Terra Nitrogen 2Q off 53 percent

Sioux City-Terra Nitrogen Co. LP reported net income of $60.8 million ($2.05 per common unit) on sales of $142.8 million for the second quarter ending June 30, 2009, compared to the year-ago $130.1 million ($4.01 per unit) on sales of $256.7 million. Ammonia and UAN selling prices were off 20 and 33 percent, respectively, during the quarter, while sales volumes decreased 29 and 21 percent, respectively. Natural gas prices fell 44 percent. Six month net income was $104.1 million ($3.54 per unit) on sales of $308.1 million versus the year-ago $211.7 million ($7.94 per unit) on sales of $431.2 million. TNCLP announced a cash distribution for the quarter ending June 30 of $2.22 per common limited partnership unit payable Aug. 27, to holders of record Aug. 7.