Exhibit 99.1
     
(TERRA LOGO)   Terra Nitrogen Company, L.P.
600 Fourth Street
P.O. Box 6000
Sioux City, IA 51102-6000
www.terraindustries.com
NEWS
     
For immediate release   Contact: Joe A. Ewing
(712) 277-7305
jewing@terraindustries.com
Terra Nitrogen Company, L.P. reports fourth quarter and full-year results,
declares cash distribution
Sioux City, Iowa (February 10, 2009)—Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net income of $104.4 million, $65.7 million of which is allocable to Common Units ($3.55 per Common Unit), on revenues of $225.2 million for the fourth quarter ended Dec. 31, 2008. This compares with net income of $67.8 million, $66.4 million of which is allocable to Common Units ($3.59 per Common Unit) on revenues of $197.6 million for the 2007 fourth quarter. For 2008, TNCLP reported net income of $422.4 million, $275.7 million of which is allocable to Common Units ($14.90 per Common Unit), on revenues of $903.0 million, compared to net income of $205.8 million, $201.7 million of which is allocable to Common Units ($10.90 per Common Unit) on revenues of $636.3 million for 2007.
TNCLP also announced a cash distribution for the quarter ended Dec. 31, 2008, of $2.97 per common limited partnership unit payable Feb. 27, 2009, to holders of record as of Feb. 17, 2009. Cash distributions depend on TNCLP’s earnings, which can be affected by nitrogen selling prices, natural gas costs, seasonal demand factors, production levels and weather, cash requirements for working capital needs, and capital expenditures. Cash distributions per limited partnership unit also vary based on increasing amounts allocable to the General Partner when cumulative distributions exceed targeted levels. Those targeted levels were attained in the 2008 first quarter.
Analysis of results
Fourth quarter
TNCLP’s improvement in fourth quarter earnings over those of the 2007 fourth quarter was due to higher nitrogen products selling prices, partially offset by lower sales volumes and higher natural gas costs. Strong third quarter demand resulted in the higher nitrogen selling prices that carried over into some fourth quarter sales. The lower sales volumes were due to depressed nitrogen demand in the fourth quarter caused by the global economic slowdown and unfavorable weather. Natural gas costs were affected by global energy price volatility. From the 2007 to the 2008 fourth quarter, TNCLP’s:
    Ammonia and urea ammonium nitrate (UAN) selling prices increased by 78 and 46 percent, respectively.
    Ammonia and UAN sales volumes decreased by 37 and 20 percent, respectively.
    Natural gas unit costs increased by 46 percent.
The fourth quarter 2008 broad-based economic decline reduced 2008 year-end Cornbelt ammonia and UAN spot prices by approximately 25 percent compared to year-end 2007 spot prices. Due to the late fourth quarter pricing pressures, TNCLP recorded $5.8 million on fourth quarter charges related to derivative and inventory valuation.

 

 


The following information was filed by Terra Nitrogen Co L P De (TNH) on Tuesday, February 10, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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