OCI Partners LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2018 10-Q, filed May 7, 2018. Its latest SEC filing is a 15-12B from Jul 26, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Produces and sells methanol and anhydrous ammonia to industrial users and commercial traders for further processing or distribution.

How Did They Make Money?

Customers pay for methanol and ammonia as products are shipped: barge sales at shipment, pipeline sales when delivery is received, and truck sales when the product is handed to the carrier.

FY2017 revenue

Who Were Their Customers?

Industrial users and commercial traders buy primarily under contract for further processing or distribution.

Did Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2017 and turned 20 cents into free cash flow.

Operating income, FY2017

20% of revenue

▲ Now profitable vs FY2016 (−$2.3M, −1%)

Net income, FY2017

7% of revenue

▲ Now profitable vs FY2016 (−$50.6M, −20%)

Free cash flow, FY2017

20% of revenue

▲ +180% vs FY2016 ($24.8M, 10%)

How Were They Changing?

Since the FY2017 annual report

Latest quarter: Q1 FY2018, the three months to Mar 31, 2018

Revenue: ▲ +26%; vs $92.9M in Q1 FY2017
Net income: ▲ +119%; vs $13.7M in Q1 FY2017

Jul 5, 2018 OCI accepted 9,290,248 common units in its tender offer The offer sought all common units not already owned by OCI and its affiliates.
Jun 19, 2018 Conflicts committee recommended acceptance of OCI’s tender offer
Jun 4, 2018 OCI began an unsolicited tender offer for remaining common units

Shrank. Revenue fell 20% in 4 years, from $428M in FY2013 to $343.3M in FY2017, about 5% a year.

Who Did They Compete With?

Competes with Methanex, Mitsui, Mitsubishi, Southern Chemical, Koch Fertilizer, CF Industries, and Nutrien

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