North American nitrogen and ammonia
CF Industries Holdings, Inc.
CF Industries converts natural gas into ammonia, urea, UAN and other nitrogen products sold to agricultural cooperatives, distributors and industrial users. Natural gas and logistics are core costs, while new low-carbon ammonia capacity depends on industrial-gas and carbon-sequestration partners.
Business categories Diversified & Specialty Chemicals · Industrial Materials & Chemicals · primary
CF Updated Sep 24, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, CF Industries Holdings, Inc. is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 8 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 revenue of $7.084 billion (SEC Form 10-K)
- Segments · Ammonia · Granular Urea · UAN · Ammonium Nitrate · Other
Revenue from
- CHS Inc. High confidence· Count 1,100,000 short tons/year · annual contract right · Annual granular urea purchase right under the CHS supply agreement
CHS holds a minority interest in CF's nitrogen subsidiary and has contractual rights to buy granular urea and UAN at market prices. The metric shows the disclosed annual granular urea purchase right because counterparty revenue is not disclosed. - Mitsui & Co. High confidence· Count 280,000 metric tons/year · from January 2031 · Certified annual supply volume for the Mitsui-led Blue Point low-carbon ammonia project
Mitsui is a long-term offtaker required to purchase low-carbon ammonia from the Blue Point joint venture. Japan's certification discloses the planned annual supply volume, making this a material future revenue channel.
Pays to
- Linde High confidence
A Linde subsidiary will build, own and operate the Blue Point air-separation unit and supply oxygen and nitrogen under a long-term agreement. CF does not disclose the contract value. - 1PointFive Medium confidence· Count 2,300,000 metric tons CO2/year · 25-year agreement · Annual contracted Blue Point CO2 transportation and permanent sequestration volume at Pelican Hub
Occidental subsidiary 1PointFive will transport and permanently store carbon dioxide captured at Blue Point through its Pelican hub. The disclosed metric is contracted annual service volume, not contract value.Confirms EN 1PointFive Published Apr 8, 2025: 1PointFive Signs 25-Year Sequestration Agreement with CF Industries - Union Pacific Corporation Medium confidence
Union Pacific carries CF nitrogen fertilizer from the Donaldsonville and Port Neal complexes into major agricultural regions. Freight charges and contract value are not disclosed.Confirms EN CF Industries Published Apr 14, 2022: CF Industries: Union Pacific Curtails Fertilizer Shipments, Delaying Deliveries and Preventing New Rail Orders from Being Taken - ExxonMobil Medium confidence
CF Industries entered into a commercial agreement under which ExxonMobil transports and permanently stores carbon dioxide captured at its Louisiana manufacturing complex, while counterparty-specific service revenue is not disclosed.Mentions EN ExxonMobil Published Oct 12, 2022: Landmark emissions-reduction project in Louisiana announced; CF Industries, ExxonMobil, EnLink Midstream to collaborate
Investments
- Blue Point Number One, LLC High confidence· Amount $195M · FY2025 · CF's fiscal-year capital contributions to the Blue Point joint venture
CF formed the Blue Point low-carbon ammonia joint venture with JERA and Mitsui and funds it through ownership-based capital calls. The metric uses CF's cumulative contribution disclosed for the latest fiscal year.Confirms KO Korea Hydrogen Alliance Published Apr 11, 2025: Korea Hydrogen Alliance Daily Hydrogen Issue Briefing (2025-04-11)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mitsui & Co. | lead1 | +52.6 | +39.2 | +63.5 | +5.2 | +68.3 | -2.9 |
| CF Industries Holdings, Inc. | node | +87.2 | +22.3 | -4.7 | +10.1 | -7.2 | +74.9 |
| Union Pacific Corporation | benef1 | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +22.1 |
| Linde | benef1 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +14.6 |
| ExxonMobil | benef2 | +57.6 | +87.4 | -6.3 | +11.3 | +16 | +35.2 |
| Wabtec Corporation | benef2 | +26.5 | +9.1 | +28 | +50.1 | +13.2 | +34.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Vulcan Materials Company | benef2 | +41.1 | -14.9 | +30.8 | +14.1 | +11.7 | -7.4 |
| Martin Marietta Materials, Inc. | benef2 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
YTD as of 2026-09-04 · source: Yahoo Finance
CF Industries Holdings, Inc. operates across North American nitrogen and ammonia. It is up +74.9% in 2026. The stock (+74.9%) and its supply side (avg +20.1%) are moving in step. Among connected nodes the furthest ahead is Union Pacific Corporation (+27.1%) and the furthest behind is Linde (+13.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Natural gas and logistics are core costs, while new low-carbon ammonia capacity depends on industrial-gas and carbon-sequestration partners.
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