Intrepid Announces $20 Increase to Trio® Price

Rhea-AI Summary

Intrepid Potash Inc. (NYSE:IPI) has announced a $20 per ton increase in its Trio^® pricing, effective March 15, 2021. The new price reflects an $80 per ton rise over the 2020 summer-fill price. Executive Chairman Bob Jornayvaz highlighted strong commodity markets supporting profitability in agriculture. The company anticipates continued demand as customers replenish their inventories throughout the second quarter. Intrepid is also recognized as the only U.S. producer of muriate of potash and aims for eco-friendly production through solar evaporation.

Positive

• Trio® price increased by $20 per ton, indicating strong pricing power.
• The company is seeing robust demand driven by favorable farm economics.
• Anticipated continuous sales growth into the second quarter.

Negative

• None.

Denver, CO, March 15, 2021 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced the following increase to its Trio^® price.

·Effective March 15, 2021, Intrepid increased its Trio^® price by $20 per ton on all product grades. Trio^® price is now posted at $80 per ton above the 2020 summer-fill price.

“The strong fertilizer season continues as solidly profitable farm economics support robust application across virtually all markets.” said Bob Jornayvaz, Intrepid's Executive Chairman, President, and CEO. “We are seeing strong commodity markets around the world as evidenced by rising prices across a suite of farm commodities such as soybeans, corn, cotton, sugar, cocoa, palm oil, forage crops, fruits, and vegetables and also rising prices in industrial commodities such as copper and oil, traditional harbingers of improving global economics and growth. We have a strong book of sales through the second quarter and expect customers will continue to replenish warehouses as the season continues. We expect to achieve this higher pricing on spot tons in the second quarter.”

About Intrepid:

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.

Forward-Looking Statements:

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 Trio^® pricing and its ability to achieve that price in future spot markets. 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.

Contact: 
Matt Preston, Vice President of Finance
Phone:  303-996-3048
Email: matt.preston@intrepidpotash.com

FAQ

What is the new price for Intrepid's Trio® product as of March 2021?

The new price for Intrepid's Trio® product is $80 per ton above the 2020 summer-fill price.

Why did Intrepid Potash increase the price of Trio®?

Intrepid Potash increased the price due to strong profitability in agriculture and rising commodity prices in global markets.

What impact will the Trio® price increase have on Intrepid Potash's sales?

The price increase is expected to support continued robust sales as customers replenish their inventories.

What are the expectations for Intrepid Potash's performance in the second quarter of 2021?

Intrepid anticipates achieving higher pricing on spot tons and sustaining solid sales throughout the second quarter.