Financial Analysis

(9) Commitments and Contingencies In the ordinary course of business, the Partnership may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While there have been no material changes in the Partnerships commitments and contingencies from those disclosed in the 2025 Form 10-K and in the Form 10-Q for the quarter ended March 31, 2026, recent developments are discussed below. Litigation CRNF Ammonia Release - Multiple lawsuits filed against CVR Energy, CVR Partners and certain of their subsidiaries (collectively, the Ammonia Defendants) alleging personal injury and related damages arising from an October 2025 ammonia release at the Coffeyville Facility have been consolidated in Texas state court in Fort Bend County, and discovery is ongoing. The Ammonia Defendants asserted counterclaims in the related declaratory judgment action filed in Kansas state court, in which an insurer seeks a determination that it has no duty to defend or indemnify the Ammonia Defendants in connection with certain of the underlying claims. As these matters are in their early stages, the Partnership cannot yet determine whether they will have a material adverse effect on …

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The following table presents the Partnerships revenue, disaggregated by major products: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Ammonia $ 42,627 $ 34,064 $ 92,958 $ 67,242 UAN 130,551 109,540 236,942 195,662 Urea products 13,273 10,248 22,646 19,561 Other revenue (1) 15,743 14,707 29,696 28,960 Total revenue $ 202,194 $ 168,559 $ 382,242 $ 311,425 (1) Consists primarily of freight revenue and includes sales made in connection with the joint venture created to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (45Q Transaction), as well as the noncash consideration received, which is recognized as the performance obligation associated with a carbon oxide contract is satisfied over its term through April 2030. …

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(8) Share-Based Compensation The following table summarizes share-based compensation expense for the three and six months ended June 30, 2026 and 2025, including expense related to outstanding awards, forfeiture-related reversals, and unit price market fluctuation impacts: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Phantom Unit Awards $ 765 $ 1,586 $ 2,730 $ 2,462 Other Awards (1) (403) 1,241 625 1,837 Total share-based compensation expense $ 362 $ 2,827 $ 3,355 $ 4,299 (1) Other awards include the allocations, pursuant to the Corporate Master Services Agreement effective January 1, 2020, as amended (the Corporate MSA) and the Partnerships Second Amended and Restated Agreement of Limited Partnership, of compensation expense for certain employees of CVR Energy and its subsidiaries who perform services for the Partnership and participate in equity compensation plans of CVR Energy. …

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(6) Long-Term Debt and Finance Lease Obligation Long-term debt and finance lease obligation consisted of the following: (in thousands) June 30, 2026 December 31, 2025 6.125% Senior Secured Notes, due June 2028 (1) $ 550,000 $ 550,000 Finance lease obligation, net of current portion 20,230 20,645 Unamortized debt issuance costs (1,275) (1,577) Total long-term debt and finance lease obligation, net of current portion 568,955 569,068 Current portion of finance lease obligation 824 778 Total long-term debt and finance lease obligation, including current portion $ 569,779 $ 569,846 (1) The 6.125% Senior Secured Notes, due June 2028 had an estimated fair value of $548.7 million and $551.4 million as of June 30, 2026 and December 31, 2025, respectively. The fair value estimate is a Level 2 measurement, as defined by FASB Accounting Standards Codification Topic 820, Fair Value Measurements , as it was determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. Credit Agreements (in thousands) Total Available Borrowing Capacity Amount Borrowed as of June 30, 2026 Outstanding Letters of Credit Available Capacity as of June 30, 2026 Maturity Date ABL Credit Facility $ 50,000 $ $ $ 50,000 September 26, 2028 Covenant Compliance The Partnership and its subsidiaries were in compliance with all covenants under their respective debt instruments as of June 30, 2026. …

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Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes authoritative guidance for the recognition, measurement, presentation, and disclosure for entities that generate, purchase, or transferable environmental credits, or that have a regulatory compliance obligation that may be settled with environmental credits. This standard is effective for the Partnerships annual and interim reporting periods beginning January 1, 2028. Early adoption is permitted. The Partnership is currently evaluating the potential impact of adopting this new accounting guidance. …

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(12) Related Party Transactions Activity associated with the Partnerships related party arrangements for the three and six months ended June 30, 2026 and 2025 is summarized below: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Sales to related parties: (1) CVR Energy subsidiary $ 261 $ 623 $ 426 $ 1,054 CVRP JV 644 601 1,264 1,288 Expenses from related parties: (2) CVR Energy subsidiary 4,109 2,779 9,529 5,890 CVR Services, LLC 6,104 7,337 13,748 14,142 June 30, 2026 December 31, 2025 Due to related parties (3) $ 3,843 $ 3,784 (1) Sales to related parties, included in Net sales in our condensed consolidated statements of operations, consist of (a) sales of feedstocks and services under the Master Service Agreement with CRNF (the Coffeyville MSA) and (b) carbon oxide sales to CVRP JV and its subsidiaries. (2) Expenses from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses in our condensed consolidated statements of operations, consist primarily of pet coke and hydrogen purchased under the Coffeyville MSA and management and other professional services under the Corporate MSA. (3) Consists primarily of amounts payable to CVR Energy subsidiaries under the Coffeyville MSA and Corporate MSA, included in Accounts payable to affiliates. Distributions to CVR Partners Unitholders Distributions, if anyincluding the amo …

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(7) Revenue The following table presents the Partnerships revenue, disaggregated by major products: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Ammonia $ 42,627 $ 34,064 $ 92,958 $ 67,242 UAN 130,551 109,540 236,942 195,662 Urea products 13,273 10,248 22,646 19,561 Other revenue (1) 15,743 14,707 29,696 28,960 Total revenue $ 202,194 $ 168,559 $ 382,242 $ 311,425 (1) Consists primarily of freight revenue and includes sales made in connection with the joint venture created to monetize certain tax credits under Section 45Q of the Internal Revenue Code of 1986 (45Q Transaction), as well as the noncash consideration received, which is recognized as the performance obligation associated with a carbon oxide contract is satisfied over its term through April 2030. Remaining Performance Obligations The Partnership has spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). The Partnership does not disclose remaining performance obligations for contracts that had original terms of one year or less or for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of June 30, 2026, the Partnership had approximately $1.9 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize $1.5 million of these performance obligatio …

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(10) Business Segments CVR Partners has one operating and reportable segment: Nitrogen Fertilizer. The Partnership derives revenue by producing and marketing nitrogen fertilizer products within the United States, which are used by farmers to improve the yield and quality of their crops. The segment determination is based on the management approach, reflecting the internal reporting used by the Chief Operating Decision Maker (CODM), the Partnerships Chief Executive Officer, to evaluate performance and make strategic decisions. The CODM evaluates the performance of the Nitrogen Fertilizer Segment and decides how to allocate resources based on net income, which is reported in the condensed consolidated statements of operations. The CODM uses net income to assess the income generated by the Nitrogen Fertilizer Segment and to decide whether to recommend that the Board reinvest profits into the Partnership or pay distributions. Net income is also used to analyze performance against the budget and the Partnerships competitors. While segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance of the segment, total assets are disclosed in the condensed consolidated balance sheets. The following table presents the operating results and capital expenditures information for the Nitrogen Fertilizer Segment: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net sales $ 202,194 $ 168,559 $ 382,242 $ 311,425 L …

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