Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-31465 | |
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2164875 | |
Entity Address, Address Line One | 1201 Louisiana Street, Suite 3400 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 751-7507 | |
Title of 12(b) Security | Common Units representing limited partner interests | |
Trading Symbol | NRP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,505,996 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001171486 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 135,590 | $ 135,520 |
Accounts receivable, net | 32,729 | 24,538 |
Other current assets, net | 3,510 | 2,723 |
Total current assets | 171,829 | 162,781 |
Land | 24,008 | 24,008 |
Mineral rights, net | 433,965 | 437,697 |
Intangible assets, net | 16,019 | 16,130 |
Equity in unconsolidated investment | 280,156 | 276,004 |
Long-term contract receivable, net | 30,783 | 31,371 |
Other long-term assets, net | 5,528 | 5,832 |
Total assets | 962,288 | 953,823 |
Current liabilities | ||
Accounts payable | 1,896 | 1,956 |
Accrued liabilities | 3,388 | 10,297 |
Accrued interest | 8,463 | 1,213 |
Current portion of deferred revenue | 15,420 | 11,817 |
Current portion of long-term debt, net | 39,046 | 39,102 |
Total current liabilities | 68,213 | 64,385 |
Deferred revenue | 39,126 | 50,045 |
Long-term debt, net | 378,163 | 394,443 |
Other non-current liabilities | 4,803 | 5,018 |
Total liabilities | 490,305 | 513,891 |
Commitments and contingencies (see Note 12) | ||
Class A Convertible Preferred Units (250,000 and 269,321 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at March 31, 2022 and December 31, 2021) | 164,587 | 183,908 |
Partners’ capital | ||
Common unitholders’ interest (12,505,996 and 12,351,306 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively) | 250,767 | 203,062 |
General partner’s interest | 2,909 | 1,787 |
Warrant holders’ interest | 47,964 | 47,964 |
Accumulated other comprehensive income | 5,756 | 3,211 |
Total partners’ capital | 307,396 | 256,024 |
Total liabilities and partners' capital | $ 962,288 | $ 953,823 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred units issued (in shares) | 250,000 | |
Preferred units outstanding (in shares) | 269,321 | |
Preferred unit par value per unit | $ 1,000 | $ 1,000 |
Preferred unit liquidation preference per unit | $ 1,850 | $ 1,850 |
Common units issued (in shares) | 12,505,996 | 12,351,306 |
Common units outstanding (in shares) | 12,505,996 | 12,351,306 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Revenues | $ 89,716 | $ 37,092 | ||
Gain on asset sales and disposals | 0 | 59 | ||
Total revenues and other income | 89,716 | 37,151 | ||
Operating expenses | ||||
Operating and maintenance expenses | 8,076 | 5,552 | ||
Depreciation, depletion and amortization | 3,868 | 5,092 | ||
General and administrative expenses | 4,467 | 4,110 | ||
Asset impairments | 19 | 4,043 | ||
Total operating expenses | 16,430 | 18,797 | ||
Income from operations | 73,286 | 18,354 | ||
Interest expense, net | (9,387) | (9,973) | ||
Net income | 63,899 | [1] | 8,381 | [2] |
Less: income attributable to preferred unitholders | (7,500) | (7,727) | ||
Net income attributable to common unitholders and the general partner | 56,399 | 654 | ||
Net income attributable to common unitholders | 55,271 | 641 | ||
Net income attributable to the general partner | $ 1,128 | $ 13 | ||
Net income per common unit (see Note 4) | ||||
Basic (in dollars per share) | $ 4.45 | $ 0.05 | ||
Diluted (in dollars per unit) | $ 3.11 | $ 0.05 | ||
Comprehensive income from unconsolidated investment and other | $ 2,545 | $ 732 | ||
Comprehensive income | 66,444 | 9,113 | ||
Mineral Rights | ||||
Revenues | 74,879 | 35,119 | ||
Soda Ash | ||||
Revenues | 14,837 | 1,973 | ||
Transportation and processing services | Mineral Rights | ||||
Revenues | 3,796 | 2,192 | ||
Royalty and other mineral rights | Mineral Rights | ||||
Revenues | $ 71,083 | $ 32,927 | ||
[1] | Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. | |||
[2] | Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Unitholders | Warrant Holders | Accumulated Other Comprehensive Income | Common Unitholders | Common UnitholdersCommon Unitholders | Common unitholders and general partner | General Partner | General PartnerGeneral Partner | Preferred Partner | Preferred PartnerGeneral Partner | Preferred PartnerCommon Unitholders | |
Balance, beginning of period (in shares) at Dec. 31, 2020 | 12,261 | |||||||||||||
Balance, beginning of period at Dec. 31, 2020 | $ 204,524 | $ 459 | $ 136,927 | $ 66,816 | $ 322 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Net income attributable to NRP | 168 | $ 8,213 | ||||||||||||
Net income | [1] | 8,381 | ||||||||||||
Distributions to unitholders | $ (5,517) | $ (5,630) | $ (113) | $ (7,613) | $ (152) | $ (7,461) | ||||||||
Issuance of unit-based awards (units) | 90 | |||||||||||||
Issuance of unit-based awards | 0 | |||||||||||||
Unit-based awards amortization and vesting, net | 215 | $ 215 | ||||||||||||
Partners' Capital Account, Contributions | 32 | 32 | ||||||||||||
Comprehensive income from unconsolidated investment and other | 732 | 732 | ||||||||||||
Balance, end of period (in shares) at Mar. 31, 2021 | 12,351 | |||||||||||||
Balance, end of period at Mar. 31, 2021 | 200,641 | 394 | $ 132,377 | 66,816 | 1,054 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Income attributable to preferred unitholders | 7,727 | $ 7,600 | $ 200 | |||||||||||
Balance, beginning of period (in shares) at Dec. 31, 2021 | 12,351 | |||||||||||||
Balance, beginning of period at Dec. 31, 2021 | 256,024 | 1,787 | $ 203,062 | 47,964 | 3,211 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Net income attributable to NRP | 1,278 | $ 62,621 | ||||||||||||
Net income | [2] | 63,899 | ||||||||||||
Distributions to unitholders | $ (5,559) | $ (5,672) | $ (113) | $ (7,758) | (155) | $ (7,603) | ||||||||
Issuance of unit-based awards (units) | 155 | |||||||||||||
Issuance of unit-based awards | 0 | |||||||||||||
Unit-based awards amortization and vesting, net | (1,754) | $ (1,754) | ||||||||||||
Partners' Capital Account, Contributions | 112 | $ 112 | ||||||||||||
Comprehensive income from unconsolidated investment and other | 2,545 | 2,545 | ||||||||||||
Balance, end of period (in shares) at Mar. 31, 2022 | 12,506 | |||||||||||||
Balance, end of period at Mar. 31, 2022 | 307,396 | $ 2,909 | $ 250,767 | $ 47,964 | $ 5,756 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||
Income attributable to preferred unitholders | $ 7,500 | $ 7,400 | $ 200 | |||||||||||
[1] | Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. | |||||||||||||
[2] | Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Cash flows from operating activities | ||||
Net income | $ 63,899 | [1] | $ 8,381 | [2] |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||||
Depreciation, depletion and amortization | 3,868 | 5,092 | ||
Distributions from unconsolidated investment | 13,230 | 3,920 | ||
Equity earnings from unconsolidated investment | (14,837) | (1,973) | ||
Gain on asset sales and disposals | 0 | (59) | ||
Asset impairments | 19 | 4,043 | ||
Bad debt expense | 1,028 | 383 | ||
Unit-based compensation expense | 1,448 | 1,126 | ||
Amortization of debt issuance costs and other | 375 | 269 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable | (7,579) | (3,331) | ||
Accounts payable | (60) | (10) | ||
Accrued liabilities | (7,156) | (3,034) | ||
Accrued interest | 7,250 | 7,133 | ||
Deferred revenue | (7,316) | (146) | ||
Other items, net | (1,838) | 1,406 | ||
Net cash provided by operating activities | 52,331 | 23,200 | ||
Cash flows from investing activities | ||||
Proceeds from asset sales and disposals | 0 | 59 | ||
Return of long-term contract receivable | 0 | 541 | ||
Net cash provided by investing activities | 0 | 600 | ||
Cash flows from financing activities | ||||
Debt repayments | (16,697) | (16,696) | ||
Redemption of preferred units paid-in-kind | (19,579) | 0 | ||
Other items | 2,813 | 691 | ||
Net cash used in financing activities | (52,261) | (26,823) | ||
Net increase (decrease) in cash and cash equivalents | 70 | (3,023) | ||
Cash and cash equivalents at beginning of period | 135,520 | 99,790 | ||
Cash and cash equivalents at end of period | 135,590 | 96,767 | ||
Supplemental cash flow information: | ||||
Cash paid for interest | 1,644 | 2,320 | ||
Non-cash investing and financing activities: | ||||
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities | 0 | 992 | ||
Preferred unit distributions paid-in-kind | 0 | 3,806 | ||
General Partner | ||||
Cash flows from financing activities | ||||
Distributions to common unitholders and the general partner | (5,672) | (5,630) | ||
Preferred Partner | ||||
Cash flows from financing activities | ||||
Distributions to common unitholders and the general partner | $ (7,500) | $ (3,806) | ||
[1] | Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. | |||
[2] | Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Business Natural Resource Partners L.P. (the "Partnership") engages principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and owns a non-controlling 49% interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two operating segments further described in Note 5. Segment Information . As used in these Notes to Consolidated Financial Statements, the terms "NRP," "we," "us" and "our" refer to Natural Resource Partners L.P. and its subsidiaries, unless otherwise stated or indicated by context. Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2021 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on March 15, 2022. Certain reclassifications have been made to prior year amounts in the Notes to Consolidated Financial Statements to conform with current year presentation. These reclassifications had no impact on previously reported total assets, total liabilities, partners' capital, net income or cash flows from operating, investing or financing activities. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenues from Contracts with Customers The following table presents the Partnership's Mineral Rights segment revenues by major source: For the Three Months Ended March 31, (In thousands) 2022 2021 Coal royalty revenues $ 55,449 $ 15,365 Production lease minimum revenues 1,592 3,450 Minimum lease straight-line revenues 4,783 6,096 Property tax revenues 1,472 1,469 Wheelage revenues 3,717 1,781 Coal overriding royalty revenues 258 1,859 Lease amendment revenues 880 868 Aggregates royalty revenues 770 454 Oil and gas royalty revenues 1,814 1,366 Other revenues 348 219 Royalty and other mineral rights revenues $ 71,083 $ 32,927 Transportation and processing services revenues (1) 3,796 2,192 Total Mineral Rights segment revenues $ 74,879 $ 35,119 (1) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $3.1 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. The remaining transportation and processing services revenues of $0.7 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Trans action for more information. The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers: March 31, December 31, (In thousands) 2022 2021 Receivables Accounts receivable, net $ 29,131 $ 22,277 Other current assets, net (1) 2,063 769 Other long-term assets, net (2) 250 250 Contract liabilities Current portion of deferred revenue $ 15,420 $ 11,817 Deferred revenue 39,126 50,045 (1) Other current assets, net includes short-term notes receivables from contracts with customers. (2) Other long-term assets, net includes long-term lease amendment fee receivables from contracts with customers. The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue: For the Three Months Ended (In thousands) 2022 2021 Balance at beginning of period (current and non-current) $ 61,862 $ 61,554 Increase due to minimums and lease amendment fees 5,059 4,358 Recognition of previously deferred revenue (12,375) (4,504) Balance at end of period (current and non-current) $ 54,546 $ 61,408 The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty leases are as follows as of March 31, 2022 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 2.4 $ 19,021 5 - 10 years 3.9 6,772 10+ years 13.4 27,438 Total 8.3 $ 53,231 (1) Lease term does not include renewal periods. |
Common and Preferred Unit Distr
Common and Preferred Unit Distributions | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common and Preferred Unit Distributions | Common and Preferred Unit Distributions The Partnership makes cash distributions to common and preferred unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes both common unit and preferred unit distributions on the date the distribution is declared. Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The general partner is entitled to receive 2% of such distributions. Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $7.5 million and $7.7 million during the three months ended March 31, 2022 and 2021, respectively, as a result of accumulated preferred unit distributions earned during the period. The following table shows the cash distributions declared and paid to common and preferred unitholders during the three months ended March 31, 2022 and 2021, respectively: Cash Distributions Paid-in-kind Distributions Common Units Preferred Units Month Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) (In thousands) Distribution per Unit Total Distribution Total Distribution 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 $ — 2021 February 2021 October 1 - December 31, 2020 $ 0.45 $ 5,630 $ 15.00 $ 3,806 3,806 (1) Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. |
Net Income Per Common Unit
Net Income Per Common Unit | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | Net Income Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive. The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the three months ended March 31, 2022 includes the assumed conversion of the preferred units. The calculation of diluted net income per common unit for the three months ended March 31, 2021 does not include the assumed conversion of the preferred units because the impact would have been anti-dilutive. The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three months ended March 31, 2022 includes the net settlement of warrants to purchase 0.75 million co mmon units at a strike price of $22.81 and the net settlement of warrants to purchase 2.25 million common units with a strike price of $34.00 whereas the calculation of diluted net income per common unit for the three months ended March 31, 2021 does not include the net settlement of warrants to purchase 1.75 million common units at a strike price of $22.81 or the net settlement of warrants to purchase 2.25 million common units with a strike price of $34.00 because the impact would have been anti-dilutive. The following tables reconcile the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit: For the Three Months Ended March 31, (In thousands, except per unit data) 2022 2021 Allocation of net income Net income $ 63,899 $ 8,381 Less: income attributable to preferred unitholders (7,500) (7,727) Net income attributable to common unitholders and the general partner $ 56,399 $ 654 Less: net income attributable to the general partner (1,128) (13) Net income attributable to common unitholders $ 55,271 $ 641 Basic net income per common unit Weighted average common units—basic 12,415 12,292 Basic net income per common unit $ 4.45 $ 0.05 Diluted net income per common unit Weighted average common units—basic 12,415 12,292 Plus: dilutive effect of preferred units 6,974 — Plus: dilutive effect of warrants 531 — Plus: dilutive effect of unvested unit-based awards 240 116 Weighted average common units—diluted 20,160 12,408 Net income $ 63,899 $ 8,381 Less: income attributable to preferred unitholders — (7,727) Diluted net income attributable to common unitholders and the general partner $ 63,899 $ 654 Less: diluted net income attributable to the general partner (1,278) (13) Diluted net income attributable to common unitholders $ 62,621 $ 641 Diluted net income per common unit $ 3.11 $ 0.05 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Partnership's segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two operating segments: Mineral Rights —c onsists of mineral interests and other subsurface rights across the United States. NRP's ownership provides critical inputs for the manufacturing of steel, electricity and basic building materials, as well as opportunities for carbon sequestration and renewable energy. The Partnership is working to strategically redefine its business as a key player in the transitional energy economy in the years to come. Soda Ash —consists of the Partnership's 49% non-controlling equity interest in Sisecam Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin of Wyoming. Sisecam Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally to the glass and chemicals industries. Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income. The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended March 31, 2022 Revenues $ 74,879 $ 14,837 $ — $ 89,716 Operating and maintenance expenses 8,025 51 — 8,076 Depreciation, depletion and amortization 3,868 — — 3,868 General and administrative expenses — — 4,467 4,467 Asset impairments 19 — — 19 Interest expense, net — — 9,387 9,387 Net income (loss) 62,967 14,786 (13,854) 63,899 For the Three Months Ended March 31, 2021 Revenues $ 35,119 $ 1,973 $ — $ 37,092 Gain on asset sales and disposals 59 — — 59 Operating and maintenance expenses 5,532 20 — 5,552 Depreciation, depletion and amortization 5,092 — — 5,092 General and administrative expenses — — 4,110 4,110 Asset impairments 4,043 — — 4,043 Interest expense, net 23 — 9,950 9,973 Net income (loss) 20,488 1,953 (14,060) 8,381 |
Equity Investment
Equity Investment | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment | Equity Investment The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows: For the Three Months Ended March 31, (In thousands) 2022 2021 Balance at beginning of period $ 276,004 $ 262,514 Income allocation to NRP’s equity interests 16,065 3,216 Amortization of basis difference (1,228) (1,243) Other comprehensive income 2,545 732 Distribution (13,230) (3,920) Balance at end of period $ 280,156 $ 261,299 The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, (In thousands) 2022 2021 Net sales $ 163,437 $ 127,791 Gross profit 39,765 12,700 Net income 32,786 6,563 |
Mineral Rights, Net
Mineral Rights, Net | 3 Months Ended |
Mar. 31, 2022 | |
Extractive Industries [Abstract] | |
Mineral Rights, Net | Mineral Rights, Net The Partnership’s mineral rights consist of the following: March 31, 2022 December 31, 2021 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 670,626 $ (256,963) $ 413,663 $ 670,650 $ (253,503) $ 417,147 Aggregates properties 8,747 (3,102) 5,645 8,747 (2,975) 5,772 Oil and gas royalty properties 12,354 (9,236) 3,118 12,354 (9,115) 3,239 Other 13,151 (1,612) 11,539 13,151 (1,612) 11,539 Total mineral rights, net $ 704,878 $ (270,913) $ 433,965 $ 704,902 $ (267,205) $ 437,697 Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $3.7 million and $4.7 million for the three months ended March 31, 2022 and 2021, respectively. During the three ended March 31, 2022, the Partnership recorded $0.02 million of impairment expense. During the three months ended March 31, 2021, the Partnership recorded $4.0 million of expense primarily due to a lease termination that resulted in the full impairment of a coal property. The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable reserves or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. While the Partnership's impairment evaluation as of March 31, 2022 incorporated an estimated impact of the global COVID-19 pandemic, there is significant uncertainty as to the severity and duration of this disruption. If the impact is worse than current estimates, an additional impairment charge may be recognized in future periods. |
Debt, Net
Debt, Net | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt, Net | Debt, Net The Partnership's debt consists of the following: March 31, December 31, (In thousands) 2022 2021 NRP LP debt: 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") $ 300,000 $ 300,000 Opco debt: Revolving credit facility $ — $ — Senior Notes 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 $ 4,730 $ 4,730 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 12,008 12,008 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 25,368 38,053 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 8,023 12,035 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 57,104 57,104 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 14,554 14,554 Total Opco Senior Notes $ 121,787 $ 138,484 Total debt at face value $ 421,787 $ 438,484 Net unamortized debt issuance costs (4,578) (4,939) Total debt, net $ 417,209 $ 433,545 Less: current portion of long-term debt (39,046) (39,102) Total long-term debt, net $ 378,163 $ 394,443 NRP LP Debt 2025 Senior Notes The 2025 Senior Notes were issued under an Indenture dated as of April 29, 2019 (the "2025 Indenture"), bear interest at 9.125% per year and mature on June 30, 2025. Interest is payable semi-annually on June 30 and December 30. NRP and NRP Finance have the option to redeem the 2025 Senior Notes, in whole or in part, at any time on or after October 30, 2021, at the redemption prices (expressed as percentages of principal amount) of 104.563% for the 12-month period beginning October 30, 2021, 102.281% for the 12-month period beginning October 30, 2022, and thereafter at 100.000%, together, in each case, with any accrued and unpaid interest to the date of redemption. Furthermore, before October 30, 2021, NRP may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes with the net proceeds of certain public or private equity offerings at a redemption price of 109.125% of the principal amount of 2025 Senior Notes, plus any accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the aggregate principal amount of the 2025 Senior Notes issued under the 2025 Indenture remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering. In the event of a change of control, as defined in the 2025 Indenture, the holders of the 2025 Senior Notes may require us to purchase their 2025 Senior Notes at a purchase price equal to 101% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any. The 2025 Senior Notes were issued at par. The 2025 Senior Notes are the senior unsecured obligations of NRP and NRP Finance. The 2025 Senior Notes rank equal in right of payment to all existing and future senior unsecured debt of NRP and NRP Finance and senior in right of payment to any of NRP's subordinated debt. The 2025 Senior Notes are effectively subordinated in right of payment to all future secured debt of NRP and NRP Finance to the extent of the value of the collateral securing such indebtedness and are structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries, including the Opco Credit Facility and each series of Opco’s existing senior notes. "Opco" refers to NRP (Operating) LLC, a wholly owned subsidiary of NRP, and its subsidiaries. None of NRP's subsidiaries guarantee the 2025 Senior Notes. As of March 31, 2022 and December 31, 2021, NRP and NRP Finance were in compliance with the terms of the Indenture relating to their 2025 Senior Notes. Opco Debt All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries, other than BRP LLC and NRP Trona LLC. As of March 31, 2022 and December 31, 2021, Opco was in compliance with the terms of the financial covenants contained in its debt agreements. Opco Credit Facility In April 2019, the Partnership entered into the Fourth Amendment (the “Fourth Amendment”) to the Opco Credit Facility (the "Opco Credit Facility"). The Fourth Amendment extended the term of the Opco Credit Facility until April 2023. Lender commitments under the Opco Credit Facility remain at $100.0 million. The Opco Credit Facility contains financial covenants requiring Opco to maintain: • A leverage ratio of consolidated indebtedness to EBITDDA (as defined in the Opco Credit Facility) not to exceed 4.0x; provided, however, that if the Partnership increases its quarterly distribution to its common unitholders above $0.45 per common unit, the maximum leverage ratio under the Opco Credit Facility will permanently decrease from 4.0x to 3.0x; and • a fixed charge coverage ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease expense) of not less than 3.5 to 1.0. During the three months ended March 31, 2022 and 2021, the Partnership did not have any borrowings outstanding under the Opco Credit Facility and had $100.0 million in available borrowing capacity at both March 31, 2022 and December 31, 2021. The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $341.7 million and $345.0 million classified as mineral rights, net and other long-term assets, net on the Partnership’s Cons olidated Balance Sheets as of March 31, 2022 and December 31, 2021, respectively. Opco Senior Notes Opco has issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of March 31, 2022 and December 31, 2021, the Opco Senior Notes had cumulative principal balances of $121.8 million and $138.5 million, respectively. Opco made mandatory principal payments of $16.7 million during the three months ended March 31, 2022 and 2021. The 8.92% Opco Senior Notes also provides that in the event that Opco’s leverage ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the Note Purchase Agreements) exceeds 3.75 to 1.00 at the end of any fiscal quarter, then in addition to all other interest accruing on these notes, additional interest in the amount of 2.00% per annum shall accrue on the notes for the two succeeding quarters and for as long thereafter as the leverage ratio remains above 3.75 to 1.00. Opco has not exceeded the 3.75 to 1.00 ratio at the end of any fiscal quarter through March 31, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value of Financial Assets and Liabilities The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to their short-term nature. The Partnership uses available market data and valuation methodologies to estimate the fair value of its debt and contract receivable. The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: March 31, 2022 December 31, 2021 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 296,504 $ 304,500 $ 296,236 $ 300,000 Opco Senior Notes (1) 3 120,705 123,614 137,309 138,484 Opco Credit Facility 3 — — — — Assets: Contract receivable, net (current and long-term) (2) 3 $ 33,068 $ 25,732 $ 33,612 $ 26,010 (1) The fair value of the Opco Senior Notes are estimated by management using quotations obtained for the NRP 2025 Senior Notes on the closing trading prices near period end, which were at 102% and 100% of par value at March 31, 2022 and December 31, 2021, respectively. (2) The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at March 31, 2022 and December 31, 2021. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Affiliates of our General Partner The Partnership’s general partner does not receive any management fee or other compensation for its management of NRP. However, in accordance with the partnership agreement, the general partner and its affiliates are reimbursed for services provided to the Partnership and for expenses incurred on the Partnership’s behalf. Employees of Quintana Minerals Corporation ("QMC") and Western Pocahontas Properties Limited Partnership ("WPPLP"), affiliates of the Partnership, provide their services to manage the Partnership's business. QMC and WPPLP charge the Partnership the portion of their employee salary and benefits costs related to their employee services provided to NRP. These QMC and WPPLP employee management service costs are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income. NRP also reimburses overhead costs incurred by its affiliates, including Quintana Infrastructure Development ("QID"), to manage the Partnership's business. These overhead costs include certain rent, information technology, administration of employee benefits and other corporate services incurred by or on behalf of the Partnership’s general partner and its affiliates and are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income. Direct general and administrative expenses charged to the Partnership by QMC, WPPLP and QID are included on the Partnership's Consolidated Statement of Comprehensive Income as follows: For the Three Months Ended March 31, (In thousands) 2022 2021 Operating and maintenance expenses $ 1,659 $ 1,607 General and administrative expenses 1,240 1,186 The Partnership had accounts payable on its Consolidated Balance Sheets of $0.4 million to QMC at both March 31, 2022 and December 31, 2021 and $0.8 million and $0.9 million to WPPLP at March 31, 2022 and December 31, 2021, respectively. During the three months ended March 31, 2022 and 2021, the Partnership recognized $1.6 million and $0.2 million, respectively, in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. Corbin J. Robertson, Jr. owns 85% of the general partner of Great Northern Properties Limited Partnership ("GNP"), a privately held company primarily engaged in owning and managing mineral properties and surface leases. As of March 31, 2022 and December 31, 2021 the Partnership had $0.0 million and $0.1 million, respectively, of accounts receivable from GNP included in accounts receivable, net on its Consolidated Balance Sheets related to amounts collected for surface leases that belong to NRP. |
Major Customers
Major Customers | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Major Customers | Major Customers Revenues from customers that exceeded 10 percent of total revenues for any of the periods presented below are as follows: For the Three Months Ended March 31, 2022 2021 (In thousands) Revenues Percent Revenues Percent Foresight Energy Resources LLC ("Foresight") (1) (2) $ 11,250 13 % $ 8,572 23 % Alpha Metallurgical Resources, Inc. (1) 27,743 31 % 8,043 22 % (1) Revenues from Foresight and Alpha Metallurgical Resources, Inc. are included within the Partnership's Mineral Rights segment. (2) Revenues from Foresight in 2021 were fixed as a result of the lease amendment the Partnership entered into with Foresight pursuant to which Foresight agreed to pay NRP fixed cash payments to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between the Partnership and Foresight. Revenues from Foresight in 2022 represent traditional royalty and minimum payments. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these ordinary course matters will not have a material effect on the Partnership’s financial position, liquidity or operations. |
Unit-Based Compensation
Unit-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Unit-Based Compensation [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation The Partnership's unit-based awards granted in 2022 and 2021 were valued using the closing price of NRP's common units as of the grant date. The grant date fair value of these awards granted during the three months ended March 31, 2022 and 2021 were $7.9 million and $3.8 million, respectively. Total unit-based compensation expense associated with these awards was $1.4 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. The unamortized cost associated with unvested outstanding awards as of March 31, 2022 is $9.5 million, which is to be recognized over a weighted average period of 2.5 years. The unamortized cost associated with unvested outstanding awards as of December 31, 2021 was $3.3 million. A summary of the unit activity in the outstanding grants during 2022 is as follows: (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2022 411 $ 23.00 Granted 208 $ 38.29 Fully vested and issued (233) $ 26.74 Outstanding at March 31, 2022 386 $ 28.96 |
Financing Transaction
Financing Transaction | 3 Months Ended |
Mar. 31, 2022 | |
Financing Transaction [Abstract] | |
Financing Transaction | Financing Transaction The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 with renewal options for up to 80 additional years. Minimum payments are $5.0 million per year through the end of the lease term. The Partnership is also entitled to variable payments in the form of throughput fees determined based on the amount of coal transported and processed utilizing the Partnership's assets. In the event the Sugar Camp lease is renewed beyond 2032, payments become a fixed $10 thousand per year for the remainder of the renewed term. |
Credit Losses
Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Credit Losses [Abstract] | |
Credit Losses | Credit Losses The Partnership is exposed to credit losses through collection of its short-term trade receivables resulting from contracts with customers and a long-term receivable resulting from a financing transaction with a customer. The Partnership records an allowance for current expected credit losses on these receivables based on the loss-rate method. NRP assessed the likelihood of collection of its receivables utilizing historical loss rates, current market conditions that included the estimated impact of the global COVID-19 pandemic, industry and macroeconomic factors, reasonable and supportable forecasts and facts or circumstances of individual customers and properties. Examples of these facts or circumstances include, but are not limited to, contract disputes or renegotiations with the customer and evaluation of short and long-term economic viability of the contracted property. For its long-term contract receivable, management reverts to the historical loss experience immediately after the reasonable and supportable forecast period ends. As of March 31, 2022 and December 31, 2021, NRP had the following current expected credit loss (“CECL”) allowance related to its receivables and long-term contract receivable: March 31, 2022 December 31, 2021 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 39,403 $ (4,361) $ 35,042 $ 28,869 $ (3,312) $ 25,557 Long-term contract receivable 31,887 (1,104) 30,783 32,497 (1,126) 31,371 Total $ 71,290 $ (5,465) $ 65,825 $ 61,366 $ (4,438) $ 56,928 NRP recorded $1.0 million and $0.4 million in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three months ended March 31, 2022 and 2021, respectively. NRP has procedures in place to monitor its ongoing credit exposure through timely review of counterparty balances against contract terms and due dates, account and financing receivable reconciliation, bankruptcy monitoring, lessee audits and dispute resolution. The Partnership may employ legal counsel or collection specialists to pursue recovery of defaulted receivables. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The following represents material events that have occurred subsequent to March 31, 2022 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC: Common Unit and Preferred Unit Distributions |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation Reporting | Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2021 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on March 15, 2022. Certain reclassifications have been made to prior year amounts in the Notes to Consolidated Financial Statements to conform with current year presentation. These reclassifications had no impact on previously reported total assets, total liabilities, partners' capital, net income or cash flows from operating, investing or financing activities. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers by Source | The following table presents the Partnership's Mineral Rights segment revenues by major source: For the Three Months Ended March 31, (In thousands) 2022 2021 Coal royalty revenues $ 55,449 $ 15,365 Production lease minimum revenues 1,592 3,450 Minimum lease straight-line revenues 4,783 6,096 Property tax revenues 1,472 1,469 Wheelage revenues 3,717 1,781 Coal overriding royalty revenues 258 1,859 Lease amendment revenues 880 868 Aggregates royalty revenues 770 454 Oil and gas royalty revenues 1,814 1,366 Other revenues 348 219 Royalty and other mineral rights revenues $ 71,083 $ 32,927 Transportation and processing services revenues (1) 3,796 2,192 Total Mineral Rights segment revenues $ 74,879 $ 35,119 (1) Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $3.1 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. The remaining transportation and processing services revenues of $0.7 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 14. Financing Trans action |
Schedule of Receivables and Liabilities from Contracts with Customers | The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers: March 31, December 31, (In thousands) 2022 2021 Receivables Accounts receivable, net $ 29,131 $ 22,277 Other current assets, net (1) 2,063 769 Other long-term assets, net (2) 250 250 Contract liabilities Current portion of deferred revenue $ 15,420 $ 11,817 Deferred revenue 39,126 50,045 (1) Other current assets, net includes short-term notes receivables from contracts with customers. (2) Other long-term assets, net includes long-term lease amendment fee receivables from contracts with customers. |
Activity Related to Coal Royalty and Other Segment Deferred Revenue | The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue: For the Three Months Ended (In thousands) 2022 2021 Balance at beginning of period (current and non-current) $ 61,862 $ 61,554 Increase due to minimums and lease amendment fees 5,059 4,358 Recognition of previously deferred revenue (12,375) (4,504) Balance at end of period (current and non-current) $ 54,546 $ 61,408 |
Schedule of Annual Minimums by Current Remaining Contract Term | The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty leases are as follows as of March 31, 2022 (in thousands): Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 2.4 $ 19,021 5 - 10 years 3.9 6,772 10+ years 13.4 27,438 Total 8.3 $ 53,231 (1) Lease term does not include renewal periods. |
Common and Preferred Unit Dis_2
Common and Preferred Unit Distributions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Distributions declared and paid | The following table shows the cash distributions declared and paid to common and preferred unitholders during the three months ended March 31, 2022 and 2021, respectively: Cash Distributions Paid-in-kind Distributions Common Units Preferred Units Month Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) (In thousands) Distribution per Unit Total Distribution Total Distribution 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 $ — 2021 February 2021 October 1 - December 31, 2020 $ 0.45 $ 5,630 $ 15.00 $ 3,806 3,806 (1) Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. |
Net Income Per Common Unit (Tab
Net Income Per Common Unit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Weighted Average Units Outstanding | The following tables reconcile the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit: For the Three Months Ended March 31, (In thousands, except per unit data) 2022 2021 Allocation of net income Net income $ 63,899 $ 8,381 Less: income attributable to preferred unitholders (7,500) (7,727) Net income attributable to common unitholders and the general partner $ 56,399 $ 654 Less: net income attributable to the general partner (1,128) (13) Net income attributable to common unitholders $ 55,271 $ 641 Basic net income per common unit Weighted average common units—basic 12,415 12,292 Basic net income per common unit $ 4.45 $ 0.05 Diluted net income per common unit Weighted average common units—basic 12,415 12,292 Plus: dilutive effect of preferred units 6,974 — Plus: dilutive effect of warrants 531 — Plus: dilutive effect of unvested unit-based awards 240 116 Weighted average common units—diluted 20,160 12,408 Net income $ 63,899 $ 8,381 Less: income attributable to preferred unitholders — (7,727) Diluted net income attributable to common unitholders and the general partner $ 63,899 $ 654 Less: diluted net income attributable to the general partner (1,278) (13) Diluted net income attributable to common unitholders $ 62,621 $ 641 Diluted net income per common unit $ 3.11 $ 0.05 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended March 31, 2022 Revenues $ 74,879 $ 14,837 $ — $ 89,716 Operating and maintenance expenses 8,025 51 — 8,076 Depreciation, depletion and amortization 3,868 — — 3,868 General and administrative expenses — — 4,467 4,467 Asset impairments 19 — — 19 Interest expense, net — — 9,387 9,387 Net income (loss) 62,967 14,786 (13,854) 63,899 For the Three Months Ended March 31, 2021 Revenues $ 35,119 $ 1,973 $ — $ 37,092 Gain on asset sales and disposals 59 — — 59 Operating and maintenance expenses 5,532 20 — 5,552 Depreciation, depletion and amortization 5,092 — — 5,092 General and administrative expenses — — 4,110 4,110 Asset impairments 4,043 — — 4,043 Interest expense, net 23 — 9,950 9,973 Net income (loss) 20,488 1,953 (14,060) 8,381 |
Equity Investment (Tables)
Equity Investment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Summarized Financial Information | Activity related to this investment is as follows: For the Three Months Ended March 31, (In thousands) 2022 2021 Balance at beginning of period $ 276,004 $ 262,514 Income allocation to NRP’s equity interests 16,065 3,216 Amortization of basis difference (1,228) (1,243) Other comprehensive income 2,545 732 Distribution (13,230) (3,920) Balance at end of period $ 280,156 $ 261,299 The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, (In thousands) 2022 2021 Net sales $ 163,437 $ 127,791 Gross profit 39,765 12,700 Net income 32,786 6,563 |
Mineral Rights, Net (Tables)
Mineral Rights, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Extractive Industries [Abstract] | |
Mineral Rights | The Partnership’s mineral rights consist of the following: March 31, 2022 December 31, 2021 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 670,626 $ (256,963) $ 413,663 $ 670,650 $ (253,503) $ 417,147 Aggregates properties 8,747 (3,102) 5,645 8,747 (2,975) 5,772 Oil and gas royalty properties 12,354 (9,236) 3,118 12,354 (9,115) 3,239 Other 13,151 (1,612) 11,539 13,151 (1,612) 11,539 Total mineral rights, net $ 704,878 $ (270,913) $ 433,965 $ 704,902 $ (267,205) $ 437,697 |
Debt, Net (Tables)
Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Total Debt | The Partnership's debt consists of the following: March 31, December 31, (In thousands) 2022 2021 NRP LP debt: 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") $ 300,000 $ 300,000 Opco debt: Revolving credit facility $ — $ — Senior Notes 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 $ 4,730 $ 4,730 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 12,008 12,008 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 25,368 38,053 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 8,023 12,035 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 57,104 57,104 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 14,554 14,554 Total Opco Senior Notes $ 121,787 $ 138,484 Total debt at face value $ 421,787 $ 438,484 Net unamortized debt issuance costs (4,578) (4,939) Total debt, net $ 417,209 $ 433,545 Less: current portion of long-term debt (39,046) (39,102) Total long-term debt, net $ 378,163 $ 394,443 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Debt and Contracts Receivable | The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: March 31, 2022 December 31, 2021 (In thousands) Fair Value Hierarchy Level Carrying Estimated Carrying Estimated Debt: NRP 2025 Senior Notes 1 $ 296,504 $ 304,500 $ 296,236 $ 300,000 Opco Senior Notes (1) 3 120,705 123,614 137,309 138,484 Opco Credit Facility 3 — — — — Assets: Contract receivable, net (current and long-term) (2) 3 $ 33,068 $ 25,732 $ 33,612 $ 26,010 (1) The fair value of the Opco Senior Notes are estimated by management using quotations obtained for the NRP 2025 Senior Notes on the closing trading prices near period end, which were at 102% and 100% of par value at March 31, 2022 and December 31, 2021, respectively. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transaction Reimbursements Disclosure Table | Direct general and administrative expenses charged to the Partnership by QMC, WPPLP and QID are included on the Partnership's Consolidated Statement of Comprehensive Income as follows: For the Three Months Ended March 31, (In thousands) 2022 2021 Operating and maintenance expenses $ 1,659 $ 1,607 General and administrative expenses 1,240 1,186 |
Major Customers (Tables)
Major Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Major customers | Revenues from customers that exceeded 10 percent of total revenues for any of the periods presented below are as follows: For the Three Months Ended March 31, 2022 2021 (In thousands) Revenues Percent Revenues Percent Foresight Energy Resources LLC ("Foresight") (1) (2) $ 11,250 13 % $ 8,572 23 % Alpha Metallurgical Resources, Inc. (1) 27,743 31 % 8,043 22 % (1) Revenues from Foresight and Alpha Metallurgical Resources, Inc. are included within the Partnership's Mineral Rights segment. (2) Revenues from Foresight in 2021 were fixed as a result of the lease amendment the Partnership entered into with Foresight pursuant to which Foresight agreed to pay NRP fixed cash payments to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between the Partnership and Foresight. Revenues from Foresight in 2022 represent traditional royalty and minimum payments. |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Unit-Based Compensation [Abstract] | |
Summary of Activity in Awards | A summary of the unit activity in the outstanding grants during 2022 is as follows: (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2022 411 $ 23.00 Granted 208 $ 38.29 Fully vested and issued (233) $ 26.74 Outstanding at March 31, 2022 386 $ 28.96 |
Credit Losses (Tables)
Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Credit Losses [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | March 31, 2022 December 31, 2021 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 39,403 $ (4,361) $ 35,042 $ 28,869 $ (3,312) $ 25,557 Long-term contract receivable 31,887 (1,104) 30,783 32,497 (1,126) 31,371 Total $ 71,290 $ (5,465) $ 65,825 $ 61,366 $ (4,438) $ 56,928 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Number of operating segments | 2 |
Ciner Wyoming | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Partnerships' Coal Royalty and Other Segment Revenues from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total Mineral Rights segment revenues | $ 89,716 | $ 37,092 |
Mineral Rights | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 71,083 | 32,927 |
Total Mineral Rights segment revenues | 74,879 | 35,119 |
Mineral Rights | Coal royalty revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 55,449 | 15,365 |
Mineral Rights | Production lease minimum revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 1,592 | 3,450 |
Mineral Rights | Minimum lease straight-line revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 4,783 | 6,096 |
Mineral Rights | Property tax revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 1,472 | 1,469 |
Mineral Rights | Wheelage revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 3,717 | 1,781 |
Mineral Rights | Coal overriding royalty revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 258 | 1,859 |
Mineral Rights | Lease amendment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 880 | 868 |
Mineral Rights | Aggregates royalty revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 770 | 454 |
Mineral Rights | Oil and gas royalty revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 1,814 | 1,366 |
Mineral Rights | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 348 | 219 |
Mineral Rights | Transportation and processing services | ||
Disaggregation of Revenue [Line Items] | ||
Royalty and other mineral rights revenues | 3,100 | 1,200 |
Total Mineral Rights segment revenues | 3,796 | 2,192 |
Transportation and service revenue not included under 606 | $ 700 | $ 900 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Receivables and Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Other long-term assets, net | $ 5,528 | $ 5,832 |
Contract liabilities | ||
Current portion of deferred revenue | 15,420 | 11,817 |
Deferred revenue | 39,126 | 50,045 |
Coal Royalty | ||
Receivables [Abstract] | ||
Accounts receivable, net | 29,131 | 22,277 |
Other current assets, net | 2,063 | 769 |
Other long-term assets, net | 250 | 250 |
Contract liabilities | ||
Current portion of deferred revenue | 15,420 | 11,817 |
Deferred revenue | $ 39,126 | $ 50,045 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Revenue Recognition Deferred Revenue Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Deferred Revenue [Roll Forward] | ||
Balance at beginning of period (current and non-current) | $ 61,862 | $ 61,554 |
Increase due to minimums and lease amendment fees | 5,059 | 4,358 |
Recognition of previously deferred revenue | (12,375) | (4,504) |
Balance at end of period (current and non-current) | $ 54,546 | $ 61,408 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Annual Minimums by Current Remaining Contract Term (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Annual minimum payments | $ 53,231 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Average Remaining Contract Term | 8 years 3 months 18 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Annual minimum payments | $ 19,021 |
Average Remaining Contract Term | 2 years 4 months 24 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Annual minimum payments | $ 6,772 |
Average Remaining Contract Term | 3 years 10 months 24 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2032-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Annual minimum payments | $ 27,438 |
Average Remaining Contract Term | 13 years 4 months 24 days |
Common and Preferred Unit Dis_3
Common and Preferred Unit Distributions Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Temporary Equity [Line Items] | ||
Income attributable to preferred unitholders | $ (7,500) | $ (7,727) |
Natural Resource Partners L.P. | General Partner | ||
Temporary Equity [Line Items] | ||
General partner's general partner distribution | 2.00% |
Common and Preferred Unit Dis_4
Common and Preferred Unit Distributions Distributions declared and paid (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2022 | Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Preferred Units | ||||
Dividends, Preferred Stock, Paid-in-kind | $ 0 | $ 3,806,000 | ||
Natural Resource Partners L.P. | General Partner | ||||
Preferred Units | ||||
General partner's general partner distribution | 2.00% | |||
Common unitholders and general partner | ||||
Common Units | ||||
Distribution per Unit | $ 0.45 | $ 0.45 | ||
Total Distribution | $ 5,672,000 | $ 5,630,000 | ||
Preferred Units | ||||
Distribution per Unit | 0.45 | 0.45 | ||
Preferred Partner | ||||
Common Units | ||||
Total Distribution | 7,758,000 | 7,613,000 | ||
Preferred Partner | General Partner | ||||
Common Units | ||||
Total Distribution | $ 155,000 | $ 152,000 | ||
Preferred Partner | Preferred Stock | ||||
Common Units | ||||
Distribution per Unit | 30 | 15 | ||
Preferred Units | ||||
Distribution per Unit | $ 30 | $ 15 | ||
Total Distribution | $ 7,500,000 | $ 3,806,000 | ||
Cash Distribution | Common unitholders and general partner | ||||
Common Units | ||||
Total Distribution | $ 5,672,000 | $ 5,630,000 |
Net Income Per Common Unit (Det
Net Income Per Common Unit (Details) - Warrant Holders - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Warrants at $22.81 Strike | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Number of warrants issued (in common units) | 750 | 1,750 |
Exercise price of warrants (in dollars per unit) | $ 22.81 | $ 22.81 |
Warrants at $34.00 Strike | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Number of warrants issued (in common units) | 2,250 | 2,250 |
Exercise price of warrants (in dollars per unit) | $ 34 | $ 34 |
Net Income Per Common Unit - Al
Net Income Per Common Unit - Allocation of Net Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Allocation of net income | ||||
Net income | $ 63,899 | [1] | $ 8,381 | [2] |
Less: income attributable to preferred unitholders | (7,500) | (7,727) | ||
Net income attributable to common unitholders and the general partner | 56,399 | 654 | ||
Net income attributable to the general partner | (1,128) | (13) | ||
Net income attributable to common unitholders | $ 55,271 | $ 641 | ||
Basic net income per common unit | ||||
Weighted average common units - basic (in units) | 12,415 | 12,292 | ||
Basic net income per common unit | $ 4.45 | $ 0.05 | ||
Diluted net income per common unit | ||||
Weighted average common units - basic (in units) | 12,415 | 12,292 | ||
Plus: dilutive effect of preferred units (in units) | 6,974 | 0 | ||
Plus: dilutive effect of warrants (in units) | 531 | 0 | ||
Plus: dilutive effect of unvested unit-based awards | 240 | 116 | ||
Weighted average common units—diluted (in units) | 20,160 | 12,408 | ||
Net income | ||||
Net income | $ 63,899 | [1] | $ 8,381 | [2] |
Less: income attributable to preferred unitholders | 0 | (7,727) | ||
Diluted net income attributable to common unitholders and the general partner | (63,899) | (654) | ||
Less: diluted net income attributable to the general partner | (1,278) | (13) | ||
Diluted net income attributable to common unitholders | $ 62,621 | $ 641 | ||
Diluted net income per common unit (in dollars per unit) | $ 3.11 | $ 0.05 | ||
[1] | Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. | |||
[2] | Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Ciner Wyoming | |
Segment Reporting Information [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 89,716 | $ 37,092 |
Gain on asset sales and disposals | 0 | 59 |
Operating and maintenance expenses | 8,076 | 5,552 |
Depreciation, depletion and amortization | 3,868 | 5,092 |
General and administrative expenses | 4,467 | 4,110 |
Asset impairments | 19 | 4,043 |
Interest expense, net | 9,387 | 9,973 |
Net income (loss) | 63,899 | 8,381 |
Corporate and Financing | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Gain on asset sales and disposals | 0 | |
Operating and maintenance expenses | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 |
General and administrative expenses | 4,467 | 4,110 |
Asset impairments | 0 | 0 |
Interest expense, net | 9,387 | 9,950 |
Net income (loss) | (13,854) | (14,060) |
Mineral Rights | ||
Segment Reporting Information [Line Items] | ||
Revenues | 74,879 | 35,119 |
Mineral Rights | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 74,879 | 35,119 |
Gain on asset sales and disposals | 59 | |
Operating and maintenance expenses | 8,025 | 5,532 |
Depreciation, depletion and amortization | 3,868 | 5,092 |
General and administrative expenses | 0 | 0 |
Asset impairments | 19 | 4,043 |
Interest expense, net | 0 | (23) |
Net income (loss) | 62,967 | 20,488 |
Soda Ash | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,837 | 1,973 |
Soda Ash | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,837 | 1,973 |
Gain on asset sales and disposals | 0 | |
Operating and maintenance expenses | 51 | 20 |
Depreciation, depletion and amortization | 0 | 0 |
General and administrative expenses | 0 | 0 |
Asset impairments | 0 | 0 |
Interest expense, net | 0 | 0 |
Net income (loss) | $ 14,786 | $ 1,953 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) | Mar. 31, 2022 |
Ciner Wyoming | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of partnership interest owned (percent) | 49.00% |
Equity Investment Summary of Ac
Equity Investment Summary of Activity in Equity Method Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | $ 276,004 | |
Other comprehensive income | 66,444 | $ 9,113 |
Balance at end of period | 280,156 | |
Ciner Wyoming | ||
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | 276,004 | 262,514 |
Income allocation to NRP’s equity interests | 16,065 | 3,216 |
Amortization of basis difference | (1,228) | (1,243) |
Other comprehensive income | 2,545 | 732 |
Distribution | (13,230) | (3,920) |
Balance at end of period | $ 280,156 | $ 261,299 |
Equity Investment - Schedule of
Equity Investment - Schedule of Summarized Financial Information of Unaudited Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $ 89,716 | $ 37,092 | ||
Net income | 63,899 | [1] | 8,381 | [2] |
Ciner Wyoming | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 163,437 | 127,791 | ||
Gross profit | 39,765 | 12,700 | ||
Net income | $ 32,786 | $ 6,563 | ||
[1] | Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. | |||
[2] | Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner. |
Mineral Rights, Net - Mineral R
Mineral Rights, Net - Mineral Rights (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | $ 704,878 | $ 704,902 |
Accumulated Depletion | (270,913) | (267,205) |
Net Book Value | 433,965 | 437,697 |
Coal Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 670,626 | 670,650 |
Accumulated Depletion | (256,963) | (253,503) |
Net Book Value | 413,663 | 417,147 |
Aggregates Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 8,747 | 8,747 |
Accumulated Depletion | (3,102) | (2,975) |
Net Book Value | 5,645 | 5,772 |
Oil And Gas Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 12,354 | 12,354 |
Accumulated Depletion | (9,236) | (9,115) |
Net Book Value | 3,118 | 3,239 |
Other Mineral Rights | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Carrying Value | 13,151 | 13,151 |
Accumulated Depletion | (1,612) | (1,612) |
Net Book Value | $ 11,539 | $ 11,539 |
Mineral Rights, Net - Additiona
Mineral Rights, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depletion and amortization expense on coal and other mineral rights | $ 3,700 | $ 4,700 |
Asset impairments | 19 | 4,043 |
Coal Mineral Rights | ||
Property, Plant and Equipment [Line Items] | ||
Asset impairments | $ 20 | $ 4,000 |
Debt, Net - Debt (Detail)
Debt, Net - Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal balance | $ 421,787 | $ 438,484 |
Net unamortized debt issuance costs | (4,578) | (4,939) |
Total debt, net | 417,209 | 433,545 |
Less: current portion of long-term debt | (39,046) | (39,102) |
Total long-term debt, net | 378,163 | 394,443 |
NRP LP | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 300,000 | 300,000 |
Rate of senior notes | 9.125% | |
Opco | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 0 | 0 |
Opco | Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal balance | 121,787 | 138,484 |
Opco | 5.55% with semi-annual interest payments in June and December, with annual principal payments in June, due June 2023 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 4,730 | 4,730 |
Rate of senior notes | 5.55% | |
Opco | 4.73% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2023 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 12,008 | 12,008 |
Rate of senior notes | 4.73% | |
Opco | 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 25,368 | 38,053 |
Rate of senior notes | 5.82% | |
Opco | 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 8,023 | 12,035 |
Rate of senior notes | 8.92% | |
Opco | 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 57,104 | 57,104 |
Rate of senior notes | 5.03% | |
Opco | 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 14,554 | $ 14,554 |
Rate of senior notes | 5.18% |
Debt, Net - Additional Informat
Debt, Net - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Principal balance | $ 421,787 | $ 438,484 | |
Revolving credit facility | Opco | |||
Debt Instrument [Line Items] | |||
Principal balance | 0 | 0 | |
Lender commitments under Opco Credit Facility | $ 100,000 | 100,000 | |
Distribution per share (in dollars per share) | $ 0.45 | ||
Ratio Of Ebitda to consolidated fixed charges | 3.5 | ||
Collateral carrying amount | $ 341,700 | 345,000 | |
8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 | Opco | |||
Debt Instrument [Line Items] | |||
Rate of senior notes | 8.92% | ||
Principal balance | $ 8,023 | 12,035 | |
Senior Notes | Opco | |||
Debt Instrument [Line Items] | |||
Principal balance | 121,787 | $ 138,484 | |
Principal payments on its senior notes | $ 16,700 | $ 16,700 | |
Partnership leverage ratio | 3.75 | ||
Additional interest accrue | 2.00% | ||
9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | Senior Notes | |||
Debt Instrument [Line Items] | |||
Rate of senior notes | 9.125% | ||
Percentage of principal eligible for redemption | 35.00% | ||
Redemption price percentage of principal remaining after redemption | 65.00% | ||
Redemption price at change of control event as percentage of principal amount | 101.00% | ||
Dividend at or Below $0.45 per Share | Revolving credit facility | Opco | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio | 4 | ||
Dividend Above $0.45 per Share | Revolving credit facility | Opco | |||
Debt Instrument [Line Items] | |||
Maximum leverage ratio | 3 | ||
Debt Instrument, Redemption, Period Two | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | Senior Notes | |||
Debt Instrument [Line Items] | |||
Redemption percentage of principal | 104.563% | ||
Debt Instrument, Redemption, Period Three | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | Senior Notes | |||
Debt Instrument [Line Items] | |||
Redemption percentage of principal | 102.281% | ||
Debt Instrument, Redemption, Period Four | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | Senior Notes | |||
Debt Instrument [Line Items] | |||
Redemption percentage of principal | 100.00% | ||
Debt Instrument, Redemption, Period One | 9.125% senior notes, with semi-annual interest payments in June and December, due June 2025, issued at par ("2025 Senior Notes") | Senior Notes | |||
Debt Instrument [Line Items] | |||
Redemption percentage of principal | 109.125% |
Fair Value Measurements - Contr
Fair Value Measurements - Contracts Receivable and Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 417,209 | $ 433,545 |
Contracts receivable, net (current and long-term) | $ 33,068 | $ 33,612 |
Fair value, percentage of par | 102.00% | 100.00% |
Discount rate | 15.00% | 15.00% |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contracts receivable, net (current and long-term) | $ 25,732 | $ 26,010 |
NRP 2025 Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 296,504 | 296,236 |
NRP 2025 Senior Notes | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 304,500 | 300,000 |
Opco Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 120,705 | 137,309 |
Opco Senior Notes | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | 123,614 | 138,484 |
Opco Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 0 | 0 |
Opco Credit Facility | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value Measurements - Embed
Fair Value Measurements - Embedded Derivatives (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Fair value of embedded derivatives | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Reimbursements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||
General and administrative expenses | $ 4,467 | $ 4,110 |
Western Pocahontas Properties and Quintana Minerals Corporation | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Operating and maintenance expenses | 1,659 | 1,607 |
General and administrative expenses | $ 1,240 | $ 1,186 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Director | Corbin J. Robertson, Jr. | Great Northern Properties Limited Partnership | |||
Related Party Transaction [Line Items] | |||
Percentage of partnership interest owned (percent) | 85.00% | ||
Quintana Minerals | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | $ 0.4 | $ 0.4 | |
Western Pocahontas Properties Limited Partnership | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Accounts payable to related parties | 0.8 | 0.9 | |
Operating and maintenance expenses | 1.6 | $ 0.2 | |
Great Northern Properties Limited Partnership | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Noncurrent accounts receivable from related parties | $ 0 | $ 0.1 |
Major Customers (Detail)
Major Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentration Risk [Line Items] | ||
Revenues | $ 89,716 | $ 37,092 |
Foresight Energy Lp | ||
Concentration Risk [Line Items] | ||
Revenues | 11,250 | 8,572 |
Contura Energy | ||
Concentration Risk [Line Items] | ||
Revenues | $ 27,743 | $ 8,043 |
Sales Revenue | Customer Concentration Risk | Foresight Energy Lp | ||
Concentration Risk [Line Items] | ||
Percent | 13.00% | 23.00% |
Sales Revenue | Customer Concentration Risk | Contura Energy | ||
Concentration Risk [Line Items] | ||
Percent | 31.00% | 22.00% |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards granted | $ 7.9 | $ 3.8 | |
Weighted average remaining term vesting recognized | 2 years 6 months | ||
Unamortized cost associated with unvested outstanding awards | $ 9.5 | $ 3.3 | |
General and administrative expense and operating and maintenance expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit based compensation expense | $ 1.4 | $ 1.1 |
Unit-Based Compensation Summary
Unit-Based Compensation Summary of unit based activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Common Units | |
Outstanding at beginning of period | shares | 411 |
Granted | shares | 208 |
Fully vested and issued | shares | (233) |
Outstanding at the end of period | shares | 386 |
Weighted Average Grant Date Fair Value per Common Unit | |
Outstanding at beginning of period | $ / shares | $ 28.96 |
Granted | $ / shares | 38.29 |
Fully vested and issued | $ / shares | 26.74 |
Outstanding at the end of period | $ / shares | $ 23 |
Financing Transaction (Details)
Financing Transaction (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2032 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term of renewal options | 80 years | |
Payments from coal lease accounted for as financing transaction | $ 5,000 | |
Forecast | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Annual rent amount after lease completion | $ 10 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Gross | |||
Receivables | $ 39,403 | $ 28,869 | |
Long-term contract receivable | 31,887 | 32,497 | |
Total | 71,290 | 61,366 | |
CECL Allowance | |||
Receivables | (4,361) | (3,312) | |
Long-term contract receivable | (1,104) | (1,126) | |
Total | (5,465) | (4,438) | |
Net | |||
Receivables | 35,042 | 25,557 | |
Long-term contract receivable | 30,783 | 31,371 | |
Total | 65,825 | $ 56,928 | |
Operating and maintenance expense | $ 1,000 | $ 400 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 05, 2022 | Feb. 28, 2022 | Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Event [Line Items] | |||||
Preferred unit distributions paid-in-kind | $ 0 | $ 3,806 | |||
Preferred Partner | Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Distribution per Unit | $ 30 | $ 15 | |||
Total distributions, preferred units | $ 7,500 | $ 3,806 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Distribution per Unit | $ 0.75 | ||||
Total distributions, preferred units | $ 7,500 |