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TheStreet Open House

Rentech Nitrogen Announces Results For Fourth Quarter And Full Year 2012; Issues 2013 Guidance

The Partnership provided guidance for the following additional key operating metrics, progress against its guidance and projected benefits of its expansion projects scheduled to be online by the end of 2013:

       

 

 

 

 

 

 

2013 Guidance

     

 

 

 

 

 

Locked-in or Delivered (as of 2/28/13)

     

 

 

 

Impacts of Downtime Included in 2013 Guidance

     

2013 Pro Forma Increase as if Current Expansion Projects were On-line at Beginning of 2013 1

East Dubuque Facility

 

Deliveries

Ammonia

 

 

Tons

119,000

46,000 or 39%

Average Price

$744

 

UAN

 

Tons

285,000

117,000 or 41%

Average Price

$329

 

Natural Gas in Cost of Sales

 

 

(million MMBtus)

10.1

3.7 or 37%

Average Cost Per million MMBtus

 

(including transportation costs)

$3.87

 
EBITDA (in thousands) $114,300 ($21,500) $34,200
 
Cash Distribution per Unit $2.71 ($0.54) $0.75
 

Pasadena Facility

 
Deliveries (Tons)

Ammonium Sulfate

544,000

Sulfuric Acid

200,000

Ammonium Thiosulfate

60,000
 
Ammonia used in Cost of Sales (Tons) 143,000
 
Sulfur used in Cost of Sales (Tons) 210,000
 
EBITDA (in thousands) $24,300 ($4,300) $6,400
 
Cash Distribution per Unit $0.44 ($0.11) $0.15
 

Partnership Level

 
EBITDA (in thousands) ($9,700)
 
Cash Distribution per Unit ($0.55)
 
 

Consolidated

 
Total EBITDA (in thousands) $128,900 ($25,800) $40,600
 
Total Cash Distribution per Unit $2.60 ($0.65) $0.90

1Pro forma increases to cash distribution per unit are illustrative and derived using the same assumptions underlying the 2013 guidance other than those for production and including those of commodity prices. The expansion projects are anticipated to begin contributing to cash distributions in 2014. The pro forma calculations of cash distributions are not meant to serve as guidance for 2014.

Rentech Nitrogen has secured 81% of its spring 2013 forward sales book for ammonia and UAN, at strong product prices of $769 per ton and $361 per ton, respectively. The Partnership has secured 37% of the natural gas required to produce the products forecasted to be delivered during 2013, at an average price of $3.87, including transportation costs.

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