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Terra Nitrogen Company, L.P. Reports Fourth Quarter And Full Year 2011 Results

Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net earnings of $129.8 million on sales of $201.0 million for the fourth quarter ended December 31, 2011. This compares to net earnings of $65.8 million on sales of $142.9 million for the 2010 fourth quarter. Net income allocable to Common Units was $71.5 million ($3.87 per Common Unit) and $48.3 million ($2.61 per Common Unit) for the 2011 and 2010 fourth quarters, respectively.

Results for the fourth quarter of 2011 included an unrealized mark-to-market loss on natural gas derivatives of $7.5 million compared to a gain of $7.0 million in the fourth quarter of 2010.

For the full year 2011, TNCLP reported net earnings of $508.0 million on sales of $798.9 million. This compares to net earnings of $201.6 million on sales of $564.6 million in 2010. Net income allocable to Common Units was $283.6 million ($15.33 per Common Unit) and $148.2 million ($8.01 per Common Unit) in 2011 and 2010, respectively.

Analysis of Results

Sales for the 2011 fourth quarter totaled $201.0 million, compared to sales of $142.9 million for the 2010 fourth quarter. This increase was due primarily to higher ammonia and urea ammonium nitrate solution (UAN) selling prices.

Comparing the 2010 to the 2011 fourth quarter, TNCLP’s:

  • Ammonia and UAN average selling prices increased by 21 and 79 percent, respectively.
  • Ammonia and UAN sales volumes decreased by twelve and one percent, respectively.
  • Realized natural gas unit costs decreased by seven percent.

Sales for the full year totaled $798.9 million, compared to sales of $564.6 million in 2010. This increase was due to higher ammonia and UAN selling prices and higher sales volumes.

Comparing 2010 to 2011, TNCLP’s full year:

  • Ammonia average selling price increased by 28 percent and UAN average selling price increased by 55 percent.
  • Ammonia and UAN sales volumes increased by 15 and 5 percent, respectively.
  • Realized natural gas unit costs decreased by seven percent.

Cash Distribution

TNCLP reported on February 10, 2012, that its Board of Directors has declared a cash distribution for the quarter ended December 31, 2011, of $4.53 per common limited partnership unit payable February 29, 2012, to holders of record as of February 21, 2012.

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