Short answer

Cvr Partners LP (UAN) filed its fiscal 2011 10-K annual report with the SEC on Feb 24, 2012.

Top risk flagged: Environmental liability under CERCLA: strict cleanup responsibility for hazardous-substance spills regardless of fault

Cvr Partners LP FY2011 10-K analysis

AI summary of each section, grounded in the filing text

Pet coke-based nitrogen fertilizer producer, converting ammonia into higher-margin UAN for wholesale agricultural and industrial markets
Two-year expansion underway, targeting 400,000 additional annual UAN tons, approximately 50% capacity growth
Differentiated low-cost feedstock model, pet coke versus competitors’ natural gas, with over 70% historically supplied by CVR Energy
2011 production: 411,189 ammonia tons and 714,130 UAN tons, with approximately 72% of ammonia upgraded
Estimated 2011 U.S. market exposure: 6% of UAN use and 1% of ammonia use, with 124 direct employees

Revenue $302.9M, up $122.4M YoY from $180.5M, driven by UAN sales $221.5M vs $117.4M
Operating margin 45.0% vs 11.3%, with operating income $136.2M vs $20.4M
Best segment: UAN sales $221.5M, up $104.1M; weakest: ammonia volume, down 31.5% to 112,775 tons
Operating cash flow $139.8M; capex $19.1M, including $12.6M for UAN expansion
Distributions $71.4M; 2012 capital spending estimated at $114.8M, with fertilizer pricing, downtime and elevated property taxes key risks

Environmental liability under CERCLA: strict cleanup responsibility for hazardous-substance spills regardless of fault
Ethanol policy reversal: expiration of the 45 cents per gallon tax credit and 54 cents per gallon import tariff on December 31, 2011
Single Coffeyville, Kansas facility: 2010 UAN vessel rupture left production offline approximately six weeks
Pet coke concentration: CVR Energy supplied over 70% of average requirements during the last five years
CVR Energy dependency: services agreement terminable after April 13, 2012 with 180-day notice by CVR Energy

Generated from the filing text; verify against the original. How to read a 10-K

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