference Call. I'm Martin Jarosik, Vice President of Investor Relations for CF. With me today are Tony Wills, CEO, Chris Bone, CFO, and Bert Frost, Senior Vice President of Sales, Market Development, and Supply Chain. CF Industries reported its year-end 2020 results yesterday afternoon. On this call, we'll review the CF Industries results in detail, discuss our outlook, and then post 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.

Tony Will Thanks, Martin, and good morning, everyone. Before I jump into our financial results, I want to highlight the entire CF team for amazing execution across all areas of our business. We set all-time company best records for safety, ammonia production, and sales volumes, despite the challenges that 2020 hurled at us. There was no playbook for how to manage through a global pandemic, yet this team developed and implemented plans to keep our people safe, along with everyone who came onto our sites. To date, we have no known transmissions of COVID-19 within any of our facilities. On the safety front, we ended the year with only four recordable injuries and zero lost time injuries across the entire network for the whole year. As is typically the case, safe operations are also more productive, and we proved that again with an all-time ammonia production record of 10.4 million tons. Our sales and logistics team rose to the challenge and set all-time sales and shipping records of over 20 million product tons. Truly a remarkable performance by all. Thank you for the great work and keep it up. Turning now to our 2020 financial results, which we posted yesterday afternoon, we generated adjusted EBITDA of $1.35 billion, also terrific performance. Looking ahead, we are very optimistic about 2021. As Bert will describe in a moment, the global nitrogen pricing outlook is much more positive than a year ago. With strong commodity crop prices and significantly higher energy prices in Asia and Europe, we are seeing a robust demand environment coupled with a steeper global cost curve. The current conditions in the southern plains and Midwest have thrown another crisis at us, but as usual, the team has done a fantastic job responding to and navigating through these new challenges. We have been able to quickly adjust our plant operations based on close communications with our gas suppliers. Disruptions have been widespread across the U.S. nitrogen industry, and this should result in further tightening of nitrogen supply for the spring planting season in North America. Additional support for an already strong 2021. Longer term, we're pleased with the progress we're making on our commitment to the clean energy economy. We continue to advance discussions with technology providers and partners, and we have seen new opportunities develop since our announcement. These underscore how broad the demand for green and low-carbon ammonia will be, and also the value of our unique capabilities. 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 and capital allocation outlook, before I return for some closing comments.