HOUSTON, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2025 results as follows:
For the Three Months Last Twelve Months
Ended Ended
---------------------- ----------------------
(In thousands) (Unaudited) September 30, 2025
-------------------------- ----------------------------------------------
Net income $ 30,905 $ 148,141
Operating cash flow 41,095 187,318
Free cash flow(1) 41,823 190,146
(1) See "Non-GAAP Financial Measures" and reconciliation
tables at the end of this release.
Highlights:
-- Generated $41.8 million of free cash flow in the third quarter of 2025 -- Paid second quarter 2025 common unit distribution of $0.75 per unit -- Declares third quarter 2025 common unit distribution of $0.75 per unit
"NRP continues to generate substantial free cash flow despite ongoing depressed market conditions for all three of our key commodities," said Craig Nunez, NRP's president and chief operating officer. "NRP generated $42 million of free cash flow in the third quarter of 2025 and $190 million of free cash flow over the last twelve months. Consistent with our communications over the last year, we anticipate weak coal and soda ash prices but expect to continue generating sufficient free cash flow to achieve our deleveraging goals."
NRP announced today that the board of directors of its general partner declared a third quarter 2025 cash distribution of $0.75 per common unit to be paid on November 25, 2025, to unitholders of record on November 18, 2025. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.
Segment Performance
Mineral Rights
Mineral Rights net income for the third quarter of 2025 increased $0.2 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow decreased $9.2 million and $9.1 million, respectively, as compared to the prior year period. The decreases in operating and free cash flow were primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year period. Approximately 70% of coal royalty revenues and approximately 50% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2025.
Although metallurgical and thermal coal prices saw a modest uptick at the end of the third quarter, NRP expects lower pricing levels for both commodities for the foreseeable future. Metallurgical coal markets remain weak due to soft global steel demand and thermal markets remain encumbered by low natural gas prices and ample coal stockpiles at power plants.
The markets for NRP's carbon neutral revenue opportunities also remain weak. NRP was notified in the third quarter that Oxy was dropping its subsurface carbon sequestration lease on NRP acreage in Polk County, Texas. NRP believes the burdens on the industry, including high capital and operational costs, insufficient revenue streams, and an uncertain regulatory environment, continue to create formidable barriers that operators have yet to overcome.
Soda Ash
Soda Ash net income in the third quarter of 2025 decreased $10.5 million as compared to the prior year period primarily due to lower sales prices in 2025. Operating cash flow and free cash flow each decreased $6.4 million in the third quarter of 2025 as compared to the prior year period due to not receiving a cash distribution from Sisecam Wyoming in the third quarter of 2025, after receiving $7.8 million of distributions in the first half of the year.
The significantly oversupplied soda ash market coupled with ongoing weak demand for flat glass due to lower global construction activity and sluggish demand for new automobiles and solar panels is degrading the outlook for soda ash prices in 2026. NRP continues to believe international soda ash prices are at or below the cost of production for many operators with no catalyst for market rebalancing in sight. NRP expects this weak pricing environment to continue for the foreseeable future and that distributions received from Sisecam Wyoming will not resume until high-cost supply is forced out of the market or global soda ash demand growth catches up with supply, which could take several years.
Corporate and Financing
Corporate and Financing net income increased $2.6 million, while operating cash flow and free cash flow each increased $2.5 million in the third quarter of 2025 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the third quarter of 2025 as compared to the prior year period due to less debt outstanding.
In August 2025, NRP paid a second quarter 2025 cash distribution of $0.75 per common unit. Today, NRP declared a third quarter 2025 cash distribution of $0.75 per common unit.
NRP repaid $32 million of debt in the third quarter and had $190.1 million of available liquidity at September 30, 2025, consisting of $31.0 million of cash and cash equivalents and $159.1 million of borrowing capacity available under its revolving credit facility.
NRP's consolidated leverage ratio was 0.4 x at September 30, 2025.
Conference Call
A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154486. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP's website.
Withholding Information for Foreign Investors
Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash.
For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership's common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC's trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.
"Distributable cash flow" or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
"Free cash flow" or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.
"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP's overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.
-Financial Tables and Reconciliation of Non-GAAP Measures Follow-
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Comprehensive Income
For the Three Months Ended For the Nine Months Ended
----------------------------- -------------------------
September 30, June 30, September 30,
------------------- -------- -------------------------
(In thousands,
except per unit
data) 2025 2024 2025 2025 2024
------------------ -------- --------- -------- ------------ -----------
Revenues and other
income
Royalty and
other mineral
rights $49,615 $ 50,405 $44,295 $145,170 $172,368
Transportation
and processing
services 1,800 1,812 2,551 8,772 7,900
Equity in
earnings of
Sisecam
Wyoming (2,390) 8,109 2,526 4,746 17,204
Gain on asset
sales and
disposals 906 1 729 1,882 4,809
------ ------- ------ ------- -------
Total
revenues
and other
income $49,931 $ 60,327 $50,101 $160,570 $202,281
Operating expenses
Operating and
maintenance
expenses $ 7,654 $ 6,786 $ 4,159 $ 18,589 $ 18,391
Depreciation,
depletion and
amortization 3,868 4,730 3,754 11,611 12,708
General and
administrative
expenses 5,725 5,935 5,597 18,154 18,193
Asset
impairments -- 87 -- 20 87
------ ------- ------ ------- -------
Total
operating
expenses $17,247 $ 17,538 $13,510 $ 48,374 $ 49,379
Income from
operations $32,684 $ 42,789 $36,591 $112,196 $152,902
Interest expense,
net $(1,779) $ (4,194) $(2,380) $ (6,827) $(12,030)
Net income $30,905 $ 38,595 $34,211 $105,369 $140,872
Less: income
attributable to
preferred
unitholders -- (655) -- -- (4,248)
Less: redemption
of preferred
units -- (10,819) -- -- (24,485)
Net income
attributable to
common
unitholders and
the general
partner $30,905 $ 27,121 $34,211 $105,369 $112,139
Net income
attributable to
common
unitholders $30,287 $ 26,578 $33,527 $103,262 $109,896
Net income
attributable to
the general
partner 618 543 684 2,107 2,243
Net income per
common unit
Basic $ 2.31 $ 2.04 $ 2.55 $ 7.87 $ 8.47
Diluted 2.28 2.00 2.52 7.77 8.21
Net income $30,905 $ 38,595 $34,211 $105,369 $140,872
Comprehensive
income (loss)
from
unconsolidated
investment and
other (2,391) 82 (414) (545) 2,166
------ ------- ------ ------- -------
Comprehensive
income $28,514 $ 38,677 $33,797 $104,824 $143,038
====== ======= ====== ======= =======
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Cash Flows
For the Nine Months
For the Three Months Ended Ended
------------------------------- ------------------------
September 30, June 30, September 30,
-------------------- --------- ------------------------
(In thousands) 2025 2024 2025 2025 2024
------------------- --------- --------- --------- ---------- ------------
Cash flows from
operating
activities
Net income $ 30,905 $ 38,595 $ 34,211 $ 105,369 $ 140,872
Adjustments to
reconcile net
income to net
cash provided by
operating
activities:
Depreciation,
depletion and
amortization 3,868 4,730 3,754 11,611 12,708
Distributions
from
unconsolidated
investment -- 6,320 4,900 7,840 28,114
Equity earnings
from
unconsolidated
investment 2,390 (8,109) (2,526) (4,746) (17,204)
Gain on asset
sales and
disposals (906) (1) (729) (1,882) (4,809)
Asset
impairments -- 87 -- 20 87
Bad debt
expense 1,731 1,058 (1,320) 862 538
Unit-based
compensation
expense 2,724 3,002 2,662 8,103 8,878
Amortization of
debt issuance
costs and
other 368 (1,655) (281) (81) (2,603)
Change in
operating assets
and liabilities:
Accounts
receivable (3,115) (6,640) 3,610 346 5,711
Accounts
payable (43) 49 (526) (23) 98
Accrued
liabilities 358 392 2,296 (5,336) (5,917)
Accrued
interest 324 457 (388) 190 192
Deferred
revenue 1,577 14,854 (986) (2,636) 16,781
Other items,
net 914 1,006 902 1,461 (1,173)
------- ------- ------- -------- --------
Net cash
provided by
operating
activities $ 41,095 $ 54,145 $ 45,579 $ 121,098 $ 182,273
Cash flows from
investing
activities
Proceeds from
asset sales and
disposals $ 906 $ 1 $ 730 $ 1,883 $ 4,809
Return of
long-term
contract
receivable 728 673 714 2,142 1,979
------- ------- ------- -------- --------
Net cash
provided by
investing
activities $ 1,634 $ 674 $ 1,444 $ 4,025 $ 6,788
Cash flows from
financing
activities
Debt borrowings $ -- $ 23,000 $ -- $ 33,700 $ 152,850
Debt repayments (32,000) (36,000) (37,500) (106,500) (110,696)
Distributions to
common
unitholders and
the general
partner (10,055) (9,986) (10,055) (46,386) (62,159)
Distributions to
preferred
unitholders -- (1,605) -- -- (6,398)
Redemption of
preferred units -- (31,666) -- -- (71,666)
Warrant
settlements -- -- -- -- (65,689)
Other items, net 1 (2) -- (5,362) (6,392)
------- ------- ------- -------- --------
Net cash used
in financing
activities $(42,054) $(56,259) $(47,555) $(124,548) $(170,150)
Net increase
(decrease) in cash
and cash
equivalents $ 675 $ (1,440) $ (532) $ 575 $ 18,911
Cash and cash
equivalents at
beginning of
period 30,344 32,340 30,876 30,444 11,989
------- ------- ------- -------- --------
Cash and cash
equivalents at end
of period $ 31,019 $ 30,900 $ 30,344 $ 31,019 $ 30,900
Supplemental cash
flow information:
Cash paid for
interest $ 1,413 $ 3,800 $ 2,725 $ 6,509 $ 11,466
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Balance Sheets
September 30, December 31,
2025 2024
--------------- ----------------
(In thousands, except unit data) (Unaudited)
---------------------------------------
ASSETS
Current assets
Cash and cash equivalents $ 31,019 $ 30,444
Accounts receivable, net 30,442 31,469
Other current assets, net 455 1,961
---------- ---------
Total current assets $ 61,916 $ 63,874
Land 24,008 24,008
Mineral rights, net 369,902 379,638
Intangible assets, net 12,332 12,924
Equity in unconsolidated investment 253,717 257,355
Long-term contract receivable, net 21,197 23,480
Other long-term assets, net 10,482 11,628
---------- ---------
Total assets $ 753,554 $ 772,907
========== =========
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable $ 886 $ 909
Accrued liabilities 8,313 12,121
Accrued interest 492 302
Current portion of deferred revenue 5,005 4,341
Current portion of long-term debt,
net 14,246 14,192
---------- ---------
Total current liabilities $ 28,942 $ 31,865
Deferred revenue 52,514 55,814
Long-term debt, net 55,131 127,876
Other non-current liabilities 5,717 6,244
---------- ---------
Total liabilities $ 142,304 $ 221,799
Commitments and contingencies
Partners' capital
Common unitholders' interest
(13,138,097 and 13,049,123 units
issued and outstanding at September
30, 2025 and December 31, 2024,
respectively) $ 602,552 $ 543,231
General partner's interest 10,913 9,547
Accumulated other comprehensive loss (2,215) (1,670)
---------- ---------
Total partners' capital $ 611,250 $ 551,108
---------- ---------
Total liabilities and partners'
capital $ 753,554 $ 772,907
========== =========
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Partners' Capital
Accumulated
Other Total
Common Unitholders General Comprehensive Partners'
------------------
(In thousands) Units Amounts Partner Income (Loss) Capital
------- --------- -------- --------------- -----------
Balance at
December 31,
2024 13,049 $543,231 $ 9,547 $ (1,670) $551,108
Net income -- 39,448 805 -- 40,253
Distributions to
common
unitholders and
the general
partner -- (25,750) (526) -- (26,276)
Issuance of
unit-based
awards 89 -- -- -- --
Unit-based
awards
amortization
and vesting,
net -- (3,175) -- -- (3,175)
Capital
contribution -- -- 187 -- 187
Comprehensive
income from
unconsolidated
investment and
other -- -- -- 2,260 2,260
------ ------- ------ --- --------- -------
Balance at March
31, 2025 13,138 $553,754 $10,013 $ 590 $564,357
====== ======= ====== === ========= =======
Net income -- 33,527 684 -- 34,211
Distributions to
common
unitholders and
the general
partner -- (9,854) (201) -- (10,055)
Unit-based
awards
amortization -- 2,346 -- -- 2,346
Comprehensive
loss from
unconsolidated
investment and
other -- -- -- (414) (414)
------ ------- ------ --- --------- -------
Balance at June
30, 2025 13,138 $579,773 $10,496 $ 176 $590,445
====== ======= ====== === ========= =======
Net income -- 30,287 618 -- 30,905
Distributions to
common
unitholders and
the general
partner -- (9,854) (201) -- (10,055)
Unit-based
awards
amortization -- 2,346 -- -- 2,346
Comprehensive
loss from
unconsolidated
investment and
other -- -- -- (2,391) (2,391)
------ ------- ------ --- --------- -------
Balance at
September 30,
2025 13,138 $602,552 $10,913 $ (2,215) $611,250
====== ======= ====== === ========= =======
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Partners' Capital
Accumulated
Other Total
Common Unitholders General Warrant Comprehensive Partners'
------------------
(In thousands) Units Amounts Partner Holders Loss Capital
----------------- ------- --------- ------- --------- --------------- -----------
Balance at
December 31,
2023 12,635 $503,076 $8,005 $ 23,095 $ (3,122) $531,054
Net income(1) -- 55,089 1,124 -- -- 56,213
Distributions to
common
unitholders and
the general
partner -- (41,342) (844) -- -- (42,186)
Distributions to
preferred
unitholders -- (2,107) (43) -- -- (2,150)
Issuance of
unit-based
awards 126 -- -- -- -- --
Unit-based
awards
amortization
and vesting,
net -- (3,971) -- -- -- (3,971)
Capital
contribution -- -- 227 -- -- 227
Warrant
settlements 199 (36,650) (748) (18,291) -- (55,689)
Comprehensive
income from
unconsolidated
investment and
other -- -- -- -- 845 845
------ ------- ----- ------- --- --------- -------
Balance at March
31, 2024 12,960 $474,095 $7,721 $ 4,804 $ (2,277) $484,343
====== ======= ===== ======= === ========= =======
Net income(2) -- 45,142 922 -- -- 46,064
Redemption of
preferred
units -- (13,393) (273) -- -- (13,666)
Distributions to
common
unitholders and
the general
partner -- (9,787) (200) -- -- (9,987)
Distributions to
preferred
unitholders -- (2,590) (53) -- -- (2,643)
Unit-based
awards
amortization -- 2,502 -- -- -- 2,502
Capital
contribution -- -- 555 -- -- 555
Warrant
settlements 89 (5,092) (104) (4,804) -- (10,000)
Comprehensive
income from
unconsolidated
investment and
other -- -- -- -- 1,239 1,239
------ ------- ----- ------- --- --------- -------
Balance at June
30, 2024 13,049 $490,877 $8,568 $ -- $ (1,038) $498,407
====== ======= ===== ======= === ========= =======
Net income(3) -- 37,824 771 -- -- 38,595
Redemption of
preferred
units -- (10,602) (217) -- -- (10,819)
Distributions to
common
unitholders and
the general
partner -- (9,787) (199) -- -- (9,986)
Distributions to
preferred
unitholders -- (1,573) (32) -- -- (1,605)
Unit-based
awards
amortization -- 2,519 -- -- -- 2,519
Comprehensive
income from
unconsolidated
investment and
other -- -- -- -- 82 82
------ ------- ----- ------- --- --------- -------
Balance at
September 30,
2024 13,049 $509,258 $8,891 $ -- $ (956) $517,193
====== ======= ===== ======= === ========= =======
(1) Net income includes $2.15 million of income attributable
to preferred unitholders that accumulated during the
period, of which $2.11 million is allocated to the common
unitholders and $0.04 million is allocated to the general
partner.
(2) Net income includes $1.44 million of income attributable
to preferred unitholders that accumulated during the
period, of which $1.41 million is allocated to the common
unitholders and $0.03 million is allocated to the general
partner.
(3) Net income includes $0.66 million of income attributable
to preferred unitholders that accumulated during the
period, of which $0.64 million is allocated to the common
unitholders and $0.01 million is allocated to the general
partner.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results by segment for the three months ended September 30, 2025 and 2024 and June 30, 2025:
Operating
Segments
-----------------
Corporate
Mineral and
(In thousands) Rights Soda Ash Financing Total
----------------- ------- -------- --------- -----------
For the Three
Months Ended
September 30,
2025
Revenues $51,415 $ -- $ -- $ 51,415
Equity in
earnings of
Sisecam
Wyoming -- (2,390) -- (2,390)
Gain on asset
sales and
disposals 906 -- -- 906
------ ------ ------- -------
Total
revenues
and other
income $52,321 $(2,390) $ -- $ 49,931
Asset
impairments $ -- $ -- $ -- $ --
Net income
(loss) $40,859 $(2,446) $ (7,508) $ 30,905
Adjusted
EBITDA(1) $44,723 $ (56) $ (5,725) $ 38,942
Cash flow
provided by
(used in)
continuing
operations:
Operating
activities $44,428 $ (55) $ (3,278) $ 41,095
Investing
activities $ 1,634 $ -- $ -- $ 1,634
Financing
activities $ -- $ -- $(42,054) $(42,054)
Distributable
cash flow(1) $46,062 $ (55) $ (3,278) $ 42,729
Free cash
flow(1) $45,156 $ (55) $ (3,278) $ 41,823
For the Three
Months Ended
September 30,
2024
Revenues $52,217 $ -- $ -- $ 52,217
Equity in
earnings of
Sisecam
Wyoming -- 8,109 -- 8,109
Gain on asset
sales and
disposals 1 -- -- 1
------ ------ ------- -------
Total
revenues
and other
income $52,218 $ 8,109 $ -- $ 60,327
Asset
impairments $ 87 $ -- $ -- $ 87
Net income
(loss) $40,644 $ 8,085 $(10,134) $ 38,595
Adjusted
EBITDA(1) $45,456 $ 6,296 $ (5,935) $ 45,817
Cash flow
provided by
(used in)
continuing
operations:
Operating
activities $53,610 $ 6,297 $ (5,762) $ 54,145
Investing
activities $ 674 $ -- $ -- $ 674
Financing
activities $ -- $ -- $(56,259) $(56,259)
Distributable
cash flow(1) $54,284 $ 6,297 $ (5,762) $ 54,819
Free cash
flow(1) $54,283 $ 6,297 $ (5,762) $ 54,818
For the Three
Months Ended June
30, 2025
Revenues $46,846 $ -- $ -- $ 46,846
Equity in
earnings of
Sisecam
Wyoming -- 2,526 -- 2,526
Gain on asset
sales and
disposals 729 -- -- 729
------ ------ ------- -------
Total
revenues
and other
income $47,575 $ 2,526 $ -- $ 50,101
Asset
impairments $ -- $ -- $ -- $ --
Net income
(loss) $39,691 $ 2,502 $ (7,982) $ 34,211
Adjusted
EBITDA(1) $43,439 $ 4,876 $ (5,596) $ 42,719
Cash flow
provided by
(used in)
continuing
operations:
Operating
activities $45,576 $ 4,875 $ (4,872) $ 45,579
Investing
activities $ 1,444 $ -- $ -- $ 1,444
Financing
activities $ -- $ -- $(47,555) $(47,555)
Distributable
cash flow(1) $47,020 $ 4,875 $ (4,872) $ 47,023
Free cash
flow(1) $46,290 $ 4,875 $ (4,872) $ 46,293
(1) See "Non-GAAP Financial Measures" and reconciliation
tables at the end of this release.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results by segment for the nine months ended September 30, 2025 and 2024:
Operating Segments
------------------
Corporate
Mineral and
Soda
(In thousands) Rights Ash Financing Total
----------------- --------- ------- ---------- ------------
For the Nine
Months Ended
September 30,
2025
Revenues $153,942 $ -- $ -- $ 153,942
Equity in
earnings of
Sisecam
Wyoming -- 4,746 -- 4,746
Gain on asset
sales and
disposals 1,882 -- -- 1,882
------- ------ -------- --------
Total
revenues
and other
income $155,824 $ 4,746 $ -- $ 160,570
Asset
impairments $ 20 $ -- $ -- $ 20
Net income
(loss) $125,758 $ 4,606 $ (24,995) $ 105,369
Adjusted
EBITDA(1) $137,375 $ 7,700 $ (18,154) $ 126,921
Cash flow
provided by
(used in)
continuing
operations:
Operating
activities $133,227 $ 7,700 $ (19,829) $ 121,098
Investing
activities $ 4,025 $ -- $ -- $ 4,025
Financing
activities $ (841) $ -- $(123,707) $(124,548)
Distributable
cash flow(1) $137,252 $ 7,700 $ (19,829) $ 125,123
Free cash
flow(1) $135,369 $ 7,700 $ (19,829) $ 123,240
For the Nine
Months Ended
September 30,
2024
Revenues $180,268 $ -- $ -- $ 180,268
Equity in
earnings of
Sisecam
Wyoming -- 17,204 -- 17,204
Gain on asset
sales and
disposals 4,809 -- -- 4,809
------- ------ -------- --------
Total
revenues
and other
income $185,077 $17,204 $ -- $ 202,281
Asset
impairments $ 87 $ -- $ -- $ 87
Net income
(loss) $154,017 $17,092 $ (30,237) $ 140,872
Adjusted
EBITDA(1) $166,798 $28,002 $ (18,193) $ 176,607
Cash flow
provided by
(used in)
continuing
operations:
Operating
activities $179,593 $28,002 $ (25,322) $ 182,273
Investing
activities $ 6,788 $ -- $ -- $ 6,788
Financing
activities $ (1,086) $ -- $(169,064) $(170,150)
Distributable
cash flow(1) $186,381 $28,002 $ (25,322) $ 189,061
Free cash
flow(1) $181,572 $28,002 $ (25,322) $ 184,252
(1) See "Non-GAAP Financial Measures" and reconciliation
tables at the end of this release.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Operating Statistics - Mineral Rights
For the Three Months Ended For the Nine Months Ended
--------------------------- -------------------------
September 30, June 30, September 30,
----------------- -------- -------------------------
(In thousands,
except per ton
data) 2025 2024 2025 2025 2024
----------------- ------- -------- -------- ------------ -----------
Coal sales
volumes (tons)
Appalachia
Northern 1,508 470 132 1,764 716
Central 3,296 3,507 3,195 9,797 10,677
Southern 678 705 548 1,522 1,984
------ ------ ------ ------- -------
Total
Appalachia 5,482 4,682 3,875 13,083 13,377
Illinois Basin 1,005 1,128 1,637 5,984 4,503
Northern Powder
River Basin 841 944 426 2,183 2,460
Gulf Coast 201 436 176 614 1,136
------ ------ ------ ------- -------
Total coal
sales
volumes 7,529 7,190 6,114 21,864 21,476
------ ------ ------ ------- -------
Coal royalty
revenue per ton
Appalachia
Northern $ 1.48 $ 2.34 $ 1.91 $ 1.51 $ 2.70
Central 6.08 6.55 6.41 6.22 7.34
Southern 8.36 9.56 8.53 8.58 10.37
Illinois Basin 1.93 1.76 2.21 2.29 2.33
Northern Powder
River Basin 4.68 4.82 5.73 4.83 4.87
Gulf Coast 0.80 0.84 0.80 0.79 0.79
Combined
average coal
royalty
revenue per
ton 4.51 5.24 5.17 4.64 5.78
Coal royalty
revenues
Appalachia
Northern $ 2,225 $ 1,100 $ 252 $ 2,660 $ 1,930
Central 20,051 22,958 20,494 60,971 78,328
Southern 5,666 6,743 4,676 13,060 20,571
------ ------ ------ ------- -------
Total
Appalachia 27,942 30,801 25,422 76,691 100,829
Illinois Basin 1,943 1,987 3,610 13,694 10,510
Northern Powder
River Basin 3,932 4,546 2,443 10,544 11,976
Gulf Coast 161 366 140 485 902
------ ------ ------ ------- -------
Unadjusted
coal royalty
revenues 33,978 37,700 31,615 101,414 124,217
Coal royalty
adjustment for
minimum
leases 215 (95) (72) (180) (109)
------ ------ ------ ------- -------
Total coal
royalty
revenues $34,193 $37,605 $31,543 $101,234 $124,108
------ ------ ------ ------- -------
Other revenues
Production
lease minimum
revenues $ 1,365 $ 437 $ 123 $ 4,213 $ 1,773
Minimum lease
straight-line
revenues 4,176 4,117 4,050 12,276 12,414
Oil and gas
royalty
revenues 1,787 1,317 1,981 6,212 6,956
Carbon neutral
revenues 316 (39) 290 1,201 4,322
Property tax
revenues 2,105 1,809 1,519 5,261 5,246
Wheelage
revenues 2,225 2,072 2,543 6,506 7,082
Coal overriding
royalty
revenues 297 227 456 1,633 2,064
Lease amendment
revenues 1,699 1,071 656 3,010 2,485
Aggregates
royalty
revenues 1,011 662 906 2,770 2,164
Other revenues 441 1,127 228 854 3,754
------ ------ ------ ------- -------
Total other
revenues $15,422 $12,800 $12,752 $ 43,936 $ 48,260
------ ------ ------ ------- -------
Royalty and
other
mineral
rights $49,615 $50,405 $44,295 $145,170 $172,368
Transportation
and processing
services
revenues 1,800 1,812 2,551 8,772 7,900
Gain on asset
sales and
disposals 906 1 729 1,882 4,809
------ ------ ------ ------- -------
Total Mineral
Rights segment
revenues and
other income $52,321 $52,218 $47,575 $155,824 $185,077
====== ====== ====== ======= =======
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Adjusted EBITDA
Corporate
Mineral and
(In thousands) Rights Soda Ash Financing Total
------------------ ------- -------- --------- ----------
For the Three
Months Ended
September 30,
2025
Net income (loss) $40,859 $(2,446) $ (7,508) $30,905
Less: equity
earnings from
unconsolidated
investment -- 2,390 -- 2,390
Add: total
distributions
from
unconsolidated
investment -- -- -- --
Add: interest
expense, net -- -- 1,779 1,779
Add:
depreciation,
depletion and
amortization 3,864 -- 4 3,868
Add: asset
impairments -- -- -- --
------ ------ ------- ------
Adjusted EBITDA $44,723 $ (56) $ (5,725) $38,942
====== ====== ======= ======
For the Three
Months Ended
September 30,
2024
Net income (loss) $40,644 $ 8,085 $(10,134) $38,595
Less: equity
earnings from
unconsolidated
investment -- (8,109) -- (8,109)
Add: total
distributions
from
unconsolidated
investment -- 6,320 -- 6,320
Add: interest
expense, net -- -- 4,194 4,194
Add:
depreciation,
depletion and
amortization 4,725 -- 5 4,730
Add: asset
impairments 87 -- -- 87
------ ------ ------- ------
Adjusted EBITDA $45,456 $ 6,296 $ (5,935) $45,817
====== ====== ======= ======
For the Three
Months Ended June
30, 2025
Net income (loss) $39,691 $ 2,502 $ (7,982) $34,211
Less: equity
earnings from
unconsolidated
investment -- (2,526) -- (2,526)
Add: total
distributions
from
unconsolidated
investment -- 4,900 -- 4,900
Add: interest
expense, net -- -- 2,380 2,380
Add:
depreciation,
depletion and
amortization 3,748 -- 6 3,754
Add: asset
impairments -- -- -- --
------ ------ ------- ------
Adjusted EBITDA $43,439 $ 4,876 $ (5,596) $42,719
====== ====== ======= ======
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Adjusted EBITDA
Corporate
Mineral and
(In thousands) Rights Soda Ash Financing Total
------------------ -------- --------- --------- -----------
For the Nine
Months Ended
September 30,
2025
Net income (loss) $125,758 $ 4,606 $(24,995) $105,369
Less: equity
earnings from
unconsolidated
investment -- (4,746) -- (4,746)
Add: total
distributions
from
unconsolidated
investment -- 7,840 -- 7,840
Add: interest
expense, net -- -- 6,827 6,827
Add:
depreciation,
depletion and
amortization 11,597 -- 14 11,611
Add: asset
impairments 20 -- -- 20
------- ------- ------- -------
Adjusted EBITDA $137,375 $ 7,700 $(18,154) $126,921
======= ======= ======= =======
For the Nine
Months Ended
September 30,
2024
Net income (loss) $154,017 $ 17,092 $(30,237) $140,872
Less: equity
earnings from
unconsolidated
investment -- (17,204) -- (17,204)
Add: total
distributions
from
unconsolidated
investment -- 28,114 -- 28,114
Add: interest
expense, net -- -- 12,030 12,030
Add:
depreciation,
depletion and
amortization 12,694 -- 14 12,708
Add: asset
impairments 87 -- -- 87
------- ------- ------- -------
Adjusted EBITDA $166,798 $ 28,002 $(18,193) $176,607
======= ======= ======= =======
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow
Corporate
Mineral and
Soda
(In thousands) Rights Ash Financing Total
--------------- -------- ------- --------- -----------
For the Three
Months Ended
September 30,
2025
Net cash
provided by
(used in)
operating
activities $44,428 $ (55) $ (3,278) $ 41,095
Add:
proceeds
from asset
sales and
disposals 906 -- -- 906
Add: return
of
long-term
contract
receivable 728 -- -- 728
------ ----- ------- -------
Distributable
cash flow $46,062 $ (55) $ (3,278) $ 42,729
====== ===== ======= =======
Less:
proceeds
from asset
sales and
disposals (906) -- -- (906)
------ ----- ------- -------
Free cash flow $45,156 $ (55) $ (3,278) $ 41,823
====== ===== ======= =======
Net cash
provided by
investing
activities $ 1,634 $ -- $ -- $ 1,634
Net cash used
in financing
activities $ -- $ -- $(42,054) $(42,054)
For the Three
Months Ended
September 30,
2024
Net cash
provided by
(used in)
operating
activities $53,610 $6,297 $ (5,762) $ 54,145
Add:
proceeds
from asset
sales and
disposals 1 -- -- 1
Add: return
of
long-term
contract
receivable 673 -- -- 673
------ ----- ------- -------
Distributable
cash flow $54,284 $6,297 $ (5,762) $ 54,819
====== ===== ======= =======
Less:
proceeds
from asset
sales and
disposals (1) -- -- (1)
------ ----- ------- -------
Free cash flow $54,283 $6,297 $ (5,762) $ 54,818
====== ===== ======= =======
Net cash
provided by
investing
activities $ 674 $ -- $ -- $ 674
Net cash used
in financing
activities $ -- $ -- $(56,259) $(56,259)
For the Three
Months Ended
June 30, 2025
Net cash
provided by
(used in)
operating
activities $45,576 $4,875 $ (4,872) $ 45,579
Add:
proceeds
from asset
sales and
disposals 730 -- -- 730
Add: return
of
long-term
contract
receivable 714 -- -- 714
------ ----- ------- -------
Distributable
cash flow $47,020 $4,875 $ (4,872) $ 47,023
====== ===== ======= =======
Less:
proceeds
from asset
sales and
disposals (730) -- -- (730)
------ ----- ------- -------
Free cash flow $46,290 $4,875 $ (4,872) $ 46,293
====== ===== ======= =======
Net cash
provided by
investing
activities $ 1,444 $ -- $ -- $ 1,444
Net cash used
in financing
activities $ -- $ -- $(47,555) $(47,555)
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow
Corporate
Mineral and
Soda
(In thousands) Rights Ash Financing Total
--------------- --------- ------- ---------- ------------
For the Nine
Months Ended
September 30,
2025
Net cash
provided by
(used in)
operating
activities $133,227 $ 7,700 $ (19,829) $ 121,098
Add:
proceeds
from asset
sales and
disposals 1,883 -- -- 1,883
Add: return
of
long-term
contract
receivable 2,142 -- -- 2,142
Distributable
cash flow $137,252 $ 7,700 $ (19,829) $ 125,123
======= ====== ======== ========
Less:
proceeds
from asset
sales and
disposals (1,883) -- -- (1,883)
------- ------ -------- --------
Free cash flow $135,369 $ 7,700 $ (19,829) $ 123,240
======= ====== ======== ========
Net cash
provided by
investing
activities $ 4,025 $ -- $ -- $ 4,025
Net cash used
in financing
activities $ (841) $ -- $(123,707) $(124,548)
For the Nine
Months Ended
September 30,
2024
Net cash
provided by
(used in)
operating
activities $179,593 $28,002 $ (25,322) $ 182,273
Add:
proceeds
from asset
sales and
disposals 4,809 -- -- 4,809
Add: return
of
long-term
contract
receivable 1,979 -- -- 1,979
Distributable
cash flow $186,381 $28,002 $ (25,322) $ 189,061
======= ====== ======== ========
Less:
proceeds
from asset
sales and
disposals (4,809) -- -- (4,809)
------- ------ -------- --------
Free cash flow $181,572 $28,002 $ (25,322) $ 184,252
======= ====== ======== ========
Net cash
provided by
investing
activities $ 6,788 $ -- $ -- $ 6,788
Net cash used
in financing
activities $ (1,086) $ -- $(169,064) $(170,150)
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Last Twelve Months $(LTM)$ Free Cash Flow
For the Three Months Ended
--------------------------------------------
March
December 31, June 30, September Last 12
(In thousands) 31, 2024 2025 2025 30, 2025 Months
--------------- ----------- -------- -------- ----------- -----------
Net cash
provided by
operating
activities $66,220 $34,424 $45,579 $ 41,095 $187,318
Add:
proceeds
from asset
sales and
disposals 37 247 730 906 1,920
Add: return
of
long-term
contract
receivable 686 700 714 728 2,828
------ ------ ------ ------ -------
Distributable
cash flow $66,943 $35,371 $47,023 $ 42,729 $192,066
Less:
proceeds
from asset
sales and
disposals (37) (247) (730) (906) (1,920)
------ ------ ------ ------ -------
Free cash flow $66,906 $35,124 $46,293 $ 41,823 $190,146
====== ====== ====== ====== =======
Leverage Ratio
For the Three Months Ended
--------------------------------------------
March
December 31, June 30, September Last 12
(In thousands) 31, 2024 2025 2025 30, 2025 Months
------------------ ----------- -------- -------- ----------- -----------
Net income $42,772 $40,253 $34,211 $ 30,905 $148,141
Less: equity
earnings from
unconsolidated
investment (931) (4,610) (2,526) 2,390 (5,677)
Add: total
distributions
from
unconsolidated
investment 10,667 2,940 4,900 -- 18,507
Add: interest
expense, net 3,524 2,668 2,380 1,779 10,351
Add:
depreciation,
depletion and
amortization 2,827 3,989 3,754 3,868 14,438
Add: asset
impairments -- 20 -- -- 20
------ ------ ------ --- ------ -------
Adjusted EBITDA $58,859 $45,260 $42,719 $ 38,942 $185,780
====== ====== ====== === ====== =======
Debt--at September
30, 2025 $ 69,547
Leverage Ratio 0.4 x
For the Three Months Ended
------------------------------------------
March
December 31, June 30, September Last 12
(In thousands) 31, 2023 2024 2024 30, 2024 Months
------------------ --------- -------- -------- ----------- -----------
Net income $ 64,980 $56,213 $46,064 $38,595 $205,852
Less: equity
earnings from
unconsolidated
investment (14,764) (5,450) (3,645) (8,109) (31,968)
Add: total
distributions
from
unconsolidated
investment 15,338 14,210 7,584 6,320 43,452
Add: interest
expense, net 3,921 3,487 4,349 4,194 15,951
Add:
depreciation,
depletion and
amortization 6,020 4,654 3,324 4,730 18,728
Add: asset
impairments 424 -- -- 87 511
------- ------ ------ ------ -------
Adjusted EBITDA $ 75,919 $73,114 $57,676 $45,817 $252,526
======= ====== ====== ====== =======
Debt--at September
30, 2024 $197,678
Leverage Ratio 0.8 x
(END) Dow Jones Newswires
November 04, 2025 06:55 ET (11:55 GMT)