Intrepid Potash jumps on deal with XTO for operations in Designated Potash Area

Intrepid Potash

14/12/2023 18:48

** Fertilizer maker Intrepid Potash's shares  IPI.N  rise
19.983% to $23.08
    ** Stock hits highest in more than two months 
    ** Co announced amendment of cooperative development
agreement with Exxon Mobil  XOM.N  subsidiary XTO Holdings for
their operations in the Designated Potash Area (DPA)
    ** As per amendment, co to receive initial payments of $5
mln on Dec. 12 and $45 mln on Jan. 2, 2024 from XTO 
    ** XTO to also pay one-time $50 mln under certain conditions
to IPI 
    ** Intrepid could also receive additional payments, up to
$100 mln, in event of certain additional drilling activities by
XTO
    ** The DPA is a tract of land in southeastern New Mexico,
totaling 497,630 acres, where two companies operate under the
2012 Secretarial Order for development of oil and gas, and
potash assets
    ** Including session's gains, stock has fallen 19.97% YTD 

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))