Terra Nitrogen releases 4Q17 results
Published by David Rowlands,
Editor
World Fertilizer,
By comparison, in 4Q16, the company reported net earnings of US$44.1 million on net sales of US$93.4 million. Net earnings allocable to common units were US$26.6 million (US$1.44 per common unit) and US$34.3 million (US$1.85 per common unit) for 4Q17 and 4Q18, respectively. 4Q17 included a gain of US$14.3 million on the sale of TNCLP's 50% joint venture interest in Oklahoma CO2 Partnership (OKCO2), which added US$0.42 to 4Q17 earnings per common unit. Results for 4Q17 also included an unrealised net mark-to-market loss on natural gas derivatives of US$0.9 million compared to a gain of US$13.6 million in 4Q16. The derivative portfolio at 31 December 2017 includes natural gas derivatives that hedge a portion of natural gas purchases through December 2018.
For the full year 2017, TNCLP reported net earnings of US$153.9 million on net sales of $397.2 million. This compares to net earnings of US$209.3 million on net sales of US$418.3 million for the full year 2016. Net earnings allocable to common units were US$109.8 million (US$5.93 per common unit) and US$139.9 million (US$7.56 per common unit) for the full year 2017 and 2016, respectively. Results for the full year 2017 included a gain of US$14.3 million on the sale of OKCO2, which added US$0.55 to the full year 2017 earnings per common unit. Results for the full year 2017 included an unrealised net mark-to-market loss on natural gas derivatives of US$10.6 million compared to an unrealised net mark-to-market gain of US$35.3 million for the full year 2016.
On 7 February this year, TNCLP announced that, in accordance with Section 17.1 of its First Amended and Restated Agreement of Limited Partnership, as amended, Terra Nitrogen GP Inc. (TNGP), a Delaware corporation and the sole general partner of TNCLP, has elected to exercise the right, assigned to TNGP by TNCLP, to purchase all of the issued and outstanding common units representing limited partner interests in TNCLP not already owned by TNGP or its affiliates. TNGP will buy the units on 2 April 2018 for a cash purchase price of US$84.033 per unit. The purchase price was determined in accordance with Section 17.1 of the partnership agreement.
Read the article online at: https://www.worldfertilizer.com/nitrogen/15022018/terra-nitrogen-releases-4q17-results/
You might also like
Ready to revolutionise the cement industry?
Join our sister publication, World Cement, in Lisbon, 10 – 13 March 2024, for their first in-person conference and exhibition: EnviroTech.
This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.
Three in one: Knight Material Technologies leverages the expertise from three companies for sulfuric acid protection
Sulfuric acid poses a persistent threat to the structural integrity of critical equipment used in the fertilizer industry. For corrosion protection, fertilizer producers can rely on a single source using fluoropolymers, dual laminates and acid-resistant mortars and bricks. Case studies can supply credible examples of the solution’s long-lasting success in challenging applications.
