OCINF - OCI N.V. (OCINF) Q1 2024 Earnings Call Transcript
2024-05-14 15:38:40 ET
OCI N.V. (OCINF)
Q1 2024 Earnings Conference Call
May 14 2024 9:00 AM ET
Company Participants
Sarah Rajani - VP, Investor Relations and Communications
Ahmed El Hoshy - Chief Executive Officer
Hassan Badrawi - Chief Financial Officer
Conference Call Participants
Lisa De Neve - Morgan Stanley
Aron Ceccarelli - Berenberg
Arun Konkoth - Verition
Angelina Glazova - JP Morgan
Andrew Keches - Barclays
Sashank Lanka - Bank of America
Stijn Demeester - ING
Presentation
Operator
Hello, everyone, welcome to today’s OCI Global First Quarter 2024 Results. My name is Drew and I'll be your operator today. During today's call there will be a Q&A session. [Operator Instructions].
I will now turn the call over to Sarah Rajani, Vice President, Investor Relations and Communications. Please go ahead.
Sarah Rajani
Thank you. Good afternoon and good morning to our audience in the Americas. Thank you for joining the OCI Global First Quarter 2024 Conference Call. With me today are Ahmed El Hoshy, our Chief Executive Officer; and Hassan Badrawi, our Chief Financial Officer. On this call, we will review OCI's key operational events and financial highlights for the quarter followed by a discussion of OCI's outlook and an update on the strategic review. As usual, at the end of the call, we will wrap with Q&A.
The results, press release and presentation and financial statements are available on our website at oci-global.com. We will be referring to slides in the results presentation throughout this call. I would like to remind you that any forward looking statements made on this call involve risks and the actual results could differ materially from those statements.
With that, let me hand over to Ahmed.
Ahmed El Hoshy
Thank you, Sarah and thank you all, for joining us today. We'll start by providing an update on the recently announced divestitures of Iowa Fertilizer Company and Fertiglobe to Koch and ADNOC, respectively, as well as the ongoing Strategic Review at OCI. We will give a brief recap of OCI's first quarter performance before providing a progress report on our Texas Blue Clean Ammonia project. Finally, we'll run through our perspectives on the business and market outlook.
As for every call, we start with reaffirming our strong commitment to safety, which remains our top priority. Our 12-month rolling recordable incident rate was 0.24 incidents per 200,000 work hours at the end of March, significantly below industry averages. Notwithstanding this, we reaffirm our focus on operational process safety throughout the organization as part of our manufacturing improvement journey, which we'll get into a little bit later today.
Q1 experienced a mix of both market and operational headwinds, which we've set out to explain in the slides. Compared to results in the same period in 2023, global nitrogen prices were lower, driven by falling gas prices and supply fluctuations, as well as some demand deferral in European fertilizer markets on account of adverse weather patterns. Notwithstanding this, first quarter earnings benefited from lower gas cost tailwinds and improved operational performance compared to Q1 2023....
OCI N.V. (OCINF) Q1 2024 Earnings Call Transcript