Natural Resource Partners L.P. (NYSE:NRP) today reported
second quarter of 2018 results as follows:
Three Months Ended Six
Months Ended June 30, March 31,
June 30,
(In thousands,
except per unit data)
2018 2017 2018 2018
2017 Net income from continuing operations (1)
$ 39,123 $ 25,857 $ 26,088 $ 65,211 $ 31,968 Adjusted EBITDA (2)
60,272 62,670 54,886 115,158 113,938 Diluted net income per
common unit $ 1.75 $ 1.13 $ 1.15 $ 2.95 $ 1.64 Net cash from
operating activities of continuing operations $ 54,379 $ 35,105 $
20,211 $ 74,590 $ 55,594 Net cash from investing activities of
continuing operations (1,660 ) 2,737 (173 ) (1,833 ) 669 Net cash
from financing activities of continuing operations (20,896 )
(110,004 ) (28,713 ) (49,609 ) (55,851 ) Distributable cash flow
(2) 52,841 38,330 20,845 73,686 56,877 Free cash flow (2) 52,029
35,187 19,302 71,331 53,899
___________________________________
(1)
Net income from continuing operations
during the three and six months ended June 30, 2018 included income
of $12.7 from a royalty dispute settlement in our Soda Ash business
segment.
(2)
See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
"Strong metallurgical and thermal coal export demand and stable
domestic coal prices provided the foundation for another solid
quarter of operating results. We remain steadfast on maximizing
free cash flow and strengthening our balance sheet by reducing debt
and improving our liquidity," said NRP President and Chief
Operating Officer, Craig Nunez.
NRP improved its liquidity since the end of the first quarter of
2018 by $31.8 million to $108.0 million at June 30, 2018,
consisting of $53.0 million of cash and $55.0 million of borrowing
capacity available under its credit facility. NRP's consolidated
Debt-to-Adjusted EBITDA ratio at June 30, 2018 was 3.5x.
With respect to the second quarter of 2018, NRP declared a cash
distribution of $0.45 per common unit and a cash distribution of
$7.5 million on NRP’s preferred units. NRP's distribution coverage
ratio over the last twelve months was 6.6x before taking into
account the $30 million annual distribution on NRP's preferred
units, and 5.3x after taking into account this preferred unit
distribution.
Segment Information
Coal Royalty and Other
Three Months Ended Six Months
Ended June 30, March 31, June
30,
(In
thousands)
2018 2017 2018 2018
2017 Net income $ 40,650 $ 42,084 $ 40,728 $
81,378 $ 77,178 Adjusted EBITDA (1) 45,157 47,459 46,070 91,227
91,304 Net cash from operating activities of continuing
operations $ 51,725 $ 38,537 $ 38,793 $ 90,518 $ 76,469 Net cash
from investing activities of continuing operations 699 2,888 1,143
1,842 2,894 Net cash from financing activities of continuing
operations — 17 — — 33 Distributable cash flow (1) 52,424 41,426
39,936 92,360 79,363 Free cash flow (1) 52,254 40,134 39,280 91,534
78,480
___________________________________
(1) See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
Net income and Adjusted EBITDA for the three and six months
ended June 30, 2018 remained steady compared to the prior year
periods and the prior quarter. These consistent results are
reflective of the strong export demand and steady domestic markets
for metallurgical and thermal coal over the last twelve months.
Approximately 67% of NRP's coal royalty revenues and approximately
54% of its coal royalty production was derived from metallurgical
coal during the six months ended June 30, 2018.
Net cash from operating activities of continuing operations,
distributable cash flow and free cash flow increased during the
three and six months ended June 30, 2018 as compared to the prior
year periods and the prior quarter primarily as a result of the
timing of cash receipts from both coal royalty production and
minimums and property tax reimbursements.
Soda Ash
Three Months Ended Six Months Ended June
30, March 31, June 30,
(In
thousands)
2018 2017 2018 2018
2017 Net income $ 16,529 $ 8,389 $ 9,621 $
26,150 $ 18,683 Adjusted EBITDA (1) 12,250 12,250 12,250 24,500
24,500 Net cash from operating activities of continuing
operations $ 12,250 $ 9,862 $ 10,153 $ 22,403 $ 22,112 Net cash
from investing activities of continuing operations — 2,388 2,097
2,097 2,388 Distributable cash flow (1) 12,250 12,250 12,250 24,500
24,500 Free cash flow (1) 12,250 12,250 12,250 24,500 24,500
___________________________________
(1) See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
Net income increased during the three and six months ended June
30, 2018 as compared to the prior year periods and the prior
quarter primarily as a result of Ciner Wyoming's litigation
settlement of its royalty dispute that resulted in $12.7 million of
net income in the second quarter of 2018. This increase was
partially offset by unexpected repairs during a scheduled outage in
May 2018 that resulted in lower production and sales compared to
prior year periods and the prior quarter. This repair was
successfully completed and operations resumed prior to the end of
the quarter.
Construction Aggregates
Three Months Ended Six Months Ended June
30, March 31, June 30,
(In
thousands)
2018 2017 2018 2018
2017 Net Income (loss) $ 2,941 $ 2,636 $
(1,975 ) $ 966 $ 1,097 Adjusted EBITDA (1) 6,128 5,844 902 7,030
8,219 Net cash from operating activities of continuing
operations $ 486 $ 5,476 $ 2,797 $ 3,283 $ 9,522 Net cash from
investing activities of continuing operations (2,359 ) (2,539 )
(3,413 ) (5,772 ) (4,613 ) Net cash from financing activities of
continuing operations (466 ) (1,000 ) (49 ) (515 ) (1,096 )
Distributable cash flow (1) (1,751 ) 3,424 191 (1,560 ) 5,523 Free
cash flow (1) (2,393 ) 1,573 (696 ) (3,089 ) 3,428
___________________________________
(1) See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
The Construction Aggregates segment continues to perform
consistently compared to prior year periods as demonstrated by the
steady net income and Adjusted EBITDA. Net income and Adjusted
EBITDA for the three months ended June 30, 2018 increased compared
to the prior quarter as a result of the seasonality of the
construction aggregates business. Production and sales are
typically lower in the first quarter of each year due to the winter
weather.
Net cash from operating activities of continuing operations,
distributable cash flow and free cash flow decreased compared to
the prior year comparable periods and the prior quarter primarily
due to the timing of certain operating payments. We expect strong
cash collections in the second half of 2018.
Corporate and Finance
Three Months Ended Six Months Ended June
30, March 31, June 30,
(In
thousands)
2018 2017 2018 2018
2017 Net loss $ (20,997 ) $ (27,252 ) $
(22,286 ) $ (43,283 ) $ (64,990 ) Adjusted EBITDA (1) (3,263 )
(2,883 ) (4,336 ) (7,599 ) (10,085 ) Net cash from operating
activities of continuing operations $ (10,082 ) $ (18,770 ) $
(31,532 ) $ (41,614 ) $ (52,509 ) Net cash from financing
activities of continuing operations (20,430 ) (109,021 ) (28,664 )
(49,094 ) (54,788 ) Distributable cash flow (1) (10,082 ) (18,770 )
(31,532 ) (41,614 ) (52,509 ) Free cash flow (1) (10,082 ) (18,770
) (31,532 ) (41,614 ) (52,509 )
___________________________________
(1) See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
Net loss decreased $6.3 million during the three months ended
June 30, 2018 as compared to the three months ended
June 30, 2017 primarily due to a $4.1 million loss on the
early extinguishment of debt in 2017, and $2.4 million lower net
interest expense due to lower debt. Net cash from operating
activities of continuing operations, distributable cash flow and
free cash flow increased $8.7 million during the period primarily
as a result of interest payments made in 2017 on NRP's 9.125%
Senior Notes that were fully repaid in the fourth quarter of
2017.
Net loss decreased $1.3 million during the three months ended
June 30, 2018 as compared to the three months ended March 31,
2018 primarily due to timing of certain general and administrative
costs and lower interest expense. Net cash from operating
activities of continuing operations, distributable cash flow and
free cash flow increased $21.5 million during the period primarily
due to the timing of interest payments.
Net loss decreased $21.7 million during the six months ended
June 30, 2018 as compared to the six months ended
June 30, 2017 primarily due to $12.0 million of debt
modification and early extinguishment costs in connection with the
2017 recapitalization transaction and $7.2 million of lower net
interest expense due to lower debt. Net cash from operating
activities of continuing operations, distributable cash flow and
free cash flow increased $10.9 million during the period primarily
as a result of lower cash paid for interest due to lower debt and
lower general and administrative costs due to performance awards
paid in 2017 in connection with the recapitalization
transaction.
Conference Call
A conference call will be held today at 10:00 a.m. ET. To join
the conference call, dial (844) 379-6938 and provide the conference
code 55454889. Investors may also listen to the call via the
Investor Relations section of the NRP website at www.nrplp.com.
Audio replays of the conference call will be available for
approximately one week. To access the replay, dial (855) 859-2056
and provide the conference code 55454889 or visit the Investor
Relations section of NRP’s website.
Company Profile
Natural Resource Partners L.P., a master limited
partnership headquartered in Houston, TX, is a
diversified natural resource company that owns interests in coal,
aggregates and industrial minerals across the United
States. A large percentage of NRP's revenues are generated
from royalties and other passive income. In addition, NRP owns
a construction aggregates company and an equity investment in Ciner
Wyoming, a trona/soda ash operation.
For additional information, please contact Kathy H. Roberts at
713-751-7555 or kroberts@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, but are
not limited to, commodity prices; decreases in demand for coal,
aggregates and industrial minerals, including trona/soda ash;
changes in operating conditions and costs; production cuts by our
lessees; unanticipated geologic problems; our liquidity, leverage
and access to capital and financing sources; changes in the
legislative or regulatory environment, litigation risk, and other
factors detailed in Natural Resource Partners’ Securities and
Exchange Commission filings. Natural Resource Partners L.P. has no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
“Distributable cash flow” is a non-GAAP financial measure
that we define as net cash provided by operating activities of
continuing operations plus distributions from unconsolidated
investment in excess of cumulative earnings, proceeds from sales of
assets, including those included in discontinued operations, and
return of long-term contract receivables (including affiliate);
less maintenance capital expenditures and distributions to
non-controlling interest. Distributable 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. Distributable cash flow may not be calculated the same
for us as for other companies. In addition, Distributable cash flow
presented below 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 the Partnership's ability to make cash
distributions to our common and preferred unitholders and our
general partner and repay debt.
“Free cash flow” is a non-GAAP financial measure that we
define as net cash provided by operating activities of continuing
operations plus distributions from unconsolidated investment in
excess of cumulative earnings and return of long-term contract
receivables (including affiliate); less maintenance and expansion
capital expenditures, cash flow used in mitigation payments and
acquisition costs classified as financing activities and
distributions to non-controlling interest. Free cash flow 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 the
Partnership's ability to make cash distributions to our common and
preferred unitholders and our general partner and repay debt.
"Adjusted EBITDA" is a non-GAAP financial measure that we
define as net income (loss) from continuing operations less equity
earnings from unconsolidated investment and net income attributable
to non-controlling interest; 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, 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 (loss), 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.
“Adjusted net income attributable to NRP” is a non-GAAP
financial measure that we define as Net income attributable to NRP
plus restructuring transaction expenses that include debt
modification expense, loss on extinguishment of debt and
restructuring-related incentive compensation expense, asset
impairments and income (loss) from discontinued operations; less
gain on sale of assets. Adjusted net income should not be
considered in isolation or as a substitute for operating income
(loss), net income (loss), cash flows provided by operating,
investing and financial activities, or other income or cash flow
statement data prepared in accordance with GAAP. Our management
team believes Adjusted net income is useful in evaluating our
financial performance because restructuring transaction expenses
are one time charges, gains on asset sales are not related to the
operations of our business and asset impairments are non-cash
charges. Excluding these from net income allows us to better
compare results from ongoing operations period-over-period.
"Return on capital employed" is a non-GAAP financial
measure that we define as Net income from continuing operations
plus interest expense divided by the sum of equity and debt. Return
on capital employed should not be considered an alternative to, or
more meaningful than, net income or loss, net income or loss
attributable to partners, operating income, 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.
Return on capital employed is a supplemental performance measure
used by our management team that measures our profitability and
efficiency with which our capital is employed. The measure provides
an indication of operating performance before the impact of
leverage in the capital structure.
-Financial Tables, Reconciliation of
Non-GAAP Measures and Recap of Metrics Follow-
Natural Resource Partners L.P.
Financial Tables
Consolidated Statements of Comprehensive Income
(Unaudited) Three Months Ended
Six Months Ended June 30,
March 31, June 30,
(In thousands,
except per unit data)
2018 2017 2018 2018
2017 Revenues and other income Coal royalty
and other $ 48,711 $ 32,768 $ 45,973 $ 94,684 $ 67,762 Coal royalty
and other—affiliates 188 11,338 237 425 22,843 Transportation and
processing services 5,002 4,146 5,383 10,385 4,146 Transportation
and processing services—affiliates — 1,374 — — 6,013 Construction
aggregates 34,233 27,363 26,424 60,657 52,846 Road construction and
asphalt paving services 6,176 6,192 728 6,904 7,930 Equity in
earnings of Ciner Wyoming 16,529 8,389 9,621 26,150 18,683 Gain on
asset sales, net 210 3,361 660 870
3,405 Total revenues and other income $ 111,049 $ 94,931 $
89,026 $ 200,075 $ 183,628 Operating expenses
Operating and maintenance expenses
$ 38,301 $ 31,020 $ 29,968 $ 68,269 $ 60,648 Operating and
maintenance expenses—affiliates 4,065 2,219 2,465 6,530 4,774
Depreciation, depletion and amortization 8,563 8,165 7,957 16,520
17,889 Amortization expense—affiliate — 240 — — 1,008 General and
administrative 2,414 2,031 3,405 5,819 8,109 General and
administrative—affiliates 849 852 931 1,780 1,976 Asset impairments
— — 242 242 1,778 Total
operating expenses $ 54,192 $ 44,527 $ 44,968 $ 99,160 $ 96,182
Income from operations $ 56,857 $ 50,404 $ 44,058 $ 100,915
$ 87,446 Other income (expense) Interest expense, net $ (17,734 ) $
(20,308 ) $ (17,970 ) $ (35,704 ) $ (43,432 ) Debt modification
expense — (132 ) — — (7,939 ) Loss on extinguishment of debt —
(4,107 ) — — (4,107 )
Other expense, net
$ (17,734 ) $ (24,547 ) $ (17,970 ) $ (35,704 ) $ (55,478 )
Net income from continuing operations $ 39,123 $ 25,857 $ 26,088 $
65,211 $ 31,968 Income (loss) from discontinued operations (34 )
133 (14 ) (48 ) (74 ) Net income $ 39,089 $ 25,990 $ 26,074
$ 65,163 $ 31,894 Less: net income attributable to non-controlling
interest (869 ) — — (869 ) — Net income
attributable to NRP $ 38,220 $ 25,990 $ 26,074 $ 64,294 $ 31,894
Less: income attributable to preferred unitholders (7,500 ) (7,538
) (7,500 ) (15,000 ) (10,038 ) Net income attributable to common
unitholders and general partner $ 30,720 $ 18,452 $ 18,574 $ 49,294
$ 21,856 Net income attributable to common unitholders $
30,105 $ 18,015 $ 18,203 $ 48,308 $ 21,419 Net income attributable
to the general partner $ 615 $ 437 $ 371 $ 986 $ 437 Income
from continuing operations per common unit Basic $ 2.46 $ 1.46 $
1.49 $ 3.95 $ 1.76 Diluted $ 1.75 $ 1.13 $ 1.16 $ 2.96 $ 1.64 Net
income per common unit Basic $ 2.46 $ 1.47 $ 1.49 $ 3.95 $ 1.75
Diluted $ 1.75 $ 1.13 $ 1.15 $ 2.95 $ 1.64 Net income $
39,089 $ 25,990 $ 26,074 $ 65,163 $ 31,894 Add: comprehensive loss
from unconsolidated investment and other (434 ) (13 ) (1,125 )
(1,559 ) (1,145 ) Comprehensive income $ 38,655 $ 25,977 $ 24,949 $
63,604 $ 30,749 Less: comprehensive income attributable to
non-controlling interest (869 ) — — (869 ) —
Comprehensive income attributable to NRP $ 37,786 $ 25,977
$ 24,949 $ 62,735 $ 30,749
Natural Resource Partners L.P.
Financial Tables
Consolidated Statements of Cash Flows
(Unaudited) Three Months Ended
Six Months Ended June 30,
March 31, June 30,
(In
thousands)
2018 2017 2018 2018
2017 Cash flows from operating activities Net
income $ 39,089 $ 25,990 $ 26,074 $ 65,163 $ 31,894 Adjustments to
reconcile net income to net cash provided by operating activities
of continuing operations: Depreciation, depletion and amortization
8,563 8,165 7,957 16,520 17,889 Amortization expense—affiliates —
240 — — 1,008 Distributions from unconsolidated investment 12,250
9,862 10,153 22,403 22,112 Equity earnings from unconsolidated
investment (16,529 ) (8,389 ) (9,621 ) (26,150 ) (18,683 ) Gain on
asset sales, net (210 ) (3,361 ) (660 ) (870 ) (3,405 ) Debt
modification expense — 132 — — 7,939 Loss on extinguishment of debt
— 4,107 — — 4,107 Income (loss) from discontinued operations 34
(133 ) 14 48 74 Asset impairments — — 242 242 1,778 Unit-based
compensation expense 281 (254 ) 792 1,073 3 Amortization of debt
issuance costs and other 1,202 2,371 771 1,973 3,344
Other—affiliates — (1,308 ) (190 ) (190 ) (1,173 ) Change in
operating assets and liabilities: Accounts receivable (3,737 )
(3,263 ) (5,189 ) (8,926 ) (4,530 ) Accounts receivable—affiliates
(46 ) 432 67 21 236 Accounts payable 1,020 (940 ) (845 ) 175 46
Accounts payable—affiliates (641 ) (254 ) 1,531 890 2 Accrued
liabilities 1,788 646 (5,169 ) (3,381 ) (7,302 ) Accrued
liabilities—affiliates — — (515 ) (515 ) — Accrued interest 8,902
3,676 (9,777 ) (875 ) 3,405 Deferred revenue 3,691 3,412 2,346
6,037 4,489 Deferred revenue—affiliates — (7,269 ) — — (10,166 )
Other items, net (1,278 ) 1,243 2,230 952
2,527 Net cash provided by operating activities of
continuing operations $ 54,379 $ 35,105 $ 20,211 $ 74,590 $ 55,594
Net cash used in operating activities of discontinued operations
(35 ) (247 ) (412 ) (447 ) (531 ) Net cash provided by operating
activities $ 54,344 $ 34,858 $ 19,799 $ 74,143 $ 55,063 Cash flows
from investing activities Distributions from unconsolidated
investment in excess of cumulative earnings $ — $ 2,388 $ 2,097 $
2,097 $ 2,388 Proceeds from sale of assets 224 1,655 687 911 1,268
Return of long-term contract receivables 529 1,207 487 1,016 1,207
Return of long-term contract receivables—affiliate — 390 — — 804
Acquisition of plant and equipment and other (2,413 ) (2,903 )
(3,444 ) (5,857 ) (4,998 ) Net cash provided by (used in) investing
activities of continuing operations $ (1,660 ) $ 2,737 $ (173 ) $
(1,833 ) $ 669 Net cash provided by investing activities of
discontinued operations — 173 — — 202
Net cash provided by (used in) investing activities $ (1,660
) $ 2,910 $ (173 ) $ (1,833 ) $ 871
Consolidated
Statements of Cash Flows—Continued (Unaudited)
Three Months Ended Six Months
Ended June 30, March 31, June
30,
(In
thousands)
2018 2017 2018 2018
2017 Cash flows from financing activities
Proceeds from issuance of preferred units and warrants, net $ — $ —
$ — $ — $ 242,100 Proceeds from issuance of 2022 Senior Notes, net
— — — — 103,688 Borrowings on credit facility — — 35,000 35,000 —
Repayments of loans (7,272 ) (97,282 ) (40,800 ) (48,072 ) (348,292
) Redemption of preferred units paid-in-kind — — (8,844 ) (8,844 )
—
Distributions to common unitholders and
general partner
(5,623 ) (5,619 ) (5,617 ) (11,240 ) (11,234 ) Distributions to
preferred unitholders (7,500 ) (1,250 ) (7,765 ) (15,265 ) (1,250 )
Contributions to discontinued operations (35 ) (74 ) (412 ) (447 )
(329 ) Debt issuance costs and other (466 ) (5,779 ) (275 )
(741 ) (40,534 ) Net cash used in financing activities of
continuing operations $ (20,896 ) $ (110,004 ) $ (28,713 ) $
(49,609 ) $ (55,851 ) Net cash provided by financing activities of
discontinued operations 35 74 412 447
329 Net cash used in financing activities $ (20,861 )
$ (109,930 ) $ (28,301 ) $ (49,162 ) $ (55,522 ) Net
increase (decrease) in cash and cash equivalents $ 31,823 $ (72,162
) $ (8,675 ) $ 23,148 $ 412 Cash and cash equivalents at beginning
of period $ 21,152 $ 112,945 $ 29,827 29,827
40,371 Cash and cash equivalents at end of period $
52,975 $ 40,783 $ 21,152 $ 52,975 $ 40,783 Supplemental cash
flow information: Cash paid during the period for interest from
continuing operations $ 7,132 $ 15,029 $ 26,023 $ 33,155 $ 34,880
Non-cash investing and financing activities: Plant, equipment and
mineral rights funded with accounts payable or accrued liabilities
$ 870 $ — $ 24 $ 894 $ — Issuance of 2022 Senior Notes in exchange
for 2018 Senior Notes $ — $ — $ — $ — $ 240,638
Natural Resource Partners L.P.
Financial Tables
Consolidated Balance Sheets
June 30, December 31,
2018 2017
(In thousands,
except unit data)
(Unaudited) ASSETS Current assets Cash and cash equivalents
$ 52,975 $ 29,827 Accounts receivable, net 59,312 47,026 Accounts
receivable—affiliates 140 161 Inventory 8,048 7,553 Prepaid
expenses and other 4,391 5,838 Current assets of discontinued
operations 988 991 Total current assets 125,854
91,396 Land 24,809 25,247 Plant and equipment, net 47,917 46,170
Mineral rights, net 873,716 883,885 Intangible assets, net 47,924
49,554 Equity in unconsolidated investment 245,524 245,433
Long-term contracts receivable 39,878 40,776 Other assets 6,184
6,547 Other assets—affiliate — 156 Total assets $
1,411,806 $ 1,389,164 LIABILITIES AND CAPITAL Current
liabilities Accounts payable $ 7,801 $ 6,957 Accounts
payable—affiliates 1,453 562 Accrued liabilities 12,848 16,890
Accrued liabilities—affiliates — 515 Accrued interest 14,609 15,484
Current portion of deferred revenue 2,732 — Current portion of
long-term debt, net 75,188 79,740 Current liabilities of
discontinued operations — 401 Total current
liabilities 114,631 120,549 Deferred revenue 17,136 100,605
Long-term debt, net 723,147 729,608 Other non-current liabilities
2,385 2,808 Other non-current liabilities—affiliate —
346 Total liabilities 857,299 953,916 Commitments and
contingencies Class A Convertible Preferred Units (250,000 and
258,844 units issued and outstanding at June 30, 2018 and December
31, 2017, respectively, at $1,000 par value per unit; liquidation
preference of $1,500 per unit) 164,587 173,431 Partners’ capital:
Common unitholders’ interest (12,245,920 and 12,232,006 units
issued and outstanding at June 30, 2018 and December 31, 2017,
respectively) 326,125 199,851 General partner’s interest 4,427
1,857 Warrant holders' interest 66,816 66,816 Accumulated other
comprehensive loss (4,872 ) (3,313 ) Total partners’ capital
392,496 265,211 Non-controlling interest (2,576 ) (3,394 ) Total
capital 389,920 261,817 Total liabilities and capital
$ 1,411,806 $ 1,389,164
Natural Resource Partners L.P.
Financial Tables
Consolidated Statement of Partners'
Capital(Unaudited) Common Unitholders
General Partner
Warrant Holders
AccumulatedOther
Comprehensive Loss
Partners' Capital
ExcludingNon-Controlling Interest
Non-Controlling Interest
Total Capital
(In
thousands)
Units Amounts Balance at December 31,
2017 12,232 $ 199,851 $ 1,857 $ 66,816 $ (3,313 ) $ 265,211 $
(3,394 ) $ 261,817 Cumulative effect of adoption of accounting
standard — 88,448 1,805 — — 90,253 — 90,253 Net income (1) — 63,008
1,286 — — 64,294 869 65,163 Distributions to common unitholders and
general partner — (11,015 ) (225 ) — — (11,240 ) — (11,240 )
Distributions to preferred unitholders — (14,960 ) (305 ) — —
(15,265 ) — (15,265 ) Issuance of unit-based awards 14 410 — — —
410 — 410 Unit-based awards amortization and vesting — 333 — — —
333 — 333 Comprehensive loss from unconsolidated investment and
other — 50 9 — (1,559 ) (1,500 ) (51 )
(1,551 ) Balance at June 30, 2018 12,246 $ 326,125 $
4,427 $ 66,816 $ (4,872 ) $ 392,496 $ (2,576 )
$ 389,920
___________________________________
(1) Net income includes $15.0 million attributable to
Preferred Unitholders that accumulated during the period, of which
$14.7 million is allocated to the common unitholders and $0.3
million is allocated to the general partner.
Natural Resource Partners L.P.
Financial Tables (Unaudited)
The tables below presents NRP's unaudited
business results by segment for the three and six months ended
June 30, 2018 and 2017 and the three months ended March 31,
2018:
Operating Business Segments
Coal Royalty and
Other
Construction Aggregates
Corporate and
Financing
(In
thousands)
Soda Ash Total Three Months Ended June 30, 2018
Revenues and other income $ 53,901 $ 16,529 $ 40,409 $ — $ 110,839
Gains on asset sales, net 168 — 42 —
210 Total revenues and other income $ 54,069 $ 16,529 $ 40,451 $ —
$ 111,049 Net income (loss) from continuing operations $ 40,650 $
16,529 $ 2,941 $ (20,997 ) $ 39,123 Adjusted EBITDA (1) $ 45,157 $
12,250 $ 6,128 $ (3,263 ) $ 60,272 Distributable cash flow (1) $
52,424 $ 12,250 $ (1,751 ) $ (10,082 ) $ 52,841 Free cash flow (1)
$ 52,254 $ 12,250 $ (2,393 ) $ (10,082 ) $ 52,029 Three
Months Ended June 30, 2017 Revenues and other income $ 49,626 $
8,389 $ 33,555 $ — $ 91,570 Gains on asset sales, net 3,184
— 177 — 3,361 Total revenues and other income
$ 52,810 $ 8,389 $ 33,732 $ — $ 94,931 Net income (loss) from
continuing operations $ 42,084 $ 8,389 $ 2,636 $ (27,252 ) $ 25,857
Adjusted EBITDA (1) $ 47,459 $ 12,250 $ 5,844 $ (2,883 ) $ 62,670
Distributable cash flow (1) $ 41,426 $ 12,250 $ 3,424 $ (18,770 ) $
38,330 Free cash flow (1) $ 40,134 $ 12,250 $ 1,573 $ (18,770 ) $
35,187 Three Months Ended March 31, 2018 Revenues and other
income $ 51,593 $ 9,621 $ 27,152 $ — $ 88,366 Gains on asset sales,
net 651 — 9 — 660 Total revenues and
other income $ 52,244 $ 9,621 $ 27,161 $ — $ 89,026 Asset
impairments $ 242 $ — $ — $ — $ 242 Net income (loss) from
continuing operations $ 40,728 $ 9,621 $ (1,975 ) $ (22,286 ) $
26,088 Adjusted EBITDA (1) $ 46,070 $ 12,250 $ 902 $ (4,336 ) $
54,886 Distributable cash flow (1) $ 39,936 $ 12,250 $ 191 $
(31,532 ) $ 20,845 Free cash flow (1) $ 39,280 $ 12,250 $ (696 ) $
(31,532 ) $ 19,302
___________________________________
(1) See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
Natural Resource Partners L.P.
Financial Tables (Unaudited)
Operating Business Segments
Coal Royalty and
Other
Construction Aggregates
Corporate and
Financing
(In
thousands)
Soda Ash Total Six Months Ended June 30, 2018
Revenues and other income $ 105,494 $ 26,150 $ 67,561 $ — $ 199,205
Gains on asset sales, net 819 — 51 —
870 Total revenues and other income $ 106,313 $ 26,150 $ 67,612 $ —
$ 200,075 Asset impairments $ 242 $ — $ — $ — $ 242 Net income
(loss) from continuing operations $ 81,378 $ 26,150 $ 966 $ (43,283
) $ 65,211 Adjusted EBITDA (1) $ 91,227 $ 24,500 $ 7,030 $ (7,599 )
$ 115,158 Distributable cash flow (1) $ 92,360 $ 24,500 $ (1,560 )
$ (41,614 ) $ 73,686 Free cash flow (1) $ 91,534 $ 24,500 $ (3,089
) $ (41,614 ) $ 71,331 Six Months Ended June 30, 2017
Revenues and other income $ 100,764 $ 18,683 $ 60,776 $ — $ 180,223
Gains on asset sales, net 3,213 — 192 —
3,405 Total revenues and other income $ 103,977 $ 18,683 $ 60,968 $
— $ 183,628 Asset impairments $ 1,778 $ — $ — $ — $ 1,778 Net
income (loss) from continuing operations $ 77,178 $ 18,683 $ 1,097
$ (64,990 ) $ 31,968 Adjusted EBITDA (1) $ 91,304 $ 24,500 $ 8,219
$ (10,085 ) $ 113,938 Distributable cash flow (1) $ 79,363 $ 24,500
$ 5,523 $ (52,509 ) $ 56,877 Free cash flow (1) $ 78,480 $ 24,500 $
3,428 $ (52,509 ) $ 53,899
___________________________________
(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 - Coal Royalty and
Other Three Months
Ended Six Months Ended June 30,
March 31, June 30,
(In thousands,
except per ton data)
2018 2017 2018 2018
2017 Coal production (tons) Appalachia
Northern 916 247 225 1,141 1,454 Central 4,163 3,897 3,545 7,709
7,597 Southern 396 690 546 942 1,253
Total Appalachia 5,475 4,834 4,316 9,792 10,304 Illinois Basin 739
734 743 1,482 2,751 Northern Powder River Basin 808 910
1,233 2,041 1,859 Total coal production 7,022
6,478 6,292 13,315 14,914 Coal
royalty revenue per ton Appalachia Northern $ 3.52 $ 3.78 $ 4.73 $
3.76 $ 1.06 Central 5.65 5.05 5.71 5.68 5.25 Southern 6.85 5.69
7.16 7.03 6.03 Illinois Basin 4.72 4.06 4.14 4.43 3.50 Northern
Powder River Basin 2.25 2.62 2.24 2.24 2.63 Combined average coal
royalty revenue per ton 4.95 4.62 4.93 4.94 4.26 Coal
royalty revenues Appalachia Northern $ 3,230 $ 933 $ 1,066 $ 4,296
$ 1,540 Central 23,520 19,691 20,232 43,752 39,875 Southern 2,712
3,927 3,914 6,626 7,559 Total
Appalachia 29,462 24,551 25,212 54,674 48,974 Illinois Basin 3,485
2,978 3,075 6,560 9,624 Northern Powder River Basin 1,815
2,384 2,765 4,580 4,882 Unadjusted coal
royalty revenue 34,762 29,913 31,052 $ 65,814 $ 63,480 Coal royalty
adjustment for minimum leases (3,355 ) — (2,361 ) (5,716 ) —
Total coal royalty revenue $ 31,407 $ 29,913 $ 28,691
$ 60,098 $ 63,480 Other revenues Production
lease minimum revenue $ 102 $ 7,547 $ 425 $ 527 $ 12,743 Minimum
lease straight line revenue 6,769 — 6,760 13,529 — Property tax
revenue 1,523 1,100 1,182 2,705 3,798 Wheelage 1,641 1,025 1,974
3,615 2,292 Coal overriding royalty revenue 3,702 1,885 2,872 6,574
2,709 Aggregates royalty revenue 1,572 1,452 1,091 2,663 2,696 Oil
and gas royalty revenues 1,354 924 2,898 4,252 2,415 Other 829
260 317 1,146 472 Total other revenues
17,492 14,193 17,519 35,011 27,125 Coal
royalty and other 48,899 44,106 46,210 95,109 90,605 Transportation
and processing services 5,002 5,520 5,383 10,385 10,159 Gain on
asset sales, net 168 3,184 651 819
3,213 Total coal royalty and other segment revenues and other
income $ 54,069 $ 52,810 $ 52,244 $ 106,313
$ 103,977
Natural Resource Partners
L.P.
Reconciliation of Non-GAAP
Measures
Distributable Cash Flow and Free Cash Flow
(Unaudited)
Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In
thousands)
Soda Ash Total Three Months Ended June 30,
2018
Net cash provided by (used in) operating
activities of
continuing operations
$ 51,725 $ 12,250 $ 486 $ (10,082 ) $ 54,379 Add: proceeds from the
sale of assets 170 — 54 — 224 Add: return of long-term contract
receivables 529 — — — 529 Less: maintenance capital expenditures —
— (2,291 ) — (2,291 ) Distributable cash flow
$ 52,424 $ 12,250 $ (1,751 ) $ (10,082 ) $ 52,841 Less: proceeds
from the sale of assets (170 ) — (54 ) — (224 ) Less: expansion
capital expenditures — — (122 ) — (122 )
Less: mitigation payments and acquisition
costs classified as
financing activities
— — (466 ) — (466 ) Free cash flow $ 52,254
$ 12,250 $ (2,393 ) $ (10,082 ) $ 52,029
Three Months Ended June 30, 2017
Net cash provided by (used in) operating
activities of
continuing operations
$ 38,537 $ 9,862 $ 5,476 $ (18,770 ) $ 35,105
Add: distributions from unconsolidated
investment in excess
of cumulative earnings
— 2,388 — — 2,388 Add: proceeds from the sale of assets 1,292 — 363
— 1,655
Add: return of long-term contract
receivables (including
affiliate)
1,597 — — — 1,597 Less: maintenance capital expenditures — —
(2,415 ) — (2,415 ) Distributable cash flow $ 41,426
$ 12,250 $ 3,424 $ (18,770 ) $ 38,330
Less: proceeds from the sale of assets (1,292 ) — (363 ) — (1,655 )
Less: expansion capital expenditures — — (488 ) — (488 )
Less: mitigation payments and acquisition
costs classified as
financing activities
— — (1,000 ) — (1,000 ) Free cash flow $
40,134 $ 12,250 $ 1,573 $ (18,770 ) $ 35,187
Three Months Ended March 31, 2018
Net cash provided by (used in) operating
activities of
continuing operations
$ 38,793 $ 10,153 $ 2,797 $ (31,532 ) $ 20,211
Add: distributions from unconsolidated
investment in excess
of cumulative earnings
— 2,097 — — 2,097 Add: proceeds from sale of assets 656 — 31 — 687
Add: return of long-term contract receivable 487 — — — 487 Less:
maintenance capital expenditures — — (2,637 ) —
(2,637 ) Distributable cash flow $ 39,936 $ 12,250
$ 191 $ (31,532 ) $ 20,845 Less: proceeds from
the sale of assets (656 ) — (31 ) — (687 ) Less: expansion capital
expenditures — — (807 ) — (807 )
Less: mitigation payments and acquisition
costs classified as
financing activities
— — (49 ) — (49 ) Free cash flow $ 39,280
$ 12,250 $ (696 ) $ (31,532 ) $ 19,302
Natural Resource Partners L.P. Reconciliation of
Non-GAAP Measures Distributable Cash Flow and Free
Cash Flow (Unaudited)
Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In
thousands)
Soda Ash Total Six Months Ended June 30, 2018
Net cash provided by (used in) operating
activities of
continuing operations
$ 90,518 $ 22,403 $ 3,283 $ (41,614 ) $ 74,590
Add: distributions from unconsolidated
investment in excess
of cumulative earnings
— 2,097 — — 2,097 Add: proceeds from the sale of assets 826 — 85 —
911 Add: return of long-term contract receivables 1,016 — — — 1,016
Less: maintenance capital expenditures — — (4,928 ) —
(4,928 ) Distributable cash flow $ 92,360 $ 24,500
$ (1,560 ) $ (41,614 ) $ 73,686 Less: proceeds from
the sale of assets (826 ) — (85 ) — (911 ) Less: expansion capital
expenditures — — (929 ) — (929 )
Less: mitigation payments and acquisition
costs classified as
financing activities
— — (515 ) — (515 ) Free cash flow $ 91,534
$ 24,500 $ (3,089 ) $ (41,614 ) $ 71,331
Six Months Ended June 30, 2017
Net cash provided by (used in) operating
activities of
continuing operations
$ 76,469 $ 22,112 $ 9,522 $ (52,509 ) $ 55,594
Add: distributions from unconsolidated
investment in excess
of cumulative earnings
— 2,388 — — 2,388 Add: proceeds from the sale of assets 883 — 385 —
1,268
Add: return of long-term contract
receivables (including
affiliates)
2,011 — — — 2,011 Less: maintenance capital expenditures — —
(4,384 ) — (4,384 ) Distributable cash flow $ 79,363
$ 24,500 $ 5,523 $ (52,509 ) $ 56,877
Less: proceeds from the sale of assets (883 ) — (385 ) — (1,268 )
Less: expansion capital expenditures — — (614 ) — (614 )
Less: mitigation payments and acquisition
costs classified as
financing activities
— — (1,096 ) — (1,096 ) Free cash flow $
78,480 $ 24,500 $ 3,428 $ (52,509 ) $ 53,899
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures Adjusted
EBITDA (Unaudited)
Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In
thousands)
Soda Ash Total Three Months Ended June 30,
2018 Net income (loss) from continuing operations $ 40,650 $
16,529 $ 2,941 $ (20,997 ) $ 39,123 Less: equity earnings from
unconsolidated investment — (16,529 ) — — (16,529 ) Less: net
income attributable to non-controlling interest (869 ) — — — (869 )
Add: total distributions from unconsolidated investment — 12,250 —
— 12,250 Add: interest expense, net — — — 17,734 17,734 Add:
depreciation, depletion and amortization 5,376 —
3,187 — 8,563 Adjusted EBITDA $ 45,157
$ 12,250 $ 6,128 $ (3,263 ) $ 60,272
Three Months Ended June 30, 2017 Net income (loss) from
continuing operations $ 42,084 $ 8,389 $ 2,636 $ (27,252 ) $ 25,857
Less: equity earnings from unconsolidated investment — (8,389 ) — —
(8,389 ) Add: total distributions from unconsolidated investment —
12,250 — — 12,250 Add: interest expense, net — — 178 20,130 20,308
Add: debt modification expense — — — 132 132 Add: loss on
extinguishment of debt — — — 4,107 4,107 Add: depreciation,
depletion and amortization 5,375 — 3,030 —
8,405 Adjusted EBITDA $ 47,459 $ 12,250
$ 5,844 $ (2,883 ) $ 62,670
Three Months
Ended March 31, 2018 Net income (loss) from continuing
operations $ 40,728 $ 9,621 $ (1,975 ) $ (22,286 ) $ 26,088 Less:
equity earnings from unconsolidated investment — (9,621 ) — —
(9,621 ) Add: total distributions from unconsolidated investment —
12,250 — — 12,250 Add: interest expense, net — — 20 17,950 17,970
Add: depreciation, depletion and amortization 5,100 — 2,857 — 7,957
Add: asset impairments 242 — — — 242
Adjusted EBITDA $ 46,070 $ 12,250 $ 902
$ (4,336 ) $ 54,886
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
Adjusted EBITDA (Unaudited)
Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In
thousands)
Soda Ash Total Six Months Ended June 30, 2018
Net income (loss) from continuing operations 81,378 $ 26,150 $ 966
$ (43,283 ) $ 65,211 Less: equity earnings from unconsolidated
investment — (26,150 ) — — (26,150 ) Less: net income attributable
to non-controlling interest (869 ) — — — (869 ) Add: total
distributions from unconsolidated investment — 24,500 — — 24,500
Add: interest expense, net — — 20 35,684 35,704 Add: depreciation,
depletion and amortization 10,476 — 6,044 — 16,520 Add: asset
impairments 242 — — — 242
Adjusted EBITDA $ 91,227 $ 24,500 $ 7,030 $
(7,599 ) $ 115,158
Six Months Ended June 30,
2017 Net income (loss) from continuing operations $ 77,178 $
18,683 $ 1,097 $ (64,990 ) $ 31,968 Less: equity earnings from
unconsolidated investment — (18,683 ) — — (18,683 ) Add: total
distributions from unconsolidated investment — 24,500 — — 24,500
Add: interest expense, net — — 573 42,859 43,432 Add: debt
modification expense — — — 7,939 7,939 Add: loss on extinguishment
of debt — — — 4,107 4,107 Add: depreciation, depletion and
amortization 12,348 — 6,549 — 18,897 Add: asset impairments 1,778
— — — 1,778 Adjusted EBITDA $
91,304 $ 24,500 $ 8,219 $ (10,085 ) $ 113,938
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures Adjusted Net
Income Attributable to NRP (Unaudited)
Three Months Ended
Six Months Ended June 30, March
31, June 30,
(In
thousands)
2018 2017 2018 2018
2017 Net income attributable to NRP $ 38,220 $
25,990 $ 26,074 $ 64,294 $ 31,894 Add: debt modification expense —
132 — — 7,939 Add: loss on extinguishment of debt — 4,107 — — 4,107
Add: restructuring-related incentive compensation expense — — — —
3,847 Less: income from Ciner Wyoming's royalty dispute settlement
(12,678 ) — — (12,678 ) — Adjusted net income
attributable to NRP $ 25,542 $ 30,229 $ 26,074
$ 51,616 $ 47,787
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
Last Twelve Months Distributable Cash Flow and Free Cash
Flow (Unaudited)
Three Months Ended
(In
thousands)
September 30,
2017
December 31,
2017
March 31,
2018
June 30,
2018
Last 12
Months
Net cash provided by operating activities
of continuing
operations
$ 25,800 $ 46,444 $ 20,211 $ 54,379 $ 146,834
Add: distributions from unconsolidated
investment in
excess of cumulative earnings
3,258 — 2,097 — 5,355 Add: proceeds from the sale of assets 151 563
687 224 1,625 Add: return on long-term contract receivables 600 399
487 529 2,015 Less: maintenance capital expenditures (926 ) (1,025
) (2,637 ) (2,291 ) (6,879 ) Distributable cash flow $ 28,883
$ 46,381 $ 20,845 $ 52,841 $ 148,950
Less: proceeds from the sale of assets (151 ) (563 ) (687 )
(224 ) (1,625 ) Less: expansion capital expenditures (311 ) (39 )
(807 ) (122 ) (1,279 )
Less: mitigation payments and acquisition
costs
classified as financing activities
— (197 ) (49 ) (466 ) (712 ) Free cash flow $ 28,421
$ 45,582 $ 19,302 $ 52,029 $ 145,334
Common Unit Distribution $ 0.45 $ 0.45 $ 0.45
$ 0.45 $ 1.80 Distribution Coverage Ratio (1) 6.6 x
Less: Preferred Distributions $ (30,000 ) Distributable cash
flow after Preferred Distributions $ 118,950 Distribution
Coverage Ratio after Preferred Distributions (2) 5.3 x
___________________________________
(1)
Distribution Coverage Ratio is calculated
as last twelve months' DCF divided by annual common unit
distributions times number of common units and general partner
units outstanding.
(2) Distribution Coverage Ratio is calculated as last twelve
months' DCF less preferred distributions divided by annual common
unit distributions times number of common units and general partner
units outstanding.
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
Last Twelve Months Adjusted EBITDA (Unaudited)
Three Months Ended
(In
thousands)
September 30,
2017
December 31,
2017
March 31,
2018
June 30,
2018
Last 12
Months
Net income from continuing operations $ 26,499 $ 30,741 $ 26,088 $
39,123 $ 122,451 Less: equity earnings from unconsolidated
investment (8,993 ) (12,781 ) (9,621 ) (16,529 ) (47,924 ) Less:
net income attributable to non-controlling interest — — — (869 )
(869 ) Add: total distributions from unconsolidated investment
12,250 12,250 12,250 12,250 49,000 Add: interest expense, net
20,080 19,123 17,970 17,734 74,907 Add: depreciation, depletion and
amortization 8,306 8,790 7,957 8,563 33,616 Add: asset impairments
— 1,253 242 — 1,495 Adjusted
EBITDA $ 58,142 $ 59,376 $ 54,886 $ 60,272
$ 232,676 Debt—at June 30, 2018 $ 814,772
Leverage Ratio (1) 3.5 x
___________________________________
(1) Leverage Ratio is calculated as last twelve months'
Adjusted EBITDA divided by the outstanding principal value of our
debt as of June 30, 2018.
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
Return on Capital Employed (Unaudited)
(In
thousands)
Last 12 Months Ended June 30, 2018 Net income from continuing
operations $ 122,451 Interest expense, net 74,907 As of June
30, 2018 Total capital $ 389,920 Debt 814,772 ROCE 16 %
Income from Ciner Wyoming's royalty dispute settlement
12,678 ROCE excluding income from Ciner Wyoming's royalty dispute
settlement 15 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180809005155/en/
Natural Resource Partners L.P.Kathy H. Roberts,
713-751-7555kroberts@nrplp.com
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