CF Industries Holdings Inc Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew D. Wong - RBC Capital Markets, Research Division - Analyst : So CF made the decision to permanently close Billingham for economic purposes, which I think makes a lot of sense. We've seen maybe one or two of these announcements in Europe, but maybe not as much as some might expect, given the economics for nitrogen today in Europe and potentially looking forward. So what do you think is keeping some of these plants operating? And do you expect more permanent shutdowns in Europe going forward?

Question: Andrew D. Wong - RBC Capital Markets, Research Division - Analyst : That's great. And maybe just kind of following up on that. There's a few plants that are in the planning stages for the U.S. Gulf on blue ammonia and there has been some concern that there might be too much ammonia that gets brought online over that 3- to 5-year time frame. But there are some plans to import ammonia coming from different places into Europe, and one of your peers has mentioned something like that as well. So could that be a way to balance some of these new ammonia projects that we're seeing coming online potentially over the next few years?

Question: Aron Ceccarelli - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I have two. The first one is on blue and green ammonia. How do you see the potential for blue and green ammonia as an alternative fuel for marine, which is [competing] now with methanol? And one of your competitors in Europe yesterday was very bullish about it. The second question is on the Slide #6 of your presentation. May you help me understand a little bit better what's the embedded assumption for the lower and the upper end of the targets, please?