CVR Partners Files 2025 Annual Report, Detailing Operations, Market Position, and Strategic Outlook
CVR Partners, LP (NYSE: UAN), a U.S.-based manufacturer and distributor of nitrogen fertilizer products, has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (SEC). The filing provides investors, analysts, and other stakeholders with a detailed overview of the partnership’s financial performance, operational developments, strategic priorities, and key risk factors over the past year.
The Form 10-K is one of the most comprehensive regulatory disclosures required of publicly traded partnerships and corporations in the United States. It offers an in-depth look at a company’s business operations, audited financial results, market environment, and forward-looking considerations. CVR Partners’ latest filing reflects a full year of activity across its nitrogen fertilizer manufacturing facilities and outlines how the partnership is positioned within the broader agricultural and energy markets.
Importance of the Form 10-K Filing
The Annual Report on Form 10-K is a cornerstone of corporate transparency in U.S. capital markets. It is designed to provide a complete and standardized picture of a company’s financial condition, operational performance, and strategic direction. For investors, lenders, analysts, and regulators, the filing serves as a primary source of verified information.
CVR Partners’ 2025 report includes:
- Audited financial statements for the fiscal year
- Management’s Discussion and Analysis (MD&A)
- Detailed operational updates
- Information about capital expenditures and liquidity
- Risk factors affecting the partnership
- Disclosures regarding corporate governance and controls
By publishing this information, the partnership enables stakeholders to evaluate its financial health, production capacity, cost structure, and competitive position in the nitrogen fertilizer industry.
Accessing the Annual Report
CVR Partners noted that the full Form 10-K is available through the investor relations section of its corporate website. Stakeholders can access the filing by visiting the “SEC Filings” page, where the report is posted alongside other financial disclosures.
In addition to the online version, the partnership is offering unitholders the option to request a printed copy of the report at no cost. Investors can submit written requests to the company’s investor relations department at its corporate headquarters in Sugar Land, Texas. This ensures accessibility for investors who prefer physical copies or may have limited access to online resources.
Overview of CVR Partners
CVR Partners, LP is a Delaware limited partnership headquartered in Sugar Land, Texas. The company focuses on the production, marketing, and distribution of nitrogen fertilizer products used in modern agriculture. Its primary products are urea ammonium nitrate (UAN) solution and ammonia—two essential nutrients that help farmers increase crop yields and maintain soil fertility.
Nitrogen fertilizers are a critical component of global agricultural production. Crops such as corn, wheat, and soybeans require substantial nitrogen inputs to achieve optimal growth. As a result, the demand for nitrogen fertilizers is closely tied to global food production, commodity prices, planting acreage, and weather conditions.
CVR Partners operates in a cyclical industry where profitability can fluctuate based on both agricultural and energy market dynamics. When crop prices are strong and planting activity increases, demand for fertilizers typically rises. Conversely, lower commodity prices or unfavorable weather can reduce fertilizer consumption.
Core Product Portfolio
Urea Ammonium Nitrate (UAN)
UAN is a liquid nitrogen fertilizer produced by combining urea and ammonium nitrate. It is widely used across North America due to its versatility and ease of application. Farmers often favor UAN because it can be applied through sprayers or irrigation systems and can be blended with other crop protection products.
The liquid form of UAN allows for precise application, which helps improve nutrient efficiency and reduce waste. This makes it a practical choice for large-scale agricultural operations that require consistent and reliable nitrogen delivery.
Ammonia
Ammonia is another key product in CVR Partners’ portfolio. It serves both as a direct nitrogen fertilizer and as a feedstock for producing other nitrogen-based products, including UAN and urea.
Ammonia is valued for its high nitrogen content and cost efficiency. It is commonly applied directly to soil, where it converts into forms of nitrogen that plants can absorb. Because ammonia is a foundational chemical in nitrogen fertilizer production, it plays a central role in the partnership’s manufacturing process.
By focusing on these two primary products, CVR Partners maintains a streamlined production strategy that emphasizes operational efficiency and cost control.
Manufacturing Operations
CVR Partners operates two nitrogen fertilizer manufacturing facilities in the United States. These plants form the core of its production capabilities and allow the partnership to serve key agricultural markets across the Midwest and surrounding regions.
Coffeyville, Kansas Facility
The Coffeyville plant is one of the partnership’s primary production sites and features several major processing units:
- A 1,300 ton-per-day ammonia production unit
- A 3,100 ton-per-day UAN production unit
- A dual-train gasifier complex with approximately 89 million standard cubic feet per day of hydrogen capacity
One of the defining characteristics of the Coffeyville facility is its use of a petroleum coke gasification process. Unlike most nitrogen fertilizer plants, which rely primarily on natural gas as their feedstock, the Coffeyville plant converts petroleum coke into hydrogen. This hydrogen is then used in the ammonia production process.
This alternative feedstock strategy provides a different cost structure compared with traditional natural gas-based producers. During periods of high natural gas prices, the petroleum coke-based process can offer a competitive advantage, potentially improving margins. However, it also introduces unique risks related to feedstock pricing, supply availability, and operational complexity.
East Dubuque, Illinois Facility
The East Dubuque plant complements the partnership’s production network and operates with a more conventional feedstock model. Key features of the facility include:
- A 1,075 ton-per-day ammonia production unit
- A 950 ton-per-day UAN production unit
Unlike the Coffeyville plant, the East Dubuque facility primarily uses natural gas as its feedstock for ammonia production. This aligns with the typical cost structure of many nitrogen fertilizer producers around the world.
The combination of these two facilities provides CVR Partners with a diversified production base, allowing it to respond to changing energy prices and market conditions.
Market Dynamics in the Nitrogen Fertilizer Industry
The nitrogen fertilizer sector is influenced by several key economic and environmental factors. These variables can significantly affect production costs, selling prices, and overall profitability.
Agricultural Commodity Prices
Crop prices play a major role in determining fertilizer demand. When prices for crops such as corn, wheat, and soybeans are high, farmers are more likely to increase planting acreage and invest in fertilizers to maximize yields. Conversely, lower crop prices can reduce fertilizer application rates.
Energy Costs
Energy inputs—particularly natural gas—are a major component of nitrogen fertilizer production costs. Changes in energy prices can have a direct impact on profit margins. Producers with alternative feedstock strategies, such as the petroleum coke process used at Coffeyville, may experience different cost dynamics.
Weather Conditions
Weather patterns can influence both planting decisions and fertilizer application timing. Excessive rainfall, drought, or extreme temperatures can affect crop growth and alter fertilizer demand.
Global Supply and Demand
International production levels, trade flows, and government policies also play a role in shaping fertilizer prices. Global supply disruptions or export restrictions can lead to price volatility, while strong international production can put downward pressure on prices.
Financial Transparency and Investor Communication
The filing of the Form 10-K reflects CVR Partners’ commitment to regulatory compliance and financial transparency. The annual report provides a comprehensive overview of the partnership’s performance and outlook.
Key elements of the filing include:
- Detailed financial statements audited by independent accountants
- Analysis of revenue, expenses, and profitability
- Information about capital expenditures and maintenance projects
- Discussion of liquidity, debt levels, and cash flow
- Disclosure of operational and market risks
For income-oriented investors, CVR Partners is often closely watched because of its variable distribution structure. Unlike companies with fixed dividends, the partnership’s cash distributions can fluctuate depending on profitability, operating performance, and available cash flow.
Strategic Positioning and Long-Term Approach
CVR Partners’ strategy centers on maintaining efficient nitrogen fertilizer production operations and exercising disciplined capital allocation. The partnership aims to generate strong cash flows throughout the agricultural cycle by focusing on its core products and optimizing plant performance.
One of the partnership’s strategic advantages is its feedstock diversification. The combination of a petroleum coke-based facility in Coffeyville and a natural gas-based facility in East Dubuque provides exposure to different cost environments. This structure can help balance cost pressures when energy markets shift.
Additionally, the partnership’s facilities are located near major agricultural regions in the U.S. Midwest. This geographic positioning reduces transportation costs and enhances distribution efficiency, allowing the company to serve customers more effectively.
