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CF Industries Holdings, Inc. is a leading global manufacturer specializing in hydrogen and nitrogen products, with a mission to provide clean energy solutions to sustainably feed and fuel the world . The company operates the world's largest ammonia production network, which it is actively working to decarbonize to produce green and low-carbon hydrogen and nitrogen products for various applications, including energy, fertilizer, and emissions abatement . CF Industries' core product is anhydrous ammonia, which is either sold directly or upgraded into other nitrogen products such as granular urea, urea ammonium nitrate solution (UAN), and ammonium nitrate (AN) . The company also produces diesel exhaust fluid (DEF), urea liquor, nitric acid, and aqua ammonia, primarily for industrial customers .
- Anhydrous Ammonia - Serves as the core product, containing 82% nitrogen and 18% hydrogen, and is sold directly or used as a base for other nitrogen products.
- Granular Urea - Upgraded from anhydrous ammonia, used as a nitrogen-release fertilizer and in industrial applications.
- Urea Ammonium Nitrate Solution (UAN) - A liquid fertilizer product derived from ammonia, used for agricultural purposes.
- Ammonium Nitrate (AN) - Produced from ammonia, used in fertilizers and various industrial applications.
- Diesel Exhaust Fluid (DEF) - Manufactured for reducing emissions in diesel engines, primarily for industrial customers.
- Urea Liquor - A liquid form of urea used in various industrial processes.
- Nitric Acid - Produced for use in fertilizers and other industrial applications.
- Aqua Ammonia - A solution of ammonia in water, used in industrial and agricultural applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
W. Anthony Will ExecutiveBoard | President and Chief Executive Officer | Board Member at Olin Corporation | CEO since January 2014, joined CF in April 2007. Previously held roles in corporate development, manufacturing, and distribution. Expertise in governance, operations, and sustainability. | View Report → |
Ashraf K. Malik Executive | Senior Vice President, Manufacturing and Distribution | None | Joined CF in 2012. Former VP of Site Operations. Expertise in engineering and plant operations. | |
Bert A. Frost Executive | Executive Vice President, Sales, Market Development, and Supply Chain | None | Joined CF in 2008. Previously SVP of Sales and Market Development. Expertise in global ammonia and nitrogen fertilizer markets. | |
Christopher D. Bohn Executive | Executive Vice President and COO | None | Joined CF in 2009. Previously CFO and held roles in manufacturing, distribution, and supply chain. Expertise in clean energy strategy and capital deployment. | |
Gregory D. Cameron Executive | Executive Vice President and CFO | None | Joined CF in June 2024. Former CFO at Bloom Energy and held leadership roles at GE. Expertise in clean energy and operational leadership. | |
Linda M. Dempsey Executive | Vice President, Public Affairs | None | Joined CF in March 2020. Former VP at the National Association of Manufacturers. Expertise in international trade and regulatory policies. | |
Michael P. McGrane Executive | Vice President, General Counsel, and Secretary | None | Joined CF in 2011. Former Chief Compliance Officer. Expertise in corporate governance, M&A, and securities law. | |
Susan L. Menzel Executive | Executive Vice President and Chief Administrative Officer | None | Joined CF in 2017. Former SVP of Human Resources. Expertise in HR leadership and organizational strategy. | |
Anne P. Noonan Board | Director | President and CEO of Summit Materials, Inc. | Director since 2015. Former CEO of OMNOVA Solutions. Expertise in industrial products and corporate development. | |
Celso L. White Board | Director | Co-Founder of Igniting Business Growth LLC; Board Member at Armada Acquisition Corp. I, Colorado UpLift, Bradley University, and Children Center in Hilton Head | Director since 2018. Expertise in operations, supply chain, and sustainability. | |
Javed Ahmed Board | Director | CEO and President of Reiter Affiliated Companies; Founder of Kompali Farms; Board Member at Monte Xanic and Reiter Affiliated Companies | Director since 2018. Former CEO of Tate & Lyle PLC. Expertise in agriculture, food industry, and sustainability. | |
Jesus Madrazo Board | Director | CEO and President of Reiter Affiliated Companies; Founder of Kompali Farms; Board Member at Monte Xanic and Reiter Affiliated Companies | Director since 2021. Expertise in agriculture, sustainability, and strategic initiatives. | |
Michael J. Toelle Board | Director | Owner of T & T Farms; Board Member at Nationwide Mutual Insurance Company and CIBO | Director since 2017. Expertise in agriculture, risk management, and governance. | |
Stephen J. Hagge Board | Chairman of the Board | Director at Crown Holdings, Inc.; Board Member at Transcendia Topco Holdings | Director since 2010. Former CEO of AptarGroup. Expertise in governance, operations, and strategic initiatives. | |
Susan A. Ellerbusch Board | Director | Board Member at Summit Materials, Inc. | Director since October 2023. Former CEO of Air Liquide North America. Expertise in hydrogen, industrial gases, and chemicals. | |
Theresa E. Wagler Board | Director | None | Director since 2014. CFO of Steel Dynamics. Expertise in accounting, finance, and ESG initiatives. |
- With your continued emphasis on share repurchases as a strategy to unlock shareholder value amidst perceived undervaluation, are there alternative strategies you are considering to more effectively bridge the gap between your enterprise value and the market's recognition of your assets' worth?
- Given the substantial investments in carbon capture and sequestration projects and the high costs associated with green ammonia production, how confident are you that the demand for low-carbon ammonia, especially from the agricultural sector, will materialize at a scale sufficient to justify these expenditures?
- As you anticipate a solid fall application season despite tighter grower margins and potential shifts in crop planting from corn to soybeans, what specific measures are you taking to mitigate the risks associated with these market uncertainties on nitrogen demand?
- While the Waggaman facility operates at 10% above nameplate capacity and is your most efficient plant, what challenges do you foresee in further optimizing its performance, and how do you plan to leverage this asset to achieve additional efficiencies across your operations?
- Considering the significant capital allocated to your low-carbon initiatives and the potential risks of technological hurdles or policy changes affecting 45Q tax credits, how are you assessing the risk-return profile of these investments, and what contingency plans are in place if the expected market demand does not materialize?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Our primary competitors with North American operations include this company, which is part of the intensely competitive global markets based primarily on delivered price and, to a lesser extent, on reliability, customer service, and product quality. | |
Koch Fertilizer LLC | This company is one of our primary competitors with North American operations, competing in the global markets for nitrogen products. |
N-7 LLC | This joint venture between OCI N.V. and Dakota Gasification Company is a primary competitor with North American operations in the nitrogen products market. |
Yara International | This company is a primary competitor with North American operations and also competes in the United Kingdom market through imported products. |
Origin Fertilisers | This company is a competitor in the United Kingdom market, supplying imported fertilizer products. |
Ameropa | This company competes in the United Kingdom market by supplying imported fertilizer products. |
Thomas Bell & Sons Ltd. | This company is a competitor in the United Kingdom market, providing imported fertilizer products. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
CHS | Largest customer; ~11% equity interest in CFN | All | 12% (≈$712 million) of 2024 total revenue , 13% (≈$862 million) of 2023 total revenue , 13% (≈$1,454 million) of 2022 total revenue. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Waggaman, Louisiana Ammonia Facility | 2023 |
Recent press releases and 8-K filings for CF.
- Adjusted EBITDA of $644 million and net earnings of $312 million (EPS $1.85) reflect strong Q1 2025 performance driven by higher volumes and lower costs.
- Produced over 2.6 million tons of ammonia in Q1 2025 with a forecast of 10 million tons for the full year amid a tight global nitrogen market.
- Returned $530 million to shareholders via repurchases and dividends, underlining effective capital allocation.
- Announced a new $2 billion share repurchase authorization (expiring December 2029) with a remaining authorization of $630 million.
- Outlined capital expenditure plans of roughly $650 million, including a significant allocation for the Blue Point Low-Carbon Ammonia Production Facility and investments in sustainable growth initiatives.
- CF Industries Holdings, Inc. filed an 8-K report detailing the outcomes of its 2025 Annual Meeting held on May 6, 2025, including director elections and various shareholder votes.
- The report included vote counts on key matters such as the election of directors, an advisory vote on executive compensation, the ratification of KPMG as auditor, and a shareholder proposal on golden parachute requirements.
- The filing was duly signed by Michael P. McGrane, Vice President, General Counsel, and Secretary, confirming compliance with SEC requirements.