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January 14, 2013
07:05 EDTLXULSB Industries provides update on repairs at Pryor, Cherokee facilities
LSB Industries announced that it expects to complete the installation of a new ammonia converter and resume production at its Pryor, Oklahoma chemical facility in the first half of February. As announced on November 21, 2012, the company had stopped production at the Pryor Facility to perform unplanned maintenance on a compressor, as well as for the planned installation of a new ammonia converter designed to improve and increase ammonia production capacity. The company initially anticipated an outage of approximately six to eight weeks; however, while the compressor maintenance has been completed, delay in the delivery of certain components related to the converter installation has pushed out by approximately four weeks the expected timeframe for restarting the Pryor Facility. The company estimated that the adverse effect of this downtime on operating income is approximately $2M per week until production resumes. Additionally, the Company provided an update on its Cherokee Nitrogen facility, following its November 14, 2012 announcement that the Cherokee Facility suffered a pipe rupture that damaged the heat exchanger portion of its ammonia plant. Since that time, the Cherokee Facility has been producing nitric acid and ammonium nitrate at the targeted production level, using purchased ammonia feedstock. Management expects repairs to be completed and production to be resumed within the previously estimated three to five month range.
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