CVR Partners, LP (“CVR Partners”) (NYSE: UAN), a manufacturer of
ammonia and urea ammonium nitrate (“UAN”) solution fertilizer
products, today announced a net loss of $42 million, or 37 cents
per common unit, inclusive of a $41 million pre-tax charge
related to goodwill impairment, on net sales of $105 million for
the second quarter 2020, compared to a net income of $19 million,
or 17 cents per common unit, on net sales of $138 million for the
second quarter 2019. EBITDA was a loss of $2 million for the second
quarter of 2020, compared to income of $60 million for the second
quarter of 2019.
“A highlight of the second quarter 2020 was the
successful spring planting season and record shipments of ammonia
by the East Dubuque fertilizer facility in April as favorable
weather conditions continued to support strong nitrogen fertilizer
application,” said Mark Pytosh, Chief Executive Officer of CVR
Partners’ general partner.
“Agriculture markets continue to be impacted by
COVID-19, with lower corn and natural gas prices resulting in lower
product pricing for 2020 compared to a year ago,” Pytosh said.
“Looking ahead, we will continue to focus on maximizing cash flow
by maintaining safe and reliable operations while judiciously
managing our costs and capital spending.”
Consolidated Operations
For the second quarter of 2020, CVR Partners’
average realized gate prices for UAN showed a reduction over the
prior year, down 24 percent to $165 per ton, and ammonia was down
27 percent over the prior year to $332 per ton. Average
realized gate prices for UAN and ammonia were $217 per ton and $456
per ton, respectively, for the second quarter 2019.
CVR Partners’ fertilizer facilities produced a
combined 216,000 tons of ammonia during the second quarter of 2020,
of which 79,000 net tons were available for sale while the rest was
upgraded to other fertilizer products, including 321,000 tons of
UAN. In the second quarter of 2019, the fertilizer facilities
produced 211,000 tons of ammonia, of which 71,000 net tons were
available for sale while the remainder was upgraded to other
fertilizer products, including 316,000 tons of UAN.
Distributions
CVR Partners will not pay a cash distribution
for the second quarter 2020. CVR Partners is a variable
distribution master limited partnership. As a result, its
distributions, if any, will vary from quarter to quarter due to
several factors, including, but not limited to, its operating
performance, fluctuations in the prices received for its finished
products, maintenance capital expenditures, use of cash, and cash
reserves deemed necessary or appropriate by the Board of Directors
of its general partner.
In May 2020, the Board of Directors of the
Partnership’s general partner, on behalf of the Partnership,
authorized a unit repurchase program (the “Unit Repurchase
Program”), which enables the Partnership to repurchase up to
$10 million of its common units. During the three and six
months ended June 30, 2020, the Partnership repurchased 890,218
common units on the open market at a cost of $1 million,
inclusive of transaction costs, or an average price of $1.07 per
common unit.
Second Quarter 2020 Earnings Conference
Call
CVR Partners previously announced that it will
host its second quarter 2020 Earnings Conference Call on Tuesday,
Aug. 4, at 11 a.m. Eastern. The Earnings Conference Call may also
include discussion of the Partnership’s developments,
forward-looking information and other material information about
business and financial matters.
The second quarter 2020 Earnings Conference Call
will be webcast live and can be accessed on the Investor Relations
section of CVR Partners’ website at www.CVRPartners.com. For
investors or analysts who want to participate during the call, the
dial-in number is (877) 407-8029. The webcast will be archived and
available for 14 days at
https://edge.media-server.com/mmc/p/mfbszfvs. A repeat of the call
also can be accessed for 14 days by dialing (877) 660-6853,
conference ID 13706818.
Qualified NoticeThis release
serves as a qualified notice to nominees and brokers as provided
for under Treasury Regulation Section 1.1446-4(b). Please note that
100 percent of CVR Partners’ distributions to foreign investors are
attributable to income that is effectively connected with a United
States trade or business. Accordingly, CVR Partners’ distributions
to foreign investors are subject to federal income tax withholding
at the highest effective tax rate.
Forward-Looking StatementsThis
news release contains forward-looking statements. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects, opportunities, plans,
actions and events and other statements, concerns, or matters that
are not historical facts are “forward-looking statements,” as that
term is defined under the federal securities laws. These
forward-looking statements include, but are not limited to,
statements regarding future: impacts of COVID-19 including the
duration thereof; distributions including the timing, payment and
amount (if any) thereof; operating performance, finished product
pricing, costs and capital expenditures including management
thereof, cash flow, use of cash and reserves; purchases under the
Unit Repurchase Program (if any); demand for nitrogen fertilizer
application; planted corn acreage; ammonia utilization rates;
weather conditions; corn and feedstock pricing; direct operating
expenses; depreciation and amortization; inventories; continued
safe and reliable operations; timing of delivery; and other
matters. You can generally identify forward-looking statements by
our use of forward-looking terminology such as “outlook,”
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,”
“should,” or “will,” or the negative thereof or other variations
thereon or comparable terminology. These forward-looking statements
are only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control. Investors are
cautioned that various factors may affect these forward-looking
statements, including (among others) impacts of planting season on
our business, general economic and business conditions and other
risks. For additional discussion of risk factors which may affect
our results, please see the risk factors and other disclosures
included in our most recent Annual Report on Form 10-K, any
subsequently filed Quarterly Reports on Form 10-Q and our other SEC
filings. These risks may cause our actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Given these risks and uncertainties,
you are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included
in this news release are made only as of the date hereof. CVR
Partners disclaims any intention or obligation to update publicly
or revise its forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent
required by law.
About CVR Partners,
LPHeadquartered in Sugar Land, Texas, CVR Partners, LP is
a Delaware limited partnership focused on the production, marketing
and distribution of nitrogen fertilizer products. It primarily
produces urea ammonium nitrate (UAN) and ammonia, which are
predominantly used by farmers to improve the yield and quality of
their crops. CVR Partners’ Coffeyville, Kansas, nitrogen fertilizer
manufacturing facility includes a 1,300 ton-per-day ammonia unit, a
3,000 ton-per-day UAN unit and a dual-train gasifier complex having
a capacity of 89 million standard cubic feet per day of hydrogen.
CVR Partners’ East Dubuque, Illinois, nitrogen fertilizer
manufacturing facility includes a 1,075 ton-per-day ammonia unit
and a 1,100 ton-per-day UAN unit.
For further information, please contact:
Investor Relations:Richard
RobertsCVR Partners, LP (281)
207-3205InvestorRelations@CVRPartners.com
Media Relations:Brandee
StephensCVR Partners, LP(281)
207-3516MediaRelations@CVRPartners.com
Non-GAAP Measures
Our management uses certain non-GAAP performance
measures, and reconciliations to those measures, to evaluate
current and past performance and prospects for the future to
supplement our GAAP financial information presented in accordance
with U.S. GAAP. These non-GAAP financial measures are important
factors in assessing our operating results and profitability and
include the performance and liquidity measures defined below.
Effective January 1, 2020, the Partnership no
longer presents the non-GAAP performance measure of Adjusted
EBITDA, as management no longer relies on this financial measure
when evaluating the Partnership’s performance and does not believe
it enhances the users understanding of its financial statements in
a useful manner.
The following are non-GAAP measures that
continue to be presented for the period ended June 30, 2020:
EBITDA - Net income (loss) before (i) interest
expense, net, (ii) income tax expense (benefit) and (iii)
depreciation and amortization expense.
Reconciliation of Net Cash Provided By Operating
Activities to EBITDA - Net cash provided by operating activities
reduced by (i) interest expense, net, (ii) income tax expense
(benefit), (iii) change in working capital, and (iv) other non-cash
adjustments.
Available Cash for Distribution - EBITDA for the
quarter excluding non-cash income or expense items (if any), for
which adjustment is deemed necessary or appropriate by the board of
directors (the “Board”) of our general partner in its sole
discretion, less (i) reserves for maintenance capital expenditures,
debt service and other contractual obligations, and (ii) reserves
for future operating or capital needs (if any), in each case, that
the Board deems necessary or appropriate in its sole discretion.
Available cash for distribution may be increased by the release of
previously established cash reserves, if any, and other excess
cash, at the discretion of the Board.
We present these measures because we believe
they may help investors, analysts, lenders and ratings agencies
analyze our results of operations and liquidity in conjunction with
our U.S. GAAP results, including but not limited to our operating
performance as compared to other publicly traded companies in the
refining industry, without regard to historical cost basis or
financing methods and our ability to incur and service debt and
fund capital expenditures. Non-GAAP measures have important
limitations as analytical tools, because they exclude some, but not
all, items that affect net earnings and operating income. These
measures should not be considered substitutes for their most
directly comparable U.S. GAAP financial measures. Refer to the
“Non-GAAP Reconciliations” section included herein for
reconciliation of these amounts. Due to rounding, numbers presented
within this section may not add or equal to numbers or totals
presented elsewhere within this document.
Factors Affecting Comparability of Our
Financial Results
Our historical results of operations for the
periods presented may not be comparable with prior periods or to
our results of operations in the future for the reason discussed
below.
Goodwill Impairment
As of December 31, 2019, the Partnership had a
goodwill balance of $41 million associated with our
Coffeyville Facility reporting unit for which the estimated fair
value had been in excess of carrying value based on our 2018 and
2019 assessments. As a result of lower expectations for market
conditions in the fertilizer industry, the market performance of
the Partnership’s common units, a qualitative analysis, and
additional risks associated with the business, the Partnership
concluded a triggering event had occurred that required an interim
quantitative impairment assessment of goodwill for this reporting
unit as of June 30, 2020. Significant assumptions inherent in the
valuation methodologies for goodwill include, but are not limited
to, prospective financial information, growth rates, discount
rates, inflationary factors, and cost of capital. The results of
the impairment test indicated that the carrying amount of the
Coffeyville Facility reporting unit exceeded the estimated fair
value of the reporting unit, and a full impairment of the asset was
required. No such charge was recognized during 2019.
CVR Partners, LP(all information
in this release is unaudited)
Financial and Operational Data
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands, except per unit
data) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated Statement
of Operations Data |
|
|
|
|
|
|
|
Net sales (1) |
$ |
105,091 |
|
|
$ |
137,660 |
|
|
$ |
180,172 |
|
|
$ |
229,533 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of materials and other |
21,948 |
|
|
26,000 |
|
|
45,939 |
|
|
49,730 |
|
Direct operating expenses (exclusive of depreciation and
amortization) |
40,008 |
|
|
45,630 |
|
|
75,131 |
|
|
80,450 |
|
Depreciation and amortization |
23,371 |
|
|
25,030 |
|
|
38,968 |
|
|
41,614 |
|
Cost of sales |
85,327 |
|
|
96,660 |
|
|
160,038 |
|
|
171,794 |
|
Selling, general and administrative expenses |
4,451 |
|
|
6,465 |
|
|
9,806 |
|
|
13,311 |
|
Loss (gain) on asset disposals |
94 |
|
|
(9 |
) |
|
81 |
|
|
445 |
|
Goodwill impairment |
40,969 |
|
|
— |
|
|
40,969 |
|
|
— |
|
Operating (loss) income |
(25,750 |
) |
|
34,544 |
|
|
(30,722 |
) |
|
43,983 |
|
Other (expense) income: |
|
|
|
|
|
|
|
Interest expense, net |
(15,890 |
) |
|
(15,599 |
) |
|
(31,673 |
) |
|
(31,249 |
) |
Other income, net |
38 |
|
|
35 |
|
|
65 |
|
|
55 |
|
(Loss) income before income taxes |
(41,602 |
) |
|
18,980 |
|
|
(62,330 |
) |
|
12,789 |
|
Income tax expense
(benefit) |
10 |
|
|
12 |
|
|
17 |
|
|
(100 |
) |
Net (loss) income |
$ |
(41,612 |
) |
|
$ |
18,968 |
|
|
$ |
(62,347 |
) |
|
$ |
12,889 |
|
|
|
|
|
|
|
|
|
Basic and diluted (loss)
earnings per unit data |
$ |
(0.37 |
) |
|
$ |
0.17 |
|
|
$ |
(0.55 |
) |
|
$ |
0.11 |
|
Distributions declared per
unit data |
— |
|
|
0.07 |
|
|
— |
|
|
0.19 |
|
|
|
|
|
|
|
|
|
EBITDA* |
$ |
(2,341 |
) |
|
$ |
59,609 |
|
|
$ |
8,311 |
|
|
$ |
85,652 |
|
Available Cash for
Distribution* |
— |
|
|
15,297 |
|
|
(5,918 |
) |
|
23,146 |
|
|
|
|
|
|
|
|
|
Weighted-average common units
outstanding - basic and diluted |
113,170 |
|
|
113,283 |
|
|
113,226 |
|
|
113,283 |
|
_____________________________
∗ See “Non-GAAP Reconciliations” section
below for a reconciliation of these amounts.(1) Below are the
components of net sales:
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Components of net
sales: |
|
|
|
|
|
|
|
Fertilizer sales |
$ |
95,594 |
|
$ |
128,502 |
|
$ |
160,287 |
|
$ |
210,589 |
Freight in revenue |
6,954 |
|
7,139 |
|
14,677 |
|
15,157 |
Other |
2,543 |
|
2,019 |
|
5,208 |
|
3,787 |
Total net sales |
$ |
105,091 |
|
$ |
137,660 |
|
$ |
180,172 |
|
$ |
229,533 |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Data
(in thousands) |
June 30, 2020 |
|
December 31, 2019 |
Cash and cash equivalents |
$ |
32,557 |
|
$ |
36,994 |
Working capital |
54,083 |
|
49,429 |
Total assets |
1,043,076 |
|
1,137,955 |
Total debt, including current portion |
634,247 |
|
632,406 |
Total liabilities |
686,950 |
|
718,411 |
Total partners’ capital |
356,126 |
|
419,544 |
Selected Cash Flow Data
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in
thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash flow provided by
(used in): |
|
|
|
|
|
|
|
Operating activities |
$ |
(20,929 |
) |
|
$ |
(17,243 |
) |
|
$ |
6,778 |
|
|
$ |
34,681 |
|
Investing activities |
(3,495 |
) |
|
(2,168 |
) |
|
(10,157 |
) |
|
(5,668 |
) |
Financing activities |
(1,033 |
) |
|
(7,929 |
) |
|
(1,058 |
) |
|
(21,523 |
) |
Net (decrease) increase in
cash and cash equivalents |
$ |
(25,457 |
) |
|
$ |
(27,340 |
) |
|
$ |
(4,437 |
) |
|
$ |
7,490 |
|
Capital Expenditures
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in
thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Maintenance capital expenditures |
$ |
2,220 |
|
$ |
1,684 |
|
$ |
6,358 |
|
$ |
4,502 |
Growth capital
expenditures |
288 |
|
288 |
|
1,742 |
|
303 |
Total capital
expenditures |
$ |
2,508 |
|
$ |
1,972 |
|
$ |
8,100 |
|
$ |
4,805 |
Key Operating Data
Ammonia Utilization Rates (1) |
|
|
|
|
Two Years Ended June 30, |
(capacity utilization) |
2020 |
|
2019 |
Consolidated |
94 |
% |
|
92 |
% |
Coffeyville |
95 |
% |
|
94 |
% |
East Dubuque |
94 |
% |
|
90 |
% |
______________________________
(1) Reflects our ammonia utilization rates
on a consolidated basis and at each of our facilities. Utilization
is an important measure used by management to assess operational
output at each of the Partnership’s facilities. Utilization is
calculated as actual tons produced divided by capacity. We present
our utilization on a two-year rolling average to take into account
the impact of our current turnaround cycles on any specific period.
The two-year rolling average is a more useful presentation of the
long-term utilization performance of our plants. Additionally, we
present utilization solely on ammonia production rather than each
nitrogen product as it provides a comparative baseline against
industry peers and eliminates the disparity of plant configurations
for upgrade of ammonia into other nitrogen products. With our
efforts being primarily focused on ammonia upgrade capabilities,
this measure provides a meaningful view of how well we operate.
Sales and Production Data
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Consolidated sales (thousand
tons): |
|
|
|
|
|
|
|
Ammonia |
111 |
|
110 |
|
164 |
|
146 |
UAN |
337 |
|
340 |
|
621 |
|
628 |
|
|
|
|
|
|
|
|
Consolidated product pricing
at gate (dollars per ton) (1): |
|
|
|
|
|
|
|
Ammonia |
$ |
332 |
|
$ |
456 |
|
$ |
310 |
|
$ |
434 |
UAN |
165 |
|
217 |
|
166 |
|
219 |
|
|
|
|
|
|
|
|
Consolidated production volume
(thousand tons): |
|
|
|
|
|
|
|
Ammonia (gross produced) (2) |
216 |
|
211 |
|
417 |
|
390 |
Ammonia (net available for sale) (2) |
79 |
|
71 |
|
157 |
|
112 |
UAN |
321 |
|
316 |
|
638 |
|
651 |
|
|
|
|
|
|
|
|
Feedstock: |
|
|
|
|
|
|
|
Petroleum coke used in production (thousand tons) |
138 |
|
134 |
|
263 |
|
266 |
Petroleum coke used in production (dollars per ton) |
$ |
31.13 |
|
$ |
34.60 |
|
$ |
37.59 |
|
$ |
36.14 |
Natural gas used in production (thousands of MMBtu) (3) |
2,131 |
|
2,070 |
|
4,272 |
|
3,510 |
Natural gas used in production (dollars per MMBtu) (3) |
$ |
1.94 |
|
$ |
2.61 |
|
$ |
2.18 |
|
$ |
3.11 |
Natural gas in cost of materials and other (thousands of MMBtu)
(3) |
3,216 |
|
3,185 |
|
4,633 |
|
4,193 |
Natural gas in cost of materials and other (dollars per MMBtu)
(3) |
$ |
2.17 |
|
$ |
3.32 |
|
$ |
2.36 |
|
$ |
3.45 |
____________________________
(1) Product pricing at gate represents sales less freight
revenue divided by product sales volume in tons and is shown in
order to provide a pricing measure that is comparable across the
fertilizer industry.
(2) Gross tons produced for ammonia represent total
ammonia produced, including ammonia produced that was upgraded into
other fertilizer products. Net tons available for sale represent
ammonia available for sale that was not upgraded into other
fertilizer products.
(3) The feedstock natural gas shown above does not include
natural gas used for fuel. The cost of fuel natural gas is included
in direct operating expense.
Key Market Indicators
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Ammonia - Southern plains (dollars per ton) |
$ |
261 |
|
$ |
382 |
|
$ |
266 |
|
$ |
404 |
Ammonia - Corn belt (dollars
per ton) |
346 |
|
495 |
|
355 |
|
496 |
UAN - Corn belt (dollars per
ton) |
183 |
|
226 |
|
176 |
|
228 |
|
|
|
|
|
|
|
|
Natural gas NYMEX (dollars per
MMBtu) |
$ |
1.75 |
|
$ |
2.51 |
|
$ |
1.81 |
|
$ |
2.69 |
Q3 2020 Outlook
The table below summarizes our outlook for
certain operational statistics and financial information for the
third quarter of 2020. See “Forward-Looking Statements” above.
|
Q3 2020 |
|
Low |
|
High |
Ammonia utilization rates
(1) |
|
|
|
Consolidated |
95 |
% |
|
100 |
% |
Coffeyville |
95 |
% |
|
100 |
% |
East Dubuque |
95 |
% |
|
100 |
% |
|
|
|
|
Direct operating expenses (2) (in millions) |
$ |
37 |
|
|
$ |
42 |
|
|
|
|
|
Total capital expenditures (3)
(in millions) |
$ |
3 |
|
|
$ |
6 |
|
______________________________
(1) Ammonia utilization rates exclude the impact of
Turnarounds.
(2) Direct operating expenses are shown exclusive of
depreciation and amortization, turnaround expenses, and impacts of
inventory adjustments.
(3) Capital expenditures are disclosed on an accrual
basis.
Non-GAAP Reconciliations
Reconciliation of Net (Loss) Income to
EBITDA
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (loss) income |
$ |
(41,612 |
) |
|
$ |
18,968 |
|
|
$ |
(62,347 |
) |
|
$ |
12,889 |
|
Add: |
|
|
|
|
|
|
|
Interest expense, net |
15,890 |
|
|
15,599 |
|
|
31,673 |
|
|
31,249 |
|
Income tax expense (benefit) |
10 |
|
|
12 |
|
|
17 |
|
|
(100 |
) |
Depreciation and amortization |
23,371 |
|
|
25,030 |
|
|
38,968 |
|
|
41,614 |
|
EBITDA |
$ |
(2,341 |
) |
|
$ |
59,609 |
|
|
$ |
8,311 |
|
|
$ |
85,652 |
|
Reconciliation of Net Cash Provided By Operating
Activities to EBITDA
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash provided by operating activities |
$ |
(20,929 |
) |
|
$ |
(17,243 |
) |
|
$ |
6,778 |
|
|
$ |
34,681 |
|
Non-cash items: |
|
|
|
|
|
|
|
Goodwill impairment |
(40,969 |
) |
|
— |
|
|
(40,969 |
) |
|
— |
|
Other |
(1,426 |
) |
|
(2,005 |
) |
|
(2,211 |
) |
|
(4,326 |
) |
Add: |
|
|
|
|
|
|
|
Interest expense, net |
15,890 |
|
|
15,599 |
|
|
31,673 |
|
|
31,249 |
|
Income tax (benefit) |
10 |
|
|
12 |
|
|
17 |
|
|
(100 |
) |
Change in assets and liabilities |
45,083 |
|
|
63,246 |
|
|
13,023 |
|
|
24,148 |
|
EBITDA |
$ |
(2,341 |
) |
|
$ |
59,609 |
|
|
$ |
8,311 |
|
|
$ |
85,652 |
|
Reconciliation of EBITDA to Available
Cash for Distribution
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
(in thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
EBITDA |
$ |
(2,341 |
) |
|
$ |
59,609 |
|
|
$ |
8,311 |
|
|
$ |
85,652 |
|
Non-cash items: |
|
|
|
|
|
|
|
Goodwill impairment |
40,969 |
|
|
— |
|
|
40,969 |
|
|
— |
|
Current reserves for amounts
related to: |
|
|
|
|
|
|
|
Debt service |
(14,999 |
) |
|
(14,865 |
) |
|
(29,998 |
) |
|
(29,692 |
) |
Maintenance capital expenditures |
(2,220 |
) |
|
(1,447 |
) |
|
(6,358 |
) |
|
(4,814 |
) |
Common units repurchased |
(1,008 |
) |
|
— |
|
|
(1,008 |
) |
|
— |
|
Other (reserves) releases: |
|
|
|
|
|
|
|
Reserve for future turnaround |
(1,500 |
) |
|
(7,000 |
) |
|
(1,500 |
) |
|
(7,000 |
) |
Reserve for repayment of current portion of long-term debt |
(2,240 |
) |
|
— |
|
|
(2,240 |
) |
|
— |
|
Reserve for recapture of prior negative available cash |
(5,917 |
) |
|
— |
|
|
(5,917 |
) |
|
— |
|
Cash reserves for future operating needs |
(10,744 |
) |
|
(5,000 |
) |
|
(10,744 |
) |
|
(5,000 |
) |
Reserve for maintenance capital expenditures |
— |
|
|
(16,000 |
) |
|
— |
|
|
(16,000 |
) |
Release of previously established cash reserves |
— |
|
|
— |
|
|
2,567 |
|
|
— |
|
Available Cash for distribution
(1) (2) |
$ |
— |
|
|
$ |
15,297 |
|
|
$ |
(5,918 |
) |
|
$ |
23,146 |
|
|
|
|
|
|
|
|
|
Common units outstanding |
112,393 |
|
|
113,283 |
|
|
112,393 |
|
|
113,283 |
|
____________________________
(1) Amount represents the cumulative available cash based on
quarter-to-date and year-to-date results. However, available cash
for distribution is calculated quarterly, with distributions (if
any) being paid in the period following declaration.
(2) The Partnership paid no cash distributions for the fourth
quarter of 2019 and the first quarter of 2020.
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