Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'NRP | ' |
Entity Registrant Name | 'NATURAL RESOURCE PARTNERS LP | ' |
Entity Central Index Key | '0001171486 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 109,812,408 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $99,675 | $149,424 |
Accounts receivable, net of allowance for doubtful accounts | 30,639 | 35,116 |
Accounts receivable - affiliates | 8,550 | 10,613 |
Other | 281 | 1,042 |
Total current assets | 139,145 | 196,195 |
Land | 24,340 | 24,340 |
Plant and equipment, net | 27,703 | 32,401 |
Mineral rights, net | 1,382,864 | 1,380,473 |
Intangible assets, net | 68,110 | 70,766 |
Equity and other unconsolidated investments | 242,407 | ' |
Loan financing costs, net | 11,936 | 4,291 |
Long-term contracts receivable - affiliate | 53,603 | 55,576 |
Other assets, net | 527 | 630 |
Total assets | 1,950,635 | 1,764,672 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 6,032 | 3,693 |
Accounts payable - affiliates | 727 | 957 |
Current portion of long-term debt | 56,175 | 87,230 |
Accrued incentive plan expenses - current portion | 7,522 | 7,718 |
Property, franchise and other taxes payable | 5,126 | 7,952 |
Accrued interest | 7,667 | 10,265 |
Total current liabilities | 83,249 | 117,815 |
Deferred revenue | 136,677 | 123,506 |
Accrued incentive plan expenses | 8,981 | 8,865 |
Long-term debt | 1,088,884 | 897,039 |
Partners' capital: | ' | ' |
Common units outstanding (109,812,408 and 106,027,836) | 621,363 | 605,019 |
General partner's interest | 10,362 | 10,026 |
Non-controlling interest | 1,416 | 2,845 |
Accumulated other comprehensive loss | -297 | -443 |
Total partners' capital | 632,844 | 617,447 |
Total liabilities and partners' capital | $1,950,635 | $1,764,672 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common units outstanding | 109,812,408 | 106,027,836 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues and other income: | ' | ' | ' | ' |
Coal royalties | $52,305 | $70,259 | $164,957 | $193,053 |
Equity and other unconsolidated investment income | 7,238 | ' | 22,168 | ' |
Aggregate royalties | 2,566 | 1,643 | 5,869 | 5,061 |
Processing fees | 1,377 | 1,641 | 3,886 | 6,905 |
Transportation fees | 4,742 | 5,007 | 13,499 | 14,361 |
Oil and gas royalties | 3,886 | 1,246 | 9,742 | 6,712 |
Property taxes | 4,009 | 3,602 | 11,805 | 11,421 |
Minimums recognized as revenue | 998 | 1,096 | 6,425 | 13,748 |
Override royalties | 2,927 | 3,359 | 11,011 | 11,998 |
Other | 2,189 | 6,322 | 14,011 | 13,452 |
Total revenues and other income | 82,237 | 94,175 | 263,373 | 276,711 |
Operating expenses: | ' | ' | ' | ' |
Depreciation, depletion and amortization | 17,852 | 14,485 | 50,025 | 42,066 |
Asset impairments | ' | ' | 734 | ' |
General and administrative | 7,305 | 8,225 | 27,769 | 24,204 |
Property, franchise and other taxes | 4,234 | 4,853 | 12,810 | 13,640 |
Lease operating expense | 483 | ' | 483 | ' |
Transportation costs | 455 | 446 | 1,242 | 1,446 |
Coal royalty and override payments | 284 | 523 | 826 | 1,396 |
Total operating expenses | 30,613 | 28,532 | 93,889 | 82,752 |
Income from operations | 51,624 | 65,643 | 169,484 | 193,959 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -15,516 | -13,677 | -44,619 | -40,815 |
Interest income | 18 | 35 | 232 | 104 |
Income before non-controlling interest | 36,126 | 52,001 | 125,097 | 153,248 |
Non-controlling interest | ' | ' | ' | ' |
Net income | 36,126 | 52,001 | 125,097 | 153,248 |
Net income attributable to: | ' | ' | ' | ' |
General partner | 723 | 1,040 | 2,502 | 3,065 |
Limited partners | 35,403 | 50,961 | 122,595 | 150,183 |
Basic and diluted net income per limited partner unit | $0.32 | $0.48 | $1.12 | $1.42 |
Weighted average number of units outstanding | 109,812 | 106,028 | 109,507 | 106,028 |
Comprehensive income | $36,167 | $52,015 | $125,243 | $153,285 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $125,097 | $153,248 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 50,025 | 42,066 |
Gain on reserve swap | -8,149 | ' |
Equity and other unconsolidated investment income | -22,168 | ' |
Distributions of earnings from unconsolidated investments | 24,113 | ' |
Non-cash interest charge, net | 1,454 | 453 |
Gain on sale of assets | -551 | -8,823 |
Asset impairment | 734 | ' |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 9,477 | 666 |
Other assets | 864 | 369 |
Accounts payable and accrued liabilities | 792 | 1,055 |
Accrued interest | -2,598 | -2,771 |
Deferred revenue | 13,331 | 11,867 |
Accrued incentive plan expenses | -80 | -3,544 |
Property, franchise and other taxes payable | -2,826 | -714 |
Net cash provided by operating activities | 189,515 | 193,872 |
Cash flows from investing activities: | ' | ' |
Acquisition of land and mineral rights | -38,303 | -134,463 |
Acquisition or construction of plant and equipment | ' | -681 |
Acquisition of equity interests | -293,077 | ' |
Distributions from unconsolidated investments | 48,833 | ' |
Proceeds from sale of assets | 559 | 15,047 |
Return on direct financing lease and contractual override | 841 | 2,399 |
Investment in direct financing lease | ' | -59,009 |
Net cash used in investing activities | -281,147 | -176,707 |
Cash flows from financing activities: | ' | ' |
Proceeds from loans | 547,020 | 103,000 |
Repayment of loans | -386,230 | -30,800 |
Deferred financing costs | -9,061 | ' |
Proceeds from issuance of units | 75,000 | ' |
Capital contribution by general partner | 1,531 | ' |
Costs associated with equity transactions | -60 | -59 |
Repayment of obligation related to acquisitions | ' | -500 |
Distributions to partners | -186,317 | -181,309 |
Net cash provided by (used in) financing activities | 41,883 | -109,668 |
Net (decrease) in cash and cash equivalents | -49,749 | -92,503 |
Cash and cash equivalents at beginning of period | 149,424 | 214,922 |
Cash and cash equivalents at end of period | 99,675 | 122,419 |
Supplemental cash flow information: | ' | ' |
Cash paid during the period for interest | 45,716 | 43,113 |
Non-cash activities: | ' | ' |
Note receivable from sale of assets | ' | $1,808 |
CONSOLIDATED_STATEMENTS_OF_PAR
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (USD $) | Total | General Partner [Member] | Common Stock [Member] | Non-Controlling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2012 | $617,447 | $10,026 | $605,019 | $2,845 | ($443) |
Balance, units at Dec. 31, 2012 | ' | ' | 106,027,836 | ' | ' |
Issuance of common units | 75,000 | ' | 75,000 | ' | ' |
Issuance of common units, shares | ' | ' | 3,784,572 | ' | ' |
Capital contribution | 1,531 | 1,531 | ' | ' | ' |
Cost associated with equity transactions | -60 | ' | -60 | ' | ' |
Distributions | -186,317 | -3,697 | -181,191 | -1,429 | ' |
Net income | 125,097 | 2,502 | 122,595 | ' | ' |
Interest rate swap from unconsolidated investments | 108 | ' | ' | ' | 108 |
Loss on interest hedge | 38 | ' | ' | ' | 38 |
Comprehensive income | 125,243 | ' | ' | ' | 146 |
Balance at Sep. 30, 2013 | $632,844 | $10,362 | $621,363 | $1,416 | ($297) |
Balance, units at Sep. 30, 2013 | ' | ' | 109,812,408 | ' | ' |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organization | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Organization | ' | |
1 | Basis of Presentation and Organization | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for future periods. | ||
You should refer to the information contained in the footnotes included in Natural Resource Partners L.P.’s 2012 Annual Report on Form 10-K in connection with the reading of these unaudited interim consolidated financial statements. | ||
Natural Resource Partners L.P. (the “Partnership”) engages principally in the business of owning, managing and leasing mineral properties in the United States. The Partnership owns coal reserves in the three major coal-producing regions of the United States: Appalachia, the Illinois Basin and the Western United States, as well as lignite reserves in the Gulf Coast region. The Partnership also owns aggregate reserves in several states across the country. The Partnership does not operate any mines on its properties, but leases reserves to experienced operators under long-term leases that grant the operators the right to mine the Partnership’s reserves in exchange for royalty payments. Lessees are generally required to make payments based on the higher of a percentage of the gross sales price or a fixed royalty per ton, in addition to a minimum payment. | ||
The Partnership also owns various oil and gas interests that are located principally in the Appalachian Basin, Louisiana, Oklahoma, and the Williston Basin in North Dakota and Montana, and the Partnership manages infrastructure assets through its ownership of preparation plants and coal handling facilities. In January 2013, the Partnership purchased a non-controlling equity interest in OCI Wyoming, L.P. (“OCI Wyoming”), which operates a trona ore mining operation and a soda ash refinery in the Green River Basin, Wyoming. See “Note 3. Equity and Other Investments” for more information concerning this acquisition. | ||
The general partner of the Partnership is NRP (GP) LP, a Delaware limited partnership, whose general partner is GP Natural Resource Partners LLC, a Delaware limited liability company. |
Significant_Accounting_Policie
Significant Accounting Policies Update | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies Update | ' | |
2 | Significant Accounting Policies Update | |
Reclassification | ||
Certain reclassifications have been made to the prior year’s financial statements. | ||
Equity Investments | ||
The Partnership accounts for non-marketable investments using the equity method of accounting if the investment gives it the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if the Partnership has an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investment and the proportionate share of earnings or losses and distributions. Furthermore, under the equity method of accounting, an investee company’s accounts are not reflected within the Partnership’s Consolidated Balance Sheets and Statements of Comprehensive Income. However, the Partnership’s carrying value in an equity method investee company is reflected in the caption “Equity and other unconsolidated investments” in the Partnership’s Consolidated Balance Sheets. The Partnership’s share of the earnings or losses of the investee company is reflected in the Consolidated Statements of Comprehensive Income as revenues and other income under the caption ‘‘Equity and other unconsolidated investment income. These earnings are generated from natural resources, which are considered part of the Partnership’s core business activities consistent with its directly owned revenue generating activities. | ||
The Partnership accounts for its non-marketable equity investments using the cost method of accounting if its ownership interest does not provide the ability to exercise significant influence over the investee or if the investment is not determined to be in-substance common stock. The inability to exert significant influence is generally presumed if the investment is less than 20% of the investee’s voting securities. | ||
The Partnership evaluates its equity investments for impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying value of such investment may have experienced other than temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment loss. No impairment losses have been recognized as of September 30, 2013. | ||
Recent Accounting Pronouncements | ||
In February 2013, the FASB amended the comprehensive income reporting requirements to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The amendment requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The adoption did not have a material impact on the financial statements. | ||
Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Partnership’s financial position, results of operations or cash flows. |
Recent_Acquisitions
Recent Acquisitions | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Recent Acquisitions | ' | |
3 | Recent Acquisitions | |
Abraxas. On August 9, 2013, the Partnership completed the acquisition of non-operated working interests in 13,515 net acres within the Bakken/Three Forks play in North Dakota and Montana from Abraxas Petroleum. The Partnership accounted for the transaction in accordance with the FASB’s provisions for business combinations. The identification of all assets acquired and liabilities assumed as well as the valuation process required for the allocation of the purchase price is not complete. Pending the final allocation, the assets acquired of approximately $38.3 million are included in mineral rights in the accompanying Consolidated Balance Sheets. |
Equity_and_Other_Investments
Equity and Other Investments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||
Equity and Other Investments | ' | ||||||||
4 | Equity and Other Investments | ||||||||
In the first quarter of 2013, the Partnership acquired non-controlling equity interests in OCI Co and OCI Wyoming comprised of a 48.51% general partner interest in OCI Wyoming and 20% of the common stock and 100% of the preferred stock of OCI Co. On the acquisition date, OCI Co was a conduit entity with its only asset a 1% interest in OCI Wyoming together with the right to receive an annual priority distribution. On July 18, 2013, the OCI companies were restructured resulting in the elimination of the common and preferred stock interests and an increase in the Partnership’s interest in OCI Wyoming to 49%. The restructuring did not have a material impact on the operations, management, control or projected cash flows from the acquired OCI interests. | |||||||||
OCI Wyoming’s operations consist of the mining of trona ore, which, when refined, becomes soda ash. All soda ash is sold through an affiliated sales agent to various domestic and European customers and to American Natural Soda Ash Corporation for export primarily to Asia and Latin America. All mining and refining activities take place in one facility located in the Green River Basin, Wyoming. These investments were acquired from Anadarko Holding Company and its subsidiary, Big Island Trona Company for $292.5 million. The acquisition was funded through a $200 million term loan, the issuance of $76.5 million in equity (including a general partner contribution of $1.5 million), and $16 million in cash. The acquisition agreement provides for a net present value of up to $50 million in cumulative additional contingent consideration payable by the Partnership should certain performance criteria be met as defined in the purchase and sale agreement in any of the years 2013, 2014 or 2015. | |||||||||
The Partnership has engaged a valuation specialist to assist in identifying and valuing the assets and liabilities of OCI Wyoming at the date of acquisition, including the land, mine, plant and equipment as well as identifiable intangible assets, if any. Included in preliminary fair value adjustments, based on the most recent estimates, is an increase in the Partnership’s proportionate fair value of property, plant and equipment of $78.7 million. Under the equity method of accounting, this amount is not reflected individually in the accompanying consolidated financial statements but is used to determine periodic charges to amounts reflected as income earned from the equity investments. For the quarter and nine months ended September 30, 2013, amortization of purchase adjustments of $0.7 and $1.9 million was recorded by the Partnership. In July 2013, the Partnership received a $44.8 million special distribution associated with OCI Wyoming’s refinancing transaction. Until the valuations are complete, the remainder of the excess of the purchase price over the estimated fair value of the interests acquired has been attributed to goodwill; which is not subject to amortization. The allocation of the purchase price to the assets and liabilities is preliminary and subject to further adjustment, which may be material. | |||||||||
The following summarized financial information as of September 30, 2013 and the results of operations for the three and nine-month periods then ended were taken from the OCI-prepared unaudited financial statements. | |||||||||
Operating results: | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Net sales | $ | 105,567 | $ | 324,559 | |||||
Gross profit | $ | 20,545 | $ | 63,860 | |||||
Net income | $ | 16,323 | $ | 53,281 | |||||
Income allocation to NRP’s equity interests | $ | 7,951 | $ | 24,113 | |||||
Balance Sheet information: | |||||||||
September 30, | |||||||||
2013 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Current assets | $ | 172,318 | |||||||
Property, plant and equipment | 192,395 | ||||||||
Other assets | 1,319 | ||||||||
Total assets | $ | 366,032 | |||||||
Current liabilities | $ | 36,167 | |||||||
Long term debt | 155,000 | ||||||||
Other liabilities | 3,716 | ||||||||
Capital | 171,149 | ||||||||
Total liabilities and capital | $ | 366,032 | |||||||
Net book value of NRP’s equity interests | $ | 83,863 | |||||||
Excess of NRP’s investment over net book value of NRP’s equity interests | $ | 158,544 | |||||||
Plant_and_Equipment
Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Plant and Equipment | ' | ||||||||
5 | Plant and Equipment | ||||||||
The Partnership’s plant and equipment consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Plant and equipment at cost | $ | 55,271 | $ | 55,271 | |||||
Less accumulated depreciation | (27,568 | ) | (22,870 | ) | |||||
Net book value | $ | 27,703 | $ | 32,401 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total depreciation expense on plant and equipment | $ | 4,698 | $ | 5,259 | |||||
Mineral_Rights
Mineral Rights | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Mineral Rights | ' | ||||||||
6 | Mineral Rights | ||||||||
The Partnership’s mineral rights consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Mineral rights | $ | 1,860,405 | $ | 1,815,423 | |||||
Less accumulated depletion and amortization | (477,541 | ) | (434,950 | ) | |||||
Net book value | $ | 1,382,864 | $ | 1,380,473 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total depletion and amortization expense on mineral rights | $ | 42,671 | $ | 33,547 | |||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
7 | Intangible Assets | ||||||||
Amounts recorded as intangible assets along with the balances and accumulated amortization are reflected in the table below: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Contract intangibles | $ | 89,421 | $ | 89,421 | |||||
Less accumulated amortization | (21,311 | ) | (18,655 | ) | |||||
Net book value | $ | 68,110 | $ | 70,766 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total amortization expense on intangible assets | $ | 2,656 | $ | 3,264 | |||||
The estimates of future amortization expense relating to intangible assets for the periods indicated below are based on current mining plans, which are subject to revision in future periods. | |||||||||
Estimated | |||||||||
Amortization | |||||||||
Expense | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Remainder of 2013 | $ | 1,166 | |||||||
For year ended December 31, 2014 | 3,690 | ||||||||
For year ended December 31, 2015 | 3,830 | ||||||||
For year ended December 31, 2016 | 3,830 | ||||||||
For year ended December 31, 2017 | 3,830 |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||
8 | Long-Term Debt | ||||||||||||||||||||||||
As used in this Note 8, references to “NRP LP” refer to Natural Resource Partners L.P. only, and not to NRP (Operating) LLC or any of Natural Resource Partners L.P.’s subsidiaries. References to “Opco” refer to NRP (Operating) LLC and its subsidiaries. References to NRP Oil and Gas refer to NRP Oil and Gas LLC, a wholly owned subsidiary of NRP LP. NRP Finance Corporation (NRP Finance) is a wholly owned subsidiary of NRP LP and a co-issuer with NRP LP on the 9.125% senior notes. | |||||||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
NRP LP Debt: | |||||||||||||||||||||||||
$300 million 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018, issued at 99.007% | $ | 297,021 | $ | — | |||||||||||||||||||||
Opco Debt: | |||||||||||||||||||||||||
$300 million floating rate revolving credit facility, due August 2016 | — | 148,000 | |||||||||||||||||||||||
$200 million floating rate term loan, due January 2016 | 99,000 | — | |||||||||||||||||||||||
5.55% senior notes, with semi-annual interest payments in June and December, maturing June 2013 | — | 35,000 | |||||||||||||||||||||||
4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 | 23,084 | 27,700 | |||||||||||||||||||||||
8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2019 | 128,571 | 150,000 | |||||||||||||||||||||||
5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 | 53,846 | 61,538 | |||||||||||||||||||||||
5.31% utility local improvement obligation, with annual principal and interest payments, maturing in March 2021 | 1,537 | 1,731 | |||||||||||||||||||||||
5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 | 27,000 | 30,300 | |||||||||||||||||||||||
4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 | 75,000 | 75,000 | |||||||||||||||||||||||
5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 | 165,000 | 180,000 | |||||||||||||||||||||||
8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 | 50,000 | 50,000 | |||||||||||||||||||||||
5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 | 175,000 | 175,000 | |||||||||||||||||||||||
5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 | 50,000 | 50,000 | |||||||||||||||||||||||
NRP Oil and Gas Debt: | |||||||||||||||||||||||||
Reserve-based revolving credit facility due 2018 | — | — | |||||||||||||||||||||||
Total debt | 1,145,059 | 984,269 | |||||||||||||||||||||||
Less – current portion of long term debt | (56,175 | ) | (87,230 | ) | |||||||||||||||||||||
Long-term debt | $ | 1,088,884 | $ | 897,039 | |||||||||||||||||||||
NRP LP Debt | |||||||||||||||||||||||||
Senior Notes. In September 2013, NRP LP, together with NRP Finance as co-issuer, issued $300 million of 9.125% senior notes at an offering price of 99.007% of par value. Net proceeds after expenses from the issuance of the senior notes of approximately $289.0 million were used to repay all of the outstanding borrowings under Opco’s revolving credit facility and $91.0 million of Opco’s term loan. The senior notes call for semi-annual interest payments on April 1 and October 1 of each year, beginning on April 1, 2014. The notes will mature on October 1, 2018. | |||||||||||||||||||||||||
The indenture for the senior notes contains covenants that, among other things, limit the ability of the NRP LP and certain of its subsidiaries to incur or guarantee additional indebtedness. Under the indenture, NRP LP and certain of its subsidiaries generally are not permitted to incur additional indebtedness unless, on a consolidated basis, the fixed charge coverage ratio (as defined in the indenture) is at least 2.0 to 1.0 for the four preceding full fiscal quarters. The ability of NRP LP and certain of its subsidiaries to incur additional indebtedness is further limited in the event the amount of indebtedness of NRP LP and certain of its subsidiaries that is senior to NRP LP’s unsecured indebtedness exceeds certain thresholds. | |||||||||||||||||||||||||
Opco Debt | |||||||||||||||||||||||||
Senior Notes. Opco made principal payments of $87.0 million on its senior notes during the nine months ended September 30, 2013. The Opco senior note purchase agreement contains covenants requiring Opco to: | |||||||||||||||||||||||||
• | Maintain a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the note purchase agreement) of no more than 4.0 to 1.0 for the four most recent quarters; | ||||||||||||||||||||||||
• | not permit debt secured by certain liens and debt of subsidiaries to exceed 10% of consolidated net tangible assets (as defined in the note purchase agreement); and | ||||||||||||||||||||||||
• | maintain the ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated operating lease expense) at not less than 3.5 to 1.0. | ||||||||||||||||||||||||
The 8.38% and 8.92% senior notes also provide that in the event that Opco’s leverage ratio 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. | |||||||||||||||||||||||||
Revolving Credit Facility. The weighted average interest rates for the debt outstanding under Opco’s revolving credit facility for the nine months ended September 30, 2013 and year ended December 31, 2012 were 2.23% and 2.09%, respectively. Opco incurs a commitment fee on the undrawn portion of the revolving credit facility at rates ranging from 0.18% to 0.40% per annum. The facility includes an accordion feature whereby Opco may request its lenders to increase their aggregate commitment to a maximum of $500 million on the same terms. | |||||||||||||||||||||||||
Opco’s revolving credit facility contains covenants requiring Opco to maintain: | |||||||||||||||||||||||||
• | a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the credit agreement) not to exceed 4.0 to 1.0 and, | ||||||||||||||||||||||||
• | a ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease operating expense) of not less than 3.5 to 1.0 for the four most recent quarters. | ||||||||||||||||||||||||
Term Loan Facility. During the first quarter of 2013, Opco also issued $200 million in term debt. The weighted average interest rate for the debt outstanding under the term loan for the nine months ended September 30, 2013 was 2.45%. Opco repaid $101 million in principal under the term loan during the third quarter of 2013. Repayment terms call for the remaining outstanding balance of $99 million to be paid on January 23, 2016. The debt is unsecured but guaranteed by the subsidiaries of Opco. | |||||||||||||||||||||||||
Opco’s term loan contains covenants requiring Opco to maintain: | |||||||||||||||||||||||||
• | a ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the credit agreement) not to exceed 4.0 to 1.0 and, | ||||||||||||||||||||||||
• | a ratio of consolidated EBITDDA to consolidated fixed charges (consisting of consolidated interest expense and consolidated lease operating expense) of not less than 3.5 to 1.0 for the four most recent quarters. | ||||||||||||||||||||||||
NRP Oil and Gas Debt | |||||||||||||||||||||||||
Revolving Credit Facility. In August 2013, NRP Oil and Gas entered into a 5-year, $100 million senior secured, reserve-based revolving credit facility in order to fund capital expenditure requirements related to the development of the non-operated working interests in oil and gas assets located in the Bakken/Three Forks play acquired on August 9, 2013. The credit facility has an initial borrowing base of $8.0 million and is secured by a first priority lien and security interest in substantially all of the assets of NRP Oil and Gas. At September 30, 2013, there were no borrowings outstanding under the credit facility. | |||||||||||||||||||||||||
Indebtedness under the NRP Oil and Gas credit facility bears interest, at the option of NRP Oil and Gas, at either: | |||||||||||||||||||||||||
• | the higher of (i) the prime rate as announced by the agent bank; (ii) the federal funds rate plus 0.50%; or (iii) LIBOR plus 1%, in each case plus an applicable margin ranging from 0.50% to 1.50%; or | ||||||||||||||||||||||||
• | a rate equal to LIBOR, plus an applicable margin ranging from 1.75% to 2.75%. | ||||||||||||||||||||||||
NRP Oil and Gas will incur a commitment fee on the unused portion of the borrowing base under the credit facility at a rate ranging from 0.375% to 0.50% per annum. | |||||||||||||||||||||||||
The NRP Oil and Gas credit facility contains certain covenants, which, among other things, require the maintenance of: | |||||||||||||||||||||||||
• | a total leverage ratio (defined as the ratio of the total debt of NRP Oil and Gas to its EBITDAX) of not more than 3.5 to 1.0; and | ||||||||||||||||||||||||
• | a minimum current ratio of 1.0 to 1.0. | ||||||||||||||||||||||||
Consolidated Principal Payments | |||||||||||||||||||||||||
The consolidated principal payments due are set forth below: | |||||||||||||||||||||||||
NRP LP | OPCO | NRP | |||||||||||||||||||||||
Oil & Gas | |||||||||||||||||||||||||
Senior Notes | Senior Notes | Credit Facility | Term Loan | Credit Facility | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Remainder of 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
2014 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
2015 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
2016 | — | 80,983 | — | 99,000 | — | 179,983 | |||||||||||||||||||
2017 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
Thereafter | 300,000 | (1) | 425,107 | — | — | — | 725,107 | ||||||||||||||||||
$ | 300,000 | $ | 749,039 | $ | — | $ | 99,000 | $ | — | $ | 1,148,039 | ||||||||||||||
(1) | The 9.125% senior notes due 2018 were issued at a discount. | ||||||||||||||||||||||||
NRP LP, Opco and NRP Oil and Gas were in compliance with all terms under their long-term debt as of September 30, 2013. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
9 | Fair Value | ||||||||||||||||
The Partnership’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amount of the Partnership’s financial instruments included in accounts receivable and accounts payable approximates their fair value due to their short-term nature except for the accounts receivable – affiliates relating to the Sugar Camp override and Taggart preparation plant sale that includes both current and long-term portions. The Partnership’s cash and cash equivalents include money market accounts and are considered a Level 1 measurement. The fair market value and carrying value of the contractual override, Taggart note receivable and long-term senior notes are as follows: | |||||||||||||||||
Fair Value As Of | Carrying Value As Of | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Assets | |||||||||||||||||
Sugar Camp override, current and long-term | $ | 7,878 | $ | 8,817 | $ | 6,986 | $ | 7,495 | |||||||||
Taggart plant sale, current and long-term | $ | — | $ | 1,668 | $ | — | $ | 1,667 | |||||||||
Liabilities | |||||||||||||||||
Long-term debt, current and long-term | $ | 1,074,008 | $ | 876,574 | $ | 1,046,059 | $ | 836,269 | |||||||||
The fair value of the Sugar Camp override, Taggart plant sale and long-term debt is estimated by management using comparable term risk-free treasury issues with a market rate component determined by current financial instruments with similar characteristics which is a Level 3 measurement. Since the Partnership’s credit facility and term loan are both variable rate debt, their fair values approximate their carrying amounts. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||
10 | Related Party Transactions | ||||||||||||||||
Reimbursements to Affiliates of our General Partner | |||||||||||||||||
The Partnership’s general partner does not receive any management fee or other compensation for its management of Natural Resource Partners L.P. However, in accordance with the partnership agreement, the general partner and its affiliates are reimbursed for expenses incurred on the Partnership’s behalf. All direct general and administrative expenses are charged to the Partnership as incurred. The Partnership also reimburses indirect general and administrative costs, including certain legal, accounting, treasury, information technology, insurance, administration of employee benefits and other corporate services incurred by our general partner and its affiliates. The Partnership had an amount payable to Quintana Minerals Corporation of $0.7 million at September 30, 2013 for services provided by Quintana to the Partnership. | |||||||||||||||||
The reimbursements to affiliates of the Partnership’s general partner for services performed by Western Pocahontas Properties and Quintana Minerals Corporation are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Reimbursement for services | $ | 2,748 | $ | 2,303 | $ | 8,481 | $ | 7,230 | |||||||||
The Partnership also leases an office building in Huntington, West Virginia from Western Pocahontas Properties and pays $0.6 million in lease payments each year through December 31, 2018. | |||||||||||||||||
Cline Affiliates | |||||||||||||||||
Various companies controlled by Chris Cline lease coal reserves from the Partnership, and the Partnership provides coal transportation services to them for a fee. At September 30, 2013, Mr. Cline, both individually and through another affiliate, Adena Minerals, LLC, owned a 31% interest in the Partnership’s general partner, as well as 4,917,548 common units. | |||||||||||||||||
Revenues from the Cline affiliates are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Coal royalty revenues | $ | 14,968 | $ | 12,894 | $ | 39,527 | $ | 34,351 | |||||||||
Processing fees | 379 | 715 | 972 | 1,745 | |||||||||||||
Transportation fees | 4,742 | 5,008 | 13,499 | 14,362 | |||||||||||||
Minimums recognized as revenue | — | — | 3,477 | 9,556 | |||||||||||||
Override revenue | 957 | 1,075 | 2,735 | 2,768 | |||||||||||||
Other revenue | — | — | 8,149 | — | |||||||||||||
$ | 21,046 | $ | 19,692 | $ | 68,359 | $ | 62,782 | ||||||||||
At September 30, 2013, the Partnership had amounts due from Cline affiliates totaling $61.7 million, of which $56.7 million was attributable to agreements relating to Sugar Camp. The Partnership has received $69.2 million in minimum royalty payments that have not been recouped by Cline affiliates, of which $16.3 million was received in the current year. | |||||||||||||||||
During 2013, the Partnership recognized an $8.1 million gain on a reserve swap in Illinois with Williamson Energy. This gain is reflected in the table above in the “Other revenue” line. The fair value of the reserves was estimated using Level 3 cash flow approach. The expected cash flows were developed using estimated annual sales tons, forecasted sales prices and anticipated market royalty rates. The tons received will be fully mined during 2013, while the tons exchanged are not included in the current mine plans. | |||||||||||||||||
Quintana Capital Group GP, Ltd. | |||||||||||||||||
Corbin J. Robertson, Jr. is a principal in Quintana Capital Group GP, Ltd., which controls several private equity funds focused on investments in the energy business. In connection with the formation of Quintana Capital, the Partnership adopted a formal conflicts policy that establishes the opportunities that will be pursued by the Partnership and those that will be pursued by Quintana Capital. The governance documents of Quintana Capital’s affiliated investment funds reflect the guidelines set forth in the Partnership’s conflicts policy. | |||||||||||||||||
At September 30, 2013, a fund controlled by Quintana Capital owned a majority interest in Corsa Coal Corp., a coal mining company traded on the TSX Venture Exchange that is one of the Partnership’s lessees in Tennessee. Corbin J. Robertson III, one of the Partnership’s directors, is Chairman of the Board of Corsa. Revenues from Corsa are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Coal royalty revenues | $ | 1,249 | $ | 996 | $ | 3,403 | $ | 2,594 | |||||||||
The Partnership also had accounts receivable totaling $0.4 million from Corsa at September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
11 | Commitments and Contingencies | |
Legal | ||
The Partnership 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 claims will not have a material effect on the Partnership’s financial position, liquidity or operations. | ||
Environmental Compliance | ||
The operations conducted on the Partnership’s properties by its lessees are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which these operations are conducted. As owner of surface interests in some properties, the Partnership may be liable for certain environmental conditions occurring at the surface properties. The terms of substantially all of the Partnership’s leases require the lessee to comply with all applicable laws and regulations, including environmental laws and regulations. Lessees post reclamation bonds assuring that reclamation will be completed as required by the relevant permit, and substantially all of the leases require the lessee to indemnify the Partnership against, among other things, environmental liabilities. Some of these indemnifications survive the termination of the lease. The Partnership has neither incurred, nor is aware of, any material environmental charges imposed on it related to its properties as of September 30, 2013. The Partnership is not associated with any environmental contamination that may require remediation costs. During the second quarter of 2013, several citizen group lawsuits were filed against landowners alleging ongoing discharges of pollutants, including selenium, from valley fills located at reclaimed mountaintop removal mining sites in West Virginia. In each case, the mine on the subject property has been closed, the property has been reclaimed, and the state reclamation bond has been released. A subsidiary of NRP was named as a defendant in one of these lawsuits, but the suit has been dismissed. While it is too early to determine the merits or predict the outcome of any of these lawsuits, any determination that a landowner or lessee has liability for discharges from a previously reclaimed mine site would result in uncertainty as to continuing liability for completed and reclaimed coal mine operations. |
Major_Lessees
Major Lessees | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Major Lessees | ' | ||||||||||||||||||||||||||||||||
12 | Major Lessees | ||||||||||||||||||||||||||||||||
Revenues from lessees that exceeded ten percent of total revenues and other income for the periods are presented below: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Revenues | Percent | Revenues | Percent | Revenues | Percent | Revenues | Percent | ||||||||||||||||||||||||||
Alpha Natural Resources | $ | 12,937 | 16 | % | $ | 19,731 | 21 | % | $ | 41,844 | 16 | % | $ | 64,118 | 23 | % | |||||||||||||||||
The Cline Group | $ | 21,046 | 26 | % | $ | 19,692 | 21 | % | $ | 68,359 | 26 | % | $ | 62,782 | 23 | % | |||||||||||||||||
In the first nine months of 2013, the Partnership derived over 42% of its total revenues and other income from the two companies listed above. The first nine months of 2013 revenues received from the Cline Group include $8.1 million in revenues recorded in connection with a reserve swap at Cline’s Williamson mine. Excluding the revenues from the reserve swap, revenues from the Cline Group accounted for approximately $60.3 million, or 23% of the Partnership’s total revenues and other income for the first nine months of 2013. The Partnership has a significant concentration of revenues with Cline and Alpha, although in most cases, with the exception of the Williamson mine, the exposure is spread out over a number of different mining operations and leases. Cline’s Williamson mine was responsible for approximately 14% of the Partnership’s total revenues and other income for the first nine months of 2013, which amount includes the $8.1 million of revenue recorded from the reserve swap. Excluding revenues from the reserve swap, revenues from the Williamson mine accounted for approximately 11% of the Partnership’s total revenues and other income for the first nine months of 2013. |
Incentive_Plans
Incentive Plans | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Incentive Plans | ' | ||||
13 | Incentive Plans | ||||
GP Natural Resource Partners LLC adopted the Natural Resource Partners Long-Term Incentive Plan (the “Long-Term Incentive Plan”) for directors of GP Natural Resource Partners LLC and employees of its affiliates who perform services for the Partnership. The Compensation, Nominating and Governance (“CNG”) Committee of GP Natural Resource Partners LLC’s board of directors administers the Long-Term Incentive Plan. Subject to the rules of the exchange upon which the common units are listed at the time, the board of directors and the CNG Committee of the board of directors have the right to alter or amend the Long-Term Incentive Plan or any part of the Long-Term Incentive Plan from time to time. Except upon the occurrence of unusual or nonrecurring events, no change in any outstanding grant may be made that would materially reduce the benefit intended to be made available to a participant without the consent of the participant. | |||||
Under the plan a grantee will receive the market value of a common unit in cash upon vesting. Market value is defined as the average closing price over the last 20 trading days prior to the vesting date. The CNG Committee may make grants under the Long-Term Incentive Plan to employees and directors containing such terms as it determines, including the vesting period. Outstanding grants vest upon a change in control of the Partnership, the general partner, or GP Natural Resource Partners LLC. If a grantee’s employment or membership on the board of directors terminates for any reason, outstanding grants will be automatically forfeited unless and to the extent the CNG Committee provides otherwise. | |||||
A summary of activity in the outstanding grants during 2013 is as follows: | |||||
Outstanding grants at January 1, 2013 | 912,314 | ||||
Grants during the year | 334,007 | ||||
Grants vested and paid during the year | (231,917 | ) | |||
Forfeitures during the year | (8,450 | ) | |||
Outstanding grants at September 30, 2013 | 1,005,954 | ||||
Grants typically vest at the end of a four-year period and are paid in cash upon vesting. The liability fluctuates with the market value of the Partnership units and because of changes in estimated fair value determined each quarter using the Black-Scholes option valuation model. Risk free interest rates and volatility are reset at each calculation based on current rates corresponding to the remaining vesting term for each outstanding grant and ranged from 0.14% to 0.63% and 27.65% to 32.46%, respectively at September 30, 2013. The Partnership’s average distribution rate of 7.24% and historical forfeiture rate of 4.20% were used in the calculation at September 30, 2013. The Partnership recorded expenses related to its plan to be reimbursed to its general partner of $0.6 million and $1.2 million and $7.5 million and $3.6 million for the three and nine months ended September 30, 2013 and 2012, respectively. In connection with the Long-Term Incentive Plan, payments are typically made during the first quarter of the year. Payments of $7.0 million and $6.6 million were made during the nine month period ended September 30, 2013 and 2012, respectively. | |||||
In connection with the phantom unit awards granted since February 2008, the CNG Committee also granted tandem Distribution Equivalent Rights, or DERs, which entitle the holders to receive distributions equal to the distributions paid on the Partnership’s common units. The DERs are payable in cash upon vesting but may be subject to forfeiture if the grantee ceases employment prior to vesting. | |||||
The unaccrued cost, associated with the unvested outstanding grants and related DERs at September 30, 2013 was $10.4 million. |
Distributions
Distributions | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Distributions | ' | |
14 | Distributions | |
On August 14, 2013, the Partnership paid a quarterly distribution $0.55 per unit to all holders of common units on August 5, 2013. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
15 | Subsequent Events | |
The following represents material events that have occurred subsequent to September 30, 2013 through the time of the Partnership’s filing of this Quarterly Report on Form 10-Q with the Securities and Exchange Commission: | ||
Distributions | ||
On October 22, 2013, the Partnership declared a distribution of $0.55 per unit to be paid on November 14, 2013 to unitholders of record on November 5, 2013. | ||
Acquisition | ||
On October 30, 2013, we signed a definitive agreement to acquire non-operated working interests in oil and gas properties in the Williston Basin of North Dakota, including properties producing from the Bakken/Three Forks play, from Sundance Energy, Inc. for $35.5 million, subject to customary purchase price adjustments at closing. Upon entering into the agreement, we paid a $3.6 million cash deposit into escrow. |
Significant_Accounting_Policie1
Significant Accounting Policies Update (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Reclassification | ' |
Reclassification | |
Certain reclassifications have been made to the prior year’s financial statements. | |
Equity Investments | ' |
Equity Investments | |
The Partnership accounts for non-marketable investments using the equity method of accounting if the investment gives it the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if the Partnership has an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investment and the proportionate share of earnings or losses and distributions. Furthermore, under the equity method of accounting, an investee company’s accounts are not reflected within the Partnership’s Consolidated Balance Sheets and Statements of Comprehensive Income. However, the Partnership’s carrying value in an equity method investee company is reflected in the caption “Equity and other unconsolidated investments” in the Partnership’s Consolidated Balance Sheets. The Partnership’s share of the earnings or losses of the investee company is reflected in the Consolidated Statements of Comprehensive Income as revenues and other income under the caption ‘‘Equity and other unconsolidated investment income. These earnings are generated from natural resources, which are considered part of the Partnership’s core business activities consistent with its directly owned revenue generating activities. | |
The Partnership accounts for its non-marketable equity investments using the cost method of accounting if its ownership interest does not provide the ability to exercise significant influence over the investee or if the investment is not determined to be in-substance common stock. The inability to exert significant influence is generally presumed if the investment is less than 20% of the investee’s voting securities. | |
The Partnership evaluates its equity investments for impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying value of such investment may have experienced other than temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment loss. No impairment losses have been recognized as of September 30, 2013. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB amended the comprehensive income reporting requirements to require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The amendment requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The adoption did not have a material impact on the financial statements. | |
Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Partnership’s financial position, results of operations or cash flows. |
Equity_and_Other_Investments_T
Equity and Other Investments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||
Schedule of Combined Financial Information | ' | ||||||||
The following summarized financial information as of September 30, 2013 and the results of operations for the three and nine-month periods then ended were taken from the OCI-prepared unaudited financial statements. | |||||||||
Operating results: | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2013 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Net sales | $ | 105,567 | $ | 324,559 | |||||
Gross profit | $ | 20,545 | $ | 63,860 | |||||
Net income | $ | 16,323 | $ | 53,281 | |||||
Income allocation to NRP’s equity interests | $ | 7,951 | $ | 24,113 | |||||
Balance Sheet information: | |||||||||
September 30, | |||||||||
2013 | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Current assets | $ | 172,318 | |||||||
Property, plant and equipment | 192,395 | ||||||||
Other assets | 1,319 | ||||||||
Total assets | $ | 366,032 | |||||||
Current liabilities | $ | 36,167 | |||||||
Long term debt | 155,000 | ||||||||
Other liabilities | 3,716 | ||||||||
Capital | 171,149 | ||||||||
Total liabilities and capital | $ | 366,032 | |||||||
Net book value of NRP’s equity interests | $ | 83,863 | |||||||
Excess of NRP’s investment over net book value of NRP’s equity interests | $ | 158,544 | |||||||
Plant_and_Equipment_Tables
Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Plant and Equipment | ' | ||||||||
The Partnership’s plant and equipment consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Plant and equipment at cost | $ | 55,271 | $ | 55,271 | |||||
Less accumulated depreciation | (27,568 | ) | (22,870 | ) | |||||
Net book value | $ | 27,703 | $ | 32,401 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total depreciation expense on plant and equipment | $ | 4,698 | $ | 5,259 | |||||
Mineral_Rights_Tables
Mineral Rights (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Mineral Rights | ' | ||||||||
The Partnership’s mineral rights consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Mineral rights | $ | 1,860,405 | $ | 1,815,423 | |||||
Less accumulated depletion and amortization | (477,541 | ) | (434,950 | ) | |||||
Net book value | $ | 1,382,864 | $ | 1,380,473 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total depletion and amortization expense on mineral rights | $ | 42,671 | $ | 33,547 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
Amounts recorded as intangible assets along with the balances and accumulated amortization are reflected in the table below: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Contract intangibles | $ | 89,421 | $ | 89,421 | |||||
Less accumulated amortization | (21,311 | ) | (18,655 | ) | |||||
Net book value | $ | 68,110 | $ | 70,766 | |||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Total amortization expense on intangible assets | $ | 2,656 | $ | 3,264 | |||||
Estimated Amortization Expense | ' | ||||||||
The estimates of future amortization expense relating to intangible assets for the periods indicated below are based on current mining plans, which are subject to revision in future periods. | |||||||||
Estimated | |||||||||
Amortization | |||||||||
Expense | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
Remainder of 2013 | $ | 1,166 | |||||||
For year ended December 31, 2014 | 3,690 | ||||||||
For year ended December 31, 2015 | 3,830 | ||||||||
For year ended December 31, 2016 | 3,830 | ||||||||
For year ended December 31, 2017 | 3,830 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||
Long-term debt consists of the following: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
NRP LP Debt: | |||||||||||||||||||||||||
$300 million 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018, issued at 99.007% | $ | 297,021 | $ | — | |||||||||||||||||||||
Opco Debt: | |||||||||||||||||||||||||
$300 million floating rate revolving credit facility, due August 2016 | — | 148,000 | |||||||||||||||||||||||
$200 million floating rate term loan, due January 2016 | 99,000 | — | |||||||||||||||||||||||
5.55% senior notes, with semi-annual interest payments in June and December, maturing June 2013 | — | 35,000 | |||||||||||||||||||||||
4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 | 23,084 | 27,700 | |||||||||||||||||||||||
8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2019 | 128,571 | 150,000 | |||||||||||||||||||||||
5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 | 53,846 | 61,538 | |||||||||||||||||||||||
5.31% utility local improvement obligation, with annual principal and interest payments, maturing in March 2021 | 1,537 | 1,731 | |||||||||||||||||||||||
5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 | 27,000 | 30,300 | |||||||||||||||||||||||
4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 | 75,000 | 75,000 | |||||||||||||||||||||||
5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 | 165,000 | 180,000 | |||||||||||||||||||||||
8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 | 50,000 | 50,000 | |||||||||||||||||||||||
5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 | 175,000 | 175,000 | |||||||||||||||||||||||
5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 | 50,000 | 50,000 | |||||||||||||||||||||||
NRP Oil and Gas Debt: | |||||||||||||||||||||||||
Reserve-based revolving credit facility due 2018 | — | — | |||||||||||||||||||||||
Total debt | 1,145,059 | 984,269 | |||||||||||||||||||||||
Less – current portion of long term debt | (56,175 | ) | (87,230 | ) | |||||||||||||||||||||
Long-term debt | $ | 1,088,884 | $ | 897,039 | |||||||||||||||||||||
Principal Payments Due | ' | ||||||||||||||||||||||||
The consolidated principal payments due are set forth below: | |||||||||||||||||||||||||
NRP LP | OPCO | NRP | |||||||||||||||||||||||
Oil & Gas | |||||||||||||||||||||||||
Senior Notes | Senior Notes | Credit Facility | Term Loan | Credit Facility | Total | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Remainder of 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
2014 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
2015 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
2016 | — | 80,983 | — | 99,000 | — | 179,983 | |||||||||||||||||||
2017 | — | 80,983 | — | — | — | 80,983 | |||||||||||||||||||
Thereafter | 300,000 | (1) | 425,107 | — | — | — | 725,107 | ||||||||||||||||||
$ | 300,000 | $ | 749,039 | $ | — | $ | 99,000 | $ | — | $ | 1,148,039 | ||||||||||||||
(1) | The 9.125% senior notes due 2018 were issued at a discount. |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Contractual Override, Note Receivable and Long-Term Debt | ' | ||||||||||||||||
The fair market value and carrying value of the contractual override, Taggart note receivable and long-term senior notes are as follows: | |||||||||||||||||
Fair Value As Of | Carrying Value As Of | ||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Assets | |||||||||||||||||
Sugar Camp override, current and long-term | $ | 7,878 | $ | 8,817 | $ | 6,986 | $ | 7,495 | |||||||||
Taggart plant sale, current and long-term | $ | — | $ | 1,668 | $ | — | $ | 1,667 | |||||||||
Liabilities | |||||||||||||||||
Long-term debt, current and long-term | $ | 1,074,008 | $ | 876,574 | $ | 1,046,059 | $ | 836,269 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Reimbursements | ' | ||||||||||||||||
The reimbursements to affiliates of the Partnership’s general partner for services performed by Western Pocahontas Properties and Quintana Minerals Corporation are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Reimbursement for services | $ | 2,748 | $ | 2,303 | $ | 8,481 | $ | 7,230 | |||||||||
Cline Affiliates [Member] | ' | ||||||||||||||||
Summary of Revenues from Related Party | ' | ||||||||||||||||
Revenues from the Cline affiliates are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Coal royalty revenues | $ | 14,968 | $ | 12,894 | $ | 39,527 | $ | 34,351 | |||||||||
Processing fees | 379 | 715 | 972 | 1,745 | |||||||||||||
Transportation fees | 4,742 | 5,008 | 13,499 | 14,362 | |||||||||||||
Minimums recognized as revenue | — | — | 3,477 | 9,556 | |||||||||||||
Override revenue | 957 | 1,075 | 2,735 | 2,768 | |||||||||||||
Other revenue | — | — | 8,149 | — | |||||||||||||
$ | 21,046 | $ | 19,692 | $ | 68,359 | $ | 62,782 | ||||||||||
Corsa [Member] | ' | ||||||||||||||||
Summary of Revenues from Related Party | ' | ||||||||||||||||
Revenues from Corsa are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Coal royalty revenues | $ | 1,249 | $ | 996 | $ | 3,403 | $ | 2,594 | |||||||||
Major_Lessees_Tables
Major Lessees (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Revenues from Lessees that Exceeded Ten Percent of Total Revenues and Other Income | ' | ||||||||||||||||||||||||||||||||
Revenues from lessees that exceeded ten percent of total revenues and other income for the periods are presented below: | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||
Revenues | Percent | Revenues | Percent | Revenues | Percent | Revenues | Percent | ||||||||||||||||||||||||||
Alpha Natural Resources | $ | 12,937 | 16 | % | $ | 19,731 | 21 | % | $ | 41,844 | 16 | % | $ | 64,118 | 23 | % | |||||||||||||||||
The Cline Group | $ | 21,046 | 26 | % | $ | 19,692 | 21 | % | $ | 68,359 | 26 | % | $ | 62,782 | 23 | % |
Incentive_Plans_Tables
Incentive Plans (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Summary of Activity in Outstanding Grants | ' | ||||
A summary of activity in the outstanding grants during 2013 is as follows: | |||||
Outstanding grants at January 1, 2013 | 912,314 | ||||
Grants during the year | 334,007 | ||||
Grants vested and paid during the year | (231,917 | ) | |||
Forfeitures during the year | (8,450 | ) | |||
Outstanding grants at September 30, 2013 | 1,005,954 | ||||
Basis_of_Presentation_and_Orga1
Basis of Presentation and Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Coal_Reserves | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of coal reserves | 3 |
Significant_Accounting_Policie2
Significant Accounting Policies Update - Additional Information (Detail) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Schedule Of Significant Accounting Policies [Line Items] | ' |
Impairment losses | $0 |
Minimum [Member] | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' |
Ownership interest of Partnership with significant influence | 20.00% |
Maximum [Member] | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' |
Ownership interest of Partnership with significant influence | 50.00% |
Recent_Acquisitions_Additional
Recent Acquisitions - Additional Information (Detail) (Bakken And Three Forks Formations Areas [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | acre |
Bakken And Three Forks Formations Areas [Member] | ' |
Business Acquisition [Line Items] | ' |
Area of land acquired | 13,515 |
Purchase price allocation for assets acquired | $38.30 |
Equity_and_Other_Investments_A
Equity and Other Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
OCI Wyoming [Member] | OCI Wyoming [Member] | OCI Wyoming Co [Member] | OCI Wyoming Co [Member] | OCI Wyoming Co [Member] | OCI Wyoming Co [Member] | Big Island Trona [Member] | Big Island Trona [Member] | |||
Common Stock [Member] | Preferred Stock [Member] | Maximum [Member] | ||||||||
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in partnership's interest | ' | ' | ' | 48.51% | ' | 49.00% | ' | ' | ' | ' |
Percentage of Ownership | ' | ' | ' | ' | ' | ' | 20.00% | 100.00% | ' | ' |
Percentage of limited partnership interest in OCI LP | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Acquisition value | ' | ' | ' | ' | ' | ' | ' | ' | $292,500,000 | ' |
Term loan provided for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' |
Issuance of equity | ' | ' | ' | ' | ' | ' | ' | ' | 76,500,000 | ' |
Acquisition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
General partner contribution | ' | 1,531,000 | ' | ' | ' | ' | ' | ' | 1,500,000 | ' |
Cash consideration for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' |
Increase in fair value of property, plant and equipment | 78,700,000 | 78,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of purchase adjustments | 700,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Special distribution received | ' | ' | $44,800,000 | ' | ' | ' | ' | ' | ' | ' |
Equity_and_Other_Investments_S
Equity and Other Investments - Schedule of Combined Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' | ' |
Net income | $36,126 | $52,001 | $125,097 | $153,248 | ' |
Current assets | 139,145 | ' | 139,145 | ' | 196,195 |
Property, plant and equipment | 27,703 | ' | 27,703 | ' | 32,401 |
Other assets | 527 | ' | 527 | ' | 630 |
Total assets | 1,950,635 | ' | 1,950,635 | ' | 1,764,672 |
Current liabilities | 83,249 | ' | 83,249 | ' | 117,815 |
Long term debt | 1,088,884 | ' | 1,088,884 | ' | 897,039 |
Capital | 632,844 | ' | 632,844 | ' | 617,447 |
Total liabilities and partners' capital | 1,950,635 | ' | 1,950,635 | ' | 1,764,672 |
Excess of NRP's investment over net book value of NRP's equity interests | 78,700 | ' | 78,700 | ' | ' |
OCI LP and OCI Co [Member] | ' | ' | ' | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' | ' | ' | ' |
Net sales | 105,567 | ' | 324,559 | ' | ' |
Gross profit | 20,545 | ' | 63,860 | ' | ' |
Net income | 16,323 | ' | 53,281 | ' | ' |
Income allocation to NRP's equity interests | 7,951 | ' | 24,113 | ' | ' |
Current assets | 172,318 | ' | 172,318 | ' | ' |
Property, plant and equipment | 192,395 | ' | 192,395 | ' | ' |
Other assets | 1,319 | ' | 1,319 | ' | ' |
Total assets | 366,032 | ' | 366,032 | ' | ' |
Current liabilities | 36,167 | ' | 36,167 | ' | ' |
Long term debt | 155,000 | ' | 155,000 | ' | ' |
Other liabilities | 3,716 | ' | 3,716 | ' | ' |
Capital | 171,149 | ' | 171,149 | ' | ' |
Total liabilities and partners' capital | 366,032 | ' | 366,032 | ' | ' |
Net book value of NRP's equity interests | 83,863 | ' | 83,863 | ' | ' |
Excess of NRP's investment over net book value of NRP's equity interests | $158,544 | ' | $158,544 | ' | ' |
Plant_and_Equipment_Plant_and_
Plant and Equipment - Plant and Equipment (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Plant and equipment at cost | $55,271 | ' | $55,271 |
Less accumulated depreciation | -27,568 | ' | -22,870 |
Net book value | 27,703 | ' | 32,401 |
Total depreciation expense on plant and equipment | $4,698 | $5,259 | ' |
Mineral_Rights_Mineral_Rights_
Mineral Rights - Mineral Rights (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Extractive Industries [Abstract] | ' | ' | ' |
Mineral rights | $1,860,405 | ' | $1,815,423 |
Less accumulated depletion and amortization | -477,541 | ' | -434,950 |
Net book value | 1,382,864 | ' | 1,380,473 |
Total depletion and amortization expense on mineral rights | $42,671 | $33,547 | ' |
Intangible_Assets_Intangible_A
Intangible Assets - Intangible Assets (Detail) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Contract intangibles | $89,421 | ' | $89,421 |
Less accumulated amortization | -21,311 | ' | -18,655 |
Net book value | 68,110 | ' | 70,766 |
Total amortization expense on intangible assets | $2,656 | $3,264 | ' |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2013 | $1,166 |
For year ended December 31, 2014 | 3,690 |
For year ended December 31, 2015 | 3,830 |
For year ended December 31, 2016 | 3,830 |
For year ended December 31, 2017 | $3,830 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Term Loan [Member] | Term Loan [Member] | Opco [Member] | Opco [Member] | Opco [Member] | Opco [Member] | Opco [Member] | NRP LP [Member] | NRP Oil and Gas LLC [Member] | NRP Oil and Gas LLC [Member] | NRP Oil and Gas LLC [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | $300 million floating rate revolving credit facility, due August 2016 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Opco [Member] | NRP LP [Member] | Opco [Member] | NRP LP [Member] | |||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of Senior Notes due | 9.13% | ' | ' | ' | ' | ' | ' | ' | 9.13% | ' | ' | ' | ' | ' | ' | ' |
Floating rate revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | $300 | ' | ' | ' | ' | ' | ' | ' |
Senior Note issue percentage | ' | ' | ' | ' | ' | ' | ' | ' | 99.01% | ' | ' | ' | ' | ' | ' | ' |
Repayment of principal amount | ' | ' | 101 | 289 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan | ' | ' | ' | 91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2 |
Principal payments on its senior notes | ' | ' | ' | 87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated indebtedness to consolidated EBITDDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of consolidated net tangible assets debt of subsidiaries not permitted to exceed | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated EBITDDA to consolidated fixed charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnerships leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional interest accrue | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership leverage ratio | ' | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | 0.40% | ' |
Commitment fee on the undrawn portion of the revolving credit facility rates | ' | ' | ' | ' | ' | ' | ' | '0.18% to 0.40% | ' | '0.375% to 0.50% | ' | ' | ' | ' | ' | ' |
Maximum increase in aggregate commitment | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | 2.23% | 2.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate for the debt outstanding under the term loan | ' | ' | 2.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received from debt issuance | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | 99 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Leverage ratio, maximum | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Senior secured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' |
Revolving credit facility, initial borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The higher of (i) the prime rate as announced by the agent bank; (ii) the federal funds rate plus 0.50%; or (iii) LIBOR plus 1%, in each case plus an applicable margin ranging from 0.50% to 1.50%; or a rate equal to LIBOR, plus an applicable margin ranging from 1.75% to 2.75% | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | $1,145,059 | $984,269 |
Less - current portion of long term debt | -56,175 | -87,230 |
Long-term debt | 1,088,884 | 897,039 |
NRP LP [Member] | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 297,021 | ' |
Opco [Member] | $300 million floating rate revolving credit facility, due August 2016 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 148,000 |
Opco [Member] | $200 million floating rate term loan, due January 2016 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 99,000 | ' |
Opco [Member] | 5.55% senior notes, with semi-annual interest payments in June and December, maturing June 2013 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 35,000 |
Opco [Member] | 4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 23,084 | 27,700 |
Opco [Member] | 8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March , maturing in March 2019 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 128,571 | 150,000 |
Opco [Member] | 5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 53,846 | 61,538 |
Opco [Member] | 5.31% utility local improvement obligation, with annual principal and interest payments, maturing in March 2021[Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 1,537 | 1,731 |
Opco [Member] | 5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 27,000 | 30,300 |
Opco [Member] | 4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 75,000 | 75,000 |
Opco [Member] | 5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 165,000 | 180,000 |
Opco [Member] | 8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 50,000 | 50,000 |
Opco [Member] | 5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | 175,000 | 175,000 |
Opco [Member] | 5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | ' | ' |
Proforma Debt Instrument [Line Items] | ' | ' |
Total debt | $50,000 | $50,000 |
LongTerm_Debt_LongTerm_Debt_Pa
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 9.13% |
NRP LP [Member] | 9.125% senior notes, with semi-annual interest payments in April and October, maturing October 2018 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Floating rate revolving credit facility | 300 |
Rate of Senior Notes due | 9.13% |
Senior Note issue percentage | 99.01% |
Opco [Member] | $300 million floating rate revolving credit facility, due August 2016 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Floating rate revolving credit facility | 300 |
Opco [Member] | $200 million floating rate term loan, due January 2016 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Floating rate revolving credit facility | 200 |
Opco [Member] | 5.55% senior notes, with semi-annual interest payments in June and December, maturing June 2013 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.55% |
Opco [Member] | 4.91% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2018 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 4.91% |
Opco [Member] | 8.38% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March , maturing in March 2019 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 8.38% |
Opco [Member] | 5.05% senior notes, with semi-annual interest payments in January and July, with annual principal payments in July, maturing in July 2020 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.05% |
Opco [Member] | 5.31% utility local improvement obligation, with annual principal and interest payments, maturing in March 2021[Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.31% |
Opco [Member] | 5.55% senior notes, with semi-annual interest payments in June and December, with annual principal payments in June, maturing in June 2023 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.55% |
Opco [Member] | 4.73% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2023 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 4.73% |
Opco [Member] | 5.82% senior notes, with semi-annual interest payments in March and September, with annual principal payments in March, maturing in March 2024 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.82% |
Opco [Member] | 8.92% senior notes, with semi-annual interest payments in March and September, with scheduled principal payments beginning March 2014, maturing in March 2024 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 8.92% |
Opco [Member] | 5.03% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.03% |
Opco [Member] | 5.18% senior notes, with semi-annual interest payments in June and December, with scheduled principal payments beginning December 2014, maturing in December 2026 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Rate of Senior Notes due | 5.18% |
LongTerm_Debt_Principal_Paymen
Long-Term Debt - Principal Payments Due (Detail) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | 80,983 | |
2015 | 80,983 | |
2016 | 179,983 | |
2017 | 80,983 | |
Thereafter | 725,107 | |
Principal Payments | 1,148,039 | |
NRP LP [Member] | Senior Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | ' | |
2015 | ' | |
2016 | ' | |
2017 | ' | |
Thereafter | 300,000 | [1] |
Principal Payments | 300,000 | |
Opco [Member] | Senior Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | 80,983 | |
2015 | 80,983 | |
2016 | 80,983 | |
2017 | 80,983 | |
Thereafter | 425,107 | |
Principal Payments | 749,039 | |
Opco [Member] | Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | ' | |
2015 | ' | |
2016 | ' | |
2017 | ' | |
Thereafter | ' | |
Principal Payments | ' | |
Opco [Member] | Term Loan [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | ' | |
2015 | ' | |
2016 | 99,000 | |
2017 | ' | |
Thereafter | ' | |
Principal Payments | 99,000 | |
NRP Oil and Gas LLC [Member] | Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remainder of 2013 | ' | |
2014 | ' | |
2015 | ' | |
2016 | ' | |
2017 | ' | |
Thereafter | ' | |
Principal Payments | ' | |
[1] | The 9.125% senior notes due 2018 were issued at a discount. |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information (Parenthetical) (Detail) | Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' |
Rate of Senior Notes due | 9.13% |
Fair_Value_Contractual_Overrid
Fair Value - Contractual Override, Note Receivable and Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value of Sugar Camp override, current and long-term | $7,878 | $8,817 |
Fair Value of Taggart plant sale, current and long-term | ' | 1,668 |
Fair Value of Long-term debt, current and long-term | 1,074,008 | 876,574 |
Carrying Value of Sugar Camp override, current and long-term | 6,986 | 7,495 |
Carrying Value of Taggart plant sale, current and long-term | ' | 1,667 |
Carrying Value of Long-term debt, current and long-term | $1,046,059 | $836,269 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' |
Lease expenses | $600,000 | ' |
Unrecouped minimum royalty payments | 69,200,000 | ' |
Proceeds from royalty payments in current year | 16,300,000 | ' |
Accounts receivable from related party | 8,550,000 | 10,613,000 |
Gain on partnership | 8,100,000 | ' |
Quintana Minerals [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Amount payable to Related Parties | 700,000 | ' |
Cline Affiliates [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Rate of interest in the partnerships general partner | 31.00% | ' |
Related party transaction number of units hold by the related party in partnerships' general partner | 4,917,548 | ' |
Accounts receivable from related party | 61,700,000 | ' |
Contractual overriding agreement payment relating to acquisition | 56,700,000 | ' |
Kopper-Glo [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable from related party | $400,000 | ' |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Reimbursements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Reimbursement for services | $2,748 | $2,303 | $8,481 | $7,230 |
Related_Party_Transactions_Sum1
Related Party Transactions - Summary of Revenues from Related Party (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Coal royalty revenues | $52,305 | $70,259 | $164,957 | $193,053 |
Minimums recognized as revenue | 998 | 1,096 | 6,425 | 13,748 |
Override revenue | 2,927 | 3,359 | 11,011 | 11,998 |
Other revenue | 2,189 | 6,322 | 14,011 | 13,452 |
Total revenues and other income | 82,237 | 94,175 | 263,373 | 276,711 |
Corsa [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Coal royalty revenues | 1,249 | 996 | 3,403 | 2,594 |
Cline Affiliates [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Coal royalty revenues | 14,968 | 12,894 | 39,527 | 34,351 |
Processing fees | 379 | 715 | 972 | 1,745 |
Transportation fees | 4,742 | 5,008 | 13,499 | 14,362 |
Minimums recognized as revenue | ' | ' | 3,477 | 9,556 |
Override revenue | 957 | 1,075 | 2,735 | 2,768 |
Other revenue | ' | ' | 8,149 | ' |
Total revenues and other income | $21,046 | $19,692 | $68,359 | $62,782 |
Major_Lessees_Revenues_from_Le
Major Lessees - Revenues from Lessees that Exceeded Ten Percent of Total Revenues and Other Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Alpha Natural Resources [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Revenues | $12,937 | $19,731 | $41,844 | $64,118 |
Percent | 16.00% | 21.00% | 16.00% | 23.00% |
The Cline Group [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Revenues | $21,046 | $19,692 | $68,359 | $62,782 |
Percent | 26.00% | 21.00% | 26.00% | 23.00% |
Major_Lessees_Additional_Infor
Major Lessees - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Operating Leased Assets [Line Items] | ' |
Minimum Percentage of revenues and other income derived from major two leases | 42.00% |
The Cline Group [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Percentage of revenues and other income derived from major lessee | 14.00% |
Revenue received from major lessee connection with reserve swap | 8.1 |
Revenues and other income received from major lessee excluding reserve swap | 60.3 |
Percentage of revenues and other income received from major lessee excluding reserve swap | 23.00% |
Williamson [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Revenue received from major lessee connection with reserve swap | 8.1 |
Percentage of revenues and other income received from major lessee excluding reserve swap | 11.00% |
Incentive_Plans_Additional_Inf
Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Market value of common units under the incentive plan | ' | ' | 'Average closing price over the last 20 trading days prior to the vesting date | ' |
Vesting period of Grants in years | ' | ' | '4 years | ' |
Risk free interest rate | ' | ' | 0.14% | ' |
Risk free interest rate | ' | ' | 0.63% | ' |
Volatility rate | ' | ' | 27.65% | ' |
Volatility rate | ' | ' | 32.46% | ' |
Partnership's historical forfeiture rate | 4.20% | ' | 4.20% | ' |
Partnership's historical distribution rate | 7.24% | ' | 7.24% | ' |
Expenses related to Incentive Plan to be reimbursed to general partner | ' | ' | $60,000 | $59,000 |
Payments made in connection with Long-Term Incentive Plan | ' | ' | 7,000,000 | 6,600,000 |
Unaccrued cost associated with outstanding grants and related DERs | 10,400,000 | ' | 10,400,000 | ' |
General Partner [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expenses related to Incentive Plan to be reimbursed to general partner | $600,000 | $1,200,000 | $7,500,000 | $3,600,000 |
Incentive_Plans_Summary_of_Act
Incentive Plans - Summary of Activity in Outstanding Grants (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Outstanding grants at the beginning of the period | 912,314 |
Grants during the year | 334,007 |
Grants vested and paid during the year | -231,917 |
Forfeitures during the year | -8,450 |
Outstanding grants at the end of the period | 1,005,954 |
Distributions_Additional_Infor
Distributions - Additional Information (Detail) (USD $) | 1 Months Ended |
Aug. 31, 2013 | |
Equity [Abstract] | ' |
Quarterly distribution to holders of common units | $0.55 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Distributions per unit declared | $0.55 | $0.55 |
Non-operated working interest in producing oil and gas properties | ' | $35.50 |
Partnership agreement, cash deposit paid in escrow | ' | $3.60 |