The Waggaman acquisition, completed on December 1, 2023, increased ammonia sales volume in Q1 2024 by approximately 122,000 tons. However, the overall impact on net sales was limited due to lower average selling prices.

The company is progressing with FEED studies for a greenfield SMR ammonia facility with CCS technologies and two additional FEED studies focused on technologies to further reduce the carbon intensity of the proposed low-carbon ammonia facility.

On April 17, 2024, CF Industries and JERA announced a joint development agreement (JDA) to jointly assess a greenfield production facility at CF's Blue Point complex, which includes the supply of low-carbon ammonia to JERA's co-firing project.

Gross ammonia production for the first three months of 2024 was 2.1 million tons, a 9% decrease from 2.4 million tons in the first three months of 2023, due primarily to maintenance activity resulting from the adverse weather in January as well as an increase in non-weather-related maintenance activity.

In the three months ended March 31, 2024, the company repurchased approximately 4.3 million shares under the 2022 Share Repurchase Program for $347 million.

On January 31, 2024, the Board of Directors declared a quarterly dividend of $0.50 per common share, representing a 25% increase from the quarterly dividend of $0.40 per common share that was declared and paid in the fourth quarter of 2023.

The company notes that its nitrogen products are globally traded commodities with selling prices that fluctuate in response to global market conditions, changes in supply and demand, and other cost factors including domestic and local conditions. Intense global competition strongly influences delivered prices for nitrogen fertilizers.

Natural gas is the principal raw material used to produce nitrogen products and represents a significant cost component. The price of natural gas in North America directly impacts a substantial portion of the company's operating expenses.

In January 2024, a winter storm produced extremely cold temperatures that impacted operations, including the temporary shut-down of certain of our plants, leading to additional maintenance costs and lost production.

The document mentions that intense global competition, reflected in import volumes and prices, strongly influences delivered prices for nitrogen fertilizers. The prevailing global prices for nitrogen products must be at a level to incent the high-cost marginal producer to produce product at a breakeven or above price.

Lower global energy costs reduced the global market clearing price required to meet global demand, impacting average selling prices across all segments.

The acquisition of the Waggaman facility is intended to expand the company's ammonia manufacturing and distribution capacity, including its ability to enable low-carbon ammonia production.

The decrease in gross margin was partially offset by lower natural gas costs, which increased gross margin by $269 million.

Higher costs for planned and unplanned maintenance activities in the first quarter of 2024, including as a result of the adverse weather, impacted the cost of sales.

The document mentions that the total cost of sales decreased $88 million, or 8%, to $1.06 billion in the first three months of 2024 from $1.15 billion in the first three months of 2023. The decrease in our cost of sales primarily reflects lower costs for natural gas including the impact of realized derivatives.

The company is integrating green hydrogen generated by an electrolysis plant into existing ammonia synthesis loops to enable the production of approximately 20,000 tons per year of green ammonia. The green hydrogen production facility is mechanically complete, and commissioning activities are nearing completion.

Engineering activities for the construction of the dehydration and compression unit continue to advance: all major equipment for the facility has been procured, fabrication of the CO2 compressors is proceeding and construction of the cooling tower required for the unit has begun.

The company and its partners are progressing two additional FEED studies focused on technologies that would further reduce the carbon intensity of the proposed low-carbon ammonia facility.

In the three months ended March 31, 2024, the company repurchased approximately 4.3 million shares under the 2022 Share Repurchase Program for $347 million.

On January 31, 2024, the Board of Directors declared a quarterly dividend of $0.50 per common share, representing a 25% increase from the quarterly dividend of $0.40 per common share.

The company currently anticipates that capital expenditures for the full year 2024 will be approximately $550 million, primarily for sustaining the asset base and strategic projects.

The company is focused on decarbonizing its ammonia production network and enabling green and low-carbon hydrogen and nitrogen products.

The company is forging partnerships to accelerate its timeline, reduce risks and bridge gaps in areas where it does not have expertise in low-carbon ammonia production.

The company is collaborating to build understanding of ammonia's clean energy capability, safety track record and regulatory environment.

The company notes that its nitrogen products are globally traded commodities with selling prices that fluctuate in response to global market conditions, changes in supply and demand, and other cost factors including domestic and local conditions.

Lower global energy costs reduced the global market clearing price required to meet global demand, impacting average selling prices across all segments.

In January 2024, a winter storm produced extremely cold temperatures that impacted operations, including the temporary shut-down of certain of our plants, leading to additional maintenance costs and lost production.