Environmental, Health & Safety Performance
The following company facilities achieved safety milestones during the third quarter of 2012:
Liquidity and Financial Position
- The Donaldsonville, Louisiana, Nitrogen Complex achieved 6 million hours (nearly 10 years) worked without a lost time accident;
- The Verdigris, Oklahoma, Nitrogen Complex’s designation as a Voluntary Protection Program Star worksite was recertified by the U.S. Occupational Safety & Health Administration; and
- The Medicine Hat, Alberta, Nitrogen Complex was recognized as a Silver Award Winner by Canadian Occupational Safety at the annual Canada’s Safest Employers Awards.
At September 30, 2012, CF Industries’ cash and cash equivalents totaled $2.2 billion. Long-term debt outstanding was $1.6 billion.
On October 19, 2012, CF Industries’ board of directors declared the regular quarterly dividend of $0.40 per common share. The dividend will be paid on November 29, 2012, to stockholders of record as of November 16, 2012.
CF Industries is positioned to benefit from a number of factors that support its growth and cash generation potential. Global population growth, a shift toward higher protein diets, and continued use of crops as a source of renewable fuels all are generating a need for more grain and higher use of plant nutrients. Additionally, the increased production of North American shale gas and the associated decline in natural gas prices have created a sustainable cost advantage for the company’s nitrogen production.
After the devastating summer drought, weather patterns in the U.S. Corn Belt have been favorable for fall harvest activity, and the corn harvest is approximately four weeks ahead of normal and nearly complete. Recent rainfall has lessened soil moisture concerns in some parts of the affected areas and the company expects that farmers will take advantage of these conditions to complete fall field preparation work in anticipation of significant acres to be planted in 2013. Fall ammonia application began in earnest last week and, weather permitting, a strong fall season is anticipated.