HOUSTON, March 6, 2017
/PRNewswire/ --
2016 Highlights
- Net income from continuing operations attributable to the
limited partners of $93.6 million, or
$7.65 per unit
- Net cash provided by operating activities of continuing
operations of $100.6 million
- Adjusted EBITDA of $255.5
million
Fourth Quarter 2016 Highlights
- Net income from continuing operations attributable to the
limited partners of $3.8 million, or
$0.31 per unit
- Net cash provided by operating activities of continuing
operations of $26.1 million
- Adjusted EBITDA of $51.1
million
Closing of Recapitalization Transactions on March 2, 2017
- $250 million preferred unit
investment
- Extended 2018 debt maturities
- Substantial near-term debt reduction
Natural Resource Partners L.P. (NYSE:NRP) today reported
net income from continuing operations attributable to the limited
partners for the year ended December 31,
2016 of $93.6 million, or
$7.65 per unit, an increase of
$347.8 million from a loss of
$254.2 million, or $(20.78) per unit, a year earlier. Net cash
provided by operating activities from continuing operations was
$100.6 million for the year ended
December 31, 2016, a decrease of
$67.9 million compared to the prior
year. Adjusted EBITDA, a non-GAAP measure, was $255.5 million for the year ended December 31, 2016, a decrease of $7.1 million compared to the same period in
2015. Excluding impairments and gains on sales of assets in
both years, net income from continuing operations attributable to
the limited partners was $81.7
million for the year ended December
31, 2016 compared to $115.9
million for the year ended December
31, 2015. Reconciliations for all non-GAAP items are
shown in tables at the end of the release.
NRP reported net income from continuing operations attributable
to the limited partners for the quarter ended December 31, 2016 of $3.8
million, or $0.31 per unit, a
$5.8 million decrease from the
$9.6 million, or $0.79 per unit reported for the fourth quarter
2015. This decline is primarily attributed to coal lease
assignment fees of $15 million that
were reported in the fourth quarter of 2015. Net cash provided by
operating activities from continuing operations was $26.1 million in the fourth quarter of 2016
compared to $36.3 million for the
fourth quarter of 2015. Adjusted EBITDA for the fourth
quarter of 2016 was $51.1 million
compared to $64.6 million in the same
quarter 2015. Excluding impairments and gains on sale of assets in
both fourth quarters, net income from continuing operations
attributable to the limited partners was $11.1 million for the quarter ended December 31, 2016 compared to $28.3 million for the quarter ended December 31, 2015.
"Although 2016 was a challenging year for the coal industry, NRP
enters 2017 as a much stronger company," said Wyatt Hogan, President and Chief Operating
Officer. "The recent improvements in the markets for both
metallurgical and thermal coal, combined with the continued balance
and diversification of our soda ash and aggregates businesses,
position NRP well for the new year."
"Our successful deleveraging efforts throughout the course of
2016 culminated in the recently announced investments in NRP by
Blackstone and GoldenTree, as well as the extensions of our 2018
debt maturities," said Craig Nunez,
Chief Financial Officer. "We look forward to working with our
new partners to continue to improve our balance sheet and explore
new opportunities to grow and diversify the partnership."
Business Results and Outlook
The table below presents NRP's business results by segment for
the year ended December 31, 2016 and 2015:
|
|
Operating Business
Segments
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(In
thousands)
|
Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
$
|
239,183
|
|
|
$
|
40,061
|
|
|
$
|
120,815
|
|
|
$
|
—
|
|
|
$
|
400,059
|
|
Total operating
expenses excluding impairments (1)
|
|
$
|
61,656
|
|
|
$
|
—
|
|
|
$
|
115,162
|
|
|
$
|
20,570
|
|
|
$
|
197,388
|
|
Asset
impairments
|
|
$
|
15,861
|
|
|
$
|
—
|
|
|
$
|
1,065
|
|
|
$
|
—
|
|
|
$
|
16,926
|
|
Net income (loss)
from continuing operations
|
|
$
|
161,816
|
|
|
$
|
40,061
|
|
|
$
|
4,438
|
|
|
$
|
(111,101)
|
|
|
$
|
95,214
|
|
Adjusted EBITDA
(1)
|
|
$
|
209,443
|
|
|
$
|
46,550
|
|
|
$
|
20,009
|
|
|
$
|
(20,531)
|
|
|
$
|
255,471
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
134,490
|
|
|
$
|
46,550
|
|
|
$
|
20,400
|
|
|
$
|
(100,797)
|
|
|
$
|
100,643
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
$
|
65,057
|
|
|
$
|
—
|
|
|
$
|
(5,114)
|
|
|
$
|
—
|
|
|
$
|
59,943
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
$
|
16
|
|
|
$
|
(7,229)
|
|
|
$
|
(1,825)
|
|
|
$
|
(152,381)
|
|
|
$
|
(161,419)
|
|
Distributable Cash
Flow (1)
|
|
$
|
199,547
|
|
|
$
|
46,550
|
|
|
$
|
16,243
|
|
|
$
|
(100,797)
|
|
|
$
|
271,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2015
|
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
$
|
250,717
|
|
|
$
|
49,918
|
|
|
$
|
139,013
|
|
|
$
|
—
|
|
|
$
|
439,648
|
|
Total operating
expenses excluding impairments (1)
|
|
$
|
80,659
|
|
|
$
|
—
|
|
|
$
|
132,523
|
|
|
$
|
12,348
|
|
|
$
|
225,530
|
|
Asset
impairments
|
|
$
|
378,327
|
|
|
$
|
—
|
|
|
$
|
6,218
|
|
|
$
|
—
|
|
|
$
|
384,545
|
|
Net income (loss)
from continuing operations
|
|
$
|
(208,248)
|
|
|
$
|
49,918
|
|
|
$
|
251
|
|
|
$
|
(102,092)
|
|
|
$
|
(260,171)
|
|
Adjusted EBITDA
(1)
|
|
$
|
206,127
|
|
|
$
|
46,795
|
|
|
$
|
22,047
|
|
|
$
|
(12,330)
|
|
|
$
|
262,639
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
204,934
|
|
|
$
|
43,029
|
|
|
$
|
23,605
|
|
|
$
|
(103,056)
|
|
|
$
|
168,512
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
$
|
15,805
|
|
|
$
|
—
|
|
|
$
|
(8,820)
|
|
|
$
|
—
|
|
|
$
|
6,985
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
$
|
(2,744)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(180,520)
|
|
|
$
|
(183,264)
|
|
Distributable Cash
Flow (1)
|
|
$
|
217,842
|
|
|
$
|
43,029
|
|
|
$
|
18,802
|
|
|
$
|
(103,056)
|
|
|
$
|
176,617
|
|
|
|
|
|
|
(1) See "Non-GAAP Financial
Measures" and reconciliation tables at the end of this
release.
|
The table below presents NRP's business results by segment for
the three months ended December 31, 2016 and 2015:
|
|
Operating Business
Segments
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(In
thousands)
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
$
|
46,069
|
|
|
$
|
9,319
|
|
|
$
|
32,724
|
|
|
$
|
—
|
|
|
$
|
88,112
|
|
Total operating
expenses excluding impairments (1)
|
|
$
|
13,928
|
|
|
$
|
—
|
|
|
$
|
30,609
|
|
|
$
|
7,224
|
|
|
$
|
51,761
|
|
Asset
impairments
|
|
$
|
8,180
|
|
|
$
|
—
|
|
|
$
|
1,065
|
|
|
$
|
—
|
|
|
$
|
9,245
|
|
Net income (loss)
from continuing operations
|
|
$
|
24,014
|
|
|
$
|
9,319
|
|
|
$
|
997
|
|
|
$
|
(30,519)
|
|
|
$
|
3,811
|
|
Adjusted EBITDA
(1)
|
|
$
|
40,464
|
|
|
$
|
12,250
|
|
|
$
|
5,555
|
|
|
$
|
(7,214)
|
|
|
$
|
51,055
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
43,118
|
|
|
$
|
12,250
|
|
|
$
|
3,720
|
|
|
$
|
(32,992)
|
|
|
$
|
26,096
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
$
|
7,223
|
|
|
$
|
—
|
|
|
$
|
(790)
|
|
|
$
|
—
|
|
|
$
|
6,433
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
(232)
|
|
|
$
|
(84,334)
|
|
|
$
|
(84,550)
|
|
Distributable Cash
Flow (1)
|
|
$
|
50,341
|
|
|
$
|
12,250
|
|
|
$
|
3,132
|
|
|
$
|
(32,992)
|
|
|
$
|
32,714
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
Total revenues and
other income
|
|
$
|
60,713
|
|
|
$
|
13,179
|
|
|
$
|
31,979
|
|
|
$
|
—
|
|
|
$
|
105,871
|
|
Total operating
expenses excluding impairments (1)
|
|
$
|
22,358
|
|
|
$
|
—
|
|
|
$
|
29,368
|
|
|
$
|
2,525
|
|
|
$
|
54,251
|
|
Asset
impairments
|
|
$
|
12,821
|
|
|
$
|
—
|
|
|
$
|
6,218
|
|
|
$
|
—
|
|
|
$
|
19,039
|
|
Net income (loss)
from continuing operations
|
|
$
|
25,555
|
|
|
$
|
13,179
|
|
|
$
|
(3,628)
|
|
|
$
|
(25,309)
|
|
|
$
|
9,797
|
|
Adjusted EBITDA
(1)
|
|
$
|
49,185
|
|
|
$
|
12,250
|
|
|
$
|
5,669
|
|
|
$
|
(2,523)
|
|
|
$
|
64,581
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
55,093
|
|
|
$
|
12,251
|
|
|
$
|
3,822
|
|
|
$
|
(34,845)
|
|
|
$
|
36,321
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
(1,403)
|
|
|
$
|
—
|
|
|
$
|
(1,144)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(43,638)
|
|
|
$
|
(43,638)
|
|
Distributable Cash
Flow (1)
|
|
$
|
54,870
|
|
|
$
|
12,251
|
|
|
$
|
1,862
|
|
|
$
|
(34,845)
|
|
|
$
|
34,138
|
|
|
|
|
|
|
(1) See "Non-GAAP Financial
Measures" and reconciliation tables at the end of this
release.
|
Coal Royalty and Other
In the fourth quarter, NRP began to realize the benefits of the
significant increases in metallurgical coal prices during
2016. A number of NRP's lessees were able to take advantage
of the improved markets and lock in tonnage commitments for 2017 at
substantially higher prices than they realized in 2016. While
spot metallurgical prices have recently retreated from the highs
reached in the fourth quarter, NRP believes that the global
supply/demand dynamic will support long-term metallurgical coal
prices well above the lows hit in the first half of 2016. NRP
derived approximately 37% of its coal royalty revenues and
approximately 35% of the related production from metallurgical coal
during the year ended December 31, 2016. The domestic
thermal coal markets have also shown modest improvements, as
production cuts over the last two years have rationalized coal
stockpiles. Although a mild winter has tempered demand for
thermal coal, natural gas prices remain higher than 2016, causing
thermal coal to be more competitive for electricity generation as
compared to recent years.
Revenues and other income decreased $11.5
million, or 5%, from $250.7
million in the year ended December 31, 2015 to
$239.2 million in the year ended
December 31, 2016. A $42.3
million reduction in total coal royalty revenues was caused
by a 16.8 million ton reduction in sales. While all regions
experienced reduced revenue, the largest decrease occurred in
Central Appalachia, which continues to face challenges with respect
to thermal coal production. Included in the 2016 total coal
royalty and other segment revenues and other income was recognition
of $40.5 million of deferred revenue
associated with lease modifications and terminations and
$29.1 million in gains on asset sales
primarily from the sale of certain oil and gas and aggregates
royalty properties. Included in the 2015 total coal royalty and
other segment revenues and other income was $21.0 million in lease assignment fees and a
$9.3 million gain on reserve swap.
Revenues and other income for the fourth quarter of 2016 decreased
$14.6 million to $46.1 million from the $60.7 million reported for the fourth quarter of
2015. The decrease was primarily due to $15.0 million in lease assignment fees received
in the fourth quarter of 2015.
Net income from continuing operations increased $370.0 million, from a loss of $208.2 million in the year ended
December 31, 2015 to income of $161.8
million in the year ended December 31, 2016. This
increase is primarily related to $378.3
million of impairments taken in the year ended
December 31, 2015. Net income from continuing operations
decreased $1.5 million to
$24.0 million in the fourth quarter
of 2016 from the same quarter in 2015.
Adjusted EBITDA increased $3.3
million, or 2%, from $206.1
million in the year ended December 31, 2015 to
$209.4 million in the year ended
December 31, 2016. This increase was primarily the
result of lower operating and maintenance expenses year-over-year,
partially offset by lower revenues as discussed. Adjusted EBITDA of
$40.5 million reported in the fourth
quarter of 2016 decreased $8.7
million from 2015.
Net cash provided by operating activities of continuing
operations decreased $70.4 million or
34% from $204.9 million in the year
ended December 31, 2015 to $134.5
million in the year ended December 31, 2016. This
decrease is primarily related to lower coal royalty production and
less minimum payments received from our coal leases. Net cash
provided by operating activities of continuing operations decreased
$12.0 million to $43.1 million in the fourth quarter of 2016 from
2015. This decline was primarily associated with the
$15.0 million of lease assignment
fees received in the fourth quarter of 2015.
Net cash provided by investing activities increased $49.3 million to $65.1
million in the year ending December
31, 2016, mainly due to the sale of certain oil and
gas and aggregates royalty properties in 2016. Net cash
provided by financing activities increased $2.8 million from 2015 due to distributions to
non-controlling interests in 2015. For the quarter ending
December 31, 2016, net cash provided
by investing activities rose $7.0
million to $7.2 million mainly
due to the proceeds from the sale of oil and gas royalty properties
in the fourth quarter of 2016, while net cash provided by financing
activities for the fourth quarter were virtually flat.
Distributable cash flow of $199.5
million for the calendar year 2016 declined $18.3 million from 2015 mainly due to the change
in net cash provided by operating activities of continuing
operations described above less the $48.5
million of increased proceeds from the sale of mineral
rights and property plant and equipment in 2016 over that of
2015. Distributable cash flow of $50.3
million in the fourth quarter of 2016 declined $4.5 million from the fourth quarter of
2015. The $15.0 million of
lease assignment fees reported in the fourth quarter of 2015 were
partially offset by the $6.9 million
of proceeds from the sale of mineral rights received in the fourth
quarter of 2016.
Soda Ash
Revenues and other income related to our equity investment in
Ciner Wyoming decreased $9.8 million,
or 20%, from $49.9 million in the
year ended December 31, 2015 to $40.1
million in the year ended December 31, 2016. This
decrease is primarily related to lower international prices
compared to the prior year, in addition to higher royalty and
G&A costs. These decreases were partially offset by an increase
in soda ash volumes sold compared to the prior year. For the year
ended December 31, 2016, NRP received $46.6 million in cash distributions from Ciner
Wyoming and for the year ended December 31, 2015, NRP received
$46.8 million in cash distributions.
For the fourth quarter of 2016 distributions of $12.3 million were flat with the fourth quarter
of 2015.
VantaCore
VantaCore's construction aggregates mining business is largely
dependent on the strength of the local markets that it serves and
is seasonal. The largest component of the VantaCore segment
is the Laurel operation in southwestern Pennsylvania, which primarily serves producers
and service companies operating in the Marcellus and Utica
Shales. Low natural gas prices led to a lower pace of
exploration and development in those areas and had a material
negative impact on Laurel's revenues as compared to 2015.
VantaCore's Winn operation experienced a modest decline in revenues
relative to 2015, while the McIntosh Construction and Southern
operations enjoyed improvements in revenues compared to the prior
year and the new Grand Rivers operation continued to grow its sales
over the course of 2016.
Revenues and other income related to our VantaCore segment
decreased $18.2 million, or 13%, from
$139.0 million in the year ended
December 31, 2015 to $120.8
million in the year ended December 31, 2016. While
VantaCore's production and revenues declined in 2016 compared to
2015, its cost management efforts have enabled the business to
maintain its profitability. Tonnage sold declined 5% or 0.4 million
tons year-over-year to 7.0 million tons. Most metrics for the
fourth quarter of 2016 were virtually flat with the fourth quarter
of 2015 except for net income from continuing operations which
improved $4.6 million mainly due to
lower non-cash impairments booked in 2016 than in the fourth
quarter of 2015.
Discontinued Operations
In July 2016, NRP Oil and Gas sold
its non-operated oil and gas working interest assets in the
Williston Basin and repaid the reserve-based revolving credit
facility in full. The net proceeds of $109.9
million from the sale is included in the calculation of
distributable cash flow and included in net cash provided by
investing activities of discontinued operations on the Consolidated
Statement of Cash Flows.
Corporate and Financing
Corporate and financing general and administrative expense
(including affiliates) includes corporate headquarters, financing,
legal and centralized treasury and accounting. These costs
increased $8.3 million, or 67%, from
$12.3 million in the year ended
December 31, 2015 to $20.6
million in the year ended December 31, 2016 primarily
due to increased legal and consulting fees associated with the
implementation of our long-term plan to strengthen our balance
sheet, reduce debt and enhance our liquidity and increased LTIP
expense as a result of our unit price increasing in 2016 compared
to decreasing in 2015 and the accelerated recognition of our LTIP
awards granted in 2016. Interest expense, net was essentially
flat from $89.7 million in the year
ended December 31, 2015 to $90.5
million in the year ended December 31, 2016.
In 2016 NRP repaid $248.1 million
of debt, including $85.0 million to
repay the NRP Oil and Gas revolving credit facility in full,
$82.9 million on the NRP Operating
senior notes, and $80.0 million under
the Opco Credit Facility.
Subsequent Events
On February 14, 2017, the
Partnership paid a distribution of $0.45 per unit to unitholders of record on
February 7, 2017.
On March 2, 2017, NRP completed
its previously announced recapitalization transactions.
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 an equity investment in Ciner Wyoming, a trona/soda ash
operation, and owns VantaCore, making NRP one of the top 25
aggregates producers in the United
States.
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.
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial
measure that we define as net income (loss) from continuing
operations less equity earnings from unconsolidated investment,
gain on reserve swaps and income to non-controlling interest; plus
distributions from equity earnings in unconsolidated investment,
interest expense, 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. 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" is a non-GAAP
financial measure that we define as net cash provided by operating
activities of continuing operations, plus returns of unconsolidated
equity investments, proceeds from sales of assets including those
included in discontinued operations, and returns of long-term
contract receivables—affiliate, 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. DCF 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 unitholders and our general partner
and repay debt.
"Operating expenses excluding impairments" is a
non-GAAP financial measure that we define as total operating
expenses less asset impairments. "Operating expenses excluding
impairments," as used and defined by us, may not be comparable to
similarly titled measures employed by other companies and is not a
measure of performance calculated in accordance with GAAP.
Operating expenses excluding impairments should not be considered
in isolation or as a substitute for operating income, net income or
loss, cash flows provided by operating, investing and financing
activities, or other income or cash flow statement data prepared in
accordance with GAAP. Operating expenses excluding impairments
provides no information regarding a company's capital structure,
borrowings, interest costs, capital expenditures, and working
capital movement or tax positions. Operating expenses excluding
impairments does not represent funds available for discretionary
use because those funds may be required for debt service, capital
expenditures, working capital and other commitments and
obligations. Our management team believes Operating expenses
excluding impairments is useful in evaluating our financial
performance because asset impairments are one-time non-cash charges
and excluding these from total operating expenses allows us to
better compare results period-over-period. A reconciliation of
Operating expenses excluding impairments to total operating
expenses is included in the tables attached to this
release.
"Net income excluding impairments" is a
non-GAAP financial measure that we define as net income (loss) plus
asset impairments. Net income excluding impairments, as used and
defined by us, may not be comparable to similarly titled measures
employed by other companies and is not a measure of performance
calculated in accordance with GAAP. Net income excluding
impairments 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 net income excluding
impairments is useful in evaluating our financial performance
because asset impairments are irregular non-cash charges and
excluding these from net income allows us to better compare results
period-over-period. A reconciliation of Net income excluding
impairments to net income is included in the tables attached to
this release.
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, 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.
-Financial Tables Follow-
Natural Resource
Partners L.P.
Financial Tables
|
|
Consolidated
Statements of Comprehensive Income (Loss)
|
(in thousands,
except per unit data)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues and other
income:
|
|
|
|
|
|
|
|
Coal royalty and
other
|
$
|
28,184
|
|
|
$
|
41,927
|
|
|
$
|
144,520
|
|
|
$
|
154,066
|
|
Coal royalty and
other—affiliates
|
16,087
|
|
|
18,777
|
|
|
65,595
|
|
|
89,715
|
|
VantaCore
|
32,721
|
|
|
31,991
|
|
|
120,802
|
|
|
139,049
|
|
Equity in earnings of
Ciner Wyoming
|
9,319
|
|
|
13,179
|
|
|
40,061
|
|
|
49,918
|
|
Gain (loss) on asset
sales
|
1,801
|
|
|
(3)
|
|
|
29,081
|
|
|
6,900
|
|
Total revenues and
other income
|
88,112
|
|
|
105,871
|
|
|
400,059
|
|
|
439,648
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Operating and
maintenance expenses
|
31,797
|
|
|
30,605
|
|
|
119,621
|
|
|
136,943
|
|
Operating and
maintenance expenses—affiliates, net
|
977
|
|
|
7,233
|
|
|
10,925
|
|
|
15,323
|
|
Depreciation,
depletion and amortization
|
10,906
|
|
|
12,783
|
|
|
43,087
|
|
|
57,295
|
|
Amortization
expense—affiliate
|
857
|
|
|
1,105
|
|
|
3,185
|
|
|
3,621
|
|
General and
administrative
|
6,303
|
|
|
1,022
|
|
|
16,979
|
|
|
7,036
|
|
General and
administrative—affiliates
|
921
|
|
|
1,503
|
|
|
3,591
|
|
|
5,312
|
|
Asset
impairments
|
9,245
|
|
|
19,039
|
|
|
16,926
|
|
|
384,545
|
|
Total operating
expenses
|
61,006
|
|
|
73,290
|
|
|
214,314
|
|
|
610,075
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
27,106
|
|
|
32,581
|
|
|
185,745
|
|
|
(170,427)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest
expense
|
(23,305)
|
|
|
(22,323)
|
|
|
(90,047)
|
|
|
(87,911)
|
|
Interest
expense—affiliate
|
—
|
|
|
(463)
|
|
|
(523)
|
|
|
(1,851)
|
|
Interest
income
|
10
|
|
|
2
|
|
|
39
|
|
|
18
|
|
Other expense,
net
|
(23,295)
|
|
|
(22,784)
|
|
|
(90,531)
|
|
|
(89,744)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
3,811
|
|
|
9,797
|
|
|
95,214
|
|
|
(260,171)
|
|
Income (loss) from
discontinued operations
|
(323)
|
|
|
(31,583)
|
|
|
1,678
|
|
|
(311,549)
|
|
Net income
(loss)
|
3,488
|
|
|
(21,786)
|
|
|
96,892
|
|
|
(571,720)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to limited partners:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
3,814
|
|
|
$
|
9,626
|
|
|
$
|
93,585
|
|
|
$
|
(254,173)
|
|
Discontinued
operations
|
(317)
|
|
|
(30,952)
|
|
|
1,644
|
|
|
(305,319)
|
|
Total
|
3,497
|
|
|
(21,326)
|
|
|
95,229
|
|
|
(559,492)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to the general partner:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
(3)
|
|
|
$
|
171
|
|
|
$
|
1,629
|
|
|
$
|
(5,998)
|
|
Discontinued
operations
|
(6)
|
|
|
(631)
|
|
|
34
|
|
|
(6,230)
|
|
Total
|
$
|
(9)
|
|
|
$
|
(460)
|
|
|
$
|
1,663
|
|
|
$
|
(12,228)
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
income (loss) per common unit:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.31
|
|
|
$
|
0.79
|
|
|
$
|
7.65
|
|
|
$
|
(20.78)
|
|
Discontinued
operations
|
(0.03)
|
|
|
(2.53)
|
|
|
0.13
|
|
|
(24.97)
|
|
Total
|
$
|
0.28
|
|
|
$
|
(1.75)
|
|
|
$
|
7.78
|
|
|
$
|
(45.75)
|
|
|
|
|
|
|
|
|
|
Average number of
common units outstanding
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
3,488
|
|
|
$
|
(21,786)
|
|
|
$
|
96,892
|
|
|
$
|
(571,720)
|
|
Add: comprehensive
income (loss) from unconsolidated investment and other
|
1,178
|
|
|
198
|
|
|
486
|
|
|
(1,693)
|
|
Comprehensive income
(loss)
|
$
|
4,666
|
|
|
$
|
(21,588)
|
|
|
$
|
97,378
|
|
|
$
|
(573,413)
|
|
Natural Resource
Partners L.P.
Financial Tables
|
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
3,488
|
|
|
$
|
(21,786)
|
|
|
$
|
96,892
|
|
|
$
|
(571,720)
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
of continuing operations:
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
10,906
|
|
|
12,783
|
|
|
43,087
|
|
|
57,295
|
|
Amortization
expense—affiliates
|
857
|
|
|
1,105
|
|
|
3,185
|
|
|
3,621
|
|
Distributions from
equity earnings from unconsolidated investment
|
12,250
|
|
|
12,250
|
|
|
46,550
|
|
|
46,795
|
|
Equity earnings from
unconsolidated investment
|
(9,319)
|
|
|
(13,179)
|
|
|
(40,061)
|
|
|
(49,918)
|
|
(Gain) loss on asset
sales
|
(1,801)
|
|
|
3
|
|
|
(29,081)
|
|
|
(6,900)
|
|
(Income) loss from
discontinued operations
|
323
|
|
|
31,583
|
|
|
(1,678)
|
|
|
311,549
|
|
Asset
impairments
|
9,245
|
|
|
19,039
|
|
|
16,926
|
|
|
384,545
|
|
Gain on reserve
swap
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,290)
|
|
Other, net
|
1,590
|
|
|
665
|
|
|
8,284
|
|
|
(7,109)
|
|
Other,
net—affiliates
|
145
|
|
|
1,227
|
|
|
993
|
|
|
(912)
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
772
|
|
|
4,202
|
|
|
431
|
|
|
7,705
|
|
Accounts
receivable—affiliates
|
399
|
|
|
1,105
|
|
|
(313)
|
|
|
3,149
|
|
Accounts
payable
|
72
|
|
|
(1,462)
|
|
|
707
|
|
|
(3,625)
|
|
Accounts
payable—affiliates
|
110
|
|
|
(1,595)
|
|
|
139
|
|
|
(32)
|
|
Accrued
liabilities
|
(2,669)
|
|
|
(7,065)
|
|
|
4,618
|
|
|
1,420
|
|
Accrued
liabilities—affiliates
|
—
|
|
|
(457)
|
|
|
(456)
|
|
|
—
|
|
Deferred
revenue
|
4,881
|
|
|
1,570
|
|
|
(35,881)
|
|
|
7,605
|
|
Deferred
revenue—affiliates
|
(3,032)
|
|
|
(801)
|
|
|
(11,222)
|
|
|
(4,200)
|
|
Other items,
net
|
(2,121)
|
|
|
(2,866)
|
|
|
(2,477)
|
|
|
(1,466)
|
|
Other items,
net—affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net cash provided by
operating activities of continuing operations
|
26,096
|
|
|
36,321
|
|
|
100,643
|
|
|
168,512
|
|
Net cash provided by
(used in) operating activities of discontinued
operations
|
(855)
|
|
|
5,753
|
|
|
7,318
|
|
|
34,912
|
|
Net cash provided by
operating activities
|
25,241
|
|
|
42,074
|
|
|
107,961
|
|
|
203,424
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Proceeds from sale of
oil and gas royalty properties
|
6,880
|
|
|
—
|
|
|
42,844
|
|
|
—
|
|
Proceeds from sale of
coal and aggregate royalty properties
|
(25)
|
|
|
—
|
|
|
18,189
|
|
|
3,505
|
|
Return of long-term
contract receivables—affiliate
|
391
|
|
|
342
|
|
|
2,968
|
|
|
2,463
|
|
Proceeds from sale of
plant and equipment and other
|
164
|
|
|
(460)
|
|
|
1,350
|
|
|
11,024
|
|
Acquisition of plant
and equipment and other
|
(977)
|
|
|
(1,026)
|
|
|
(5,408)
|
|
|
(9,607)
|
|
Acquisition of
mineral rights
|
—
|
|
|
—
|
|
|
—
|
|
|
(400)
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
6,433
|
|
|
(1,144)
|
|
|
59,943
|
|
|
6,985
|
|
Net cash provided by
(used in) investing activities of discontinued
operations
|
51
|
|
|
(4,675)
|
|
|
106,872
|
|
|
(37,256)
|
|
Net cash provided by
(used in) investing activities
|
6,484
|
|
|
(5,819)
|
|
|
166,815
|
|
|
(30,271)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from
loans
|
—
|
|
|
—
|
|
|
20,000
|
|
|
100,000
|
|
Repayments of
loans
|
(76,967)
|
|
|
(24,808)
|
|
|
(183,141)
|
|
|
(165,983)
|
|
Distributions to
unitholders
|
(5,616)
|
|
|
(5,616)
|
|
|
(22,465)
|
|
|
(71,758)
|
|
Distributions to
non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,744)
|
|
Contributions from
(to) discontinued operations
|
(805)
|
|
|
(13,000)
|
|
|
39,421
|
|
|
(36,725)
|
|
Debt issue costs and
other
|
(1,162)
|
|
|
(214)
|
|
|
(15,234)
|
|
|
(6,054)
|
|
Net cash used in
financing activities of continuing operations
|
(84,550)
|
|
|
(43,638)
|
|
|
(161,419)
|
|
|
(183,264)
|
|
Net cash provided by
(used in) financing activities of discontinued
operations
|
805
|
|
|
(2,000)
|
|
|
(124,759)
|
|
|
11,808
|
|
Net cash used in
financing activities
|
(83,745)
|
|
|
(45,638)
|
|
|
(286,178)
|
|
|
(171,456)
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(52,020)
|
|
|
(9,383)
|
|
|
(11,402)
|
|
|
1,697
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of continuing operations at beginning of
period
|
92,391
|
|
|
49,665
|
|
|
41,204
|
|
|
48,971
|
|
Cash and cash
equivalents of discontinued operations at beginning of
period
|
—
|
|
|
11,491
|
|
|
10,569
|
|
|
1,105
|
|
Cash and cash
equivalents at beginning of period
|
92,391
|
|
|
61,156
|
|
|
51,773
|
|
|
50,076
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
40,371
|
|
|
51,773
|
|
|
40,371
|
|
|
51,773
|
|
Less: cash and cash
equivalents of discontinued operations at end of period
|
—
|
|
|
10,569
|
|
|
—
|
|
|
10,569
|
|
Cash and cash
equivalents of continuing operations at end of period
|
$
|
40,371
|
|
|
$
|
41,204
|
|
|
$
|
40,371
|
|
|
$
|
41,204
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
$
|
29,631
|
|
|
$
|
29,977
|
|
|
$
|
84,380
|
|
|
$
|
85,738
|
|
Plant, equipment and
mineral rights funded with accounts payable or accrued
liabilities
|
—
|
|
|
(161)
|
|
|
—
|
|
|
4,304
|
|
Natural Resource
Partners L.P.
Financial Tables
|
|
Consolidated
Balance Sheets
|
(in thousands,
except unit data)
|
|
December
31,
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
40,371
|
|
|
$
|
41,204
|
|
Accounts receivable,
net
|
43,202
|
|
|
43,633
|
|
Accounts
receivable—affiliates, net
|
6,658
|
|
|
6,345
|
|
Inventory
|
6,893
|
|
|
7,835
|
|
Prepaid expenses and
other
|
6,137
|
|
|
4,268
|
|
Current assets of
discontinued operations
|
991
|
|
|
17,844
|
|
Total current
assets
|
104,252
|
|
|
121,129
|
|
Land
|
25,252
|
|
|
25,022
|
|
Plant and equipment,
net
|
49,443
|
|
|
60,675
|
|
Mineral rights,
net
|
908,192
|
|
|
984,522
|
|
Intangible assets,
net
|
3,236
|
|
|
3,930
|
|
Intangible assets,
net—affiliate
|
49,811
|
|
|
52,997
|
|
Equity in
unconsolidated investment
|
255,901
|
|
|
261,942
|
|
Long-term contracts
receivable—affiliate
|
43,785
|
|
|
47,359
|
|
Other
assets
|
3,791
|
|
|
1,173
|
|
Other
assets—affiliate
|
1,018
|
|
|
1,124
|
|
Non-current assets of
discontinued operations
|
—
|
|
|
110,162
|
|
Total
assets
|
$
|
1,444,681
|
|
|
$
|
1,670,035
|
|
LIABILITIES AND
CAPITAL
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
6,234
|
|
|
$
|
5,022
|
|
Accounts
payable—affiliates
|
940
|
|
|
801
|
|
Accrued
liabilities
|
41,587
|
|
|
44,997
|
|
Accrued
liabilities—affiliates
|
—
|
|
|
456
|
|
Current portion of
long-term debt, net
|
138,903
|
|
|
80,745
|
|
Current liabilities
of discontinued operations
|
353
|
|
|
4,388
|
|
Total current
liabilities
|
188,017
|
|
|
136,409
|
|
Deferred
revenue
|
44,931
|
|
|
80,812
|
|
Deferred
revenue—affiliates
|
71,632
|
|
|
82,853
|
|
Long-term debt,
net
|
987,400
|
|
|
1,186,681
|
|
Long-term debt,
net—affiliate
|
—
|
|
|
19,930
|
|
Other non-current
liabilities
|
4,565
|
|
|
5,171
|
|
Non-current
liabilities of discontinued operations
|
—
|
|
|
85,237
|
|
Commitments and
contingencies
|
|
|
|
Partners'
capital:
|
|
|
|
Common unitholders'
interest (12,232,006 units outstanding)
|
152,309
|
|
|
79,094
|
|
General partner's
interest
|
887
|
|
|
(606)
|
|
Accumulated other
comprehensive loss
|
(1,666)
|
|
|
(2,152)
|
|
Total partners'
capital
|
151,530
|
|
|
76,336
|
|
Non-controlling
interest
|
(3,394)
|
|
|
(3,394)
|
|
Total
capital
|
148,136
|
|
|
72,942
|
|
Total liabilities and
capital
|
$
|
1,444,681
|
|
|
$
|
1,670,035
|
|
Natural Resource
Partners L.P.
Financial Tables
|
|
Operating
Statistics - Coal Royalty and Other
|
(in thousands
except per ton data)
|
|
|
|
|
|
For the Three
Months Ended
December
31,
|
|
For the Year
Ended
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(Unaudited)
|
Coal production
(tons)
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
Northern
|
1,833
|
|
|
1,981
|
|
|
2,312
|
|
|
9,562
|
|
Central
|
3,176
|
|
|
3,460
|
|
|
13,222
|
|
|
16,862
|
|
Southern
|
575
|
|
|
803
|
|
|
2,776
|
|
|
3,803
|
|
Total
Appalachia
|
5,584
|
|
|
6,244
|
|
|
18,310
|
|
|
30,227
|
|
Illinois
Basin
|
2,060
|
|
|
2,908
|
|
|
8,116
|
|
|
11,173
|
|
Northern Powder River
Basin
|
1,047
|
|
|
1,408
|
|
|
3,781
|
|
|
4,905
|
|
Gulf Coast
|
—
|
|
|
(38)
|
|
|
0.4
|
|
|
740
|
|
Total coal
production
|
8,691
|
|
|
10,522
|
|
|
30,207
|
|
|
47,045
|
|
|
|
|
|
|
|
|
|
Coal royalty revenue
per ton
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
Northern
|
$
|
0.36
|
|
|
$
|
0.29
|
|
|
$
|
1.15
|
|
|
$
|
0.28
|
|
Central
|
4.97
|
|
|
3.54
|
|
|
3.64
|
|
|
3.85
|
|
Southern
|
5.64
|
|
|
4.66
|
|
|
3.84
|
|
|
4.57
|
|
Illinois
Basin
|
3.92
|
|
|
3.80
|
|
|
3.66
|
|
|
3.94
|
|
Northern Powder River
Basin
|
2.22
|
|
|
2.29
|
|
|
2.81
|
|
|
2.54
|
|
Gulf Coast
|
—
|
|
|
11.21
|
|
|
3.28
|
|
|
3.47
|
|
|
|
|
|
|
|
|
|
Coal royalty
revenues
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
Northern
|
$
|
662
|
|
|
$
|
567
|
|
|
$
|
2,667
|
|
|
$
|
2,672
|
|
Central
|
15,788
|
|
|
12,261
|
|
|
48,119
|
|
|
64,877
|
|
Southern
|
3,241
|
|
|
3,744
|
|
|
10,660
|
|
|
17,390
|
|
Total
Appalachia
|
19,691
|
|
|
16,572
|
|
|
61,446
|
|
|
84,939
|
|
Illinois
Basin
|
8,069
|
|
|
11,043
|
|
|
29,680
|
|
|
44,063
|
|
Northern Powder River
Basin
|
2,323
|
|
|
3,224
|
|
|
10,637
|
|
|
12,443
|
|
Gulf Coast
|
1
|
|
|
(426)
|
|
|
1
|
|
|
2,570
|
|
Total coal royalty
revenue
|
$
|
30,084
|
|
|
$
|
30,413
|
|
|
$
|
101,764
|
|
|
$
|
144,015
|
|
|
|
|
|
|
|
|
|
Other
revenues
|
|
|
|
|
|
|
|
Coal override
revenue
|
$
|
799
|
|
|
$
|
725
|
|
|
$
|
2,281
|
|
|
$
|
2,920
|
|
Transportation and
processing fees
|
3,673
|
|
|
5,633
|
|
|
19,336
|
|
|
22,033
|
|
Minimums recognized
as revenue
|
4,136
|
|
|
3,009
|
|
|
64,591
|
|
|
15,489
|
|
Lease assignment
fee
|
—
|
|
|
15,000
|
|
|
—
|
|
|
21,000
|
|
Gain on reserve
swap
|
—
|
|
|
—
|
|
|
—
|
|
|
9,290
|
|
Wheelage
|
577
|
|
|
1,049
|
|
|
2,374
|
|
|
3,166
|
|
Hard mineral royalty
revenues
|
969
|
|
|
538
|
|
|
3,163
|
|
|
8,090
|
|
Oil and gas royalty
revenues
|
999
|
|
|
888
|
|
|
3,537
|
|
|
4,364
|
|
Property tax
revenue
|
1,558
|
|
|
2,656
|
|
|
10,457
|
|
|
11,258
|
|
Other
|
1,476
|
|
|
793
|
|
|
2,612
|
|
|
2,156
|
|
Total other
revenues
|
$
|
14,187
|
|
|
$
|
30,291
|
|
|
$
|
108,351
|
|
|
$
|
99,766
|
|
Coal royalty and
other income
|
44,271
|
|
|
60,704
|
|
|
210,115
|
|
|
243,781
|
|
Gain on coal royalty
and other segment asset sales
|
1,798
|
|
|
9
|
|
|
29,068
|
|
|
6,936
|
|
Total coal royalty
and other segment revenues and other income
|
$
|
46,069
|
|
|
$
|
60,713
|
|
|
$
|
239,183
|
|
|
$
|
250,717
|
|
Natural Resource
Partners L.P.
Reconciliation of Non-GAAP Measures
|
|
Distributable Cash
Flow
|
(in
thousands)
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
43,118
|
|
|
$
|
12,250
|
|
|
$
|
3,720
|
|
|
$
|
(32,992)
|
|
|
$
|
26,096
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
164
|
|
Add: proceeds from
sale of mineral rights
|
|
6,855
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,855
|
|
Add: proceeds from
sale of assets included in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17)
|
|
Add: return on
long-term contract receivables—affiliate
|
|
391
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
391
|
|
Less: maintenance
capital expenditures
|
|
(23)
|
|
|
—
|
|
|
(752)
|
|
|
—
|
|
|
(775)
|
|
DCF
|
|
$
|
50,341
|
|
|
$
|
12,250
|
|
|
$
|
3,132
|
|
|
$
|
(32,992)
|
|
|
$
|
32,714
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
55,093
|
|
|
$
|
12,251
|
|
|
$
|
3,822
|
|
|
$
|
(34,845)
|
|
|
$
|
36,321
|
|
Add: proceeds from
sale of PP&E
|
|
(478)
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
(460)
|
|
Add: proceeds from
sale of mineral rights
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Add: return on
long-term contract receivables—affiliate
|
|
342
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
342
|
|
Less: maintenance
capital expenditures
|
|
(87)
|
|
|
—
|
|
|
(1,978)
|
|
|
—
|
|
|
(2,065)
|
|
Less: distributions
to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
DCF
|
|
$
|
54,870
|
|
|
$
|
12,251
|
|
|
$
|
1,862
|
|
|
$
|
(34,845)
|
|
|
$
|
34,138
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
134,490
|
|
|
$
|
46,550
|
|
|
$
|
20,400
|
|
|
$
|
(100,797)
|
|
|
$
|
100,643
|
|
Add: proceeds from
sale of PP&E
|
|
1,084
|
|
|
—
|
|
|
266
|
|
|
—
|
|
|
1,350
|
|
Add: proceeds from
sale of mineral rights
|
|
61,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,033
|
|
Add: proceeds from
sale of assets included in discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,872
|
|
Add: return on
long-term contract receivables—affiliate
|
|
2,968
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,968
|
|
Less: maintenance
capital expenditures
|
|
(28)
|
|
|
—
|
|
|
(4,423)
|
|
|
—
|
|
|
(4,451)
|
|
DCF
|
|
$
|
199,547
|
|
|
$
|
46,550
|
|
|
$
|
16,243
|
|
|
$
|
(100,797)
|
|
|
$
|
271,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2015
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
204,934
|
|
|
$
|
43,029
|
|
|
$
|
23,605
|
|
|
$
|
(103,056)
|
|
|
$
|
168,512
|
|
Add: proceeds from
sale of PP&E
|
|
10,100
|
|
|
—
|
|
|
924
|
|
|
—
|
|
|
11,024
|
|
Add: proceeds from
sale of mineral rights
|
|
3,505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,505
|
|
Add: return on
long-term contract receivables—affiliate
|
|
2,463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,463
|
|
Less: maintenance
capital expenditures
|
|
(416)
|
|
|
—
|
|
|
(5,727)
|
|
|
—
|
|
|
(6,143)
|
|
Less: distributions
to non-controlling interest
|
|
(2,744)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,744)
|
|
DCF
|
|
$
|
217,842
|
|
|
$
|
43,029
|
|
|
$
|
18,802
|
|
|
$
|
(103,056)
|
|
|
$
|
176,617
|
|
Natural Resource
Partners L.P.
Reconciliation of Non-GAAP Measures
|
|
Adjusted
EBITDA
|
(in
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
24,014
|
|
|
$
|
9,319
|
|
|
$
|
997
|
|
|
$
|
(30,519)
|
|
|
$
|
3,811
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(9,319)
|
|
|
—
|
|
|
—
|
|
|
(9,319)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,305
|
|
|
23,305
|
|
Add: depreciation,
depletion and amortization
|
|
8,270
|
|
|
—
|
|
|
3,493
|
|
|
—
|
|
|
11,763
|
|
Add: asset
impairments
|
|
8,180
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
9,245
|
|
Adjusted
EBITDA
|
|
$
|
40,464
|
|
|
$
|
12,250
|
|
|
$
|
5,555
|
|
|
$
|
(7,214)
|
|
|
$
|
51,055
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
25,555
|
|
|
$
|
13,179
|
|
|
$
|
(3,628)
|
|
|
$
|
(25,309)
|
|
|
$
|
9,797
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(13,179)
|
|
|
—
|
|
|
—
|
|
|
(13,179)
|
|
Less: gain on reserve
swap
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,786
|
|
|
22,786
|
|
Add: depreciation,
depletion and amortization
|
|
10,809
|
|
|
—
|
|
|
3,079
|
|
|
—
|
|
|
13,888
|
|
Add: asset
impairments
|
|
12,821
|
|
|
—
|
|
|
6,218
|
|
|
—
|
|
|
19,039
|
|
Adjusted
EBITDA
|
|
$
|
49,185
|
|
|
$
|
12,250
|
|
|
$
|
5,669
|
|
|
$
|
(2,523)
|
|
|
$
|
64,581
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
161,816
|
|
|
$
|
40,061
|
|
|
$
|
4,438
|
|
|
$
|
(111,101)
|
|
|
$
|
95,214
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(40,061)
|
|
|
—
|
|
|
—
|
|
|
(40,061)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
46,550
|
|
|
—
|
|
|
—
|
|
|
46,550
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,570
|
|
|
90,570
|
|
Add: depreciation,
depletion and amortization
|
|
31,766
|
|
|
—
|
|
|
14,506
|
|
|
—
|
|
|
46,272
|
|
Add: asset
impairments
|
|
15,861
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
16,926
|
|
Adjusted
EBITDA
|
|
$
|
209,443
|
|
|
$
|
46,550
|
|
|
$
|
20,009
|
|
|
$
|
(20,531)
|
|
|
$
|
255,471
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2015
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(208,248)
|
|
|
$
|
49,918
|
|
|
$
|
251
|
|
|
$
|
(102,092)
|
|
|
$
|
(260,171)
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(49,918)
|
|
|
—
|
|
|
—
|
|
|
(49,918)
|
|
Less: gain on reserve
swap
|
|
(9,290)
|
|
|
—
|
|
|
|
|
|
|
(9,290)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
46,795
|
|
|
—
|
|
|
—
|
|
|
46,795
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,762
|
|
|
89,762
|
|
Add: depreciation,
depletion and amortization
|
|
45,338
|
|
|
—
|
|
|
15,578
|
|
|
—
|
|
|
60,916
|
|
Add: asset
impairments
|
|
378,327
|
|
|
—
|
|
|
6,218
|
|
|
—
|
|
|
384,545
|
|
Adjusted
EBITDA
|
|
$
|
206,127
|
|
|
$
|
46,795
|
|
|
$
|
22,047
|
|
|
$
|
(12,330)
|
|
|
$
|
262,639
|
|
Natural Resource
Partners L.P.
Reconciliation of Non-GAAP Measures
|
|
Operating Expenses
Excluding Impairments
|
(in
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
VantaCore
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
|
22,108
|
|
|
$
|
—
|
|
|
$
|
31,674
|
|
|
$
|
7,224
|
|
|
$
|
61,006
|
|
Less: asset
impairments
|
|
8,180
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
9,245
|
|
Operating expenses
excluding impairments
|
|
$
|
13,928
|
|
|
$
|
—
|
|
|
$
|
30,609
|
|
|
$
|
7,224
|
|
|
$
|
51,761
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
|
35,179
|
|
|
$
|
—
|
|
|
$
|
35,586
|
|
|
$
|
2,525
|
|
|
$
|
73,290
|
|
Less: asset
impairments
|
|
12,821
|
|
|
—
|
|
|
6,218
|
|
|
—
|
|
|
19,039
|
|
Operating expenses
excluding impairments
|
|
$
|
22,358
|
|
|
$
|
—
|
|
|
$
|
29,368
|
|
|
$
|
2,525
|
|
|
$
|
54,251
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2016
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
|
77,517
|
|
|
$
|
—
|
|
|
$
|
116,227
|
|
|
$
|
20,570
|
|
|
$
|
214,314
|
|
Less: asset
impairments
|
|
15,861
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
|
16,926
|
|
Operating expenses
excluding impairments
|
|
$
|
61,656
|
|
|
$
|
—
|
|
|
$
|
115,162
|
|
|
$
|
20,570
|
|
|
$
|
197,388
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2015
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
|
458,986
|
|
|
$
|
—
|
|
|
$
|
138,741
|
|
|
$
|
12,348
|
|
|
$
|
610,075
|
|
Less: asset
impairments
|
|
378,327
|
|
|
—
|
|
|
6,218
|
|
|
—
|
|
|
384,545
|
|
Operating expenses
excluding impairments
|
|
$
|
80,659
|
|
|
$
|
—
|
|
|
$
|
132,523
|
|
|
$
|
12,348
|
|
|
$
|
225,530
|
|
|
Non-cash
impairment charges attributable to the limited
partners
|
(in
thousands)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
Asset impairments, as
reported
|
|
9,245
|
|
|
19,039
|
|
|
16,926
|
|
|
384,545
|
|
Asset impairments
attributable to the limited partners
|
|
9,060
|
|
|
18,658
|
|
|
16,587
|
|
|
376,854
|
|
Asset impairments
attributable to the general partners
|
|
185
|
|
|
381
|
|
|
339
|
|
|
7,691
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
assets attributable to the limited partners
|
(in
thousands)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
Gain (loss) on sale
of assets, as reported
|
|
1,801
|
|
|
(3)
|
|
|
29,081
|
|
|
6,900
|
|
Gain (loss) on sale
of assets attributable to the limited partners
|
|
1,765
|
|
|
(3)
|
|
|
28,499
|
|
|
6,762
|
|
Gain (loss) on sale
of assets attributable to the general partners
|
|
36
|
|
|
—
|
|
|
582
|
|
|
138
|
|
Natural Resource
Partners L.P.
Reconciliation of Non-GAAP Measures
|
|
Net Income from
Continuing Operations and Net Income from Continuing Operations Per
Unit Attributable to the Limited Partners Excluding Impairments and
Asset Sales
|
(in thousands,
except per unit data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
Net income (loss)
from continuing operations attributable to the limited partners, as
reported
|
|
$
|
3,814
|
|
|
$
|
9,626
|
|
|
$
|
93,585
|
|
|
$
|
(254,173)
|
|
(Gain) loss on sale
of assets attributable to the limited partners
|
|
(1,765)
|
|
|
3
|
|
|
(28,499)
|
|
|
(6,762)
|
|
Asset impairments
attributable to the limited partners
|
|
9,060
|
|
|
18,658
|
|
|
16,587
|
|
|
376,854
|
|
Net income from
continuing operations attributable to the limited partners
excluding impairments and gain on asset sales
|
|
$
|
11,109
|
|
|
$
|
28,287
|
|
|
$
|
81,673
|
|
|
$
|
115,919
|
|
Weighted average
number of common units outstanding
|
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
Net income from
continuing operations per unit attributable to the limited partners
excluding impairments and gain on asset sales
|
|
$
|
0.91
|
|
|
$
|
2.31
|
|
|
$
|
6.68
|
|
|
$
|
9.48
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/natural-resource-partners-lp-announces-2016-fourth-quarter-and-full-year-results-and-completion-of-recapitalization-transactions-300418192.html
SOURCE Natural Resource Partners L.P.