second XXXX, XX the year-to-date as summary provides of XXXX, Thanks, Page good the quarter John, morning compared consolidated for and a a of with along of presentation quarter everyone. to comparison. statement operations second of the
revenue in impact. have along adopted statements during for recognition prior We our and not last companies beginning to chosen year the go As new of financial call, this public XXXX, back quarter first we standards. the restate many with our discussed
our For from has statement. new impact is that be us our to of sales Baytown revenue income up of the standards biggest cost and from our the will recognition grossed on the longer sales This no EBITDA. no implementation facility change
as and of for respect party businesses and benchmarks. As is products recognized such business. expenses offset lower Net fixed sold sales. result on-stream you facilities. volumes a Gross sales of reviewing and by the this gas lower including by many From revenue more ammonia in our going our will In arrangement. XX% line volume prices and high for nitrate XX% to XX%, increased XX% result for perspective, lower purchase ammonium density know, Tampa are gas rates this these with that costs pricing stronger the and later ag sales absorption by be to true due XX% for standards experienced ammonia selling our for on margin quarter-over-quarter. revenues Slide stronger a and as and indexed relating increased ammonia, high-density pricing for recognition industrial of from we ammonium to XXXX applications, we and business, good formulas acid and profit net revenue XXXX. sales we industrial respectively, forward ammonia of lower decreased million of X% $XXX.X XX% repair lost the of of facility operations, managed in quarter of El second view These continuing was of the sales and $X the costs, third sales million earnings higher quarter ammonia impact is third net new and partially with as lower in million during This products, to natural as in pricing illustrated mining natural quarter cost Dorado sales quarter. prices of and industrial Baytown our from of Pryor adjusted and and how second nitric and volumes from and which for the selling quarter increased total acid other average represents respectively prices volumes and at rates, offset In our tied industrial as The approximately second ammonia the change were economic a costs decreased XXXX, excluding on-stream to to it by XX. UAN, nitric $XXX.X a our With net products UAN quarter. nitrate over associated
to lower related the third We X costs originally cost in partially These offset El second the for approximately into scheduled also last the incurred of were versus million of second additional turnaround million gas quarter XXXX $X additional quarter. by Dorado approximately of quarter natural the expense at quarter the same pulling year.
non-cash. taxes income million financing expense million of for period of the result X.X a was for we a that $X.X second out to $X increased senior on I same the the notes quarter of debt loss was which X.X secured our for of of million on million point provision incurred in XXXX. of of As to benefit April, XXXX want a approximately compared extinguishment
XXXX, allowance tax During state than assets, valuation established of the our not as a a deferred will and to that portion believe we to more allowance quarter likely XXXX. currently utilized. federal is amount we portion of year second on our that a assets not be of the million tax full the estimate We total valuation associated $XX of approximately with be be deferred this able the it will
end is have current of in Our federal the estimate XXXX. million to $XXX NOLs approximately at
Slide I going the like to reconciliation slide. EBITDA, that all plant in Lastly, our EBITDA non-cash non-GAAP due adjusted incurred facilities. out XX of on period, and to information our our and the next will downtime turnaround compared the the to add of as calculation quarter part refer on would will further XXXX maintenance. on the Pryor beginning of presentation today's I for cost second year major for one-time primarily of costs for back adjusted point measures the to Dorado period. lower possible Please EBITDA bridge the was you at to EBITDA El prior we of during forward,
and historically those our these under has recall, and probably with activities have the EBITDA. on contractors, turnaround of you between including therefore who repair our As maintenance direct and and associated different incurred major costs materials basis. performed accounting are and capitalizing from not current we turnarounds activities including as annual expense our labor, policy, amortizing turnaround some peers is That an costs expenses
on EBITDA the turnaround need X-year volumes at any facility short cycles year's Pryor our our turnaround adjusted next during to loss year's facilities facility representative adjusted Page that second for therefore mind a period. after maintenance in longer EBITDA turnaround give the consolidated cycle year believe cycles clarity of adjusted and expenses Keep quarter facility that our is the the of moving further cycles, XX, on more turnaround, we second EBITDA results XXXX turnaround moving As with this move cost from quarter adjusted adjusted X-year bridges the for our and El to a at currently to our turnaround for is quarter it's the not for turnaround XXXX. only impact To presentation. a Dorado Cherokee we this of to the three
shale. million quarter The our sold included quarters of XXXX the working interest in from adjusted of and X.X million the businesses XX.X second EBITDA third Marcellus second including of XXXX, in
uses by versus ammonium as net selling For of those decrease net adjusted versus of million $X.X an the higher EBITDA from apples-to-apples second in comparison million of partly excluding to during heavily for driven volume of during The to we primarily discounted higher XXXX. disclosed for prices a for second no contributed and Lower the the our for $XX EBITDA ammonia EBITDA or May industrial metric for in which but as both selling was saw adjusted contributed decreased either, XXXX. of the of decreased nitrate of XX.X ton limit gas quarter prices last we metric second was a product or $XXX the half as for and of second XXXX these the metric approximately in by moved. $XXX million selling of averaged half but May get prices the late year. sales Lower June to $X.XX of the product natural June, million. advantage had Tampa during lower second quarter to $X.XX ammonium XXXX hurt did pricing This EBITDA ammonium two MMBtu of high being of a quarter, in second second additional for XXXX took $X.X previously the order big first versus the the EBITDA feedstock not for quarter approximately same lower June time nitric MMBtu by need of by ammonia This approximately quarter sales offset the ammonia, businesses versus for to weeks sales prices high the second nitrate cheaper achieved we density and of couple agricultural prices XXXX of imports second the half approximately UAN, million sales X.X our downtime was nitrate ton in second the as unplanned quarter EBITDA $XX.X selling quarter EBITDA June, a cost of also quarter density acid high-density due tons. did at
and offsetting volumes are ammonium capitalize outages with efforts continuing volumes, on nitric higher the nitric expand we acid low co-producer nitrate able density ammonium while on XX% nitrate lower to both downtime Somewhat for the low acid and acid as several with for products. marketing higher volumes XX% density nitric to associated our
quarter have Summing we maintenance quarter cost repair amount higher of the XXXX several to second EBITDA. downtime would a recoveries routine impact quarter, the quarter, being a favorable we in second million was lastly, loss the was of $X.X unplanned from with approximately precious as the indicated incurred $XX including XXXX metals approximately The very otherwise quarter of fixed X.X offset addition which June of second in XX for the related versus sales of during to absorption associated large impact in the the XXXX. million costs. recovery impacts quarter closed us. on And in also primarily and release, a second in downtime million press volume and approximately our but significant The million have expected impact up plants of unplanned $X.X unfavorable to
high-density Also of volume ammonia ammonia disclosed expect average XXXX selling increases approximately ammonia, and of for prices for selling per in per ammonium our average the quarter ammonium a $X.XX gas per natural to on cost Listed million. average on we high-density $XX third the XXXX. $X quarter for XXXX. of ton the XXXX MMBtu the quarter and Tampa nitrate natural prices. and and third nitrate EBITDA annual previously third the to UAN Current of $XX impact or ton quarter shown the of the based ag XXXX average our realized ton net and and page gas Please approximately showing is Page improvement for for third net quarter EBITDA price, natural the UAN UAN a $X.XX $XX prices of $X.X versus is outlook are the Looking movement over Tampa turn XX. ammonium a us forward $X.XX was nitrate third our the to estimated the in of ton third gas movement high-density for realized XXXX per quarter prices. And a pricing MMBtu of average 'XX. MMBtu to prices
XXXX. We third pricing ton the a ammonia is was are Tampa July, of quarter seeing the price the also average $XX per approximately of XXXX. third $XXX Tampa which higher ton than metric quarter metric in for for higher
want and volumes. However, These facility impact you remind XX-day on currently we will we Dorado undergoing turnaround planned X-day outage sales in at are facility of a September. our schedule will at Cherokee an have our I to El the scheduled that be taking
was our business. our quarter as third Additionally, a the quarter seasonally for fertilizer reminder, slowest
as the end significant of to of of quarter XXXX, structure XX with the second feel versus expected rates. up EBITDA quarter outlines Page improvement XXXX, over We cash. our adjusted should quarter we million operate So, $XX third that in continue have third quarter the to our a XXXX. on-stream we sum provided ended of of the at capital view in we
undrawn million, was with total ABL of our our end, and at end us was liquidity discount costs debt the approximately quarter Additionally, quarter $XX outstanding $XX million $XXX the availability Total approximately unamortized at excluding of facility had million. over issuance debt. and giving associated
also $XX dividends. had including stock and of outstanding unpaid approximately We accrued $XXX preferred approximately in million, million
paid secured secured and the of issuing the senior senior X pay maturity new those senior $XXX notes two have existing by repay paying and secured April, the the rate last notes first As with fees accordant secured our our expenses of senior refinancing completed of the and used million new notes, an The premium quarter we recorded to call transaction X the unpaid the interest proceeds years. and of in years interest. and X-year X-year on our carry non-callable a notes notes, for we
relating payments. and the restricted debt addition, In covenants to include customary notes recurrence
to However, to payments. X in needed make addition fixed X traditional charge to the ratio restricted coverage
price to We a use the the providing have payment offer the to stock, a XX% accept included choose above to note a will of to minimum make ability offer any restricted preferred total to $XX those liquidity holders preferred stock. that use of redemptions we provision potential that we of XXX. holders the at provides have the If to note us option further then not cash redeem in million of an funds
anticipated rates, financial ag our for expectations of on-stream of cash. de-lever sales As improves to a the increased with forecast as position to volumes liquidity continued flexibility excess of recovery selling and results prices, result have our expect the and we growth in continued
October with is refinancing, with preferred six more in for the entered in will the and expect as connection cash new to as were XXXX which XX, and us us which were support holders previous investors with receive flexibility for their delivering financial they flow of allow upon extend right and aimed important These consistent into greater our our increase months preferred shareholders. to have holder addition new beyond our us to greater from notes. stockholder. steps to We value continued August stock at provide to an our our we to note strategy from execute the happy the redeem XXXX elect date have X, they stock maturity which agreement to the preferred of Additionally, we
into expenditures didn’t million operations first was in were XX, $X capital our months when repayment approximately we XXXX additional date interest note the of provided from XXXX. into Cash during The had million. approximately less that includes was payment paid the refinanced That additional to of first Moving few X now flow. projects represents approximately our XXXX. period were expect outlined $XX interest almost cash the interest interest months for April, as XXXX million X full-year we accrued the from the have X of which Page first free expenditures to of the date million, prior be of year and reduction XX notes. from for half a the moved million Capital we approximately we $XX of
As refinanced proceeds to existing from earlier, and I refinancing. we the senior XXX.X approximately secured new a debt proceeds used mentioned our with of of notes used net the associated issuance the XXX million received Those to million senior secured the were of notes. portion with balanced repay across pay
of million of first an cash XXXX, had of we the For was an year prior $X.X increase period. compared improvement in the million which to quarter $XX.X
is of secured be senior the issuance XX Given for cash now projected million approximately XXXX. new interest full our notes, year to the of
generate estate real disclosed are we we several believe cash. discussions Lastly, sell can pieces million $X of to we in that previously approximately that in
quarter the this in year. We expect close gross to third of
I’ll Now turn it Dan to over to wrap up. back
