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August 05, 2015 4:35 AM ET

Chemicals

Company Overview of CVR Partners, LP

Company Overview

CVR Partners, LP produces, distributes, and markets nitrogen fertilizer products in North America. It provides ammonia products for industrial and agricultural customers; and urea ammonium nitrate (UAN) products for agricultural customers. CVR GP, LLC serves as the general partner of the company. The company was founded in 2007 and is based in Sugar Land, Texas. CVR Partners, LP is a subsidiary of Coffeyville Resources, LLC.

2277 Plaza Drive

Suite 500

Sugar Land, TX 77479

United States

Founded in 2007

144 Employees

Phone:

281-207-3200

Key Executives for CVR Partners, LP

Chief Executive Officer of CVR GP LLC, President of CVR GP LLC, Director of CVR GP LLC and Chairman of Environmental, Health & Safety Committee
Age: 50
Total Annual Compensation: $438.6K
Chief Financial Officer of CVR GP LLC, Chief Accounting Officer of CVR GP LLC and Treasurer of CVR GP LLC
Age: 52
Total Annual Compensation: $390.0K
Executive Vice President of Marketing & Operations of CVR GP LLC
Age: 59
Total Annual Compensation: $244.3K
Compensation as of Fiscal Year 2014.

CVR Partners, LP Key Developments

CVR Partners, LP Announces Second Quarter 2015 Distribution, Payable on August 17, 2015

CVR Partners, LP announced a second quarter 2015 distribution of 39 cents per common unit. The distribution, as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid on Aug. 17, 2015, to unitholders of record on Aug. 10, 2015.

CVR Partners, LP Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015

CVR Partners, LP reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, net income was $27.0 million, or 37 cents per fully diluted common unit, on net sales of $80.8 million, compared to net income of $17.1.0 million, or 23 cents per fully diluted common unit, on net sales of $77.2 million for the 2014 second quarter. Adjusted EBITDA, a non-GAAP measure, was $36.1 million for the second quarter of 2015, compared to adjusted EBITDA of $25.7 million for the second quarter of 2014. Operating income was $28.7 million compared to $18.8 million a year ago. Income before income tax expense was $27.0 million compared to $17.1 million a year ago. Net cash flow provided by operating activities was $30.6 million compared to $24.4 million a year ago. Capital expenditures for property, plant and equipment was $3.4 million compared with $4.1 million a year ago. EBITDA was $35.7 million compared with $25.6 million a year ago. For the first six months of 2015, net income was $56.8 million, or 78 cents per fully diluted common unit, on net sales of $173.9 million, compared to $38.6 million of net income, or 53 cents per fully diluted common unit, on net sales of $157.5 million for the comparable period a year earlier. Adjusted EBITDA for the first six months of 2015 was $74.5 million compared to adjusted EBITDA of $55.4 million for the first six months of 2013. Operating income was $60.2 million compared to $41.9 million a year ago. Income before income tax expense was $56.8 million compared to $38.6 million a year ago. Net cash flow provided by operating activities was $56.0 million compared to $59.9 million a year ago. Capital expenditures for property, plant and equipment was $6.0 million compared with $7.25 million a year ago. EBITDA was $74.0 million compared with $55.4 million a year ago. The company produced 107,100 tons of ammonia and purchased an additional 600 tons of ammonia during the second quarter of 2015, of which 4,400 net tons were available for sale while the rest was upgraded to 253,500 tons of UAN. In the 2014 second quarter, the plant produced 92,200 tons of ammonia and purchased an additional 2,700 tons of ammonia, of which 3,200 net tons were available for sale while the remainder was upgraded to 223,400 tons of UAN.

CVR Partners To Pursue Mergers and Acquisitions

CVR Partners, LP (NYSE:UAN) expect to potentially pursue mergers and acquisitions in future as they ready access to funding from Coffeyville Resources LLC. The company will focus on strategic fit and transactions that are accretive to distributions for unit holders.

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