CVR Partners (UAN) 8-K Regulation FD Disclosure

Investor Presentation

September 2012

Exhibit 99.1

2

Safe Harbor

The following information contains forward-looking statements based on

management’s current expectations and beliefs, as well as a number of

assumptions concerning future events.  These statements are subject to risks,

uncertainties, assumptions and other important factors.  You are cautioned

not to put undue reliance on such forward-looking statements (including

forecasts and projections regarding our future performance) because actual

results may vary materially from those expressed or implied as a result of

various factors, including those noted in the Company’s filings with the

Securities and Exchange Commission.  CVR Partners, LP assumes no

obligation to, and expressly disclaims any obligation to, update or revise

any  forward-looking statements, whether as a result of new information,

future events or otherwise.

3

Key Strategic Drivers

Experienced management team

Fully utilized capacity

High run time rates

Strategically located assets

Solid market fundamentals supports

future growth

•

Growth oriented partnership formed by CVR Energy, Inc. in June 2007, with IPO in April 2011

•

Manufacturing facility produces ammonia and Urea Ammonium Nitrate (UAN)

•

Facility

located

in

Coffeyville,

Kansas

and

produces

5%

of

total

UAN

demand

in

United

States

4

Experienced Management

5

Fully Utilized Capacity &

High Run Rates

(1)  Adjusted for third-party outage.

Strategically Located Assets

•

Located in corn belt

•

56% of corn planted in 2011

was within $40/UAN ton

freight rate of plant

•

$25/ton transportation

advantage to corn belt vs.

U.S. Gulf Coast

•

No intermediate transfer,

storage, barge freight or

pipeline freight charges

6

7

Solid Market Fundamentals

Key Demand Drivers

8

Solid Market Fundamentals

Consistent Fertilizer Demand Growth

•

Nitrogen represents ~63%

of fertilizer consumption

(1)

•

Nitrogen based fertilizers

have most stable demand

because must be applied

annually

–

Primary determinant of crop yield

(1)  Per the International Fertilizer Industry Association.

9

Solid Market Fundamentals

Farmer Profitability Supports Fertilizer Price

•

Corn consumes the largest

amount of nitrogen fertilizer

•

Farmers are expected to generate

substantial proceeds at currently

forecasted corn prices

•

Farmer incentivized to use

nitrogen at corn price much lower

than current spot

•

Nitrogen fertilizer represents

small portion of farmer’s total

input costs

10

Solid Market Fundamentals

Supply/Demand Supports Increased Planting

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

16,000

2000

2004

2008

2012E

2016E

2020E

Production

Imports

Exports

Consumption

U.S. Nitrogen Production

& Consumption

Source:

Fertecon.

14,000

0

30

60

90

120

150

180

0

20

40

60

80

100

Planted

Yield

Yield Trendline

U.S. Corn Planted

& Yields

Source:

USDA.

11

Solid Market Fundamentals

UAN Demand & U.S.

Imports

Country

2007

2008

2009

2010

2011

Trinidad & Tobago

0

0

0

777

1,010

Russia

749

953

658

749

674

Canada

685

487

427

437

617

Romania

472

185

29

254

487

Egypt

176

174

0

123

117

Lithuania

514

431

69

79

489

Ukraine

344

173

0

73

30

Poland

142

123

0

0

0

Estonia

0

13

30

117

92

Netherlands

18

28

0

44

144

Bulgaria

58

58

0

33

21

Germany

55

13

69

30

153

Belarus

96

0

0

0

0

Rest of world

38

3

3

2

29

Total

3,347

2,641

1,285

2,718

3,853

U.S. Imports of UAN

(000’s of UAN Tons)

U.S. imports for UAN expected to be ~26% of total demand in 2020

Source:

USDA.

U.S.

World

2011

Demand

Supply

0

5,000

10,000

15,000

20,000

25,000

U.S.

World

Source:

Fertecon.

2020E

UAN Demand/Supply

12

Growth Strategies

Current

12-24

Months

3-5   

Years

Operational efficiency

Plant expansion

Specialty products

Distribution

Mergers and acquisitions

Plant development

13

UAN Expansion

Overview

–

Increase exposure to strong UAN market

dynamics

–

Expand UAN capacity by 330K tons   

per year (~50%) to ~1MM tons/year

–

Upgrade 100% of ammonia to UAN

–

On-line at beginning of 2013

Total cost of $125MM-$130MM

–

$78MM spent through 06/30/12

Annualized incremental impact

–

EBITDA: ~$20MM

–

Available for distribution: ~$0.25/unit

UAN Price Premium to Ammonia

14

Financial Statistics

See page 21 for a reconciliation of net income to EBITDA.

See page 21 for a reconciliation of net income to EBITDA less maintenance capital.

15

Solid Start for 2012

YTD 6/30/12

YTD 6/30/11

Change

Sales

$159.7

$138.1

15.6%

EBITDA

(1)

$78.1

$65.4

19.4%

Adjusted EBITDA

(2)

$82.1

$70.9

15.8%

Operating Income

$67.5

$56.1

20.3%

Distributable Cash

Flow

(3)

$82.0

$29.7

n/a

DCF/Unit

(3)

$1.123

$0.407

n/a

$US millions, except per unit data

Expect DCF/Unit of $1.65 to $1.85 for 2012 Full Year

--

Benefit to 2013 Cash Available for Distribution of ~$0.50/Unit from UAN Expansion and No Turnaround --

(1)

See page 21 for a reconciliation of net income to EBITDA.

(2)

See page 21 for reconciliation of EBITDA to Adjusted EBITDA. 

(3)

Reflects post IPO (April 13 – June 30).

16

Strong Financial Profile

Financial Flexibility to

Support Growth Initiatives

(US$ in millions)

Capitalization

As of 6/30/12

Cash & Equivalents

$196.4

Credit Facility due April 2016

Term Loan

125.0

$25 million Revolver

Total Debt

$125.0

Partners' Equity

477.1

Total Capitalization

$602.1

LTM EBITDA

(1)

$168.0

LTM Interest Expense

(1)

5.0

Key Credit Statistics

Total Debt / LTM EBITDA

0.7x

LTM EBITDA / Interest Expense

33.6x

Total Debt / Book Cap.

20.8%

Liquidity

As of 6/30/12

Cash & Equivalents

$196.4

$25 million Revolver

25.0

Less: Drawn Amount

Less: Letters of Credit

Total Liquidity

$221.4

(1)

See page 21 for a reconciliation of LTM 06/30/12 EBITDA and interest expense . 

17

A Bright Outlook

Strong industry fundamentals

High-quality & strategically-located

assets

Premium product focus

Attractive growth opportunities

Pay out 100% of available cash

each quarter

No IDR’s

Experienced management team

Appendix

19

Fertilizer Plant Schematic

20

Non-GAAP Financial Measures

To supplement the actual results in accordance with U.S. generally accepted accounting principles

(GAAP),

for the applicable periods, the Company also uses certain non-GAAP financial measures

as discussed below,  which are adjusted for GAAP-based results. The use of non-GAAP

adjustments are not in accordance with or an alternative for GAAP. The adjustments

are

provided

to

enhance

the

overall

understanding

of

the

Company’s

financial

performance

for the

applicable periods and are also indicators that management utilizes for planning and

forecasting

future periods.  The non-GAAP measures utilized by the Company are not necessarily

comparable to similarly titled measures of other companies.  

The Company believes that the presentation of non-GAAP financial measures provides useful

information to investors regarding the Company’s financial condition and results of operations

because these measures, when used in conjunction with related GAAP financial measures (i)

together provide a more comprehensive view of the Company’s core operations and ability to

generate cash flow, (ii) provide investors with the financial analytical framework upon which

management bases financial and operational planning decisions, and (iii) presents measurements

that investors and rating agencies have indicated to management are useful to them in assessing

the Company and its results of operations. 

21

Non-GAAP Reconciliation

EBITDA: Represents net income before the effect of interest expense, interest income, income tax expense (benefit) and depreciation and amortization. 

EBITDA is not a calculation based upon GAAP; however, the amounts included in EBITDA are derived from amounts included in the consolidated

statement of operations of the Company. 

See below for reconciliation of net income to EBITDA, EBITDA to

Adjusted  EBITDA, & EBITDA less maintenance capital

See below for reconciliation of net income to EBITDA &

EBITDA to Adjusted EBITDA

Adjusted EBITDA:  Represents EBITDA adjusted for the impact of share-based compensation, and, where applicable, major scheduled turnaround expense

and loss on disposition of assets. We present Adjusted EBITDA because it is a key measure used in material covenants in our credit facility. Adjusted

EBITDA is not a recognized term under GAAP and should not be substituted for net income as a measure of our liquidity. Management believes that

Adjusted EBITDA enables investors and analysts to better understand our liquidity and our compliance with the covenants contained in our credit facility.

See below for reconciliation of LTM 06/30/12 EBITDA & Interest Expense

(in $US millions)

For the Fiscal Years

2009

2010

2011

Net income

57.9

$    

33.3

$    

132.4

$ 

Interest expense

-

-

4.0

Interest (income)

(9.0)

(13.1)

-

Depreciation and amortization

18.7

18.5

18.9

Income tax expense

-

-

-

EBITDA

$     67.6

$ 

Loss on disposition of assets

-

1.4

-

Turnaround

-

3.5

-

Share-based compensation

3.2

9.0

7.3

Adjusted EBITDA

70.8

$    

52.6

$    

162.6

$ 

EBITDA

67.6

$    

38.7

$    

155.3

$ 

Maintenance capital

2.3

8.6

6.2

EBITDA less maintenance capital

65.3

$    

30.1

$    

149.1

$ 

155.3

(in $US millions)

Interest

EBITDA

Expense

6 months ended 6/30/12

78.1

$     

2.2

$       

12 months ended 12/31/11

155.3

4.0

Less: 6 months ended 6/30/11

65.4

1.2

LTM 06/30/12

168.0

$  

5.0

$       

$     38.7

(in $US millions)

2011

2012

Net income

54.9

$   

65.3

$   

Interest expense, net

1.2

2.2

Interest (income)

-

(0.1)

Depreciation and amortization

9.3

10.6

Income tax expense

-

0.1

EBITDA

65.4

$   

$    78.1

Share-based compensation

5.5

4.0

Adjusted EBITDA

70.9

$   

82.1

$   

Six Months Ended

June 30,