CVR Partners

brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Senior Manager of Financial Planning and Analysis and Investor Relations. Thank you, sir. You may begin.

Thank you, Christine. Good morning, everyone. We appreciate your participation in today's call. With me today are Mark Pytosh, our Chief Executive Officer, Tracy Jackson, our Chief Financial Officer, and other members of management. Prior to discussing our 2020 full-year results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under federal securities laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. Let me also remind you that TVR Partners completed a one-for-ten reverse split of its common units on November 23, 2020. Any per-unit references made on this call are on a split-adjusted basis. This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most publicly, to the most directly comparable GAAP financial measures, are included in our 2020 four-year earnings release that we filed with the SEC yesterday after the close of the markets. Let me also remind you that we are a variable distribution MLP. We will review our previously established reserves, current cash usage, evaluate future anticipated cash needs, and may reserve amounts for other future cash needs as determined by our General Partners Board. As a result, our distributions, if any, will vary from quarter to quarter due to several factors, including but not limited to operating performance, fluctuations in the prices received for finished products, capital expenditures, and cash reserve deemed necessary or appropriate by the Board of Directors of our General Partners. With that said, I'll turn the call over to Mark Pytosh, our Chief Executive Officer. Mark.

Thank you, Richard, and good morning, everyone, and thank you for joining us for today's call. The summarized financial highlights for the full year of 2020 included net sales of $350 million, a net loss of $98 million, EBITDA of $41 million, which was reduced by a $41 million non-cash goodwill impairment, and we repurchased over 623,000 CVR Partners common units for $7 million. Looking more specifically at the 2024 quarter, we reported net sales of $90 million, a net loss of $17 million, and EBITDA of $18 million. We repurchased nearly 394,000 CVR Partners common units for $5 million, and there is no cash available for distribution this quarter. During the fourth quarter of 2020, we had strong utilization at both facilities. At Coffeyville, the ammonia plant operated at 99% utilization compared to the fourth quarter of 2019 at 90%. At East Dubuque, the ammonia plant operated at 103% utilization compared to 88% in the prior year period adjusted for last year's scheduled turnaround. Our combined operations produced approximately 220,000 gross tons of ammonia of which 75,000 net tons were available for sale for the fourth quarter of 2020. This compares to production of 180,000 gross tons of ammonia, of which 55,000 net tons were available for sale in the prior year period. We produced 335,000 tons of UAN in the fourth quarter of 2020, as compared to 286,000 tons in the prior year period, which was impacted by the planned turnaround at East Dubuque. During the fourth quarter of 2020, we sold approximately 325,000 tons of UAN, an average price of $139 a ton, and approximately 114,000 tons of ammonia, an average price of $267 per ton. Year-over-year pricing softened for UAN and ammonia, which were down 21% and 18% respectively. Although prices for nitrogen fertilizers were soft for most of the year, Prices began to increase in the fall as crop prices and farmer economics improved. The combination of improving farmer economics and favorable weather drove a strong fall ammonia application season, and that strength is carried over into spring demand as well. The outlook for spring plantings and demand for crop inputs remain strong, with the USDA estimating 92 million planted corn acres this year. This is translating into significantly higher prices for UAN and ammonia for the spring, which I will discuss further in my closing remarks. I will now turn the call over to Tracy to discuss our financial results.