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Anthony Will

President, Chief Executive Officer & Director, CF Industries

Search every verified Anthony Will interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Tony Will, president and CEO of CF Industries, discussed the company’s full-year and fourth-quarter 2024 results during an earnings call, focusing on its low-carbon ammonia projects. He stated that the company is evaluating an autothermal reformer (ATR) plant with a capacity of 1.4 million tons, in partnership with Jara and Mitsui, and that a smaller conventional SMR plant is no longer being actively considered. Will noted that the project’s required ammonia price to earn an above-cost-of-capital return is around $450 per metric ton (or $410 per short ton), and that current market conditions support the investment even before accounting for any premium on low-carbon intensity products. He also mentioned that the market is expected to tighten rather than loosen. Will commented on the 45Q tax credit, saying it benefits the project and that its absence would raise the required ammonia price, but he indicated that government discussions in Washington have not suggested the credit is at risk. He contrasted this with EV subsidies and noted that 45Z and 45V credits may carry more uncertainty. In response to a question about potential risks to the company’s strategy, Will pointed to past decisions—such as the Terra Industries acquisition, capacity expansion projects, and other asset purchases—as examples where similar concerns were raised but ultimately did not prevent positive outcomes.

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