Good day, ladies and gentlemen, and welcome to the CF Industries Second Quarter 2010 Results Conference Call. My name is Noella, and I will be your coordinator for today's call. [Operator Instructions] I would now like to turn the presentation over to your host for today's call, Mr. Terry Huch, Senior Director of Investor Relations and Corporate Communications. Please proceed, sir.

Thanks, Noella. Good morning, and thanks to everyone for joining us in this call for CF Industries holdings, Inc. With me today are Steve Wilson, our Chairman and Chief Executive Officer; and Tony Nocchiero, our Senior Vice President and Chief Financial Officer. CF Industries Holdings, Inc. reported its second quarter 2010 results yesterday afternoon, as did Terra Nitrogen Company, L.P. On this call, we'll review the CF Industries' results in detail and discuss our outlook for industry and company performance in 2010. At the end of the call, we'll host a question-and-answer session. As you review the news releases posted on the Investor Relations section of our website at www.cfindustries.com and as you listen to this conference call, please recognize that they contain forward-looking statements, as defined by Federal Securities laws. All statements in the release and on this call other than those relating to historical information or current conditions are considered forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in the Safe Harbor statement included in yesterday's news release. Consider all forward-looking statements in light of those and other risks and uncertainties. Do not place undue reliance in any forward-looking statements. Now let me introduce Steve Wilson, our Chairman and CEO.

Thanks, Terry, and thank you, all, for joining us this morning. For the second quarter of 2010, CF Industries reported net income of $105 million or $1.54 per diluted share, down from earnings of $213 million or $4.33 per share in the same period last year. The quarter included some significant onetime costs related to our acquisition of Terra Industries and some other unusual items, which Tony will discuss later in the call. We came in to this acquisition with a vision of a great company we can build by bringing these two businesses together. Now we have the chance to make that vision a reality, and we like what we're finding every day as we do that. Of course, there's a lot of work to integrate the business practices, systems and organizations of two public companies, and we'll be at it for some time to come. But that effort is energizing those of us who are working on it because we can see the benefits and opportunities available to us. Briefly, those benefits and opportunities come in two forms. First is a set of synergies we've outlined in past discussions, which we've targeted at $105 million to $135 million per year. Since April 5, teams of employees with a CF Industries heritage and employees with a Terra heritage have identified scores of individual initiatives that add up to an amount greater than the high end of this targeted range. Over the coming quarters, we'll continue our rigorous process to implement these actions and make sure that these savings and more are realized. Second, we've always believed that as the integration proceeds, we'll find that we have better market intelligence and that we'll identify expanded capabilities and a host of new options available to us. While we're far from completely…

Thanks, Steve, and good morning, everyone. As Steve indicated, CF Industries reported net income of $105 million or $1.54 per diluted share in the second quarter, down from earnings of $213 million or $4.33 per share in the same period last year. Second quarter earnings included $114 million of business combination and integration costs, and unrealized mark-to-market gain on natural gas derivatives of $15 million, and Peru project development costs of almost $2 million. Second quarter EBITDA of $392 million included the $55 million of business combination and integration costs unrelated to accelerated loan amortization, $15 million of unrealized mark-to-market gains and $2 million of Peru project development costs. In the second quarter of 2010, net sales of $1.3 billion included Nitrogen segment sales of $1.1 billion and Phosphate segment sales of $185 million. Nitrogen volume for the quarter were 3.9 million tons compared to 1.9 million tons in the year-ago quarter. Nitrogen sales were 49% higher than in the second quarter of 2009. Both segment volumes and sales were, of course, boosted by the acquisition of Terra. Our average price realization for ammonia was $380 per ton, which was up about $60 sequentially but was lower than the average price last year, which benefited from FPP sales booked in the peak of the market. Sales volume of 1.2 million tons of ammonia exceeded all expectations. Comparing that to our terminal storage capacity of about 650,000 tons, illustrates how fast product was turning in the quarter. Urea price realizations were about the same as the second quarter of 2009, but down slightly sequentially. UAN price realizations were 30% lower than the second quarter of 2009, but 7% higher sequentially. DAP average price realizations for the second quarter were 32% higher than the second quarter of 2009 and 11% higher sequentially.…

Thanks, Tony. Now I'd like to discuss our outlook for the remainder of 2010. The conditions in agricultural markets always provide the basis for our outlook, and those conditions remain positive. Global grain prices dipped during the second quarter but have moved up strongly in the third because of drought conditions in the former Soviet Union and parts of Europe. We expect to see corn prices well above historical averages through the marketing year, as already tight conditions receive additional support from export demand and the Renewable Fuel Standard. You can see the strength of the demand environment when you consider that despite a forecast for one of the largest U.S. corn crops of all time, the stocks-to-use ratio is still projected to fall. Financial markets will watch yield projections for the 2010 and 2011 crop carefully over the coming weeks. Our base forecast assumes that this year's corn yield will be in line with the trend, with some areas producing very good yields but others suffering from excess moisture received in the spring. Farmers should enter planting in 2011 in a strong financial position. Crop budgets continue to favor corn planting next year, with variable returns for corn expected to be at about $100 per acre, greater than for soybean. We expect 2011 to surpass 2010, as the second highest corn planting of all time in the U.S. In addition to higher planted area, we expect nitrogen and phosphate fertilizer demand in the U.S. to benefit from higher application rates as well. In the fall, we expect Midwest ammonia shipments to rebound 9% from last year's weak weather-depressed season. That rebound in the very low ammonia inventory position in the Midwest right now should support attractive Corn Belt pricing. Also note that a couple of ammonia upgrading projects was…

[Operator Instructions] Your first question comes from the line of Elaine Yip from Crédit Suisse. Elaine Yip - Crédit Suisse AG: You mentioned that you've identified synergies above your targeted range. Can you elaborate on that? And where the initial synergy opportunities are coming from?

Well, we're finding synergy opportunities in every area that we delineated in, in our comments that we've made over the last year and a half. They're in the transportation area, they're in the distribution area, they're in the area of our mix of business, they're certainly in the SG&A area. And we're making progress on all fronts, and we feel good about every aspect of our synergy delivery. Elaine Yip - Crédit Suisse AG: And then I understand that you don't wish to disclose your FPP positions, but have you seen any change in customer interest in the program in the recent weeks with nitrogen prices coming off its bottom and corn price is rising? And then maybe you can talk about your natural gas hedging or how you think about it, how much do you hedge outside of FPP?

Well, first of all, with respect recent business, we've mentioned that we launched our UAN fill program in July, has been very well received. The market is strong, and that's obviously evidenced by the rising prices that we've seen. So we're very comfortable with where the market is and where our position is in the market. With respect to natural gas, we maintain our discipline of essentially backing forward orders with committed gas so that we have -- we lock in our margin and we mitigate the risks associated with being exposed on one side or the other. We have the ability under our natural gas policy to take gas positions outside of that. We do that sporadically when we believe the market is in a good place and we're comfortable taking a gas position. We would never get into a gas position that exceeded our physical needs for gas. It's a pretty tightly controlled process, and our policy is board approved. With respect to recent activity, we mentioned in our release and I mentioned a couple of minutes ago that we did bought some options to cap our gas exposure in the months of August, September, October, just to be prudent with respect to the hurricane risk.

Your next question comes from the line of Charles Neivert from Dahlman Rose. Charles Neivert - Dahlman Rose & Company, LLC: One, on the interest rate, or the interest expense side, the number was rather large and we saw the early extinguishment number. But if we exclude that from the reported number, would that be the right way to take the number going forward from there? Or there are other things in there that we have to deal with?

The regular amortization charges related to the existing debt after all those prepayments that we reported this year is going to be about $5 million a quarter. Charles Neivert - Dahlman Rose & Company, LLC: And then, in addition, looking at that tax rate, again, it was a little on the high side. Anything again going forward for the remainder of the year? What it should be [indiscernible]...

We have those non-deductible transaction-related costs. The biggest one of which is the Yara break-up fee, and that's going to work its way through the P&L. For the rest of year, we're going to say at a tax rate of about 47%. And as we go into next year, we expect to be back in the range of 33% to 35%. Charles Neivert - Dahlman Rose & Company, LLC: And lastly, the depreciation number was fairly high. And again, if I look at it versus the pieces that you reported for the two separate segments, what's the big difference? You guys reported the depreciation and amortization for nitrogen, for phosphate. You take the sum of those two and put it against the number, and there's a fairly significant left over.

The total DD&A we reported was $149 million. Of that, $59 million was the accelerated amortization related to the repayment of the bridge loan and the B2 term loan. There was another $5 million related to the regular amortization that I just mentioned. We had a $40 million related to the stepped-up basis of the Terra values and then $45 million or $46 million related to the legacy depreciation on the existing assets and that carry over assets from Terra.

Your next question comes from the line of David Silver from Bank of America Merrill Lynch.

I want to ask you a question maybe about synergies, and I may be pick up on part of your answer to an earlier question. But if I look at some presentations you've made, including your presentation at the Southwest Conference [Southwestern Fertilizer Conference], you tend to focus solely on the cost side of synergies in your pie charts, et cetera, but you did mention product mix. And just based on what I hear from folks in the field and the marketing tone, I mean, it seems like you are, the combined CF, is marketing somewhat differently than I guess the separate company's pursuing their own strategies. So I was wondering if you could just take a moment and talk about where you might see revenue-based synergies coming from the combination that might be above and beyond or coming from different sources than the cost-based synergy targets that you have laid out.

Sure, David. I guess I would prefer to look at the kind of synergy part that you're referring to as market-based synergies in kind of a broad sense. Revenue would be part of it, but there are also cost synergies that come with taking the kind of actions that we'll take. CF traditionally has had a focus on large wholesale customers, where we've been relationship-driven. We value those relationships. We'll continue to value those relationships in the months and years ahead. They're very important cornerstones to our business. Terra had a different approach. Terra had a substantial number of smaller customers downstream, further than the wholesalers. Those relationships were a set of very, very strong long-standing relationships, and we value those relationships. And so, we will continue to take a position with respect to our customers, where we want to have long-standing good relationships, but we also are making enough product that we like to have, product available to take care of, to respond to opportunities that arise in the marketplace on occasion. So we will be working in the following fashion. We'll be trying to optimize how we serve those customers. We will be working to make sure that we have the right mix of Domestic business and Export business. We have established ourselves quite well in the export market with respect to both phosphate and more recently, nitrogen. And so with Donaldsonville, where it is and the legacy Terra plants where they are, we have a tremendous opportunity on a continuous basis, optimize what business we serve from what locations and take advantage of export opportunities. And then I guess the other leg I would add to that is that Terra had a substantial percentage of its business in the industrial market. We had some of that at legacy CF, but not nearly as much. So as we look at industrial customers, and frankly, all of our customers, we need to be cognizant of the fact that we should be putting our product to its highest and best use, and that's frankly what will drive our whole marketing strategy going forward. We have the full range of nitrogen products now, and we have multiple locations at which to produce them. And we'll be looking to put every ton to its highest and best use.

And I guess I was glad to hear that last point were you focused on maybe agricultural sales versus Terra's historic emphasis on industrial. Because I know in the past, you've indicated that you thought agricultural-based sales have higher net backs or higher realizations than the average industrial sales. Am I correct? Is that part of your thinking overall?

Certainly, that's been the case with respect to ammonia.

I'd like to ask you a question about phosphate. One of your competitors in Central Florida has a legal and regulatory issue that's limiting their ability to mine in Hardee County. And your operations, mining operations are in Hardee County. And I'm just wondering if you see any opportunity for productive collaboration in that you have rock available in the exact location where they were hoping to have rock available but don't. And with their potential curtailments, it looks like the market is short, and we just heard that people are importing DAP into the United States from Morocco, something I personally never thought I would hear. So it's an unusual market. You seem to be well positioned opportunistically to do something. Is there a potential friendly collaboration? Or do you think you're pretty much just going to stick to your knitting there?

It's an interesting subject, David. I guess I would reinforce comments that we've made, I think, consistently to investors. And that is, we have a pretty much a perfect match between our mine capability, our mine production and the needs of our chemical plant. And we designed it that way. We do not have excess rock production. And certainly, the production that we have right now is earmarked for Plant City and on to our customers. I would like, if I may, just make a comment on the situation that Mosaic has. We don't take any pleasure in watching that happen. We operate in the same state. We operate with the same set of regulators. We operate with the same permitting practices. And we watched that situation over the years. Certainly, I don't know the details of the case, but I certainly know in general that they seem to have followed all the prescribed procedures and done it in a good-faith way and obtained their permit. And I think it's unfortunate that they're not able to mine their property. In respect of our own situation, we do have 12 or 13 years of fully permitted reserves in Hardee County today. But down the road, we have plans to mine some more rock. And so, we look at the experience that Mosaic has had, and we'll certainly learn from that experience and build as many bridges as we can to various constituencies along the way. But it's certainly a troublesome situation.

Your next question comes from the line of Michael Picken from Cleveland Research.

I just wanted to touch base on a few things. I just wanted to get your sense in terms of where we are in terms of outlook for nitrogen imports? I mean, at this point, what is the longest that maybe some of your customers could wait to potentially bring in important product for the fall? And what is your outlook for nitrogen imports over, let's say, the next 60 to 90 days?

Well, it's now August. Bringing in nitrogen for the fall would be challenging. I think it's probably still possible but it's getting pretty late to bring in new supply. But remember that half of the nitrogen consumed in this country, roughly half is imported. And so, there's a pretty continuous flow of imports already. it's has its spikes and troughs, but it's pretty continuous.

And then, from that perspective, I mean, one of your competitors not too long ago sort of gave a view that they felt that about 60% of the dealer purchases were made for the fall in phosphate. And I was wondering kind of what you guys believe in the U.S., the market? How much of the market is already bought for both phosphate and nitrogen on a percentage basis and how much more do you think needs to be booked at this point?

I don't have a specific comment on that. The market seems to be strong in all of our products today, and that's because we're looking forward to an early harvest. Certainly, a window that will be longer than usual for application, a longer period of time during which we could get cooperating weather. And then looking forward to next spring, we see everything lined up to having a really terrific spring planting season with good crop fundamentals. We think that the demand pattern domestically is real good.

Lastly, I mean, you sort of implied that you held off your fall fill program from May to July. So even though you're not giving FPP guidance anymore, would it be safe to assume that because you held off on your FPP, the introduction of your program until July that you would probably have had less product booked maybe than what we've seen historically and then therefore, potentially we might see more of a benefit from the recent runoff in pricing than you would have otherwise?

Well, Mike, let me just refer back to a comment that Tony made. At the end of June, we had $11 million in customer prepayments.

Your next question comes from the line of Robert Koort from Goldman Sachs.

This is Luisa Hermann in for Bob. Just a quick question. You mentioned that the average realized ammonia prices were lower than sulfur prices because of the sales that were booked in the first quarter? And I know you're not giving guidance on FPP, but can you just give us an indication of what percentage of those sales were actually booked in the first quarter?

What percentage of second quarter sales?

An indication since you're saying that the prices were lower because of what you booked in the first quarter.

I don't...

I think what we're referring to, that was a year-over-year comparison person. I think that's what you're referring to then. That related to higher prices from FPP in the previous comparable quarter. We weren't referring to the sequential quarter.

Compared to historical rates, was it higher, lower?

I don't have that information handy, Luisa. I'm sorry.

Can you just talk a little bit of, just your relationship with KEYTRADE. I mean, the advantage that you're seeing in terms of what's happening in international markets?

Sure. The KEYTRADE relationship has been a very beneficial relationship for us. Our sales people have communications with the KEYTRADE folks on a daily basis, sometimes hourly basis, working on individual opportunities. It's really a two-way relationship. We help them generate trading revenue on occasion and they help us with export sales. And frankly, there are times, when we want to manage our supply such that we trade a little bit of our own production for offshore production and things like that. It's a great relationship. It brings us great market intelligence. And it's been, I think, a win-win for both sides.

Your next question comes from the line of Vincent Andrews from Morgan Stanley.

Can you help us sort of what a pro forma quarter might have looked like, if you had Terra for the whole quarter?

Well, we had Terra for the whole quarter except for four days.

I thought the close was April 15. So you're saying you ...

While the formal closing of the merger was the 15th or the 16th. But we incorporated Terra results from April 5 forward. And if I remember the calendar correctly, two of those four days were weekends.

And then maybe I'll take a crack at the forward purchasing question. I'm just reading in a lot of trade reports that you guys are sold out on ammonia through November and UAN through December. Would you care to characterize what's being reported in the trade press?

Our sales department is open for business everyday. We take calls. We have good conversations with our customers. And we make a lot of product. We're going to make and sell about I think 13.5 million tons of nitrogen and a couple of million tons of phosphate. So we're open for business, and we certainly like the business environment right now.

Your next question comes from the line of Edlain Rodriguez from Gleacher & Company. Edlain Rodriguez - Gleacher & Company, Inc.: Just on nitrogen prices, as you noted, prices have started to rebound quite nicely since the end of July. Is there any concern or fear that prices are moving up a little too fast? And I mean, essentially, are you seeing or expect to see any resistance from buyers because of the higher prices?

I would, I guess, just point out, I don't know, we've seen significant runoff in crop prices. And we had a spike in wheat prices yesterday and the day before. We have seen good movement up in corn prices. There's a lot of money to be made in growing crops next year. And our model, I think, as I indicated, shows corn leading to about $100 an acre, more value than soybeans. Actually, that spread has probably widened in the last few days. Whether today's corn prices is sustainable is I think open to some question. But corn in the $3.80, $4, $4.20 range is really good for I think everybody in the chain. And at the farm level, I don't think today's nitrogen prices would be an impediment to planting. Edlain Rodriguez - Gleacher & Company, Inc.: And just one quick question on your net debt, can you remind us again what your target is for the end of the year in terms of the net debt?

Well, we haven't given you a target for the pay down of the term debt, which is the debt we're repaying right now. But we're still targeting 1:1.5 as the net debt ratio.

Your next question comes from the line of Mark Gulley from Soleil Securities.

I want to follow up on the previous comment regarding the corn price. I recall that Glenn Buckley had a very interesting slide in one of his recent presentations, showing how they can optimize corn price with $3.50 being where you get profit diminish on the farmers side. The $4.50, where you get some demand disruption. With these 11 contract kind of pushing $4.50, are you concerned about some demand disruption downstream in the livestock market, ethanol markets and markets overall?

Well, certainly, we subscribe to Glenn's view that around $4 seems to be the sweet spot on a long-term basis. I don't think today's price is causing a problem. But if it gets much higher, it could become a problem.

Your next question comes from the line of Adam Goodwin from Goldman Sachs.

This is actually Kristen McDuffy. In terms of the pace of debt reduction, how quickly do you expect to use your elevated cash balances to pay down debt?

As I said, we're making very good process in debt repayment. We expect to be inside that range of 1:1.5 net debt-to-EBITDA ratio the year and that's all I think I'm going to say about it.

And how do you think about the long-term capital structure of your company? Do you plan to eventually pay down all of your bank debt?

Yes, we're focused on repaying the term debt. It has some covenants and restrictions in it that, of course, limit our ability to do other things on the investment side. But not really significant, but we pledge to the market that we get our balance sheet back in shape. We hit the 1:1.5 net debt-to-EBITDA target, and then we'd move from there. So an important part of that, obviously, is paying down the term debt.

And of course, we do have $1.6 billion of funds outstanding.

Correct. That's going to remain outstanding.

In terms of the typical seasonal decline that we might see going into 3Q from 2Q. It sounds like it's good to assume that this might be muted because of your summer sale season was pushed back a bit. Does that sound right?

Well, this is a quarter in which the supply chain is restocked, and normal kind of restocking is occurring. The fill programs that are out there really result in kind of an even flow of product back into the supply chain over a number of months. And we do have -- we didn't come out of the second quarter industry-wide to the full chain with very low inventories. And so, there's a lot of restocking that has to occur.

And so, is what you're saying then, it would be wrong to look for some kind of decline going to 3Q from 2Q from an EBITDA perspective?

I'm not going to project EBITDA. Normally, the third quarter does not have as much volume as the second quarter. I'd be surprised if that trend is not present this quarter.

And just lastly, in the past, you've guided to EBITDA in the range of about $1.5 billion, including synergies for 2010. How do you feel like you're progressing with respect to this target?

Well, you have our first quarter results. You have Terra's first quarter results. You have our results for the second quarter, and we don't have the math for you on that. We feel very good about the cash generation capability of the company.

We think we've given you all the components to get to the number, and if there's any confusion about the adjustments to get to a pro forma basis, we're happy to talk to you about it offline.

Your next question comes from the line of Don Carson from Susquehanna.

On nitrogen, you talked about how overall U.S. nitrogen consumption for the June 2010 year came in higher than your original expectations at 12 8 versus 12 4. And then, you've talked about how you're seeing return to higher application rates, maybe some more corn acreage next year. So what's your current view on the growth potential for nitrogen consumption in the June 2011 year? And then a question back to Terra's industrial mix on nitrogen. They were focused quite extensively on the opportunity for DEF going forward. Is that still a focus of the new combined company? And how big do you see your DEF business getting in 2011 and subsequent years?

Well, with respect to sort of the next fertilizer year demand, I think for nitrogen, we're looking at something like 2% to 2.5% in phosphate, maybe 4% or 4.5% or more. So we think those are reasonable estimates. We're looking to support something north of 90 million acreage of corn. So that's a pretty robust environment. I think, Don, is now with 91 million acres for 2011. With respect to DEF, it's clear to us after a few months that Terra has done a great job of positioning this product in the marketplace. They have led this sector in many ways in terms of establishing a flow of product, although I suppose flow might be overstating it. It may be more like a trickle of product so far, as this DEF gets rolled out into the marketplace. But the brand is established, and there's momentum there. We are in the late stages of evaluating that business. Obviously, we were taking a fresh look here, and we haven't come to a conclusion yet. But I will say, Don, from the broadest of perspectives, we have a lot of flexibility in our production and distribution system. We make a lot of nitrogen, and we can do a lot of different things with it. We have more flexibility in that regard than Terra had. So we want to make sure that as we make decisions with respect to DEF, that we are putting our nitrogen to its highest and best use going forward. That will drive the decision, but the market is clearly there for the product.

Your next question comes from the line of Horst Hueniken from Stifel, Nicolaus.

I'd like to touch on your customer advance, if you had a significant outflow of $378 million in the latest quarter. Just trying to get a sense of what the working capital picture looks like for the third and fourth quarters. Is it normal to see a reversal? I'm just wondering whether -- how you're managing your working capital is going to change because you're now a combined company or whether we can simply look at the historical pattern?

Well, our business historically because of the deposits we've gotten from the FPP program has been largely self financing. So we expect most of the patterns from quarter-to-quarter to remain in place. But it will depend, obviously, on how aggressively the FPP program gets used across the new company. We do intend to continue to use the program as a marketing tool. So just in general, I wouldn't expect the patterns we've shown in the past to be much different from those in the future.

Your next question will be from the line of Mark Connelly from CLSA. Mark Connelly - Credit Agricole Securities (USA) Inc.: Steve, you gave us some good detail on how you're able to swing things around when the UAN orders came in differently. Does that reflect in your mind a relatively full example of what you can do in terms of shifting production around in the system, or was it still very early in the game? I'm just trying to get a sense of what you're thinking about operating flexibility relative to what you have obviously already achieved in this quarter? And then a second question, your comments on Peru said, your progress will depend on progress on infrastructure, which is a little bit different than some of what you said in the past, which was more based on the cost. Do you now have the cost issue under control in Peru?

Production and distribution flexibility first. What we did in the second quarter in this area is I would say, a hint at what we can do in the future. It was meaningful to us because we did it, and we were able to move the product where we want to move it out of both legacy systems. And we proved to ourselves that what we believe is a substantial opportunity can be achieved. There will be much more of this kind of activity in the quarters ahead. With respect to Peru, the comment on infrastructure, if I turn it in to a more specific comment, is really focused on the need to construct a pipeline from where the major pipeline comes to the coast from the Camisea gas fields down to our potential plant site, which is a distance of about 120 kilometers. There's been no work on that. And we, obviously, are dependent upon that. We wouldn't make a decision on a project in the absence of that and no one would lend us any money for the project, even if we wanted to make a decision. In addition to that, the Camisea fields continue to be expanded, more gas must come over the Andes to the coast and there's a pipeline expansion that has to happen in order to get sufficient quantity to the coast to feed all the needs that have been promised by the gas producers. So those are two events, two hurdles that have to be overcome. These things have to be put in place before we make a decision. We continue to do work on the cost, the cost profile is moving in the right direction. Of course, part of the reason that's moving in the right direction has been the change in the value of the currencies. The euro has weakened, and we have substantial euro content. That could go the other way and could erase it in short order. So we don't have a definitive cost at this point, and we won't really have a definitive cost until we get to decision day. Mark Connelly - Credit Agricole Securities (USA) Inc.: And obviously, we're not hearing any visibility on that pipe project, so that's really sort of bottled up the whole project at this point.

Yes.

Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Terry Huch for closing remarks.

We'd like to thank everyone who participated on the call today, and we do look forward to meeting with many of you at our Analyst and Investor Day on August 17 in New York. If you need more information about that event or about CF Industries in general, we invite you to contact the Investor Relations. Thank you.

Thank you for your participation in today's conference. This concludes your presentation, and you may now disconnect. Have a great day.