CVR Partners, LP Files 2023 Annual Report on Form 10-K

Ticker: UAN · Form: 10-K · Filed: Feb 21, 2024 · CIK: 1425292

Cvr Partners, LP 10-K Filing Summary
FieldDetail
CompanyCvr Partners, LP (UAN)
Form Type10-K
Filed DateFeb 21, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$40.5 m, $22.5 m, $23.0 m, $78, $52
Sentimentneutral

Sentiment: neutral

Topics: CVR Partners, 10-K, Annual Report, Agriculture Chemicals, Financials

TL;DR

<b>CVR Partners, LP has submitted its 2023 annual report (10-K), providing a comprehensive overview of its operations and financial performance for the fiscal year ending December 31, 2023.</b>

AI Summary

CVR PARTNERS, LP (UAN) filed a Annual Report (10-K) with the SEC on February 21, 2024. CVR Partners, LP filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Agriculture Chemicals sector (SIC 2870). Key operational sites include manufacturing facilities in Coffeyville, Kansas, and East Dubuque, Illinois. The report details financial information for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking CVR PARTNERS, LP, this filing contains several important signals. This 10-K filing is crucial for investors and analysts to assess CVR Partners' financial health, operational performance, and strategic direction over the past fiscal year. The detailed information within the report, including financial statements and risk factors, allows stakeholders to make informed decisions regarding their investment in the company.

Risk Assessment

Risk Level: medium — CVR PARTNERS, LP shows moderate risk based on this filing. The company operates in the agriculture chemicals sector, which can be subject to commodity price fluctuations and regulatory changes, impacting financial performance and operational stability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand CVR Partners' performance and potential challenges in the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (FISCAL YEAR END)
  • 2024-02-21 — Filing Date (FILED AS OF DATE)
  • 2023 — Reporting Year (2023 FY)

Key Players & Entities

  • CVR PARTNERS, LP (company) — COMPANY CONFORMED NAME
  • 20231231 (date) — CONFORMED PERIOD OF REPORT
  • 20240221 (date) — FILED AS OF DATE
  • 2870 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
  • DE (state) — STATE OF INCORPORATION
  • 2277 PLAZA DRIVE (address) — BUSINESS ADDRESS STREET 1
  • SUGAR LAND (city) — BUSINESS ADDRESS CITY
  • TX (state) — BUSINESS ADDRESS STATE

FAQ

When did CVR PARTNERS, LP file this 10-K?

CVR PARTNERS, LP filed this Annual Report (10-K) with the SEC on February 21, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CVR PARTNERS, LP (UAN).

Where can I read the original 10-K filing from CVR PARTNERS, LP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CVR PARTNERS, LP.

What are the key takeaways from CVR PARTNERS, LP's 10-K?

CVR PARTNERS, LP filed this 10-K on February 21, 2024. Key takeaways: CVR Partners, LP filed its 2023 Form 10-K on February 21, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company is incorporated in Delaware and operates in the Agriculture Chemicals sector (SIC 2870)..

Is CVR PARTNERS, LP a risky investment based on this filing?

Based on this 10-K, CVR PARTNERS, LP presents a moderate-risk profile. The company operates in the agriculture chemicals sector, which can be subject to commodity price fluctuations and regulatory changes, impacting financial performance and operational stability.

What should investors do after reading CVR PARTNERS, LP's 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand CVR Partners' performance and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

  • Market Conditions [high — market]: The company's financial results are significantly influenced by the supply and demand for its products, as well as the prices of natural gas and other raw materials.
  • Environmental Regulations [medium — regulatory]: Compliance with stringent environmental laws and regulations is critical and may require significant capital expenditures.
  • Debt Obligations [medium — financial]: The company has substantial debt obligations, and its ability to service this debt depends on its operating performance and market conditions.
  • Operational Risks [medium — operational]: The company's manufacturing facilities are subject to risks of unplanned downtime, accidents, and natural disasters, which could disrupt production.
  • Credit Risk [low — financial]: Concentration of credit risk with a single customer for accounts receivable poses a potential financial exposure.

Key Dates

  • 2024-02-21: Filing of 2023 Form 10-K — Provides comprehensive annual financial and operational data for the fiscal year ending December 31, 2023.

Filing Stats: 4,485 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-02-21 16:16:11

Key Financial Figures

  • $40.5 m — the Partnership purchased approximately $40.5 million, $22.5 million, and $23.0 million
  • $22.5 m — purchased approximately $40.5 million, $22.5 million, and $23.0 million, respectively,
  • $23.0 m — ately $40.5 million, $22.5 million, and $23.0 million, respectively, of pet coke, which
  • $78 — hich equaled an average cost per ton of $78.14, $52.88, and $44.69, respectively. F
  • $52 — aled an average cost per ton of $78.14, $52.88, and $44.69, respectively. For the y
  • $44 — age cost per ton of $78.14, $52.88, and $44.69, respectively. For the years ended D
  • $29.0 m — Dubuque Facility incurred approximately $29.0 million, $46.0 million, and $31.8 million
  • $46.0 m — y incurred approximately $29.0 million, $46.0 million, and $31.8 million for feedstock
  • $31.8 million — ately $29.0 million, $46.0 million, and $31.8 million for feedstock natural gas used in produ
  • $3 — ively, which equaled an average cost of $3.42, $6.66, and $3.95 per MMBtu, respect
  • $6 — which equaled an average cost of $3.42, $6.66, and $3.95 per MMBtu, respectively.
  • $3.95 — ed an average cost of $3.42, $6.66, and $3.95 per MMBtu, respectively. Commodities

Filing Documents

Business

Business 7 Item 10. Directors, Executive Officers and Corporate Governance 78 Item 1A.

Risk Factors

Risk Factors 16 Item 11.

Executive Compensation

Executive Compensation 86 Item 1B. Unresolved Staff Comments 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 107 Item 1C. Cybersecurity 31 Item 13. Certain Relationships and Related Transactions, and Director Independence 108 Item 2.

Properties

Properties 32 Item 14. Principal Accounting Fees and Services 109 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II PART IV Item 5. Market For Registrant ' s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 34 Item 15. Exhibits, Financial Statement Schedules 111 Item 6. [Reserved] 35 Item 16. Form 10-K Summary 114 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 December 31, 2023 | 1 Table of Contents GLOSSARY OF SELECTED TERMS The following are definitions of certain terms used in this Annual Report on Form 10-K. Ammonia — Ammonia is a direct application fertilizer and is primarily used as a building block for other nitrogen products for industrial applications and finished fertilizer products. Capacity — Capacity is defined as the throughput a process unit is capable of sustaining, either on a calendar or operating day basis. The throughput may be expressed in terms of maximum sustainable, nameplate or economic capacity. The maximum sustainable or nameplate capacities may not be the most economical. The economic capacity is the throughput that generally provides the greatest economic benefit based on considerations such as feedstock costs, product values, regulatory compliance costs and downstream unit constraints. Corn belt — The primary corn producing region of the United States, which Green Markets defines as Illinois, Indiana, Iowa, Missouri, Nebraska, and Ohio. Ethanol — A clear, colorless, flammable oxygenated hydrocarbon. Ethanol is typically produced chemically from ethylene, or biologically from fermentation of various sugars from carbohydrates found in agricultural crops and cellulosic residues from crops or wood. It is used in the United States as a gasoline octane enhancer and oxygenate. MMBtu — One million British thermal units, or Btu: a measure of energy. One Btu of heat is required to raise the temperature of one pound of water one degree Fahrenheit. MSCF — One thousand standard cubic feet, a customary gas measurement. Petroleum coke (pet coke) — A coal-like substance that is produced during the oil refining process. Product pricing at gate — Product pricing at gate represents net sales less freight revenue divided by product sales volume in

Business

Item 1. Business 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 nitrogen fertilizer 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"). Both facilities manufacture ammonia and are able to further upgrade such ammonia to other nitrogen fertilizer products, principally urea ammonium nitrate ("UAN"). Nitrogen fertilizer is used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership's products are sold on a wholesale basis in the United States of America. 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. Organizational Structure and Related Ownership The following chart illustrates the organizational structure of the Partnership as of December 31, 2023. December 31, 2023 | 7 Table of Contents Facilities Coffeyville Facility - We own and operate a nitrogen fertilizer production facility in Coffeyville, Kansas that includes a gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen, a 1,300 ton per day capacity ammonia unit and a 3,100 ton per day capacity UAN unit. The Coffeyville Facility is the only nitrogen fertilizer plant in North America that utilizes a pet coke gasification process to produce nitrogen fertilizer. The Coffeyville

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