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CVR Partners, LP
Investor Presentation
September 2016
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1
Safe Harbor Statement
The following presentation contains forward-looking statements based on management’s current expectations and
beliefs, as well as a number of assumptions concerning future events. The assumptions and estimates underlying
forward-looking statements are inherently uncertain and, although considered reasonable as of the date of
preparation by the management team of our general partner, are subject to a wide variety of significant business,
economic, and competitive risks and uncertainties that could cause actual results to differ materially from those
contained in the prospective information. Accordingly, there can be no assurance that we will achieve the future
results we expect or that actual results will not differ materially from expectations.
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, but not limited to those set forth under “Risk Factors” in CVR
Partners, LP’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other filings CVR Partners,
LP makes 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, except as required
by law.
Non-GAAP Financial Measures
Certain financial information included herein, including EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA
and Free Cash Flow are not presentations made in accordance with U.S. GAAP, and use of such terms varies
from others in the same industry. Non-GAAP financial measures should not be considered as alternatives to
income from continuing operations, income from operations or any other performance measures derived in
accordance with U.S. GAAP as measures of operating performance or cash flows as measures of liquidity. Non-
GAAP financial measures have important limitations as analytical tools, and you should not consider them in
isolation or as substitutes for results as reported under U.S. GAAP. This presentation includes a reconciliation of
certain non-GAAP financial measures to the most directly comparable financial measures calculated in
accordance with U.S. GAAP.
Safe Harbor Statement and Non-GAAP Financial
Measures
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2
CVR Partners, LP (NYSE: UAN) is a leading North American producer and
distributor of nitrogen fertilizer products
− Delivered ~1.5MM tons of nitrogen products in 2015 (pro forma for East Dubuque acquisition)(1)
− Structured as a publicly-traded master limited partnership (variable distributions)
• General Partner does not receive Incentive Distribution Rights (IDRs)
‒ Pro Forma Adjusted LTM EBITDA of $158 million(2)(3)
Attractive long-term industry fundamentals
Recent acquisition of Rentech Nitrogen Partners(1)
− Creates a strong business enterprise with two plants and a diversified earnings base
‒ Provides enhanced flexibility and reduced operating risk
‒ Expands position into additional attractive markets – from Southern Plains to Mid Corn Belt
‒ Increases scale, profitability and free cash flow profile
Experienced management team
Opportunities for growth
Key Investment Highlights
(1) On April 1, 2016, CVR Partners acquired Rentech Nitrogen Partners, L.P. (previously NYSE:RNF). The transaction excluded RNF’s facility in Pasadena, Texas (was divested prior to closing on the
acquisition of RNF). As such, the results of the Pasadena facility are excluded for all periods presented.
(2) Pro Forma Adjusted LTM EBITDA for the period ended June 30, 2016 based on reported, unaudited pro forma adjusted values to reflect the acquisition of RNF. See page 23 for reconciliation of Net
Income to Adjusted EBITDA.
(3) Excludes full year of anticipated $12mm in synergies.
TBU for final structure
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Solid Historical Fertilizer Demand Growth
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2
4
6
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50
100
150
200
Nitrogen Phosphate Potash Population (Mid-Year)
Billions of Metric Tonnes Population in Billions
Source: International Fertilizer Industry Association; U.S. Bureau of the Census (International Data Base) and USDA.
Global fertilizer demand has historically
increased in-line with population and
income growth
Nitrogen represents ~61% of global
fertilizer consumption
− Must be applied annually
− Most important determinant of plant
growth and crop yield
Corn production consumes largest
amount of fertilizer followed by wheat
Global Fertilizer Consumption
Note: Nutrient Tons; Fertilizer Years.
Global Arable Land per Capita
0.18
0.20
0.22
0.24
0.26
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Solid Base of Corn Demand in the U.S.
Source: USDA Economic Research Service and USDA WASDE.
(1) Based on most recent five year average.
Corn has variety of uses and
application, including feed grains,
ethanol for fuel and food, seed and
industrial (FSI)
Feed grains
− ~96% of domestic feed grains are
supplied by corn
− Consumes ~38% of annual corn crop(1)
Ethanol
− Consumes ~39% of annual corn crop(1)
Corn production driven more by
more yield than acres planted
Domestic Corn Planted Acres and Yield per Acre
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60
80
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120
140
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Planted acres Yield per acre
Million planted acres Bushels per harvested acre
U.S. Domestic Corn Use
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4
6
8
10
12
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Feed / Residual Use Ethanol FSI
(Bushels in billions)
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M
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Nitrogen Demand Will Continue to Grow
Global nitrogen consumption is
projected to increase by 33% between
2005 and 2025 driven by:
− Population growth
− Decrease in farmland per capita
− Bio-fuel consumption
− Continued evolution to more protein-based
diets in developing countries
Nitrogen fertilizer is a relatively small
component of farmers’ cost profile
Global Nitrogen Consumption
Source: Fertecon, Iowa State University Ag Extension and FAO.
Annual per Capita Consumption of Meat
P
oun
d
s
(
lbs
)
0
50
100
150
200
250
1965
1998
2030
Sample 2015 Corn Belt Variable Cost Budget
Machinery
16.1%
Seed
25.7%
Nitrogen
20.6%
Phosphate
& Potash
11.0%
Chemicals
18.2%
Other
8.5%
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New U.S. Nitrogen Production Displacing Imports
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Production Imports Exports Consumption
U.S. has historically been a large net importer of
nitrogen
Supported by low natural gas prices in the U.S., new
domestic capacity is coming online in 2016 and first
half of 2017
Capacity additions will not fully meet domestic
demand
After first half of 2017, no large capacity expansions
expected for many years in the U.S.
Expect further industry consolidation in the future
U.S. Nitrogen Supply & Demand
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2015 Fertilizer (Urea) Import Data
881
7,004
251
204
Canada
United States
Trinidad
& Tobago
Venezuela
491
Russia
943
China
143 510
490
309
702
UAE Bahrain
Oman
Saudi
Arabia
Indonesia
1192
Qatar
374
117
Kuwait
= Major Exporters
= Total Imports
Algeria
Source: Blue Johnson and Associates, Inc., CRU, GTIS
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Strategic Rationale for East Dubuque Acquisition
A leading North American nitrogen
fertilizer producer
• ~1.5MM delivered tons of nitrogen
products per year
Diversification reduces risk
• Asset diversification
− Eliminates single facility risk for
both partnerships
• Geographic diversification
• Feedstock diversification
− Natural gas and pet coke
Both sets of unitholders
participate in value creation
• Accretive to UAN’s expected
distributions per unit
• Attractive valuation for RNF
unitholders
• RNF unitholders retain value of
Pasadena
Value creation from estimated
annual run-rate synergies of at
least $12MM
• Straightforward integration
− Combine two standalone facilities
• Reduction of public company costs
Strategic platform for growth, as
the industry consolidates
• Attractive market position
• Strong combined balance sheet
• Increased capital markets liquidity
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Well-positioned to capitalize on favorable North American nitrogen industry fundamentals
Combination eliminates single facility dependency and risk
8
Enhanced Flexibility and Reduced Operational Risk
Highlights
Located in Kansas, adjacent to CVR Refining’s facility
Uses unique petroleum coke gasification process, also
known as clean coke technology with CO2 captured
Located in heart of Mid Corn Belt
Premium pricing due to advantageous location
Relatively low cost North America natural gas as feedstock
2015
Revenue Mix
Key Markets Southern Plains Mid Corn Belt (within 200 miles of the facility)
Feedstock Petroleum coke Natural gas
Coffeyville, Kansas Facility East Dubuque, Illinois Facility
Acreage 60 acres 210 acres (140 feet above the Mississippi River)
Shipping Primarily rail with some truck
Primarily at plant gate to customers' trucks
Barge and rail
Ammonia
5.8%
UAN
80.2%
Freight
9.4%
Hydrogen
4.1%
Other
0.5%
Ammonia
49.7% UAN
34.9%
Granular
urea
5.0%
Liquid
urea / DEF
7.1%
Nitric acid
1.6%
CO2
1.2%
Other
0.5%
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East Dubuque Facility Market Area
Company-Owned Nitrogen Fertilizer Facilities
Company-Partnered Nitrogen Fertilizer Facility
Coffeyville Facility, Kansas
Strategic location in the Southern Plains
Located on Union Pacific mainline
Transportation cost advantage to Southern Plains vs. U.S. Gulf Coast
East Dubuque Facility, Illinois
Entire market within a 200-mile radius
In the center of the Mid Corn Belt – the largest nitrogen market and top
corn producing region
Transportation cost savings compared to product shipped into region
Combined
Storage at facilities allow for better timing of product pick-up / application
by customers versus competitors located outside of the region
Region relies on imports from other parts of the U.S. to meet demand
Strong market for ammonia and UAN
9
Attractive Market Position
Attractive Location for Nitrogen Fertilizer Plants
Large geographic footprint
serving the Southern
Plains and Mid Corn Belt
markets
Product prices higher due
to advantaged cost of
freight
Competitive advantage
due to storage capabilities
at the facilities and offsite
locations
Recent addition of
marketing agreement with
Pryor, OK, for the facility’s
UAN production
Coffeyville, KS
Pryor, OK
East Dubuque, IL
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Combined entity benefits from strong and stable
free cash flow generation
− Adjusted Pro Forma (PF) EBITDA margins averaged
~48% from 2012 to 2015
− Maintenance capital expenditures averaged ~$16 million
annually, or ~3% of net sales, from 2012 to 2015
As a result, the majority of PF EBITDA is converted
into free cash flow
− Free cash flow conversion averaged ~93% of Adjusted
EBITDA from 2012 to 2015
− Cumulative free cash flow generation of $900 million
during the same period
Unaudited Historical PF Adjusted EBITDA(1) and Margin
Unaudited Historical PF Free Cash Flow Generation(2)
$148 $153
$110 $107
$158
$132
$84
$78 $103
$12
$12
$12
$12
55.5%
49.6%
40.5%
45.1%
36.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
$0
$100
$200
$300
$400
$500
2012 2013 2014 2015 LTM 6/30/16
UAN Adj. EBITDA RNF Adj. EBITDA Synergies PF Margin
($ in millions)
$292
$249
$200
$221
$277
$236
$186
$201
94.7% 94.9% 93.0% 90.9%
0.0%
25.0%
50.0%
75.0%
100.0%
$0
$50
$100
$150
$200
$250
$300
$350
2012 2013 2014 2015
PF Free Cash Flow % Conversion
($ in millions)
Unaudited Historical PF Maintenance Capital Expenditures
$8
$4 $5
$10
$8
$9
$9
$11
3.0%
2.6% 2.8%
4.1%
0.0%
1.0%
2.0%
3.0%
4.0%
$0
2012 2013 2014 2015
UAN Maintenance Capex RNF Maintenance Capex PF Margin
($ in millions)
$16
$13
$14
$20
(1) PF Adjusted EBITDA for all periods excludes contribution from Pasadena facility. For 2012-2015, includes $12mm of synergies. LTM 6/30/16 excludes full year of
anticipated $12mm in synergies.
(2) Free cash flow defined as PF Adjusted EBITDA less maintenance capital expenditures (excludes Pasadena facility impacts).
Increased Scale, Profitability and Free Cash
Flow Profile
$158
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Plant construction completed in 2000
− UAN expansion completed in 2013
Only plant in North America that
uses petroleum coke as feedstock
Includes:
‒ 1,300 ton-per-day ammonia unit
‒ 3,000 ton-per-day UAN unit
‒ Gasifier complex with capacity of 89
million standard cubic feet per day of
hydrogen
11
Coffeyville, KS Facility
Capital Spending
On-Stream Factors(1)
89%
99%
93% 96% 97%
90%88%
98%
91% 94% 93%
88%
81%
96%
86% 92%
92%
87%
2010 2011 2012 2013 2014 2015
Gasification Ammonia UAN
(1) On-stream factor is the total number of hours operated divided by the total number of hours in the reporting period and is included as a measure of operating efficiency.
Rates include the impact of downtime associated with major turnarounds, third party outages and other extended outages.
$8.9 $6.2 $7.7 $3.5 $4.7 $9.6
$1.2 $12.9
$74.5
$40.3
$16.4 $7.4
$10.1
$19.1
$82.2
$43.8
$21.1 $17.0
$0
$20
$40
$60
$80
$100
2010 2011 2012 2013 2014 2015
Maintenance Profit and growth
($ in millions)
2011-2013: Substantial majority of profit and growth spending related to UAN plant expansion project
Note: Major scheduled plant turnarounds occurred in 2010, 2012 and 2015.
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92% 92%
95%
84%
96%
97%
93% 93%
95%
84%
95%
98%
2010 2011 2012 2013 2014 2015
Ammonia
UAN
Primarily produces ammonia and
UAN using natural gas as primary
feedstock
Located in center of Mid Corn Belt –
the largest nitrogen market and top
corn producing region in the U.S.
Recently completed installation of
new ammonia synthesis converter to
increase plant reliability, production
and plant efficiency
Includes:
‒ 1,075 ton-per-day ammonia unit
‒ 1,100 ton-per-day UAN unit
12
East Dubuque, IL Facility
Capital Spending
On-stream Factors(1)
(1) As reported in RNF’s SEC filings, on-stream factor equals the total days the applicable plant operated in any given period, divided by the total days in that period.
Rates include the impact of downtime associated with major turnarounds, third party outages and other extended outages.
Compressor repair and converter fire
$7.9 $9.3 $9.4
$10.8
$52.4 $50.5
$14.4 $17.6
$60.3 $59.8
$23.8
$28.4
$0
$20
$40
$60
$80
2012 2013 2014 2015
Maintenance Profit and growth
($ in millions)
2012-2013: Substantial majority of profit and growth spending related to ammonia production and
storage capacity expansion projects
Note: Major scheduled plant turnarounds occurred in 2011, 2013 and 2016.
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Experienced Management Team
John (Jack) J. Lipinski: Executive Chairman – Over 40 years
Mark A. Pytosh: CEO & President – 30 years
Susan M. Ball: CFO & Treasurer – 32 years
William (Bill) White: EVP Marketing & Operations – 40 years
Neal E. Barkley: VP Operations – 35 years
Matthias (Matt) O. Green: VP Marketing – 32 years
John R. Walter: SVP, General Counsel & Secretary – 14 years
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Solid Financial Profile
(1) Represents $649.2mm in total debt less $23.9mm in unamortized discount and debt issuance costs.
(2) Excludes full year of anticipated $12mm in synergies.
(3) See page 23 for reconciliation of Net Income to EBITDA and Adjusted EBITDA.
(4) Net Debt defined as Total Debt ($625.3m ) less Cash and Cash Equivalents ($76.3mm).
Cash and Cash Equivalents 76.3$
Working Capital 97.8$
Total Assets 1,352.6$
Total Debt 625.3$ (1)
Total Partners' Capital 672.1$
Net Sales 435.6$
EBITDA 143.9$ (2)(3)
Adjusted EBITDA 157.7$ (2)(3)
Net Income 7.9$ (2)
EPU - Diluted 0.07$ (2)
Weighted Average Diluted Units Outstanding 113.3
Total Net Debt / EBITDA 3.8 x (4)
Total Net Debt / Adjusted EBITDA 3.5 x (4)
Total Net Debt / Capitalization (Book) 42.3% (4)
Unaudited Selected Credit Metrics
Unaudited Selected Balance Sheet Data
As of June 30, 2016
(in millions)
Unaudited Pro Forma Selected Income Statement Data
For the Twelve Months Ended June 30, 2016
(in millions, except per unit data)
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CVR Partners’ 2016 Q2 and YTD Results
Three Months Ended
June 30,
Six Months Ended
June 30,
2016 2015 2016 2015
UAN Product Price Per Ton at Gate(1)(2) $199 $269 $204 $265
Ammonia Product Price Per Ton at Gate(1)(2) $417 $546 $405 $551
Net Sales(1) $119.8 $80.8 $192.9 $173.9
EBITDA(1)(4) $16.2 $35.7 $42.8 $74.0
Adjusted EBITDA(1)(4) $29.1 $36.1 $57.0 $74.5
Available Cash for Distribution(4) $19.7 $28.4 $50.4 $61.0
Distribution Declared Per Unit(3) $0.17 $0.39 $0.44 $0.84
Common Units Outstanding(3) 113.3 73.1 113.3 73.1
In millions, except product price at gate per ton and per unit data
(1) Coffeyville results only for 2015. 2016 YTD does not include East Dubuque's Q1 financial results as acquisition closed on April 1, 2016.
(2) Product pricing at gate represents net sales l s freight revenue divided by product sales vol mes in tons and is shown in order to provide
a pricing measure that is comparabl across the fertilizer industry.
(3) 2016 Q2 and YTD 2016 distribution declared per unit is based on post-merger 113.3MM common unts outstanding.
(4) See page 24 for reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Available Cash f r Distribution.
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Key Investment Highlights
Leading North American producer and distributor of nitrogen fertilizer
products
Attractive long-term industry fundamentals
Benefitting from recent acquisition of Rentech Nitrogen Partners, L.P.
Experienced management team
Opportunities for growth
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Activities & Transactions
January-March April-June July-September October-December
Season
Dealer/Distributor Fill
Orders & Wheat
Topdress
Spring Planting
Dealer/Distributor Fill
Orders
Dealer/Distributor Fill
Orders & Fall Planting
Crop No Planting Corn Planting
Wheat Planting
(Southern Territories)
Wheat Planting
Nitrogen Need Fill Orders & Topdress Topdress & Sidedress Fill Orders Fill Orders & Topdress
Pricing & Shipments
Prompt Pricing &
Shipments
Forward Pricing for
Prepay Orders for
Q2 Delivery
Delivery of Prior Year
Prepay Orders
Prompt Pricing &
Shipments
Delivery of Prior Year
& Q1 Prepay Orders
Prompt Pricing &
Shipments
Forward Pricing for Fill
Orders for Q4 Delivery
Prompt Pricing &
Shipments
Forward Pricing for
Prepay Orders for
Next Year Q1 & Q2
Delivery
Delivery of Q3 Fill
Orders
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$33
$30
$28
$25
2012 2013 2014 2015
Pet coke
92.6%
95.6%
96.8%
90.2%
91.1%
94.4%
92.6%
87.5%
86.4%
91.9% 92.0%
87.3%
2012 2013 2014 2015
Gasification
Ammonia
UAN
$613 $643
$518 $521
$303 $282 $259 $247
2012 2013 2014 2015
Ammonia
UAN
19
On-Stream Factors Pet Coke Cost per Ton
Product Pricing at Gate Production Volume
Key Operating Statistics – Coffeyville
390 402 389 385
644
931 964 929
2012 2013 2014 2015
Ammonia
UAN
(thousand tons) ($ / ton)
($ / ton)
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$3.59
$4.16
$5.00
$3.74
2012 2013 2014 2015
Natural gas
$669 $650
$549 $538
$326
$295 $280 $255
2012 2013 2014 2015
Ammonia
UAN
20
On-Stream Factors Natural Gas Cost
Realized Pricing Production Volume
Key Operating Statistics – East Dubuque
293
244
324 340
301
262 269
279
2012 2013 2014 2015
Ammonia
UAN
(thousand tons) ($ / ton)
($ / MMBtu)
95.4%
83.6%
95.6%
98.4%
95.1%
84.1%
95.3%
97.0%
2012 2013 2014 2015
Ammonia
UAN
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CVR Partners – Annual Reconciliation of Consolidated Net
Income to Adjusted EBITDA and Free Cash Flow
(1) Free cash flow defined as Adjusted EBITDA less maintenance capital expenditures.
FY ended December 31,
($ in millions) 2012 2013 2014 2015
Net income $112.2 $118.6 $76.1 $62.0
(+) Interest expense and other financing costs, net 3.6 6.3 6.7 7.0
(+) Depreciation and amortization 20.7 25.6 27.3 28.4
(+) Income tax expense 0.1 0.1 – –
EBITDA $136.6 $150.6 $110.1 $97.4
(+) Major scheduled turnaround expense 4.8 – - 7.0
(+) Share-based compensation, non-cash 6.8 2.2 0.2 0.1
(+) Expenses associated with the merger - - - 2.3
Adjusted EBITDA $148.2 $152.8 $110.3 $106.8
(–) Maintenance capital expenditures (7.7) (3.5) (4.7) (9.6)
Free Cash Flow
(1)
$140.5 $149.3 $105.6 $97.2
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Rentech Nitrogen Partners(1) – Annual Reconciliation of
Consolidated Net Income to Adjusted EBITDA and Free Cash Flow
(1) On April 1, 2016, CVR Partners acquired Rentech Nitrogen Partners, L.P. (previously NYSE:RNF). The transaction excluded RNF’s facility in Pasadena, Texas (was
divested prior to closing on the acquisition of RNF). As such, the results of the Pasadena facility are excluded for all periods presented.
(2) Free cash flow defined as Adjusted EBITDA less maintenance capital expenditures.
($ in millions) 2012 2013 2014 2015
Net Income 109.7$ 52.4$ 46.9$ 57.8$
(+) Interest expense and other financing costs, net 1.5 14.1 19.1 21.7
(+) Depreciation and amortization 11.5 9.2 15.9 18.2
(+) Income tax expense (benefit) 0.3 (0.2) - -
EBITDA 123.0$ 75.5$ 81.9$ 97.7$
(+) Loss on debt extinguishment 2.1 6.0 0.6 -
(-) Agrifos settlement - - (5.6) -
(-) Earn out adjustment - (4.9) - -
(+) Sh re-based compensation, non-cash 2.8 1.5 1.3 1.1
(+) Major scheduled turnaround expense - 5.8 - -
(+) Expenses associated with he merger - - - 3.7
(+) Acquisition costs 4.1 - - -
Adjusted EBITDA 132.0$ 83.9$ 78.2$ 102.5$
(-) Maintenance capital expenditures (7.9) (9.3) (9.4) (10.6)
Free Cash Flow (2) 124.1$ 74.6$ 68.8$ 91.9$
FY ended December 31,
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Unaudited Pro Forma LTM 6/30/16(1) – Quarterly Reconciliation
of Consolidated Net Income (Loss) to Adjusted EBITDA
(1) The summary unaudited pro forma financial information for the LTM period assumes CVR Partners owned Rentech Nitrogen Partners’ East Dubuque facility for all periods presented and also
assumes the $645M principal balance of the 2023 notes was outstanding for all periods presented. Pro forma net income (loss) has also been adjusted to exclude $13.0 million of nonrecurring
expenses related to the fair value adjustment to acquisition-date inventory and deferred revenue. Pro forma net income includes incremental depreciation resulting from increased fair value of the
property, plant and equipment as noted in the previously filed preliminary purchase price allocation. The summary pro forma financial information is for informational purposes only and does not
purport to represent what the Partnership's consolidated results of operations actually would have been if the Merger had occurred at any date, and such data does not purport to project the
Partnership's results of operations for any future period.
(2) Excludes full year of anticipated $12mm in synergies.
$ in millions
Q3 2015 Q4 2015 Q1 2016 Q2 2016 LTM 6/30/16
Net Income (Loss) (16.7)$ 13.1$ 9.0$ 2.5$ 7.9$
Interest expense and ot er financing costs, net 15.8 15.8 15.8 15.3 62.7
Income tax expense - - - 0.1 0.1
Depreciation and amortization 18.7 18.3 18.6 17.6 73.2
EBITDA 17.8$ 47.2$ 43.4$ 35.5$ 143.9$
Major scheduled turnaround expenses 6.6 - - 6.6 13.2
Share-based compe sa ion, non-cash 0.2 0.2 0.2 - 0.6
Adjusted EBITDA(2) 24.6$ 47.4$ 43.6$ 42.1$ 157.7$
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CVR Partners – Unaudited 2016 Q2/YTD Reconciliation of Net Income
(Loss) to EBITDA, Adjusted EBITDA and Cash Available for Distribution
$ in millions
Note: Reflects Coffeyville results only for 2015. 2016 YTD does not include East Dubuque's Q1 financial results as acquisition closed on April 1, 2016.
Three Months Ended Six Months Ended
June 30, June 30,
2016 2015 2016 2015
Net Income (Loss) (17.0)$ 27.0$ 1.0$ 56.8$
Interest expense and other financing costs, net 15.5 1.7 17.2 3.4
Income tax expense 0.1 - 0.1 -
Depreciation and amortization 17.6 7.0 24.5 13.8
EBITDA 16.2$ 35.7$ 42.8$ 74.0$
Major scheduled turnaround expenses 6.6 0.4 6.6 0.4
Share-based compensation, non-cash - - - 0.1
Loss on extinguishment of debt 5.1 - 5.1 -
Expenses associated with the East Dubuque Merger 1.2 - 2.5 -
Adjusted EBITDA 29.1$ 36.1$ 57.0$ 74.5$
Net cash interest expense (excluding capitalized interest)
and debt service (14.5) (1.5) (15.9) (2.9)
Maintenance capital expenditures (4.1) (2.2) (4.9) (3.6)
Major scheduled turnaround expenses (6.6) (0.4) (6.6) (0.4)
Cash reserves for future turnaround expenses - (4.0) - (7.0)
Expenses associated with the East Dubuque Merger (1.2) - (2.5) -
Insurance recovery - business interruption 4.0 - 4.0 -
Impact of purchase accounting 13.0 - 13.0 -
Available cash associated with East Dubuque 2016 Q1 - - 6.3 -
Release of cash reserves established for turnaround expenses - 0.4 - 0.4
Available Cash for Distribution 19.7$ 28.4$ 50.4$ 61.0$