Company: CF
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001324404-25-000030
Chunk: 9

Company: CF Industries Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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3.00 and $4.00 per MMBtu. The tighter supply and demand balance kept average prices in the second quarter of 2025 more than $1.00 per MMBtu higher than the second quarter of 2024. U.S. liquefaction facilities continued to run at full rates during the second quarter of 2025, taking advantage of global price economics. Weekly storage injections consistently tracked above historical averages, alleviating concerns for below average levels to end the summer injection season. 

During the third quarter of 2025, natural gas supply continued to increase as production from both traditional gas basins and associated gas from oil basins contributed to the growth. Gas demand was lower in the electricity sector compared to the third quarter of 2024 due primarily to mild temperatures and an increase in renewables and coal-fired power generation. The increased supply and lower demand produced robust storage injections that allowed prices to decrease from an average of $3.50 per MMBtu in the second quarter of 2025 to an average of $3.07 per MMBtu in the third quarter of 2025. U.S. liquefaction facilities set a new record for export volumes as new facilities continued to increase output and existing plants operated near full capacity.

The following table presents the average daily market price of natural gas at the Henry Hub, the most heavily-traded natural gas pricing point in North America, and our cost of natural gas used for production, which includes the impact of realized natural gas derivatives: 

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Table of ContentsCF INDUSTRIES HOLDINGS, INC. 

 Three Months Ended September 30,Nine Months Ended September 30,202520242025 v. 2024202520242025 v. 2024Average daily market price of natural gas at the Henry Hub (per MMBtu)$3.03 $2.08 $0.95 46 %$3.48 $2.19 $1.29 59 %Cost of natural gas used for production in cost of sales(1) (per MMBtu) 2.96 2.10 0.86 41 %3.34 2.38 0.96 40 %

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(1)Includes the cost of natural gas used for production and related transportation that is included in cost of sales during the period under the first-in, first-out inventory cost method.

In the third quarter of 2025, our cost of natural gas used for production