LSB Industries manufactures ammonia and ammonia-derived nitrogen chemicals at three owned facilities in Arkansas, Alabama, and Oklahoma, plus a contract-operated facility in Texas. LSB sells into two end markets: agricultural and industrial. On the agricultural side, LSB sells urea ammonium nitrate (UAN) and ammonia as fertilizers, primarily to U.S. grain and ranch markets, at spot prices that fluctuate with global nitrogen supply and demand. On the industrial side, LSB sells ammonium nitrate (AN) solution for mining explosives, nitric acid for polyurethane, paper, and emissions control, and industrial ammonia for power plant emissions reduction — mostly under multi-year, cost-plus contracts with natural gas pass-through pricing. Industrial represents roughly 40-45% of volume today, with agricultural at 55-60%. LSB's profitability is driven by the spread between product prices and natural gas costs, its primary input. Industrial contracts insulate a portion of earnings from gas price swings, and LSB is deliberately shifting its mix toward industrial to reduce earnings volatility. A key earnings lever is upgrading raw ammonia into higher-margin downstream products like AN, UAN, and nitric acid. LSB is also targeting 95% ammonia plant utilization to improve unit economics. Near-term growth initiatives include operational reliability improvements, downstream capacity debottlenecking, and a carbon capture project at El Dorado expected to generate roughly $15M in annual EBITDA once operational.