Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2024 Results and Announces Special Distribution of $1.21 per Common Unit
Natural Resource Partners (NYSE:NRP) reported its Q4 and full-year 2024 results, generating $251 million in free cash flow. The company declared a special distribution of $1.21 per common unit, payable March 18, 2025, to help cover unitholder tax liabilities.
Key achievements include paying total distributions of $5.44 per common unit in 2024, redeeming $72 million of preferred units, and repurchasing 1.54 million warrants. NRP executed a new five-year $200 million credit facility maturing in 2029.
The company's Mineral Rights segment saw decreased performance due to lower metallurgical and thermal coal pricing. The Soda Ash segment experienced declining results due to lower international sales prices and weaker global demand. NRP ended 2024 with $116.7 million in liquidity, including $30.4 million cash and $86.3 million in available credit facility borrowing capacity.
Natural Resource Partners (NYSE:NRP) ha riportato i risultati del Q4 e dell'intero anno 2024, generando 251 milioni di dollari di flusso di cassa libero. L'azienda ha dichiarato una distribuzione speciale di 1,21 dollari per unità comune, pagabile il 18 marzo 2025, per aiutare a coprire le responsabilità fiscali degli azionisti.
I risultati chiave includono il pagamento di distribuzioni totali di 5,44 dollari per unità comune nel 2024, il riscatto di 72 milioni di dollari di unità privilegiate e il riacquisto di 1,54 milioni di warrant. NRP ha stipulato una nuova linea di credito di cinque anni da 200 milioni di dollari con scadenza nel 2029.
Il segmento dei Diritti Minerari dell'azienda ha mostrato una performance ridotta a causa della diminuzione dei prezzi del carbone metallurgico e termico. Il segmento della Soda Ash ha registrato risultati in calo a causa della diminuzione dei prezzi di vendita internazionali e della domanda globale più debole. NRP ha chiuso il 2024 con 116,7 milioni di dollari di liquidità, inclusi 30,4 milioni di dollari in contante e 86,3 milioni di dollari di capacità di prestito disponibile nella linea di credito.
Natural Resource Partners (NYSE:NRP) informó sobre sus resultados del cuarto trimestre y del año completo 2024, generando 251 millones de dólares en flujo de efectivo libre. La empresa declaró una distribución especial de 1,21 dólares por unidad común, pagadera el 18 de marzo de 2025, para ayudar a cubrir las obligaciones fiscales de los accionistas.
Los logros clave incluyen el pago de distribuciones totales de 5,44 dólares por unidad común en 2024, el rescate de 72 millones de dólares en unidades preferentes y la recompra de 1,54 millones de warrants. NRP ejecutó una nueva línea de crédito de cinco años por 200 millones de dólares que vence en 2029.
El segmento de Derechos Minerales de la compañía vio un rendimiento disminuido debido a la caída de los precios del carbón metalúrgico y térmico. El segmento de Soda Ash experimentó resultados a la baja debido a los precios de venta internacionales más bajos y a una demanda global más débil. NRP cerró 2024 con 116,7 millones de dólares en liquidez, incluidos 30,4 millones de dólares en efectivo y 86,3 millones de dólares en capacidad de endeudamiento disponible en la línea de crédito.
내추럴 리소스 파트너스 (NYSE:NRP)는 2024년 4분기 및 연간 실적을 보고하며 2억 5천 1백만 달러의 자유 현금 흐름을 창출했습니다. 이 회사는 주주 세금 의무를 충당하기 위해 공통 단위당 1.21달러의 특별 배당금을 선언했으며, 이는 2025년 3월 18일에 지급될 예정입니다.
주요 성과로는 2024년에 공통 단위당 5.44달러의 총 배당금을 지급하고, 7천 2백만 달러의 우선주를 상환하며, 154만 개의 워런트를 재매입한 것이 포함됩니다. NRP는 2029년에 만료되는 2억 달러의 5년 신용 시설을 체결했습니다.
회사의 광물권 부문은 금속 및 열탄 가격 하락으로 인해 성과가 감소했습니다. 소다회 부문은 국제 판매 가격 하락과 약한 글로벌 수요로 인해 결과가 감소했습니다. NRP는 2024년을 1억 1천 6백 70만 달러의 유동성으로 마감했으며, 이에는 3천 4백만 달러의 현금과 8천 6백 30만 달러의 신용 시설 차입 가능성이 포함됩니다.
Natural Resource Partners (NYSE:NRP) a annoncé ses résultats du quatrième trimestre et de l'année entière 2024, générant 251 millions de dollars de flux de trésorerie libre. L'entreprise a déclaré une distribution spéciale de 1,21 dollar par unité commune, payable le 18 mars 2025, pour aider à couvrir les obligations fiscales des actionnaires.
Les réalisations clés incluent le paiement de distributions totales de 5,44 dollars par unité commune en 2024, le rachat de 72 millions de dollars d'unités privilégiées et le rachat de 1,54 million de bons de souscription. NRP a conclu un nouveau prêt de 200 millions de dollars sur cinq ans arrivant à échéance en 2029.
Le segment des Droits Minéraux de l'entreprise a connu une performance diminuée en raison de la baisse des prix du charbon métallurgique et thermique. Le segment de la Soude a enregistré des résultats en déclin en raison de la baisse des prix de vente internationaux et d'une demande mondiale plus faible. NRP a terminé 2024 avec 116,7 millions de dollars de liquidités, dont 30,4 millions de dollars en espèces et 86,3 millions de dollars de capacité d'emprunt disponible dans la ligne de crédit.
Natural Resource Partners (NYSE:NRP) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und einen freien Cashflow von 251 Millionen Dollar erzielt. Das Unternehmen erklärte eine Sonderdividende von 1,21 Dollar pro Stammaktie, die am 18. März 2025 ausgezahlt wird, um die Steuerverpflichtungen der Aktionäre zu decken.
Zu den wichtigsten Erfolgen gehören die Zahlung von Gesamtausschüttungen von 5,44 Dollar pro Stammaktie im Jahr 2024, die Rückzahlung von 72 Millionen Dollar an Vorzugsaktien und der Rückkauf von 1,54 Millionen Warrants. NRP hat eine neue fünfjährige 200 Millionen Dollar Kreditlinie abgeschlossen, die 2029 fällig wird.
Der Mineralrechte-Sektor des Unternehmens verzeichnete eine verringerte Leistung aufgrund sinkender Preise für metallurgische und thermische Kohle. Der Soda-Asche-Sektor erlebte aufgrund niedrigerer internationale Verkaufspreise und einer schwächeren globalen Nachfrage rückläufige Ergebnisse. NRP schloss das Jahr 2024 mit 116,7 Millionen Dollar an Liquidität, einschließlich 30,4 Millionen Dollar in bar und 86,3 Millionen Dollar an verfügbarer Kreditlinien-Kreditaufnahme.
- Generated $251 million free cash flow in 2024
- Fully redeemed remaining preferred units worth $72 million
- Secured new $200 million credit facility through 2029
- Low leverage ratio of 0.6x at year-end
- Reduced financial obligations to $142 million
- Decreased Mineral Rights segment performance due to weak coal pricing
- Lower Soda Ash segment results from weak global demand
- Exxon terminated carbon sequestration lease agreement
- Soda Ash distributions expected below historical levels
- Higher interest expenses due to increased revolver draws
Insights
Natural Resource Partners' Q4 and full-year 2024 results reveal a $251 million free cash flow generation despite significant market headwinds across its core segments. The partnership has executed a disciplined capital allocation strategy, completely eliminating both its preferred units and outstanding warrants while reducing financial obligations to just $142 million.
The announced $1.21 special distribution brings total 2024 distributions to $5.44 per common unit and demonstrates management's commitment to returning capital while maintaining a remarkably low 0.6x leverage ratio. This balance sheet strength positions NRP exceptionally well amid commodity price volatility.
Operationally, the results reflect ongoing challenges in both core segments. The Mineral Rights division faced pressure from weaker metallurgical coal pricing, though the partnership maintains strong exposure with 75% of coal royalty revenues derived from metallurgical coal. The Soda Ash segment's significant performance decline reflects global overcapacity and reduced demand in construction and automotive sectors.
NRP's diversification efforts into carbon-neutral revenue streams suffered a setback with Exxon declining to renew its underground carbon sequestration lease. Management's acknowledgment of persistent weakness in soda ash prices suggests distributions from Sisecam Wyoming will remain below historical levels in the medium term.
The company's strategic focus on de-levering and de-risking continues to strengthen NRP's financial foundation, though future revenue growth catalysts appear in the current commodity price environment.
NRP's financial restructuring success stands in stark contrast to its operational challenges across both core segments. The metallurgical coal market's weakness has been persistent throughout 2024, yet the company's observation of a "new price floor" suggests fundamentals remain stronger than historical cycles due to structural changes - specifically input cost inflation, labor shortages, and capital access limitations for operators.
The partnership's ability to generate substantial free cash flow despite these headwinds demonstrates the resilience of its royalty business model. NRP's portfolio optimization strategy is evident in maintaining a high metallurgical coal exposure (75% of coal royalty revenues) which typically commands premium pricing over thermal coal.
The terminated Exxon carbon sequestration agreement represents a strategic setback in NRP's diversification initiatives. While the company continues exploring alternative carbon-neutral revenue sources across its extensive land holdings, these efforts remain early-stage with uncertain commercialization timelines.
Most concerning is the outlook for the soda ash segment, where management expects prices to remain at multi-decade lows "for the foreseeable future" due to significant new global capacity. With many producers operating below cost, this suggests a prolonged period of rationalization before supply-demand balance returns.
Management's capital allocation discipline is commendable - eliminating preferred equity, buying out warrants, securing extended credit facility terms, and maintaining substantial liquidity while continuing unitholder distributions. This balanced approach positions NRP to weather continued commodity price volatility while preserving long-term optionality across its diverse natural resource portfolio.
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||
(In thousands) (Unaudited) |
|
December 31, 2024 |
|
|||||
Net income |
|
$ |
42,772 |
|
|
$ |
183,644 |
|
Operating cash flow |
|
$ |
66,220 |
|
|
$ |
248,493 |
|
Free cash flow (1) |
|
$ |
66,906 |
|
|
$ |
251,158 |
|
| ____________ | |
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Highlights:
-
Generated
$251 million -
Paid total distributions of
$5.44 $0.75 $2.44 -
Redeemed
$72 million $250 million -
Repurchased 1.54 million warrants with issuance of
$65.7 million -
Executed five-year
$200 million -
Declares special cash distribution of
$1.21
“In 2024, NRP generated
NRP's liquidity was
NRP also announced today that the board of directors of its general partner declared a special cash distribution of
Segment Performance
Mineral Rights
Mineral Rights net income in the fourth quarter and full year of 2024 decreased
Metallurgical and thermal coal prices remained weak throughout 2024, primarily due to muted steel demand impacting metallurgical coal and mild weather, high inventory levels, and low natural gas prices impacting thermal coal. While NRP does not expect significant changes in these factors or to pricing in 2025, metallurgical and thermal coal pricing is still higher compared to long-term historical norms. It appears a new price floor has resulted from input cost inflation as well as ongoing labor shortages and operators' limited access to capital.
NRP continues to explore and identify carbon neutral revenue sources across its large portfolio of surface, mineral, and timber assets, including the sequestration of carbon dioxide in NRP's underground pore space and standing forests, lithium production, and the generation of electricity using geothermal, solar, and wind energy. NRP has been notified by Exxon that its previously announced underground carbon sequestration lease agreement executed in 2022 would not be renewed for another lease term and has been terminated as per their rights in the agreement.
Soda Ash
Soda Ash net income in the fourth quarter and full year of 2024 decreased
NRP expects soda ash prices to remain low for the foreseeable future as it will take several years for the market to absorb the influx of new global capacity. However, many producers are currently operating below cost of production as the market is experiencing its lowest sales prices in decades. As this challenging market persists, distributions from Sisecam Wyoming are expected to be below historical levels.
Corporate and Financing
Corporate and Financing costs in the fourth quarter of 2024 decreased
In 2024, NRP fully retired the remaining 71,666 Class A Convertible Preferred Units at par, with cash and repurchased the remaining 1.54 million warrants with
NRP's consolidated leverage ratio was 0.6x at December 31, 2024.
In February 2025, NRP declared and paid a fourth quarter 2024 cash distribution of
Conference Call
A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154485601. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.
Withholding Information for Foreign Investors
Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in
For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership’s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.
“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.
-Financial Tables and Reconciliation of Non-GAAP Measures Follow-
Natural Resource Partners L.P. |
||||||||||||||||||||
Financial Tables |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Consolidated Statements of Comprehensive Income |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|||||||||||
(In thousands, except per unit data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty and other mineral rights |
|
$ |
61,781 |
|
|
$ |
72,922 |
|
|
$ |
50,405 |
|
|
$ |
234,149 |
|
|
$ |
278,733 |
|
Transportation and processing services |
|
|
2,978 |
|
|
|
3,476 |
|
|
|
1,812 |
|
|
|
10,878 |
|
|
|
14,923 |
|
Equity in earnings of Sisecam Wyoming |
|
|
931 |
|
|
|
14,764 |
|
|
|
8,109 |
|
|
|
18,135 |
|
|
|
73,397 |
|
Gain on asset sales and disposals |
|
|
36 |
|
|
|
2,001 |
|
|
|
1 |
|
|
|
4,845 |
|
|
|
2,956 |
|
Total revenues and other income |
|
$ |
65,726 |
|
|
$ |
93,163 |
|
|
$ |
60,327 |
|
|
$ |
268,007 |
|
|
$ |
370,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses |
|
$ |
9,645 |
|
|
$ |
8,864 |
|
|
$ |
6,786 |
|
|
$ |
28,036 |
|
|
$ |
32,315 |
|
Depreciation, depletion and amortization |
|
|
2,827 |
|
|
|
6,020 |
|
|
|
4,730 |
|
|
|
15,535 |
|
|
|
18,489 |
|
General and administrative expenses |
|
|
6,958 |
|
|
|
8,954 |
|
|
|
5,935 |
|
|
|
25,151 |
|
|
|
26,111 |
|
Asset impairments |
|
|
— |
|
|
|
424 |
|
|
|
87 |
|
|
|
87 |
|
|
|
556 |
|
Total operating expenses |
|
$ |
19,430 |
|
|
$ |
24,262 |
|
|
$ |
17,538 |
|
|
$ |
68,809 |
|
|
$ |
77,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
46,296 |
|
|
$ |
68,901 |
|
|
$ |
42,789 |
|
|
$ |
199,198 |
|
|
$ |
292,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
$ |
(3,524 |
) |
|
$ |
(3,921 |
) |
|
$ |
(4,194 |
) |
|
$ |
(15,554 |
) |
|
$ |
(14,103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
42,772 |
|
|
$ |
64,980 |
|
|
$ |
38,595 |
|
|
$ |
183,644 |
|
|
$ |
278,435 |
|
Less: income attributable to preferred unitholders |
|
|
— |
|
|
|
(2,151 |
) |
|
|
(655 |
) |
|
|
(4,248 |
) |
|
|
(16,719 |
) |
Less: redemption of preferred units |
|
|
— |
|
|
|
— |
|
|
|
(10,819 |
) |
|
|
(24,485 |
) |
|
|
(60,929 |
) |
Net income attributable to common unitholders and the general partner |
|
$ |
42,772 |
|
|
$ |
62,829 |
|
|
$ |
27,121 |
|
|
$ |
154,911 |
|
|
$ |
200,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
|
$ |
41,917 |
|
|
$ |
61,572 |
|
|
$ |
26,578 |
|
|
$ |
151,813 |
|
|
$ |
196,771 |
|
Net income attributable to the general partner |
|
|
855 |
|
|
|
1,257 |
|
|
|
543 |
|
|
|
3,098 |
|
|
|
4,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.21 |
|
|
$ |
4.87 |
|
|
$ |
2.04 |
|
|
$ |
11.69 |
|
|
$ |
15.59 |
|
Diluted |
|
|
3.15 |
|
|
|
4.31 |
|
|
|
2.00 |
|
|
|
11.35 |
|
|
|
13.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
42,772 |
|
|
$ |
64,980 |
|
|
$ |
38,595 |
|
|
$ |
183,644 |
|
|
$ |
278,435 |
|
Comprehensive income (loss) from unconsolidated investment and other |
|
|
(714 |
) |
|
|
(5,367 |
) |
|
|
82 |
|
|
|
1,452 |
|
|
|
(21,839 |
) |
Comprehensive income |
|
$ |
42,058 |
|
|
$ |
59,613 |
|
|
$ |
38,677 |
|
|
$ |
185,096 |
|
|
$ |
256,596 |
|
Natural Resource Partners L.P. |
||||||||||||||||||||
Financial Tables |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|||||||||||
(In thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
42,772 |
|
|
$ |
64,980 |
|
|
$ |
38,595 |
|
|
$ |
183,644 |
|
|
$ |
278,435 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,827 |
|
|
|
6,020 |
|
|
|
4,730 |
|
|
|
15,535 |
|
|
|
18,489 |
|
Distributions from unconsolidated investment |
|
|
10,667 |
|
|
|
15,338 |
|
|
|
6,320 |
|
|
|
38,781 |
|
|
|
81,478 |
|
Equity earnings from unconsolidated investment |
|
|
(931 |
) |
|
|
(14,764 |
) |
|
|
(8,109 |
) |
|
|
(18,135 |
) |
|
|
(73,397 |
) |
Gain on asset sales and disposals |
|
|
(36 |
) |
|
|
(2,001 |
) |
|
|
(1 |
) |
|
|
(4,845 |
) |
|
|
(2,956 |
) |
Asset impairments |
|
|
— |
|
|
|
424 |
|
|
|
87 |
|
|
|
87 |
|
|
|
556 |
|
Bad debt expense |
|
|
3,647 |
|
|
|
1,431 |
|
|
|
1,058 |
|
|
|
4,185 |
|
|
|
2,244 |
|
Unit-based compensation expense |
|
|
2,431 |
|
|
|
3,007 |
|
|
|
3,002 |
|
|
|
11,309 |
|
|
|
10,910 |
|
Amortization of debt issuance costs and other |
|
|
1,094 |
|
|
|
260 |
|
|
|
(1,655 |
) |
|
|
(1,509 |
) |
|
|
1,303 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,574 |
|
|
|
(4,254 |
) |
|
|
(6,640 |
) |
|
|
7,285 |
|
|
|
(164 |
) |
Accounts payable |
|
|
(73 |
) |
|
|
(258 |
) |
|
|
49 |
|
|
|
25 |
|
|
|
(1,108 |
) |
Accrued liabilities |
|
|
3,829 |
|
|
|
6,063 |
|
|
|
392 |
|
|
|
(2,088 |
) |
|
|
(225 |
) |
Accrued interest |
|
|
(473 |
) |
|
|
(641 |
) |
|
|
457 |
|
|
|
(281 |
) |
|
|
(406 |
) |
Deferred revenue |
|
|
419 |
|
|
|
1,480 |
|
|
|
14,854 |
|
|
|
17,200 |
|
|
|
(3,483 |
) |
Other items, net |
|
|
(1,527 |
) |
|
|
701 |
|
|
|
1,006 |
|
|
|
(2,700 |
) |
|
|
(698 |
) |
Net cash provided by operating activities |
|
$ |
66,220 |
|
|
$ |
77,786 |
|
|
$ |
54,145 |
|
|
$ |
248,493 |
|
|
$ |
310,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales and disposals |
|
$ |
37 |
|
|
$ |
2,002 |
|
|
$ |
1 |
|
|
$ |
4,846 |
|
|
$ |
2,963 |
|
Return of long-term contract receivable |
|
|
686 |
|
|
|
633 |
|
|
|
673 |
|
|
|
2,665 |
|
|
|
2,463 |
|
Capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
Net cash provided by investing activities |
|
$ |
723 |
|
|
$ |
2,635 |
|
|
$ |
674 |
|
|
$ |
7,511 |
|
|
$ |
5,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowings |
|
$ |
15,000 |
|
|
$ |
33,800 |
|
|
$ |
23,000 |
|
|
$ |
167,850 |
|
|
$ |
248,834 |
|
Debt repayments |
|
|
(70,332 |
) |
|
|
(86,335 |
) |
|
|
(36,000 |
) |
|
|
(181,028 |
) |
|
|
(262,396 |
) |
Distributions to common unitholders and the general partner |
|
|
(9,987 |
) |
|
|
(9,670 |
) |
|
|
(9,986 |
) |
|
|
(72,146 |
) |
|
|
(69,908 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(2,150 |
) |
|
|
(1,605 |
) |
|
|
(6,398 |
) |
|
|
(22,069 |
) |
Redemptions of preferred units |
|
|
— |
|
|
|
— |
|
|
|
(31,666 |
) |
|
|
(71,666 |
) |
|
|
(178,334 |
) |
Warrant settlements |
|
|
— |
|
|
|
(22,481 |
) |
|
|
— |
|
|
|
(65,689 |
) |
|
|
(56,089 |
) |
Other items, net |
|
|
(2,080 |
) |
|
|
(7 |
) |
|
|
(2 |
) |
|
|
(8,472 |
) |
|
|
(3,534 |
) |
Net cash used in financing activities |
|
$ |
(67,399 |
) |
|
$ |
(86,843 |
) |
|
$ |
(56,259 |
) |
|
$ |
(237,549 |
) |
|
$ |
(343,496 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
(456 |
) |
|
$ |
(6,422 |
) |
|
$ |
(1,440 |
) |
|
$ |
18,455 |
|
|
$ |
(27,102 |
) |
Cash and cash equivalents at beginning of period |
|
|
30,900 |
|
|
|
18,411 |
|
|
|
32,340 |
|
|
|
11,989 |
|
|
|
39,091 |
|
Cash and cash equivalents at end of period |
|
$ |
30,444 |
|
|
$ |
11,989 |
|
|
$ |
30,900 |
|
|
$ |
30,444 |
|
|
$ |
11,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,986 |
|
|
$ |
4,372 |
|
|
$ |
3,800 |
|
|
$ |
15,452 |
|
|
$ |
13,856 |
|
Natural Resource Partners L.P. |
||||||||
Financial Tables |
||||||||
|
|
|
|
|||||
Consolidated Balance Sheets |
||||||||
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
(In thousands, except unit data) |
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,444 |
|
|
$ |
11,989 |
|
Accounts receivable, net |
|
|
31,469 |
|
|
|
41,086 |
|
Other current assets, net |
|
|
1,961 |
|
|
|
2,218 |
|
Total current assets |
|
$ |
63,874 |
|
|
$ |
55,293 |
|
Land |
|
|
24,008 |
|
|
|
24,008 |
|
Mineral rights, net |
|
|
379,638 |
|
|
|
394,483 |
|
Intangible assets, net |
|
|
12,924 |
|
|
|
13,682 |
|
Equity in unconsolidated investment |
|
|
257,355 |
|
|
|
276,549 |
|
Long-term contract receivable, net |
|
|
23,480 |
|
|
|
26,321 |
|
Other long-term assets, net |
|
|
11,628 |
|
|
|
7,540 |
|
Total assets |
|
$ |
772,907 |
|
|
$ |
797,876 |
|
LIABILITIES AND CAPITAL |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
909 |
|
|
$ |
885 |
|
Accrued liabilities |
|
|
12,121 |
|
|
|
12,987 |
|
Accrued interest |
|
|
302 |
|
|
|
584 |
|
Current portion of deferred revenue |
|
|
4,341 |
|
|
|
4,599 |
|
Current portion of long-term debt, net |
|
|
14,192 |
|
|
|
30,785 |
|
Total current liabilities |
|
$ |
31,865 |
|
|
$ |
49,840 |
|
Deferred revenue |
|
|
55,814 |
|
|
|
38,356 |
|
Long-term debt, net |
|
|
127,876 |
|
|
|
124,273 |
|
Other non-current liabilities |
|
|
6,244 |
|
|
|
7,172 |
|
Total liabilities |
|
$ |
221,799 |
|
|
$ |
219,641 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Class A Convertible Preferred Units (71,666 units issued and outstanding at December 31, 2023 at |
|
$ |
— |
|
|
$ |
47,181 |
|
Partners’ capital |
|
|
|
|
|
|
|
|
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at December 31, 2024 and 2023, respectively) |
|
$ |
543,231 |
|
|
$ |
503,076 |
|
General partner’s interest |
|
|
9,547 |
|
|
|
8,005 |
|
Warrant holders' interest |
|
|
— |
|
|
|
23,095 |
|
Accumulated other comprehensive loss |
|
|
(1,670 |
) |
|
|
(3,122 |
) |
Total partners’ capital |
|
$ |
551,108 |
|
|
$ |
531,054 |
|
Total liabilities and partners' capital |
|
$ |
772,907 |
|
|
$ |
797,876 |
|
Natural Resource Partners L.P. |
||||||||||||||||||||||||
Financial Tables |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Statements of Partners' Capital |
||||||||||||||||||||||||
|
|
Common Unitholders |
|
|
General |
|
|
Warrant |
|
|
Accumulated Other Comprehensive |
|
|
Total Partners' |
|
|||||||||
(In thousands) |
|
Units |
|
|
Amounts |
|
|
Partner |
|
|
Holders |
|
|
Income (Loss) |
|
|
Capital |
|
||||||
Balance at December 31, 2022 |
|
|
12,506 |
|
|
$ |
404,799 |
|
|
$ |
5,977 |
|
|
$ |
47,964 |
|
|
$ |
18,717 |
|
|
$ |
477,457 |
|
Net income (1) |
|
|
— |
|
|
|
272,866 |
|
|
|
5,569 |
|
|
|
— |
|
|
|
— |
|
|
|
278,435 |
|
Redemptions of preferred units |
|
|
— |
|
|
|
(59,710 |
) |
|
|
(1,219 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60,929 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(68,510 |
) |
|
|
(1,398 |
) |
|
|
— |
|
|
|
— |
|
|
|
(69,908 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(21,628 |
) |
|
|
(441 |
) |
|
|
— |
|
|
|
— |
|
|
|
(22,069 |
) |
Issuance of unit-based awards |
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
5,854 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,854 |
|
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
Warrant settlements |
|
|
— |
|
|
|
(30,595 |
) |
|
|
(625 |
) |
|
|
(24,869 |
) |
|
|
— |
|
|
|
(56,089 |
) |
Comprehensive loss from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,839 |
) |
|
|
(21,839 |
) |
Balance at December 31, 2023 |
|
|
12,635 |
|
|
$ |
503,076 |
|
|
$ |
8,005 |
|
|
$ |
23,095 |
|
|
$ |
(3,122 |
) |
|
$ |
531,054 |
|
Net income (2) |
|
|
— |
|
|
|
179,971 |
|
|
|
3,673 |
|
|
|
— |
|
|
|
— |
|
|
|
183,644 |
|
Redemptions of preferred units |
|
|
— |
|
|
|
(23,995 |
) |
|
|
(490 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,485 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(70,703 |
) |
|
|
(1,443 |
) |
|
|
— |
|
|
|
— |
|
|
|
(72,146 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(6,270 |
) |
|
|
(128 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,398 |
) |
Issuance of unit-based awards |
|
|
126 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
2,894 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,894 |
|
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
782 |
|
|
|
— |
|
|
|
— |
|
|
|
782 |
|
Warrant settlements |
|
|
288 |
|
|
|
(41,742 |
) |
|
|
(852 |
) |
|
|
(23,095 |
) |
|
|
— |
|
|
|
(65,689 |
) |
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,452 |
|
|
|
1,452 |
|
Balance at December 31, 2024 |
|
|
13,049 |
|
|
$ |
543,231 |
|
|
$ |
9,547 |
|
|
$ |
— |
|
|
$ |
(1,670 |
) |
|
$ |
551,108 |
|
| ____________ | |
(1) |
Net income includes |
(2) |
Net income includes |
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following tables present NRP's unaudited business results by segment for the three months ended December 31, 2024 and 2023 and September 30, 2024:
|
|
Operating Segments |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
64,759 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
64,759 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
931 |
|
|
|
— |
|
|
|
931 |
|
Gain on asset sales and disposals |
|
|
36 |
|
|
|
— |
|
|
|
— |
|
|
|
36 |
|
Total revenues and other income |
|
$ |
64,795 |
|
|
$ |
931 |
|
|
$ |
— |
|
|
$ |
65,726 |
|
Asset impairments |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) |
|
$ |
52,386 |
|
|
$ |
872 |
|
|
$ |
(10,486 |
) |
|
$ |
42,772 |
|
Adjusted EBITDA (1) |
|
$ |
55,209 |
|
|
$ |
10,608 |
|
|
$ |
(6,958 |
) |
|
$ |
58,859 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
62,575 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,220 |
|
Investing activities |
|
$ |
723 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
723 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(67,399 |
) |
|
$ |
(67,399 |
) |
Distributable cash flow (1) |
|
$ |
63,298 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,943 |
|
Free cash flow (1) |
|
$ |
63,261 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
76,398 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76,398 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
14,764 |
|
|
|
— |
|
|
|
14,764 |
|
Gain on asset sales and disposals |
|
|
2,001 |
|
|
|
— |
|
|
|
— |
|
|
|
2,001 |
|
Total revenues and other income |
|
$ |
78,399 |
|
|
$ |
14,764 |
|
|
$ |
— |
|
|
$ |
93,163 |
|
Asset impairments |
|
$ |
424 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
424 |
|
Net income (loss) |
|
$ |
63,127 |
|
|
$ |
14,732 |
|
|
$ |
(12,879 |
) |
|
$ |
64,980 |
|
Adjusted EBITDA (1) |
|
$ |
69,567 |
|
|
$ |
15,306 |
|
|
$ |
(8,954 |
) |
|
$ |
75,919 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
70,147 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
77,786 |
|
Investing activities |
|
$ |
2,635 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,635 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(86,843 |
) |
|
$ |
(86,843 |
) |
Distributable cash flow (1) |
|
$ |
72,782 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
80,421 |
|
Free cash flow (1) |
|
$ |
70,780 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
78,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
52,217 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,217 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
8,109 |
|
|
|
— |
|
|
|
8,109 |
|
Gain on asset sales and disposals |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Total revenues and other income |
|
$ |
52,218 |
|
|
$ |
8,109 |
|
|
$ |
— |
|
|
$ |
60,327 |
|
Asset impairments |
|
$ |
87 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87 |
|
Net income (loss) |
|
$ |
40,644 |
|
|
$ |
8,085 |
|
|
$ |
(10,134 |
) |
|
$ |
38,595 |
|
Adjusted EBITDA (1) |
|
$ |
45,456 |
|
|
$ |
6,296 |
|
|
$ |
(5,935 |
) |
|
$ |
45,817 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
53,610 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,145 |
|
Investing activities |
|
$ |
674 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
674 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(56,259 |
) |
|
$ |
(56,259 |
) |
Distributable cash flow (1) |
|
$ |
54,284 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,819 |
|
Free cash flow (1) |
|
$ |
54,283 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,818 |
|
| ____________ | |
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results by segment for the year ended December 31, 2024 and 2023:
|
|
Operating Segments |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
245,027 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
245,027 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
18,135 |
|
|
|
— |
|
|
|
18,135 |
|
Gain on asset sales and disposals |
|
|
4,845 |
|
|
|
— |
|
|
|
— |
|
|
|
4,845 |
|
Total revenues and other income |
|
$ |
249,872 |
|
|
$ |
18,135 |
|
|
$ |
— |
|
|
$ |
268,007 |
|
Asset impairments |
|
$ |
87 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87 |
|
Net income (loss) |
|
$ |
206,403 |
|
|
$ |
17,964 |
|
|
$ |
(40,723 |
) |
|
$ |
183,644 |
|
Adjusted EBITDA (1) |
|
$ |
222,007 |
|
|
$ |
38,610 |
|
|
$ |
(25,151 |
) |
|
$ |
235,466 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
242,168 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
248,493 |
|
Investing activities |
|
$ |
7,511 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,511 |
|
Financing activities |
|
$ |
(1,086 |
) |
|
$ |
— |
|
|
$ |
(236,463 |
) |
|
$ |
(237,549 |
) |
Distributable cash flow (1) |
|
$ |
249,679 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
256,004 |
|
Free cash flow (1) |
|
$ |
244,833 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
251,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
293,656 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
293,656 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
73,397 |
|
|
|
— |
|
|
|
73,397 |
|
Gain on asset sales and disposals |
|
|
2,956 |
|
|
|
— |
|
|
|
— |
|
|
|
2,956 |
|
Total revenues and other income |
|
$ |
296,612 |
|
|
$ |
73,397 |
|
|
$ |
— |
|
|
$ |
370,009 |
|
Asset impairments |
|
$ |
556 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
556 |
|
Net income (loss) |
|
$ |
245,527 |
|
|
$ |
73,140 |
|
|
$ |
(40,232 |
) |
|
$ |
278,435 |
|
Adjusted EBITDA (1) |
|
$ |
264,554 |
|
|
$ |
81,221 |
|
|
$ |
(26,111 |
) |
|
$ |
319,664 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
259,983 |
|
|
$ |
81,207 |
|
|
$ |
(30,212 |
) |
|
$ |
310,978 |
|
Investing activities |
|
$ |
5,426 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
5,416 |
|
Financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(342,913 |
) |
|
$ |
(343,496 |
) |
Distributable cash flow (1) |
|
$ |
265,409 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
316,394 |
|
Free cash flow (1) |
|
$ |
262,446 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
313,431 |
|
| ____________ | |
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Natural Resource Partners L.P. |
||||||||||||||||||||
Financial Tables |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Operating Statistics - Mineral Rights |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|||||||||||
(In thousands, except per ton data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||||
Coal sales volumes (tons) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
|
315 |
|
|
|
92 |
|
|
|
470 |
|
|
|
1,031 |
|
|
|
1,145 |
|
Central |
|
|
3,460 |
|
|
|
3,537 |
|
|
|
3,507 |
|
|
|
14,137 |
|
|
|
13,927 |
|
Southern |
|
|
677 |
|
|
|
654 |
|
|
|
705 |
|
|
|
2,661 |
|
|
|
2,670 |
|
Total Appalachia |
|
|
4,452 |
|
|
|
4,283 |
|
|
|
4,682 |
|
|
|
17,829 |
|
|
|
17,742 |
|
|
|
|
1,220 |
|
|
|
2,637 |
|
|
|
1,128 |
|
|
|
5,723 |
|
|
|
8,119 |
|
Northern Powder River Basin |
|
|
366 |
|
|
|
1,259 |
|
|
|
944 |
|
|
|
2,826 |
|
|
|
4,589 |
|
Gulf Coast |
|
|
206 |
|
|
|
801 |
|
|
|
436 |
|
|
|
1,342 |
|
|
|
1,477 |
|
Total coal sales volumes |
|
|
6,244 |
|
|
|
8,980 |
|
|
|
7,190 |
|
|
|
27,720 |
|
|
|
31,927 |
|
Coal royalty revenue per ton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
4.50 |
|
|
$ |
2.18 |
|
|
$ |
2.34 |
|
|
$ |
3.25 |
|
|
$ |
7.15 |
|
Central |
|
|
6.51 |
|
|
|
9.12 |
|
|
|
6.55 |
|
|
|
7.13 |
|
|
|
8.95 |
|
Southern |
|
|
9.77 |
|
|
|
14.04 |
|
|
|
9.56 |
|
|
|
10.22 |
|
|
|
12.81 |
|
|
|
|
1.98 |
|
|
|
3.57 |
|
|
|
1.76 |
|
|
|
2.26 |
|
|
|
3.61 |
|
Northern Powder River Basin |
|
|
4.90 |
|
|
|
3.89 |
|
|
|
4.82 |
|
|
|
4.87 |
|
|
|
4.50 |
|
Gulf Coast |
|
|
0.81 |
|
|
|
0.63 |
|
|
|
0.84 |
|
|
|
0.80 |
|
|
|
0.66 |
|
Combined average coal royalty revenue per ton |
|
|
5.59 |
|
|
|
6.29 |
|
|
|
5.24 |
|
|
|
5.74 |
|
|
|
6.83 |
|
Coal royalty revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
1,418 |
|
|
$ |
201 |
|
|
$ |
1,100 |
|
|
$ |
3,348 |
|
|
$ |
8,192 |
|
Central |
|
|
22,517 |
|
|
|
32,269 |
|
|
|
22,958 |
|
|
|
100,845 |
|
|
|
124,631 |
|
Southern |
|
|
6,614 |
|
|
|
9,181 |
|
|
|
6,743 |
|
|
|
27,185 |
|
|
|
34,205 |
|
Total Appalachia |
|
|
30,549 |
|
|
|
41,651 |
|
|
|
30,801 |
|
|
|
131,378 |
|
|
|
167,028 |
|
|
|
|
2,417 |
|
|
|
9,426 |
|
|
|
1,987 |
|
|
|
12,927 |
|
|
|
29,350 |
|
Northern Powder River Basin |
|
|
1,792 |
|
|
|
4,898 |
|
|
|
4,546 |
|
|
|
13,768 |
|
|
|
20,666 |
|
Gulf Coast |
|
|
167 |
|
|
|
508 |
|
|
|
366 |
|
|
|
1,069 |
|
|
|
969 |
|
Unadjusted coal royalty revenues |
|
|
34,925 |
|
|
|
56,483 |
|
|
|
37,700 |
|
|
|
159,142 |
|
|
|
218,013 |
|
Coal royalty adjustment for minimum leases |
|
|
— |
|
|
|
1 |
|
|
|
(95 |
) |
|
|
(109 |
) |
|
|
(2 |
) |
Total coal royalty revenues |
|
$ |
34,925 |
|
|
$ |
56,484 |
|
|
$ |
37,605 |
|
|
$ |
159,033 |
|
|
$ |
218,011 |
|
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production lease minimum revenues |
|
$ |
2,592 |
|
|
$ |
1,297 |
|
|
$ |
437 |
|
|
$ |
4,365 |
|
|
$ |
3,322 |
|
Minimum lease straight-line revenues |
|
|
4,116 |
|
|
|
5,975 |
|
|
|
4,117 |
|
|
|
16,530 |
|
|
|
19,389 |
|
|
|
|
11,381 |
|
|
|
55 |
|
|
|
(39 |
) |
|
|
15,703 |
|
|
|
2,969 |
|
Wheelage revenues |
|
|
2,242 |
|
|
|
2,653 |
|
|
|
2,072 |
|
|
|
9,324 |
|
|
|
12,191 |
|
Property tax revenues |
|
|
1,854 |
|
|
|
1,509 |
|
|
|
1,809 |
|
|
|
7,100 |
|
|
|
6,219 |
|
Coal overriding royalty revenues |
|
|
294 |
|
|
|
1,010 |
|
|
|
227 |
|
|
|
2,358 |
|
|
|
2,175 |
|
Lease amendment revenues |
|
|
1,239 |
|
|
|
748 |
|
|
|
1,071 |
|
|
|
3,724 |
|
|
|
3,070 |
|
Aggregates royalty revenues |
|
|
740 |
|
|
|
701 |
|
|
|
662 |
|
|
|
2,904 |
|
|
|
2,876 |
|
Oil and gas royalty revenues |
|
|
1,610 |
|
|
|
2,261 |
|
|
|
1,317 |
|
|
|
8,566 |
|
|
|
7,387 |
|
Other revenues |
|
|
788 |
|
|
|
229 |
|
|
|
1,127 |
|
|
|
4,542 |
|
|
|
1,124 |
|
Total other revenues |
|
$ |
26,856 |
|
|
$ |
16,438 |
|
|
$ |
12,800 |
|
|
$ |
75,116 |
|
|
$ |
60,722 |
|
Royalty and other mineral rights |
|
$ |
61,781 |
|
|
$ |
72,922 |
|
|
$ |
50,405 |
|
|
$ |
234,149 |
|
|
$ |
278,733 |
|
Transportation and processing services revenues |
|
|
2,978 |
|
|
|
3,476 |
|
|
|
1,812 |
|
|
|
10,878 |
|
|
|
14,923 |
|
Gain on asset sales and disposals |
|
|
36 |
|
|
|
2,001 |
|
|
|
1 |
|
|
|
4,845 |
|
|
|
2,956 |
|
Total Mineral Rights segment revenues and other income |
|
$ |
64,795 |
|
|
$ |
78,399 |
|
|
$ |
52,218 |
|
|
$ |
249,872 |
|
|
$ |
296,612 |
|
Natural Resource Partners L.P. |
||||||||||||||||
Financial Tables |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
52,386 |
|
|
$ |
872 |
|
|
$ |
(10,486 |
) |
|
$ |
42,772 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(931 |
) |
|
|
— |
|
|
|
(931 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
10,667 |
|
|
|
— |
|
|
|
10,667 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
3,524 |
|
|
|
3,524 |
|
Add: depreciation, depletion and amortization |
|
|
2,823 |
|
|
|
— |
|
|
|
4 |
|
|
|
2,827 |
|
Add: asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
55,209 |
|
|
$ |
10,608 |
|
|
$ |
(6,958 |
) |
|
$ |
58,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
63,127 |
|
|
$ |
14,732 |
|
|
$ |
(12,879 |
) |
|
$ |
64,980 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(14,764 |
) |
|
|
— |
|
|
|
(14,764 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
15,338 |
|
|
|
— |
|
|
|
15,338 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
3,921 |
|
|
|
3,921 |
|
Add: depreciation, depletion and amortization |
|
|
6,016 |
|
|
|
— |
|
|
|
4 |
|
|
|
6,020 |
|
Add: asset impairments |
|
|
424 |
|
|
|
— |
|
|
|
— |
|
|
|
424 |
|
Adjusted EBITDA |
|
$ |
69,567 |
|
|
$ |
15,306 |
|
|
$ |
(8,954 |
) |
|
$ |
75,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
40,644 |
|
|
$ |
8,085 |
|
|
$ |
(10,134 |
) |
|
$ |
38,595 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(8,109 |
) |
|
|
— |
|
|
|
(8,109 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
6,320 |
|
|
|
— |
|
|
|
6,320 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
4,194 |
|
|
|
4,194 |
|
Add: depreciation, depletion and amortization |
|
|
4,725 |
|
|
|
— |
|
|
|
5 |
|
|
|
4,730 |
|
Add: asset impairments |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
Adjusted EBITDA |
|
$ |
45,456 |
|
|
$ |
6,296 |
|
|
$ |
(5,935 |
) |
|
$ |
45,817 |
|
Natural Resource Partners L.P. |
||||||||||||||||
Reconciliation of Non-GAAP Measures |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
206,403 |
|
|
$ |
17,964 |
|
|
$ |
(40,723 |
) |
|
$ |
183,644 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(18,135 |
) |
|
|
— |
|
|
|
(18,135 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
38,781 |
|
|
|
— |
|
|
|
38,781 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
15,554 |
|
|
|
15,554 |
|
Add: depreciation, depletion and amortization |
|
|
15,517 |
|
|
|
— |
|
|
|
18 |
|
|
|
15,535 |
|
Add: asset impairments |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
Adjusted EBITDA |
|
$ |
222,007 |
|
|
$ |
38,610 |
|
|
$ |
(25,151 |
) |
|
$ |
235,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
245,527 |
|
|
$ |
73,140 |
|
|
$ |
(40,232 |
) |
|
$ |
278,435 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(73,397 |
) |
|
|
— |
|
|
|
(73,397 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
81,478 |
|
|
|
— |
|
|
|
81,478 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
14,103 |
|
|
|
14,103 |
|
Add: depreciation, depletion and amortization |
|
|
18,471 |
|
|
|
— |
|
|
|
18 |
|
|
|
18,489 |
|
Add: asset impairments |
|
|
556 |
|
|
|
— |
|
|
|
— |
|
|
|
556 |
|
Adjusted EBITDA |
|
$ |
264,554 |
|
|
$ |
81,221 |
|
|
$ |
(26,111 |
) |
|
$ |
319,664 |
|
Natural Resource Partners L.P. |
||||||||||||||||
Reconciliation of Non-GAAP Measures |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributable Cash Flow and Free Cash Flow |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
62,575 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,220 |
|
Add: proceeds from asset sales and disposals |
|
|
37 |
|
|
|
— |
|
|
|
— |
|
|
|
37 |
|
Add: return of long-term contract receivable |
|
|
686 |
|
|
|
— |
|
|
|
— |
|
|
|
686 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
63,298 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,943 |
|
Less: proceeds from asset sales and disposals |
|
|
(37 |
) |
|
|
— |
|
|
|
— |
|
|
|
(37 |
) |
Free cash flow |
|
$ |
63,261 |
|
|
$ |
10,608 |
|
|
$ |
(6,963 |
) |
|
$ |
66,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
723 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
723 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(67,399 |
) |
|
$ |
(67,399 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
70,147 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
77,786 |
|
Add: proceeds from asset sales and disposals |
|
|
2,002 |
|
|
|
— |
|
|
|
— |
|
|
|
2,002 |
|
Add: return of long-term contract receivable |
|
|
633 |
|
|
|
— |
|
|
|
— |
|
|
|
633 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
72,782 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
80,421 |
|
Less: proceeds from asset sales and disposals |
|
|
(2,002 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,002 |
) |
Free cash flow |
|
$ |
70,780 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
78,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
2,635 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,635 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(86,843 |
) |
|
$ |
(86,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
53,610 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,145 |
|
Add: proceeds from asset sales and disposals |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Add: return of long-term contract receivable |
|
|
673 |
|
|
|
— |
|
|
|
— |
|
|
|
673 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
54,284 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,819 |
|
Less: proceeds from asset sales and disposals |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Free cash flow |
|
$ |
54,283 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
674 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
674 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(56,259 |
) |
|
$ |
(56,259 |
) |
Natural Resource Partners L.P. |
||||||||||||||||
Reconciliation of Non-GAAP Measures |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributable Cash Flow and Free Cash Flow |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
242,168 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
248,493 |
|
Add: proceeds from asset sales and disposals |
|
|
4,846 |
|
|
|
— |
|
|
|
— |
|
|
|
4,846 |
|
Add: return of long-term contract receivable |
|
|
2,665 |
|
|
|
— |
|
|
|
— |
|
|
|
2,665 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
249,679 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
256,004 |
|
Less: proceeds from asset sales and disposals |
|
|
(4,846 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,846 |
) |
Free cash flow |
|
$ |
244,833 |
|
|
$ |
38,610 |
|
|
$ |
(32,285 |
) |
|
$ |
251,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
7,511 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,511 |
|
Net cash used in financing activities |
|
$ |
(1,086 |
) |
|
$ |
— |
|
|
$ |
(236,463 |
) |
|
$ |
(237,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
259,983 |
|
|
$ |
81,207 |
|
|
$ |
(30,212 |
) |
|
$ |
310,978 |
|
Add: proceeds from asset sales and disposals |
|
|
2,963 |
|
|
|
— |
|
|
|
— |
|
|
|
2,963 |
|
Add: return of long-term contract receivable |
|
|
2,463 |
|
|
|
— |
|
|
|
— |
|
|
|
2,463 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
(10 |
) |
Distributable cash flow |
|
$ |
265,409 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
316,394 |
|
Less: proceeds from asset sales and disposals |
|
|
(2,963 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,963 |
) |
Free cash flow |
|
$ |
262,446 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
313,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
5,426 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
5,416 |
|
Net cash used in financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(342,913 |
) |
|
$ |
(343,496 |
) |
Leverage Ratio |
||||
(In thousands) |
|
For the Year Ended December 31, 2024 |
|
|
Adjusted EBITDA |
|
$ |
235,466 |
|
Debt—at December 31, 2024 |
|
$ |
142,347 |
|
Leverage Ratio |
|
0.6x |
|
|
(In thousands) |
|
For the Year Ended December 31, 2023 |
|
|
Adjusted EBITDA |
|
$ |
319,664 |
|
Debt—at December 31, 2023 |
|
$ |
155,525 |
|
Leverage Ratio |
|
0.5x |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250228233398/en/
Tiffany Sammis
713-751-7515
tsammis@nrplp.com
Source: Natural Resource Partners L.P.
FAQ
What special distribution did NRP announce for March 2025?
How much free cash flow did Natural Resource Partners generate in 2024?
What was NRP's total distribution per common unit in 2024?
What is Natural Resource Partners' current liquidity position?
How did NRP's Mineral Rights segment perform in 2024?
