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Natural Resource Partners L.P. Reports Record Second Quarter 2008 Results and Increases Guidance

08/11/2008
     Second Quarter 2008 Highlights:

     -  Record results in nearly every financial metric

          -  Distributable cash flow of $57.4 million, up 32% over 2Q07

          -  Revenues of $75.6 million, up 48%

          -  Net income attributable to limited partners of $30.6 million, up
             69%

    -  Net income per unit increases 68% to $0.47

    -  Distribution increases for twentieth consecutive quarter to $0.515 per
        unit, or 11% over the second quarter 2007

    -  Increased guidance for 2008

          -  Distributable cash flow increased approximately 15%

          -  Net income per unit increased approximately 20%

HOUSTON, Aug. 11 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P. (NYSE: NRP) today reported that increased worldwide demand for coal helped boost second quarter 2008 results to a record in nearly every financial metric. Distributable cash flow, a non-GAAP measure, increased to $57.4 million, up 32% from the $43.5 million reported for the second quarter of 2007. A reconciliation of distributable cash flow is provided in the tables attached. Net income attributable to the limited partners increased 69% to $30.6 million for the second quarter of 2008, compared to $18.1 million for the second quarter of 2007. Net income per unit increased 68% from $0.28 for the second quarter of 2007 to $0.47 per unit in the second quarter of 2008.

                                   Highlights
                                             2Q08         1Q08         2Q07
                                    (in thousands except per ton and per unit)
    Coal production:                        16,093       14,469       13,573
    Coal royalty revenues:                 $60,026      $49,152      $40,733
    Average coal royalty revenue per ton:    $3.73        $3.40        $3.00
    Total revenues:                        $75,592      $64,055      $51,097
    Net income to limited partners:        $30,562      $25,853      $18,145
    Average units outstanding in quarter:   64,891       64,891       64,886
    Net income per unit:                     $0.47        $0.40        $0.28
    Distributable cash flow:               $57,359      $34,895      $43,511


"NRP had a record setting quarter attributed to both increases in our royalty revenue per ton and production," said Nick Carter, President and Chief Operating Officer. "The coal industry is experiencing the most robust coal market in history, with metallurgical coal prices nearly tripling and Appalachian and Illinois Basin steam coal prices having more than doubled since year-end. Because our coal royalties are based on a percentage of the sales price received by our lessees, we have experienced all the positives of the current pricing market without having to bear the burdens of escalating mining costs. As a result, our increased royalty per ton is directly correlated to the increased prices. In fact, the vast majority of our revenue is leveraged to sales price."

Current Market

The worldwide demand for coal continues to increase. For the fifth straight year, coal has been the fastest growing major fuel consumed in the world. In the last five years, global coal consumption has increased 32% with China increasing 84%. As developing countries build and expand their infrastructure, there will be further strains on the global coal industry to keep up with the demand. In addition to rapidly growing demand, there have been global coal supply shortages this year due to: an earthquake and a severe snow storm in China; flooding and infrastructure issues in Australia; as well as issues with infrastructure in South Africa.

With the recent weakness in the dollar and high ocean-going freight rates, the U.S. has become the coal source of choice for many European customers. Consequently, U.S. coal exports are rising. According to the EIA, through just the first five months of the year, U.S. coal exports have already increased nearly 60% over last year and are on pace for record total exports for the year. Increased exports, combined with permitting delays and shortages of personnel and equipment for further mine development, are creating supply shortages that the U.S. has not experienced in some time. All of these factors have contributed to the rapidly increasing prices that the industry has seen in the last six months. All indications are that the world will be experiencing coal shortages due to increased demand for several years to come, implying that these increased coal prices should be sustainable over the next several years.

Guidance

Due to the strong coal pricing environment, NRP is raising its annual guidance for 2008. The highlights of the increased guidance include:

-- Distributable cash flow increased approximately 15% to a range of approximately $193 million to $210 million.

-- Net income per unit increased approximately 20% to a range of $1.70 to $1.85 per unit.

-- Coal royalty revenues increased approximately 13% to a range between $217 million and $230 million.

-- Total revenues increased approximately 10% to a range between $273 million and $297 million.

Metallurgical coal accounts for 36% of total coal royalty revenues and 26% of production for the revised forecast.

A complete table of all guidance metrics is attached to this release.

Current indications are that the partnership will have significant increases in coal royalty revenues again next year as its lessees' contracts with the various utilities and steel producers rollover at increased coal prices.

Second Quarter 2008 versus First Quarter 2008

Total revenues in the second quarter increased 18% over the first quarter of 2008, primarily due to increased coal production and coal royalty revenues. Coal production increased 1.6 million tons, or 11%, while average coal royalty revenue per ton increased $0.33 per ton, or approximately 10% this quarter. Coal production increased in both Appalachia as well as the Illinois Basin, offset by a minor reduction in the Northern Powder River Basin. The increases in Appalachia can be attributed to mine production moving onto NRP property from adjacent properties, and the increase in the Illinois Basin is due to a full quarter of production from the longwall at the Williamson operation. The biggest increase in average coal royalty revenue per ton was in Central Appalachia, where the per ton amount increased by 16%, or $0.62 per ton in just the last quarter. This was mainly due to increased price realizations on both thermal and metallurgical coal.

    Second Quarter and Six Month Results

    Revenues
    Second Quarter

Total revenues for the second quarter of 2008 increased 48% to a record $75.6 million compared to the same period last year, due primarily to increases in coal royalty revenues. Coal royalty revenues increased 47% over the second quarter of 2007 to $60.0 million due to a 24% increase in the combined average royalty revenue per ton and a 19% increase in coal royalty production.

Combined average royalty revenue per ton increased $0.73 to $3.73, a new record. The most dramatic increase occurred in Central Appalachia, where the partnership experienced a 39% increase to $4.46 per ton due to improvements in realizations for both steam coal, used for generating electricity, and metallurgical coal used for the production of steel products. The Illinois Basin also experienced a 25% increase to $2.58 over the second quarter of 2007.

Production increased 2.5 million tons from the second quarter last year to 16.1 million tons for the second quarter of 2008 mainly due to increased production at the Williamson mine in the Illinois Basin, where NRP experienced a full quarter of longwall production from the new mine. Modest increases occurred in Central Appalachia across several properties and in the Northern Powder River Basin production increased approximately 400,000 tons due to the checkerboard nature of the production.

Coal processing and transportation fees more than doubled to $5.1 million, up from $2.0 million in the second quarter of 2007, mainly due to additional transportation fees associated with the Williamson operation. In addition, override royalties increased approximately $1.0 million due to additional production from override properties as well as increases in realizations per ton. Oil and gas royalties increased largely due to price increases but also from small production increases.

Six Months

Total revenues increased 38% over the first six months of last year to $139.6 million due to increases in coal royalty revenues, coal processing and transportation fees and override royalties.

Coal royalty revenues increased 34%, or $27.5 million, over the same period last year due to a 13% increase in production and an 18% increase in combined average royalty revenue per ton. Coal processing and transportation more than doubled over the six month period last year increasing from $3.3 million to $8.7 million while overriding royalties more than doubled to $4.5 million from $2.0 million.

Metallurgical coal accounted for 36% of NRP coal royalty revenues and 26% of its production for the first half of 2008.

Expenses

Second Quarter

Total expenses increased $6.5 million in the second quarter of 2008 when compared to the same period last year, primarily due to increased depreciation, depletion and amortization and general and administrative expenses. Depreciation, depletion and amortization expense increased due to a combination of increased production and increased production from properties with higher depletion rates per ton. General and administrative expenses increased due to accruals under the partnership's incentive compensation plan as a result of NRP's higher unit price.

Six Months

Total expenses for the six month period ending June 30, 2008 increased $8.0 million to $51.8 million over the same period last year. This increase was due to an increase in depreciation, depletion and amortization expense of $7.5 million for the reasons stated above, as well as an increase in property, franchise and other taxes of $1.1 million, $600 thousand of which was reimbursed by our lessees and is included in revenues. Offsetting these increases was a decrease of approximately $1.2 million in general and administrative expenses from the six month period last year.

Net Income Attributable to the Limited Partners

Second Quarter

Second quarter 2008 net income attributable to the limited partners improved 69%, or $12.5 million, over the second quarter last year. This equates to a $0.19 increase in the basic and diluted net income per limited partner unit to $0.47 for the second quarter of 2008.

Six Months

Net income attributable to the limited partners for the six month period ended June 30, 2008 increased $20.5 million, or 57% over the same period last year, accounting for a $0.31 increase in net income per unit to $0.87 for the six month period.

Distributable Cash Flow

Second Quarter

Distributable cash flow increased 32% to a record $57.4 million when compared to the same quarter last year, predominantly due to increases in total revenues, offset by some changes in working capital. The reserve for debt payments increased $1.9 million over second quarter of 2007 due to additional scheduled debt payments.

Six Months

For the six months ended June 30, 2008 distributable cash flow increased 28% to a record $92.3 million, predominantly due to increased revenues, offset by $3.8 million of additional reserves for debt payments due in July 2008 and working capital changes.

Distributions

As reported on July 16, the Board of Directors of NRP's general partner declared a quarterly distribution of $0.515 per unit, an increase of $0.02 per unit. This increase represented an 11% increase over the same period last year and a 4% increase over the first quarter 2008 distribution. This is the twentieth consecutive quarterly increase in the distribution.

Company Profile

Natural Resource Partners L.P. is headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is a master limited partnership that is principally engaged in the business of owning and managing coal properties, and coal handling and transportation infrastructure in the three major coal producing regions of the United States: Appalachia, the Illinois Basin and the Powder River Basin. In addition, the partnership also manages aggregate reserves, oil and gas properties and timber assets across the United States.

For additional information, please contact Kathy H. Roberts at 713-751-7555 orkroberts@nrplp.com. Further information about NRP is available on the partnership's website at http://www.nrplp.com.

Disclosure of Non-GAAP Financial Measures

Distributable cash flow represents cash flow from operations less actual principal payments and cash reserves set aside for scheduled principal payments on the senior notes. Distributable cash flow is a "non-GAAP financial measure" that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP's ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. A reconciliation of distributable cash flow to net cash provided by operating activities is included in the tables attached to this release. Distributable cash flow may not be calculated the same for NRP as other companies.

Forward-Looking Statements

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements include the current coal market conditions and borrowing capacity. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, decreases in demand for coal; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

                       - Financial statements follow -



                        Natural Resource Partners L.P.
                             Operating Statistics
                      (In thousands except per ton data)

                                   Three Months         For the Six Months
                                      Ended                   Ended
                                     June 30,                June 30,
                                 2008       2007         2008       2007
                                   (unaudited)             (unaudited)
    Coal Royalties:
    Coal royalty revenues:
         Appalachia
           Northern             $4,902     $4,353       $8,405     $7,123
           Central              42,974     28,339       77,271     58,586
           Southern              3,802      4,989        9,300      9,028
             Total Appalachia  $51,678    $37,681      $94,976    $74,737
         Illinois Basin          5,923      1,365        8,556      2,479
         Northern Powder
          River Basin            2,425      1,687        5,646      4,490

      Total                    $60,026    $40,733     $109,178    $81,706

    Coal royalty production (tons):
         Appalachia
           Northern              1,927      1,901        3,264      3,235
           Central               9,629      8,855       18,571     18,095
           Southern                930      1,297        2,224      2,330
             Total Appalachia   12,486     12,053       24,059     23,660
         Illinois Basin          2,293        659        3,458      1,161
           Northern Powder
            River Basin          1,314        861        3,045      2,261
      Total                     16,093     13,573       30,562     27,082

    Average royalty revenue per ton:
         Appalachia
           Northern              $2.54      $2.29        $2.58      $2.20
           Central                4.46       3.20         4.16       3.24
           Southern               4.09       3.85         4.18       3.87
             Total Appalachia     4.14       3.13         3.95       3.16
         Illinois Basin           2.58       2.07         2.47       2.14
           Northern Powder
            River Basin           1.85       1.96         1.85       1.99

         Combined average royalty
          revenue per ton        $3.73      $3.00        $3.57      $3.02

    Aggregates:
    Royalty revenues            $1,633     $1,780       $3,051     $3,361
    Aggregate royalty bonus       $300       $164       $2,244       $328
    Production:                  1,238      1,531        2,392      2,872
    Average base royalty
     per ton:                    $1.32      $1.16        $1.28      $1.17



                        Natural Resource Partners L.P.
                      Consolidated Statements of Income
                     (In thousands, except per unit data)

                                         Three Months      For the Six Months
                                             Ended               Ended
                                            June 30,            June 30,
                                        2008       2007       2008     2007
                                          (Unaudited)         (Unaudited)
    Revenues:
    Coal royalties                    $60,026    $40,733   $109,178  $81,706
      Aggregate royalties               1,933      1,944      5,295    3,689
      Coal processing fees              1,757      1,112      3,654    2,030
      Transportation fees               3,361        845      5,010    1,306
      Oil and gas royalties             1,933      1,278      3,378    2,536
      Property taxes                    3,105      2,645      5,497    4,873
      Minimums recognized as revenue      149        331        456      785
      Override royalties                2,006      1,023      4,505    2,041
      Other                             1,322      1,186      2,674    2,338
        Total revenues                 75,592     51,097    139,647  101,304
    Operating costs and expenses:
      Depreciation, depletion and
       amortization                    16,748     12,527     31,807   24,279
      General and administrative        6,890      5,559     11,039   12,193
      Property, franchise and other
       taxes                            4,098      3,524      7,747    6,625
      Transportation costs                408         27        529       70
      Coal royalty and override payments  343        382        652      668
        Total operating costs
         and expenses                  28,487     22,019     51,774   43,835
    Income from operations             47,105     29,078     87,873   57,469
    Other income (expense)
      Interest expense                 (7,064)    (7,133)   (14,424) (14,460)
      Interest income                     312        686        756    1,503
    Net income                        $40,353    $22,631    $74,205  $44,512
    Net income attributable to:
      General partner                  $6,647     $3,074    $11,862   $5,893
      Holders of incentive
       distribution rights             $3,144     $1,412     $5,928   $2,695
      Limited partners                $30,562    $18,145    $56,415  $35,924

    Basic and diluted net income per
     limited partner unit:              $0.47      $0.28      $0.87    $0.56

    Weighted average number of units
     outstanding:                      64,891     64,886     64,891   64,094




                        Natural Resource Partners L.P.
                           Statements of Cash Flows
                                (In thousands)

                                         Three Months      For the Six Months
                                             Ended               Ended
                                            June 30,            June 30,
                                         2008      2007      2008      2007
                                          (Unaudited)         (Unaudited)
    Cash flows from operating
     activities:
      Net income                       $40,353   $22,631   $74,205   $44,512
      Adjustments to reconcile net
       income to net cash provided
       by operating activities:
         Depreciation, depletion and
          amortization                  16,748    12,527    31,807    24,279
         Non-cash interest charge          117       115       235       209
         Loss from disposition of assets    32         -        32         -
      Change in operating assets and
       liabilities:
         Accounts receivable            (5,252)    1,273    (8,971)   (2,799)
         Other assets                      323       336       584       557
         Accounts payable and accrued
          liabilities                      680      (492)      429      (294)
         Accrued interest                2,655     3,031      (265)    2,597
         Deferred revenue                  313     4,016     2,726     7,917
         Accrued incentive plan expenses 4,226     2,562     1,078      (633)
         Property, franchise and
          other taxes payable            1,472      (138)     (990)      259
           Net cash provided by
            operating activities        61,667    45,861   100,870    76,604

    Cash flows from investing activities:
      Acquisition of land, coal and
       other mineral rights                  -   (10,261)        -   (24,233)
      Acquisition or construction of
       plant and equipment              (4,654)   (8,400)   (7,454)   (8,400)
      Current payable assumed in
       business combination                  -    (1,154)        -         -
      Cash placed in restricted account      -         -         -    (6,240)
           Net cash used in investing
            activities                  (4,654)  (19,815)   (7,454)  (38,873)

    Cash flows from financing activities:
      Proceeds from loans                    -    18,400         -   255,400
      Deferred financing costs               -      (179)        -    (1,286)
      Repayments of loans               (9,350)   (9,350)   (9,543) (235,542)
      Distributions to partners        (41,529)  (36,338)  (81,760)  (70,464)
      Contributions by general partner       -       330         -     2,645
           Net cash used in financing
            activities                 (50,879)  (27,137)  (91,303)  (49,247)
    Net  increase or (decrease) in
     cash and cash equivalents           6,134    (1,091)    2,113   (11,516)
    Cash and cash equivalents at
     beginning of period                54,320    55,619    58,341    66,044
    Cash and cash equivalents at end
     of period                         $60,454   $54,528   $60,454   $54,528

    SUPPLEMENTAL INFORMATION:
      Cash paid during the period
       for interest                     $4,292    $3,979   $14,450   $11,627

    Non-cash investing activities:
      Equity issued in business
       combinations                         $-    $7,119        $-  $350,741
      Liability assumed in
       business combination                  -        39         -     1,989



                        Natural Resource Partners L.P.
                         Consolidated Balance Sheets
                 (In thousands, except for unit information)

                                    ASSETS

                                                         June 30, December 31,
                                                           2008       2007
                                                        (unaudited)
    Current assets:
      Cash and cash equivalents                           $60,454     $58,341
      Restricted cash                                       6,240       6,240
      Accounts receivable, net of allowance
       for doubtful accounts                               32,851      27,643
      Accounts receivable - affiliate                       4,768       1,005
      Other                                                   491       1,009
        Total current assets                              104,804      94,238
    Land                                                   24,343      24,343
    Plant and equipment, net                               66,680      61,441
    Coal and other mineral rights, net                  1,001,995   1,030,088
    Intangible assets                                     104,691     106,222
    Loan financing costs, net                               2,889       3,098
    Other assets, net                                         535         601
        Total assets                                   $1,305,937  $1,320,031

                      LIABILITIES AND PARTNERS' CAPITAL

    Current liabilities:
      Accounts payable and accrued liabilities             $2,995     $2,567
      Accounts payable - affiliate                            105        104
      Current portion of long-term debt                    17,234     17,234
      Accrued incentive plan expenses - current portion     5,235      3,993
      Property, franchise and other taxes payable           5,425      6,415
      Accrued interest                                      6,011      6,276
        Total current liabilities                          37,005     36,589
    Deferred revenue                                       39,012     36,286
    Asset retirement obligations                               39         39
    Accrued incentive plan expenses                         6,305      6,469
    Long-term debt                                        486,514    496,057
    Partners' capital:
      Common units                                        723,935    731,113
      General partner's interest                           13,658     14,177
      Holders of incentive distribution rights                142          -
      Accumulated other comprehensive loss                   (673)      (699)
        Total partners' capital                           737,062    744,591
        Total liabilities and partners' capital        $1,305,937 $1,320,031



                        Natural Resource Partners L.P.
      Reconciliation of GAAP "Net cash provided by operating activities"
                    To Non-GAAP "Distributable cash flow"
                                (In thousands)

                                           Three Months    For the Six Months
                                               Ended             Ended
                                              June 30,          June 30,
                                            2008    2007     2008      2007
                                            (unaudited)       (unaudited)
    Net cash provided by operating
     activities                           $61,667 $45,861 $100,870   $76,604
    Less scheduled principal payments      (9,350) (9,350)  (9,543)   (9,350)
    Less reserves for future principal
     payments                              (4,308) (2,400)  (8,616)   (4,800)
    Add reserves used for scheduled
     principal payments                     9,350   9,400    9,543     9,400
    Distributable cash flow               $57,359 $43,511  $92,254   $71,854



                        Natural Resource Partners L.P.
                                   Guidance
            (dollars and tons in millions except per unit amounts)

                                            Revised             Original
                                         2008 Guidance        2008 Guidance
                                            (Range)              (Range)

    Revenues
      Coal royalty revenues           $216.9  -   $229.9    $186.5  - $207.0
      Aggregate revenues                 8.5  -     10.0       7.0  -    9.0
      Override royalties                10.0  -     11.2      10.0  -   13.0
      Oil and gas royalties              5.3  -      6.5       4.5  -    5.5
      Coal processing fees               8.0  -     10.0       7.0  -    9.0
      Coal transportation fees          11.0  -     13.0      14.0  -   18.0
      Property taxes                     9.5  -     11.0       9.0  -   10.0
      Other revenues (1)                 4.0  -      5.0       4.0  -    5.0
        Total Revenues                $273.2  -   $296.6   $ 242.0  - $276.5

    Expenses
      Depreciation, depletion, and
       amortization                    $62.0  -    $66.3     $70.0  -  $75.0
      General and administrative        21.0  -     23.0      20.0  -   22.0
      Property, franchise and other
       taxes                            14.0  -     15.5      12.0  -   13.5
      Coal transportation expenses       1.3  -      1.5       1.3  -    1.5
      Coal royalty and override
       payments                          1.0  -      1.5       1.0  -    1.5
        Total operating expenses        99.3  -    107.8     104.3  -  113.5

      Interest expense (net)           $26.0  -    $28.0     $22.0  -  $25.0

    Net income                        $147.9  -   $160.8    $120.0  - $132.0

    Net income per unit                $1.70  -    $1.85     $1.40  -  $1.55

    Principal payments                 $17.2  -    $17.2     $23.2  -  $23.2

    Distributable cash flow (2)       $192.7  -   $209.9    $166.8  - $183.8



    (1)  Other revenues consist of minimums recognized as revenue, wheelage,
         rentals and timber.
    (2)  Distributable cash flow represents net income plus depletion and
         amortization minus principal payments.  Distributable cash flow is a
         "non-GAAP financial measure" that is presented because management
         believes it is a useful adjunct to net cash provided by operating
         activities under GAAP.  Distributable cash flow is a significant
         liquidity metric that is an indicator of NRP's ability to generate
         cash flows at a level that can sustain or support an increase in
         quarterly cash distributions paid to its partners.  Distributable
         cash flow is also the quantitative standard used throughout the
         investment community with respect to publicly-traded partnerships.
         Distributable cash flow is not a measure of financial performance
         under GAAP and should not be considered as an alternative to cash
         flows from operating, investing or financing activities.  We believe
         that "net cash provided by operating activities" would be the most
         comparable financial measure to distributable cash.  However, due to
         the substantial uncertainties associated with forecasting future
         changes to operating assets and liabilities, we cannot provide
         guidance on forward-looking net cash provided by operating activities
         or provide reconciliations of distributable cash flow to that
         measure.



                              Guidance continued

                                            Revised               Original
                                         2008 Guidance         2008 Guidance
                                            (Range)               (Range)
    Regional Statistics
    Coal royalty production (tons)
          Northern Appalachia            5.5  -    6.5         6.0  -    7.5
          Central Appalachia            36.0  -   38.5        35.0  -   40.0
          Southern Appalachia            3.8  -    4.3         4.0  -    5.0
      Appalachia                        45.3  -   49.3        45.0  -   52.5
      Illinois Basin                     7.3  -    8.3         6.5  -    8.0
      Northern Powder River Basin        6.0  -    7.0         5.5  -    6.5
        Total                           58.6  -   64.6        57.0  -   67.0

    Coal royalty revenues                                           -
          Northern Appalachia          $16.0  -  $18.0       $17.5  -  $21.0
          Central Appalachia           153.0  -  160.0       125.0  -  135.0
          Southern Appalachia           17.0  -   18.0        17.0  -   19.5
      Appalachia                      $186.0  - $196.0      $159.5  - $175.5
      Illinois Basin                    19.5  -   21.0        17.0  -   19.0
      Northern Powder River Basin       11.4  -   12.9        10.0  -   12.5
        Total                         $216.9  - $229.9      $186.5  - $207.0

    Average coal royalty revenue per ton
          Northern Appalachia          $2.77  -  $2.91       $2.80  -  $2.92
          Central Appalachia            4.16  -   4.25        3.38  -   3.57
          Southern Appalachia           4.19  -   4.47        3.90  -   4.25
      Appalachia                       $3.98  -  $4.11       $3.34  -  $3.54
      Illinois Basin                    2.53  -   2.67        2.38  -   2.62
      Northern Powder River Basin       1.84  -   1.90        1.82  -   1.92
        Total                          $3.56  -  $3.70       $3.09  -  $3.27

    Aggregates
    Royalty revenues                    $6.0  -   $7.0        $6.5  -   $7.5
    Aggregate bonus royalty             $2.5  -   $3.0         $.5  -   $1.5
    Production (tons)                    4.8  -    5.2         5.0  -    5.6
    Average royalty revenue per ton    $1.25  -  $1.35       $1.30  -  $1.34

SOURCE
Natural Resource Partners L.P.

CONTACT:
Kathy H. Roberts of Natural Resource Partners L.P., +1-713-751-7555, kroberts@nrplp.com

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