OCI Resources LP (NYSE: OCIR) today reported its financial and
operating results for the second quarter ended June 30,
2015.
Second Quarter 2015 Financial Highlights:
- Net sales of $122.2 million increased
8.1% over the prior-year second quarter; year-to-date net sales of
$242.6 million increased 5.8% over the prior-year.
- Adjusted EBITDA of $31.4 million
increased 11.3% over the prior-year second quarter; year-to-date
Adjusted EBITDA of $64.4 million increased 14.2% over the
prior-year.
- Earnings per unit were $0.59 for the
quarter, an increase of 15.7% over the prior-year second quarter of
$0.51; year-to-date earnings per unit of $1.23 increased 19.4% over
the prior-year of $1.03.
- Quarterly distribution declared per
unit of $0.5445 increased by 8.9% over the prior-year second
quarter; and 2.4% over fourth quarter 2014.
- Distributable cash flow of $12.1
million decreased 2.4% over the prior-year second quarter;
year-to-date distributable cash flow of $25.6 million increased
0.4% over the prior-year. The distribution coverage ratio was 1.11
and 1.19 for the three and six months ended 2015; and 1.24 and 1.28
for the three and six months ended 2014.
2015 Outlook:
- Our full year outlook related to volume
sold, international pricing and capital expenditures remains
unchanged. (previously provided in conjunction with our first
quarter 2015 and year end 2014 financial results)
Three Months Ended Six
Months Ended Financial Highlights June 30,
June 30, ($ in millions, except per unit amounts)
2015 2014 % Change
2015 2014 % Change
Soda ash volume produced (millions of short tons) 0.655
0.601 9.0 % 1.3282 1.2495 6.3 % Soda ash volume sold (millions of
short tons) 0.660 0.610 8.2 % 1.3135 1.2647 3.9 % Net sales $ 122.2
$ 113.0 8.1 % $ 242.6 $ 229.2 5.8 % Net income $ 24.5 $ 21.1 16.1 %
$ 51.0 $ 42.7 19.4 %
Net income attributable to OCIR $ 11.7
$ 10.3 13.6 % $ 24.5 $ 20.6 18.9 % Basic and Diluted Earnings per
Unit $ 0.59 $ 0.51 15.7 % $ 1.23 $ 1.03 19.4 % Adjusted EBITDA (1)
$ 31.4 $ 28.2 11.3 % $ 64.4 $ 56.4 14.2 % Adjusted EBITDA
attributable to OCIR(1) $ 15.4 $ 14.0 10.0 % $ 31.6 $ 27.9 13.3 %
Distributable cash flow attributable to OCIR(1) $ 12.1 $ 12.4 (2.4
)
%
$ 25.6 $ 25.5 0.4 % Distribution coverage ratio (1) 1.11 1.24 (10.5
)
%
1.19 1.28 (7.0
)
%
(1) See non-GAAP reconciliations
Kirk Milling, CEO, commented, “We had the best 2nd quarter of
production in our Green River site’s history. Our investments to
debottleneck led to production volumes increasing 9.0% versus last
year’s second quarter. Higher production volumes combined with
rising international prices and lower energy costs drove adjusted
EBITDA 14% higher year to date, despite continuing headwinds from a
stronger US dollar that is negatively impacting our European
margins. Our second quarter performance coupled with our outlook
allowed us to increase our distribution for the fourth consecutive
quarter as we continue executing on our distribution growth
strategy.”
SECOND QUARTER 2015 FINANCIAL AND OPERATING RESULTS
Three Months Ended June 30, 2015 compared to Three Months
Ended June 30, 2014
The following table sets forth a summary of net sales, sales
volumes and average sales price, and the percentage change between
the periods.
Three Months Ended June
30,
PercentIncrease/(Decrease)
2015 2014 Net sales ($ in
millions): Domestic $ 49.8 $ 51.7 (3.7)% International 72.4
61.3 18.1% Total net sales $ 122.2 $ 113.0
8.1%
Sales volumes (thousands of short tons): Domestic 219.5
210.3 4.4% International 440.9 399.2 10.4% Total soda
ash volume sold 660.4 609.5 8.4%
Average sales
price (per short ton): Domestic $ 226.77 $ 245.83 (7.8)%
International $ 164.25 $ 153.49 7.0% Average $ 185.03 $ 185.35
(0.2)%
Percent of net sales: Domestic sales 40.8 % 45.8%
(10.9)% International sales 59.2 % 54.2% 9.2% Total percent
of net sales 100.0 % 100.0%
Net sales. Net sales increased by 8.1% to $122.2 million for the
three months ended June 30, 2015 from $113.0 million for the
three months ended June 30, 2014, driven by increases in both
soda ash volumes sold of 8.4% and international average sales price
of 7.0%. These positive results were partially offset by a decrease
in domestic average sales price of 7.8% during the second
quarter of 2015 over the second quarter of 2014, partially driven
by a change in one of our large customer contracts to take
delivery of product at our plant. Generally, we sell soda ash
on a delivered basis, inclusive of freight, which is included both
in net sales and cost of products sold.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 6.7%
to $91.4 million for the three months ended June 30, 2015 from
$85.7 million for the three months ended June 30, 2014, due
primarily to an increase in compensation and benefits due in part
to higher pension costs, and an increase in sales volumes. These
increases were moderately offset by a decrease in energy costs as a
result of lower natural gas prices.
Six Months Ended June 30, 2015 compared to Six Months Ended
June 30, 2014
The following table sets forth a summary of net sales, sales
volumes and average sales price, and the percentage change between
the periods.
Six Months Ended June 30,
PercentIncrease/(Decrease)
2015 2014 Net sales ($ in
millions): Domestic $ 98.4 $ 100.3 (1.9)% International 144.2
128.9 11.9% Total net sales $ 242.6 $ 229.2
5.8%
Sales volumes (thousands of short tons):
Domestic 429.1 414.7 3.5% International 884.4 850.0
4.0% Total soda ash volume sold 1,313.5 1,264.7 3.9%
Average sales price (per short ton): Domestic $ 229.26 $
241.91 (5.2)% International $ 163.11 $ 151.64 7.6% Average $ 184.72
$ 181.24 1.9%
Percent of net sales: Domestic sales 40.6 %
43.8 % (7.3)% International sales 59.4 % 56.2 % 5.7% Total percent
of net sales 100.0 % 100.0 %
Net sales. Net sales increased by 5.8% to $242.6 million for the
six months ended June 30, 2015 from $229.2 million for the six
months ended June 30, 2014, driven by increases in both
international average sales price of 7.6% and soda ash volumes sold
of 3.9%. These positive results were partially offset by a decrease
in domestic average sales price of 5.2% during the six months
ended June 30, 2015 over the six months ended June 30,
2014, partially driven by a change in one of our large customer
contracts to take delivery of product at our
plant. Generally, we sell soda ash on a delivered basis,
inclusive of freight, which is included both in net sales and cost
of products sold.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 2.5%
to $179.4 million for the six months ended June 30, 2015 from
$175.1 million for the six months ended June 30, 2014, due
primarily to an increase in compensation and benefits due in part
to higher pension costs, and an increase in sales volumes. These
increases were partly offset by a decrease in energy costs as a
result of lower natural gas prices.
CAPEX AND ORE TO ASH RATIO
The following table below summarizes our capital expenditures,
on an accrual basis, and ore to ash ratio:
Three Months Ended Six Months
Ended ($ in millions) June 30, June
30, 2015 2014 2015
2014 Capital Expenditures Maintenance $ 5.8 $
1.9 $ 9.4 $ 2.5 Expansion 4.9 3.6 6.3 4.4
Total $ 10.7 $ 5.5 $ 15.7 $ 6.9
Operating and Other Data: Ore to ash ratio (1) 1.50: 1.0
1.52: 1.0 1.50: 1.0 1.53: 1.0 (1) Ore to ash ratio expresses
the number of short tons of trona ore needed to produce one short
ton of soda ash and includes our deca rehydration recovery process.
The increase in capital expenditures during three and six months
ended June 30, 2015 compared the three and six months ended
June 30, 2014 is due to project timing.
CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
Cash Flows
Cash provided by operating activities was $61.5 million during
the six months ended June 30, 2015 compared to $49.2 million
of cash generated during six months ended June 30, 2014,
primarily driven by an increase of 19.4% in net income, and $2.2
million of cash flows used in working capital during the six months
ended June 30, 2015 compared to $5.0 million of cash flows
used in working capital during the prior-year second quarter.
Cash provided by operating activities during the six months
ended June 30, 2015 were partially offset by cash used in
investing activities due to the timing of capital expenditures and
cash used in financing activities, during the year of $58.2 million
as a result of distributions paid and repayment of long-term
debt.
Quarterly Distribution
On July 17, 2015, the Partnership declared its second
quarter 2015 quarterly distribution of $0.5445 per unit. This
represents an increase of 1.2% and 8.9% over the distributions
declared during the first quarter of 2015 and second quarter of
2014, respectively. The quarterly cash distribution is payable on
August 14, 2015 to unitholders of record on July 31,
2015.
RELATED COMMUNICATIONS
OCI Resources LP will host a conference call tomorrow,
August 6, 2015, at 8:30 a.m. ET. Participants can listen in by
dialing 1-866-550-6980 (Domestic) or 1-804-977-2644 (International)
and referencing confirmation 82106379. Please log in or dial in at
least 10 minutes prior to the start time to ensure a connection. A
telephonic replay of the call will be available approximately two
hours after the call's completion by calling 1-855-859-2056 or
404-537-3406 and referencing confirmation 82106379, and will remain
available for the following seven days. This conference call will
be webcast live and archived for replay on OCI Resources' website
at www.ociresources.com.
ABOUT OCI RESOURCES LP
OCI Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of OCI Wyoming
LLC, ("OCI Wyoming"), one of the largest and lowest cost producers
of natural soda ash in the world, serving a global market from its
facility in the Green River Basin of Wyoming. The facility has been
in operation for more than 50 years.
NATURE OF OPERATIONS
OCI Resources LP owns a controlling interest comprised of a 51%
membership interest in OCI Wyoming LLC, ("OCI Wyoming"). Natural
Resource Partners L.P. ("NRP") owns a non-controlling interest
consisting of a 49% membership interest in OCI Wyoming.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Statements other than statements of historical facts included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. These
statements contain words such as “possible,” “believe,” “should,”
“could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,”
“anticipate,” “will,” “if,” “expect” or similar expressions. Such
statements are based only on the Partnership’s current beliefs,
expectations and assumptions regarding the future of the
Partnership’s business, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the
Partnership’s control. The Partnership’s actual results and
financial condition may differ materially from those implied or
expressed by these forward-looking statements. Consequently, you
are cautioned not to place undue reliance on any forward-looking
statement because no forward-looking statement can be guaranteed.
Factors that could cause the Partnership’s actual results to differ
materially from the results contemplated by such forward-looking
statements include: changes in general economic conditions, the
Partnership's ability to meet its expected quarterly distributions,
changes in the Partnership’s relationships with its customers,
including American Natural Soda Ash Corporation ("ANSAC"), the
demand for soda ash and the opportunities for the Partnership to
increase its volume sold, the development of glass and glass making
product alternatives, changes in soda ash prices, operating
hazards, unplanned maintenance outages at the Partnership’s
production facilities, construction costs or capital expenditures
exceeding estimated or budgeted costs or expenditures, the effects
of government regulation, tax position, and other risks incidental
to the mining, processing, and shipment of trona ore and soda ash,
as well as the other factors discussed in the Partnership’s Annual
Report on Form 10-K for the year ended December 31, 2014, and
subsequent reports filed with the Securities and Exchange
Commission. All forward-looking statements included in this press
release are expressly qualified in their entirety by such
cautionary statements. Unless required by law, the Partnership
undertakes no duty and does not intend to update the
forward-looking statements made herein to reflect new information
or events or circumstances occurring after this press release. All
forward-looking statements speak only as of the date made.
Supplemental Information
OCI RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Six Months
Ended June 30, June 30, (In millions, except
per unit data) 2015 2014
2015 2014 Net sales $
122.2 $ 113.0 $ 242.6 $ 229.2
Operating costs and expenses: Cost of products sold 85.6
79.9 168.0 163.9 Depreciation, depletion and amortization expense
5.8 5.8 11.4 11.2 Selling, general and administrative expenses 4.7
5.1 9.6 9.3 Total operating costs and
expenses 96.1 90.8 189.0 184.4
Operating income 26.1 22.2 53.6 44.8
Other
income/(expenses): Interest expense, net (1.1 ) (1.3 ) (2.0 )
(2.5 ) Other, net (0.5 ) 0.2 (0.6 ) 0.4 Total other
income/(expense), net (1.6 ) (1.1 ) (2.6 ) (2.1 )
Net income
$ 24.5 $ 21.1 $ 51.0 $ 42.7 Net income
attributable to non-controlling interest 12.8 10.8
26.5 22.1
Net income attributable to OCI Resources
LP $ 11.7 $ 10.3 $ 24.5 $ 20.6
Other comprehensive income/(loss): Income/(loss) on derivative
financial instruments 0.4 (0.4 ) (1.6 ) (0.6 ) Comprehensive
income 24.9 20.7 49.4 42.1 Comprehensive income attributable to
non-controlling interest 13.0 10.6 25.7 21.8
Comprehensive income attributable to OCI Resources LP
$ 11.9 $ 10.1 $ 23.7 $ 20.3 Net
income per limited partner unit: Common - Public and OCI Holdings
(basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03 Subordinated - OCI
Holdings (basic and diluted) $ 0.59 $ 0.51 $ 1.23 $ 1.03
Limited partner units outstanding: Weighted average common units
outstanding (basic and diluted) 9.8 9.8 9.8 9.8 Weighted average
subordinated units outstanding (basic and diluted) 9.8 9.8 9.8 9.8
OCI RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited) Six
Months Ended June 30, (In millions) 2015
2014 Cash flows from operating
activities: Net income $ 51.0 $ 42.7 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation, depletion and amortization expense 11.6 11.4
Equity-based compensation expense 0.4 0.1 Other non-cash items 0.7
— Changes in operating assets and liabilities: (Increase)/decrease
in: Accounts receivable, net 0.1 1.8 Accounts receivable - ANSAC
6.7 (3.1 ) Due from affiliates, net (1.1 ) (1.0 ) Inventory (4.8 )
(2.3 ) Other current and other non-current assets (0.5 ) (0.7 )
Increase/(decrease) in: Accounts payable 1.5 (2.8 ) Due to
affiliates (2.4 ) 6.7 Accrued expenses and other liabilities (1.7 )
(3.6 ) Net cash provided by operating activities 61.5 49.2
Cash flows from investing activities: Capital
expenditures
(15.1
)
(6.4 ) Net cash used in investing activities (15.1 ) (6.4 )
Cash
flows from financing activities: Repayments of long-term debt
(15.0 ) — Distributions to common unitholders (10.5 ) (10.5 )
Distributions to general partner (0.4 ) (0.4 ) Distributions to
subordinated unitholders (10.5 ) (10.5 ) Distributions to
non-controlling interest (21.8 ) (21.9 ) Net cash used in financing
activities (58.2 ) (43.3 ) Net increase/(decrease) in cash and cash
equivalents (11.8 ) (0.5 ) Cash and cash equivalents at beginning
of period 31.0 46.9 Cash and cash equivalents at end
of period $ 19.2 $ 46.4
Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles in the United States ("GAAP"). We
also present the non-GAAP financial measures of:
- Adjusted EBITDA;
- Distributable cash flow; and
- Distribution coverage ratio.
We define Adjusted EBITDA as net income (loss) plus net interest
expense, income tax, depreciation, depletion and amortization and
certain other expenses that are non-cash charges or that we
consider not to be indicative of ongoing operations. Distributable
cash flow is defined as Adjusted EBITDA less net cash paid for
interest, maintenance capital expenditures and income taxes.
Distributable cash flow will not reflect changes in working capital
balances. We define distribution coverage ratio as the ratio of
distributable cash flow per outstanding unit (as of the end of the
period) to cash distributions payable per outstanding unit with
respect to such period.
Adjusted EBITDA, distributable cash flow and distribution
coverage ratio are non-GAAP supplemental financial measures that
management and external users of our consolidated financial
statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess:
- our operating performance as compared
to other publicly traded partnerships in our industry, without
regard to historical cost basis or, in the case of Adjusted EBITDA,
financing methods;
- the ability of our assets to generate
sufficient cash flow to make distributions to our unitholders;
- our ability to incur and service debt
and fund capital expenditures; and
- the viability of capital expenditure
projects and the returns on investment of various investment
opportunities.
We believe that the presentation of Adjusted EBITDA,
distributable cash flow and distribution coverage ratio provide
useful information to investors in assessing our financial
condition and results of operations. The GAAP measures most
directly comparable to Adjusted EBITDA and distributable cash flow
are net income and net cash provided by operating activities. Our
non-GAAP financial measures of Adjusted EBITDA, distributable cash
flow and distribution coverage ratio should not be considered as an
alternatives to GAAP net income, operating income, net cash
provided by operating activities, or any other measure of financial
performance or liquidity presented in accordance with GAAP.
Adjusted EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some, but not
all items that affect net income and net cash provided by operating
activities. Investors should not consider Adjusted EBITDA,
distributable cash flow and distribution coverage ratio in
isolation or as a substitute for analysis of our results as
reported under GAAP. Because Adjusted EBITDA, distributable cash
flow and distribution coverage ratio may be defined differently by
other companies, including those in our industry, our definition of
Adjusted EBITDA, distributable cash flow and distribution coverage
ratio may not be comparable to similarly titled measures of other
companies, thereby diminishing its utility.
The table below presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA and distributable cash flow
to the GAAP financial measures of net income and net cash provided
by operating activities:
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014 ($ in
millions, except per unit data) Reconciliation of Adjusted
EBITDA to net income: Net income $ 24.5 $ 21.1 $ 51.0 $
42.7
Add backs: Depreciation, depletion and amortization
expense 5.8 5.8 11.4 11.2 Interest expense, net 1.1 1.3
2.0 2.5
Adjusted EBITDA $ 31.4 $ 28.2 $
64.4 $ 56.4 Less: Adjusted EBITDA attributable to non-controlling
interest 16.0 14.2 32.8 28.5
Adjusted EBITDA attributable to OCI Resources LP $ 15.4
$ 14.0 $ 31.6 $ 27.9
Reconciliation of distributable cash flow to Adjusted EBITDA
attributable to OCI Resources LP: Adjusted EBITDA attributable
to OCI Resources LP $ 15.4 $ 14.0 $ 31.6 $ 27.9 Less: Cash interest
expense, net attributable to OCIR 0.6 0.8 1.1 1.3 Maintenance
capital expenditures attributable to OCIR(1) 2.7 0.8
4.9 1.1
Distributable cash flow attributable to
OCI Resources LP $ 12.1 $ 12.4 $ 25.6 $
25.5 Cash distribution declared per unit $ 0.5445 $
0.5000 $ 1.0825 $ 1.0000 Total distributions to unitholders
and general partner $ 10.9 $ 10.0 $ 21.6 $ 20.0 Distribution
coverage ratio 1.11 1.24 1.19 1.28
Reconciliation of
Adjusted EBITDA to net cash from operating activities: Net cash
provided by operating activities $ 26.8 $ 34.9 $ 61.5 $ 49.2
Add/(less): Amortization of long-term loan financing (0.1 ) (0.2 )
(0.2 ) (0.2 ) Equity-based compensation expense (0.3 ) (0.1 ) (0.4
) (0.1 ) Net change in working capital 4.4 (7.7 ) 2.2 5.0 Interest
expense, net 1.1 1.3 2.0 2.5 Other non-cash items (0.5 ) —
(0.7 ) —
Adjusted EBITDA $ 31.4 $ 28.2 $ 64.4 $ 56.4
Less: Adjusted EBITDA attributable to non-controlling interest 16.0
14.2 32.8 28.5
Adjusted EBITDA
attributable to OCI Resources LP $ 15.4 $ 14.0 $ 31.6 $ 27.9
Less: Cash interest expense, net attributable to OCIR 0.6 0.8 1.1
1.3 Maintenance capital expenditures attributable to OCIR(1) 2.7
0.8 4.9 1.1
Distributable cash flow
attributable to OCI Resources LP $ 12.1 $ 12.4 $
25.6 $ 25.5 (1) The Partnership may fund
expansion-related capital expenditures with borrowings under
existing credit facilities such that expansion-related capital
expenditures will have no impact on cash on hand or the calculation
of cash available for distribution. In certain instances, the
timing of the Partnership’s borrowings and/or its cash management
practices will result in a mismatch between the period of the
borrowing and the period of the capital expenditure. In those
instances, the Partnership adjusts designated reserves (as provided
in the partnership agreement) to take account of the timing
difference. Accordingly, expansion-related capital expenditures
have been excluded from the presentation of cash available for
distribution.
The following table presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA to GAAP financial measure of
net income for the periods presented:
Cumulative
Four Quarters ended
Q2-2015 Q2-2015 Q1-2015 Q4-2014
Q3-2014 Q2-2014 ($ in millions, except per unit
data) Reconciliation of Adjusted EBITDA to net
income: Net income $ 100.2 $ 24.5 $ 26.5 $ 27.6 $ 21.6 $
21.1
Add backs: Depreciation, depletion and amortization
expense 22.6 5.8 5.6 5.9 5.3 5.8 Interest expense, net 4.7 1.1 0.9
1.3 1.4 1.3 Loss on disposal of assets, net 1.0 — —
— 1.0 —
Adjusted EBITDA $ 128.5 $ 31.4
$ 33.0 $ 34.8 $ 29.3 $ 28.2 Less: Adjusted EBITDA attributable to
non-controlling interest 65.0 16.0 16.7 17.5
14.8 14.2
Adjusted EBITDA attributable to OCI
Resources LP $ 63.5 $ 15.4 $ 16.3 $ 17.3
$ 14.5 $ 14.0 Adjusted EBITDA attributable to
OCI Resources LP $ 63.5 $ 15.4 $ 16.3 $ 17.3 $ 14.5 $ 14.0 Less:
Cash interest expense, net attributable to OCIR $ 2.0 $ 0.6 $ 0.5 $
0.3 $ 0.6 $ 0.8 Maintenance capital expenditures attributable to
OCIR(1) $ 8.2 $ 2.7 $ 2.2 $ 2.7 $ 0.6
$ 0.8
Distributable cash flow attributable to OCI
Resources LP $ 53.3 $ 12.1 $ 13.6 $ 14.3
$ 13.3 $ 12.4 Cash distribution declared per
unit $ 2.1390 $ 0.5445 $ 0.5380 $ 0.5315 $ 0.5250 $ 0.5000
Total distributions to unitholders and general partner $ 42.7 $
10.9 $ 10.7 $ 10.6 $ 10.5 $ 10.0 Distribution coverage ratio
1.25 1.11 1.27
1.35 1.27
1.24 (1) The Partnership may fund expansion-related
capital expenditures with borrowings under existing credit
facilities such that expansion-related capital expenditures will
have no impact on cash on hand or the calculation of cash available
for distribution. In certain instances, the timing of the
Partnership’s borrowings and/or its cash management practices will
result in a mismatch between the period of the borrowing and the
period of the capital expenditure. In those instances, the
Partnership adjusts designated reserves (as provided in the
partnership agreement) to take account of the timing difference.
Accordingly, expansion-related capital expenditures have been
excluded from the presentation of cash available for distribution.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150805006675/en/
OCI Resources LPInvestor RelationsScott Humphrey,
770-375-2387SHumphrey@ocienterprises.comorMediaAmy McCool,
770-375-2321AMcCool@ocienterprises.com
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