The fertiliser major posted an adjusted EBITDA of $1.41bn, up from $1.21bn in H1 2024, thanks to higher sales prices and increased production.

In July, the firm started up its Donaldsonville carbon dioxide dehydration and compression facility in Louisiana to capture and permanently store up to two million tonnes of CO2 annually.

The facility will produce up to 1.9 million tonnes of lower-carbon ammonia per year, with ExxonMobil handling carbon storage.

“We are realising the financial benefits of investing in low-carbon ammonia production through both 45Q tax credit generation and the premium that these low-carbon tons command in the global marketplace,” said Tony Will, President and CEO of CF.

The 45Q credit offers companies up to $85/tonne of CO2 capture and permanently stored or used in industry – potentially netting the firm over $160m per year in subsidies alone.

The company is now looking ahead to its future $3.7bn blue ammonia plant through its BluePoint venture with Jera and Mitsui.

Now under development, the facility will use autothermal reforming and carbon capture to produce up to 1.4 million tonnes of blue ammonia, while capturing and storing 2.3 million tonnes of CO2, and delivering an estimated $195m in tax credits a year.

Despite setbacks in green hydrogen and derivatives in the US, blue ammonia is increasingly viewed as a critical, economically viable option for fertiliser makers, due to low-cost natural gas and the 45Q credit.