Natural Resource Partners (NYSE: NRP) Q1 profit hit by soda ash slump
Rhea-AI Filing Summary
Natural Resource Partners L.P. reported first quarter 2026 net income of $19.6 million on total revenues and other income of $39.4 million, down from the prior year as weaker coal and soda ash markets weighed on results. Operating cash flow was $33.0 million, and free cash flow was $33.8 million before a $39.2 million capital investment in its soda ash business, resulting in negative reported free cash flow.
The board declared a first quarter 2026 cash distribution of $0.75 per common unit, following payment of a fourth quarter 2025 distribution of $0.75 and a special $0.12 distribution to help cover 2025 tax liabilities. Over the last twelve months, the partnership generated $115.7 million of net income and $167.4 million of free cash flow before soda ash investment, with a leverage ratio of 0.4x and liquidity of $185.4 million at March 31, 2026.
Mineral Rights net income declined by $11.7 million year over year due to lower metallurgical and thermal coal volumes and higher depletion. Soda Ash net income fell by $12.5 million, reflecting lower prices and the capital investment in Sisecam Wyoming, from which NRP has not received distributions since the second quarter of 2025 and does not expect distributions for several years in an oversupplied market.
Positive
- None.
Negative
- Sharp year-over-year earnings decline: First quarter 2026 net income fell to $19.6 million from $40.3 million in the prior-year quarter, with revenues dropping from $60.5 million to $39.4 million.
- Prolonged weakness in soda ash investment: Soda Ash net income declined by $12.5 million year over year, the market is described as significantly oversupplied, and NRP has not received distributions from Sisecam Wyoming since Q2 2025 and does not expect any for several years.
Insights
Profitable with strong balance sheet, but earnings and cash flows are pressured by weak coal and soda ash markets.
Natural Resource Partners generated first quarter 2026 net income of $19.6M and operating cash flow of $33.0M, but revenue and profit declined versus the prior year. Free cash flow was $33.8M before a $39.2M capital injection into the soda ash business, producing negative reported free cash flow.
The partnership maintains relatively low financial risk, with a leverage ratio of 0.4x and liquidity of $185.4M at March 31, 2026. It continues returning cash to unitholders via a $0.75 per-unit quarterly distribution and a prior special $0.12 distribution tied to 2025 tax liabilities.
Segment trends are less favorable. Mineral Rights net income fell $11.7M year over year on lower coal volumes and higher depletion, while Soda Ash net income declined $12.5M amid oversupplied markets and low prices. NRP has not received distributions from Sisecam Wyoming since Q2 2025 and does not expect them for several years, indicating prolonged pressure on that investment.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
distributable cash flow financial
free cash flow financial
leverage ratio financial
master limited partnership financial
Sisecam Wyoming LLC financial
Earnings Snapshot
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Emerging Growth Company
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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(d)
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Exhibits.
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99.1
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Natural Resource Partners L.P. press release dated as of May 6, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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NATURAL RESOURCE PARTNERS L.P.
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(Registrant)
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By:
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NRP (GP) LP
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its General Partner
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By:
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GP Natural Resource Partners LLC
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its General Partner
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Date: May 6, 2026
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/s/ Philip T. Warman
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Philip T. Warman
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General Counsel
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Exhibit 99.1
Natural Resource Partners L.P.
1415 Louisiana St., Suite 3325, Houston, TX 77002
NEWS RELEASE
Natural Resource Partners L.P. Reports First Quarter 2026 Results and Declares First Quarter 2026 Distribution of $0.75 per Common Unit
HOUSTON, May 6, 2026 - Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2026 results as follows:
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For the Three Months Ended |
Last Twelve Months Ended |
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(In thousands) (Unaudited) |
March 31, 2026 |
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Net income |
$ | 19,619 | $ | 115,733 | ||||
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Operating cash flow |
33,014 | 164,453 | ||||||
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Free cash flow before investment in soda ash business |
33,772 | 167,396 | ||||||
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Investment in soda ash business |
(39,200 | ) | (39,200 | ) | ||||
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Free cash flow (1) |
(5,428 | ) | 128,196 | |||||
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(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Highlights:
• Generated $33.8 million of free cash flow in the first quarter of 2026 before the $39.2 million capital investment in its soda ash business
• Paid fourth quarter 2025 distribution of $0.75 per common unit
• Paid special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025
• Declares first quarter 2026 common unit distribution of $0.75 per unit
"NRP generated $34 million of free cash flow in the first quarter of 2026 and $167 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business," said Craig Nunez, NRP's president and chief operating officer. "We continue to generate substantial free cash flow despite ongoing headwinds for metallurgical coal, thermal coal, and soda ash.”
NRP announced today that the board of directors of its general partner declared a first quarter 2026 cash distribution of $0.75 per common unit to be paid on May 26, 2026, to unitholders of record on May 19, 2026. 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 first quarter of 2026 decreased $11.7 million as compared to the prior year period. Operating cash flow and free cash flow decreased $1.4 million and $1.3 million, respectively, as compared to the prior year period. The decrease in net income was primarily due to lower metallurgical and thermal coal sales volumes and increased depletion rates at certain thermal properties. The declines in operating and free cash flow were also primarily due to lower metallurgical and thermal coal sales volumes partially offset by higher recoupments in the first quarter of 2025. Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the first quarter of 2026.
Mineral Rights segment results continue to be affected by weak global steel demand, low natural gas prices, and ample coal stockpiles at power plants.
NRP has no meaningful developments to report on its carbon neutral initiatives but continues to explore and make small-scale progress on opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets.
Soda Ash
Soda Ash net income in the first quarter of 2026 decreased $12.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating cash flow decreased $3.0 million as compared to the prior year period due to the $2.9 million distribution received in the first quarter of 2025, and no distribution in the first quarter of 2026. Free cash flow decreased $42.2 million in the first quarter of 2026 as compared to the prior year period primarily due to NRP's $39.2 million capital investment in Sisecam Wyoming in the first quarter of 2026. NRP and its managing partner made a capital investment into Sisecam Wyoming in the first quarter of 2026 to reduce outstanding amounts under its bank credit facility and better position it to compete in the current environment. Sisecam Wyoming’s managing partner also invested its pro-rata share of $40.8 million. NRP evaluated this investment as it would any other capital allocation opportunity, with the goal of maximizing NRP's intrinsic value per unit.
The soda ash market remains significantly oversupplied due to the influx of natural soda ash supply from China coupled with weak demand for flat glass. NRP believes international soda ash prices are below the cost of production for most producers with no near-term market correction in sight. Due to the weak pricing environment, NRP has not received a distribution from Sisecam Wyoming since the second quarter of 2025 and does not expect to receive distributions until soda ash demand increases and/or capacity is rationalized, which NRP expects to take several years.
Corporate and Financing
Corporate and Financing net income increased $3.5 million, while operating cash flow and free cash flow each increased $2.9 million in the first quarter of 2026 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the first quarter of 2026 as compared to the prior year period due to less debt outstanding.
In February 2026, NRP paid a fourth quarter 2025 cash distribution of $0.75 per common unit and in March 2026, NRP paid a special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. Today, NRP declared a first quarter 2026 cash distribution of $0.75 per common unit.
NRP had $185.4 million of available liquidity at March 31, 2026, consisting of $31.5 million of cash and cash equivalents and $153.9 million of borrowing capacity available under its revolving credit facility.
NRP's consolidated leverage ratio was 0.4 x at March 31, 2026.
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://events.q4inc.com/analyst/564088592?pwd=AhU5Ffcw. 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 business; 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 and capital to unconsolidated investment. 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 and capital to unconsolidated investment. 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-
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Consolidated Statements of Comprehensive Income |
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For the Three Months Ended |
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March 31, |
December 31, |
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(In thousands, except per unit data) |
2026 |
2025 |
2025 |
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Revenues and other income |
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Royalty and other mineral rights |
$ | 43,297 | $ | 51,260 | $ | 45,875 | ||||||
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Transportation and processing services |
3,885 | 4,421 | 2,523 | |||||||||
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Equity in earnings (loss) of Sisecam Wyoming |
(7,828 | ) | 4,610 | (1,686 | ) | |||||||
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Gain (loss) on asset sales and disposals |
(1 | ) | 247 | — | ||||||||
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Total revenues and other income |
$ | 39,353 | $ | 60,538 | $ | 46,712 | ||||||
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Operating expenses |
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Operating and maintenance expenses |
$ | 6,113 | $ | 6,776 | $ | 5,265 | ||||||
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Depreciation, depletion and amortization |
7,614 | 3,989 | 3,344 | |||||||||
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General and administrative expenses |
5,034 | 6,832 | 5,948 | |||||||||
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Asset impairments |
— | 20 | — | |||||||||
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Total operating expenses |
$ | 18,761 | $ | 17,617 | $ | 14,557 | ||||||
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Income from operations |
$ | 20,592 | $ | 42,921 | $ | 32,155 | ||||||
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Interest expense, net |
$ | (973 | ) | $ | (2,668 | ) | $ | (1,157 | ) | |||
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Net income |
$ | 19,619 | $ | 40,253 | $ | 30,998 | ||||||
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Net income attributable to common unitholders |
$ | 19,227 | $ | 39,448 | $ | 30,378 | ||||||
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Net income attributable to the general partner |
392 | 805 | 620 | |||||||||
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Net income per common unit |
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Basic |
$ | 1.46 | $ | 3.01 | $ | 2.31 | ||||||
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Diluted |
1.44 | 2.97 | 2.27 | |||||||||
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Net income |
$ | 19,619 | $ | 40,253 | $ | 30,998 | ||||||
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Comprehensive income (loss) from unconsolidated investment and other |
(140 | ) | 2,260 | (1,786 | ) | |||||||
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Comprehensive income |
$ | 19,479 | $ | 42,513 | $ | 29,212 | ||||||
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Consolidated Statements of Cash Flows |
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For the Three Months Ended |
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March 31, |
December 31, |
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(In thousands) |
2026 |
2025 |
2025 |
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Cash flows from operating activities |
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Net income |
$ | 19,619 | $ | 40,253 | $ | 30,998 | ||||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation, depletion and amortization |
7,614 | 3,989 | 3,344 | |||||||||
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Distributions from unconsolidated investment |
— | 2,940 | — | |||||||||
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Equity in (earnings) loss from unconsolidated investment |
7,828 | (4,610 | ) | 1,686 | ||||||||
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Loss (gain) on asset sales and disposals |
1 | (247 | ) | — | ||||||||
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Asset impairments |
— | 20 | — | |||||||||
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Bad debt expense |
(776 | ) | 451 | (111 | ) | |||||||
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Unit-based compensation expense |
1,164 | 2,717 | 3,015 | |||||||||
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Amortization of debt issuance costs and other |
447 | (168 | ) | (3,261 | ) | |||||||
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Change in operating assets and liabilities: |
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Accounts receivable |
615 | (149 | ) | 1,966 | ||||||||
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Accounts payable |
1,290 | 546 | 272 | |||||||||
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Accrued liabilities |
(7,156 | ) | (7,990 | ) | 1,719 | |||||||
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Accrued interest |
210 | 254 | (423 | ) | ||||||||
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Deferred revenue |
1,434 | (3,227 | ) | 7,211 | ||||||||
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Other items, net |
724 | (355 | ) | (1,651 | ) | |||||||
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Net cash provided by operating activities |
$ | 33,014 | $ | 34,424 | $ | 44,765 | ||||||
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Cash flows from investing activities |
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Proceeds from asset sales and disposals |
$ | — | $ | 247 | $ | — | ||||||
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Capital to unconsolidated investment |
(39,200 | ) | — | — | ||||||||
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Return of long-term contract receivable |
758 | 700 | 743 | |||||||||
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Net cash provided by (used in) investing activities |
$ | (38,442 | ) | $ | 947 | $ | 743 | |||||
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Cash flows from financing activities |
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Debt borrowings |
$ | 61,200 | $ | 33,700 | $ | 13,000 | ||||||
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Debt repayments |
(34,000 | ) | (37,000 | ) | (49,331 | ) | ||||||
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Distributions to common unitholders and the general partner |
(11,763 | ) | (26,276 | ) | (10,054 | ) | ||||||
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Other items, net |
(8,646 | ) | (5,363 | ) | (1 | ) | ||||||
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Net cash provided by (used in) financing activities |
$ | 6,791 | $ | (34,939 | ) | $ | (46,386 | ) | ||||
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Net increase (decrease) in cash and cash equivalents |
$ | 1,363 | $ | 432 | $ | (878 | ) | |||||
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Cash and cash equivalents at beginning of period |
30,141 | 30,444 | 31,019 | |||||||||
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Cash and cash equivalents at end of period |
$ | 31,504 | $ | 30,876 | $ | 30,141 | ||||||
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Supplemental cash flow information: |
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Cash paid for interest |
$ | 684 | $ | 2,371 | $ | 1,516 | ||||||
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Consolidated Balance Sheets |
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March 31, |
December 31, |
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| 2026 | 2025 | |||||||
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(In thousands, except unit data) |
(Unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ | 31,504 | $ | 30,141 | ||||
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Accounts receivable, net |
26,792 | 28,666 | ||||||
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Other current assets, net |
1,425 | 2,105 | ||||||
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Total current assets |
$ | 59,721 | $ | 60,912 | ||||
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Land |
24,007 | 24,008 | ||||||
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Mineral rights, net |
360,860 | 366,987 | ||||||
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Intangible assets, net |
10,426 | 11,908 | ||||||
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Equity in unconsolidated investment |
281,477 | 250,244 | ||||||
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Long-term contract receivable, net |
19,598 | 20,406 | ||||||
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Other long-term assets, net |
15,568 | 13,900 | ||||||
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Total assets |
$ | 771,657 | $ | 748,365 | ||||
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LIABILITIES AND CAPITAL |
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Current liabilities |
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Accounts payable |
$ | 2,448 | $ | 1,159 | ||||
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Accrued liabilities |
4,605 | 10,897 | ||||||
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Accrued interest |
279 | 69 | ||||||
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Current portion of deferred revenue |
7,029 | 6,663 | ||||||
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Current portion of long-term debt, net |
14,234 | 14,198 | ||||||
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Total current liabilities |
$ | 28,595 | $ | 32,986 | ||||
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Deferred revenue |
59,136 | 58,067 | ||||||
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Long-term debt, net |
46,084 | 18,884 | ||||||
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Other non-current liabilities |
5,310 | 5,909 | ||||||
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Total liabilities |
$ | 139,125 | $ | 115,846 | ||||
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Commitments and contingencies |
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Partners’ capital |
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Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively) |
$ | 624,902 | $ | 625,188 | ||||
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General partner’s interest |
11,771 | 11,332 | ||||||
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Accumulated other comprehensive loss |
(4,141 | ) | (4,001 | ) | ||||
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Total partners’ capital |
$ | 632,532 | $ | 632,519 | ||||
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Total liabilities and partners' capital |
$ | 771,657 | $ | 748,365 | ||||
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Consolidated Statements of Partners' Capital |
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Accumulated |
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Other |
Total |
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Common Unitholders |
General |
Comprehensive |
Partners' |
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(In thousands) |
Units |
Amounts |
Partner |
Loss |
Capital |
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Balance at December 31, 2025 |
13,138 | $ | 625,188 | $ | 11,332 | $ | (4,001 | ) | $ | 632,519 | ||||||||||
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Net income |
— | 19,227 | 392 | — | 19,619 | |||||||||||||||
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Distributions to common unitholders and the general partner |
— | (11,528 | ) | (235 | ) | — | (11,763 | ) | ||||||||||||
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Issuance of unit-based awards |
112 | — | — | — | — | |||||||||||||||
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Unit-based awards amortization and vesting, net |
— | (7,985 | ) | — | — | (7,985 | ) | |||||||||||||
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Capital contribution |
— | — | 282 | — | 282 | |||||||||||||||
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Comprehensive loss from unconsolidated investment and other |
— | — | — | (140 | ) | (140 | ) | |||||||||||||
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Balance at March 31, 2026 |
13,250 | $ | 624,902 | $ | 11,771 | $ | (4,141 | ) | $ | 632,532 | ||||||||||
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Accumulated |
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Other |
Total |
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Common Unitholders |
General |
Comprehensive |
Partners' |
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(In thousands) |
Units |
Amounts |
Partner |
Income (Loss) |
Capital |
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Balance at December 31, 2024 |
13,049 | $ | 543,231 | $ | 9,547 | $ | (1,670 | ) | $ | 551,108 | ||||||||||
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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 | |||||||||||
The following table presents NRP's unaudited business results by segment for the three months ended March 31, 2026 and 2025 and December 31, 2025:
|
Operating Segments |
||||||||||||||||
|
Mineral |
Corporate and |
|||||||||||||||
|
(In thousands) |
Rights |
Soda Ash |
Financing |
Total |
||||||||||||
|
For the Three Months Ended March 31, 2026 |
||||||||||||||||
|
Revenues |
$ | 47,182 | $ | — | $ | — | $ | 47,182 | ||||||||
|
Equity in loss of Sisecam Wyoming |
— | (7,828 | ) | — | (7,828 | ) | ||||||||||
|
Gain on asset sales and disposals |
(1 | ) | — | — | (1 | ) | ||||||||||
|
Total revenues and other income |
$ | 47,181 | $ | (7,828 | ) | $ | — | $ | 39,353 | |||||||
|
Asset impairments |
$ | — | $ | — | $ | — | $ | — | ||||||||
|
Net income (loss) |
$ | 33,530 | $ | (7,900 | ) | $ | (6,011 | ) | $ | 19,619 | ||||||
|
Adjusted EBITDA (1) |
$ | 41,140 | $ | (72 | ) | $ | (5,034 | ) | $ | 36,034 | ||||||
|
Cash flow provided by (used in) continuing operations: |
||||||||||||||||
|
Operating activities |
$ | 41,827 | $ | (72 | ) | $ | (8,741 | ) | $ | 33,014 | ||||||
|
Investing activities |
$ | 758 | $ | (39,200 | ) | $ | — | $ | (38,442 | ) | ||||||
|
Financing activities |
$ | (1,256 | ) | $ | — | $ | 8,047 | $ | 6,791 | |||||||
|
Distributable cash flow (1) |
$ | 42,585 | $ | (39,272 | ) | $ | (8,741 | ) | $ | (5,428 | ) | |||||
|
Free cash flow (1) |
$ | 42,585 | $ | (39,272 | ) | $ | (8,741 | ) | $ | (5,428 | ) | |||||
|
For the Three Months Ended March 31, 2025 |
||||||||||||||||
|
Revenues |
$ | 55,681 | $ | — | $ | — | $ | 55,681 | ||||||||
|
Equity in earnings of Sisecam Wyoming |
— | 4,610 | — | 4,610 | ||||||||||||
|
Gain on asset sales and disposals |
247 | — | — | 247 | ||||||||||||
|
Total revenues and other income |
$ | 55,928 | $ | 4,610 | $ | — | $ | 60,538 | ||||||||
|
Asset impairments |
$ | 20 | $ | — | $ | — | $ | 20 | ||||||||
|
Net income (loss) |
$ | 45,208 | $ | 4,550 | $ | (9,505 | ) | $ | 40,253 | |||||||
|
Adjusted EBITDA (1) |
$ | 49,213 | $ | 2,880 | $ | (6,833 | ) | $ | 45,260 | |||||||
|
Cash flow provided by (used in) continuing operations: |
||||||||||||||||
|
Operating activities |
$ | 43,223 | $ | 2,880 | $ | (11,679 | ) | $ | 34,424 | |||||||
|
Investing activities |
$ | 947 | $ | — | $ | — | $ | 947 | ||||||||
|
Financing activities |
$ | (841 | ) | $ | — | $ | (34,098 | ) | $ | (34,939 | ) | |||||
|
Distributable cash flow (1) |
$ | 44,170 | $ | 2,880 | $ | (11,679 | ) | $ | 35,371 | |||||||
|
Free cash flow (1) |
$ | 43,923 | $ | 2,880 | $ | (11,679 | ) | $ | 35,124 | |||||||
|
For the Three Months Ended December 31, 2025 |
||||||||||||||||
|
Revenues |
$ | 48,398 | $ | — | $ | — | $ | 48,398 | ||||||||
|
Equity in loss of Sisecam Wyoming |
— | (1,686 | ) | — | (1,686 | ) | ||||||||||
|
Gain on asset sales and disposals |
— | — | — | — | ||||||||||||
|
Total revenues and other income |
$ | 48,398 | $ | (1,686 | ) | $ | — | $ | 46,712 | |||||||
|
Asset impairments |
$ | — | $ | — | $ | — | $ | — | ||||||||
|
Net income (loss) |
$ | 39,808 | $ | (1,701 | ) | $ | (7,109 | ) | $ | 30,998 | ||||||
|
Adjusted EBITDA (1) |
$ | 43,148 | $ | (15 | ) | $ | (5,948 | ) | $ | 37,185 | ||||||
|
Cash flow provided by (used in) continuing operations: |
||||||||||||||||
|
Operating activities |
$ | 49,174 | $ | (15 | ) | $ | (4,394 | ) | $ | 44,765 | ||||||
|
Investing activities |
$ | 743 | $ | — | $ | — | $ | 743 | ||||||||
|
Financing activities |
$ | — | $ | — | $ | (46,386 | ) | $ | (46,386 | ) | ||||||
|
Distributable cash flow (1) |
$ | 49,917 | $ | (15 | ) | $ | (4,394 | ) | $ | 45,508 | ||||||
|
Free cash flow (1) |
$ | 49,917 | $ | (15 | ) | $ | (4,394 | ) | $ | 45,508 | ||||||
|
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
|
Operating Statistics - Mineral Rights |
|
For the Three Months Ended |
||||||||||||
|
March 31, |
December 31, |
|||||||||||
|
(In thousands, except per ton data) |
2026 |
2025 |
2025 |
|||||||||
|
Coal sales volumes (tons) |
||||||||||||
|
Appalachia |
||||||||||||
|
Northern |
472 | 124 | 1,291 | |||||||||
|
Central |
2,967 | 3,306 | 2,969 | |||||||||
|
Southern |
329 | 296 | 686 | |||||||||
|
Total Appalachia |
3,768 | 3,726 | 4,946 | |||||||||
|
Illinois Basin |
2,420 | 3,342 | 1,264 | |||||||||
|
Northern Powder River Basin |
175 | 916 | 750 | |||||||||
|
Gulf Coast |
162 | 237 | 339 | |||||||||
|
Total coal sales volumes |
6,525 | 8,221 | 7,299 | |||||||||
|
Coal royalty revenue per ton |
||||||||||||
|
Appalachia |
||||||||||||
|
Northern |
$ | 1.42 | $ | 1.48 | $ | 1.48 | ||||||
|
Central |
6.18 | 6.18 | 5.95 | |||||||||
|
Southern |
11.40 | 9.18 | 9.48 | |||||||||
|
Illinois Basin |
2.32 | 2.44 | 2.11 | |||||||||
|
Northern Powder River Basin |
6.19 | 4.55 | 4.36 | |||||||||
|
Gulf Coast |
0.83 | 0.78 | 0.79 | |||||||||
|
Combined average coal royalty revenue per ton |
4.53 | 4.36 | 4.42 | |||||||||
|
Coal royalty revenues |
||||||||||||
|
Appalachia |
||||||||||||
|
Northern |
$ | 671 | $ | 183 | $ | 1,909 | ||||||
|
Central |
18,328 | 20,426 | 17,669 | |||||||||
|
Southern |
3,750 | 2,718 | 6,504 | |||||||||
|
Total Appalachia |
22,749 | 23,327 | 26,082 | |||||||||
|
Illinois Basin |
5,606 | 8,141 | 2,667 | |||||||||
|
Northern Powder River Basin |
1,084 | 4,169 | 3,269 | |||||||||
|
Gulf Coast |
135 | 184 | 267 | |||||||||
|
Unadjusted coal royalty revenues |
29,574 | 35,821 | 32,285 | |||||||||
|
Coal royalty adjustment for minimum leases |
— | (323 | ) | (7 | ) | |||||||
|
Total coal royalty revenues |
$ | 29,574 | $ | 35,498 | $ | 32,278 | ||||||
|
Other revenues |
||||||||||||
|
Production lease minimum revenues |
$ | 558 | $ | 2,725 | $ | 797 | ||||||
|
Minimum lease straight-line revenues |
4,019 | 4,050 | 4,300 | |||||||||
|
Oil and gas royalty revenues |
1,386 | 2,444 | 1,410 | |||||||||
|
Carbon neutral revenues |
185 | 595 | 253 | |||||||||
|
Property tax revenues |
1,711 | 1,637 | 1,546 | |||||||||
|
Wheelage revenues |
1,990 | 1,738 | 1,855 | |||||||||
|
Coal overriding royalty revenues |
1,386 | 880 | 526 | |||||||||
|
Lease amendment revenues |
1,200 | 655 | 1,844 | |||||||||
|
Aggregates royalty revenues |
1,118 | 853 | 936 | |||||||||
|
Other revenues |
170 | 185 | 130 | |||||||||
|
Total other revenues |
$ | 13,723 | $ | 15,762 | $ | 13,597 | ||||||
|
Royalty and other mineral rights |
$ | 43,297 | $ | 51,260 | $ | 45,875 | ||||||
|
Transportation and processing services revenues |
3,885 | 4,421 | 2,523 | |||||||||
|
Gain (loss) on asset sales and disposals |
(1 | ) | 247 | — | ||||||||
|
Total Mineral Rights segment revenues and other income |
$ | 47,181 | $ | 55,928 | $ | 48,398 | ||||||
|
Adjusted EBITDA |
|
Mineral |
Corporate and |
|||||||||||||||
|
(In thousands) |
Rights |
Soda Ash |
Financing |
Total |
||||||||||||
|
For the Three Months Ended March 31, 2026 |
||||||||||||||||
|
Net income (loss) |
$ | 33,530 | $ | (7,900 | ) | $ | (6,011 | ) | $ | 19,619 | ||||||
|
Add (Less): equity in (earnings) loss from unconsolidated investment |
— | 7,828 | — | 7,828 | ||||||||||||
|
Add: total distributions from unconsolidated investment |
— | — | — | — | ||||||||||||
|
Add: interest expense, net |
— | — | 973 | 973 | ||||||||||||
|
Add: depreciation, depletion and amortization |
7,610 | — | 4 | 7,614 | ||||||||||||
|
Add: asset impairments |
— | — | — | — | ||||||||||||
|
Adjusted EBITDA |
$ | 41,140 | $ | (72 | ) | $ | (5,034 | ) | $ | 36,034 | ||||||
|
For the Three Months Ended March 31, 2025 |
||||||||||||||||
|
Net income (loss) |
$ | 45,208 | $ | 4,550 | $ | (9,505 | ) | $ | 40,253 | |||||||
|
Add (Less): equity in (earnings) loss from unconsolidated investment |
— | (4,610 | ) | — | (4,610 | ) | ||||||||||
|
Add: total distributions from unconsolidated investment |
— | 2,940 | — | 2,940 | ||||||||||||
|
Add: interest expense, net |
— | — | 2,668 | 2,668 | ||||||||||||
|
Add: depreciation, depletion and amortization |
3,985 | — | 4 | 3,989 | ||||||||||||
|
Add: asset impairments |
20 | — | — | 20 | ||||||||||||
|
Adjusted EBITDA |
$ | 49,213 | $ | 2,880 | $ | (6,833 | ) | $ | 45,260 | |||||||
|
For the Three Months Ended December 31, 2025 |
||||||||||||||||
|
Net income (loss) |
$ | 39,808 | $ | (1,701 | ) | $ | (7,109 | ) | $ | 30,998 | ||||||
|
Add (Less): equity in (earnings) loss from unconsolidated investment |
— | 1,686 | — | 1,686 | ||||||||||||
|
Add: total distributions from unconsolidated investment |
— | — | — | — | ||||||||||||
|
Add: interest expense, net |
— | — | 1,157 | 1,157 | ||||||||||||
|
Add: depreciation, depletion and amortization |
3,340 | — | 4 | 3,344 | ||||||||||||
|
Add: asset impairments |
— | — | — | — | ||||||||||||
|
Adjusted EBITDA |
$ | 43,148 | $ | (15 | ) | $ | (5,948 | ) | $ | 37,185 | ||||||
|
Distributable Cash Flow and Free Cash Flow |
|
Mineral |
Corporate and |
|||||||||||||||
|
(In thousands) |
Rights |
Soda Ash |
Financing |
Total |
||||||||||||
|
For the Three Months Ended March 31, 2026 |
||||||||||||||||
|
Net cash provided by (used in) operating activities |
$ | 41,827 | $ | (72 | ) | $ | (8,741 | ) | $ | 33,014 | ||||||
|
Add: proceeds from asset sales and disposals |
— | — | — | — | ||||||||||||
|
Add: return of long-term contract receivable |
758 | — | — | 758 | ||||||||||||
|
Less: capital to unconsolidated investment |
— | (39,200 | ) | — | (39,200 | ) | ||||||||||
|
Distributable cash flow |
$ | 42,585 | $ | (39,272 | ) | $ | (8,741 | ) | $ | (5,428 | ) | |||||
|
Less: proceeds from asset sales and disposals |
— | — | — | — | ||||||||||||
|
Free cash flow |
$ | 42,585 | $ | (39,272 | ) | $ | (8,741 | ) | $ | (5,428 | ) | |||||
|
Net cash provided by (used in) investing activities |
$ | 758 | $ | (39,200 | ) | $ | — | $ | (38,442 | ) | ||||||
|
Net cash provided by (used in) financing activities |
$ | (1,256 | ) | $ | — | $ | 8,047 | $ | 6,791 | |||||||
|
For the Three Months Ended March 31, 2025 |
||||||||||||||||
|
Net cash provided by (used in) operating activities |
$ | 43,223 | $ | 2,880 | $ | (11,679 | ) | $ | 34,424 | |||||||
|
Add: proceeds from asset sales and disposals |
247 | — | — | 247 | ||||||||||||
|
Add: return of long-term contract receivable |
700 | — | — | 700 | ||||||||||||
|
Distributable cash flow |
$ | 44,170 | $ | 2,880 | $ | (11,679 | ) | $ | 35,371 | |||||||
|
Less: proceeds from asset sales and disposals |
(247 | ) | — | — | (247 | ) | ||||||||||
|
Free cash flow |
$ | 43,923 | $ | 2,880 | $ | (11,679 | ) | $ | 35,124 | |||||||
|
Net cash provided by investing activities |
$ | 947 | $ | — | $ | — | $ | 947 | ||||||||
|
Net cash used in financing activities |
$ | (841 | ) | $ | — | $ | (34,098 | ) | $ | (34,939 | ) | |||||
|
For the Three Months Ended December 31, 2025 |
||||||||||||||||
|
Net cash provided by (used in) operating activities |
$ | 49,174 | $ | (15 | ) | $ | (4,394 | ) | $ | 44,765 | ||||||
|
Add: proceeds from asset sales and disposals |
— | — | — | — | ||||||||||||
|
Add: return of long-term contract receivable |
743 | — | — | 743 | ||||||||||||
|
Distributable cash flow |
$ | 49,917 | $ | (15 | ) | $ | (4,394 | ) | $ | 45,508 | ||||||
|
Less: proceeds from asset sales and disposals |
— | — | — | — | ||||||||||||
|
Free cash flow |
$ | 49,917 | $ | (15 | ) | $ | (4,394 | ) | $ | 45,508 | ||||||
|
Net cash provided by investing activities |
$ | 743 | $ | — | $ | — | $ | 743 | ||||||||
|
Net cash used in financing activities |
$ | — | $ | — | $ | (46,386 | ) | $ | (46,386 | ) | ||||||
|
Last Twelve Months (LTM) Free Cash Flow |
|
For the Three Months Ended |
||||||||||||||||||||
|
(In thousands) |
June 30, 2025 |
September 30, 2025 |
December 31, 2025 |
March 31, 2026 |
Last 12 Months |
|||||||||||||||
|
Net cash provided by operating activities |
$ | 45,579 | $ | 41,095 | $ | 44,765 | $ | 33,014 | $ | 164,453 | ||||||||||
|
Add: proceeds from asset sales and disposals |
730 | 906 | — | — | 1,636 | |||||||||||||||
|
Add: return of long-term contract receivable |
714 | 728 | 743 | 758 | 2,943 | |||||||||||||||
|
Less: capital to unconsolidated investment |
— | — | — | (39,200 | ) | (39,200 | ) | |||||||||||||
|
Distributable cash flow |
$ | 47,023 | $ | 42,729 | $ | 45,508 | $ | (5,428 | ) | $ | 129,832 | |||||||||
|
Less: proceeds from asset sales and disposals |
(730 | ) | (906 | ) | — | — | (1,636 | ) | ||||||||||||
|
Free cash flow |
$ | 46,293 | $ | 41,823 | $ | 45,508 | $ | (5,428 | ) | $ | 128,196 | |||||||||
|
Add: investment in soda ash business |
— | — | — | 39,200 | 39,200 | |||||||||||||||
|
Free cash flow before investment in soda ash business |
$ | 46,293 | $ | 41,823 | $ | 45,508 | $ | 33,772 | $ | 167,396 | ||||||||||
|
|
|
Leverage Ratio |
|
For the Three Months Ended |
||||||||||||||||||||
|
(In thousands) |
June 30, 2025 |
September 30, 2025 |
December 31, 2025 |
March 31, 2026 |
Last 12 Months |
|||||||||||||||
|
Net income |
$ | 34,211 | $ | 30,905 | $ | 30,998 | $ | 19,619 | $ | 115,733 | ||||||||||
|
Add (Less): equity in (earnings) loss from unconsolidated investment |
(2,526 | ) | 2,390 | 1,686 | 7,828 | 9,378 | ||||||||||||||
|
Add: total distributions from unconsolidated investment |
4,900 | — | — | — | 4,900 | |||||||||||||||
|
Add: interest expense, net |
2,380 | 1,779 | 1,157 | 973 | 6,289 | |||||||||||||||
|
Add: depreciation, depletion and amortization |
3,754 | 3,868 | 3,344 | 7,614 | 18,580 | |||||||||||||||
|
Add: asset impairments |
— | — | — | — | — | |||||||||||||||
|
Adjusted EBITDA |
$ | 42,719 | $ | 38,942 | $ | 37,185 | $ | 36,034 | $ | 154,880 | ||||||||||
|
Debt—at March 31, 2026 |
$ | 60,415 | ||||||||||||||||||
|
Leverage Ratio |
0.4 x |
|||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||||
|
(In thousands) |
June 30, 2024 |
September 30, 2024 |
December 31, 2024 |
March 31, 2025 |
Last 12 Months |
|||||||||||||||
|
Net income |
$ | 46,064 | $ | 38,595 | $ | 42,772 | $ | 40,253 | $ | 167,684 | ||||||||||
|
Less: equity in earnings from unconsolidated investment |
(3,645 | ) | (8,109 | ) | (931 | ) | (4,610 | ) | (17,295 | ) | ||||||||||
|
Add: total distributions from unconsolidated investment |
7,584 | 6,320 | 10,667 | 2,940 | 27,511 | |||||||||||||||
|
Add: interest expense, net |
4,349 | 4,194 | 3,524 | 2,668 | 14,735 | |||||||||||||||
|
Add: depreciation, depletion and amortization |
3,324 | 4,730 | 2,827 | 3,989 | 14,870 | |||||||||||||||
|
Add: asset impairments |
— | 87 | — | 20 | 107 | |||||||||||||||
|
Adjusted EBITDA |
$ | 57,676 | $ | 45,817 | $ | 58,859 | $ | 45,260 | $ | 207,612 | ||||||||||
|
Debt—at March 31, 2025 |
$ | 139,047 | ||||||||||||||||||
|
Leverage Ratio |
0.7 x |
|||||||||||||||||||
-end-