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CVR Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Let’s look more little more to our operations. From our last earnings call, you may remember that in late February, we began to see a decline in production output, and made a financial decision to take the plan out of service to implement some unscheduled maintenance work. This work was successful and we continue to make up a loss production, we think we’ll make it up before the year is over.

But with that work behind us, we’re seeing a much improved runtimes for our facilities from the first quarter into the second quarter. During the second quarter the gasifier was on-stream 99% of the time, ammonia synthesis loop which own 98% and the urea ammonium nitrate plant was on-stream 97% of the time.

In 2012, second quarter we produced 108,900 tons of ammonia of this amount, we converted 74,000 tons into 180,000 tons of UAN leaving a balance of 34,900 net tons of ammonia available for sale for the second quarter.

This compared to the second quarter of 2011, when we produced 102,300 tons of ammonia of which 74,100 tons were converted into a 179,400 tons UAN, that left us a balance for last year in the second quarter of 28,200 net tons available for ammonia sales.

During this year, second quarter, we were a net receiver of hydrogen under our feedstock and shared services agreement with CVR entities adjacent refinery.

As such we did not report hydrogen revenue sales in this quarter and this is compared to 2011 second quarter, when we elected to sell $6.1 million of hydrogen to the refinery under our keep-whole pricing arrangement. The amount of hydrogen sold during that period remember we’re again referring the second quarter of last year was equivalent to producing 9,400 tons of ammonia.

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