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Text: I'm Martin Jarosick, Vice President, Investor Relations for CF.
These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statements.
More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available on our website.
Now let me introduce Tony Will, our President and CEO.
Before I jump into our financial results, I want to highlight the entire CF team for amazing execution across all areas of our business.
We set all-time company best records for safety, ammonia production and sales volumes, despite the challenges that 2020 hurled at us.
There was no playbook for how to manage through a global pandemic, yet this team developed and implemented plans to keep our people safe along with everyone who came on to our sites.
To date, we have no known transmissions of COVID-19 within any of our facilities.
On the safety front, we ended the year with only four recordable injuries and zero lost time injuries across the entire network for the whole year.
As is typically the case, safe operations are also more productive.
And we proved that again with an all-time ammonia production record of 10.4 million tons.
Our sales and logistics team rose to the challenge and set all-time sales and shipping records of over 20 million product tons.
Truly a remarkable performance by all.
Looking ahead, we are very optimistic about 2021.
As Bert will describe in a moment, the global nitrogen pricing outlook is much more positive than a year ago.
With strong commodity crop prices and significantly higher energy prices in Asia and Europe, we are seeing a robust demand environment, coupled with a steeper global cost curve.
The current conditions in the Southern Plains in Midwest have thrown another crisis at us, but as usual, the team has done a fantastic job responding to and navigating through these new challenges.
We have been able to quickly adjust our plant operations based on close communications with our gas suppliers.
Disruptions have been widespread across the US nitrogen industry and this should result in further tightening of nitrogen supply for the spring planting season in North America, additional support for an already strong 2021.
Longer term, we are pleased with the progress we are making on our commitment to the clean energy economy.
We continue to advance discussions with technology providers and partners, and we have seen new opportunities develop since our announcement.
These underscore how broad the demand for green and low carbon ammonia will be, and also the value of our unique capabilities.
Then Chris will follow to talk about our financial position and capital allocation outlook before I return for some closing comments.
Global nitrogen dynamics today with low-cost producers like CF are the most positive they have been since 2014.
Strong demand driven by high commodity crop prices and a steeper global cost curve are creating a tighter nitrogen supply and demand balance.
As a result, prices have risen significantly in recent months and are well above 2020 values.
Global demand is robust and broad-based.
Farmers in North America has seen nitrogen consuming coarse grains reach multi-year highs for both near term and futures contracts.
For corn, we have seen lower-than-expected supply and high global demand led by China.
As a result, the USDA is projecting that the corn stocks-to-use ratio for the marketing year-over-year will be at its lowest level since 2013.
This supports our projection of 90 million to 92 million planted corn acres in the US this year with upside potential.
Through the balance of the year, we continue to expect positive demand in most growing regions, particularly India and Brazil.
We expect the urea tender volumes in India this year will be well above the five year average and close to the 10 million metric tons of last year.
For Brazil, we project 2021 imports of urea to be approximately 6.57 million metric tons, similar to last year.
As demand was increasing, the cost curve steepened significantly.
From July 2020 to July -- to December 2020, the Dutch TTF natural gas price and the Asian JKM LNG price both increased about five times greater than the US Henry Hub natural gas price.
This had a number of impacts.
First, margin opportunities increased for low cost producers.
Second, the significant increase in energy prices for producers in Europe and Asia pressured their margins, not only leading to lower operating rates but creating demand for import ammonia into those regions.
This contributed to even tighter global market.
Over time, we expect the global nitrogen market to tighten further and faster driven by several factors.
In the near term, the need to rebuild the stock of commodity crops will underpin demand growth.
Longer term, a key driver will be emerging demand for ammonia for clean energy applications.
We believe this level of global demand will require more production from the highest cost plants until prices rise enough to incent greenfield construction in other parts of the world.
We are well positioned as we approach the spring application season and have the flexibility necessary to address any challenges that arise.
We believe that the recent weather conditions in the US, or [Phonetic] disruption that we've built our system to overcome.
We are looking forward to working with our customers and leveraging our optionality to ensure that these requirements are met as they make -- as our customers make their final preparations for spring.
For 2020, the company reported net earnings attributable to common stockholders of $317 million or $1.47 per diluted share.
EBITDA was $1.32 billion and adjusted EBITDA was $1.35 billion.
Net cash provided by operating activities was $1.2 billion and free cash flow was approximately $750 million.
These results reflect year over year, global nitrogen -- lower year-over-year global nitrogen prices, partially offset by higher sales volume and lower natural gas and SG&A costs compared to the year before.
The results also demonstrate our continued efficient conversion of EBITDA into free cash.
As you can see on slide 9, we converted more than 55% of our adjusted EBITDA into free cash in 2020, which is the highest rate among our peers.
Our free cash conversion continues to support our capital structure and allocation priorities.
This will lower our gross debt to $3.75 billion.
As we remain focused on investment grade and positioning the company to execute our clean energy growth strategy, we will continue to evaluate opportunities to further reduce gross debt over time.
We remain excited to invest in the clean energy growth opportunity given the expected return profile.
We will also continue to return cash to our shareholders through our quarterly dividend and opportunistic repurchases at attractive levels.
As we look ahead to 2021, I want to share some of our expectations for the year ahead.
We anticipate that our capital expenditures for 2021 will be in the range of $450 million.
This reflects a return to a normal level of planned maintenance and turnaround activities in the year ahead, and the first expenses associated with the Green ammonia project at Donaldsonville.
We also expect SG&A levels to return to a level closer to 2019 than 2020.
Our annual cash interest expense will fall to $175 million with the repayment of the 2021 notes.
With our planned maintenance schedule and recent gas driven curtailments, we expect gross ammonia production to be around 9.5 million to 10 million tons.
This, along with lower inventories to the start of the year will likely result in lower product tons sold than in 2020.
Additionally, based on forward curves, we project our natural gas costs will be somewhat higher in 2021 than in 2020.
However, we expect margins to improve this year given the positive nitrogen pricing outlook that Bert described.
As you can see on slide 12, increases in our realized urea price have a much greater impact on EBITDA than higher realized natural gas costs.
With that, Tony will provide some closing remarks before we open the call for Q&A.
Their commitment to our values and unwavering focus on safety and execution are truly the foundation of our success.
We feel very positive about the year ahead.
As Bert described, nitrogen industry dynamics for producers in North America are the most favorable we have seen in nearly a decade.
And longer term, the developing demand for ammonia in clean energy applications provides exciting growth prospects for us, where we are uniquely positioned to be a global leader providing clean energy for a better world.
Economies will continue to focus on decarbonization, and hydrogen will be a key solution, with ammonia a critical enabler of hydrogen as a clean fuel.
We have seen tremendous interest in our strategic direction since our announcement last fall, and see substantial opportunities ahead for clean and low carbon ammonia.
This will provide a growth platform for longer-term shareholder value.

user
compname reports full year 2020 net earnings of $317 mln.
compname reports full year 2020 net earnings of $317 million, ebitda of $1,316 million, adjusted ebitda of $1,350 million.
projects capital expenditures for full year 2021 will be in range of $450 million.

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