CF实业 2024年度报告

2024 Overview Financial Performance $2.33 BillionEBITDA(1) $2.28 BillionAdjusted EBITDA(1) $1.22 BillionNet Earnings Attributable toCommon Stockholders $1.45 BillionFree Cash Flow(2) $2.27 BillionNet Cash from Operations Safety Decarbonization •We made substantial progress on the construction of thedehydration and compression unit at our Donaldsonville,Louisiana, Complex, which will enable our partnerExxonMobil to transport and sequester up to 2 millionmetric tons of carbon dioxide (CO2) annually. Start-up of thislandmark carbon capture and sequestration (CCS) project isexpected in 2025. As of December 31, 2024, the Company’s 12-month rollingrecordable incident rate was 0.31 incidents per 200,000 work hours. Operational Excellence •We announced a new CCS project at our Yazoo City,Mississippi, Complex, which includes an agreementwith ExxonMobil for the transport and sequestration inpermanent geologic storage of up to 500,000 metric tons ofCO2 annually. Sequestration is expected to start in 2028. Produced 9.8 million tons of gross ammonia in 2024. Return to Shareholders Returned approximately $1.9 billion to shareholders in 2024,repurchasing 18.8 million shares for over $1.5 billion and deploying$364 million for dividend payments. FellowCF IndustriesShareholders: The CF Industries team delivered strong results in 2024. Net earnings attributable to common stockholders for the yearwere $1.22 billion, or $6.74 per diluted share, EBITDA was $2.33billion and adjusted EBITDA was $2.28 billion. These resultsreflect strong operational execution by the CF Industries teamagainst the backdrop of constructive global nitrogen industryconditions. We also benefited from successfully integratingthe Waggaman ammonia production facility, which weacquired in December 2023, into our network. Our long-standing commitment is to increase shareholderparticipation in our underlying assets by both increasingproduction capacity and decreasing our outstanding sharecount. Since the beginning of 2020: •We acquired the Waggaman ammonia productionfacility for approximately $1.675 billion. •We returned $1.5 billion to shareholders throughdividend payments. We continue to be a leading converter of adjusted EBITDA tofree cash flow. Net cash from operations was $2.27 billion andfree cash flow was $1.45 billion. •We deployed $4.1 billion to repurchase 52.8 millionshares, approximately 24% of shares outstanding at thestart of the period. We returned approximately $1.9 billion to shareholders in2024. This includes repurchasing 18.8 million shares, 10% ofshares outstanding at the beginning of the year, for $1.5 billion,and $364 million in dividend payments to shareholders. Our strong operational and financial results and commitment to reward long-term shareholders have contributed toour record of outperformance in total shareholder return. We have exceeded our peer group on a 1-, 3-, 5-, 7- and 10-year basis and exceeded the Dow Jones U.S. Commodity Chemicals Index on a 1-, 3-, 5- and 7-year basis and the S&P500 on a 5-year basis, with similar returns on a 3- and 7-year basis. UNIQUE ADVANTAGES WHAT WE DO Our products are global commodities. However, we believe we haveunique capabilities compared to our peers that underpin our cashgeneration capability. Our superior long-term shareholder value creation is rooted in ourstrong and consistent cash generation. At our core, CF Industries is a producer of ammonia. We use theHaber-Bosch process to fix atmospheric nitrogen with hydrogenfrom natural gas to produce anhydrous ammonia, whose chemicalcomposition is NH3. We then choose to sell the ammonia itself orupgrade it into ammonia-derived products such as granular urea,urea ammonium nitrate solution (UAN) and diesel exhaust fluid(DEF), which reduces nitrogen oxide emissions from diesel trucksby up to 90% and increases fuel efficiency by 3-4%. •We consistently deliver capacity utilization rates well aboveour peers, underpinned by outstanding safety performance.We have built, and maintain to the highest standards, whatwe believe to be the industry’s most reliable, efficient, andflexible assets. This operational excellence leads to capitaland operating efficiency, saving our shareholders billions ofdollars of capital and the accompanying annual maintenanceand overhead costs while allowing us to produce meaningfullygreater volumes of ammonia with the same assets. We are the largest producer of ammonia in the world. The 16ammonia plants in our network, which are all located in NorthAmerica, have a total annual average capacity of 10.4 milliontons. We are best-in class operators, producing ammonia and/orammonia-derived products at nine manufacturing facilities that weoperate at one of the highest on-stream factors in our industry. •We are one of the lowest-cost producers in our industry dueto our access to low-cost and plentiful North American naturalgas. This provides a significant production margin advantagecompared to the ind