CVR Partners, LP
CVR Partners, LP is a Delaware master limited partnership formed to own and operate a nitrogen fertilizer business in the United States. It produces ammonia and upgrades much of that output into urea ammonium nitrate (UAN), a fertilizer used by farmers to improve crop yields, especially for corn and wheat. The partnership operates two manufacturing facilities, in Coffeyville, Kansas and East Dubuque, Illinois, and sells primarily on a wholesale basis. Its business is closely tied to U.S. agricultural planting cycles, feedstock costs, transportation logistics, and seasonal fertilizer demand.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLiquid nitrogen fertilizer sold mainly to agricultural customers for crop nutrition.
Anhydrous ammonia and related ammonia sales to agricultural and industrial customers.
Transportation and delivery services embedded in product sales, including rail and barge logistics.
Products
Reported · share of revenue- Product UAN61.8 %
- Product Ammonia23.6 %
- Products Other8.5 %
- Product Urea Products6.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
CVR Partners sells on a wholesale basis under short-term contracts or purchase orders, so its customers are primarily distributors, retailers, and other bulk buyers rather than end farmers. UAN is marketed mainly to agricultural customers, while ammonia is sold to both agricultural and industrial users. The company’s sales are concentrated in the Great Plains and Midwest, where fertilizer demand is tied to spring and fall application windows and local crop economics. Customer concentration is meaningful, with the largest buyers representing a significant share of annual net sales, which makes retention and service reliability important. Because the business is seasonal and price-sensitive, customers buy when application economics, crop prices, and planting schedules support purchases.
They buy UAN in bulk for resale into local agricultural channels, valuing supply reliability, freight access, and competitive delivered pricing.
Farm-facing demand for nitrogen fertilizer used to improve crop yield and quality, especially for corn and wheat.
Industrial customers purchase ammonia for non-fertilizer applications, providing a secondary outlet for production.
A small number of significant buyers account for a meaningful share of sales, making customer retention and order timing critical.
Strategy
Management’s operating priorities center on reliability, market capture, and financial discipline. Reliability means maximizing utilization at both plants through safe operations, reducing downtime, and securing alternative input sources when third-party constraints disrupt production. Market capture focuses on improving realized pricing at the gate and lowering variable production costs so the partnership can benefit from favorable fertilizer markets. Financial discipline emphasizes low operating costs and selective capital deployment, with maintenance spending focused on safety and compliance and growth spending aimed at reliability and capacity improvements. The company also continues to evaluate strategic transactions involving CVR Energy affiliates, although no outcome is assured.
Higher plant uptime directly increases output, lowers unit costs, and improves the ability to serve seasonal demand windows.
The business is highly price-sensitive, so better realized pricing and lower variable costs are key to margin protection.
Growth projects can expand capacity or improve reliability, but must be justified by returns in a cyclical market.
Geography
CVR Partners operates two U.S. manufacturing facilities: Coffeyville, Kansas and East Dubuque, Illinois. The East Dubuque plant has a logistics advantage because it sits in the heart of agricultural country and ships substantially all of its products within 100 miles of the facility. Sales are concentrated in the Great Plains and Midwest, which are core fertilizer consumption regions and where seasonal planting activity drives demand. The company distributes product by rail, truck, and barge, so access to Union Pacific, BNSF, and the Mississippi River is strategically important. The business is almost entirely U.S.-focused, so it is exposed to domestic crop economics, weather patterns, and U.S. agricultural policy rather than international revenue diversification.
Risks
CVR Partners is exposed to highly cyclical and volatile nitrogen fertilizer and feedstock prices, which can quickly change margins and cash generation. Demand is seasonal and tied to planting schedules, weather, and farm economics, so quarterly results can swing materially from year to year. The company also faces customer concentration risk because a small number of buyers account for a meaningful portion of sales, and it does not rely on long-term minimum purchase contracts. Operational risk is significant because the business depends on two manufacturing facilities, third-party logistics, and uninterrupted access to feedstocks and transportation infrastructure. More broadly, the company faces competition from larger domestic producers and foreign suppliers, as well as regulatory and environmental constraints that can affect fertilizer use, production costs, and compliance spending.
- Cyclical and volatile fertilizer pricingImpact: HighLikelihood: Medium
Revenue and margins depend on nitrogen fertilizer prices and feedstock costs, which move with global supply-demand conditions.
Exposure: UAN and ammonia sales
- Seasonality and weather-driven demand swingsImpact: HighLikelihood: Medium
Planting schedules, weather, and crop economics affect when customers buy fertilizer, causing large quarterly variability.
Exposure: Great Plains and Midwest agricultural sales
- Customer concentrationImpact: HighLikelihood: Medium
A small number of customers represent a meaningful share of net sales, so lost volume would materially affect results.
Exposure: Wholesale customer base
- Operational downtime at manufacturing facilitiesImpact: HighLikelihood: Medium
The partnership relies on two plants, so outages, maintenance issues, or third-party input constraints can reduce production.
Exposure: Coffeyville and East Dubuque facilities
- Competitive pressure from domestic and foreign producersImpact: MediumLikelihood: Medium
Large competitors and imported product can pressure pricing, especially when foreign producers benefit from subsidies or lower costs.
Exposure: U.S. nitrogen fertilizer market
Accounting
Judgemental itemsPlant values depend on future fertilizer prices, volumes, costs, and discount rates, so small assumption changes can alter carrying values.
Impact: Could lead to non-cash write-downs if expected cash flows weaken
The company builds inventory ahead of peak application periods, which creates quarter-to-quarter swings in working capital and margins.
Impact: Affects comparability of quarterly results and cash flow
Sales are typically recognized when control transfers under short-term contracts or purchase orders, so shipping terms matter.
Impact: Can shift revenue between periods
Planned plant outages require estimates for periodic maintenance costs and reserve releases.
Impact: Affects operating expense timing
Distributions received from the equity-method investment are adjusted for amortization of deferred revenue tied to tax credit monetization.
Impact: Influences reported income and investing cash flow presentation
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Last updated: 24/09/2026