Exhibit 99.1

 

 

FOR MORE INFORMATION, CONTACT:

Dan Swenson
Senior Director, Investor Relations &
Corporate Communications

847/405-2515

dswenson@cfindustries.com

 

Terra Nitrogen Company, L.P. Reports Fourth Quarter
2013 Results

 

DEERFIELD, IL (Feb. 18, 2014)—Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net earnings of $113.6 million on sales of $168.3 million for the quarter ended December 31, 2013.  This compares to net earnings of $150.0 million on sales of $206.5 million for the 2012 fourth quarter.  Net income allocable to Common Units was $69.0 million ($3.73 per Common Unit) and $85.3 million ($4.61 per Common Unit) for the 2013 and 2012 fourth quarters, respectively.

 

For the full year 2013, TNCLP reported net earnings of $502.4 million on sales of $736.2 million.  This compares to net earnings of $560.8 million on sales of $780.1 million in 2012.  Net income allocable to Common Units was $291.8 million ($15.77 per Common Unit) and $315.6 million ($17.06 per Common Unit) in 2013 and 2012, respectively.

 

Results for the fourth quarter of 2013 included an unrealized mark-to-market gain on natural gas derivatives of $9.3 million compared to a gain of $1.0 million in the fourth quarter of 2012.    For the full year 2013, TNCLP had a mark-to-market gain on natural gas derivatives of $9.1 million compared to a gain of $10.6 million in 2012.

 

Analysis of Results
Sales for the 2013 fourth quarter totaled $168.3 million, compared to sales of $206.5 million for the 2012 fourth quarter.  This decrease was due to lower ammonia and urea ammonium nitrate solution (UAN) average selling prices and lower ammonia sales volume, which was partially offset by higher UAN sales volume.  Ammonia average selling price decreased compared to the prior year due to high industry-wide inventory and UAN average selling price decreased due to weaker global nitrogen market conditions compared to the prior year period.  Ammonia sales volume decreased due to a shorter fall ammonia application season compared to 2012, while UAN sales volume increased due to customers rebuilding their inventory levels.

 

Comparing the fourth quarter 2013 to 2012, TNCLP’s:

 

·                  Ammonia average selling prices decreased by 34 percent and UAN average selling prices decreased by 15 percent;

·                  Ammonia sales volume decreased by 4 percent and UAN sales volumes increased by 7 percent; and

·                  Realized natural gas cost per MMBtu decreased by 1 percent.

 

Sales for the full year totaled $736.2 million, compared to sales of $780.1 million in 2012.  This decrease was due to lower sales volume which was partially offset by higher ammonia selling prices.  The sales volume decline was due primarily to planned plant turnaround activities completed during the third quarter.  UAN average selling price was unchanged from last year,

 

1


The following information was filed by Terra Nitrogen Co L P De (TNH) on Tuesday, February 18, 2014 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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