Hello everyone. Thank you for joining us and welcome to the CVR Partners LP Third Quarter 2026 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Richard Roberts, Interim CFO and VP of FP&A in Investor Relations. Richard, please go ahead.

Thank you. Good morning, everyone. We appreciate your participation in today's call. With me today are Dane Neumann, our Chief Executive Officer, Mike Wright, our Chief Operating Officer, and other members of the announcement. Prior to discussing our 2026 third quarter results, Thank you for joining us today. Thank you for joining us. Thank you. Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call.

The summarized financial highlights for the third quarter of 2026 include net sales of $146 million, net loss of $11 million, EBITDA of $20 million, and the Board of Directors of CVR Partners, General Partner, declared a third quarter distribution of $1.79 per common unit, which will be paid on November 23rd to unit holders of record at the close of the market on November 16th. For the third quarter of 2026, our ammonia plant utilization was 80%, Thank you, Dane.

Turning to our results, for the third quarter of 2026, we reported net sales of $146 million and an operating loss of $4 million. Net losses for the quarter were $11 million, or $1.02 per common unit, and each of that was $1 million. Relative to the third quarter of 2025, the decrease in need of doubt was primarily due to tournament expenses incurred in the quarter, along with lower UAN sales prices and a slight decline in sales volumes. Total amount of production for the third quarter was 175,000 gross tons, of which 45,000 net tons were available for sale, and UAN production was 294,000 tons. During the quarter, we sold approximately 327,000 tons of UAN at an average price of $309 per ton and approximately 36,000 tons of ammonia at an average price of $637 per ton. Relative to the third quarter of 2025, total sales volumes were down slightly, primarily due to reduced production volumes as a result of the VCD turnaround. Third quarter prices for UAN decreased by approximately 11% for the prior year period. Direct operating expenses for the third quarter of 2026 were $90 million, including turnaround expenses of approximately $27 million. Excluding inventory and turnaround impacts, direct operating expenses increased by approximately $1 million relative to the third quarter of 2025, primarily due to higher labor costs, partially offset by lower electricity and natural gas consumption. Capital spending for the third quarter was $35 million, of which $21 million was maintenance We estimate total capital spending for 2026 to be approximately $95 to $104 million, of which $55 to $63 million is expected to be maintenance capital. We anticipate a significant portion of the profit and growth capital spending for 2026 will be funded through cash reserves taken over the past few years. At the end of the quarter, the total liquidity is $203 million, which consists of $158 million in cash and availability under the ABL facility of $45 million. Within our cash balance of $158 million, We had approximately $43 million related to customer prepayments for the future delivery of products. In assessing our cash available for distribution, we generated EBITDA of approximately $20 million and had net cash needs of approximately $1 million for interest costs, maintenance capex, and other reserves, which includes the release of approximately $42 million of previous reserves. As a result, we have $19 million of cash available for distribution, and the Board of Directors of our general partner has found a distribution of $1.79 per column unit. Looking ahead to the fourth quarter of 2026, we estimate our loan utilization rate to be between 88 and 93%, which will be impacted by the completion of the ECB turnaround in October. We estimate direct operating expenses, excluding inventory turnaround impacts, to be between $58 and $63 million, turnaround expenses to be between $4 and $6 million, and total capital spending to be between $26 and $34 million. With that, I'll turn the call back over to Dane.

Thanks, Richard. In summary, the third quarter was another strong one for our operations, apart from the planned turnaround at East Buick. The turnaround started a few weeks later than originally planned due to some equipment delays and was completed in October in line with the revised schedule. The next turnaround is currently planned for 2028 at Coffeyville, and we look forward to two years ahead with no planned turnaround activity. Fall ammonia application is getting underway in the Corn Belt region as the harvest progresses and activity is expected to pick up in the southern plains over the next few weeks. Demand for ammonia has been strong and limited terminal availability in the Corn Belt has pushed fall pricing to the highest levels of the season. Offshore prices are firming ahead of the November Tampa settlement, although the gap between inland and seahorn ammonia prices remains wide. For UAN, the market firmed through the third quarter after the summer fill reset. Local supply remains tight and the first spring 2027 prices were posted in early October. We have continued to build our book of business for the fourth quarter and into the first quarter of 2027 at attractive pricing. The ongoing conflicts in Russia, Ukraine and the Middle East continue to affect global nitrogen supply, including shipping through the Strait of Hormuz. Global supply remains a key variable. Chinese exports have been elevated and Middle East volumes are recovering gradually. However, continued attacks on shipping highlight the persistent geopolitical risks impacting fertilizer availability and pricing. Thank you. Thank you. Thank you. Nitrogen fertilizer prices have recovered from their summer lows, while corn prices have eased from their recent highs. Although affordability is currently somewhat less favorable than it was in late summer, we believe the combination of tight local supply, a constructive global balance, and a solid forward book positions us well heading into the spring. During the ECV turnaround, we completed the brownfield capacity expansion, and we intend to test the ability to sustainably operate at the increased capacity level during the fourth quarter. We also completed the work on the water quality upgrade project. At the Coffeyville facility, we have a similar water system upgrade plan along with the expansion of our DEF production and loadout capacity. The goal of these projects is to improve reliability and production rates, supporting our target of operating the plants at utilization rates above 95% of main pay capacity, excluding the impact of turnarounds. We are in the final phases of completing detailed engineering and cost estimates for the feedstock optionality project at Coffeyville. and with approval by the Board of Directors of our General Partner, we expect to proceed with construction in 2027. If completed, this initiative would make the Coffeyville facility the only nitrogen fertilizer facility in the United States with dual feedstock flexibility, providing us the ability to choose the optimal mix of natural gas and third-party pet coke, depending on prevailing prices. The funds needed for these projects and other initiatives are coming from the reserves taken over the last few years and the Board elected to continue reserving capital in the third quarter. While the Board looks at reserves every quarter, I would expect them to continue to elect to reserve some capital and we anticipate holding higher levels of cash related to these investments in the near term as we wrap up execution and spending. We believe unit holders will see the benefits of these investments in the coming years as these projects are completed and brought online. In closing, I would like to thank our employees for all their hard work during the ECU turnaround. and continuing to deliver on our marketing and logistics plans, resulting in a distribution of $1.79 per common unit for the third quarter. With that, we are ready to answer any questions. Operator?

We will now begin the question and answer section. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, Press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we poll for questions. We have no questions at this time. I will now call back to Dane Neumann for closing remarks.

Again, I would like to thank you all for your interest in CBR Partners and our employees for their hard work and commitment towards safe, reliable, and environmentally responsible operations. We look forward to reviewing our fourth quarter of 2026 results during our next earnings call. Have a safe day.

This concludes today's call. Thank you for attending. You may now disconnect.