DENVER, CO, March 01, 2021 (GLOBE NEWSWIRE) -- Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we", "us", "our") today reports its financial results for the fourth quarter and full year of 2020. Key Fourth Quarter Takeaways $9.5 million improvement in the bottom line compared to the third quarter of 2020 with positive momentum continuing into 2021 across all segments. Net loss of $0.7 million, or $(0.05) per share in Q4 2020, compared to net loss of $10.2 million, or $(0.78) per share in Q3 2020.Adjusted EBITDA(1) of $9.7 million for the fourth quarter of 2020.Cash flow from operations of $12.7 million for the fourth quarter of 2020.Strong domestic sales volume for potash and Trio® in Q4 2020 as favorable weather, rising commodity prices, and compelling farm economics drove early season fertilizer demand that is steadily continuing into 2021.Total company water sales were $5.8 million in fourth quarter of 2020, an increase of $2.2 million compared to the third quarter of 2020 as oilfield activity continues its upward trajectory. Management Comment "We are excited to move into 2021 and put the impacts of the COVID-19 pandemic gradually behind us as strong farmer economics will allow us to fully take advantage of higher potash and Trio® prices, which are currently $140 per ton and $60 per ton above summer-fill price levels, respectively." said Bob Jornayvaz, Intrepid's Executive Chairman, President, and CEO. "The fourth quarter was highlighted by solid cash flow and a significant increase in EBITDA compared to the prior two quarters as fertilizer markets and oilfield activity both rebounded sharply from this past summer. Under-application of potash from recent seasons, favorable weather, and very strong commodity pricing will continue to support our fertilizer markets through the spring season." Jornayvaz continued, "We are expanding upon the existing and significant ES&G solar evaporation footprint of our environmentally friendly potash operations to further increase our commitment to provide creative ES&G solutions and services to oilfield operators as they focus their resources in the prolific Delaware Basin. We saw a significant increase in water sales during the fourth quarter as frac activity improved from prior months. We managed well through the worst part of the downturn and expect continued improvement in oilfield activity in 2021. We are committed to growing our oil and gas midstream business in the Delaware Basin. Intrepid is responding to political, regulatory, and ES&G emphasis on water conservation and re-use by providing full-cycle water management solutions to the numerous well-capitalized operators in the area. We are in the early stages of construction on a produced water disposal system near our South ranch and we are investing in recycling infrastructure and capabilities in the coming months as full-cycle water management becomes a central focus of our oilfield segment. Our expansion into full-cycle water management, including the transition of fresh water sales to brine water sales for oilfield drilling and fracing, will be key in achieving the environmental and sustainability goals of both oilfield operators and the New Mexico legislature." Consolidated Results Intrepid recorded net loss of $0.7 million, or $(0.05) per diluted share in the fourth quarter of 2020, contributing to full year 2020 net loss of $27.2 million, or $(2.09) per diluted share. Consolidated gross margin of $5.8 million and $10.5 million in the fourth quarter and full year 2020, respectively, was a decrease compared to the same year-ago periods due to reduced fertilizer pricing, and the COVID-19 pandemic which led to a reduction in water and other oilfield sales. Segment Highlights Potash Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 (in thousands, except per ton data)Sales $27,556 $25,556 $108,060 $124,648 Gross margin $3,847 $5,746 $11,551 $27,787 Potash production volume (in tons) 106 110 308 328 Potash sales volume (in tons) 78 58 317 319 Average potash net realized sales price per ton(1) $248 $278 $250 $284 Gross margin decreased $1.9 million and $16.2 million in the fourth quarter and full year of 2020, respectively, compared to the same periods in 2019. Decreases in both periods were primarily driven by lower average net realized sales prices for potash sales and decreased byproducts sales. Byproduct sales decreased due to improved availability of salt in certain regions which reduced our sales footprint and due to COVID-19 which reduced sales of water and brine into oil and gas markets. Fourth quarter and full year average net realized sales price per ton decreased year-over-year due to price decreases announced in the 2020 winter and summer-fill programs and fewer industrial sales. We announced three price increases during the fourth quarter of 2020 and another in February 2021, increasing our posted price by $140 per ton compared to summer fill price levels. Fourth quarter production was similar to the prior year with all sites operating at full rates to meet strong early season fertilizer demand. We expect above average evaporation during the 2020 evaporation season will allow us to operate longer than normal during the spring of 2021. Full year production decreased 6% compared to 2019, due to reduced evaporation during the 2019 evaporation season which limited our production during the spring of 2020. Trio® Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 (in thousands, except per ton data)Sales $15,565 $15,669 $70,287 $69,551 Gross (deficit) margin $(375) $23 $(8,505) $1,100 Trio® production volume (in tons) 58 45 213 228 Trio® sales volume (in tons) 50 53 230 225 Average Trio® net realized sales price per ton(1) $188 $170 $195 $195 Fourth quarter 2020 gross margin decreased $0.4 million compared to 2019, as strong early season demand in domestic markets was offset by increased per ton costs of goods sold. Fourth quarter 2019 results benefited from lower costs of goods sold primarily due to lower of cost or net realizable value adjustments recorded in prior quarters. Byproduct water sales increased $0.1 million compared to the fourth quarter of 2019 as oil and gas activity continued to improve in the Delaware Basin from mid-year lows. Full year 2020 gross margin decreased as reduced operating rates led to an increased per ton cost of goods sold and the summer-fill price decrease resulted in additional lower of cost of net realizable value adjustments. Fourth quarter and full year sales were similar to the same periods in 2019, as strong domestic volumes offset a decrease in international shipments. Average net realized sales price per ton increased 11% in the fourth quarter when compared to 2019 due to reduced international shipments. Full year 2020 average net realized sales price equaled 2019 as reduced international shipments were offset by lower domestic Trio® pricing in the first nine months of 2020. Production volumes decreased 7% for the full year of 2020 when compared to 2019, primarily due to reduced operating rates in order to manage inventory levels. Oilfield Solutions Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 (in thousands)Sales $5,390 $8,323 $18,929 $27,894 Gross margin $2,342 $4,421 $7,484 $14,591 Sales decreased 35% and 32% for the fourth quarter and full year of 2020, respectively, when compared to the same periods in 2019, as the COVID-19 pandemic reduced activity in oil and gas markets which reduced our sales of water, brine, and other oilfield services. Water sales were most impacted during the summer of 2020 and rebounded considerably in the fourth quarter. Fourth quarter water sales in the oilfield solutions segment were $4.0 million, a significant increase compared to third quarter 2020 sales of $2.0 million. Fourth quarter and full year 2020 gross margin decreased compared to 2019 primarily due to the reduced sales discussed above. Full-year cost of goods sold decreased $0.9