CVR Partners LP (UAN) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2026 CVR Partners, LP earnings conference call. (Operator Instructions)

感謝您的等候。我叫 Kate，今天將擔任本次電話會議的接線員。此時，我謹代表公司歡迎各位參加 CVR Partners, LP 2026 年第二季（Q2）財報電話會議。（接線員指示）

I would now like to turn the call over to Richard Roberts, Interim CFO, VP of FP&A and IR. Please go ahead.

現在我想把電話交給臨時財務長、財務規劃與分析（FP&A）及投資人關係（IR）副總裁 Richard Roberts。請開始。

Thank you. Good morning, everyone. We appreciate your participation in today's call. With me today are Dane Neumann, our Chief Executive Officer, Mike Wright, our Chief Operating Officer, and other members of management. Prior to discussing our 2026 second quarter results, let me remind you that this conference call may contain forward-looking statements, as that term is defined under federal securities laws.

謝謝。各位早安。感謝各位參與今天的電話會議。今天與我一同出席的有我們的執行長 Dane Neumann、營運長 Mike Wright，以及其他管理團隊成員。在討論我們 2026 年第二季業績之前，先提醒各位，本次電話會議可能包含依聯邦證券法所定義的前瞻性陳述。

For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release.

就此而言，本次電話會議中任何非歷史事實的陳述，均可能被視為前瞻性陳述。敬請注意，這些陳述可能受到我們向美國證券交易委員會（SEC）提交的文件以及最新財報新聞稿中所列重要因素的影響。

As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. This call also includes various non-GAAP financial measures.

因此，實際營運或結果可能與前瞻性陳述中討論的結果存在重大差異。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性陳述的義務。本次電話會議亦包含若干非 GAAP 財務衡量指標。

The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2026 second quarter earnings release that we filed with the SEC for the period. Let me also remind you that we are a variable distribution MLP. We will review our previously established reserves, current cash usage, evaluate future anticipated cash needs, and make reserve amounts for other future cash needs as determined by our general partner's Board.

與該等非 GAAP 指標相關的揭露（包括與最直接可比的 GAAP 財務衡量指標之調節表），已載於我們就該期間向 SEC 提交的 2026 年第二季財報新聞稿中。另提醒各位，我們是一家可變分配的 MLP。我們將檢視先前建立的準備金、目前現金使用情況、評估未來預期現金需求，並依一般合夥人董事會之決定，就其他未來現金需求提列準備金金額。

As a result, our distributions, if any, will vary from quarter to quarter due to several factors including, but not limited to, operating performance, fluctuations in the prices received for finished products, capital needs, and other costs, and cash reserves deemed necessary or appropriate by the Board of Directors of our general partner.

因此，我們的分配（如有）將因多項因素而每季有所不同，包括但不限於營運表現、成品售價的波動、資本需求及其他成本，以及一般合夥人董事會認為必要或適當的現金準備金。

With that said, I'll turn the call over to Dane Neumann, our Chief Executive Officer. Dane?

接下來，我把電話交給我們的執行長 Dane Neumann。Dane？

Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call. The summarized financial highlights for the second quarter of 2026 include net sales of $202 million, net income of $78 million, EBITDA of $107 million, and the Board of Directors declared a second quarter distribution of $6.08 per common unit, which will be paid on August 17 to unitholders of record at the close of the market on August 10.

謝謝你，Richard。各位早安，感謝各位參加今天的電話會議。2026 年第二季的財務重點摘要包括：淨銷售額 2.02 億美元、淨利 7,800 萬美元、EBITDA 1.07 億美元；董事會宣告第二季每普通單位分配 6.08 美元，將於 8 月 17 日支付給截至 8 月 10 日收盤時登記在冊的單位持有人。

For the second quarter of 2026, our ammonia plant utilization was 99%, with both plants running well and experiencing minimal downtime during the quarter. The ongoing conflicts in the Middle East significantly tightened available global supplies of nitrogen fertilizers in the second quarter, which drove prices higher for the spring.

2026 年第二季，我們的氨廠產能利用率為 99%，兩座工廠運轉良好，且本季停機時間極少。中東地區持續的衝突在第二季顯著收緊全球氮肥可供量，推動春季價格走高。

We saw steady demand for product across our system, although toward the end of the planting season we began seeing some customers shifting away from UAN due to the elevated prices relative to other nitrogen fertilizers. We completed summer fill programs for ammonia and UAN in late June and early July, respectively. And we have a good order book for the second half of 2026, which I will discuss further in my closing remarks.

我們看到整體系統的產品需求穩健，不過在播種季末期，由於 UAN 相對其他氮肥的價格偏高，我們開始看到部分客戶轉向不使用 UAN。我們分別於 6 月下旬與 7 月上旬完成氨與 UAN 的夏季補庫計畫。此外，我們對 2026 年下半年的訂單簿表現良好，我將在結語中進一步說明。

I will now turn the call over to Richard to discuss our financial results.

接下來我把電話交給 Richard，請他說明我們的財務結果。

Thank you, Dane. Turning to our results, for the second quarter of 2026, we reported net sales of $202 million and operating income of $85 million. Net income for the quarter was $78 million, or $7.33 per common unit, and EBITDA was $107 million. Relative to the second quarter of 2025, the increase in EBITDA was primarily due to higher UAN and ammonia sales pricing. Total ammonia for the second quarter of 2026 was 214,000 gross tons, of which 64,000 net tons were available for sale and UAN production was 342,000 tons.

謝謝你，Dane。接著看我們的業績，2026 年第二季我們的淨銷售額為 2.02 億美元，營業利益為 8,500 萬美元。本季淨利為 7,800 萬美元，或每普通單位 7.33 美元，EBITDA 為 1.07 億美元。相較 2025 年第二季，EBITDA 的增加主要來自 UAN 與氨的銷售價格提高。2026 年第二季氨總產量為 214,000 總噸，其中 64,000 淨噸可供銷售，UAN 產量為 342,000 噸。

During the quarter, we sold approximately 333,000 tons of UAN at an average price of $392 per ton and approximately 54,000 tons of ammonia at an average price of $791 per ton. Relative to the second quarter of 2025, total sales volumes were down slightly, primarily due to an earlier spring planting season shifting some volumes into the first quarter, along with some weakening demand later in the quarter due to the elevated price environment for UAN.

本季我們約銷售 333,000 噸 UAN，平均價格為每噸 392 美元；約銷售 54,000 噸氨，平均價格為每噸 791 美元。相較 2025 年第二季，總銷售量略有下降，主要因春季播種季較早，部分銷量移轉至第一季；此外，由於 UAN 價格處於高檔環境，本季後段需求亦有所走弱。

Second quarter prices for UAN increased approximately 24%, and ammonia prices increased approximately 33% relative to the prior year period. Direct operating expenses for the second quarter of 2026 were $59 million. Excluding inventory impacts, direct operating expenses increased by approximately $4 million relative to the second quarter of 2025, primarily due to higher repair and maintenance, catalyst, and electricity costs.

第二季 UAN 價格較去年同期約上升 24%，氨價格較去年同期約上升 33%。2026 年第二季直接營運費用為 5,900 萬美元。若排除存貨影響，直接營運費用較 2025 年第二季約增加 400 萬美元，主要因維修與保養、觸媒及電力成本上升。

Capital spending for the second quarter was $17 million, of which $12 million was maintenance capital. We estimate total capital spending for 2026 to be approximately $85 million to $95 million, of which $49 million to $57 million is expected to be maintenance capital. We anticipate a significant portion of the project and growth capital spending planned for 2026 will be funded through cash reserves taken over the past few years. We ended the quarter with total liquidity of $187 million, which consisted of $137 million in cash and availability under the ABL facility of $50 million. Within our cash balance of $137 million, we had less than $1 million related to customer prepayments for the future delivery of product.

第二季資本支出為 1,700 萬美元，其中 1,200 萬美元為維護性資本支出。我們估計 2026 年全年資本支出約為 8,500 萬至 9,500 萬美元，其中預期 4,900 萬至 5,700 萬美元為維護性資本支出。我們預期 2026 年規劃的專案與成長型資本支出中，有相當大一部分將透過過去幾年提列的現金準備金來支應。本季末我們的總流動性為 1.87 億美元，包括 1.37 億美元現金，以及 ABL 融資額度下可動用額度 5,000 萬美元。在 1.37 億美元的現金餘額中，與客戶為未來交付產品所支付的預付款相關金額少於 100 萬美元。

In assessing our cash available for distribution, we generated EBITDA of approximately $107 million and had net cash needs of $43 million for interest costs, maintenance capex, and other reserves. As a result, there was $64 million of cash available for distribution, and the Board of Directors of our General Partner declared a distribution of $6.08 per common unit.

在評估可供分配的現金時，我們產生約 1.07 億美元 EBITDA，並有 4,300 萬美元的淨現金需求，用於利息成本、維護性資本支出及其他準備金。因此，可供分配的現金為 6,400 萬美元，而我們一般合夥人的董事會宣告每普通單位分配 6.08 美元。

Looking ahead to the third quarter of 2026, we estimate our ammonia utilization rate to be between 75% and 80%, which will be impacted by the upcoming planned turnaround at the East Dubuque facility. We estimate direct operating expenses, excluding inventory and turnaround impacts, to be between $57 million and $62 million, turnaround expenses to be between $30 million and $35 million, and total capital spending to be between $40 million and $49 million.

展望 2026 年第三季，我們預估氨的產能利用率將介於 75% 至 80% 之間，這將受到東杜布克（East Dubuque）廠即將進行的計畫性歲修（turnaround）影響。我們預估直接營運費用（不含存貨與歲修影響）將介於 5,700 萬至 6,200 萬美元；歲修費用將介於 3,000 萬至 3,500 萬美元；總資本支出將介於 4,000 萬至 4,900 萬美元。

With that, I'll turn the call back over to Dane.

接下來，我把電話交回給 Dane。

Thanks, Richard. In summary, we had another strong quarter of operations with ammonia utilization of 99%, and nitrogen fertilizer prices for the spring were elevated due to the ongoing conflicts in the Middle East and the effective closure of the Strait of Hormuz. The spring planting season went well and demand for nitrogen was strong overall.

謝謝你，Richard。總結來說，我們又度過了一個營運表現強勁的季度，氨的產能利用率達 99%；由於中東持續衝突以及荷姆茲海峽（Strait of Hormuz）實質關閉，春季氮肥價格維持在高檔。春耕季進展順利，整體而言氮肥需求強勁。

The USDA estimates that 95.3 million acres of corn and 85.4 million acres of soybeans were planted in the spring of 2026, a 4% decrease for corn and a 5% increase for soybeans. Although corn plantings were down from the record levels of 2025, 95 million acres is well above the average level of corn plantings over the last five years.

美國農業部（USDA）估計，2026 年春季玉米播種面積為 9,530 萬英畝、大豆播種面積為 8,540 萬英畝；玉米較前一年下降 4%，大豆則增加 5%。雖然玉米播種面積低於 2025 年的創紀錄水準，但 9,500 萬英畝仍明顯高於過去五年的玉米播種平均水準。

Yield estimates are approximately 183 bushels per acre for corn, resulting in an expected inventory carryout level below 2025. Soybean yields are estimated at 53 bushels per acre, which also results in an expected inventory carryout below 2025.

單產估計玉米約為每英畝 183 蒲式耳（bushels），因此預期期末結轉庫存（carryout）水準將低於 2025 年。大豆單產估計為每英畝 53 蒲式耳，同樣使得預期期末結轉庫存低於 2025 年。

Grain prices have increased some recently with expectations for lower carryout inventories driven by a combination of hot and dry conditions across the Western Corn Belt, increased export demand, and a smaller than expected corn crop in Argentina. December corn prices are approximately $4.80 per bushel, and November soybeans are approximately $12.20 per bushel.

近期穀物價格有所上升，市場預期期末結轉庫存將下降，原因包括：西部玉米帶（Western Corn Belt）出現炎熱乾燥的天氣、出口需求增加，以及阿根廷玉米產量低於預期。12 月玉米價格約為每蒲式耳 4.80 美元，11 月大豆價格約為每蒲式耳 12.20 美元。

Summer fill and fall prepay for ammonia occurred in late June and UAN fill was completed in early July. Overall, we saw strong demand for both products and were able to secure a solid book of business for the second half of 2026 at attractive pricing. Geopolitical issues have impacted nitrogen fertilizer markets for the past several years, beginning with Russia's invasion of Ukraine in 2022 and continuing through the current ongoing conflicts in the Middle East.

氨的夏季補庫與秋季預付（fall prepay）在 6 月下旬進行，而 UAN（尿素-硝酸銨溶液）補庫於 7 月上旬完成。整體而言，我們看到兩項產品需求強勁，並得以在具吸引力的價格水準下，為 2026 年下半年鎖定穩健的訂單量。地緣政治議題在過去數年影響氮肥市場，始於 2022 年俄羅斯入侵烏克蘭，並延續至目前中東持續的衝突。

While it remains unclear how long these issues in the Middle East and Russia will persist, we will continue to focus on safely and reliably running our plants at high utilization levels to meet the needs of our customers. Prices for nitrogen fertilizers have declined since the spring, which is the typical seasonal pattern as prices reset in the summer after spring planting is completed.

雖然中東與俄羅斯的相關問題將持續多久仍不明朗，我們將持續專注於以安全且可靠的方式，維持工廠高利用率運轉，以滿足客戶需求。氮肥價格自春季以來已下滑，這符合典型的季節性型態：春耕結束後，價格通常會在夏季重新調整。

With the recent declines in fertilizer prices and increases in grain prices, we believe farmers are now better positioned than they were a few months ago, which is positive for our industry overall. Natural gas prices in Europe have remained elevated amid the ongoing Middle East conflicts, currently trading around $19 per MMBtu, while U.S. prices have once again fallen below $3 per MMBtu.

隨著近期肥料價格下跌、穀物價格上升，我們認為農民目前的處境較數月前更佳，這對整體產業而言是正面因素。在中東衝突持續之際，歐洲天然氣價格仍維持高檔，目前交易約為每 MMBtu 19 美元；而美國價格則再度跌破每 MMBtu 3 美元。

Damage sustained at LNG production facilities could take several years to repair, which would likely keep upward pressure on international gas prices relative to the U.S. prices. We continue to believe Europe faces structural natural gas supply issues that will likely remain in effect through the next few years, which should continue to provide an advantage to US producers with access to lower cost natural gas feedstocks. The conflicts over the past few years in Ukraine and the Middle East are a reminder of the value of U.S.

LNG 生產設施所受損害可能需要數年才能修復，這很可能使國際天然氣價格相對於美國價格維持上行壓力。我們仍認為歐洲面臨結構性的天然氣供應問題，未來幾年可能仍將持續，這應會讓能取得較低成本天然氣原料的美國生產商持續具備優勢。過去幾年烏克蘭與中東的衝突提醒了美國的價值。

production with adequate and secure feedstock availability. We are currently executing on a number of projects at both facilities that we have discussed over the past few years. At our Coffeyville facility, we expect to finalize a detailed design and construction plan this year intended to allow the plant to utilize the existing infrastructure as natural gas as an alternative feedstock to third-party pet coke.

在具備充足且安全的原料供應下進行生產。我們目前正在兩座廠區推動多項專案，這些專案我們在過去幾年已多次討論。在 Coffeyville 廠，我們預期今年將完成詳細設計與施工計畫，目標是讓工廠可利用既有基礎設施，以天然氣作為第三方石油焦（pet coke）的替代原料。

We are no longer planning to invest the capital to source hydrogen from the adjacent Coffeyville refinery, and we believe we can achieve the feedstock diversification of this project at a significantly reduced total capital spend. We also recently secured the certification classifying Coffeyville's ammonia production as low carbon, and we are currently exploring opportunities to market low carbon ammonia in the U.S.

我們不再計畫投入資本自鄰近的 Coffeyville 煉油廠取得氫氣，並且我們相信可在顯著降低總資本支出的情況下，達成本專案的原料多元化。此外，我們近期也取得認證，將 Coffeyville 的氨生產分類為低碳；目前我們正在探索於美國市場銷售低碳氨的機會。

During the East Dubuque turnaround that is currently expected to begin at the end of August, we plan to complete the brownfield capacity expansion that is intended to increase ammonia production capacity by up to 5%. We also plan to continue work on the water quality upgrade project. In addition, we have a water system upgrade plan for the Coffeyville facility, along with the expansion of our DEF production and load-out capacity.

在東杜布克（East Dubuque）歲修期間（目前預期於 8 月底開始），我們計畫完成既有廠區（brownfield）的產能擴建，目標將氨產能提高最多 5%。我們也計畫持續推進水質升級專案。此外，我們亦有 Coffeyville 廠的水系統升級計畫，以及 DEF（柴油排氣液）產能與裝載（load-out）能力的擴充。

The goal of these projects is to improve reliability and production rates, supporting our target of operating the plants at utilization rates above 95% of nameplate capacity, excluding the impact of turnarounds. The funds needed for these projects and other initiatives are coming from the reserves taken over the last few years and the Board elected to continue reserving capital in the second quarter.

這些專案的目標是提升可靠度與產量，支持我們的目標：在不含歲修影響下，工廠運轉利用率維持在名目產能（nameplate capacity）的 95% 以上。這些專案及其他計畫所需資金，來自過去幾年提列的準備金（reserves），而董事會也選擇在第二季持續保留資本。

While the Board looks at reserves every quarter, I would expect them to continue to elect to preserve some capital, and we anticipate holding higher levels of cash related to these investments in the near term as we ramp up execution and spending. We believe unitholders will see the benefits of these investments in the coming years as these projects are completed and brought online.

雖然董事會每季都會檢視準備金，但我預期他們仍會選擇保留部分資本；隨著我們加速執行與支出，短期內我們也預期將因應這些投資而持有較高水位的現金。我們相信，隨著這些專案完成並上線，單位持有人（unitholders）將在未來幾年看到投資帶來的效益。

After eight years at the company, I've seen the benefits of focusing on safety, reliability, cost management, and prudent capital allocation. We have a strong team in place, and I look forward to continue executing on the strategy we have laid out over the past few years. In closing, I would like to thank our employees for their excellent execution, safely achieving a solid delivery on our marketing and logistics plans, resulting in a distribution of $6.08 per common unit for the second quarter.

在公司八年來，我看到了專注於安全、可靠度、成本管理與審慎資本配置所帶來的效益。我們已建立一支強大的團隊，我也期待持續執行過去幾年所擬定的策略。最後，我要感謝我們的員工出色的執行力，安全且穩健地完成我們的行銷與物流計畫交付，使得第二季每一普通單位（common unit）配發 6.08 美元的分配金（distribution）。

With that, we are ready to answer any questions. Operator?

接下來，我們準備回答任何問題。接線員？

(Operator Instructions)

（接線員指示）

Rob McGuire, Granite Research.

Rob McGuire，Granite Research。

Hey, good morning, R, how are you doing?

嗨，早安，R，你最近怎麼樣？

I'm well, thanks.

我很好，謝謝。

Hey, With the recent management changes, is CVR Partners still interested in making potential acquisitions? And if so, can you comment on strategic criteria for an acquisition?

嗨，隨著近期管理層變動，CVR Partners 是否仍有意進行潛在併購？如果是的話，能否談談併購的策略性標準？

Yes. So, Rob, I would say our thought process is really anything's on the table, acquisition, merger, participating in a build, even a sale if there were an attractive offer. Yes, I think it's going to be a relatively challenging environment. From an acquisition perspective, we would really want to see accretive cash flow very, very quickly. And just with the assets that are out there, I don't see a lot of them being available for sale.

是的。Rob，我會說我們的思考是，基本上任何選項都在桌上：收購、合併、參與新建案，甚至如果有具吸引力的出價，也不排除出售。是的，我認為這將是一個相對具挑戰的環境。從收購角度來看，我們會非常、非常希望能在很短時間內帶來增益性的現金流。而就目前市場上的資產而言，我看不到有很多資產會拿出來出售。

From a build perspective, I could see us participating in that value chain as an operator or marketer, but I don't see us being a big financial backer to a project like that. And then from a sale perspective, I think the political environment is still challenging and that may be a headwind. So we'll continue to look for attractive opportunities and see what we find. Other than that, business is doing good and we're happy to hold as we are as well.

從新建角度來看，我可以想像我們以營運商或行銷商的身分參與該價值鏈，但我不認為我們會成為那類專案的大型財務出資方。至於出售方面，我認為政治環境仍具挑戰，這可能會形成逆風。因此我們會持續尋找具吸引力的機會，看看能找到什麼。除此之外，業務表現良好，我們也樂於維持現狀持有。

I appreciate that. Different topic. Could you comment further on your summer fill programs completed in late June and early July, just how much of your third quarter 2026 or second half 2026 ammonia and UAN production did you presell, and any detail you can give to us along the lines of either percentages or if it's in line or below or above historical averages?

謝謝。換個話題。能否進一步評論你們在 6 月底與 7 月初完成的夏季補庫計畫？你們預售了多少 2026 年第三季或 2026 年下半年氨與 UAN 的產量？能否提供一些細節，例如比例，或是相較歷史平均是持平、偏低或偏高？

Yes, won't give any specific details on the position of the book, but as we said in the prepared remarks, we did see demand slow down a little bit in June when the UAN nitrogen value started trading at a really wide premium. However, when we got to fill, buyers came right back to the market. We did see the normal reset that we didn't see last year. UAN tracked the NOLA benchmark and ammonia did fare better. Prices have continued to tick up since then.

是的，我們不會就銷售簿（book）的部位提供任何具體細節；但如同我們在事先準備的講稿中所說，6 月當 UAN 氮素價值開始以非常高的溢價交易時，我們確實看到需求稍微放緩。不過到了補庫時，買方又立刻回到市場。我們確實看到正常的價格重置，而去年並沒有出現。UAN 跟隨 NOLA 基準，而氨的表現更好。此後價格仍持續小幅上升。

And I think that the one significant difference was we're roughly in line with sales, but we did have more fall prepay on ammonia come in earlier than we did last year.

我認為一個顯著差異是：我們的銷售大致持平，但氨的秋季預付款（prepay）比去年更早進來。

Could you provide color on inventory levels for UAN and ammonia at the distributor or retailer? And I don't know if you've got it at the farmer level, but anything you can give to us along those lines?

你能否說明經銷商或零售端的 UAN 與氨庫存水位？我不確定你們是否掌握到農戶端，但任何相關資訊都很有幫助。

Yeah, Rob, I don't have any color on the farmer level in specific. What we did feel was that inventories did get a little bit higher downstream of us earlier in the year. That said, with the strength of the fill, clearly there was a need for product and we've seen a recent uptick in buying, which does imply that product is now moving downstream to retailers and farmers. So, seems like potentially availability concerns are back and driving behavior versus price risk at the moment.

是的，Rob，我沒有農戶端的具體資訊。我們的感受是，今年稍早在我們下游的庫存確實略有上升。話雖如此，隨著補庫需求強勁，顯然市場需要產品；而我們也看到近期採購回升，這意味著產品正在往下游流向零售商與農戶。因此，看起來目前可能是供應可得性疑慮回來了，並在驅動行為，而不是價格風險。

I appreciate that. So separate topic, the 10-Q states you're expected to proceed with Coffeyville and you had some comments in the opening remarks, but can you kind of give us an idea of how long that project is going to last? Will the conversion require, like, what's going to be required in terms of the conversion, taking that plant offline and will it have to be offline entirely? And then do you have any updated cost estimates?

謝謝。再換個話題，10-Q 表示你們預期會推進 Coffeyville 專案，你們在開場致詞也有提到一些，但能否大概說明這個專案會持續多久？轉換作業需要做些什麼？是否需要讓工廠停機，且必須完全停機嗎？另外，你們是否有更新的成本估算？

Yeah, Rob, this is Mike. Thanks for the question. Kind of the project really right now as it stands with the delivery of equipment, construction and the permitting, the project will complete likely in the second half of '27. The good news is there is no expected downtime associated with that project. So we don't expect anything to impact production rates next year.

是的，Rob，我是 Mike。謝謝你的問題。就目前專案狀況而言，包含設備交付、施工與許可申請，專案很可能在 27 年下半年完成。好消息是，這個專案預期不會有任何停機時間。因此我們不預期明年的產量會受到影響。

And then, in regards to a cost estimate, as noted earlier, we are finalizing design. At this point, we believe we'll complete the project for less than half of the original estimate as we optimize the scope around our feed nozzles and remove the need for the nearby adjacent hydrogen plant. And with that, I think the best way to say is we will stay within the reserves that have already been taken for that project.

至於成本估算，如先前所提，我們正在完成最終設計。目前我們相信，透過圍繞進料噴嘴優化範疇並取消對附近相鄰氫氣工廠的需求，我們能以不到原始估算一半的成本完成專案。就此而言，最好的說法是：我們會維持在該專案已提列的準備金（reserves）範圍內。

And then producers appear to be taking a more disciplined approach to FIDs on new facilities. And we saw Air Products and Yara back away from their Louisiana Clean Energy Complex project and just curious what your thoughts are and what would have to change for the industry to feel confident that it could achieve the necessary returns to build new plants?

另外，生產商似乎在新設施的最終投資決策（FID）上採取更自律的做法。我們也看到 Air Products 與 Yara 退出其路易斯安那清潔能源綜合體專案。想請教你們的看法，以及產業需要哪些改變，才會有信心能取得興建新廠所需的報酬？

Yeah, that's an interesting question, Rob. Obviously, everyone knows that these facilities are just massively expensive to build. You could call that your knowns at the outset, and it likely will only rise as you continue. So a lot of execution risk in terms of a build. And then on the flip side, your long-term pricing visibility is probably a little murkier.

是的，這是個有趣的問題，Rob。顯然大家都知道，這些設施的建造成本極其高昂。你可以把這視為一開始就已知的條件，而且在推進過程中很可能只會繼續上升。因此在建造執行面有很大的風險。另一方面，你對長期價格的可見度可能也比較不明朗。

So to me, that's just a lot of risk to bear on the shoulders of producers. Yes, I think we've seen things come out about government backing for ammonia expansion, or if there were opportunities for long-term customer commitments or equity participation that helps de-risk for the producer. I think that could go a long way instead of having one party kind of absorb all the risk of execution and pricing. It doesn't mean -- like I said, I think there is some path to some of those things taking place. But also challenging for those agreements to come together and do take a long time to develop.

所以對我而言，這代表生產商需要承擔的風險非常大。是的，我認為我們看到一些關於政府支持氨擴產的訊息；或者若有長期客戶承諾或股權參與的機會，能協助生產商降低風險。我認為這會很有幫助，而不是由單一方承擔所有執行與定價風險。這不代表——如我所說，我認為確實存在讓其中一些事情發生的路徑。但要把這些協議整合起來也很具挑戰，而且需要很長時間才能形成。

So, I agree, it's a challenge and don't know what fixes it, but I think some of those options might be beneficial and helpful.

所以，我同意這是一項挑戰，也不確定什麼能解決它，但我認為其中一些選項可能會有益且有幫助。

I will now turn the call back over to Dane Neumann for closing remarks.

我現在把電話交回給 Dane Neumann 作結語。

Again, I'd just like to thank everyone for your interest in CVR Partners and again, our employees for the hard work and commitment towards safe, reliable, and environmentally responsible operations. And we look forward to reviewing our third quarter 2026 results during our next earnings call. Have a safe day.

再次感謝各位對 CVR Partners 的關注，也再次感謝我們的員工在安全、可靠且對環境負責的營運上所付出的努力與承諾。我們期待在下一次法說會中回顧 2026 年第三季的業績。祝各位平安。

Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

各位女士先生，今天的會議到此結束。感謝您的參與。您現在可以掛線。