CF Industries Holdings
36 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
CHS Inc.
earns from · approximately 13% of our consolidated net salesCHS was our largest customer in 2025 and accounted for approximately 13% of our consolidated net sales.Business (Item 1)
Dyno Nobel, Inc.
earns from · up to 200,000 tons of ammonia per yearIn connection with the closing of the acquisition on December 1, 2023, we entered into a long-term ammonia offtake agreement providing for us to supply up to 200,000 tons of ammonia per year to IPL’s Dyno Nobel, Inc. subsidiary.Business (Item 1)
Suppliers
The National Gas Company of Trinidad and Tobago Limited (NGC)
depends onnamed as a riskFrom time to time, the PLNL joint venture has experienced curtailments in the supply of natural gas from NGC, which has reduced the ammonia production at PLNL.Business (Item 1)
Also named by EOG
Linde plc
depends onIn June 2025, the Blue Point joint venture executed agreements, including a long-term supply agreement, with a subsidiary of Linde plc for them to design, construct, own, operate and maintain an air separation unit (ASU) at our Blue Point complex to supply oxygen and nitrogen to the low-carbon ATR ammonia production facility.Business (Item 1)
Partners and platforms
ExxonMobil
depends on · up to 2 million metric tons of CO2 annuallynamed as a riskFor each facility we have contracted with ExxonMobil to transport and permanently store the captured CO2.Business (Item 1)
Mitsui & Co., Ltd.
earns from · 25% ownershipnamed as a riskWe, JERA and Mitsui are required to purchase low-carbon ammonia produced by the Blue Point joint venture in accordance with our respective ownership percentages once production commences.Business (Item 1)
JERA Co., Inc.
earns from · 35% ownershipnamed as a riskWe hold 40% ownership, JERA holds 35% ownership, and Mitsui holds 25% ownership in the Blue Point joint venture.Business (Item 1)
Occidental Petroleum Corporation / Enbridge Inc. joint venture (Pelican Sequestration Hub)
depends on · approximately 2.3 million metric tons of CO2 annuallynamed as a riskPursuant to a long-term offtake agreement, a joint venture between a subsidiary of Occidental Petroleum Corporation and Enbridge Inc. would then transport the CO2 and permanently sequester it in a Class VI well at its Pelican Sequestration Hub in Louisiana, which is currently under development.Business (Item 1)
Class I railroads
depends onnamed as a riskThese initiatives could materially and adversely affect our operating expenses and potentially our ability to transport ammonia, including the impact of potential rail mergers, which if approved, would reduce the number of Class I railroads available to transport ammonia.Risk factors (Item 1A)
Sunoco ammonia pipeline
depends onThe Donaldsonville and Waggaman facilities are connected to the 2,000-mile long Sunoco ammonia pipeline through which we have the ability to transport ammonia to ten Company-owned terminals and additional shipping points in the Midwestern U.S. corn belt.Business (Item 1)
Other companies
Point Lisas Nitrogen Limited (PLNL)
operates in · 50% interestnamed as a riskThe Point Lisas facility in Trinidad is owned jointly through a 50/50 venture with Koch Fertilizer LLC.Business (Item 1)
Competitors
China
competes withnamed as a riskAny increase in production or export volume could adversely affect the balance between global supply and demand and put downward pressure on global fertilizer prices, which could materially adversely affect our business, financial condition, results of operations and cash flows.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Nutrien Ltd.
competes withOur primary competitors with North American operations include Nutrien Ltd., Koch Fertilizer LLC, LSB Industries, CVR Partners, LP and Yara International.Business (Item 1)
Also named by CP
Yara International
competes withOur primary United Kingdom competition comes from imported products supplied by companies including Yara International, Origin Fertilisers, Ameropa and Thomas Bell & Sons Ltd.Business (Item 1)
Places
Donaldsonville, Louisiana
concentrated in · approximately 40% of our ammonia production capacitynamed as a riskOur nitrogen manufacturing facilities are located at nine separate nitrogen complexes, the largest of which is the Donaldsonville complex, which represented approximately 40% of our ammonia production capacity as of December 31, 2025.Risk factors (Item 1A)
Blue Point complex, Modeste, Louisiana
operates in · approximately $3.7 billionnamed as a riskWe estimate that the cost of the low-carbon ATR ammonia production facility with CCS technologies will be approximately $3.7 billion.Business (Item 1)
Russia
competes withnamed as a riskIn addition, in recent years, high volumes of urea ammonium nitrate solution (UAN) imports from Russia have negatively affected U.S. producers’ UAN profitability.Risk factors (Item 1A)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
Yazoo City, Mississippi
operates innamed as a riskManagement does not expect production to resume until the fourth quarter of 2026 at the earliest based on time required for fabrication and delivery of certain required equipment.Business (Item 1)
Georgetown Canyon, Idaho former phosphate mine
subject tonamed as a riskBecause the former Georgetown Canyon mine site is still in the risk assessment and feasibility study stage, we are not able to estimate at this time our potential liability, if any, with respect to the cleanup of the site or a possible claim for natural resource damages.Business (Item 1)
Europe
earns fromWe expect continued demand growth for low-carbon ammonia and upgraded products into Europe as customers seek to reduce the additional costs imposed by the European Union’s regulations, including the carbon border adjustment mechanism in respect of GHG emissions associated with the production of imported ammonia and upgraded products.Business (Item 1)
Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more
Hazards
Hurricanes (U.S. Gulf Coast)
operates innamed as a riskOur Donaldsonville and Waggaman complexes are located in an area of the United States that experiences a relatively high level of hurricane or high wind activity and several of our complexes are located in areas that experience extreme weather events for which insurance may be insufficient or unavailable.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
North American waterway system
depends onnamed as a riskFor example, recent low water levels on the U.S. river system and in the Panama Canal have delayed shipping in these locations, resulting in an increase in shipping costs.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · approximately 34% of our total production costsnamed as a riskIn 2025, natural gas accounted for approximately 34% of our total production costs.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
U.S. LNG exports
exposed to its pricenamed as a riskAny increases in the volume of liquefied natural gas (LNG) exported from the United States to other regions or increases in natural gas development outside the United States, particularly in regions where nitrogen products are produced, could increase our natural gas costs and/or lower natural gas costs for our competitors.Risk factors (Item 1A)
Also named by KGS
United Kingdom natural gas
exposed to its pricenamed as a riskDue to the substantial increase in the cost of natural gas in the United Kingdom, in 2022, we closed the Ince facility, and in 2023, we ceased operations of the ammonia plant at the Billingham facility, which was idled in September 2022.Business (Item 1)
Regulators
Louisiana Class VI underground injection control program
subject tonamed as a riskFor example in October 2025, Louisiana’s government established new permitting criteria and policy guidance for the state’s Class VI underground injection control program for carbon sequestration, including emphasizing public engagement, economic development, and local community investment, and imposed an indefinite moratorium on all new applications for Class VI underground injection wells while the state works through pending applications.Risk factors (Item 1A)
U.S. EPA GHG Reporting Rule
subject tonamed as a riskFor example, adoption of a proposed rule to repeal the GHG emissions reporting obligations for most source categories, without changes to the IRS’ guidance on the process for documenting clean energy tax credits, may delay or eliminate our ability to realize anticipated tax credits or limit our low-carbon ammonia export opportunities.Risk factors (Item 1A)
Laws and programs
Renewable Fuel Standard
subject to · approximately 35% of total U.S. corn demandnamed as a riskFor example, ethanol production in the United States contributes significantly to corn demand, representing approximately 35% of total U.S. corn demand, and is impacted by federal legislation mandating renewable fuels use.Risk factors (Item 1A)
Also named by ADM, AMRC, CLMT, CVX, DAL, DINO, DTE, ET and 13 more
Canadian GHG emissions pricing (Alberta, Ontario, Greenhouse Gas Pollution Pricing Act)
subject to · CAD $110 per metric tonnamed as a riskFor calendar year 2026, the excess emissions fee under the federal, Alberta and Ontario regulatory programs is CAD $110 per metric ton, which fee will increase by CAD $15 per metric ton per year, reaching CAD $170 per metric ton by 2030.Business (Item 1)
One Big Beautiful Bill Act
subject tonamed as a riskThe One Big Beautiful Bill Act, enacted in July 2025, further modified carbon sequestration tax credits and limited the duration of the clean hydrogen production tax credits.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
EU Carbon Border Adjustment Mechanism (CBAM)
subject tonamed as a riskThe imposition of border taxes, the details of their implementation and uncertainty arising from suspensions of or exemptions to them may impact the development of a market for low-carbon ammonia, investments in low-carbon ammonia, including our returns on such investments, and trade flows, which could adversely impact our business.Risk factors (Item 1A)
Section 45Q Tax Credits
subject tonamed as a riskThe project qualifies for tax credits under Section 45Q of the Internal Revenue Code (45Q Tax Credits), which provide a tax credit per metric ton of CO2 captured and disposed of in secure geological storage.Business (Item 1)
UK Emissions Trading Scheme
subject tonamed as a riskOur U.K. manufacturing plant is subject to the UK Emissions Trading Scheme, which generally requires us to hold or purchase emission allowances to offset GHG emissions from those aspects of our operations that are subject to regulation under this framework.Business (Item 1)
Superfund tax (Infrastructure Investment and Jobs Act of 2021)
subject tonamed as a riskThe Infrastructure Investment and Jobs Act of 2021 reinstated and doubled the Superfund tax on chemicals, including ammonia and nitric acid.Risk factors (Item 1A)
EU anti-dumping duties on UAN
subject tonamed as a riskFor example, the European Commission recently extended through January 6, 2031, definitive anti-dumping duties on imports to the European Union (EU) of UAN manufactured in Russia, Trinidad and the United States.Risk factors (Item 1A)
Technology
Autothermal reforming (ATR) with CCS
depends onnamed as a riskWhile ATR’s are widely used today for hydrogen and synthesis gas production, they have not been widely used for ammonia production and not at the scale contemplated for the low-carbon ammonia plant we are developing at our Blue Point complex.Risk factors (Item 1A)