CVR Partners

Greetings and welcome to the CVR Partners second quarter 2025 conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press door zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President in 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, Dane Newman, our Chief Financial Officer, and other members of management. Prior to discussing our 2025 second quarter results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under Federal securities law. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be false. This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2025 second quarter earnings release that we filed with the SEC for the period. 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 forward. 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 reserves deemed necessary or appropriate by the board of directors of our general partner. With that said, I'll turn the call over to Mark Pytosh, our Chief Executive Officer. Mark?

Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call. The summarized financial highlights for the second quarter of 2025 include net sales of $169 million, net income of $39 million, EBITDA of $67 million, and the board of directors declared a second quarter distribution of $3.89 per common unit, which will be paid on August 18 to unit holders of record at the close of the market on August 11. For the second quarter of 2025, our consolidated ammonia plant utilization was 91%, which was impacted by some planned and unplanned downtime at both facilities during the quarter. Combined ammonia production for the second quarter of 2025 was 197,000 gross tons, of which 54,000 net tons were available for sale, and UAN production was 321,000 tons. During the quarter, we sold approximately 345,000 tons of UAN at an average price of $317 per ton, and approximately 57,000 tons of ammonia at an average price of $593 per ton. Relative to the second quarter of 2024, sales volumes were higher despite lower production volumes, driven by a combination of strong demand in 2025 and a larger shift of product deliveries from two Q into one Q last year as a result of favorable weather allowing farmers to plant earlier in the year. UAN and ammonia prices increased 18% and 14% respectively from the prior year period, driven by robust demand on increased corn plantings and tight inventories across the system. Overall, we had another good quarter, and we believe the setup is favorable heading into the second half of the year. Domestic and global inventories and nitrogen fertilizer remain tight, and that has been supportive of pricing in the summer, which I will discuss further in my closing remarks. I will now turn the call over to Dane to discuss our financial results. Thank you, Mark.