Intrepid Potash, Inc. entered into a Third Amendment to the Cooperative Development Agreement with XTO Holdings, LLC and XTO Delaware Basin, LLC, as successors in interest to BOPCO, L.P. ("XTO Delaware Basin," and together with XTO Holdings, XTO). The Amendment has an effective date of January 1, 2024. As consideration under the Amendment, on January 2, 2024, Intrepid received a payment of $45 million from XTO, which was in addition to an initial payment of $5 million received from XTO on December 12, 2023.

The Amendment also provides that Intrepid will receive an additional one-time payment equal to $50 million as an "Access Fee," which XTO will pay within 90 days upon the earlier occurrence of (i) the approval of the first new or expanded drilling island within a specific area to be used by XTO, or (ii) within seven years of the anniversary of the effective date. XTO is also required to pay additional amounts to Intrepid as an "Access Realization Fee," up to a maximum amount of $100 million, in the event of certain additional drilling activities by XTO. Pursuant to the Amendment, among other things, Intrepid agrees to support and not oppose XTO's development and operation of XTO's oil and gas interests within the Designated Potash Area (DPA).