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Name | Symbol | Market | Type |
---|---|---|---|
Natural Resource Partners Ltd New | NYSE:NRP | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.60 | 0.67% | 90.01 | 90.05 | 89.00 | 89.00 | 13,163 | 22:30:00 |
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
35-2164875
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large Accelerated Filer
|
¨
|
Accelerated Filer
|
|
ý
|
Non-accelerated Filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller Reporting Company
|
|
¨
|
|
|
Emerging Growth Company
|
|
¨
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
40,783
|
|
|
$
|
40,371
|
|
Accounts receivable, net
|
53,997
|
|
|
43,202
|
|
||
Accounts receivable—affiliates, net
|
292
|
|
|
6,658
|
|
||
Inventory
|
7,841
|
|
|
6,893
|
|
||
Prepaid expenses and other
|
3,192
|
|
|
6,137
|
|
||
Current assets of discontinued operations (see Note 5)
|
991
|
|
|
991
|
|
||
Total current assets
|
107,096
|
|
|
104,252
|
|
||
Land
|
25,272
|
|
|
25,252
|
|
||
Plant and equipment, net
|
48,822
|
|
|
49,443
|
|
||
Mineral rights, net
|
895,642
|
|
|
908,192
|
|
||
Intangible assets, net
|
51,226
|
|
|
3,236
|
|
||
Intangible assets, net—affiliate
|
—
|
|
|
49,811
|
|
||
Equity in unconsolidated investment
|
248,919
|
|
|
255,901
|
|
||
Long-term contracts receivable
|
41,638
|
|
|
—
|
|
||
Long-term contracts receivable—affiliate
|
—
|
|
|
43,785
|
|
||
Other assets
|
9,172
|
|
|
3,791
|
|
||
Other assets—affiliate
|
1,265
|
|
|
1,018
|
|
||
Total assets
|
$
|
1,429,052
|
|
|
$
|
1,444,681
|
|
LIABILITIES AND CAPITAL
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
5,257
|
|
|
$
|
6,234
|
|
Accounts payable—affiliates
|
942
|
|
|
940
|
|
||
Accrued liabilities
|
37,213
|
|
|
41,587
|
|
||
Current portion of long-term debt, net
|
173,901
|
|
|
138,903
|
|
||
Current liabilities of discontinued operations (see Note 5)
|
98
|
|
|
353
|
|
||
Total current liabilities
|
217,411
|
|
|
188,017
|
|
||
Deferred revenue
|
110,885
|
|
|
44,931
|
|
||
Deferred revenue
—
affiliates
|
—
|
|
|
71,632
|
|
||
Long-term debt, net
|
700,252
|
|
|
987,400
|
|
||
Warrant liabilities
|
37,457
|
|
|
—
|
|
||
Other non-current liabilities
|
2,699
|
|
|
4,565
|
|
||
Total liabilities
|
1,068,704
|
|
|
1,296,545
|
|
||
Commitments and contingencies (see Note 13)
|
|
|
|
||||
Convertible Preferred Units (251,250 units issued and outstanding at $1,000 par value per unit; liquidation preference of $1,500 per unit)
|
160,377
|
|
|
—
|
|
||
Partners’ capital:
|
|
|
|
||||
Common unitholders’ interest (12,232,006 units issued and outstanding)
|
204,230
|
|
|
152,309
|
|
||
General partner’s interest
|
1,946
|
|
|
887
|
|
||
Accumulated other comprehensive loss
|
(2,811
|
)
|
|
(1,666
|
)
|
||
Total partners’ capital
|
203,365
|
|
|
151,530
|
|
||
Non-controlling interest
|
(3,394
|
)
|
|
(3,394
|
)
|
||
Total capital
|
199,971
|
|
|
148,136
|
|
||
Total liabilities and capital
|
$
|
1,429,052
|
|
|
$
|
1,444,681
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues and other income:
|
|
|
|
|
|
|
|
||||||||
Coal royalty and other
|
$
|
36,914
|
|
|
$
|
59,983
|
|
|
$
|
71,908
|
|
|
$
|
88,832
|
|
Coal royalty and other—affiliates
|
12,712
|
|
|
17,504
|
|
|
28,856
|
|
|
28,074
|
|
||||
Construction aggregates
|
33,555
|
|
|
31,642
|
|
|
60,776
|
|
|
56,324
|
|
||||
Equity in earnings of Ciner Wyoming
|
8,389
|
|
|
10,188
|
|
|
18,683
|
|
|
19,989
|
|
||||
Gain (loss) on asset sales, net
|
3,361
|
|
|
(1,071
|
)
|
|
3,405
|
|
|
20,854
|
|
||||
Total revenues and other income
|
94,931
|
|
|
118,246
|
|
|
183,628
|
|
|
214,073
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance expenses
|
31,020
|
|
|
29,797
|
|
|
60,648
|
|
|
56,582
|
|
||||
Operating and maintenance expenses—affiliates, net
|
2,219
|
|
|
2,402
|
|
|
4,774
|
|
|
5,886
|
|
||||
Depreciation, depletion and amortization
|
8,165
|
|
|
10,472
|
|
|
17,889
|
|
|
20,252
|
|
||||
Amortization expense—affiliate
|
240
|
|
|
704
|
|
|
1,008
|
|
|
1,426
|
|
||||
General and administrative
|
2,031
|
|
|
3,173
|
|
|
8,109
|
|
|
6,408
|
|
||||
General and administrative—affiliates
|
852
|
|
|
866
|
|
|
1,976
|
|
|
1,803
|
|
||||
Asset impairments
|
—
|
|
|
91
|
|
|
1,778
|
|
|
1,984
|
|
||||
Total operating expenses
|
44,527
|
|
|
47,505
|
|
|
96,182
|
|
|
94,341
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
50,404
|
|
|
70,741
|
|
|
87,446
|
|
|
119,732
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(20,377
|
)
|
|
(22,054
|
)
|
|
(43,518
|
)
|
|
(44,251
|
)
|
||||
Interest expense—affiliate
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
(523
|
)
|
||||
Debt modification expense
|
(132
|
)
|
|
—
|
|
|
(7,939
|
)
|
|
—
|
|
||||
Loss on extinguishment of debt
|
(4,107
|
)
|
|
—
|
|
|
(4,107
|
)
|
|
—
|
|
||||
Warrant issuance expense
|
—
|
|
|
—
|
|
|
(5,709
|
)
|
|
—
|
|
||||
Fair value adjustments for warrant liabilities
|
23,960
|
|
|
—
|
|
|
40,529
|
|
|
—
|
|
||||
Interest income
|
69
|
|
|
7
|
|
|
86
|
|
|
26
|
|
||||
Other expense, net
|
(587
|
)
|
|
(22,108
|
)
|
|
(20,658
|
)
|
|
(44,748
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
49,817
|
|
|
48,633
|
|
|
66,788
|
|
|
74,984
|
|
||||
Income (loss) from discontinued operations (see Note 5)
|
133
|
|
|
(2,187
|
)
|
|
(74
|
)
|
|
(5,111
|
)
|
||||
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Less: income attributable to preferred unitholders
|
(7,538
|
)
|
|
—
|
|
|
(10,038
|
)
|
|
—
|
|
||||
Net income attributable to common unitholders and general partner
|
$
|
42,412
|
|
|
$
|
46,446
|
|
|
$
|
56,676
|
|
|
$
|
69,873
|
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations per common unit
(see Note 3)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
3.38
|
|
|
$
|
3.90
|
|
|
$
|
4.55
|
|
|
$
|
6.02
|
|
Diluted
|
1.13
|
|
|
3.90
|
|
|
1.35
|
|
|
6.02
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income per common unit (see Note 3)
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
3.39
|
|
|
$
|
3.73
|
|
|
$
|
4.54
|
|
|
$
|
5.61
|
|
Diluted
|
1.13
|
|
|
3.73
|
|
|
1.34
|
|
|
5.61
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Add: comprehensive income (loss) from unconsolidated investment and other
|
(13
|
)
|
|
462
|
|
|
(1,145
|
)
|
|
(83
|
)
|
||||
Comprehensive income
|
$
|
49,937
|
|
|
$
|
46,908
|
|
|
$
|
65,569
|
|
|
$
|
69,790
|
|
|
Common Unitholders
|
|
General Partner
|
|
Accumulated
Other Comprehensive Loss |
|
Partners' Capital Excluding Non-Controlling Interest
|
|
Non-Controlling Interest
|
|
Total Capital
|
|||||||||||||||
|
||||||||||||||||||||||||||
|
Units
|
|
Amounts
|
|
||||||||||||||||||||||
Balance at December 31, 2016
|
12,232
|
|
|
$
|
152,309
|
|
|
$
|
887
|
|
|
$
|
(1,666
|
)
|
|
$
|
151,530
|
|
|
$
|
(3,394
|
)
|
|
$
|
148,136
|
|
Net income
(1)
|
—
|
|
|
65,380
|
|
|
1,334
|
|
|
—
|
|
|
66,714
|
|
|
—
|
|
|
66,714
|
|
||||||
Distributions to common unitholders and general partner
|
—
|
|
|
(11,009
|
)
|
|
(225
|
)
|
|
—
|
|
|
(11,234
|
)
|
|
—
|
|
|
(11,234
|
)
|
||||||
Distributions to preferred unitholders
|
—
|
|
|
(2,450
|
)
|
|
(50
|
)
|
|
—
|
|
|
(2,500
|
)
|
|
—
|
|
|
(2,500
|
)
|
||||||
Comprehensive loss from unconsolidated investment and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,145
|
)
|
|
(1,145
|
)
|
|
—
|
|
|
(1,145
|
)
|
||||||
Balance at June 30, 2017
|
12,232
|
|
|
$
|
204,230
|
|
|
$
|
1,946
|
|
|
$
|
(2,811
|
)
|
|
$
|
203,365
|
|
|
$
|
(3,394
|
)
|
|
$
|
199,971
|
|
|
|
|
|
|
(1)
|
Net income includes
$10.0 million
attributable to Preferred Unitholders that accumulated during the period.
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
|
|
|
|
||||
Depreciation, depletion and amortization
|
17,889
|
|
|
20,252
|
|
||
Amortization expense—affiliates
|
1,008
|
|
|
1,426
|
|
||
Return on earnings from unconsolidated investment
|
22,112
|
|
|
22,050
|
|
||
Equity earnings from unconsolidated investment
|
(18,683
|
)
|
|
(19,989
|
)
|
||
Gain on asset sales, net
|
(3,405
|
)
|
|
(20,854
|
)
|
||
Fair value adjustments for warrant liabilities
|
(40,529
|
)
|
|
—
|
|
||
Debt modification expense
|
7,939
|
|
|
—
|
|
||
Loss on extinguishment of debt
|
4,107
|
|
|
—
|
|
||
Warrant issuance expense
|
5,709
|
|
|
—
|
|
||
Loss from discontinued operations
|
74
|
|
|
5,111
|
|
||
Asset impairments
|
1,778
|
|
|
1,984
|
|
||
Other, net
|
2,422
|
|
|
4,094
|
|
||
Other, net—affiliates
|
(112
|
)
|
|
212
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(3,603
|
)
|
|
3,922
|
|
||
Accounts receivable—affiliates
|
(826
|
)
|
|
(2,271
|
)
|
||
Accounts payable
|
46
|
|
|
150
|
|
||
Accounts payable—affiliates
|
2
|
|
|
(25
|
)
|
||
Accrued liabilities
|
(3,898
|
)
|
|
(3,131
|
)
|
||
Accrued liabilities—affiliates
|
—
|
|
|
(456
|
)
|
||
Deferred revenue
|
4,489
|
|
|
(38,204
|
)
|
||
Deferred revenue—affiliates
|
(10,166
|
)
|
|
(4,060
|
)
|
||
Other items, net
|
2,527
|
|
|
(2,045
|
)
|
||
Other items, net—affiliates
|
—
|
|
|
607
|
|
||
Net cash provided by operating activities of continuing operations
|
55,594
|
|
|
38,646
|
|
||
Net cash provided by (used in) operating activities of discontinued operations
|
(531
|
)
|
|
5,815
|
|
||
Net cash provided by operating activities
|
55,063
|
|
|
44,461
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Return of equity from unconsolidated investment
|
2,388
|
|
|
—
|
|
||
Proceeds from sale of oil and gas royalty properties
|
(544
|
)
|
|
34,347
|
|
||
Proceeds from sale of coal and aggregates royalty properties
|
1,427
|
|
|
9,802
|
|
||
Return of long-term contract receivables
|
1,207
|
|
|
—
|
|
||
Return of long-term contract receivables—affiliate
|
804
|
|
|
2,180
|
|
||
Proceeds from sale of plant and equipment and other
|
385
|
|
|
843
|
|
||
Acquisition of plant and equipment and other
|
(4,998
|
)
|
|
(3,919
|
)
|
||
Net cash provided by investing activities of continuing operations
|
669
|
|
|
43,253
|
|
||
Net cash provided by (used in) investing activities of discontinued operations
|
202
|
|
|
(3,814
|
)
|
||
Net cash provided by investing activities
|
871
|
|
|
39,439
|
|
||
|
|
|
|
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of Convertible Preferred Units and Warrants, net
|
242,100
|
|
|
—
|
|
||
Proceeds from issuance of 2022 Senior Notes, net
|
103,688
|
|
|
—
|
|
||
Proceeds from loans
|
—
|
|
|
20,000
|
|
||
Repayments of loans
|
(348,292
|
)
|
|
(98,482
|
)
|
||
Distributions to common unitholders and general partner
|
(11,234
|
)
|
|
(11,232
|
)
|
||
Distributions to preferred unitholders
|
(1,250
|
)
|
|
—
|
|
||
Contributions to discontinued operations
|
(329
|
)
|
|
—
|
|
||
Debt issue costs and other
|
(40,534
|
)
|
|
(11,998
|
)
|
||
Net cash used in financing activities of continuing operations
|
(55,851
|
)
|
|
(101,712
|
)
|
||
Net cash provided by (used in) financing activities of discontinued operations
|
329
|
|
|
(10,570
|
)
|
||
Net cash used in financing activities
|
(55,522
|
)
|
|
(112,282
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
412
|
|
|
(28,382
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents of continuing operations at beginning of period
|
40,371
|
|
|
41,204
|
|
||
Cash and cash equivalents of discontinued operations at beginning of period
|
—
|
|
|
10,569
|
|
||
Cash and cash equivalents at beginning of period
|
40,371
|
|
|
51,773
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
40,783
|
|
|
23,391
|
|
||
Less: cash and cash equivalents of discontinued operations at end of period
|
—
|
|
|
2,000
|
|
||
Cash and cash equivalents of continuing operations at end of period
|
$
|
40,783
|
|
|
$
|
21,391
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
34,880
|
|
|
$
|
42,671
|
|
Non-cash financing activities:
|
|
|
|
||||
Issuance of 2022 Senior Notes in exchange for 2018 Senior Notes
|
$
|
240,638
|
|
|
$
|
—
|
|
|
|
March 2, 2017
|
||
Transaction price, gross
|
|
$
|
250,000
|
|
Structuring, origination and other fees to Preferred Purchasers
|
|
(7,900
|
)
|
|
Transaction costs to other third parties
|
|
(10,696
|
)
|
|
Transaction price, net
|
|
$
|
231,404
|
|
Allocation of net transaction price
|
|
|
||
Preferred Units, net
|
|
$
|
159,127
|
|
Warrants liabilities
|
|
77,986
|
|
|
Issuance costs allocated to Warrants and expensed
|
|
(5,709
|
)
|
|
Transaction price, net
|
|
$
|
231,404
|
|
Balance at December 31, 2016
|
|
$
|
—
|
|
Issuance of Preferred Units, net
|
|
159,127
|
|
|
Distribution paid-in-kind
|
|
1,250
|
|
|
Balance at June 30, 2017
|
|
$
|
160,377
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Allocation of net income:
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
$
|
49,817
|
|
|
$
|
48,633
|
|
|
$
|
66,788
|
|
|
$
|
74,984
|
|
Less: income attributable to preferred unitholders
|
7,538
|
|
|
—
|
|
|
10,038
|
|
|
—
|
|
||||
Less: net income from continuing operations and income attributable to preferred unitholders allocated to the general partner
|
914
|
|
|
907
|
|
|
1,135
|
|
|
1,368
|
|
||||
Net income from continuing operations attributable to common unitholders
|
$
|
41,365
|
|
|
$
|
47,726
|
|
|
$
|
55,615
|
|
|
$
|
73,616
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from discontinued operations
|
$
|
133
|
|
|
$
|
(2,187
|
)
|
|
$
|
(74
|
)
|
|
$
|
(5,111
|
)
|
Less: net income (loss) from discontinued operations attributable to the general partner
|
3
|
|
|
(44
|
)
|
|
(1
|
)
|
|
(102
|
)
|
||||
Net income (loss) from discontinued operations attributable to common unitholders
|
$
|
130
|
|
|
$
|
(2,143
|
)
|
|
$
|
(73
|
)
|
|
$
|
(5,009
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Less: income attributable to preferred unitholders
|
7,538
|
|
|
—
|
|
|
10,038
|
|
|
—
|
|
||||
Less: net income and income attributable to preferred unitholders allocated to the general partner
|
917
|
|
|
863
|
|
|
1,134
|
|
|
1,266
|
|
||||
Net income attributable to common unitholders
|
$
|
41,495
|
|
|
$
|
45,583
|
|
|
$
|
55,542
|
|
|
$
|
68,607
|
|
|
|
|
|
|
|
|
|
||||||||
Basic Income (Loss) per Unit:
|
|
|
|
|
|
|
|
||||||||
Weighted average common units—basic
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
||||
Basic net income from continuing operations per common unit
|
$
|
3.38
|
|
|
$
|
3.90
|
|
|
$
|
4.55
|
|
|
$
|
6.02
|
|
Basic net income (loss) from discontinued operations per common unit
|
$
|
0.01
|
|
|
$
|
(0.18
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.41
|
)
|
Basic net income per common unit
|
$
|
3.39
|
|
|
$
|
3.73
|
|
|
$
|
4.54
|
|
|
$
|
5.61
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted Income (Loss) per Unit:
|
|
|
|
|
|
|
|
||||||||
Weighted average common units—basic
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
|
12,232
|
|
||||
Plus: dilutive effect of Warrants
|
467
|
|
|
—
|
|
|
361
|
|
|
—
|
|
||||
Plus: dilutive effect of Preferred Units
|
9,760
|
|
|
—
|
|
|
6,517
|
|
|
—
|
|
||||
Weighted average common units—diluted
|
22,459
|
|
|
12,232
|
|
|
19,110
|
|
|
12,232
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
$
|
49,817
|
|
|
$
|
48,633
|
|
|
$
|
66,788
|
|
|
$
|
74,984
|
|
Less: fair value adjustments for warrant liabilities
|
23,960
|
|
|
—
|
|
|
40,529
|
|
|
—
|
|
||||
Less: net income from continuing operations and fair value adjustments for warrant liabilities allocated to the general partner
|
586
|
|
|
907
|
|
|
525
|
|
|
1,368
|
|
||||
Diluted net income from continuing operations attributable to common unitholders
|
$
|
25,271
|
|
|
$
|
47,726
|
|
|
$
|
25,734
|
|
|
$
|
73,616
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) from discontinued operations attributable to common unitholders
|
$
|
130
|
|
|
$
|
(2,143
|
)
|
|
$
|
(73
|
)
|
|
$
|
(5,009
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Less: fair value adjustments for warrant liabilities
|
23,960
|
|
|
—
|
|
|
40,529
|
|
|
—
|
|
||||
Less: net income and fair value adjustments for warrant liabilities allocated to the general partner
|
589
|
|
|
863
|
|
|
524
|
|
|
1,266
|
|
||||
Diluted net income attributable to common unitholders
|
$
|
25,401
|
|
|
$
|
45,583
|
|
|
$
|
25,661
|
|
|
$
|
68,607
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income from continuing operations per common unit
|
$
|
1.13
|
|
|
$
|
3.90
|
|
|
$
|
1.35
|
|
|
$
|
6.02
|
|
Diluted net income (loss) from discontinued operations per common unit
|
$
|
0.01
|
|
|
$
|
(0.18
|
)
|
|
$
|
—
|
|
|
$
|
(0.41
|
)
|
Diluted net income per common unit
|
$
|
1.13
|
|
|
$
|
3.73
|
|
|
$
|
1.34
|
|
|
$
|
5.61
|
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Three Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues (including affiliates)
|
|
$
|
49,626
|
|
|
$
|
8,389
|
|
|
$
|
33,555
|
|
|
$
|
—
|
|
|
$
|
91,570
|
|
Intersegment revenues (expenses)
|
|
68
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain on asset sales
|
|
3,184
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
3,361
|
|
|||||
Operating and maintenance expenses
(including affiliates) |
|
5,419
|
|
|
—
|
|
|
27,820
|
|
|
—
|
|
|
33,239
|
|
|||||
General and administrative (including affiliates)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,883
|
|
|
2,883
|
|
|||||
Depreciation, depletion and amortization
(including affiliates) |
|
5,375
|
|
|
—
|
|
|
3,030
|
|
|
—
|
|
|
8,405
|
|
|||||
Other expense, net
|
|
—
|
|
|
—
|
|
|
178
|
|
|
409
|
|
|
587
|
|
|||||
Net income (loss) from continuing operations
|
|
42,084
|
|
|
8,389
|
|
|
2,636
|
|
|
(3,292
|
)
|
|
49,817
|
|
|||||
Net income from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues (including affiliates)
|
|
$
|
77,487
|
|
|
$
|
10,188
|
|
|
$
|
31,642
|
|
|
$
|
—
|
|
|
$
|
119,317
|
|
Intersegment revenues (expenses)
|
|
30
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain (loss) on asset sales
|
|
(1,080
|
)
|
|
—
|
|
|
9
|
|
|
—
|
|
|
(1,071
|
)
|
|||||
Operating and maintenance expenses
(including affiliates) |
|
7,707
|
|
|
—
|
|
|
24,492
|
|
|
—
|
|
|
32,199
|
|
|||||
General and administrative (including affiliates)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,039
|
|
|
4,039
|
|
|||||
Depreciation, depletion and amortization
(including affiliates) |
|
7,486
|
|
|
—
|
|
|
3,690
|
|
|
—
|
|
|
11,176
|
|
|||||
Asset impairment
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|||||
Other expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,108
|
|
|
22,108
|
|
|||||
Net income (loss) from continuing operations
|
|
61,153
|
|
|
10,188
|
|
|
3,439
|
|
|
(26,147
|
)
|
|
48,633
|
|
|||||
Net loss from discontinued operations
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,187
|
)
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Six Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues (including affiliates)
|
|
$
|
100,764
|
|
|
$
|
18,683
|
|
|
$
|
60,776
|
|
|
$
|
—
|
|
|
$
|
180,223
|
|
Intersegment revenues (expenses)
|
|
130
|
|
|
—
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain on asset sales
|
|
3,213
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
3,405
|
|
|||||
Operating and maintenance expenses
(including affiliates)
|
|
12,803
|
|
|
—
|
|
|
52,619
|
|
|
—
|
|
|
65,422
|
|
|||||
General and administrative (including affiliates)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,085
|
|
|
10,085
|
|
|||||
Depreciation, depletion and amortization
(including affiliates)
|
|
12,348
|
|
|
—
|
|
|
6,549
|
|
|
—
|
|
|
18,897
|
|
|||||
Asset impairment
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
|||||
Other expense, net
|
|
—
|
|
|
—
|
|
|
573
|
|
|
20,085
|
|
|
20,658
|
|
|||||
Net income (loss) from continuing operations
|
|
77,178
|
|
|
18,683
|
|
|
1,097
|
|
|
(30,170
|
)
|
|
66,788
|
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues (including affiliates)
|
|
$
|
116,906
|
|
|
$
|
19,989
|
|
|
$
|
56,324
|
|
|
$
|
—
|
|
|
$
|
193,219
|
|
Intersegment revenues (expenses)
|
|
52
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain on asset sales
|
|
20,845
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
20,854
|
|
|||||
Operating and maintenance expenses
(including affiliates) |
|
15,841
|
|
|
—
|
|
|
46,627
|
|
|
—
|
|
|
62,468
|
|
|||||
General and administrative (including affiliates)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,211
|
|
|
8,211
|
|
|||||
Depreciation, depletion and amortization
(including affiliates)
|
|
14,426
|
|
|
—
|
|
|
7,252
|
|
|
—
|
|
|
21,678
|
|
|||||
Asset impairment
|
|
1,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,984
|
|
|||||
Other expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,748
|
|
|
44,748
|
|
|||||
Net income (loss) from continuing operations
|
|
105,552
|
|
|
19,989
|
|
|
2,402
|
|
|
(52,959
|
)
|
|
74,984
|
|
|||||
Net loss from discontinued operations
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
(5,111
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets at June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
|
980,851
|
|
|
248,919
|
|
|
190,233
|
|
|
8,058
|
|
|
1,428,061
|
|
|||||
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|||||
Total assets at December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
|
990,172
|
|
|
255,901
|
|
|
190,615
|
|
|
7,002
|
|
|
1,443,690
|
|
|||||
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues and other income:
|
|
|
|
|
|
|
|
||||||||
Oil and gas
|
$
|
7
|
|
|
$
|
9,511
|
|
|
$
|
22
|
|
|
$
|
16,435
|
|
Gain (loss) on asset sales
|
136
|
|
|
(184
|
)
|
|
57
|
|
|
(184
|
)
|
||||
Total revenues and other income
|
143
|
|
|
9,327
|
|
|
79
|
|
|
16,251
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance expenses (including affiliates)
|
10
|
|
|
5,871
|
|
|
153
|
|
|
10,252
|
|
||||
Depreciation, depletion and amortization
|
—
|
|
|
3,286
|
|
|
—
|
|
|
7,527
|
|
||||
Asset impairments
|
—
|
|
|
427
|
|
|
—
|
|
|
564
|
|
||||
Total operating expenses
|
10
|
|
|
9,584
|
|
|
153
|
|
|
18,343
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
—
|
|
|
(1,930
|
)
|
|
—
|
|
|
(3,019
|
)
|
||||
Income (loss) from discontinued operations
|
$
|
133
|
|
|
$
|
(2,187
|
)
|
|
$
|
(74
|
)
|
|
$
|
(5,111
|
)
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Accounts receivable, net (including affiliates) (1)
|
$
|
991
|
|
|
$
|
991
|
|
Total current assets
|
991
|
|
|
991
|
|
||
Total assets of discontinued operations
|
$
|
991
|
|
|
$
|
991
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Other (including affiliates) (1)
|
$
|
98
|
|
|
$
|
353
|
|
Total current liabilities
|
98
|
|
|
353
|
|
||
Total liabilities of discontinued operations
|
$
|
98
|
|
|
$
|
353
|
|
|
|
|
|
|
(1)
|
See
Note 12. Related Party Transactions
for additional information on the Partnership's related party assets and liabilities.
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash paid for interest
|
$
|
—
|
|
|
$
|
1,489
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income allocation to NRP’s equity interests
|
$
|
9,274
|
|
|
$
|
11,388
|
|
|
$
|
20,754
|
|
|
$
|
22,384
|
|
Amortization of basis difference
|
(885
|
)
|
|
(1,200
|
)
|
|
(2,071
|
)
|
|
(2,395
|
)
|
||||
Equity in earnings of unconsolidated investment
|
$
|
8,389
|
|
|
$
|
10,188
|
|
|
$
|
18,683
|
|
|
$
|
19,989
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Sales
|
$
|
119,737
|
|
|
$
|
116,698
|
|
|
$
|
246,309
|
|
|
$
|
231,082
|
|
Gross profit
|
24,219
|
|
|
28,732
|
|
|
52,916
|
|
|
56,983
|
|
||||
Net Income
|
18,926
|
|
|
23,241
|
|
|
42,354
|
|
|
45,682
|
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Current assets
|
$
|
157,198
|
|
|
$
|
134,616
|
|
Non-current assets
|
233,313
|
|
|
235,427
|
|
||
Current liabilities
|
53,713
|
|
|
55,396
|
|
||
Non-current liabilities
|
130,600
|
|
|
98,425
|
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Plant and equipment at cost
|
$
|
83,339
|
|
|
$
|
79,171
|
|
Construction in process
|
58
|
|
|
557
|
|
||
Less accumulated depreciation
|
(34,575
|
)
|
|
(30,285
|
)
|
||
Total plant and equipment, net
|
$
|
48,822
|
|
|
$
|
49,443
|
|
|
June 30, 2017
|
||||||||||
|
Carrying Value
|
|
Accumulated Depletion
|
|
Net Book Value
|
||||||
Coal properties
|
$
|
1,170,700
|
|
|
$
|
(429,079
|
)
|
|
$
|
741,621
|
|
Aggregates properties
|
151,236
|
|
|
(14,605
|
)
|
|
136,631
|
|
|||
Oil and gas royalty properties
|
12,395
|
|
|
(6,723
|
)
|
|
5,672
|
|
|||
Other
|
13,168
|
|
|
(1,450
|
)
|
|
11,718
|
|
|||
Total
|
$
|
1,347,499
|
|
|
$
|
(451,857
|
)
|
|
$
|
895,642
|
|
|
December 31, 2016
|
||||||||||
|
Carrying Value
|
|
Accumulated Depletion
|
|
Net Book Value
|
||||||
Coal properties
|
$
|
1,170,904
|
|
|
$
|
(420,032
|
)
|
|
$
|
750,872
|
|
Aggregates properties
|
176,774
|
|
|
(39,056
|
)
|
|
137,718
|
|
|||
Oil and gas royalty properties
|
12,395
|
|
|
(6,289
|
)
|
|
6,106
|
|
|||
Other
|
14,946
|
|
|
(1,450
|
)
|
|
13,496
|
|
|||
Total
|
$
|
1,375,019
|
|
|
$
|
(466,827
|
)
|
|
$
|
908,192
|
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Intangible assets (including affiliate)
|
$
|
86,336
|
|
|
$
|
86,336
|
|
Less: accumulated amortization (including affiliate)
|
(35,110
|
)
|
|
(33,289
|
)
|
||
Total intangible assets, net (including affiliate)
|
$
|
51,226
|
|
|
$
|
53,047
|
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
NRP LP debt:
|
|
|
|
||||
10.500% senior notes, with semi-annual interest payments in March and September, due March 2022, $241 million issued at par and $105 million issued at 98.75%
|
$
|
345,638
|
|
|
$
|
—
|
|
9.125% senior notes, with semi-annual interest payments in April and October, due October 2018, $300 million issued at 99.007% and $125 million issued at 99.5%
|
94,362
|
|
|
425,000
|
|
||
Opco debt:
|
|
|
|
||||
Revolving credit facility, due April 2020
|
—
|
|
|
210,000
|
|
||
Senior notes
|
|
|
|
||||
4.91% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2018
|
4,594
|
|
|
9,187
|
|
||
8.38% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2019
|
42,686
|
|
|
64,029
|
|
||
5.05% with semi-annual interest payments in January and July, with annual principal payments in July, due July 2020
|
30,633
|
|
|
30,633
|
|
||
5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023
|
16,136
|
|
|
18,825
|
|
||
4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023
|
52,204
|
|
|
52,204
|
|
||
5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024
|
104,583
|
|
|
119,524
|
|
||
8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024
|
31,738
|
|
|
36,272
|
|
||
5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026
|
134,035
|
|
|
134,035
|
|
||
5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026
|
38,262
|
|
|
38,262
|
|
||
5.31% utility local improvement obligation, with annual principal and interest payments in February, due March 2021
|
—
|
|
|
961
|
|
||
Total debt at face value
|
$
|
894,871
|
|
|
$
|
1,138,932
|
|
Net unamortized debt discount
|
(1,972
|
)
|
|
(1,322
|
)
|
||
Net unamortized debt issuance costs
|
(18,746
|
)
|
|
(11,307
|
)
|
||
Total debt, net
|
$
|
874,153
|
|
|
$
|
1,126,303
|
|
Less: current portion of long-term debt
|
173,901
|
|
|
138,903
|
|
||
Total long-term debt
|
$
|
700,252
|
|
|
$
|
987,400
|
|
•
|
the higher of (i) the prime rate as announced by the agent bank; (ii) the federal funds rate plus
0.50%
; or (iii) LIBOR plus
1%
, in each case plus an applicable margin ranging from
2.50%
to
3.50%
; or
|
•
|
a rate equal to LIBOR plus an applicable margin ranging from
3.50%
to
4.50%
.
|
•
|
a leverage ratio of consolidated indebtedness to EBITDDA (as defined in the Opco Credit Facility) not to exceed
4.0
x; provided, however, that if NRP increases its quarterly distribution to its common unitholders above
$0.45
per common unit, the maximum leverage ratio under the Opco Credit Facility will permanently decrease from
4.0
x to
3.0
x.
|
•
|
a fixed charge coverage ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease expense) of not less than
3.5
to 1.0.
|
•
|
maintain a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the note purchase agreement) of no more than
4.0
to 1.0 for the four most recent quarters;
|
•
|
not permit debt secured by certain liens and debt of subsidiaries to exceed
10%
of consolidated net tangible assets (as defined in the note purchase agreement); and
|
•
|
maintain the ratio of consolidated EBITDDA (as defined in the note purchase agreement) to consolidated fixed charges (consisting of consolidated interest expense and consolidated operating lease expense) at not less than
3.5
to 1.0.
|
•
|
until the earlier of the time that (1) Opco has sold
$300 million
of assets and (2) June 30, 2020, Opco will be required to make prepayment offers to the holders of the Opco Senior Notes using
25%
of the net cash proceeds from certain asset sales; and
|
•
|
after the earlier to occur of the dates above, Opco will be required to make prepayment offers to the holders of the Opco Senior Notes using an amount of net cash proceeds from certain asset sales that will be calculated pro-rata based on the amount of Opco Senior Notes then outstanding compared to the other total Opco senior debt outstanding that is being prepaid.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value |
|
Carrying
Value |
|
Estimated
Fair Value |
||||||||
Debt:
|
|
|
|
|
|
|
|
||||||||
NRP 2018 Senior Notes (1)
|
$
|
93,940
|
|
|
$
|
95,777
|
|
|
$
|
420,097
|
|
|
$
|
412,250
|
|
NRP 2022 Senior Notes (1)
|
328,852
|
|
|
369,401
|
|
|
—
|
|
|
—
|
|
||||
Opco Senior Notes and utility local improvement obligation (2)
|
451,361
|
|
|
486,143
|
|
|
500,174
|
|
|
488,814
|
|
||||
Opco Revolving Credit Facility (3)
|
—
|
|
|
—
|
|
|
206,032
|
|
|
210,000
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Contracts receivable, current and long-term (2)
|
44,551
|
|
|
30,917
|
|
|
46,742
|
|
|
32,554
|
|
|
|
|
|
|
(1)
|
The Level 1 fair value is based upon quotations obtained for identical instruments on the closing trading prices near period end.
|
(2)
|
The Level 3 fair value is estimated by management using quotations obtained for comparable instruments on the closing trading prices near period end.
|
(3)
|
The Level 3 fair value approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty.
|
Warrant Valuation Model Key Assumptions
|
|
March 2, 2017
|
|
June 30, 2017
|
||||
Closing price of NRP common units
|
|
$
|
41.95
|
|
|
$
|
27.55
|
|
Risk-free interest rate
|
|
2.38
|
%
|
|
2.18
|
%
|
||
Expected dividend yield
|
|
4.29
|
%
|
|
6.53
|
%
|
||
Expected volatility
|
|
45.00
|
%
|
|
50.00
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
61,417
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Issuance of new Warrants
|
—
|
|
|
—
|
|
|
77,986
|
|
|
—
|
|
||||
Fair value adjustments for Warrant liabilities
|
(23,960
|
)
|
|
—
|
|
|
(40,529
|
)
|
|
—
|
|
||||
Ending balance (1)
|
$
|
37,457
|
|
|
$
|
—
|
|
|
$
|
37,457
|
|
|
$
|
—
|
|
|
|
|
|
|
(1)
|
During the three and six months ended
June 30, 2017
, there were
no
transfers in or out of Level 3 from other levels in the fair value hierarchy.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Coal royalty and other revenue
|
|
$
|
4,789
|
|
|
$
|
—
|
|
|
$
|
4,789
|
|
|
$
|
—
|
|
Coal royalty and other—affiliates revenue
|
|
11,425
|
|
|
16,935
|
|
|
27,216
|
|
|
27,013
|
|
||||
Total
|
|
$
|
16,214
|
|
|
$
|
16,935
|
|
|
$
|
32,005
|
|
|
$
|
27,013
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating and maintenance expense
|
|
$
|
285
|
|
|
$
|
—
|
|
|
$
|
285
|
|
|
$
|
—
|
|
Operating and maintenance expense—affiliates, net
|
|
117
|
|
|
201
|
|
|
452
|
|
|
581
|
|
||||
Total
|
|
$
|
402
|
|
|
$
|
201
|
|
|
$
|
737
|
|
|
$
|
581
|
|
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
Sugar Camp rail load out direct financing lease amounts
|
|
|
|
||||
Projected remaining payments
|
$
|
73,958
|
|
|
$
|
76,424
|
|
Unearned income
|
30,069
|
|
|
31,803
|
|
||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Accounts receivable
|
$
|
7,349
|
|
|
$
|
—
|
|
Accounts receivable—affiliates, net
|
—
|
|
|
6,496
|
|
||
Long-term contracts receivable
|
41,638
|
|
|
—
|
|
||
Long-term contracts receivable—affiliate
|
—
|
|
|
43,785
|
|
||
LIABILITIES
|
|
|
|
||||
Deferred revenue
|
$
|
63,997
|
|
|
$
|
—
|
|
Deferred revenue—affiliates
|
—
|
|
|
71,632
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Operating and maintenance expenses—affiliates, net
|
1,799
|
|
|
2,099
|
|
4,774
|
|
3,965
|
|
|
4,611
|
|
General and administrative—affiliates
|
852
|
|
|
866
|
|
|
1,976
|
|
|
1,803
|
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
Revenues
|
|
Percent
|
|
Revenues
|
|
Percent
|
|
Revenues
|
|
Percent
|
|
Revenues
|
|
Percent
|
||||||||||||
Foresight Energy (1)
|
|
$
|
16,255
|
|
|
17.1
|
%
|
|
$
|
16,935
|
|
|
14.3
|
%
|
|
$
|
32,046
|
|
|
17.5
|
%
|
|
$
|
27,013
|
|
|
12.6
|
%
|
|
|
|
|
|
|
Phantom Units
|
|
Outstanding grants at January 1, 2017
|
86
|
|
Grants vested and paid during the period
|
(28
|
)
|
Forfeitures during the period
|
(4
|
)
|
Outstanding grants at June 30, 2017
|
54
|
|
|
|
|
|
|
|
Total Distributions (In thousands)
|
||||||||||||
Date Paid
|
|
Period Covered by Distribution
|
|
Distribution per Common Unit
|
|
Common Units
|
|
GP Interest
|
|
Total
|
||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||
February 14, 2017
|
|
October 1 - December 31, 2016
|
|
$
|
0.45
|
|
|
$
|
5,503
|
|
|
$
|
112
|
|
|
$
|
5,615
|
|
May 12, 2017
|
|
January 1 - March 31, 2017
|
|
$
|
0.45
|
|
|
$
|
5,506
|
|
|
$
|
113
|
|
|
$
|
5,619
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||
February 12, 2016
|
|
October 1 - December 31, 2015
|
|
$
|
0.45
|
|
|
$
|
5,503
|
|
|
$
|
113
|
|
|
$
|
5,616
|
|
May 13, 2016
|
|
January 1 - March 31, 2016
|
|
$
|
0.45
|
|
|
$
|
5,503
|
|
|
$
|
113
|
|
|
$
|
5,616
|
|
|
|
|
|
|
|
Total Distributions
(In thousands)
|
||||
Date Paid
|
|
Period Covered by Distribution
|
|
Distribution per Preferred Unit
|
|
Preferred Units
|
||||
May 30, 2017
|
|
March 2 - March 31, 2017
|
|
$
|
5.00
|
|
|
$
|
1,250
|
|
|
June 30,
2017
|
|
December 31, 2016
|
||||
Deferred revenue
|
$
|
110,885
|
|
|
$
|
44,931
|
|
Deferred revenue—affiliate
|
—
|
|
|
71,632
|
|
||
Total deferred revenue (including affiliate)
|
$
|
110,885
|
|
|
$
|
116,563
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Coal royalty and other
|
$
|
(2,070
|
)
|
|
$
|
38,740
|
|
|
$
|
(1,312
|
)
|
|
$
|
44,835
|
|
Coal royalty and other—affiliates
|
9,617
|
|
|
4,787
|
|
|
13,126
|
|
|
5,657
|
|
||||
Total coal royalty and other (including affiliates)
|
$
|
7,547
|
|
|
$
|
43,527
|
|
|
$
|
11,814
|
|
|
$
|
50,492
|
|
•
|
An agreement that terminated a central Appalachia coal royalty lease and resulted in the lessee forfeiting the right to recoup
$26.2 million
of minimum royalties previously paid to the Partnership. The Partnership agreed to transfer its coal mineral rights that were subject to this former lease to the lessee. This terminated lease had no current or planned production and the mineral rights transferred had zero net book value on the Partnership's consolidated Balance Sheets as of March 31, 2016. As a result of this transaction, in April 2016 the Partnership recognized
$26.2 million
of revenue.
|
•
|
Lease modifications of existing coal royalty leases resulted in lessee forfeiture of rights to recoup previously paid minimum royalties and the reduction in lessee recoupment time. As a result of these modifications, in April 2016 the Partnership recognized approximately
$9 million
of revenue.
|
•
|
our business strategy;
|
•
|
our liquidity and access to capital and financing sources;
|
•
|
our financial strategy;
|
•
|
prices of and demand for coal, trona and soda ash, construction aggregates and other natural resources;
|
•
|
estimated revenues, expenses and results of operations;
|
•
|
the amount, nature and timing of capital expenditures;
|
•
|
projected production levels by our lessees and our construction aggregates business
|
•
|
Ciner Wyoming LLC’s ("Ciner Wyoming") trona mining and soda ash refinery operations;
|
•
|
the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving us, and of scheduled or potential regulatory or legal changes; and
|
•
|
global and U.S. economic conditions.
|
Revenues and other income
|
$
|
183,628
|
|
Net income from continuing operations
|
$
|
66,788
|
|
Adjusted EBITDA (1)
|
$
|
114,024
|
|
|
|
||
Operating cash flow provided by continuing operations
|
$
|
55,594
|
|
Investing cash flow used in continuing operations
|
$
|
669
|
|
Financing cash flow provided by continuing operations
|
$
|
(55,851
|
)
|
Distributable Cash Flow ("DCF") (1)
|
$
|
56,877
|
|
|
|
|
|
|
(1)
|
See "—Results of Operations" below for additional information regarding non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
|
Revenues and other income
|
$
|
103,977
|
|
Net income from continuing operations
|
$
|
77,178
|
|
Adjusted EBITDA (1)
|
$
|
91,304
|
|
|
|
||
Operating cash flow provided by continuing operations
|
$
|
76,469
|
|
Investing cash flow provided by continuing operations
|
$
|
2,894
|
|
Financing cash flow provided by continuing operations
|
$
|
33
|
|
DCF (1)
|
$
|
79,363
|
|
|
|
|
|
|
(1)
|
See "—Results of Operations" below for additional information regarding non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
|
Revenues and other income
|
$
|
18,683
|
|
Net income from continuing operations
|
$
|
18,683
|
|
Adjusted EBITDA (1)
|
$
|
24,500
|
|
|
|
||
Operating cash flow provided by continuing operations
|
$
|
22,112
|
|
Investing cash flow provided by continuing operations
|
$
|
2,388
|
|
DCF (1)
|
$
|
24,500
|
|
|
|
|
|
|
(1)
|
See "—Results of Operations" below for additional information regarding non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
|
Revenues and other income
|
$
|
60,968
|
|
Net income from continuing operations
|
$
|
1,097
|
|
Adjusted EBITDA (1)
|
$
|
8,219
|
|
|
|
||
Operating cash flow provided by continuing operations
|
$
|
9,522
|
|
Investing cash flow used in continuing operations
|
$
|
(4,613
|
)
|
Financing cash flow used in continuing operations
|
$
|
(1,096
|
)
|
DCF (1)
|
$
|
5,523
|
|
|
|
|
|
|
(1)
|
See "—Results of Operations" below for additional information regarding non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
|
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Total
|
||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Revenues and other income
|
|
$
|
52,810
|
|
|
$
|
8,389
|
|
|
$
|
33,732
|
|
|
$
|
94,931
|
|
Percentage of total
|
|
55
|
%
|
|
9
|
%
|
|
36
|
%
|
|
|
|||||
June 30, 2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues and other income
|
|
$
|
76,407
|
|
|
$
|
10,188
|
|
|
$
|
31,651
|
|
|
$
|
118,246
|
|
Percentage of total
|
|
64
|
%
|
|
9
|
%
|
|
27
|
%
|
|
|
|
For the Three Months Ended June 30,
|
|
Increase
(Decrease)
|
|
Percentage
Change
|
|||||||||
|
2017
|
|
2016
|
|
||||||||||
|
(In thousands, except percent and per ton data)
(Unaudited)
|
|||||||||||||
Coal production (tons)
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern (1)
|
247
|
|
|
(138
|
)
|
|
385
|
|
|
279
|
%
|
|||
Central
|
3,897
|
|
|
3,470
|
|
|
427
|
|
|
12
|
%
|
|||
Southern
|
690
|
|
|
773
|
|
|
(83
|
)
|
|
(11
|
)%
|
|||
Total Appalachia
|
4,834
|
|
|
4,105
|
|
|
729
|
|
|
18
|
%
|
|||
Illinois Basin
|
734
|
|
|
1,909
|
|
|
(1,175
|
)
|
|
(62
|
)%
|
|||
Northern Powder River Basin
|
910
|
|
|
442
|
|
|
468
|
|
|
106
|
%
|
|||
Total coal production
|
6,478
|
|
|
6,456
|
|
|
22
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal royalty revenue per ton
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern (1)
|
$
|
3.78
|
|
|
$
|
2.08
|
|
|
1.70
|
|
|
82
|
%
|
|
Central
|
5.05
|
|
|
3.13
|
|
|
1.92
|
|
|
61
|
%
|
|||
Southern
|
5.69
|
|
|
3.36
|
|
|
2.33
|
|
|
69
|
%
|
|||
Illinois Basin
|
4.06
|
|
|
3.76
|
|
|
0.30
|
|
|
8
|
%
|
|||
Northern Powder River Basin
|
2.62
|
|
|
3.05
|
|
|
(0.43
|
)
|
|
(14
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal royalty revenues
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern (1)
|
$
|
933
|
|
|
$
|
463
|
|
|
$
|
470
|
|
|
102
|
%
|
Central
|
19,691
|
|
|
10,864
|
|
|
8,827
|
|
|
81
|
%
|
|||
Southern
|
3,927
|
|
|
2,598
|
|
|
1,329
|
|
|
51
|
%
|
|||
Total Appalachia
|
24,551
|
|
|
13,925
|
|
|
10,626
|
|
|
76
|
%
|
|||
Illinois Basin
|
2,978
|
|
|
7,181
|
|
|
(4,203
|
)
|
|
(59
|
)%
|
|||
Northern Powder River Basin
|
2,384
|
|
|
1,348
|
|
|
1,036
|
|
|
77
|
%
|
|||
Total coal royalty revenue
|
$
|
29,913
|
|
|
$
|
22,454
|
|
|
$
|
7,459
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|||||||
Other revenues
|
|
|
|
|
|
|
|
|||||||
Minimums recognized as revenue
|
$
|
7,547
|
|
|
$
|
43,527
|
|
|
$
|
(35,980
|
)
|
|
(83
|
)%
|
Transportation and processing fees
|
5,520
|
|
|
5,302
|
|
|
218
|
|
|
4
|
%
|
|||
Property tax revenue
|
1,100
|
|
|
3,027
|
|
|
(1,927
|
)
|
|
(64
|
)%
|
|||
Wheelage
|
1,025
|
|
|
465
|
|
|
560
|
|
|
120
|
%
|
|||
Coal override revenue
|
1,885
|
|
|
657
|
|
|
1,228
|
|
|
187
|
%
|
|||
Hard mineral royalty revenues
|
1,452
|
|
|
603
|
|
|
849
|
|
|
141
|
%
|
|||
Oil and gas royalty revenues
|
924
|
|
|
1,091
|
|
|
(167
|
)
|
|
(15
|
)%
|
|||
Other
|
260
|
|
|
361
|
|
|
(101
|
)
|
|
(28
|
)%
|
|||
Total other revenues
|
$
|
19,713
|
|
|
$
|
55,033
|
|
|
$
|
(35,320
|
)
|
|
(64
|
)%
|
Coal royalty and other income
|
49,626
|
|
|
77,487
|
|
|
(27,861
|
)
|
|
(36
|
)%
|
|||
Gain (loss) on coal royalty and other segment asset sales
|
3,184
|
|
|
(1,080
|
)
|
|
4,264
|
|
|
395
|
%
|
|||
Total coal royalty and other segment revenues and other income
|
$
|
52,810
|
|
|
$
|
76,407
|
|
|
$
|
(23,597
|
)
|
|
(31
|
)%
|
|
|
|
|
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Three Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
42,084
|
|
|
$
|
8,389
|
|
|
$
|
2,636
|
|
|
$
|
(3,292
|
)
|
|
$
|
49,817
|
|
Less: equity earnings from unconsolidated investment
|
|
—
|
|
|
(8,389
|
)
|
|
—
|
|
|
—
|
|
|
(8,389
|
)
|
|||||
Less: fair value adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,960
|
)
|
|
(23,960
|
)
|
|||||
Add: distributions from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
|||||
Add: interest expense
|
|
—
|
|
|
—
|
|
|
178
|
|
|
20,199
|
|
|
20,377
|
|
|||||
Add: debt modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
132
|
|
|||||
Add: loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
4,107
|
|
|||||
Add: warrant issuance expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Add: depreciation, depletion and amortization
|
|
5,375
|
|
|
—
|
|
|
3,030
|
|
|
—
|
|
|
8,405
|
|
|||||
Add: asset impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted EBITDA
|
|
$
|
47,459
|
|
|
$
|
12,250
|
|
|
$
|
5,844
|
|
|
$
|
(2,814
|
)
|
|
$
|
62,739
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
61,153
|
|
|
$
|
10,188
|
|
|
$
|
3,439
|
|
|
$
|
(26,147
|
)
|
|
$
|
48,633
|
|
Less: equity earnings from unconsolidated investment
|
|
—
|
|
|
(10,188
|
)
|
|
—
|
|
|
—
|
|
|
(10,188
|
)
|
|||||
Add: distributions from unconsolidated investment
|
|
—
|
|
|
9,800
|
|
|
—
|
|
|
—
|
|
|
9,800
|
|
|||||
Add: interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,115
|
|
|
22,115
|
|
|||||
Add: depreciation, depletion and amortization
|
|
7,486
|
|
|
—
|
|
|
3,690
|
|
|
—
|
|
|
11,176
|
|
|||||
Add: asset impairments
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|||||
Adjusted EBITDA
|
|
$
|
68,730
|
|
|
$
|
9,800
|
|
|
$
|
7,129
|
|
|
$
|
(4,032
|
)
|
|
$
|
81,627
|
|
|
|
Operating Segments
|
|
|
|
|
||||||||||||||
For the Three Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
38,537
|
|
|
$
|
9,862
|
|
|
$
|
5,476
|
|
|
$
|
(18,770
|
)
|
|
$
|
35,105
|
|
Net cash provided by (used in) investing activities of continuing operations
|
|
2,888
|
|
|
2,388
|
|
|
(2,539
|
)
|
|
—
|
|
|
$
|
2,737
|
|
||||
Net cash provided by (used in) financing activities of continuing operations
|
|
17
|
|
|
—
|
|
|
(1,000
|
)
|
|
(109,021
|
)
|
|
$
|
(110,004
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
34,814
|
|
|
$
|
9,800
|
|
|
$
|
6,210
|
|
|
$
|
(34,866
|
)
|
|
$
|
15,958
|
|
Net cash provided by (used in) investing activities of continuing operations
|
|
4,184
|
|
|
—
|
|
|
(2,472
|
)
|
|
—
|
|
|
1,712
|
|
|||||
Net cash used in financing activities of continuing operations
|
|
—
|
|
|
—
|
|
|
(793
|
)
|
|
(46,105
|
)
|
|
(46,898
|
)
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Three Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
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: return of equity from unconsolidated investment
|
|
—
|
|
|
2,388
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
|||||
Add: proceeds from sale of PP&E
|
|
—
|
|
|
—
|
|
|
363
|
|
|
—
|
|
|
363
|
|
|||||
Add: proceeds from sale of mineral rights
|
|
1,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|||||
Add: return on 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
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
34,814
|
|
|
$
|
9,800
|
|
|
$
|
6,210
|
|
|
$
|
(34,866
|
)
|
|
$
|
15,958
|
|
Add: proceeds from sale of PP&E
|
|
819
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
840
|
|
|||||
Add: proceeds from sale of mineral rights
|
|
1,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
|||||
Add: return on long-term contract receivables—affiliate
|
|
1,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,871
|
|
|||||
Less: maintenance capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,079
|
)
|
|
—
|
|
|
(2,079
|
)
|
|||||
Distributable Cash Flow
|
|
$
|
39,003
|
|
|
$
|
9,800
|
|
|
$
|
4,152
|
|
|
$
|
(34,866
|
)
|
|
$
|
18,089
|
|
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Total
|
||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Revenues and other income
|
|
$
|
103,977
|
|
|
$
|
18,683
|
|
|
$
|
60,968
|
|
|
$
|
183,628
|
|
Percentage of total
|
|
57
|
%
|
|
10
|
%
|
|
33
|
%
|
|
|
|||||
June 30, 2016
|
|
|
|
|
|
|
|
|
||||||||
Revenues and other income
|
|
$
|
137,751
|
|
|
$
|
19,989
|
|
|
$
|
56,333
|
|
|
$
|
214,073
|
|
Percentage of total
|
|
65
|
%
|
|
9
|
%
|
|
26
|
%
|
|
|
|
For the Six Months Ended
June 30,
|
|
Increase
(Decrease)
|
|
Percentage
Change
|
|||||||||
|
2017
|
|
2016
|
|
||||||||||
|
(In thousands, except percent and per ton data)
(Unaudited)
|
|||||||||||||
Coal production (tons)
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern
|
1,454
|
|
|
1,292
|
|
|
162
|
|
|
13
|
%
|
|||
Central
|
7,597
|
|
|
6,698
|
|
|
899
|
|
|
13
|
%
|
|||
Southern
|
1,253
|
|
|
1,518
|
|
|
(265
|
)
|
|
(17
|
)%
|
|||
Total Appalachia
|
10,304
|
|
|
9,508
|
|
|
796
|
|
|
8
|
%
|
|||
Illinois Basin
|
2,751
|
|
|
3,637
|
|
|
(886
|
)
|
|
(24
|
)%
|
|||
Northern Powder River Basin
|
1,859
|
|
|
1,416
|
|
|
443
|
|
|
31
|
%
|
|||
Total coal production
|
14,914
|
|
|
14,561
|
|
|
353
|
|
|
2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal royalty revenue per ton
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern
|
$
|
1.06
|
|
|
$
|
1.27
|
|
|
$
|
(0.21
|
)
|
|
(17
|
)%
|
Central
|
5.25
|
|
|
3.19
|
|
|
2.06
|
|
|
65
|
%
|
|||
Southern
|
6.03
|
|
|
3.16
|
|
|
2.87
|
|
|
91
|
%
|
|||
Illinois Basin
|
3.50
|
|
|
3.54
|
|
|
(0.04
|
)
|
|
(1
|
)%
|
|||
Northern Powder River Basin
|
2.63
|
|
|
2.82
|
|
|
(0.19
|
)
|
|
(7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal royalty revenues
|
|
|
|
|
|
|
|
|||||||
Appalachia
|
|
|
|
|
|
|
|
|||||||
Northern
|
$
|
1,540
|
|
|
$
|
1,635
|
|
|
$
|
(95
|
)
|
|
(6
|
)%
|
Central
|
39,875
|
|
|
21,337
|
|
|
18,538
|
|
|
87
|
%
|
|||
Southern
|
7,559
|
|
|
4,800
|
|
|
2,759
|
|
|
57
|
%
|
|||
Total Appalachia
|
48,974
|
|
|
27,772
|
|
|
21,202
|
|
|
76
|
%
|
|||
Illinois Basin
|
9,624
|
|
|
12,867
|
|
|
(3,243
|
)
|
|
(25
|
)%
|
|||
Northern Powder River Basin
|
4,882
|
|
|
4,000
|
|
|
882
|
|
|
22
|
%
|
|||
Total coal royalty revenue
|
$
|
63,480
|
|
|
$
|
44,639
|
|
|
$
|
18,841
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|||||||
Other revenues
|
|
|
|
|
|
|
|
|||||||
Minimums recognized as revenue
|
$
|
12,743
|
|
|
$
|
50,492
|
|
|
$
|
(37,749
|
)
|
|
(75
|
)%
|
Transportation and processing fees
|
10,159
|
|
|
9,536
|
|
|
623
|
|
|
7
|
%
|
|||
Property tax revenue
|
3,798
|
|
|
6,332
|
|
|
(2,534
|
)
|
|
(40
|
)%
|
|||
Wheelage
|
2,292
|
|
|
878
|
|
|
1,414
|
|
|
161
|
%
|
|||
Coal override revenue
|
2,709
|
|
|
867
|
|
|
1,842
|
|
|
212
|
%
|
|||
Hard mineral royalty revenues
|
2,696
|
|
|
1,494
|
|
|
1,202
|
|
|
80
|
%
|
|||
Oil and gas royalty revenues
|
2,415
|
|
|
1,464
|
|
|
951
|
|
|
65
|
%
|
|||
Other
|
472
|
|
|
1,204
|
|
|
(732
|
)
|
|
(61
|
)%
|
|||
Total other revenues
|
$
|
37,284
|
|
|
$
|
72,267
|
|
|
$
|
(34,983
|
)
|
|
(48
|
)%
|
Coal royalty and other income
|
100,764
|
|
|
116,906
|
|
|
(16,142
|
)
|
|
(14
|
)%
|
|||
Gain on coal royalty and other segment asset sales
|
3,213
|
|
|
20,845
|
|
|
(17,632
|
)
|
|
(85
|
)%
|
|||
Total coal royalty and other segment revenues and other income
|
$
|
103,977
|
|
|
$
|
137,751
|
|
|
$
|
(33,774
|
)
|
|
(25
|
)%
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Six Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
77,178
|
|
|
$
|
18,683
|
|
|
$
|
1,097
|
|
|
$
|
(30,170
|
)
|
|
$
|
66,788
|
|
Less: equity earnings from unconsolidated investment
|
|
—
|
|
|
(18,683
|
)
|
|
—
|
|
|
—
|
|
|
(18,683
|
)
|
|||||
Less: fair value adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,529
|
)
|
|
(40,529
|
)
|
|||||
Add: distributions from unconsolidated investment
|
|
—
|
|
|
24,500
|
|
|
—
|
|
|
—
|
|
|
24,500
|
|
|||||
Add: interest expense
|
|
—
|
|
|
—
|
|
|
573
|
|
|
42,945
|
|
|
43,518
|
|
|||||
Add: debt modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,939
|
|
|
7,939
|
|
|||||
Add: loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
4,107
|
|
|||||
Add: warrant issuance expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
|||||
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
|
|
|
$
|
(9,999
|
)
|
|
$
|
114,024
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) from continuing operations
|
|
$
|
105,552
|
|
|
$
|
19,989
|
|
|
$
|
2,402
|
|
|
$
|
(52,959
|
)
|
|
$
|
74,984
|
|
Less: equity earnings from unconsolidated investment
|
|
—
|
|
|
(19,989
|
)
|
|
—
|
|
|
—
|
|
|
(19,989
|
)
|
|||||
Add: distributions from unconsolidated investment
|
|
—
|
|
|
22,050
|
|
|
—
|
|
|
—
|
|
|
22,050
|
|
|||||
Add: interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,774
|
|
|
44,774
|
|
|||||
Add: depreciation, depletion and amortization
|
|
14,426
|
|
|
—
|
|
|
7,252
|
|
|
—
|
|
|
21,678
|
|
|||||
Add: asset impairments
|
|
1,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,984
|
|
|||||
Adjusted EBITDA
|
|
$
|
121,962
|
|
|
$
|
22,050
|
|
|
$
|
9,654
|
|
|
$
|
(8,185
|
)
|
|
$
|
145,481
|
|
|
|
Operating Segments
|
|
|
|
|
||||||||||||||
For the Six Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
76,469
|
|
|
$
|
22,112
|
|
|
$
|
9,522
|
|
|
$
|
(52,509
|
)
|
|
$
|
55,594
|
|
Net cash provided by (used in) investing activities of continuing operations
|
|
2,894
|
|
|
2,388
|
|
|
(4,613
|
)
|
|
—
|
|
|
669
|
|
|||||
Net cash provided by (used in) financing activities of continuing operations
|
|
33
|
|
|
—
|
|
|
(1,096
|
)
|
|
(54,788
|
)
|
|
(55,851
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
56,375
|
|
|
$
|
22,050
|
|
|
$
|
12,323
|
|
|
$
|
(52,102
|
)
|
|
$
|
38,646
|
|
Net cash provided by (used in) investing activities of continuing operations
|
|
47,143
|
|
|
—
|
|
|
(3,890
|
)
|
|
—
|
|
|
43,253
|
|
|||||
Net cash used in financing activities of continuing operations
|
|
—
|
|
|
(7,232
|
)
|
|
(1,593
|
)
|
|
(92,887
|
)
|
|
(101,712
|
)
|
|
|
Operating Segments
|
|
|
|
|||||||||||||||
For the Six Months Ended
|
|
Coal Royalty and Other
|
|
Soda Ash
|
|
Construction Aggregates
|
|
Corporate and Financing
|
|
Total
|
||||||||||
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: return of equity from unconsolidated investment
|
|
—
|
|
|
2,388
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
|||||
Add: proceeds from sale of PP&E
|
|
—
|
|
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
|||||
Add: proceeds from sale of mineral rights
|
|
883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
883
|
|
|||||
Add: return on long-term contract receivables (including affiliate)
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by (used in) operating activities of continuing operations
|
|
$
|
56,375
|
|
|
$
|
22,050
|
|
|
$
|
12,323
|
|
|
$
|
(52,102
|
)
|
|
$
|
38,646
|
|
Add: proceeds from sale of PP&E
|
|
819
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
843
|
|
|||||
Add: proceeds from sale of mineral rights
|
|
44,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,149
|
|
|||||
Add: return on long-term contract receivables—affiliate
|
|
2,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,180
|
|
|||||
Less: maintenance capital expenditures
|
|
—
|
|
|
—
|
|
|
(3,329
|
)
|
|
—
|
|
|
(3,329
|
)
|
|||||
Distributable Cash Flow
|
|
$
|
103,523
|
|
|
$
|
22,050
|
|
|
$
|
9,018
|
|
|
$
|
(52,102
|
)
|
|
$
|
82,489
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Current portion of long-term debt, net
|
$
|
173,901
|
|
|
$
|
138,903
|
|
Long-term debt, net
|
700,252
|
|
|
987,400
|
|
||
Total debt, net
|
$
|
874,153
|
|
|
$
|
1,126,303
|
|
|
NATURAL RESOURCE PARTNERS L.P.
|
||
|
By:
|
|
NRP (GP) LP, its general partner
|
|
By:
|
|
GP NATURAL RESOURCE
|
|
|
|
PARTNERS LLC, its general partner
|
|
|
|
|
Date: August 8, 2017
|
|
|
|
|
By:
|
|
/
s
/ CORBIN J. ROBERTSON, JR.
|
|
|
|
Corbin J. Robertson, Jr.
|
|
|
|
Chairman of the Board and
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
Date: August 8, 2017
|
|
|
|
|
By:
|
|
/s/ CHRISTOPHER J. ZOLAS
|
|
|
|
Christopher J. Zolas
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Natural Resource Partners Chart |
1 Month Natural Resource Partners Chart |
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