EarningsThe Nitrogen Fertilizer segment reported EBITDA of $54mm vs. consensus of $49mm and our estimate of $43mm.
Operational Performance3Q is off to a better start vs. 2Q, with higher utilization and better margins in Refining, and stronger outlook for Fertilizer volumes and pricing.
Shareholder ReturnsThere is a continued commitment to shareholder returns through the cycle, primarily through cash dividends.