LSB Industries, Inc. Provides Update on Operational Status of Facilities
February 23 2021 - 4:05PM
Business Wire
LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU),
today announced that on Sunday, February 21, 2021 it began the
phased restart of its Pryor, OK facility (“Pryor”), which was taken
out of service on February 12, 2021 after extreme cold weather
caused a surge in natural gas prices in the region, along with the
curtailment of gas distribution by the operator of the pipeline
that supplies natural gas to Pryor.
As weather across the middle of the country has improved and
temperatures have warmed, natural gas prices have normalized and
supply volumes have been restored to levels required for full
operation of the Company’s facilities. Pryor is in the the process
of restarting and LSB management expects the facility to return to
pre-shutdown production volume levels as safely and as soon as
practicable.
Also as a result of unprecedented cold weather conditions, on
February 17, 2021, the primary natural gas supplier to LSB’s El
Dorado, AR facility (“El Dorado”) asserted a claim of force majeure
and materially restricted the supply of gas to El Dorado. However,
effective today, the force majeure has been lifted and El Dorado’s
ammonia plant is currently in production and in process of ramping
up to full rates.
Notably, the Company’s Cherokee, AL facility was not materially
impacted by the extreme cold weather and related natural gas price
and supply issues and operated at targeted levels throughout
February.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
manufactures and sells chemical products for the agricultural,
mining, and industrial markets. The Company owns and operates
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma, and operates a facility for a global chemical company in
Baytown, Texas. LSB’s products are sold through distributors and
directly to end customers primarily throughout the United States.
Additional information about the Company can be found on its
website at www.lsbindustries.com.
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance including the effects of the
COVID-19 pandemic and anticipated performance based on our growth
and other strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity, performance
or actual achievements to differ materially from the results, level
of activity, performance or anticipated achievements expressed or
implied by the forward-looking statements. Significant risks and
uncertainties may relate to, but are not limited to, business and
market disruptions related to the COVID-19 pandemic, market
conditions and price volatility for our products and feedstocks, as
well as global and regional economic downturns, including as a
result of the COVID-19 pandemic, that adversely affect the demand
for our end-use products; disruptions in production at our
manufacturing facilities; and other financial, economic,
competitive, environmental, political, legal and regulatory
factors. These and other risk factors are discussed in the
Company’s filings with the Securities and Exchange Commission
(SEC).
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210223006024/en/
Company Contact: Mark Behrman, President & CEO Cheryl
Maguire, Executive Vice President & CFO (405) 235-4546
Investor Contact: The Equity Group Inc. Fred
Buonocore, CFA (212) 836-9607 Mike Gaudreau (212) 836-9620
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