Rentech Nitrogen Partners, L.P. (NYSE: RNF) announced today that it has completed its evaluation of the equipment damaged in the fire that occurred in the ammonia synthesis loop of the ammonia plant at its East Dubuque, IL nitrogen fertilizer facility on November 29, 2013. The Partnership confirmed its previous estimate of $1 million to $2 million for the total cost of repairs due to the fire. As previously disclosed, Rentech Nitrogen intends to file a claim related to the incident under its property insurance policy, which has a deductible of $1 million. The Partnership anticipates the repairs, which are currently underway, to be completed within the next two weeks, with ammonia production of approximately 790 tons per day expected to resume on or before the first week of January 2014. Rentech Nitrogen continues to anticipate ammonia production at the increased rate of approximately 1,020 tons per day by the end of January 2014.
Based on these schedules for repairs and production, the Partnership currently expects the overwhelming majority of the impact on deliveries of lost production due to the fire to occur in 2013, with minimal impact on previously forecasted deliveries for 2014.
About Rentech Nitrogen, L.P.
Rentech Nitrogen ( www.rentechnitrogen.com) was formed by Rentech, Inc. to own, operate and expand its nitrogen fertilizer business. Rentech Nitrogen’s assets consist of two fertilizer production facilities owned by its operating subsidiaries. The East Dubuque Facility is located in the northwestern corner of Illinois, and uses natural gas as a feedstock to produce primarily anhydrous ammonia and UAN solution for sale to customers in the Mid Corn Belt. The Pasadena Facility is located in Pasadena, Texas, along the Houston Ship Channel, and uses ammonia and sulfur as feedstocks to produce ammonium sulfate and ammonium thiosulfate fertilizers, and sulfuric acid. Rentech Nitrogen is the largest producer of synthetic granulated ammonium sulfate fertilizer in North America, with sales in the United States and internationally.Forward-Looking Statements This press release contains forward-looking statements about matters such as estimated repair costs, timelines for completion of repairs and projects and financial impact of lost production. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in Rentech Nitrogen’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech Nitrogen’s website at www.rentechnitrogen.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech Nitrogen does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV