Texas drought forces Intrepid Potash to find new customers
Inptrepid Potash (NYSE:IPI) said its prices were higher but its produdction was lower during its third quarter. The company was also forced to find new customers due to a severe drought in Texas.
Announcing results on Thursday, the company believes that it produced between 165,000 and 175,000 tons of potash and sold between 185,000 and 195,000 tons of potash. Production, which was in-line with expectations, was hampered due to a scheduled shut-down for annual maintenance work at the East mine and plant near Carlsbad, New Mexico. Also, the Moab, Utah mine completed its summer evaporation season and commenced harvest in mid-September.