Businessweek

Terra Nitrogen Company, L.P. reported the declaration of a cash distribution for the quarter ended March 31, 2013, of $4.68 per common limited partnership unit payable May 30, 2013, to holders of record as of May 20, 2013. The company announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $224.1 million compared to $196.9 million a year ago. Earnings from operations were $166.8 million compared to $124.2 million a year ago. Net earnings were $166.8 million compared to $124.2 million a year ago. Allocation of net earnings to common units was $92.2 million compared to $69.9 million a year ago. Net earnings per common unit were $4.98 compared to $3.78 a year ago. Results for the first quarter of 2013 included an unrealized mark-to-market gain on natural gas derivatives of $3.7 million compared to a loss of $11.3 million in the first quarter of 2012. The increase in Net Sales were due to higher ammonia and UAN average selling prices and higher UAN sales volume, which were offset partially by lower ammonia sales volume. In 2013, the company is expected to have capital expenditures in the range of $75 million to $100 million. The capital program includes a rail yard expansion, new ammonia and UAN storage tanks, and control and electrical system upgrades. Some of these projects may extend beyond 2013. In addition to these projects, the company will be undertaking a major turnaround in the second quarter of 2013, which will result in lower production and sales volume during that period.

Terra Nitrogen Company, L.P. announced consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total net sales $206.5 million against $201.0 million for the same period a year ago. Earnings from operations were $150.0 million against $129.7 million for the same period a year ago. Net earnings were $150.0 million against $129.8 million for the same period a year ago. Net earnings allocation to common units was $85.3 million against $71.5 million a year ago. Net earnings allocation to general partner was $63.2 million against $56.9 million a year ago. Net earnings allocation to class B common units was $1.5 million against $1.04 million a year ago. Net earnings per common unit were $4.61 against $3.87 a year ago. Results for the fourth quarter of 2012 included an unrealized mark-to-market gain on natural gas derivatives of $1.0 million compared to a loss of $7.5 million in the fourth quarter of 2011. The increase in sales was due to higher ammonia and urea ammonium nitrate solution (UAN) product volumes and higher average ammonia selling prices. For the year, the company reported total net sales $780.1 million against $798.9 million for the same period a year ago. Earnings from operations were $560.8 million against $507.9 million for the same period a year ago. Net earnings were $560.8 million against $508.0 million for the same period a year ago. Net earnings allocation to common units was $315.6 million against $283.6 million a year ago. Net earnings allocation to general partner was $239.7 million against $219.4 million a year ago. Net earnings allocation to class B common units was $5.5 million against $5.0 million a year ago. Net earnings per common unit were $17.06 against $15.33 a year ago. The decrease in sales was due to lower ammonia and UAN volumes and a lower UAN average selling price. The volume decline was due primarily to the timing impact of the implementation of a new Services and Offtake Agreement with CF Industries on January 1, 2011, which resulted in a one-time increase in sales volume recognized upon adoption of the agreement. Capital expenditures were $46.7 million as compared to $8.7 million in 2011. For the year 2013, the company is expected to have capital expenditures in the range of $75 million to $100 million. The capital program includes a rail yard expansion, new ammonia and UAN storage tanks, and control and electrical system upgrades.

Terra Nitrogen Company, L.P. announced the declaration of a cash distribution for the quarter ended December 31, 2012, of $3.63 per common limited partnership unit. The distribution is payable February 28, 2013, to holders of record as of February 19, 2013.

Terra Nitrogen Company, L.P. announced that they will report Q4, 2012 results at 5:00 PM, Eastern Standard Time on Feb 19, 2013

Terra Nitrogen Company, L.P. entered into an amended and restated terminal lease agreement, by and between the company and CF Industries Inc. The terminal lease amends and restates the lease agreement, dated December 29, 2010, between the company and CF Industries pursuant to which CF Industries leased two terminals owned by the company (one located near Blair, Nebraska and the other located near Pekin, Illinois) for a base quarterly rent of $109,000 and additional rent equal to all costs, expenses, and obligations incurred by CF Industries related to the use, occupancy and operation of the facilities. Under the terminal lease, CF Industries will lease only the Blair terminal, including any improvements located thereon but excluding the urea ammonium nitrate storage tank located thereon (which was taken out of service during 2011), from the company for a base quarterly rent of $100,000 and an additional rent equal to all costs, expenses, and obligations incurred by CF Industries and related to the use, occupancy and operation of the property which may arise or become due during the term of the lease. The base quarterly rent is subject to an annual increase in accordance with the percentage increase in the U.S. Department of Labor Consumer Price Index (CPI-U) for All Urban Consumers, All Items, Midwest Region. The lease is effective for a five-year term starting on January 1, 2013, and CF Industries has three options to renew for additional five-year terms.