Agrium cuts first-quarter loss on higher prices for nitrogen products - May 18, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2003

Vol. 8, No. 20

Week of May 18, 2003

Agrium cuts first-quarter loss on higher prices for nitrogen products

Allen Baker, Petroleum News contributing writer

Agrium Inc. showed a loss of $6 million in the first quarter, a big improvement from a $36 million loss a year ago. The first quarter is normally a slow one for the Calgary-based fertilizer maker as it stocks up on product for the spring season when fertilizer use is heavy.

Agrium executives say the second quarter is shaping up to be one of the strongest in recent years. Sales in the quarter were $372 million, a gain of 17 percent from the same quarter a year ago. Fourth-quarter sales were $538 million.

The company’s Nikiski plant produced 141,000 tons of ammonia and 177,000 tons of urea during the quarter despite the dwindling of contract gas supplies from Unocal. Purchases on the spot market allowed somewhat higher production for the facility, which is trimming its workforce this quarter to reflect the gas supply situation.

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