CVR Partners Posts Third-Quarter Loss After East Dubuque Turnaround

The Tip Desk · November 10, 2026 · 3 min read

The nitrogen-fertilizer partnership reported a net loss of $11 million, or $1.02 a unit, on $146 million of sales as a 41-day East Dubuque outage cut output and EBITDA fell to $20 million.

CVR Partners, LP (UAN), a manufacturer of ammonia and urea ammonium nitrate solution fertilizer, reported a net loss of $11 million, or $1.02 a common unit, for the third quarter of 2026, reversing a year-earlier profit of $43 million, or $4.08 a unit. EBITDA was $20 million on net sales of $146 million.

The swing followed a 41-day planned turnaround at the East Dubuque, Illinois, plant that began in late August and ended in mid-October. President and Chief Executive Officer Dane Neumann said the quarter’s results were impacted by that outage. During the work the partnership also finished upgrades to East Dubuque’s water systems and a brownfield ammonia expansion that is expected to raise ammonia production capacity by about 5%.

Consolidated ammonia utilization fell to 80% from 95% a year earlier. Gross ammonia production declined to 175,000 tons from 208,000 tons, and net ammonia available for sale dropped to 46,000 tons from 59,000 tons. UAN output fell to 294,000 tons from 337,000 tons. The company said those decreases were primarily due to the East Dubuque turnaround.

Direct operating expenses rose to $89.5 million from $57.7 million a year earlier, including $26.8 million of turnaround expenses versus $1.2 million. Operating income reversed to a $3.6 million loss from a $50.6 million profit.

Average realized gate prices for ammonia rose 20% to $637 a ton from $531 a year earlier. UAN gate prices fell 11% to $309 a ton from $348. Ammonia sales volumes were 36 thousand tons versus 48 thousand tons a year earlier; UAN sales volumes were 327 thousand tons versus 328 thousand tons.

Neumann said the fall harvest was well underway in the Corn Belt and that nitrogen fertilizer supplies remained tight. He said nitrogen prices had steadily increased since the summer fill programs and that the company continued to see strong customer demand.

Cash and cash equivalents were $158.2 million at September 30, 2026, up from $69.2 million at year-end 2025. Operating cash flow for the three months ended September 30 was $116.7 million. Total capital expenditures were $34.8 million, including $20.8 million of maintenance and $14.0 million of growth spending.

The board declared a third-quarter cash distribution of $1.79 a common unit, down from $6.08 declared for the second quarter. The payment is scheduled for November 23, 2026, to unitholders of record as of November 16. CVR Partners is a variable distribution master limited partnership; distributions vary with operating performance, product prices, maintenance capital spending and cash reserves.

For the fourth quarter of 2026, the company’s outlook calls for ammonia utilization of 88% to 93%, direct operating expenses of $58 million to $63 million exclusive of depreciation, turnaround expenses and inventory adjustments, and total capital expenditures of $26 million to $34 million on an accrual basis.