CF Industries Holdings Inc Q3 2021 Earnings Call Summary

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

Question: Andrew D. Wong - RBC Capital Markets, Research Division - Analyst : Just going back on blue green ammonia here. Can you talk about how the blue green ammonia market could impact the dynamics around the gray ammonia market in the future? I mean, we have projects like D'ville and Yazoo, turning some of the volumes from gray to blue. And as those tons are sold into clean ammonia applications like maybe with Mitsui, does that effectively mean a loss of supply for the gray ammonia market? And then on the demand side, like the molecules are the same, could there be a scenario where demand and supply maybe aren't matched up properly? So you have some applications that maybe need blue green ammonia. But if there isn't enough, you use a little bit of gray. Just in general, does the emergence of a blue green ammonia market mean potentially a tighter gray market in the future?

Question: Adrien Tamagno - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : As a follow-up from the previous question. So from a CF Industries perspective, the combination of the world being short of ammonia, as you described, and the current technical difficulty to make significant volumes in a low-carbon way, would that makes you thinking about going for greenfield ammonia at some point in time or it's out of question for you?