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Terra Nitrogen Company, L.P. Reports Third Quarter 2012 Results And Announces Cash Distribution

Terra Nitrogen Company, L.P. (TNCLP) (NYSE: TNH) today reported net earnings of $131.8 million on net sales of $181.1 million for the third quarter ended September 30, 2012. This compares to net earnings of $128.4 million on net sales of $203.3 million for the 2011 third quarter. Net income allocable to common units was $73.9 million ($4.00 per common unit) and $72.4 million ($3.91 per common unit) for the 2012 and 2011 third quarters, respectively. Results for the third quarter of 2012 included an unrealized non-cash mark-to-market gain on natural gas derivatives of $7.1 million compared to a loss of $1.8 million in the third quarter of 2011.

For the first nine months of 2012, TNCLP reported net earnings of $410.8 million on net sales of $573.6 million. This compares to net earnings of $378.2 million on net sales of $597.9 million for the first nine months of 2011. Net earnings allocable to common units was $230.3 million ($12.45 per common unit) and $212.1 million ($11.46 per common unit) for the first nine months of 2012 and 2011, respectively. Results for the first nine months of 2012 included a $9.6 million unrealized non-cash mark-to-market gain on natural gas derivatives compared to a loss of $4.4 million for the first nine months of 2011.

Analysis of Results

Net sales for the 2012 third quarter totaled $181.1 million, compared to sales of $203.3 million for the 2011 third quarter. This decrease was due to lower ammonia and UAN sales volume and lower UAN average selling prices, which were offset partially by higher ammonia average selling prices. Ammonia and UAN sales volume declined as drought conditions impacted fertilizer application rates and UAN volume was also impacted by higher imports during the third quarter of 2012 as compared to the third quarter of 2011. The decrease in UAN selling prices was due to increased industry-wide supply in the marketplace compared to the same period last year. The increase in ammonia selling prices for the third quarter of 2012 as compared to 2011 was due to tight North American producer inventory and lower ammonia supply globally.

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