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Intrepid Potash, Inc. - IPI STOCK NEWS

Welcome to our dedicated page for Intrepid Potash news (Ticker: IPI), a resource for investors and traders seeking the latest updates and insights on Intrepid Potash stock.

Intrepid Potash, Inc. (NYSE: IPI) is the sole producer of potash in the United States and offers a range of essential agricultural and industrial products. Headquartered in Denver, Colorado, Intrepid's operations span two facilities in Utah and three in New Mexico, ensuring a strategic logistical advantage. Aside from potash, Intrepid also produces a specialty fertilizer, Trio®, which delivers potassium, magnesium, and sulfate in one convenient particle. This product is mined from langbeinite ore, providing a unique blend of nutrients to enhance crop yield and quality.

Intrepid's business is segmented into three main areas: Potash, Trio®, and Oilfield Solutions. The Potash segment serves the agricultural industry, the industrial market for oil and gas drilling fluids, and the animal feed sector. The Trio® segment caters to the agricultural industry with its specialty fertilizer, while the Oilfield Solutions segment provides water, high-speed potassium chloride mixing services, saltwater disposal services, and trucking services.

As of late 2023, Intrepid has faced some challenges with lower sales and profitability, primarily driven by a decrease in product prices and an increase in the cost of goods sold. For instance, in the third quarter of 2023, sales were $54.5 million, down from $74.8 million in the same period the previous year. Despite these hurdles, Intrepid reported strong sales volumes and continues to benefit from its logistical advantages, diversified markets, and robust fall application season expectations.

Significant projects include the Eddy Shaft Brine Extraction project at the HB mine, which is poised to enhance potash production in the near term. Intrepid has also engaged Pickering Energy Partners to maximize the value of its lithium resources at the Wendover, Utah mine, capitalizing on the growing demand for lithium in energy storage solutions.

Intrepid remains committed to sustainable and environmentally friendly production methods, utilizing solar evaporation to produce potash, which is one of the lowest-cost and most eco-friendly production methods available. Safety and long-term environmental protection are top priorities for Intrepid, aligning with its core values of sustainable, low-cost production.

For investors and stakeholders, Intrepid regularly updates its performance and strategic initiatives. Recent financial results indicate a focus on improving potash production efficiency and capitalizing on new market opportunities. The company's liquidity remains strong, with significant cash reserves and a robust revolving credit facility to support ongoing and future projects.

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Intrepid Potash (NYSE:IPI) has elected Barth Whitham as the new Chair of the Board. The company has initiated a search for a new CEO, as current CEO Bob Jornayvaz remains on extended medical leave following an accident. CFO Matt Preston continues as acting principal executive officer. Hugh Harvey has been appointed Chair of the Compensation Committee.

Whitham has extensive experience in the energy, banking, and extractive resources industries. Intrepid anticipates second quarter 2024 potash and Trio® sales volumes to meet or surpass expectations, forecasting approximately 55,000 tons of potash at $405 per ton and 63,000 tons of Trio® at $314 per ton. Full-year potash production is set to exceed prior year results by 15%.

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Intrepid Potash (NYSE: IPI) has released its 2024 Sustainability Report, offering a comprehensive overview of its Environmental, Social, and Governance (ESG) initiatives. The report details the company's efforts and achievements in sustainability, including Scope 1 and Scope 2 emissions data from 2021 to 2023. For more information, visit the ESG section of Intrepid Potash's website.

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Intrepid Potash, Inc. reported Q1 2024 results with total sales of $79.3 million, a net loss of $3.1 million, and adjusted EBITDA of $7.7 million. The company experienced declines in gross margin, cash flow, potash and Trio® sales volumes, and net realized sales prices. Management changes were announced due to the CEO's temporary leave of absence. Capital expenditures were focused on potash assets for improved production. Operational updates include progress on various projects. The company aims to increase brine availability, production, and unit economics. Despite challenges, the company is optimistic about the future and focuses on recovering potash production levels.

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Intrepid Potash, Inc. (NYSE: IPI) will release its first quarter 2024 financial results on May 8, 2024, followed by a conference call on May 9, 2024, to discuss the results and answer investor questions.
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Intrepid Potash, Inc. announced that Bob Jornayvaz, Executive Chairman and CEO, is on a medical leave of absence, with Matt Preston appointed as acting principal executive officer. Co-founder Hugh Harvey rejoins the Board of Directors. The company aims for stability and continuity during this interim period.
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Intrepid Potash, Inc. (NYSE:IPI) announces Bob Jornayvaz's accident at the U.S. Open Polo Championship, receiving treatment with updates to follow.
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Intrepid Potash, Inc. reports financial results for Q4 and full-year 2023 with total sales of $56.7 million in Q4 and $279.1 million for the year. Net loss of $37.3 million in Q4 and $35.7 million for the year. Adjusted EBITDA of $7.1 million in Q4 and $41.6 million for the year. Received $50 million from XTO for supporting oil and gas development. Impairment charges of $42.8 million in Q4. Cash and cash equivalents of $35.4 million as of March 1, 2024. Capital expenditures for 2023 at $65.1 million. Growth capital spending expected to be $40 to $50 million in 2024. Strategic focus on improving potash production. Key projects include Eddy Shaft Brine Extraction Project, Replacement Extraction Well, Phase Two of HB Injection Pipeline Project, and Brine Recovery Mine in Wendover, Utah. Trio® segment sales decreased by 13% in 2023. Oilfield Solutions segment sales decreased by 26% in 2023.
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Intrepid Potash, Inc. (NYSE: IPI) will release its Q4 2023 financial results on March 6, 2024, followed by a conference call on March 7, 2024, to discuss operating and financial matters. Investors can participate via dial-in or webcast.
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Intrepid Potash, Inc. (NYSE:IPI) entered into a Third Amendment to the Cooperative Development Agreement with XTO Holdings, LLC, receiving a payment of $45 million and an additional one-time payment of $50 million as an 'Access Fee'. The Amendment also provides for additional payments to Intrepid, with Petrie Partners acting as the financial advisor to the Company.
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Intrepid Potash, Inc. (NYSE:IPI) engaged Pickering Energy Partners LP to advise on maximizing the value of the lithium resource at its Wendover mine in Utah. The company aims to capitalize on the lithium present in the brine and evaluate new direct lithium extraction technologies. With existing potash operations and infrastructure, Intrepid sees a clear path to production in the growing lithium industry.
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FAQ

What does Intrepid Potash, Inc. produce?

Intrepid Potash, Inc. produces potash, a key fertilizer input, and Trio®, a specialty fertilizer that combines potassium, magnesium, and sulfate. They also offer various oilfield solutions.

Where are Intrepid Potash's production facilities located?

Intrepid Potash has two production facilities in Utah and three in New Mexico.

What are the main segments of Intrepid Potash's business?

The main segments are Potash, Trio®, and Oilfield Solutions. These segments cater to agricultural, industrial, and animal feed markets.

How does Intrepid Potash produce potash?

Intrepid Potash uses solar evaporation to produce potash, making it one of the lowest-cost and most environmentally friendly production methods.

What recent financial performance has Intrepid Potash reported?

In the third quarter of 2023, Intrepid Potash reported sales of $54.5 million, a decrease from $74.8 million in the third quarter of 2022, driven primarily by lower product prices.

What ongoing projects is Intrepid Potash involved in?

Current projects include the Eddy Shaft Brine Extraction project at the HB mine and efforts to maximize the lithium resource value at the Wendover, Utah mine.

What strategic advantages does Intrepid Potash have?

Intrepid benefits from its logistical advantage, diversified sales markets, environmental sustainability through solar evaporation production, and a strong financial position.

What is Trio®?

Trio® is a specialty fertilizer produced by Intrepid Potash that delivers three essential nutrients—potassium, magnesium, and sulfate—in a single particle.

How does Intrepid Potash support environmental sustainability?

Intrepid Potash prioritizes environmentally friendly production methods and long-term protection of the environment, focusing on sustainable and low-cost production practices.

How can investors stay updated on Intrepid Potash's developments?

Investors can stay updated by visiting the Investor Relations section of Intrepid Potash's website, where they post important information and updates.

Intrepid Potash, Inc.

NYSE:IPI

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325.76M
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3.13%
Potash, Soda, and Borate Mineral Mining
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
DENVER