LSB Industries, Inc. (LXU) 2026 Q1 法說會逐字稿

Greetings, and welcome to the LSB Industries first quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 LSB Industries 2026 年第一季財報電話會議。（接線員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Kristi Carver. Junior Vice President and Treasurer. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹 Kristi Carver，助理副總裁兼財務主管。請開始。

Good morning, everyone.

各位早安。

Joining me today are Mark Behrman, our Chairman and Chief Executive Officer, Cheryl McGuire, our Chief Financial Officer, and Damian Renwick, our Chief Commercial Officer.

今天與我一同出席的有：董事長兼執行長 Mark Behrman、財務長 Cheryl McGuire，以及商務長 Damian Renwick。

Please note that today's call includes forward-looking statements.

請注意，今天的電話會議包含前瞻性陳述。

These statements are based on the company's current intent, expectations, and projections.

這些陳述係基於公司目前的意圖、預期與推估。

They are not guarantees of future performance, and a variety of factors could cause the actual results to differ materially.

其不構成對未來績效的保證，且多項因素可能導致實際結果出現重大差異。

For more information about the risks and uncertainties that could cause actual results to differ materially from those projected or implied by forward-looking statements, please see the risk factors set forth in the company's most recent annual report on Form 10-K.

如需了解可能導致實際結果與前瞻性陳述所預測或暗示者出現重大差異之風險與不確定性，請參閱公司最近一期 Form 10-K 年報中所列之風險因素。

On the call, we will reference non-GAAP results.

在本次電話會議中，我們將引用非 GAAP 結果。

Please see the press release in the Investors section of our website, lsbindustries.com, for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.

關於前瞻性陳述以及非 GAAP 結果與 GAAP 結果之調節資訊，請參閱我們網站 lsbindustries.com「投資人」專區中的新聞稿。

At this time, I'd like to go ahead and turn the call over to Mark.

現在，我想把電話會議交給 Mark。

Thank you, Christy, and good morning, everyone.

謝謝你，Christy，各位早安。

I'm pleased with our first quarter 2026 results.

我對我們 2026 年第一季的表現感到滿意。

They were in line with our overall expectations and reflect the growing contribution from the impact of the operational discipline we have been building and executing over the past several years.

結果符合我們整體預期，並反映出過去數年我們持續建立並落實的營運紀律所帶來、日益增加的貢獻。

Our progress has become increasingly evident over the past two quarters, driving improved operating and financial performance.

過去兩個季度，我們的進展愈發明顯，帶動營運與財務表現改善。

The investments we've made to increase the safety, reliability, efficiency and output at our facilities. Continues to bear fruit in the form of improving overall &S performance and significant year-over-year growth in net sales, adjusted EBITDA, and EPS.

我們為提升各廠區的安全性、可靠性、效率與產出所做的投資，持續開花結果，體現在整體 E&S 表現改善，以及淨銷售額、調整後 EBITDA 與每股盈餘（EPS）顯著的年增成長。

Our results reflect the progress we've made so far, and we expect to see additional improvement going forward.

我們的結果反映了迄今取得的進展，且我們預期未來仍將持續改善。

Our emphasis on production performance improvement, optimizing our product mix, and disciplined commercial execution reinforce our ability to maximize profitability.

我們著重於提升生產績效、最佳化產品組合，以及有紀律的商務執行，進一步強化我們最大化獲利能力的實力。

This will become even more important as current market dynamics begin to be reflected in pricing over the coming quarters.

隨著目前的市場動態在未來幾個季度逐步反映到價格上，這一點將變得更加重要。

Regarding the progress of our CCS project at our El Dorado site, we feel good about meeting our projected timeline. I will provide an update later on in this call.

關於我們在 El Dorado 廠區的 CCS 專案進度，我們對於能如期達成既定時程感到樂觀。我稍後會在本次電話會議中提供最新進度。

Lastly, as we previously discussed.

最後，如同我們先前所討論的。

We have been involved in litigation with respect to engineering and procurement contracts related to the construction of the ammonia plant at our El Dorado, Arkansas facility.

我們就阿肯色州 El Dorado 廠氨工廠建造相關之工程與採購合約，正涉入訴訟。

Earlier this month, we entered into a settlement agreement with Benham Constructors, one of the two defendants in the case.

本月稍早，我們與本案兩名被告之一 Benham Constructors 達成和解協議。

Pursuant to the terms of the settlement agreement, Benham agreed to pay us approximately $20.9 million.

依據和解協議條款，Benham 同意支付我們約 2,090 萬美元。

The settlement agreement does not release or otherwise discharge any claims, rights, or remedies we have against Leidos, including our claims for fraud and breach of contract.

該和解協議並未免除或以其他方式解除我們對 Leidos 的任何主張、權利或救濟，包括我們提出的詐欺與違約主張。

We plan to continue the vigorous prosecution of our filed claims against Leidos and continue to seek actual and punitive damages in excess of $300 million.

我們計畫持續積極推進對 Leidos 已提起之訴訟主張，並持續尋求超過 3 億美元的實際損害賠償與懲罰性損害賠償。

The trial against Leidos is scheduled to begin in October of this year.

針對 Leidos 的審判預計將於今年 10 月開始。

Now, I'll turn the call over to Damien to provide more detail on the commercial environment.

現在我把電話會議交給 Damien，請他就商業環境提供更多細節。

Thank you, Mark, and good morning, everyone.

謝謝你，Mark，各位早安。

Let me start by discussing the ongoing conflict in the Middle East and the impact that is having on our industry.

我先談談中東持續的衝突，以及其對我們產業造成的影響。

This is one of the more significant and prolonged supply disruptions that we have experienced.

這是我們所經歷過較為重大且持續時間較長的供應中斷之一。

The strata of Hermuz alone represents 20% of global ammonia seaborne trade.

僅荷姆茲海峽就占全球海運氨貿易量的 20%。

And 30% of global urea seaborne trade.

以及全球海運尿素貿易量的 30%。

While the situation remains fluid, these dynamics are creating meaningful supply constraints across both markets.

儘管情勢仍在變動，這些動態正對兩個市場造成顯著的供應限制。

We are seeing this manifest in two primary ways.

我們看到主要以兩種方式呈現。

The first is the disruption to shipping through the strait and the ability to move product globally.

第一，是海峽航運受阻，以及產品在全球移動的能力受到影響。

Second, and potentially more significant, is the impacts to existing fertilizer production facilities in the Middle East, the full extent of which is not yet fully known.

第二，且可能更為重大的是，中東既有肥料生產設施所受的影響，其完整程度目前仍未完全明朗。

These dynamics are additive to the existing supply challenges across global markets, including the reduced ammonia production in Trinidad, gas curtailments in India, outages in Australia, increasingly frequent drone strikes on Russian nitrogen plants.

這些動態又疊加在全球市場既有的供應挑戰之上，包括千里達氨產量下降、印度天然氣限供、澳洲停工事件、俄羅斯氮肥工廠遭無人機攻擊的頻率增加。

The potential export restriction of ammonia from China, as well as the ongoing export restriction of urea from China.

以及中國可能對氨出口施加限制，並且持續對尿素出口實施限制。

While supply disruptions have been significant to date, global demand for ammonia and urea has remained consistent. Despite some demand destruction in phosphates globally, fertilizer and industrial demand have been reasonably strong, supported by Indian domestic consumption and fertilizer and industrial upgrades globally.

儘管迄今供應中斷相當顯著，全球對氨與尿素的需求仍維持一致。雖然全球磷酸鹽出現部分需求破壞，但肥料與工業需求仍相對強勁，並受到印度國內消費，以及全球肥料與工業升級所支撐。

Moving to natural gas, approximately 20% of the world's LNG transits through the strait.

談到天然氣，全球約 20% 的 LNG 會經由該海峽運輸。

Obviously, this has been severely disrupted and there is very little alternative supply of LNG that can offset this.

顯然，這已嚴重受阻，而且幾乎沒有其他 LNG 供應來源能夠抵消這一缺口。

We expect European natural gas prices to be increasingly elevated as they work to fill up their storage ahead of next winter.

我們預期歐洲天然氣價格將持續走高，因為他們在下個冬季前需要補足儲氣庫存。

During this time, we expect to be advantaged on U.S. Natural gas prices, which has been incredibly resilient and affordable.

在此期間，我們預期美國天然氣價格將使我們具備優勢；其表現極具韌性且價格可負擔。

Today, it shows well below $3 per MMBTU.

目前價格遠低於每 MMBTU 3 美元。

We also believe that the implications for the market will not be short-lived.

我們也認為，對市場的影響不會是短暫的。

Even when the strait is fully opened, it will take some time before normality is restored.

即使海峽完全重新開放，也需要一段時間才能恢復常態。

We expect elevated pricing throughout 2026 and even into early 2027.

我們預期高檔價格將貫穿 2026 年，甚至延續到 2027 年初。

Turning to page 4, our industrial business is in a sold-out position, even with our improved production volumes.

翻到第 4 頁，我們的工業業務即使在產量提升後，仍處於供不應求、全數售罄的狀態。

During the first quarter, we optimized our production mix to maximize ammonium nitrate spot sales at above typical market prices.

第一季期間，我們最佳化生產組合，以高於一般市場價格的水準，最大化硝酸銨（AN）現貨銷售。

This allowed us to support customers whose AN supply has been disrupted.

這使我們得以支援 AN 供應受中斷影響的客戶。

The USAM market continues to be under pressure with significantly lower domestic production available, while demand is strong.

USAM 市場仍承受壓力，因國內可供產量大幅下降，但需求依然強勁。

We expect these constructive market dynamics to continue to impact market prices with supply interruptions expected to continue through most of 2026.

我們預期這些有利的市場動態將持續影響市場價格，且供應中斷預計將延續至 2026 年大部分時間。

As we think about the mining market segment, we are encouraged to see a renaissance in mining. What we are seeing is not temporal, but structural.

就礦業市場區隔而言，我們很高興看到礦業復興。我們所見並非短期現象，而是結構性的變化。

Copper demand is strongly outpacing supply and record gold prices are also incentivizing new supply.

銅需求明顯超越供給，而創新高的金價也在激勵新增供給。

Much of this activity is taking place in the Western US.

其中許多活動發生在美國西部。

Quarrying and aggregate production has also been growing.

採石與骨材生產也在成長。

Lower demand in residential construction is being offset by higher demand in private and public construction.

住宅建築需求下降，正被民間與公共建設需求上升所抵消。

Even coal remains resilient, supported by policy changes and insatiable demand for electricity.

甚至煤炭也仍具韌性，受政策變動與對電力的強勁需求所支撐。

The chemical segment has also been positive.

化學品區隔同樣表現正向。

The anti-dumping duties on imported methylene diphenyldiocyanate, MDI, has been positively finalized for five years.

對進口二苯基甲烷二異氰酸酯（MDI）課徵的反傾銷稅，已正面定案並將維持五年。

Generally, the chemical producers in the U.S. Are feedstock advantaged with U.S. Natural gas liquids. While international peers are paying much higher naptha imports, which have been disrupted from the Strait of Hormuz.

整體而言，美國化學品生產商在原料端具優勢，得益於美國天然氣液（NGL）。相較之下，國際同業需支付更高成本的石腦油進口，而其供應亦因荷姆茲海峽受阻而受到影響。

Turning to page 5, let's move to the domestic ammonia market.

翻到第 5 頁，我們來看國內氨市場。

We had a good spring ammonia campaign and exited with minimal inventories.

我們春季氨銷售季表現良好，結束時庫存極低。

Inland prices continue to track with international prices, so we expect this to carry through to summer fuel.

內陸價格持續跟隨國際價格，因此我們預期這一趨勢將延續到夏季補貨。

New domestic supply in the U.S. Gulf continues to ramp up, albeit with some delays.

美國墨西哥灣沿岸新增的國內供給持續爬坡，但仍有一些延遲。

However, this new supply is nowhere near the extent of the supply that is disrupted globally and would only approximately offset the loss of production in Trinidad.

然而，這些新增供給的規模遠不及全球受中斷的供給量，且大致僅能抵消千里達產量下滑所造成的缺口。

Favorable weather windows during the first quarter allowed growers to apply ammonia, resulting in higher-than-expected shipments out of our prior facility and low inventory levels at the end of the quarter.

第一季有利的天候空窗期使種植戶得以施用氨，帶動我們前端設施出貨量高於預期，並使季度末庫存維持在低水位。

Ammonia supply appeared to be constrained during the last half of March, with many customers seemingly dealing with allocations and the inability to secure enough supply to meet growers' application demand.

3 月下半月氨供應似乎偏緊，許多客戶看似面臨配給，且無法取得足夠供應以滿足種植戶的施用需求。

Ag demand for ammonia is being supported by nitrogen pricing spreads, with ammonia trading at a significant discount to urea and UAN.

農業端對氨的需求受到氮肥價差支撐，氨相較尿素與 UAN 以顯著折價交易。

Growers are especially incentivised this year to minimise input costs given the current challenging grain economics.

在目前穀物經濟具挑戰的情況下，種植戶今年特別有動機將投入成本降到最低。

While side-dress ammonia demand is a relatively modest percentage of total nitrogen demand, we would expect this pricing relationship to persist and growers to be incentivised to maximise ammonia purchases and application during the second quarter.

雖然追肥（side-dress）用氨需求占總氮肥需求的比例相對不高，但我們預期此一價格關係將持續，並促使種植戶在第二季提高氨的採購與施用量。

Turning to UAM. Grower economics, as previously mentioned, are challenging for the upcoming crop year.

談到 UAM，如先前所述，種植戶在即將到來的作物年度之經濟狀況仍具挑戰。

We believe the difficult margin environment for growers is resulting in limited risk-taking and positioning of product throughout the supply chain.

我們認為，對種植戶而言艱難的利潤環境，正導致其在整個供應鏈中採取較少風險承擔與較保守的產品部位配置。

We currently believe that the North American market is at risk of being short nitrogen due to uncertainty around forward urea imports.

我們目前認為，北美市場因遠期尿素進口存在不確定性，而面臨氮肥供應短缺的風險。

Urea pricing has strengthened since the end of February due to the Iranian conflict and the Strait of Hormuz issues.

自2月底以來，由於伊朗衝突以及荷姆茲海峽相關問題，尿素價格已走強。

And the U.S. Has consistently priced at a discount relative to the rest of the world, putting import volumes for late April and May at risk.

而美國的定價一直相對於世界其他地區處於折價，這使得4月下旬與5月的進口量面臨風險。

UAN demand has been steady throughout 2026, and we expect that to continue through the second quarter and into July.

UAN 需求在整個2026年都保持穩定，我們預期這種情況將延續至第二季並進入7月。

We believe that current supply chain inventory levels are low and that demand may attempt to switch away from urea if pricing spreads or availability of urea become an issue during Q2.

我們認為目前供應鏈庫存水位偏低，且若在第二季尿素價差擴大或尿素供應可得性成為問題，需求可能會嘗試從尿素轉向其他產品。

We are currently estimating a very low carryout to UAN inventories on June 30th at around 2025 levels.

我們目前估計截至6月30日，UAN 庫存結轉量將非常低，約在2025年的水準。

Urea shortages. Unplanned downtime across the US production system or reduced imports could reduce carryout even further than currently expected.

尿素短缺。美國生產系統的非計畫性停機或進口減少，可能使結轉量比目前預期更低。

Lastly, the USDA recently projected 95 million planted corn acres for the 2026 crop season, and we anticipate robust nitrogen demand through the full fertilizer application season.

最後，USDA 最近預測2026作物年度玉米種植面積為9,500萬英畝，我們預期在整個施肥季節氮肥需求將維持強勁。

Now, I'll turn the call over to Cheryl to discuss our first quarter financial results and our outlook. Cheryl.

現在，我把電話交給 Cheryl，請她說明我們第一季的財務結果與展望。Cheryl。

Thanks, Damien, and good morning. On Page 6, you'll see a summary of our first quarter 2026 financial results.

謝謝你，Damien，大家早安。在第6頁，你會看到我們2026年第一季財務結果摘要。

As Mark mentioned earlier, we've focused consistently on improving the reliability and efficiency of our assets, and we believe these results, as with last quarter's results, reflect those efforts and the progress we continue to make, which is. Contributing to our ability to capitalize on tight market conditions.

如 Mark 先前提到的，我們一直專注於提升資產的可靠性與效率；我們認為這些結果與上季相同，反映了這些努力以及我們持續取得的進展，並有助於我們把握供應吃緊的市場環境。

As shown on Page 7, Q1 adjusted EBITDA grew 44% year-over-year from $29 million in Q1 last year to $52 million this year.

如第7頁所示，第一季調整後 EBITDA 年增44%，由去年第一季的2,900萬美元增至今年的5,200萬美元。

This increase reflects higher pricing, coupled with stronger volumes and product mix, which were partly offset by higher natural gas and other operating costs.

此增幅反映了價格上升，加上銷量與產品組合更強，但部分被天然氣及其他營運成本上升所抵銷。

On Page 8, you can see that our balance sheet remains solid with approximately $180 million in cash at the end of the first quarter and net leverage at 1.4 times.

在第8頁，你可以看到我們的資產負債表仍然穩健：第一季末現金約1.8億美元，淨槓桿為1.4倍。

Operating cash flow for the quarter was $52 million.

本季營運現金流為5,200萬美元。

After subtracting $15 million of sustaining capital, which is the capital required to maintain our operations, our free cash flow was approximately $37 million.

扣除1,500萬美元的維持性資本支出（即維持營運所需的資本）後，我們的自由現金流約為3,700萬美元。

This reflects strong free cash flow generation in the quarter, and we're encouraged by these results.

這反映出本季自由現金流創造強勁，我們對這些結果感到鼓舞。

Looking ahead, we remain focused on sustaining a high level of free cash flow generation, and our strong balance sheet gives us meaningful flexibility. To invest in growth opportunities and drive long-term value creation.

展望未來，我們仍專注於維持高水準的自由現金流創造，而強健的資產負債表也賦予我們相當的彈性，以投資成長機會並推動長期價值創造。

Looking ahead to the second quarter, we expect demand for our products to remain strong as we operate in a sold-out position.

展望第二季，隨著我們以滿單狀態運作，我們預期產品需求將維持強勁。

We also expect pricing to remain elevated.

我們也預期價格將維持在高檔。

Tampa Ammonia and NOLA UAN have averaged approximately $775 per metric ton and $480 per ton, respectively, while natural gas costs have averaged below $3 per MMETU thus far in the second quarter.

第二季迄今，坦帕氨（Tampa Ammonia）與紐奧良 UAN（NOLA UAN）平均價格分別約為每公噸775美元與每噸480美元；同期間天然氣成本平均低於每MMETU 3美元。

Our planned turnaround at our El Dorado facility is underway and is a key step to continued operational improvement.

我們在 El Dorado 廠的計畫性歲修正在進行中，這是持續營運改善的關鍵一步。

The outage is expected to impact ammonia production by approximately 35,000 tons.

預期此次停工將使氨產量減少約35,000噸。

Additionally, we expect to incur approximately $15 million to $20 million of turnaround-related expenses during the period.

此外，我們預期在此期間將發生約1,500萬至2,000萬美元的歲修相關費用。

As discussed on our last call, we did build ammonia inventory heading into the turnaround and therefore expect to operate our downstream production during the majority of the ammonia outage.

如我們上次電話會議所述，我們在歲修前已建立氨庫存，因此預期在氨停工期間的大部分時間仍可維持下游生產運作。

Putting it all together, despite the turnaround, we expect Q2 adjusted EBITDA to be meaningfully higher as compared to the first quarter of 2026 and the second quarter of last year, driven by strong market fundamentals and continued improvement in downstream production.

綜合而言，儘管有歲修影響，我們仍預期第二季調整後 EBITDA 將顯著高於2026年第一季以及去年第二季，主要受惠於強勁的市場基本面與下游生產持續改善。

And now, I'll turn it back over to Mark.

現在我把電話交回給 Mark。

Thank you, Cheryl.

謝謝你，Cheryl。

Turning to page 9, our El Dorado low-carbon project is progressing, and we continue to work closely with senior officials from the EPA's Region 6 with a goal of sequestering CO2 by the end of this year or early next year.

翻到第9頁，我們的 El Dorado 低碳專案正在推進中；我們持續與 EPA 第6區的高階官員密切合作，目標是在今年底或明年初前完成 CO2 封存。

In addition to the previously drilled injection well, this quarter, we completed the drilling of the underground horizontal pipeline that will transport CO2 from the capture equipment area to the injection well that will sequester the CO2.

除先前鑽設的注入井外，本季我們也完成了地下水平管線的鑽掘，該管線將把 CO2 從捕集設備區域輸送至注入井，以進行 CO2 封存。

The next step is to complete the capture area civil work and prepare the area for delivery of the capture equipment this summer.

下一步是完成捕集區的土建工程，並為今年夏季捕集設備的交付做好場地準備。

The assembly and connection of the different pieces of capture equipment is expected to be completed in late fall this year.

各項捕集設備的組裝與連接預計將在今年深秋完成。

On the commercial front, our team continues to pursue low-carbon product supply opportunities where we can generate premiums for those products, as well as evaluate the potential to sell environmental attributes generated.

在商業面，我們的團隊持續尋求低碳產品供應機會，以便為這些產品取得溢價，同時也評估出售所產生環境屬性的可能性。

We are excited as we're getting closer to completing our project and realizing our vision of decarbonizing ammonia.

隨著我們更接近完成專案並實現氨去碳化的願景，我們感到非常振奮。

As I mentioned earlier, we've been highly focused over the last several years on increasing the reliability of our facilities, which has translated into higher production rates, improved product mix, and lower costs.

如我先前提到的，過去幾年我們高度專注於提升設施可靠性，這已轉化為更高的產量、更佳的產品組合以及更低的成本。

During this time, we've often been asked about when we would begin to see the results of these investments.

在此期間，我們經常被問到何時會開始看到這些投資的成果。

I think I can safely say that after two consecutive quarters of $50 million-plus in EBITDA, led by significantly improved production performance, we're beginning to see the fruits of all the hard work our teams have accomplished over the last three years.

我想我可以很有把握地說，在連續兩季 EBITDA 超過5,000萬美元、且生產表現顯著改善的帶動下，我們正開始看到過去三年團隊辛勤努力所結出的成果。

And we're not done. As we continue to invest in our business, including the El Dorado turnaround Cheryl mentioned, along with the scheduled turnaround at our prior Oklahoma facility in the third quarter, we expect continued improvement in our overall production performance.

而我們還沒完成。隨著我們持續投資於業務，包括 Cheryl 提到的 El Dorado 歲修，以及第三季在我們先前的 Oklahoma 廠區的排定歲修，我們預期整體生產表現將持續改善。

In previous calls, we've laid out a path to an additional $50 million of annual EBITDA through specific initiatives, including production targets, process efficiencies, and our El Dorado carbon capture project. A good portion of this is expected to be realized by the end of this year, with the balance coming by the end of next year.

在先前的電話會議中，我們已提出透過特定措施（包括產量目標、製程效率，以及 El Dorado 碳捕集專案）每年額外增加5,000萬美元 EBITDA 的路徑。其中相當一部分預期在今年底前實現，其餘則在明年底前到位。

We ended the quarter with a strong cash position, having generated significant free cash flow for the quarter. We also believe we will generate meaningful free cash flow for the remainder of this year.

本季結束時我們持有強勁的現金部位，且本季產生了可觀的自由現金流。我們也相信在今年剩餘期間仍將產生可觀的自由現金流。

This, plus the approximately $21 million settlement payment I mentioned earlier, will provide us with financial flexibility and numerous options as we consider the best way to create value for our shareholders.

再加上我先前提到約2,100萬美元的和解款項，將為我們提供財務彈性與多種選項，以便在考量為股東創造價值的最佳方式時加以運用。

We are currently reviewing several opportunities to invest capital into projects that would enable us to expand both our fertilizer and industrial production capacity.

我們目前正在檢視數個資本投資機會，這些專案可使我們擴大肥料與工業用產品的產能。

These include debottlenecking activities as well as evaluating potential acquisition or partnership opportunities that offer the ability to increase our production while gaining meaningful scale.

這些機會包括去瓶頸（debottlenecking）活動，以及評估潛在的併購或合作夥伴機會，以在取得顯著規模的同時提升產量。

There is no question that the evolving geopolitical landscape, including the conflict in the Middle East and associated disruption of production facilities there, as well as the ongoing impact of important trade channels, is having a significant impact on the global availability of nitrogen fertilizers. We expect this will continue throughout the remainder of 2026 and into 2027.

毫無疑問，地緣政治局勢的演變——包括中東衝突及其對當地生產設施造成的干擾，以及重要貿易通道持續受到的影響——正對全球氮肥供應可得性產生重大影響。我們預期這種情況將延續至2026年剩餘時間並進入2027年。

Our improved operating performance is enabling us to maximize fertilizer production and support U.S. Farmers with an additional supply in this difficult time. We are encouraged by our continued execution across the business and believe it positions us to continue supporting our customers and deliver sustainable growth and long-term value creation.

我們改善後的營運表現使我們能夠最大化肥料產量，並在這段艱難時期為美國農民提供額外供應。我們對公司各面向持續落實執行感到鼓舞，並相信這使我們能持續支持客戶，實現可持續成長與長期價值創造。

Before we open it up for questions, I'd like to mention that Cheryl will be participating in the Barclays Leverage Finance Conference in Austin on May 18th and the Wolf Research Materials Future Conference on June 16th and 17th in New York City.

在開放提問之前，我想提到 Cheryl 將於5月18日在奧斯汀參加 Barclays 槓桿融資年會（Leverage Finance Conference），並於6月16日與17日在紐約市參加 Wolf Research Materials Future Conference。

Additionally, Damien and I will be participating in the Granite Research Virtual Conference Series on June 30th and July 1st. We look forward to speaking with some of you at these events.

此外，Damien 和我將於6月30日與7月1日參加 Granite Research 線上研討會系列（Virtual Conference Series）。我們期待在這些活動中與各位中的一些人交流。

That concludes our prepared remarks, and we will now be happy to take your questions.

以上為我們的準備發言，接下來我們很樂意回答各位的問題。

Thank you.

謝謝。

(Operator Instructions) Lucas Beaumont, UBS.

（接線員指示）UBS 的 Lucas Beaumont。

Good morning.

早安。

Thank you.

謝謝。

So, I mean, I just want to get your view, I guess, on.

所以，我的意思是，我只是想了解一下你們對……的看法。

Where the nitrogen market's going. So, I mean, it seems like there's been a bit of a disconnect between, I guess, what's happening in the physical market and the degree of the disruption that we're seeing. So, I mean, prices have moved up a lot in certain areas, UAE or UAN, the cost curve kind of not as much so far. But, I mean, we haven't seen any resumption yet in trade flows. And I think even if.

氮肥市場的走向。我的意思是，看起來實體市場正在發生的事情與我們看到的干擾程度之間似乎有些脫節。也就是說，某些區域的價格上漲很多，像是 UAE 或 UAN，但成本曲線到目前為止似乎沒有上升那麼多。不過，我的意思是，我們還沒有看到貿易流恢復。而且我認為即使……

Things were to sort of prove that they were credibly rehuming kind of tomorrow, we'll probably still have like 4 plus weeks before production would restart over there and then two to three months before we're going to start seeing deliveries again into import markets. So I guess just from where we stand today, I guess, how do you kind of see...

即使事情明天就能某種程度上證明貿易流正在可信地恢復，我們可能仍需要4週以上才會在那邊重啟生產，然後還要兩到三個月才會開始再次看到貨物交付到進口市場。所以我想從我們今天所處的位置來看，我想你們大概怎麼看……

Market dynamics sort of evolving over the next couple of months and what that sort of means for pricing and, I guess, demand and demand destruction ultimately.

未來幾個月市場動態如何演變，以及這對定價、我想還有需求與最終的需求破壞意味著什麼。

Good morning, Lucas.

早安，Lucas。

What I would say is, I think you're right. I think that there's the perception that.

我想說的是，我認為你說得對。我認為市場上確實存在一種看法。

If there was a permanent ceasefire, that things would go back to normal relatively quickly, and I think that's a misnomer. I think there's so much -- first off, there's so much supply that's been taken out of the marketplace, it will take us a relatively long time to make that up.

如果出現永久停火，事情就會相對快速地回到正常，我認為這是一種誤解。我認為有太多——首先，市場上被移除的供給量非常大，我們需要相當長的時間才能補回來。

And part of the reason that it will take us longer to make that up is there's been damage to facilities in the Middle East, and I think. Most of us don't really understand what type of damage to facilities, production facilities have occurred. And so we don't know how long it'll be before some of those plants that were damaged come back online.

而之所以需要更久才能補回來，部分原因是中東的設施受損；而且我認為，我們大多數人其實並不真正了解生產設施到底遭受了什麼樣的損害。因此，我們也不知道那些受損的工廠要多久才能重新投產。

I also think people maybe are miscalculating the backup of vessels that are waiting to get out of the Strait and how long that will take and the coordination of that and which vessels get priority.

我也認為大家可能低估了等待通過海峽外出的船舶積壓情況，以及清理這些積壓需要多久、如何協調、以及哪些船舶會被優先放行。

So I think big picture.

所以我認為從大方向來看。

We think that it's going to take certainly through the end of this year and I believe into next year until we see us back to normal again. As far as our view on pricing and what do we think supply/demand, I'm going to pass it over to Damien and if he can give you a more current view on the ground.

我們認為，至少要到今年年底，並且我相信會延續到明年，我們才會看到一切再次回到正常。至於我們對價格的看法，以及我們認為供需會如何發展，我先把問題交給Damien，請他提供更貼近現場的最新觀點。

Yes, good morning, Lucas. I think you're right, it's been interesting to observe just how the market has responded. I think.

是的，早安，Lucas。我認為你說得對，觀察市場的反應很有意思。我認為。

The U.S., particularly with Urea, we're pricing in at a, I think you'd call a fairly significant discount to market prices.

美國這邊，特別是尿素，我們的定價相對於市場價格，我想你可以說是有相當顯著的折價。

And ships are being -- India bid very heavily on the basis of their government support for tons. So I think that they're in a reasonably good position now following their latest tender. And then you've also got Brazil trading upwards of where Nola Urea is at the moment. So I think there's some concern.

而船貨方面——印度在政府對噸數補貼支持的基礎上出價非常積極。所以我認為他們在最新一輪招標之後，目前處於相當不錯的位置。然後你也看到巴西的交易價格高於目前Nola尿素的水準。所以我認為市場存在一些擔憂。

On product availability here in the U.S. That may materialize over the next four, six, eight weeks as we work through the full season. And that's where I think it will all bear out.

關於美國這邊的產品可得性。隨著我們走完整個旺季，這種情況可能會在接下來四、六、八週內逐步顯現。我認為最終會在那時候見分曉。

Also, you'll probably see, I mean, Tampa, Romania hasn't settled yet, that will or should go upwards from where it is today.

另外，你可能也會看到——我的意思是，Tampa、羅馬尼亞的價格還沒定案，應該會、或理應會從今天的水準往上走。

And as Mark said, we've got.

而且如Mark所說，我們已經。

Probably months before you see anything calm down after the strata has reopened and then the world gets a sense of what plants have been damaged or what the restart profile looks like for that, notwithstanding all of the other issues that you've got throughout the world with damage to Russian plants, Trinidad production being out probably for the long-term.

可能還需要好幾個月，你才會看到在海峽重新開放後局勢真正平靜下來，然後全球才會逐步了解有哪些工廠受損、以及其重啟的節奏會是什麼樣子——更不用說你在全球各地還有其他問題，例如俄羅斯工廠受損、千里達的產量可能長期停擺。

And then, the typical interruptions you're seeing, like with bar up in Australia being out for many weeks.

再加上你看到的典型中斷情況，例如澳洲那邊的bar停產已經持續很多週。

So we're pretty positive, optimistic on pricing.

所以我們對價格相當正面、也很樂觀。

Yeah, thanks. That's helpful.

好的，謝謝。這很有幫助。

And then I guess just from the industrial side, I know a large sort of portion of your book there is contracted.

接著我想從工業端來問，我知道你們那邊的業務組合有很大一部分是合約鎖定的。

So, but I guess just how is like industrial demand.

所以——但我想問的是，工業需求整體而言。

Responding more broadly and pricing there.

反應如何，以及那邊的定價情況。

I guess what I guess one sort of what are you guys doing initiative wise to try and capitalize most on the current market? And then secondly, I just had a question about like the difference between industrial versus fertilizer mix and sort of where we think the demand destruction in the industry is going to come from.

我想問兩點：第一，你們在策略/措施上正在做什麼，以便最大化把握目前的市場？第二，我想問工業用途與肥料用途的組合差異，以及我們認為產業端的需求破壞會從哪裡出現。

To equilibrate like demand with the lower supply that's available this year.

以便讓需求與今年可用的較低供給達到平衡。

So our portfolio, I guess, is weighted pretty nicely, I would say, to mining. And as I said in my earlier comments, mining activity globally, but particularly here in the U.S., is very strong, and there's a very strong pipeline for new projects. And so that's really underpinning very strong demand for ammonium nitrate for explosives.

我們的產品組合，我想，可以說相當偏重礦業。正如我先前的評論所說，全球礦業活動——尤其是美國——非常強勁，而且新專案的管線也非常強。因此，這確實支撐了對用於炸藥的硝酸銨的強勁需求。

And we're leaning into that as best we can and optimizing our production mix to take advantage of the current situation, particularly here in the U.S. With some supply being out of the market. So we're certainly optimizing that and maximizing our spot sales into that market.

我們會盡可能加大投入，並優化我們的生產組合以利用目前的情勢，特別是在美國這邊有部分供給退出市場的情況下。因此我們確實在做最佳化，並把現貨銷售最大化地投向該市場。

In terms of other industrial demand, it's been pretty steady. We talked about nitric demand and what we see through polyurethane and MDI and that is still strong here in the U.S. And the fundamentals around that industry continue to hold true and U.S. Producers are well shielded from some of the issues that you're seeing in the Middle East that other global producers are experiencing.

至於其他工業需求，一直相當穩定。我們談到硝酸需求，以及我們在聚氨酯與MDI領域看到的情況，而在美國這邊仍然強勁。該產業的基本面依舊成立，而且美國生產商在很大程度上能避開你在中東看到、其他全球生產商正面臨的一些問題。

And we're seeing them maximize production, which is maintaining very strong levels of demand for our products.

我們看到他們把產量拉到最大，這也維持了對我們產品非常強勁的需求水準。

In terms of demand destruction, as you talked about, look, you are going to see buyers opt out when their economics start to get too strained, and you've already seen that in phosphates with those producers.

至於你提到的需求破壞，坦白說，當買方的經濟性開始承受過大壓力時，你會看到他們選擇退出；你已經在磷酸鹽市場看到這種情況。

Experiencing a double whammy with both ammonia and also sulfur. I mean, sulfur prices are at extremely high levels and sulfuric acid prices have followed.

那些生產商同時遭遇氨與硫的雙重打擊。我的意思是，硫價處於極高水準，而硫酸價格也隨之上漲。

So you're seeing that happen.

所以你正在看到這種情況發生。

You'll also see through the nitrogen molecule, some regions of the world just simply decide not to apply nitrogen, particularly through parts like Africa or. Or Asia, et cetera, and even countries that can't get their hands on product, they just simply won't have a choice. So you'll see that start to happen and the market will act rationally and efficiently as it tends to always do.

你也會在含氮產品上看到，有些地區乾脆決定不施用氮肥，特別是在非洲部分地區，或亞洲等等；甚至有些國家拿不到產品，他們根本別無選擇，只能不施用。所以你會看到這種情況開始出現，而市場會像一貫那樣理性且有效率地運作。

I think one of the just to add kind of one side, it's not that security of supply wasn't thought about.

我想補充一點：並不是以前沒有考慮供應安全。

But I think given all the activities that have happened around the world and not just in this particular conflict, but going back to the beginning of the Russia-Ukraine conflict, I think people are now really focused on security of supplies. So when we think about our industrial business, industrial customers need that product because usually.

但我認為，鑑於全球發生的各種事件——不僅是這次衝突，還可以追溯到俄烏衝突一開始——我認為大家現在真的把供應安全放在焦點上。所以當我們思考工業業務時，工業客戶需要這些產品，因為通常。

It's either a feedstock for another product, as Damien talked about, nitric acid, or you want to mine copper or gold or something else. I mean, you need AN to do that because you need, obviously, to use some explosive to do your mining. So I think what it's really got people focused on, as I said, is security of supply, which is really, I think, creating some really interesting opportunities for us.

它要嘛是另一種產品的原料，如Damien提到的硝酸；要嘛你想開採銅、黃金或其他礦產——你需要硝酸銨（AN）來做，因為你顯然需要使用炸藥來進行採礦。所以我認為這真正讓大家聚焦的，如我所說，就是供應安全；而這也確實為我們創造了一些非常有意思的機會。

Because we do have customers that are really desiring product long-term and want to know that they have the product, so we may have some opportunities to really expand on our site, so that's some brownfield expansion or de-bottlenecking supported by customer contracts and customer demand.

因為我們確實有客戶非常希望長期取得產品，並想確定他們有穩定供應；因此我們可能有機會在現有廠址擴產，例如棕地擴建或去瓶頸，並由客戶合約與客戶需求來支持。

I think just another point to make on that, Mark talked about security of supply, it is something that we've focused on as a supplier and.

我想再補充一點，Mark提到供應安全，這也是我們作為供應商一直關注的重點，而且。

With our three facilities, we have the ability to support our customer base through each of the three facilities with the core industrial products, and that's a huge strength of our business, and our customers certainly appreciate that and value that security of supply, and I think that that will continue to be reflected in what we do going forward as well and customers being attracted to that value proposition that we provide.

憑藉我們三座設施，我們有能力透過三座設施中的任一座，為客戶群提供核心工業產品；這是我們業務的一大優勢。我們的客戶當然也很感謝並重視這種供應安全。我認為，這也會持續反映在我們未來的作為上，並且客戶會被我們所提供的這項價值主張所吸引。

All right, thanks. And then just lastly, on the free cash flow side, I mean, it looks like you guys could easily do an extra 100 million this year, maybe 200 million more in free cash flow than last year, plus you're going to have the 20 million from the legal settlement that you called out. You mentioned sort of looking at new projects to kind of deploy that to.

好，謝謝。最後一個問題，關於自由現金流：看起來你們今年很容易就能比去年多出1億美元，甚至多出2億美元的自由現金流；另外你們還會有你提到的法律和解帶來的2,000萬美元。你提到正在看一些新專案來部署這些資金。

I guess, is there any more detail you could kind of share there? I mean, should we go back and... Refer back to the last sort of yesterday where you sort of outlined kind of incremental margin improvement or sort of the goal-making projects or is there anything else that's under consideration going forward?

我想問，有沒有更多細節可以分享？我的意思是，我們是否應該回頭去……參考你們之前（像昨天）提到的、你們所概述的增量毛利改善或目標型專案？還是未來還有其他正在考慮的事項？

We've talked about on previous calls about the ability to expand the ammonia plant production at El Dorado. So that is and we do have a USDA grant.

我們在之前的電話會議中談過，El Dorado的氨廠有擴大產能的能力。而且我們也有USDA的補助。

To provide some capital for that. So while we haven't FID'd that project, we are doing our last we will do our last stage of engineering before FID and I think there's a high probability that we would move forward with that project.

可為該專案提供部分資本。因此，雖然我們尚未對該專案做出FID（最終投資決定），但我們會在FID之前完成最後階段的工程設計；我認為我們很有可能會推進該專案。

With the current administration really focused on increasing domestic fertilizer production.

在現任政府確實專注於提高國內化肥產量的背景下。

We are thinking about how can we expand other parts of El Dorado and maybe even some new products at El Dorado with the support of the administration plus, as you mentioned, certainly the capital that we have available to invest in that project. So I think that would be -- at El Dorado, that would be the plan is to try and figure out how do we expand given the current environment and the capital that we have and we're going to generate.

我們正在思考，如何在政府支持下，並且如你所提到的，憑藉我們可用於投資該專案的資本，去擴大 El Dorado 的其他部分，甚至在 El Dorado 推出一些新產品。因此我認為——在 El Dorado，那個計畫就是嘗試釐清：在當前環境以及我們現有且將會產生的資本之下，我們要如何擴張。

At our other two facilities, there are some things at our prior facility that we are looking at, again, whether it's de-bottlenecking, whether it's increasing like a nitric acid production or other things. So I think we have the ability with our current assets to really invest that capital to get.

在我們另外兩座設施方面，我們在 Pryor 廠也在評估一些事項，同樣地，不論是去除瓶頸、提升硝酸產量或其他項目。因此我認為，憑藉我們現有資產，我們確實有能力投入那筆資本來取得。

A really attractive return. And so we're currently focused on doing the work to make sure that our assumptions are correct before we move forward, obviously. But I think, again, the administration is really looking towards onshoring or increasing domestic fertilizer production, and we want to take advantage of that and support that.

非常具吸引力的報酬。因此我們目前專注於先完成相關工作，以確保在我們推進之前，我們的假設是正確的，這點當然很重要。但我想再次強調，政府確實正朝向在岸化或提高國內化肥產量的方向努力，而我們希望把握並支持這個趨勢。

Andrew Wong, RBC Capital Markets.

Andrew Wong，RBC Capital Markets。

Hey, good morning. Thanks for taking my questions. Actually, I just wanted to follow-up on that comment, Mark, around the administration's support for fertilizers.

嗨，早安。謝謝回答我的問題。其實我只是想就你剛才那段評論追問一下，Mark，關於政府對化肥的支持。

I know that there was that funding from the USDA earlier.

我知道先前 USDA 有提供那筆資金。

Is there anything else that.

還有沒有其他。

Has come up or maybe more recently?

已經出現或可能是更近期的？

And is there anything that's larger that maybe the administration will look at that LSB can participate in? Good.

以及是否有更大型的事項，可能政府會著手、而 LSB 能夠參與的？早安。

Morning, Andrew.

早安，Andrew。

Yeah, look, I don't know that there's another USDA funding program like the original one that came out during the Biden administration.

是的，你看，我不確定是否還有另一個像拜登政府期間最初推出的那種 USDA 資助計畫。

What I can tell you is.

我可以告訴你的是。

I was in D.C. A couple of weeks ago as part of an industry trade group talking with the administration. And yes, there's a fair amount of capital that the administration has and would like to commit to increasing domestic fertilizer production. And so I think they want to support that. I think, I mean, they've done a number of press releases. I think they're in print a lot talking about the abundance of natural gas that we have here in the United States. And the cheap cost of that natural gas, and nitrogen fertilizer is just being a derivative of natural gas. And so I think they'd like to not import and depend on other countries to provide fertilizer.

我在幾週前到過華盛頓特區，作為產業貿易團體的一員與政府方面交流。是的，政府手上有相當多的資本，並且希望投入以提高國內化肥產量。因此我認為他們想要支持這件事。我想，他們已經發布了多份新聞稿；我也認為他們在各種媒體上經常談到美國本土天然氣的充裕，以及天然氣的低成本，而氮肥本質上就是天然氣的衍生品。因此我認為他們希望不要進口、也不要依賴其他國家來提供化肥。

They look at it as food security, which is extremely important.

他們將其視為糧食安全，這極其重要。

And even to the point of, if we ever got there, to be an exporter versus an importer. So I do think that there is capital. Available, and I think for the right projects, they would support that, the new projects with capital.

甚至到某個程度，如果我們真的走到那一步，成為出口國而不是進口國。所以我確實認為有資本可用，而且我認為對於合適的專案，他們會以資本支持那些新專案。

Okay, that'd be great. And then just for this year, I understand there's the heavier turnaround schedule.

好的，那太好了。接著就今年而言，我理解今年的歲修排程比較密集。

Can you just talk about how flexible that is? Are you able to hold off on some of the work and.

你能談談這方面的彈性有多大嗎？你們是否能延後部分工作，並且。

Maybe have the plans come on faster just given the current price environment, or is that maybe just too disruptive to the plans that you already have in place?

也許在目前的價格環境下讓工廠更快恢復運轉，還是說那可能會對你們既有計畫造成太大的干擾？

Yeah, so we're currently in our turnaround at El Dorado, and we did have a conversation prior to going into that turnaround.

是的，所以我們目前正在 El Dorado 進行歲修，而在進入這次歲修之前我們確實有過討論。

But H1stly, we pushed off that turnaround from last year, and when you do major.

但首先，我們把這次歲修從去年延後到今年；而當你做重大。

Project work like a turnaround, and to line up the contractors and get the right contractors and the right people at those contractors, if you start pushing things around, you run the risk of either not having the desired contractor or the people. So we elected not to push off that turnaround. I do think we're going to come out of it in great shape.

專案工作（例如歲修）時，要安排承包商、並確保有合適的承包商以及承包商那邊的合適人員，如果你開始調整時程，就會有風險：要嘛找不到理想的承包商，要嘛找不到合適的人。因此我們選擇不再延後這次歲修。我確實認為我們完成後會處於非常好的狀態。

I'm really excited about that because I think not only will we increase reliability, we've done a lot of work on the site that set us up for the expansion that I talked about going forward.

我對此非常興奮，因為我認為我們不僅會提升可靠性，我們也在廠區做了大量工作，讓我們能為我先前提到的未來擴產做好準備。

So whether it's electrical work, whether it's other infrastructure on the site that allow us to really lever that to do some expansion.

因此不論是電氣工程，或是廠區其他基礎設施，這些都能讓我們真正運用槓桿來推動一些擴產。

The work at Pryor, so we have a turnaround in Pryor in July.

Pryor 的工作方面，我們在 7 月會在 Pryor 進行一次歲修。

On that one, I think we've got specifically one item that we need to address. And so what we'll do is we'll try and get through that turnaround as quick as we can. But I think we would run the risk of having some extended downtime if we don't go through that turnaround. So we're focused on that.

就那一次而言，我認為我們有一個特定項目需要處理。因此我們會盡量讓那次歲修越快完成越好。但我認為如果不進行那次歲修，我們可能會面臨更長時間停機的風險。所以我們會專注於此。

I think we'll get through these turnarounds, and as I said, I don't think we're going to see pricing fall off a cliff later on in the fall, and so I think we'll get an opportunity to really take advantage of the pricing market since I think it will last a lot longer.

我想我們會順利完成這些歲修；而且如我所說，我不認為到了秋季後段價格會斷崖式下跌，因此我認為我們將有機會真正把握價格市場，因為我認為這個行情會持續更久。

(Operator Instructions) Rob McGuire, Granite Research.

（接線員指示）Rob McGuire，Granite Research。

So, MDI tariffs and counter-railing duties have the...

所以，MDI 關稅與反補貼稅已經有……

How are the MDI tariffs and duties affecting nitric acid demand and LSB modeling plans? And how do you think that the tariffs and countervailing duties will shape the market from here?

MDI 關稅與各項稅負如何影響硝酸需求以及 LSB 的建模規劃？你認為這些關稅與反補貼稅將如何從現在起塑造市場？

Hi, Rob.

嗨，Rob。

It's a very positive story for US domestic producers of MDI. So we've got certainly our customer base is running flat out.

這對美國國內的 MDI 生產商來說是非常正面的故事。因此我們的客戶群當然是滿載運轉。

Also contemplating their own expansions going forward, and we're in some early discussions with them about what that might look like from a supplier perspective. So I think there's a very positive tailwind here in the U.S., but because of that, and we're also seeing it more broadly with some of our other producers that we don't supply and then bringing on. Additional capacity. So it's a very positive story.

他們也在考慮未來自身的擴產，而我們正與他們就供應商角度可能會是什麼樣子進行一些初步討論。因此我認為在美國這裡有非常正面的順風；但也因為如此，我們也更廣泛地看到一些我們未供貨的其他生產商也在新增。額外產能。所以這是一個非常正面的故事。

Thank you, Damien. And then with regards to the projects, what should we be looking for just exiting the turnarounds this year that relate to the progress with your value creation projects?

謝謝你，Damien。那關於專案方面，今年完成歲修後，我們應該關注哪些與你們價值創造專案進展相關的事項？

Well, I think as I mentioned in the prepared comments, we expect to see a good portion of that $50 million in value creation.

我想如同我在事先準備的講稿中提到的，我們預期會看到那 5,000 萬美元價值創造中的相當一部分。

As we come out of this year, so run rate, and then we expect the balance of it to occur by the end of next year. So I would say, again, we'll end this year.

在今年結束時體現出來，也就是以運行率（run rate）來看；而其餘部分我們預期會在明年年底前實現。所以我會說，再次強調，我們今年年底。

Having done -- I think Cheryl put together a chart last quarter, the last earnings call, talking about where we are and sort of the steps that we're going through, so I don't know, about half of it.

完成的部分——我想 Cheryl 在上一季、上一次財報電話會議時整理了一張圖表，談到我們目前的位置以及我們正在走的步驟，所以我不確定，大概一半左右。

By the end of this year and the balance by the end of next year. And I'm talking run rate by the end of the year.

到今年年底，剩餘部分到明年年底。而我說的是到年底的運行率（run rate）。

Thanks, Mark. And then on AN, should we be looking for a similar mix of AN/UAN in the second quarter that we saw in the first quarter? Or is there room for further AN production there?

謝謝，Mark。那在 AN 方面，我們是否應該預期第二季的 AN/UAN 組合與第一季相近？還是還有空間進一步提高 AN 產量？

Yes, you'll say the same mix.

是的，你會看到相同的組合。

We're probably at our limit of what we can really lean in on, so that will continue through, at least through to the end of the year, Rob.

我們大概已經到達我們能真正加大投入的上限，所以至少到今年年底都會維持這樣，Rob。

Thanks, Damien. And just last, sulfuric acid, do you still produce and sell on a commercial basis or is that in in other words, can you benefit from the recent increased prices here or is that really not a product at this point?

謝謝，Damien。最後一個問題，硫酸方面，你們現在仍以商業方式生產並銷售嗎？換句話說，你們能否受益於近期價格上漲，還是說目前那已經不算是一個產品了？

Yeah, look, we are still in that market, although it's pretty immaterial to the profile. And yes, sulfur prices are going up, but so too are sulfur costs. So the margins are pretty stable.

是的，你看，我們仍在那個市場，雖然對整體輪廓而言相當不重要。是的，硫磺價格在上漲，但硫磺成本也同樣在上升。因此利潤率相當穩定。

Well, thank you so much.

好的，非常感謝。

Thank you.

謝謝。

This concludes the question-and-answer session. I'll hand the call back over to Mark Bearman for closing remarks.

問答環節到此結束。我將把電話交回給 Mark Bearman 作結語。

I appreciate everyone's interest in LSB Industries. I hope you can see that we're making progress. We're excited about the progress that we have going forward, and I hope to talk to some of you guys at the conferences that we have coming forward. So thanks and have a great day.

感謝各位對 LSB Industries 的關注。我希望你們能看到我們正在取得進展。我們對未來的進展感到振奮，也希望能在接下來的各場會議上與各位中的一些人交流。所以謝謝，祝各位有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，感謝您的參與。