Intrepid Announces $20 Increase on Trio®; Updates Potash Pricing
Denver, CO, May 17, 2021 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced the following updates to its fertilizer pricing.
- Effective May 17, 2021, Intrepid increased its Trio® price by $20 per ton on all product grades. Trio® price is now posted at $100 per ton above the 2020 summer-fill value.
- In response to fill programs announced by competitors in early May, Intrepid increased its potash price by $20 per ton last week. Potash price is now posted at $150 per ton above the 2020 summer-fill value.
“Tightening supply and strong farmer economics have Intrepid on pace for record domestic deliveries of Trio® in the first half of 2021.” said Bob Jornayvaz, Intrepid’s Executive Chairman, President, and CEO. “At today’s commodity prices, Trio® continues to provide significant nutrient value to both row crops and chloride-sensitive crops such as citrus and potatoes. The potash fill program allowed for a limited order period for historic volumes and distributors are restocking warehouses ahead of what will likely be another strong fertilizer application in the second half of the year.”
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio® mine.
Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause Intrepid’s actual results in future periods to differ materially from anticipated or projected results. Forward-looking statements in this press release include, among others, statements regarding Intrepid’s expectations for future fertilizer pricing and demand. An extensive list of specific material risks and uncertainties affecting Intrepid is contained in its Annual Report on Form 10-K for the year ended December 31, 2020, and other quarterly and current reports filed with the Securities and Exchange Commission from time to time. Any forward-looking statements in this press release are made as of the date of this press release, and Intrepid undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
Matt Preston, Vice President of Finance