Delivering Value through Organic and Tuck-in Growth
Nitrogen: Benefiting from Strong Fundamentals and
Strategically Located Assets.
N
16
Generating higher nitrogen margins due to strong market fundamentals and low-cost position. We expect to increase sales
volumes in 2022 due to completion of our Phase 1 brownfield expansion projects and higher operating rates.
2021 Global Urea Production Cost Curve¹
US$/tonne FOB
10.6
11.0
10.8-11.3
10.7
10.3
700
Canada
China Coal
650
US
Other
600
550
500
450
Volumes
400
350
300
Nitrogen Sales
Million Tonnes
2
2018
2019
2020
2021
2022F
$3.2-$3.6
IIIII
250
200
$2.3
150
100
50
$1.2
$1.2
$1.1
0
0
20
40
60
80
100
120
140
160
180 Nitrogen Adjusted
Operational Capability (Mmt)
EBITDA
US$ Billions
20182
2
2019
2020
2021
2022F
1.
2.
Represents cash costs of production for January 2022. For exporting regions, the cost is FOB port, while for regions with in-market nitrogen production (e.g. North America) the costs are FOB plant gate.
Based on guidance as provided in our news release February 16, 2022.
March 2022
Source: NutrienView entire presentation