Terra Nitrogen income doubles in 2008

Sioux City-Terra Nitrogen Co. L.P. (TNLP) reported net income of $422.4 million ($14.90 per common unit) on sales of $903.0 million for the year ending Dec. 31, 2008, compared to 2007’s $205.8 million ($10.90 per unit) and $636.3 million, respectively. Ammonia and urea selling prices increased 62 and 47 percent, respectively, during the year, while sales decreased 13 and 2 percent. Gas costs increased 26 percent. Fourth-quarter net income was $104.4 million ($3.55 per unit) on sales of $225.2 million, versus the year-ago $67.8 million ($3.59 per unit) and $197.6 million. Ammonia and UAN selling prices increased by 78 and 46 percent, respectively, while volumes were off 37 and 20 percent. Gas costs increased 46 percent. TNLP also announced a cash distribution for the quarter of $2.97 per common lp unit payable Feb. 27, 2009, to holders of record as of Feb. 17, 2009.