cvi-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	June 30, 2026
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to .

Commission file number: 001-35120

CVR PARTNERS, LP

(Exact name of registrant as specified in its charter)

Delaware

56-2677689

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

2277 Plaza Drive, Suite 500, Sugar Land, Texas 77479

(Address of principal executive offices) (Zip Code)

(281) 207-3200

(Registrant’s telephone number, including area code)

_____________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common units representing limited partner interests	UAN	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 10,569,637 common units representing limited partner interests of CVR Partners, LP (“common units”) outstanding at July 24, 2026.

Table of Contents

TABLE OF CONTENTS

CVR PARTNERS, LP - Quarterly Report on Form 10-Q

June 30, 2026

PART I. Financial Information

PART II. Other Information

Condensed Con solidate d Balance Sheets - June 30, 2026 and December 31, 2025 (unaudited)

Item 1A.

Risk Factors

Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

Item 5.

Other Information

Condensed Consolidated Statements of Partners’ Capital - Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

Item 6.

Exhibits

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2026 and 2025 (unaudited)

Signatures

Notes to the Condensed Consolidated Financial Statements (unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are “forward-looking” and subject to uncertainties. See “Important Information Regarding Forward-Looking Statements” section of this filing.

June 30, 2026 | 2

Table of Contents

Important Information Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, those under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, unit repurchases, impacts of legal proceedings, legislation, policies or regulations, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “should”, “continue”, “predict”, “potential”, “project”, and similar terms and phrases are intended to identify forward-looking statements.

Forward-looking statements include, but are not limited to, the following:

•our forecasts of our future financial condition, capital expenditures, results of operations, revenues and expenses;

•our ability to meet certain carbon capture and sequestration milestones;

•our ability to successfully implement business strategies and the timing thereof, including significant capital programs or projects, turnarounds or other initiatives;

•the expected supply, availability and price levels of raw materials and feedstocks and the effects of inflation, geopolitical events and conflicts thereupon;

•the expected availability of adequate cash and other sources of liquidity for the capital, operating and other needs of our business;

•our ability to generate distributable cash or make cash distributions on our common units, including reserves and future uses of cash;

•expectations regarding global production levels, including our production levels;

•expectations regarding the volatile, cyclical, and seasonal nature of our business;

•expectations of asset useful lives and impairments and impacts thereof and realizable inventory value;

•expectations of the cost and value of payouts under or in connection with our equity and non-equity incentive plans;

•expected competition in the nitrogen fertilizer business and foreign wheat and coarse grain production, including impacts thereof as a result of farm planting acreage, domestic and global supply and demand, and domestic or international duties, tariffs or other factors; and

•expectations regarding our ability to procure or recover under our insurance policies for damages or losses in full or at all.

Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties, and other factors could cause actual results and trends to differ materially from those projected or forward-looking. Differences between actual results or trends and any future results or trends expressed, suggested, or forecast in these forward-looking statements could result from a variety of factors, including the following:

•the potential impacts of geopolitical events and conflicts (including those relating to the Russia-Ukraine war and the tensions and conflicts in the Middle East), and any escalation, expansion, or resolution thereof, on commodity prices and other markets to which we provide products;

•risks related to our dependence on significant third-party suppliers and customers;

•the ability of our general partner, CVR GP, LLC (“General Partner”), to modify or revoke our distribution policy at any time;

•the impact of weather on our business, including our ability to produce, market, sell, transport or deliver fertilizer products profitably or at all;

•risks related to potential strategic transactions involving CVR Partners, LP ( “CVR Partners”), or interests therein, in which our affiliate, CVR Energy, Inc. (together with its subsidiaries, but excluding CVR Partners and its subsidiaries, “CVR Energy”), and its controlling shareholder or others may participate;

•the impacts of existing and future laws, regulations, rules, policies, or rulings, including changes, amendments, reinterpretation or amplification thereof and the actions of the current administration or future administrations relating thereto, including potential liabilities or capital requirements arising therefrom and the impacts thereof on macroeconomic factors, consumer activity or otherwise;

•the effects of alternative energy or fuel sources and impacts on corn prices (ethanol), and the end-use and application of fertilizers;

•impacts of rulings, judgments or settlements in litigation, tax or other legal or regulatory matters;

June 30, 2026 | 3

Table of Contents

•risks related to our lack of asset diversification;

•risks related to product pricing, including spot and contracted sales, the timing thereof, and our ability to realize market prices, in full or at all;

•the effects of accidents or other unscheduled shutdowns or interruptions affecting our facilities, machinery, people, or equipment, or those of our suppliers or customers;

•risks related to potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters;

•the effects of the volatile nature of ammonia, potential liability for accidents involving ammonia including damage or injury to persons, property, the environment or human health and increased costs related to the transport or production of ammonia;

•the impact of potential runoff of water containing hazardous substances into waterways and regulatory or legal actions in response thereto;

•the effects of potential labor supply shortages, labor difficulties, labor disputes or strikes;

•risks related to operational interruptions or changes in laws that could impact the amount and receipt of tax credits (if any) under the Internal Revenue Code of 1986, as amended, or any similar law, rule, or regulation;

•risks related to our businesses’ ability to obtain, retain or renew environmental and other governmental permits, licenses or authorizations necessary for the operation of its business;

•risks of terrorism, cybersecurity attacks, and the security of chemical manufacturing facilities and other matters beyond our control;

•risks related to our capital structure, including our ability to issue securities, the impacts of securities issuances on securities prices or dilution, instability and volatility in the capital and credit markets, restrictions in our debt agreements and our ability to refinance our debt on acceptable terms or at all;

•the effect of the potential loss of transportation cost advantage over our competitors;

•risks related to our reliance on CVR Energy’s management team and conflicts of interest they may face operating each of CVR Partners and CVR Energy;

•risks related to control of our General Partner by CVR Energy and control of CVR Energy by its controlling shareholder, which could result in competition, transactions, or conflicts with CVR Energy and its affiliates;

•the impact of potential changes in our treatment as a partnership for U.S. federal income or state tax purposes;

•risks related to the number of investors willing to hold or acquire our common units and impacts of any changes in ownership of our common units by CVR Energy, Mr. Carl C. Icahn, or their affiliates, or of CVR Energy’s common stock by Mr. Carl C. Icahn or his affiliates;

•the effects of operating hazards and interruptions at our facilities, including unscheduled maintenance or downtime and the availability of adequate insurance coverage;

•the risk of changes in tax and other laws, regulations and policies, including the One Big Beautiful Bill Act; and

•the factors described in greater detail under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the U.S. Securities and Exchange Commission (“SEC”).

All forward-looking statements contained in this Report only speak as of the date of this Report. We undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this Report, or to reflect the occurrence of unanticipated events, except to the extent required by law.

Information About Us

Investors should note that we make available, free of charge on our website at www.CVRPartners.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We also post announcements, updates, events, investor information and presentations on our website in addition to copies of all recent news releases. We may use the Investor Relations section of our website to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Documents and information on our website are not incorporated by reference herein.

The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC.

June 30, 2026 | 4

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CVR PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(in thousands, except unit data)	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	137,456	$	69,243
Accounts receivable, net	81,723		58,956
Inventories	94,020		82,683
Prepaid expenses	1,454		1,498
Other current assets	332		1,487
Total current assets	314,985		213,867
Property, plant, and equipment, net	698,593		711,824


Other long-term assets	43,638		43,764
Total assets	$	1,057,216	$	969,455

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable	$	44,539	$	44,659
Accounts payable to affiliates	3,843		3,784
Deferred revenue	31,821		22,980
Other current liabilities	24,413		25,350
Total current liabilities	104,616		96,773
Long-term liabilities:
Long-term debt and finance lease obligation, net of current portion	568,955		569,068
Long-term deferred revenue	17,448		20,621
Other long-term liabilities	19,228		17,252
Total long-term liabilities	605,631		606,941
Commitments and contingencies (See Note 9)
Partners’ capital:
Common unitholders, 10,569,637 and 10,569,637 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	346,968		265,740
General partner interest	1		1
Total partners’ capital	346,969		265,741
Total liabilities and partners’ capital	$	1,057,216	$	969,455

The accompanying notes are an integral part of these condensed consolidated financial statements.

June 30, 2026 | 5

CVR PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per unit data)	2026		2025		2026		2025
Net sales	$	202,194	$	168,559	$	382,242	$	311,425
Operating costs and expenses:
Cost of materials and other	28,078		32,547		57,504		60,448
Direct operating expenses (exclusive of depreciation and amortization)	58,676		60,517		121,881		115,003
Depreciation and amortization	22,220		20,861		42,183		38,902
Cost of sales	108,974		113,925		221,568		214,353
Selling, general and administrative expenses	7,536		8,034		16,565		15,922
Loss on asset disposal and project write-offs	868		282		1,645		242

Operating income	84,816		46,318		142,464		80,908
Other (expense) income:
Interest expense, net	(7,397)		(7,580)		(15,245)		(15,307)

Other income, net	85		30		198		255
Income before income taxes	77,504		38,768		127,417		65,856
Income taxes	—		—		—		—
Net income	$	77,504	$	38,768	$	127,417	$	65,856

Basic and diluted earnings per common unit	$	7.33	$	3.67	$	12.06	$	6.23


Weighted-average common units outstanding:
Basic and Diluted	10,570		10,570		10,570		10,570

The accompanying notes are an integral part of these condensed consolidated financial statements.

June 30, 2026 | 6

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(unaudited)


	Common Units			General Partner Interest		Total Partners’ Capital
(in thousands, except unit data)	Issued	Amount
Balance at December 31, 2025	10,569,637	$	265,740	$	1	$	265,741
Net income	—	49,913		—		49,913

Cash distributions to common unitholders - Affiliates	—	(1,541)		—		(1,541)
Cash distributions to common unitholders - Non-affiliates	—	(2,370)		—		(2,370)

Balance at March 31, 2026	10,569,637	311,742		1		311,743
Net income	—	77,504		—		77,504

Cash distributions to common unitholders - Affiliates	—	(16,657)		—		(16,657)
Cash distributions to common unitholders - Non-affiliates	—	(25,621)		—		(25,621)
Balance at June 30, 2026	10,569,637	$	346,968	$	1	$	346,969


	Common Units			General Partner Interest		Total Partners’ Capital
(in thousands, except unit data)	Issued	Amount
Balance at December 31, 2024	10,569,637	$	293,069	$	1	$	293,070
Net income	—	27,088		—		27,088

Cash distributions to common unitholders - Affiliates	—	(7,116)		—		(7,116)
Cash distributions to common unitholders - Non-affiliates	—	(11,381)		—		(11,381)
Balance at March 31, 2025	10,569,637	301,660		1		301,661
Net income	—	38,768		—		38,768

Cash distributions to common unitholders - Affiliates	—	(9,411)		—		(9,411)
Cash distributions to common unitholders - Non-affiliates	—	(14,477)		—		(14,477)
Balance at June 30, 2025	10,569,637	$	316,540	$	1	$	316,541

The accompanying notes are an integral part of these condensed consolidated financial statements.

June 30, 2026 | 7

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
(in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	127,417	$	65,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,183		38,902

Share-based compensation	3,355		4,299

Other adjustments	2,800		611
Changes in working capital:
Accounts receivable	(22,766)		14,727

Inventories	(10,801)		1,698
Prepaid expenses and other current assets	425		(834)
Accounts payable	(2,911)		381
Deferred revenue	5,669		(44,863)
Other current liabilities	(3,695)		(1,284)


Net cash provided by operating activities	141,676		79,493
Cash flows from investing activities:
Capital expenditures	(32,042)		(15,618)
Return of equity method investment	5,146		4,888
Other investing activities	—		40
Net cash used in investing activities	(26,896)		(10,690)
Cash flows from financing activities:




Cash distributions to common unitholders - Affiliates	(18,198)		(16,527)
Cash distributions to common unitholders - Non-affiliates	(27,991)		(25,858)

Principal payments of finance leases	(378)		(2,875)
Net cash used in financing activities	(46,567)		(45,260)
Net increase in cash and cash equivalents	68,213		23,543
Cash and cash equivalents, beginning of period	69,243		90,857
Cash and cash equivalents, end of period	$	137,456	$	114,400

The accompanying notes are an integral part of these condensed consolidated financial statements.

June 30, 2026 | 8

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(1) Organization and Nature of Business

CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed in 2011 by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate, and grow its nitrogen fertilizer business. The Partnership produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership produces these products at two manufacturing facilities, one located in Coffeyville, Kansas operated by our wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Facility”) and one located in East Dubuque, Illinois operated by our wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Facility”, and together with the Coffeyville Facility, the “Facilities”). Our principal products are ammonia and urea ammonium nitrate (“UAN”). All of our products are sold on a wholesale basis. As used in these financial statements, references to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the Facilities, as the context may require. Additionally, as the context may require, references to CVR Energy may refer to CVR Energy and its consolidated subsidiaries which include its petroleum refining, marketing, and logistics operations.

Interest Holders

CVR Partners’ common units are listed on the New York Stock Exchange (“NYSE”) under the symbol “UAN”. As of June 30, 2026, public common unitholders held approximately 60% of the Partnership’s outstanding limited partner interests; CVR Energy, through its subsidiaries, held approximately 37% of the Partnership’s outstanding limited partner interests and 100% of the Partnership’s general partner, CVR GP, LLC (“General Partner”) interest, while Icahn Enterprises L.P. and its other affiliates (“IEP”) held approximately 3% of the outstanding limited partner interests. As of June 30, 2026, IEP owned approximately 71% of the common stock of CVR Energy, and as a result, IEP beneficially owns approximately 40% of the Partnership’s outstanding limited partner interests.

Management and Operations

The Partnership, including its General Partner, is managed by a combination of the board of directors of our General Partner (the “Board”), the General Partner’s executive officers, UAN Services, LLC (as sole member of the General Partner), and certain officers of CVR Energy and its subsidiaries, pursuant to the partnership agreement, as well as a number of agreements among the Partnership, the General Partner, CVR Energy, and certain of their respective subsidiaries, including a service agreement. See Part II, Item 8 of CVR Partners’ Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) for further discussion. Common unitholders have limited voting rights on matters affecting the Partnership and have no right to elect the General Partner’s directors or officers, whether on an annual or continuing basis or otherwise.

Subsequent Events

The Partnership evaluated subsequent events, if any, that would require an adjustment to the Partnership’s condensed consolidated financial statements or require disclosure in the notes thereto through the date of issuance. Where applicable, the notes to these condensed consolidated financial statements have been updated to reflect all significant subsequent events which have occurred.

(2) Basis of Presentation

The accompanying condensed consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of CVR Partners and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from these condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2025 audited consolidated financial statements and notes thereto included in the 2025 Form 10-K.

June 30, 2026 | 9

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed.

The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results of operations and cash flows that will be realized for the year ending December 31, 2026 or any other interim or annual period.

Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented

In May 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure for entities that generate, purchase, or transferable environmental credits, or that have a regulatory compliance obligation that may be settled with environmental credits. This standard is effective for the Partnership’s annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. The Partnership is currently evaluating the potential impact of adopting this new accounting guidance.

(3) Inventories

Inventories consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Finished goods	$	23,868	$	15,841
Raw materials	2,231		1,058
Parts, supplies and other	67,921		65,784
Total inventories	$	94,020	$	82,683

(4) Property, Plant, and Equipment

Property, plant, and equipment, net consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Machinery and equipment	$	1,448,255	$	1,440,354
ROU finance lease	25,543		25,543
Buildings and improvements	18,369		18,369
Automotive equipment	16,279		16,279
Land and improvements	15,825		15,266


Construction in progress	65,082		48,370
Other	5,493		3,467
	1,594,846		1,567,648
Less: Accumulated depreciation and amortization	(896,253)		(855,824)
Total property, plant, and equipment, net	$	698,593	$	711,824

For the three and six months ended June 30, 2026, depreciation and amortization expense related to property, plant, and equipment was $22.0 million and $41.7 million, respectively, compared to $20.5 million and $38.2 million for the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2026, capitalized interest was $0.6 million and $1.2 million, respectively, compared to $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively.

June 30, 2026 | 10

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(5) Other Current Liabilities

Other current liabilities consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Personnel accruals	$	7,512	$	10,948
Current portion of operating lease liabilities	4,923		4,261
Share-based compensation	3,938		2,248
Sales incentives	2,441		1,245
Accrued interest	1,476		1,481
Accrued taxes other than income taxes	1,367		1,948

Current portion of finance lease obligation	824		778
Other accrued expenses and liabilities	1,932		2,441
Total other current liabilities	$	24,413	$	25,350

(6) Long-Term Debt and Finance Lease Obligation

Long-term debt and finance lease obligation consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
6.125% Senior Secured Notes, due June 2028 (1)	$	550,000	$	550,000
Finance lease obligation, net of current portion	20,230		20,645
Unamortized debt issuance costs	(1,275)		(1,577)
Total long-term debt and finance lease obligation, net of current portion	568,955		569,068
Current portion of finance lease obligation	824		778
Total long-term debt and finance lease obligation, including current portion	$	569,779	$	569,846

(1)The 6.125% Senior Secured Notes, due June 2028 had an estimated fair value of $548.7 million and $551.4 million as of June 30, 2026 and December 31, 2025, respectively. The fair value estimate is a Level 2 measurement, as defined by FASB Accounting Standards Codification Topic 820, Fair Value Measurements, as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities.

Credit Agreements



(in thousands)	Total Available Borrowing Capacity		Amount Borrowed as of June 30, 2026		Outstanding Letters of Credit		Available Capacity as of June 30, 2026		Maturity Date
ABL Credit Facility	$	50,000	$	—	$	—	$	50,000	September 26, 2028

Covenant Compliance

The Partnership and its subsidiaries were in compliance with all covenants under their respective debt instruments as of June 30, 2026.

June 30, 2026 | 11

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(7) Revenue

The following table presents the Partnership’s revenue, disaggregated by major products:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Ammonia	$	42,627	$	34,064	$	92,958	$	67,242
UAN	130,551		109,540		236,942		195,662
Urea products	13,273		10,248		22,646		19,561


Other revenue (1)	15,743		14,707		29,696		28,960
Total revenue	$	202,194	$	168,559	$	382,242	$	311,425

(1)Consists primarily of freight revenue and includes sales made in connection with the joint venture created to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (“45Q Transaction”), as well as the noncash consideration received, which is recognized as the performance obligation associated with a carbon oxide contract is satisfied over its term through April 2030.

Remaining Performance Obligations

The Partnership has spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). The Partnership does not disclose remaining performance obligations for contracts that had original terms of one year or less or for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation.

As of June 30, 2026, the Partnership had approximately $1.9 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize $1.5 million of these performance obligations as revenue by the end of 2026, an additional $0.3 million in 2027, and the remaining balance during 2028.

Contract Balances

During the six months ended June 30, 2026 and 2025, the Partnership recognized revenue of $19.3 million and $47.3 million, respectively, that was included in the deferred revenue balances as of December 31, 2025 and December 31, 2024, respectively. Accounts receivable from contracts with customers was $81.1 million and $57.9 million as of June 30, 2026 and December 31, 2025, respectively, including amounts billed to customers for which the related revenue is currently deferred.

(8) Share-Based Compensation

The following table summarizes share-based compensation expense for the three and six months ended June 30, 2026 and 2025, including expense related to outstanding awards, forfeiture-related reversals, and unit price market fluctuation impacts:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Phantom Unit Awards	$	765	$	1,586	$	2,730	$	2,462
Other Awards (1)	(403)		1,241		625		1,837
Total share-based compensation expense	$	362	$	2,827	$	3,355	$	4,299

(1)Other awards include the allocations, pursuant to the Corporate Master Services Agreement effective January 1, 2020, as amended (the “Corporate MSA”) and the Partnership’s Second Amended and Restated Agreement of Limited Partnership, of compensation expense for certain employees of CVR Energy and its subsidiaries who perform services for the Partnership and participate in equity compensation plans of CVR Energy.

June 30, 2026 | 12

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(9) Commitments and Contingencies

In the ordinary course of business, the Partnership may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While there have been no material changes in the Partnership’s commitments and contingencies from those disclosed in the 2025 Form 10-K and in the Form 10-Q for the quarter ended March 31, 2026, recent developments are discussed below.

Litigation

CRNF Ammonia Release - Multiple lawsuits filed against CVR Energy, CVR Partners and certain of their subsidiaries (collectively, the “Ammonia Defendants”) alleging personal injury and related damages arising from an October 2025 ammonia release at the Coffeyville Facility have been consolidated in Texas state court in Fort Bend County, and discovery is ongoing. The Ammonia Defendants asserted counterclaims in the related declaratory judgment action filed in Kansas state court, in which an insurer seeks a determination that it has no duty to defend or indemnify the Ammonia Defendants in connection with certain of the underlying claims. As these matters are in their early stages, the Partnership cannot yet determine whether they will have a material adverse effect on the Partnership’s financial position, results of operations, or cash flows.

Kansas Environmental Claims - In July 2026, the U.S. District Court for the District of Kansas dismissed the medical monitoring claim asserted against CVR Energy, CVR Partners and certain of their affiliates (collectively, the “Kansas Defendants”) by three residents of Coffeyville, on behalf of themselves and a purported class of similarly situated persons; discovery is ongoing with respect to the remaining claims seeking compensatory and punitive damages arising from alleged emissions from operations at the Coffeyville Facility and CVR Energy’s adjacent refinery. While this matter is in its early stages, if ultimately concluded in a manner adverse to the Kansas Defendants, it could have a material adverse effect on the Partnership’s financial position, results of operations, or cash flows.

45Q Transaction

Under the agreements entered into in connection with the 45Q Transaction, the Partnership’s subsidiary, CRNF, is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $15.0 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45.0 million cap, if these minimum quantities are not delivered. The Partnership issued a guarantee to the unaffiliated third-party investors and certain of their affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVR-CapturePoint Parent, LLC (“CVRP JV”), which include the aforementioned fees. This guarantee has no impacts on the accounting records of the Partnership unless the parties fail to comply with the terms of the 45Q Transaction contracts.

(10) Business Segments

CVR Partners has one operating and reportable segment: Nitrogen Fertilizer. The Partnership derives revenue by producing and marketing nitrogen fertilizer products within the United States, which are used by farmers to improve the yield and quality of their crops. The segment determination is based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (“CODM”), the Partnership’s Chief Executive Officer, to evaluate performance and make strategic decisions.

The CODM evaluates the performance of the Nitrogen Fertilizer Segment and decides how to allocate resources based on net income, which is reported in the condensed consolidated statements of operations. The CODM uses net income to assess the income generated by the Nitrogen Fertilizer Segment and to decide whether to recommend that the Board reinvest profits into the Partnership or pay distributions. Net income is also used to analyze performance against the budget and the Partnership’s competitors.

While segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance of the segment, total assets are disclosed in the condensed consolidated balance sheets.

June 30, 2026 | 13

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The following table presents the operating results and capital expenditures information for the Nitrogen Fertilizer Segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Net sales	$	202,194	$	168,559	$	382,242	$	311,425
Less:
Feedstocks	13,222		16,106		31,153		32,635
Distribution costs	15,261		14,870		27,933		28,098
Other costs of materials (1)	(405)		1,571		(1,582)		(285)
Cost of materials and other	28,078		32,547		57,504		60,448
Less:
Direct operating expenses (exclusive of depreciation and amortization and turnaround expenses)	57,566		59,625		119,800		113,733
Turnaround expenses	1,110		892		2,081		1,270
Depreciation and amortization	22,220		20,861		42,183		38,902
Selling, general and administrative expenses	7,536		8,034		16,565		15,922
Interest expense	8,736		9,004		17,540		17,951
Interest income	(1,339)		(1,424)		(2,295)		(2,644)
Other segment items (2)	783		252		1,447		(13)
Net income	$	77,504	$	38,768	$	127,417	$	65,856

Capital expenditures	$	17,333	$	10,747	$	31,084	$	16,679

(1)Other costs of materials includes change in inventory adjustments and lease expense.

(2)Other segment items includes loss on asset disposal and other expense (income).

(11) Supplemental Cash Flow Information

Cash flows related to interest, income taxes, leases, and capital expenditures included in accounts payable are as follows:


	Six Months Ended June 30,
(in thousands)	2026		2025
Supplemental disclosures:
Cash paid for interest	$	18,407	$	18,268
Cash paid for income taxes, net of refunds	41		28
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,115		2,712
Operating cash flows from finance leases	1,196		988
Financing cash flows from finance leases	378		515
Noncash investing and financing activities:
Change in capital expenditures included in accounts payable	(958)		1,061

June 30, 2026 | 14

Table of Contents

CVR PARTNERS, LP AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(12) Related Party Transactions

Activity associated with the Partnership’s related party arrangements for the three and six months ended June 30, 2026 and 2025 is summarized below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Sales to related parties: (1)
CVR Energy subsidiary	$	261	$	623	$	426	$	1,054
CVRP JV	644		601		1,264		1,288
Expenses from related parties: (2)
CVR Energy subsidiary	4,109		2,779		9,529		5,890
CVR Services, LLC	6,104		7,337		13,748		14,142


	June 30, 2026		December 31, 2025
Due to related parties (3)	$	3,843	$	3,784

(1)Sales to related parties, included in Net sales in our condensed consolidated statements of operations, consist of (a) sales of feedstocks and services under the Master Service Agreement with CRNF (the “Coffeyville MSA”) and (b) carbon oxide sales to CVRP JV and its subsidiaries.

(2)Expenses from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses in our condensed consolidated statements of operations, consist primarily of pet coke and hydrogen purchased under the Coffeyville MSA and management and other professional services under the Corporate MSA.

(3)Consists primarily of amounts payable to CVR Energy subsidiaries under the Coffeyville MSA and Corporate MSA, included in Accounts payable to affiliates.

Distributions to CVR Partners’ Unitholders

Distributions, if any—including the amount, timing, and the Board’s distribution policy—are subject to change at the discretion of the Board. This includes the definition of Available Cash for Distribution and any related reserves, which may be adjusted based on the Board’s judgment and prevailing business concerns.

The following table presents quarterly distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy and IEP, during 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per unit data)	2026		2025		2026		2025
Public unitholders	$	25,621	$	14,477	$	27,991	$	25,858
IEP	1,089		615		1,190		920
CVR Energy	15,568		8,796		17,008		15,607
Total distributions paid	$	42,278	$	23,888	$	46,189	$	42,385

Distributions per common unit (1)	$	4.00	$	2.26	$	4.37	$	4.01

(1)Amount represents the cumulative distributions, calculated quarterly, paid in the respective period.

For the second quarter of 2026, the Partnership, upon approval by the Board on July 29, 2026, declared a distribution of $6.08 per common unit, or approximately $64.3 million, which is payable August 17, 2026 to unitholders of record as of August 10, 2026. Of this amount, CVR Energy and IEP will receive approximately $23.7 million and $1.7 million, respectively, with the remaining amount payable to public unitholders.

June 30, 2026 | 15

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 18, 2026 (the “2025 Form 10-K”). Results of operations and cash flows for the three and six months ended June 30, 2026 are not necessarily indicative of results of operations and cash flows to be attained for any other period. See “Important Information Regarding Forward-Looking Statements”.

Reflected in this discussion and analysis is how management views the Partnership’s current financial condition and results of operations along with key external variables and management actions that may impact the Partnership. This discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Report.

Partnership Overview

CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed in 2011 by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate, and grow its nitrogen fertilizer business. The Partnership produces and distributes nitrogen fertilizer products, which are used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership produces these products at two manufacturing facilities, one located in Coffeyville, Kansas operated by its wholly owned subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”) (the “Coffeyville Facility”) and one located in East Dubuque, Illinois operated by its wholly owned subsidiary, East Dubuque Nitrogen Fertilizers, LLC (“EDNF”) (the “East Dubuque Facility”, and together with the Coffeyville Facility, the “Facilities”). Our principal products are ammonia and urea ammonium nitrate (“UAN”). All of our products are sold on a wholesale basis. References to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the Facilities, as the context may require. Additionally, as the context may require, references to CVR Energy may refer to CVR Energy and its consolidated subsidiaries which include its petroleum refining, marketing, and logistics operations.

Strategy and Initiatives

Potential Strategic Transactions

As previously disclosed, Icahn Enterprises L.P. and its affiliates (“IEP”) and CVR Energy are considering potential strategic transactions available to CVR Energy and its subsidiaries and affiliates, which may include the acquisition of additional entities, assets or businesses through negotiated mergers and/or stock or asset purchase agreements, and/or strategic options involving CVR Partners. There is no assurance that any of the aforementioned, previously disclosed, or other transactions will develop or materialize, or if they do, as to their timing. As of June 30, 2026, IEP owns approximately 71% of CVR Energy’s total outstanding common stock and approximately 3% of the total outstanding common units of CVR Partners. As of June 30, 2026, CVR Energy, through its subsidiaries, held approximately 37% of CVR Partners’ outstanding common units and 100% of CVR Partners’ general partner interests.

Partnership Initiatives

Over the past three years, the Partnership has reserved funds for a series of debottlenecking and reliability projects that are intended to enhance operational reliability and ultimately facilitate potential increases in production capacity, or provide feedstock availability at the Facilities:

•In 2025 and into 2026, the Partnership progressed several projects focused on improving water and electrical reliability, expanding diesel exhaust fluid production, and increasing loadout capabilities, among other initiatives.

•During the planned turnaround at the East Dubuque Facility, scheduled for August 2026, the Partnership plans to commence work on the upgrades to its water systems, in addition to completing the brownfield ammonia expansion that is expected to increase production capacity by approximately 5%.

June 30, 2026 | 16

Table of Contents

•Based on engineering studies completed in 2025, the Coffeyville Facility has the potential to utilize natural gas as an alternative feedstock in conjunction with pet coke in the production of nitrogen fertilizer. We are in the final phases of completing detailed engineering and cost estimates, and with approval by the board of directors of our General Partner (the “Board”), expect to proceed with construction in 2026 and 2027. If completed, these initiatives would make the Coffeyville Facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing management with the ability to choose the optimal mix of natural gas and third-party pet coke depending on prevailing prices.

•In June 2026, the Coffeyville Facility received its Verified Ammonia Carbon Intensity certification from an independent third-party auditor under The Fertilizer Institute framework, which will enable the Coffeyville Facility to market ammonia it produces as “blue.”

Industry Factors

Within the nitrogen fertilizer business, earnings and cash flows from operations are primarily affected by the relationship between nitrogen fertilizer product prices, utilization, and operating costs and expenses, including pet coke and natural gas feedstock costs.

The price at which nitrogen fertilizer products are ultimately sold depends on numerous factors, including the global supply and demand for nitrogen fertilizer products which, in turn, depends on world grain demand and production levels, changes in world population, the cost and availability of fertilizer transportation infrastructure, weather conditions, the availability of imports, the availability and price of feedstocks to produce nitrogen fertilizer, and the extent of government intervention in agriculture markets, among other factors.

Nitrogen fertilizer prices are also affected by local factors, including local market conditions and the operating levels of competing facilities. An expansion or upgrade of competitors’ facilities, new facility development, political and economic developments, and other factors are likely to continue to play an important role in nitrogen fertilizer industry economics. These factors can impact, among other things, the level of inventories in the markets, resulting in price and product margin volatility.

General Business Environment

Geopolitical Matters

•The conflicts and tensions in the Middle East have resulted in significant disruptions to fertilizer production facilities in the region, as well as to global energy and fertilizer supply chain production and availability. These conflicts have disrupted key trade routes, tightened global supply of certain commodities, and increased energy costs, contributing to elevated and volatile fertilizer prices. Recent escalations have increased the uncertainty regarding the duration and severity of these disruptions and any further impacts on the global and fertilizer markets.

•In addition, the ongoing Russia-Ukraine war and related geopolitical developments have disrupted, and could further disrupt, the production and trade of fertilizer, grains, and feedstock through various means, such as trade restrictions, sanctions or transportation bottlenecks. The ultimate impacts of these conflicts, including any escalation, de-escalation, or resolution, may materially affect our business, operations, cash flows, and access to capital.

•Actual and potential tariffs imposed by the U.S. on imports of nitrogen fertilizers have also contributed to higher fertilizers prices in the U.S. Changes, and proposed changes, to the U.S. global trade policy, together with related judicial, regulatory and administrative developments, as well as renewed trade tensions and related international retaliatory measures, have continued to influence global markets and impact short- and long-term economics in the U.S. and around the globe, including concerns over inflation, recession, and slowing growth. The Partnership continues to monitor these developments and may experience variability in margins depending on the duration and severity of these market disruptions.

•Recent damage to liquid natural gas (“LNG”) production facilities and loss of LNG trade flows through the Middle East have contributed to higher natural gas prices in Europe, impacting competitiveness of European fertilizer

June 30, 2026 | 17

Table of Contents

facilities. Meanwhile, the abundance of natural gas supply available in the U.S. continues to keep domestic prices subdued, providing a sustained cost advantage for U.S. fertilizer facilities.

Regulatory Environment

•The fertilizer industry continues to face additional scrutiny from legislators, regulators, agriculture groups and others following fertilizer and fertilizer input price increases related to the impacts of the conflicts and tensions in the Middle East, which only exacerbated price increases caused by the ongoing Russia-Ukraine war, and related geopolitical developments. Such scrutiny has increased in 2026 and may result in additional government inquiries, investigations, legislative actions or regulatory initiatives affecting participants in the fertilizer industry.

•Our business faces existing, potential and future climate-related regulations and legal proceedings, as well as an uncertain regulatory landscape around climate-related reporting requirements, at the federal, state, and international levels which may materially impact our business, operations, compliance costs, results of operations and overall market stability.

•Certain governmental regulations and incentives associated with the automobile transportation, agricultural and renewables industries, including the ones related to corn-based ethanol and vegetable oil-based biodiesel, renewable diesel, and sustainable aviation fuel production or consumption, have impacted, and are expected to continue to impact, our business. For example:

◦Ethanol is blended with gasoline to meet requirements under the Renewable Fuel Standard (“RFS”) and for its octane value. Since 2020, corn used in ethanol production has historically consumed an average of approximately 36% of annual domestic corn production. Accordingly, corn and/or ethanol demand can be impacted by the actions of the United States Environmental Protection Agency (“EPA”) under the RFS, including its establishment of annual blending obligations and related actions. In 2026, the EPA finalized the RFS blending obligations for 2026 and 2027 that reflect the highest renewable fuel volume in the program’s history, including for biomass-based diesel and advanced biofuel, which is expected to support ethanol and grain demand.

◦The EPA has issued a nationwide emergency waiver of the Reid Vapor Pressure specification during the summer of 2026, increasing flexibility in gasoline blending during the summer driving season. In May 2026, H.R. 1346 aimed at permanently allowing year-round, nationwide E15 (gasoline blended with 15% ethanol), among other actions, was passed by the U.S. House of Representatives and is currently being considered by the U.S. Senate, together with other related legislation. If enacted, year-round, nationwide E-15 could support fertilizer demand.

◦Provisions of the Section 45Z Clean Fuel Production Credit exclude imports of renewable fuels and imported feedstocks used to produce renewable fuels in the United States, which we expect to support demand for domestic corn and soybean oil feedstocks.

Results of Operations

The following should be read in conjunction with the information outlined in the previous sections of this Part I, Item 2 and the financial statements and related notes thereto in Part I, Item 1 of this Report.

Utilization is an important measure used by management to assess operational output at each of the Partnership’s Facilities and is calculated as actual tons of ammonia produced divided by capacity. Utilization is presented solely on ammonia production, rather than on each nitrogen product, as it provides a comparative baseline against industry peers and eliminates the disparity of facility configurations for upgrade of ammonia into other nitrogen products. With production primarily focused on ammonia upgrade capabilities, we believe this measure provides a meaningful view of how we operate. The table presented below summarizes our ammonia utilization rate on a consolidated basis.


	Three Months Ended June 30,				Six Months Ended June 30,
(percent of capacity utilization)	2026		2025		2026		2025
Ammonia utilization rate	99	%	91	%	101	%	96	%

On a consolidated basis, for the three months ended June 30, 2026 as compared to June 30, 2025, utilization increased 8% primarily due to planned downtime associated with control systems upgrades at the East Dubuque Facility and other minor unplanned outages at the Facilities during the second quarter of 2025. For the six months ended June 30, 2026 as compared to June 30, 2025, utilization increased 5% primarily due to the aforementioned control systems upgrades at the East Dubuque Facility and other minor unplanned outages at the Facilities during 2025 (the “2025 Outages”).

June 30, 2026 | 18

Table of Contents

Sales Volume and Pricing per Ton - Two of our key operating metrics are total sales volumes for ammonia and UAN, along with the product pricing per ton realized at the gate which represents net sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure comparable across the fertilizer industry.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Consolidated sales volumes (thousands of tons)
Ammonia	54		57		127		117
UAN	333		345		643		681

Consolidated product pricing at gate (dollars per ton)
Ammonia	$	791	$	593	$	731	$	573
UAN	392		317		368		287

For the three months ended June 30, 2026, ammonia sales volumes decreased by 6% due to an early start to spring ammonia application in 2026 shifting volume into the first quarter of 2026, while UAN sales volumes decreased by 3% due to lower consumer demand as a result of fewer corn acres planted and higher prices for UAN relative to other comparable fertilizer products during the end of the current period. For the six months ended June 30, 2026, ammonia sales volumes increased by 8% due to higher ammonia production in the current period as a result of the 2025 Outages in the prior period, while UAN sales volumes decreased by 6% due to the aforementioned decrease in corn acres planted and increase in UAN prices in the current period.

For the three months ended June 30, 2026, ammonia and UAN sales prices increased by 33% and 24%, respectively. For the six months ended June 30, 2026, ammonia and UAN sales prices increased by 28% and 28%, respectively. These increases were primarily due to changes in market conditions, primarily driven by tight inventory levels as a result of the conflicts and tensions in the Middle East combined with domestic and international production outages, logistics constraints, and other impacts that reduced global supply of nitrogen fertilizers.

Production Volumes - Gross tons of ammonia represent the total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represents the ammonia available for sale that was not upgraded into other fertilizer products. These metrics are presented in the table below:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands of tons)	2026	2025	2026	2025
Ammonia—gross produced	214	197	434	413
Ammonia—net available for sale	64	54	134	117
UAN	342