UAN - The variable distribution MLP that could go a long way

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Non-Tech
UAN - The variable distribution MLP that could go a long way

An SI Board Since March 2021

Posts	SubjectMarks	Bans	Symbol
772	32	0	UAN

Emcee: Elroy	Type: Moderated

Introduction Market Data Compact

This board is to discuss CVR Partners (ticker - UAN).

CVR partners is a maker of UAN and ammonia fertilizers.

The entity is a Master Limited Partnership (MLP). It pays quarterly distributions based on an internal formula of cash for distribution.

What’s interesting and good about the current UAN story?

1. Least interesting. Congress recently passed a law granting tax credits for a certain type of carbon capture. UAN has been doing this type of carbon capture for a few years. They are researching how best to monetize this new tax credit, and may tell us the result in the Q1 or Q2 2021 conference calls.

2. The fertilizers which UAN sells have moved up in price significantly since January 2021, and are now near decade high price levels. The unit price of UAN has moved up in 2021, but not to a level which one would expect if fertilizer prices are going to stay near their current levels for an extended period. Earlier in about 2012-2013 when fertilizer prices were at similar levels to where they are today, UAN was distributing about $12 per year, and the unit price was above $200.

That’s the story in a nutshell.

Here’s a page that appears to show the futures price for UAN fertilizer.

cmegroup.com

UAN the company generally doesn’t produce much news beyond quarterly financial results. I’d expect this board to become fairly quiet outside of the quarterly results. Recently there have been 3 to 4 articles per month on various agriculture web sites that discuss fertilizer price trends. UAN’s two main fertilizers for sale are UAN32 and anhydrous/ammonia. There are also a few articles per week that discuss changes in the price of corn. Higher corn prices = both more corn planting and more incentive to use fertilizer to improve yields on corn acreage. High corn prices per bushel are very good for fertilizer demand.

Feel free to discuss anything fertilizer or agriculture related. My expertise in both subjects is nil, so we will accept any wild corn conspiracy theories as facts, and eat corn, and wait to see the financial results that UAN may produce in a high priced fertilizer environment.

Go to reply# or date (mm/dd/yy):

Reply	Message Preview	From	Recs	Posted
772	These prices are retail, and backward looking. But....the price declines in fer	Elroy	-	March 22
771	Exponent Set to Join S&P MidCap 400; CVR Energy and Certara to Join S&P	Elroy	-	March 15
770	<I>I entered my UAN K-1 data into turbotax and it did reduce the box 1 inc	Elroy	-	March 10
769	<< Can use historical negative Business Income from previous years in CVR	Area51	-	March 10
768	UAN K-1's are out. For the first time I've got an MLP (CVR) that has po	Elroy	-	March 10
767	UAN investors, there's a new MLP in town...... Subject 60344	Elroy	-	March 6
766	UAN trades ex-dividend today on $10.50 distribution. The next distribution will	Elroy	-	March 3
765	Thursday is the last day to buy UAN and still receive the $10.50 distribution.	Elroy	-	March 1
764	I got an option question. Anyone have an idea about this question..... I am sho	Elroy	-	March 1
763	If you want to get the coming $10.50 UAN dividend, you gotta buy UAN Thursday or	Elroy	-	March 1
762	DTN Retail Fertilizer Trends All Fertilizer Prices Lower Again https://www.dtn	Elroy	-	March 1
761	New NGL board for "loopy MLP investor" class.... Subject 60344	Elroy	-	February 26
760	Ya know, I've been here saying for months and months that UAN is going to pa	Elroy	-	February 24
759	The Q1 model is a work in progress, and has been moving around as more data come	Elroy	-	February 22
758	Your estimates for last quarter were spot on Geezer. I hope for similar this qu	FJV	1	February 22
757	UAN conference call tidbits: cvrpartners.gcs-web.com Q4 tons sold were lower t	Elroy	-	February 22
756	Pat yourself on the back Elroy. Diego	diegosan	-	February 21
755	CVR Partners Reports Fourth Quarter and Full-Year 2022 Results and Announces a C	Elroy	-	February 21
754	DTN Retail Fertilizer Trends UAN Fertilizers Push Prices Down https://www.dtnp	Elroy	-	February 21
753	Some tidbits from CF's conference call today. The main takeaway for me is t	Elroy	-	February 16
752	US fertilizer giant CF reported Q4 cfindustries.q4ir.com Their prices per ton	Elroy	-	February 15
751	DTN Retail Fertilizer Trends UAN Fertilizers Again Lead Prices Lower https://w	Elroy	-	February 15
750	The coming UAN Q4 2022 financial release is very backward looking. CVR probably	Elroy	-	February 15
749	That's a fair supposition. In exactly 1 week we should find out whether its	Area51	-	February 15
748	I don't think the idea that margin calls are pushing the price of CVR in eit	Elroy	-	February 14

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