Rentech Nitrogen has already purchased or contracted at fixed prices for 68% of the natural gas required to produce the product already delivered or forecasted to be delivered during the twelve months ending December 31, 2012. Included in these purchases are forward purchase contracts for approximately 3.1 million MMBtus in excess of the partnership’s needs to produce product sold to date under pre-paid sales contracts, at an average price of $2.75 per MMBtu, excluding transportation costs.
The calculation of forecasted cash available for distribution has been included below in this press release.
First Quarter Cash Distribution
On April 27, 2012, Rentech Nitrogen declared its first cash distribution of $1.06 per unit, payable on May 15, 2012 to unit holders of record as of May 8. The distribution benefited from strong deliveries of ammonia during the first quarter of 2012, and the inclusion of cash available for distribution from the period that began upon the close of the partnership’s initial public offering, November 9, 2011, and ended December 31, 2011. That period included fall product deliveries and excluded the negative impact of the plant turnaround, which took place in the first 15½ days of October, 2011. The calculation of cash available for distribution for the period from November 9, 2011 through March 31, 2012, has been included below in this press release.Conference Call with Management The partnership will hold a conference call on Friday, May 11, 2012 at 10:00 a.m. PDT, during which time senior management will review the partnership’s financial results for this period and provide an update on the business. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-736-7549 or 212-231-2905. An audio webcast of the call will be available at www.rentechnitrogen.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 12:00 p.m. PDT on May 11 through 12:00 p.m. PDT on May 18. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21586850.
|Rentech Nitrogen Partners, L.P.|
|Consolidated Statements of Operations|
|(Stated in Thousands, Except per Unit Data)|
|For the Three Months Ended|
|Cost of Sales||15,901||13,742|
|Selling, general and administrative expense||2,590||1,126|
|Gain on disposal of property, plant and equipment||(28||)||(46||)|
|Total Operating Expenses||3,115||1,189|
|Other income, net||-||13|
|Total Other Expenses, Net||(84||)||(3,009||)|
|Income Before Income Taxes||19,373||6,003|
|Income tax expense||-||2,470|
|Basic and Diluted Net Income per Common Unit||$||0.51|
|Basic and Diluted Weighted-Average Units Outstanding:||38,250|
|Rentech Nitrogen Partners, L.P.|
|Balance Sheet Data|
|(Stated in Thousands)|
|As of March 31,||As of December 31,|
|Cash and cash equivalents||$||72,883||$||44,836|
|Construction in Progress||23,096||7,062|
|Total Long-Term Liabilities||8,775||277|
|Total Partners' Capital||119,010||99,191|
|For the Three Months|
|Ended March 31,|
|Delivered Tons (in thousands)|
|Average Price per Delivered Ton|
|Natural Gas Used in Production (Million MMBtu)||2.8||2.8|
|Average Natural Gas Cost per MMBtu, including transportation cost||$||4.21||$||4.84|
|Natural Gas Cost in Cost of Sales (Million MMBtu)||1.8||1.4|
|Average Natural Gas Cost per MMBtu, including transportation cost||$||4.46||$||5.02|
- the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; and
- our operating performance and return on invested capital compared to those of other publicly traded limited partnerships and other public companies, without regard to financing methods and capital structure.
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