Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001171486 | |
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-31465 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2164875 | |
Entity Address, Address Line One | 1415 Louisiana Street, Suite 3325 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 751-7507 | |
Title of 12(b) Security | Common Units representing limited partner interests | |
Trading Symbol | NRP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,049,123 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 32,340 | $ 11,989 |
Accounts receivable, net | 30,624 | 41,086 |
Other current assets, net | 3,114 | 2,218 |
Total current assets | 66,078 | 55,293 |
Land | 24,008 | 24,008 |
Mineral rights, net | 387,053 | 394,483 |
Intangible assets, net | 13,143 | 13,682 |
Equity in unconsolidated investment | 265,935 | 276,549 |
Long-term contract receivable, net | 24,929 | 26,321 |
Other Assets, Noncurrent | 8,412 | 7,540 |
Total assets | 789,558 | 797,876 |
Current liabilities | ||
Accounts payable | 933 | 885 |
Accrued liabilities | 7,225 | 12,987 |
Accrued interest | 319 | 584 |
Current portion of deferred revenue | 4,449 | 4,599 |
Current portion of long-term debt, net | 14,214 | 30,785 |
Total current liabilities | 27,140 | 49,840 |
Deferred revenue | 40,433 | 38,356 |
Long-term debt, net | 196,112 | 124,273 |
Other Liabilities, Noncurrent | 6,619 | 7,172 |
Total liabilities | 270,304 | 219,641 |
Commitments and contingencies (see Note 13) | ||
Class A Convertible Preferred Units (31,666 and 71,666 issued and outstanding at June 30, 2024 and December 31, 2023, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at June 30, 2024 and December 31, 2023) (See Note 3) | 20,847 | 47,181 |
Partners’ capital | ||
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively) | 490,877 | 503,076 |
General partner’s interest | 8,568 | 8,005 |
Warrant holders’ interest | 0 | 23,095 |
Accumulated other comprehensive loss | (1,038) | (3,122) |
Total partners’ capital | 498,407 | 531,054 |
Total liabilities and partners' capital | $ 789,558 | $ 797,876 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Temporary Equity, shares issued (in shares) | 31,666 | 71,666 |
Temporary Equity, shares outstanding (in shares) | 31,666 | 71,666 |
Temporary Equity, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Temporary Equity, liquidation (in dollars per share) | $ 1,850 | $ 1,850 |
Common unitholders interest, issued (in shares) | 13,049,123 | 12,634,642 |
Common unitholders interest, outstanding (in shares) | 13,049,123 | 12,634,642 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Revenues and other income | ||||||
Equity in earnings of Sisecam Wyoming | $ 3,645 | $ 26,978 | $ 9,095 | $ 46,232 | ||
Gain on asset sales and disposals | 4,643 | 5 | 4,808 | 101 | ||
Total revenues and other income | 65,540 | 91,260 | 141,954 | 190,479 | ||
Operating expenses | ||||||
Operating and maintenance expenses | 5,872 | 7,930 | 11,605 | 15,093 | ||
Depreciation, depletion and amortization | 3,324 | 3,792 | 7,978 | 7,875 | ||
General and administrative expenses | 5,931 | 5,643 | 12,258 | 11,488 | ||
Asset impairments | 0 | 69 | 0 | 69 | ||
Total operating expenses | 15,127 | 17,434 | 31,841 | 34,525 | ||
Income from operations | 50,413 | 73,826 | 110,113 | 155,954 | ||
Interest expense, net | (4,349) | (3,492) | (7,836) | (6,345) | ||
Net income | 46,064 | [1] | 70,334 | [2] | 102,277 | 149,609 |
Less: income attributable to preferred unitholders | (1,443) | (4,971) | (3,593) | (11,632) | ||
Less: redemption of preferred units | (13,666) | (27,618) | (13,666) | (43,846) | ||
Net income attributable to common unitholders and the general partner | 30,955 | 37,745 | 85,018 | 94,131 | ||
Net income attributable to common unitholders | 30,336 | 36,990 | 83,318 | 92,248 | ||
Net income attributable to the general partner | $ 619 | $ 755 | $ 1,700 | $ 1,883 | ||
Net income per common unit (see Note 5) | ||||||
Basic (in dollars per share) | $ 2.33 | $ 2.93 | $ 6.44 | $ 7.32 | ||
Diluted (in dollars per share) | $ 2.29 | $ 2.49 | $ 6.17 | $ 5.96 | ||
Net income | $ 46,064 | [1] | $ 70,334 | [2] | $ 102,277 | $ 149,609 |
Comprehensive income (loss) from unconsolidated investment and other | 1,239 | 911 | 2,084 | (18,672) | ||
Comprehensive income | 47,303 | 71,245 | 104,361 | 130,937 | ||
Royalty and Other Mineral Rights [Member] | Mineral Rights Segment [Member] | ||||||
Revenues and other income | ||||||
Revenues | 54,591 | 61,007 | 121,963 | 137,278 | ||
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | ||||||
Revenues and other income | ||||||
Revenues | $ 2,661 | $ 3,270 | $ 6,088 | $ 6,868 | ||
[1]Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.[2]Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | AOCI Attributable to Parent [Member] | Limited Partner [Member] | General Partner [Member] | Warrant Holder [Member] | |
Balance (in shares) at Dec. 31, 2022 | 12,506 | |||||
Balance at Dec. 31, 2022 | $ 477,457 | $ 18,717 | $ 404,799 | $ 5,977 | $ 47,964 | |
Net income | [1] | 79,275 | 77,690 | 1,585 | ||
Distributions to common unitholders and the general partner | (40,900) | (40,082) | (818) | |||
Distributions to preferred unitholders | (8,086) | $ (7,924) | (162) | |||
Issuance of unit-based awards (in shares) | 129 | |||||
Unit-based awards amortization and vesting, net | (1,178) | $ (1,178) | ||||
Capital contribution | 142 | 142 | ||||
Comprehensive income from unconsolidated investment and other | (19,583) | (19,583) | ||||
Redemption of preferred units | (16,228) | $ (15,904) | (324) | |||
Redemption of preferred units (in shares) | 0 | |||||
Balance (in shares) at Mar. 31, 2023 | 12,635 | |||||
Balance at Mar. 31, 2023 | 470,899 | (866) | $ 417,401 | 6,400 | 47,964 | |
Balance (in shares) at Dec. 31, 2022 | 12,506 | |||||
Balance at Dec. 31, 2022 | 477,457 | 18,717 | $ 404,799 | 5,977 | 47,964 | |
Net income | 149,609 | |||||
Comprehensive income from unconsolidated investment and other | (18,672) | |||||
Balance (in shares) at Jun. 30, 2023 | 12,635 | |||||
Balance at Jun. 30, 2023 | 499,760 | 45 | $ 444,838 | 6,913 | 47,964 | |
Balance (in shares) at Mar. 31, 2023 | 12,635 | |||||
Balance at Mar. 31, 2023 | 470,899 | (866) | $ 417,401 | 6,400 | 47,964 | |
Net income | [2] | 70,334 | 0 | 68,927 | 1,407 | 0 |
Distributions to common unitholders and the general partner | (9,669) | 0 | (9,476) | (193) | 0 | |
Distributions to preferred unitholders | (7,396) | 0 | (7,248) | (148) | 0 | |
Unit-based awards amortization and vesting, net | 2,299 | 0 | 2,299 | 0 | 0 | |
Comprehensive income from unconsolidated investment and other | 911 | 911 | 0 | 0 | 0 | |
Redemption of preferred units | (27,618) | 0 | $ (27,065) | (553) | 0 | |
Balance (in shares) at Jun. 30, 2023 | 12,635 | |||||
Balance at Jun. 30, 2023 | 499,760 | 45 | $ 444,838 | 6,913 | 47,964 | |
Balance (in shares) at Dec. 31, 2023 | 12,635 | |||||
Balance at Dec. 31, 2023 | 531,054 | (3,122) | $ 503,076 | 8,005 | 23,095 | |
Net income | [3] | 56,213 | 0 | 55,089 | 1,124 | 0 |
Distributions to common unitholders and the general partner | (42,186) | 0 | (41,342) | (844) | 0 | |
Distributions to preferred unitholders | (2,150) | 0 | $ (2,107) | (43) | 0 | |
Issuance of unit-based awards (in shares) | 126 | |||||
Issuance of unit-based awards | 0 | 0 | $ 0 | 0 | 0 | |
Unit-based awards amortization and vesting, net | (3,971) | 0 | (3,971) | 0 | 0 | |
Capital contribution | 227 | 0 | $ 0 | 227 | 0 | |
Warrant settlements (in shares) | 199 | |||||
Warrant settlements | (55,689) | 0 | $ (36,650) | (748) | (18,291) | |
Comprehensive income from unconsolidated investment and other | 845 | 845 | $ 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2024 | 12,960 | |||||
Balance at Mar. 31, 2024 | 484,343 | (2,277) | $ 474,095 | 7,721 | 4,804 | |
Balance (in shares) at Dec. 31, 2023 | 12,635 | |||||
Balance at Dec. 31, 2023 | 531,054 | (3,122) | $ 503,076 | 8,005 | 23,095 | |
Net income | 102,277 | |||||
Comprehensive income from unconsolidated investment and other | 2,084 | |||||
Balance (in shares) at Jun. 30, 2024 | 13,049 | |||||
Balance at Jun. 30, 2024 | 498,407 | (1,038) | $ 490,877 | 8,568 | 0 | |
Balance (in shares) at Mar. 31, 2024 | 12,960 | |||||
Balance at Mar. 31, 2024 | 484,343 | (2,277) | $ 474,095 | 7,721 | 4,804 | |
Net income | [4] | 46,064 | 0 | 45,142 | 922 | 0 |
Distributions to common unitholders and the general partner | (9,987) | 0 | (9,787) | (200) | 0 | |
Distributions to preferred unitholders | (2,643) | 0 | (2,590) | (53) | 0 | |
Unit-based awards amortization and vesting, net | 2,502 | 0 | 2,502 | 0 | 0 | |
Capital contribution | 555 | 0 | $ 0 | 555 | 0 | |
Warrant settlements (in shares) | 89 | |||||
Warrant settlements | (10,000) | 0 | $ (5,092) | (104) | (4,804) | |
Comprehensive income from unconsolidated investment and other | 1,239 | 1,239 | 0 | 0 | 0 | |
Redemption of preferred units | (13,666) | 0 | $ (13,393) | (273) | 0 | |
Balance (in shares) at Jun. 30, 2024 | 13,049 | |||||
Balance at Jun. 30, 2024 | $ 498,407 | $ (1,038) | $ 490,877 | $ 8,568 | $ 0 | |
[1]Net income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner.[2]Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.[3]Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.[4]Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner. |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Allocation to unitholders | $ 1,443 | $ 2,150 | $ 4,971 | $ 6,660 |
Limited Partner [Member] | ||||
Allocation to unitholders | 1,410 | 2,110 | 4,870 | 6,530 |
General Partner [Member] | ||||
Allocation to unitholders | $ 30 | $ 40 | $ 100 | $ 130 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income | $ 102,277 | $ 149,609 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 7,978 | 7,875 |
Distributions from unconsolidated investment | 21,794 | 43,130 |
Equity earnings from unconsolidated investment | (9,095) | (46,232) |
Gain on asset sales and disposals | (4,808) | (101) |
Asset impairments | 0 | 69 |
Bad debt expense | (520) | (808) |
Unit-based compensation expense | 5,876 | 5,137 |
Amortization of debt issuance costs and other | (948) | 566 |
Change in operating assets and liabilities: | ||
Accounts receivable | 12,351 | 6,700 |
Accounts payable | 49 | (469) |
Accrued liabilities | (6,309) | (6,786) |
Accrued interest | (265) | (364) |
Deferred revenue | 1,927 | (2,800) |
Other items, net | (2,179) | (1,276) |
Net cash provided by operating activities | 128,128 | 154,250 |
Cash flows from investing activities | ||
Proceeds from asset sales and disposals | 4,808 | 106 |
Return of long-term contract receivable | 1,306 | 1,208 |
Capital expenditures | 0 | (10) |
Net cash provided by investing activities | 6,114 | 1,304 |
Cash flows from financing activities | ||
Debt borrowings | 129,850 | 165,034 |
Debt repayments | (74,696) | (151,061) |
Redemption of preferred units | (40,000) | (128,333) |
Warrant settlements (see Note 3) | (65,689) | 0 |
Other items, net | (6,390) | (3,504) |
Net cash used in financing activities | (113,891) | (183,915) |
Net increase (decrease) in cash and cash equivalents | 20,351 | (28,361) |
Cash and cash equivalents at beginning of period | 11,989 | 39,091 |
Cash and cash equivalents at end of period | 32,340 | 10,730 |
Supplemental cash flow information: | ||
Cash paid for interest | 7,666 | 6,434 |
Common Unitholders And General Partner [Member] | ||
Cash flows from financing activities | ||
Distributions to unitholders | (52,173) | (50,569) |
Preferred Partner [Member] | ||
Cash flows from financing activities | ||
Distributions to unitholders | $ (4,793) | $ (15,482) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation Nature of Business Natural Resource Partners L.P. (the "Partnership") engages principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and owns a non-controlling 49% interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two operating segments further described in Note 6. Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10 01 X. not December 31, 2023 10 March 7, 2024. no Recently Issued Accounting Standard In November 2023, ASU No. 2023 07—Segment 280 2023 07" 2023 07 December 15, 2023 December 15, 2024 not 2023 07 |
Note 2 - Revenues From Contract
Note 2 - Revenues From Contracts With Customers | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenues from Contracts with Customers The following table presents the Partnership's Mineral Rights segment revenues from contracts with customers by major source: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Coal royalty revenues $ 39,685 $ 47,960 $ 86,503 $ 105,983 Production lease minimum revenues 412 562 1,336 1,175 Minimum lease straight-line revenues 4,126 4,447 8,297 8,950 Carbon neutral initiative revenues 2,200 115 4,361 2,233 Property tax revenues 1,545 1,470 3,437 2,940 Wheelage revenues 2,338 3,284 5,010 7,153 Coal overriding royalty revenues 668 150 1,837 338 Lease amendment revenues 712 848 1,414 1,699 Aggregates royalty revenues 730 686 1,502 1,439 Oil and gas royalty revenues 1,999 1,214 5,639 4,802 Other revenues 176 271 829 566 Royalty and other mineral rights revenues $ 54,591 $ 61,007 $ 120,165 $ 137,278 Transportation and processing services revenues 2,085 2,641 4,921 5,574 Total Mineral Rights segment revenues from contracts with customers $ 56,676 $ 63,648 $ 125,086 $ 142,852 The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers: June 30, December 31, (In thousands) 2024 2023 Receivables Accounts receivable, net $ 26,679 $ 37,206 Other current assets, net (1) 2,219 429 Contract liabilities Current portion of deferred revenue $ 4,449 $ 4,599 Deferred revenue 40,433 38,356 ( 1 Other current assets, net includes short-term notes receivables from contracts with customers. The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue resulting from contracts with customers: For the Six Months Ended June 30, (In thousands) 2024 2023 Balance at beginning of period (current and non-current) $ 42,955 $ 46,437 Increase due to minimums and lease amendment fees 11,151 10,810 Recognition of previously deferred revenue (9,224 ) (13,609 ) Balance at end of period (current and non-current) $ 44,882 $ 43,638 The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of June 30, 2024 Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 1.9 $ 17,448 5 - 10 years 5.8 16,149 10+ years 11.5 25,779 Total 7.1 $ 59,376 ( 1 Lease term does not |
Note 3 - Class A Convertible Pr
Note 3 - Class A Convertible Preferred Units and Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 3. On March 2, 2017, one may June 30, 2024, NRP also issued two may eighth may, 2024 none After March 2, 2022 March 2, 2025, may 12 30 30 On or after March 2, 2025, may 30 1 March 2, 2020, March 2, 2020 March 2, 2021, March 2, 2021, 2 To the extent the holders of the preferred units have not March 2, 2029, 30 In addition, NRP has the ability to redeem at any time (subject to compliance with its debt agreements) all or any portion of the preferred units and any outstanding PIK units for cash. The redemption price for each outstanding PIK unit is $1,000 plus the value of any accrued and unpaid distributions per PIK unit. The redemption price for each preferred unit is the liquidation value divided by the number of outstanding preferred units. The preferred units are redeemable at the option of the preferred purchasers only upon a change in control. The terms of the preferred units contain certain restrictions on NRP's ability to pay distributions on its common units. To the extent that either (i) NRP's consolidated Leverage Ratio, as defined in the Partnership's Fifth Amended and Restated Partnership Agreement dated March 2, 2017 ( 3.25x, 1.2x four may not January 1, 2022, may not The holders of the preferred units have the right to vote with holders of NRP’s common units on an as-converted basis and have other customary approval rights with respect to changes of the terms of the preferred units. In addition, pursuant to the Restated Partnership Agreement, Blackstone had certain approval rights over certain matters as identified in the Restated Partnership Agreement. GoldenTree has limited approval rights that expanded when Blackstone's ownership fell below the minimum preferred unit threshold (as defined below). These approval rights are not no not At the closing, pursuant to the Board Rights Agreement, the Preferred Purchasers received certain board appointment and observation rights, and Blackstone appointed one one 2023, no not one 30 no no NRP also entered into a registration rights agreement (the "preferred unit and warrant registration rights agreement") with the preferred purchasers, pursuant to which NRP is required to file (i) a shelf registration statement to register the common units issuable upon exercise of the warrants and to cause such registration statement to become effective not 90 not fifth 90 first April 20, 2017. February 11, 2022. Accounting for the Preferred Units and Warrants Classification The preferred units are accounted for as temporary equity on NRP's Consolidated Balance Sheets due to certain contingent redemption rights that may Initial Measurement The net transaction price was allocated to the preferred units and warrants based on their relative fair values at inception date. NRP allocated the transaction issuance costs to the preferred units and warrants primarily on a pro-rata basis based on their relative inception date allocated values. Subsequent Measurement Preferred Units Subsequent adjustment of the preferred units will not first During the three March 31, 2023, three June 30, 2023 three June 30, 2023 May 8, 2024, 2024 six no June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Warrants Subsequent adjustment of the warrants will not may, June 30, 2024, During the three six June 30, 2024, January 29, 2024 ( "January 2024 15 January 2024 February 7, 2024 "February 7, 2024 15 February 7, 2024 February 8, 2024 ( "February 8, 2024 15 February 8, 2024 February 14, 2024 "February 14, 2024 15 February 14, 2024 April 2024 ( "April 2024 15 April 2024 June 30, 2024 December 31, 2023 December 31, 2023 Embedded Features Certain embedded features within the preferred unit and warrant purchase agreement are accounted for at fair value and are remeasured each quarter. See Note 10. |
Note 4 - Common and Preferred U
Note 4 - Common and Preferred Unit Distributions | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 4. Common and Preferred Unit Distributions The Partnership makes cash distributions to common and preferred unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes both common unit and preferred unit distributions on the date the distribution is declared. Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The general partner is entitled to receive 2% of such distributions. Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $1.4 million and $5.0 million during the three June 30, 2024 2023, six June 30, 2024 2023 three June 30, 2024, May 2024 May 2024. three March 31, 2023, February 2023 February 2023. June 30, 2023, May 2023 June 2023 three six June 30, 2024, three six June 30, 2023 The following table shows the cash distributions declared and paid to common and preferred unitholders during the six June 30, 2024 2023 Common Units Preferred Units Month Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) Distribution per Unit Total Distribution (In thousands) 2024 February October 1 - December 31, 2023 $ 0.75 $ 9,918 $ 30.00 $ 2,150 March (2) Special Distribution 2.44 32,268 — — May January 1 - March 31, 2024 0.75 9,987 30.00 2,150 May (3) April 1 - May 8, 2024 — — 12.33 493 2023 February October 1 - December 31, 2022 $ 0.75 $ 9,571 $ 30.00 $ 7,500 February (4) January 1 - February 8, 2023 — — 12.33 586 March (5) Special Distribution 2.43 31,329 — — May January 1 - March 31, 2023 0.75 9,669 30.00 6,075 May (6) April 1 - May 5, 2023 — — 11.33 406 June (7) April 1 - June 2, 2023 — — 20.33 915 ( 1 Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% ( 2 Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023. ( 3 Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024. ( 4 Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023. ( 5 Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022. ( 6 Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023. ( 7 Relates to accrued distribution paid upon redemption of 45,000 preferred units in June 2023. |
Note 5 - Net Income Per Common
Note 5 - Net Income Per Common Unit | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Net Income Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders, the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units, and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive. The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the six June 30, 2024 three six June 30, 2023 three June 30, 2024 not three six June 30, 2024 2023 not three six June 30, 2024 2023 The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three six June 30, 2024 three six June 30, 2023 $34.00. The following table reconciles the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands, except per unit data) 2024 2023 2024 2023 Basic net income per common unit Net income attributable to common unitholders $ 30,336 $ 36,990 $ 83,318 $ 92,248 Weighted average common units—basic 13,032 12,635 12,932 12,603 Basic net income per common unit $ 2.33 $ 2.93 $ 6.44 $ 7.32 Diluted net income per common unit Weighted average common units—basic 13,032 12,635 12,932 12,603 Plus: dilutive effect of preferred units — 2,420 563 3,099 Plus: dilutive effect of warrants 35 1,139 278 1,197 Plus: dilutive effect of unvested unit-based awards 200 122 233 165 Weighted average common units—diluted 13,267 16,316 14,006 17,064 Net income $ 46,064 $ 70,334 $ 102,277 $ 149,609 Less: income attributable to preferred unitholders (1,443 ) (1,321 ) (493 ) (1,907 ) Less: redemption of preferred units (13,666 ) (27,618 ) (13,666 ) (43,846 ) Diluted net income attributable to common unitholders and the general partner $ 30,955 $ 41,395 $ 88,118 $ 103,856 Less: diluted net income attributable to the general partner (619 ) (828 ) (1,762 ) (2,077 ) Diluted net income attributable to common unitholders $ 30,336 $ 40,567 $ 86,356 $ 101,779 Diluted net income per common unit $ 2.29 $ 2.49 $ 6.17 $ 5.96 |
Note 6 - Segment Information
Note 6 - Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. Segment Information The Partnership's segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two Mineral Rights Soda Ash Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. Corporate and Financing includes functional corporate departments that do not not The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended June 30, 2024 Revenues $ 57,252 $ — $ — $ 57,252 Equity in earnings of Sisecam Wyoming — 3,645 — 3,645 Gain on asset sales and disposals 4,643 — — 4,643 Operating and maintenance expenses 5,846 26 — 5,872 Depreciation, depletion and amortization 3,320 — 4 3,324 General and administrative expenses — — 5,931 5,931 Interest expense, net — — 4,349 4,349 Net income (loss) 52,729 3,619 (10,284 ) 46,064 For the Three Months Ended June 30, 2023 Revenues $ 64,277 $ — $ — $ 64,277 Equity in earnings of Sisecam Wyoming — 26,978 — 26,978 Gain on asset sales and disposals 5 — — 5 Operating and maintenance expenses 7,916 14 — 7,930 Depreciation, depletion and amortization 3,787 — 5 3,792 General and administrative expenses — — 5,643 5,643 Asset impairments 69 — — 69 Interest expense, net — — 3,492 3,492 Net income (loss) 52,510 26,964 (9,140 ) 70,334 For the Six Months Ended June 30, 2024 Revenues $ 128,051 $ — $ — $ 128,051 Equity in earnings of Sisecam Wyoming — 9,095 — 9,095 Gain on asset sales and disposals 4,808 — — 4,808 Operating and maintenance expenses 11,517 88 — 11,605 Depreciation, depletion and amortization 7,969 — 9 7,978 General and administrative expenses — — 12,258 12,258 Interest expense, net — — 7,836 7,836 Net income (loss) 113,373 9,007 (20,103 ) 102,277 For the Six Months Ended June 30, 2023 Revenues $ 144,146 $ — $ — $ 144,146 Equity in earnings of Sisecam Wyoming — 46,232 — 46,232 Gain on asset sales and disposals 101 — — 101 Operating and maintenance expenses 14,921 172 — 15,093 Depreciation, depletion and amortization 7,866 — 9 7,875 General and administrative expenses — — 11,488 11,488 Asset impairments 69 — — 69 Interest expense, net — — 6,345 6,345 Net income (loss) 121,391 46,060 (17,842 ) 149,609 |
Note 7 - Equity Investment
Note 7 - Equity Investment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Equity Investment The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Balance at beginning of period $ 268,634 $ 295,361 $ 276,549 $ 306,470 Income allocation to NRP’s equity interests (1) 4,757 28,212 11,403 48,576 Amortization of basis difference (1,111 ) (1,234 ) (2,307 ) (2,344 ) Other comprehensive income (loss) 1,239 911 2,084 (18,672 ) Distributions (7,584 ) (32,350 ) (21,794 ) (43,130 ) Balance at end of period $ 265,935 $ 290,900 $ 265,935 $ 290,900 ( 1 Amounts reclassified into income out of accumulated other comprehensive loss were $1.4 million and $2.3 million for the three June 30, 2024 2023, six June 30, 2024 2023, The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three six June 30, 2024 2023 For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net sales $ 146,979 $ 201,365 $ 277,410 $ 408,493 Gross profit 17,475 64,554 38,608 113,609 Net income 9,709 57,574 23,272 99,134 |
Note 8 - Mineral Rights, Net
Note 8 - Mineral Rights, Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 8. Mineral Rights, Net The Partnership’s mineral rights consist of the following: June 30, 2024 December 31, 2023 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,256 $ (292,497 ) $ 368,759 $ 661,256 $ (285,470 ) $ 375,786 Aggregates properties 8,655 (3,924 ) 4,731 8,655 (3,761 ) 4,894 Oil and gas royalty properties 12,354 (10,323 ) 2,031 12,354 (10,082 ) 2,272 Other 13,143 (1,611 ) 11,532 13,143 (1,612 ) 11,531 Total mineral rights, net $ 695,408 $ (308,355 ) $ 387,053 $ 695,408 $ (300,925 ) $ 394,483 Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $3.1 million and $3.6 million for the three June 30, 2024 2023 six June 30, 2024 2023, During the three six June 30, 2024, second 2024. three six June 30, 2023, The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not not three six June 30, 2024 three six June 30, 2023 |
Note 9 - Debt, Net
Note 9 - Debt, Net | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt, Net The Partnership's debt consists of the following: June 30, December 31, (In thousands) 2024 2023 Opco Credit Facility $ 167,684 $ 95,834 Opco Senior Notes 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 $ — $ 12,685 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 — 4,012 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 34,262 34,262 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 8,732 8,732 Total Opco Senior Notes $ 42,994 $ 59,691 Total debt at face value $ 210,678 $ 155,525 Net unamortized debt issuance costs (352 ) (467 ) Total debt, net $ 210,326 $ 155,058 Less: current portion of long-term debt (14,214 ) (30,785 ) Total long-term debt, net $ 196,112 $ 124,273 Opco Debt All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries, other than BRP LLC and NRP Trona LLC. As of June 30, 2024 December 31, 2023 Opco Credit Facility In May 2023, August 2027. February 2024, • A leverage ratio of consolidated indebtedness to EBITDDA (in each case as defined in the Opco Credit Facility) not 3.0x June 30, 2024, 0.7x; • an interest coverage ratio of consolidated EBITDDA to the sum of consolidated interest expense and consolidated lease expense (in each case as defined in the Opco Credit Facility) of not 1.0. June 30, 2024, 16.8x. As of December 31, 2023, six June 30, 2024 June 30, 2024 six June 30, 2023 three six June 30, 2024 three six June 30, 2023 The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $309.6 million and $ June 30, 2024 December 31, 2023 Opco Senior Notes Opco issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of June 30, 2024, 5.03% 5.18% December 2026, December June December. June 30, 2024 December 31, 2023 six June 30, 2024 2023, |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value Measurements Fair Value of Financial Assets and Liabilities The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to their short-term nature. The Partnership uses available market data and valuation methodologies to estimate the fair value of its debt and contract receivable. The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: June 30, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Level Value Fair Value Value Fair Value Debt: Opco Senior Notes (1) 3 $ 42,642 $ 40,724 $ 59,224 $ 56,533 Opco Credit Facility (2) 3 167,684 167,684 95,834 95,384 Assets: Contract receivable, net (current and long-term) (3) 3 $ 27,659 $ 23,655 $ 28,946 $ 24,492 ( 1 The fair value of the Opco Senior Notes was estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit Facility. ( 2 The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay the debt at any time without penalty. ( 3 The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at June 30, 2024 December 31, 2023 NRP has embedded derivatives in the preferred units related to certain conversion options, redemption features and the change of control provision that are accounted for separately from the preferred units as assets and liabilities at fair value on the Partnership's Consolidated Balance Sheets. Level 3 zero June 30, 2024 December 31, 2023 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions Affiliates of our General Partner The Partnership’s general partner does not Related party general and administrative expenses included on the Partnership's Consolidated Statement of Comprehensive Income are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Operating and maintenance expenses $ 1,703 $ 1,712 $ 3,469 $ 3,431 General and administrative expenses 1,297 1,253 2,821 2,573 The Partnership had accounts payable to related parties of $0.6 million on its Consolidated Balance Sheets at both June 30, 2024 December 31, 2023 $0.1 June 30, 2024 December 31, 2023. As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $3.4 and $3.5 other June 30, 2024 December 31, 2023 During the three June 30, 2024 2023 gnized $0.01 million and six June 30, 2024 2023, June 30, 2024 December 31, 2023 |
Note 12 - Major Customers
Note 12 - Major Customers | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. Major Customers Revenues from customers that exceeded 10 For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Revenues Percent Revenues Percent Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 17,887 31 % $ 19,685 22 % $ 38,789 30 % $ 43,903 23 % Foresight Energy Resources LLC ("Foresight") (1) $ 9,736 17 % $ 12,324 14 % $ 22,582 18 % $ 24,853 13 % Hatfield Metallurgical Holdings, LLC (1) $ 7,452 13 % $ 7,346 8 % $ 14,201 11 % $ 16,070 8 % ( 1 Revenues from Alpha Metallurgical Resources, Inc., Foresight and Hatfield Metallurgical Holdings, LLC are included within the Partnership's Mineral Rights segment. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these ordinary course matters will not |
Note 14 - Unit-based Compensati
Note 14 - Unit-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Unit-Based Compensation During the six June 30, 2024 2023 2017 three June 30, 2024 2023 six June 30, 2024 2023 six June 30, 2024 2023 three June 30, 2024 2023 six June 30, 2024 2023, June 30, 2024 December 31, 2023 A summary of the unit activity in the outstanding grants during 2024 (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2024 483 $ 46.21 Granted 65 $ 103.50 Fully vested and issued (197 ) $ 38.76 Forfeitures (1 ) $ 90.70 Outstanding at June 30, 2024 350 $ 60.81 |
Note 15 - Financing Transaction
Note 15 - Financing Transaction | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 15. Financing Transaction The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 $5.0 2032, ten thousand |
Note 16 - Credit Losses
Note 16 - Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 16. Credit Losses The Partnership is exposed to credit losses through collection of its short-term trade receivables resulting from contracts with customers and a long-term receivable resulting from a financing transaction with a customer. The Partnership records an allowance for current expected credit losses on these receivables based on the loss-rate method. NRP assessed the likelihood of collection of its receivables utilizing historical loss rates, current market conditions, industry and macroeconomic factors, reasonable and supportable forecasts and facts or circumstances of individual customers and properties. Examples of these facts or circumstances include, but are not As of June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 37,745 $ (4,903 ) $ 32,842 $ 47,170 $ (5,655 ) $ 41,515 Long-term contract receivable 25,823 (894 ) 24,929 27,265 (944 ) 26,321 Total $ 63,568 $ (5,797 ) $ 57,771 $ 74,435 $ (6,599 ) $ 67,836 NRP recorded reversals of $0.0 million and $0.2 million of operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three June 30, 2024 2023 six June 30, 2024 2023. three six June 30, 2024. NRP has procedures in place to monitor its ongoing credit exposure through timely review of counterparty balances against contract terms and due dates, account and financing receivable reconciliation, bankruptcy monitoring, lessee audits and dispute resolution. The Partnership may |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events The following represents material events that have occurred subsequent to June 30, 2024 10 Common Unit and Preferred Unit Distributions In August 2024, second 2024 second 2024 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Revenues From Contra_2
Note 2 - Revenues From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Coal royalty revenues $ 39,685 $ 47,960 $ 86,503 $ 105,983 Production lease minimum revenues 412 562 1,336 1,175 Minimum lease straight-line revenues 4,126 4,447 8,297 8,950 Carbon neutral initiative revenues 2,200 115 4,361 2,233 Property tax revenues 1,545 1,470 3,437 2,940 Wheelage revenues 2,338 3,284 5,010 7,153 Coal overriding royalty revenues 668 150 1,837 338 Lease amendment revenues 712 848 1,414 1,699 Aggregates royalty revenues 730 686 1,502 1,439 Oil and gas royalty revenues 1,999 1,214 5,639 4,802 Other revenues 176 271 829 566 Royalty and other mineral rights revenues $ 54,591 $ 61,007 $ 120,165 $ 137,278 Transportation and processing services revenues 2,085 2,641 4,921 5,574 Total Mineral Rights segment revenues from contracts with customers $ 56,676 $ 63,648 $ 125,086 $ 142,852 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, December 31, (In thousands) 2024 2023 Receivables Accounts receivable, net $ 26,679 $ 37,206 Other current assets, net (1) 2,219 429 Contract liabilities Current portion of deferred revenue $ 4,449 $ 4,599 Deferred revenue 40,433 38,356 For the Six Months Ended June 30, (In thousands) 2024 2023 Balance at beginning of period (current and non-current) $ 42,955 $ 46,437 Increase due to minimums and lease amendment fees 11,151 10,810 Recognition of previously deferred revenue (9,224 ) (13,609 ) Balance at end of period (current and non-current) $ 44,882 $ 43,638 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 1.9 $ 17,448 5 - 10 years 5.8 16,149 10+ years 11.5 25,779 Total 7.1 $ 59,376 |
Note 4 - Common and Preferred_2
Note 4 - Common and Preferred Unit Distributions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Common Units Preferred Units Month Paid Period Covered by Distribution Distribution per Unit Total Distribution (1) Distribution per Unit Total Distribution (In thousands) 2024 February October 1 - December 31, 2023 $ 0.75 $ 9,918 $ 30.00 $ 2,150 March (2) Special Distribution 2.44 32,268 — — May January 1 - March 31, 2024 0.75 9,987 30.00 2,150 May (3) April 1 - May 8, 2024 — — 12.33 493 2023 February October 1 - December 31, 2022 $ 0.75 $ 9,571 $ 30.00 $ 7,500 February (4) January 1 - February 8, 2023 — — 12.33 586 March (5) Special Distribution 2.43 31,329 — — May January 1 - March 31, 2023 0.75 9,669 30.00 6,075 May (6) April 1 - May 5, 2023 — — 11.33 406 June (7) April 1 - June 2, 2023 — — 20.33 915 |
Note 5 - Net Income Per Commo_2
Note 5 - Net Income Per Common Unit (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands, except per unit data) 2024 2023 2024 2023 Basic net income per common unit Net income attributable to common unitholders $ 30,336 $ 36,990 $ 83,318 $ 92,248 Weighted average common units—basic 13,032 12,635 12,932 12,603 Basic net income per common unit $ 2.33 $ 2.93 $ 6.44 $ 7.32 Diluted net income per common unit Weighted average common units—basic 13,032 12,635 12,932 12,603 Plus: dilutive effect of preferred units — 2,420 563 3,099 Plus: dilutive effect of warrants 35 1,139 278 1,197 Plus: dilutive effect of unvested unit-based awards 200 122 233 165 Weighted average common units—diluted 13,267 16,316 14,006 17,064 Net income $ 46,064 $ 70,334 $ 102,277 $ 149,609 Less: income attributable to preferred unitholders (1,443 ) (1,321 ) (493 ) (1,907 ) Less: redemption of preferred units (13,666 ) (27,618 ) (13,666 ) (43,846 ) Diluted net income attributable to common unitholders and the general partner $ 30,955 $ 41,395 $ 88,118 $ 103,856 Less: diluted net income attributable to the general partner (619 ) (828 ) (1,762 ) (2,077 ) Diluted net income attributable to common unitholders $ 30,336 $ 40,567 $ 86,356 $ 101,779 Diluted net income per common unit $ 2.29 $ 2.49 $ 6.17 $ 5.96 |
Note 6 - Segment Information (T
Note 6 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended June 30, 2024 Revenues $ 57,252 $ — $ — $ 57,252 Equity in earnings of Sisecam Wyoming — 3,645 — 3,645 Gain on asset sales and disposals 4,643 — — 4,643 Operating and maintenance expenses 5,846 26 — 5,872 Depreciation, depletion and amortization 3,320 — 4 3,324 General and administrative expenses — — 5,931 5,931 Interest expense, net — — 4,349 4,349 Net income (loss) 52,729 3,619 (10,284 ) 46,064 For the Three Months Ended June 30, 2023 Revenues $ 64,277 $ — $ — $ 64,277 Equity in earnings of Sisecam Wyoming — 26,978 — 26,978 Gain on asset sales and disposals 5 — — 5 Operating and maintenance expenses 7,916 14 — 7,930 Depreciation, depletion and amortization 3,787 — 5 3,792 General and administrative expenses — — 5,643 5,643 Asset impairments 69 — — 69 Interest expense, net — — 3,492 3,492 Net income (loss) 52,510 26,964 (9,140 ) 70,334 For the Six Months Ended June 30, 2024 Revenues $ 128,051 $ — $ — $ 128,051 Equity in earnings of Sisecam Wyoming — 9,095 — 9,095 Gain on asset sales and disposals 4,808 — — 4,808 Operating and maintenance expenses 11,517 88 — 11,605 Depreciation, depletion and amortization 7,969 — 9 7,978 General and administrative expenses — — 12,258 12,258 Interest expense, net — — 7,836 7,836 Net income (loss) 113,373 9,007 (20,103 ) 102,277 For the Six Months Ended June 30, 2023 Revenues $ 144,146 $ — $ — $ 144,146 Equity in earnings of Sisecam Wyoming — 46,232 — 46,232 Gain on asset sales and disposals 101 — — 101 Operating and maintenance expenses 14,921 172 — 15,093 Depreciation, depletion and amortization 7,866 — 9 7,875 General and administrative expenses — — 11,488 11,488 Asset impairments 69 — — 69 Interest expense, net — — 6,345 6,345 Net income (loss) 121,391 46,060 (17,842 ) 149,609 |
Note 7 - Equity Investment (Tab
Note 7 - Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Balance at beginning of period $ 268,634 $ 295,361 $ 276,549 $ 306,470 Income allocation to NRP’s equity interests (1) 4,757 28,212 11,403 48,576 Amortization of basis difference (1,111 ) (1,234 ) (2,307 ) (2,344 ) Other comprehensive income (loss) 1,239 911 2,084 (18,672 ) Distributions (7,584 ) (32,350 ) (21,794 ) (43,130 ) Balance at end of period $ 265,935 $ 290,900 $ 265,935 $ 290,900 For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net sales $ 146,979 $ 201,365 $ 277,410 $ 408,493 Gross profit 17,475 64,554 38,608 113,609 Net income 9,709 57,574 23,272 99,134 |
Note 8 - Mineral Rights, Net (T
Note 8 - Mineral Rights, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Mineral Properties Disclosure [Table Text Block] | June 30, 2024 December 31, 2023 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,256 $ (292,497 ) $ 368,759 $ 661,256 $ (285,470 ) $ 375,786 Aggregates properties 8,655 (3,924 ) 4,731 8,655 (3,761 ) 4,894 Oil and gas royalty properties 12,354 (10,323 ) 2,031 12,354 (10,082 ) 2,272 Other 13,143 (1,611 ) 11,532 13,143 (1,612 ) 11,531 Total mineral rights, net $ 695,408 $ (308,355 ) $ 387,053 $ 695,408 $ (300,925 ) $ 394,483 |
Note 9 - Debt, Net (Tables)
Note 9 - Debt, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, December 31, (In thousands) 2024 2023 Opco Credit Facility $ 167,684 $ 95,834 Opco Senior Notes 5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 $ — $ 12,685 8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024 — 4,012 5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 34,262 34,262 5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026 8,732 8,732 Total Opco Senior Notes $ 42,994 $ 59,691 Total debt at face value $ 210,678 $ 155,525 Net unamortized debt issuance costs (352 ) (467 ) Total debt, net $ 210,326 $ 155,058 Less: current portion of long-term debt (14,214 ) (30,785 ) Total long-term debt, net $ 196,112 $ 124,273 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | June 30, 2024 December 31, 2023 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Level Value Fair Value Value Fair Value Debt: Opco Senior Notes (1) 3 $ 42,642 $ 40,724 $ 59,224 $ 56,533 Opco Credit Facility (2) 3 167,684 167,684 95,834 95,384 Assets: Contract receivable, net (current and long-term) (3) 3 $ 27,659 $ 23,655 $ 28,946 $ 24,492 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Operating and maintenance expenses $ 1,703 $ 1,712 $ 3,469 $ 3,431 General and administrative expenses 1,297 1,253 2,821 2,573 |
Note 12 - Major Customers (Tabl
Note 12 - Major Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Revenues Percent Revenues Percent Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 17,887 31 % $ 19,685 22 % $ 38,789 30 % $ 43,903 23 % Foresight Energy Resources LLC ("Foresight") (1) $ 9,736 17 % $ 12,324 14 % $ 22,582 18 % $ 24,853 13 % Hatfield Metallurgical Holdings, LLC (1) $ 7,452 13 % $ 7,346 8 % $ 14,201 11 % $ 16,070 8 % |
Note 14 - Unit-based Compensa_2
Note 14 - Unit-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2024 483 $ 46.21 Granted 65 $ 103.50 Fully vested and issued (197 ) $ 38.76 Forfeitures (1 ) $ 90.70 Outstanding at June 30, 2024 350 $ 60.81 |
Note 16 - Credit Losses (Tables
Note 16 - Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | June 30, 2024 December 31, 2023 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 37,745 $ (4,903 ) $ 32,842 $ 47,170 $ (5,655 ) $ 41,515 Long-term contract receivable 25,823 (894 ) 24,929 27,265 (944 ) 26,321 Total $ 63,568 $ (5,797 ) $ 57,771 $ 74,435 $ (6,599 ) $ 67,836 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Operating Segments | 2 |
Number of Wholly Owned Operating Companies | 1 |
Sisecam Wyoming [Member] | |
Equity Method Investment, Ownership Percentage | 49% |
Note 2 - Revenues From Contra_3
Note 2 - Revenues From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from contract with customers | $ 54,591 | $ 61,007 | $ 120,165 | $ 137,278 |
Mineral Rights Segment [Member] | Operating Segments [Member] | ||||
Revenue from contract with customers | 56,676 | 63,648 | 125,086 | 142,852 |
Coal Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 39,685 | 47,960 | 86,503 | 105,983 |
Production Lease Minimum Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 412 | 562 | 1,336 | 1,175 |
Minimum Lease Straight-line Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 4,126 | 4,447 | 8,297 | 8,950 |
Carbon Neutral Initiatives [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 2,200 | 115 | 4,361 | 2,233 |
Property Tax Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 1,545 | 1,470 | 3,437 | 2,940 |
Wheelage Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 2,338 | 3,284 | 5,010 | 7,153 |
Coal Overriding Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 668 | 150 | 1,837 | 338 |
Lease Amendment Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 712 | 848 | 1,414 | 1,699 |
Aggregates Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 730 | 686 | 1,502 | 1,439 |
Oil and Gas Royalty Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 1,999 | 1,214 | 5,639 | 4,802 |
Other Revenues [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | 176 | 271 | 829 | 566 |
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | ||||
Revenue from contract with customers | $ 2,085 | $ 2,641 | $ 4,921 | $ 5,574 |
Note 2 - Revenue From Contracts
Note 2 - Revenue From Contracts With Customers - Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Current portion of deferred revenue | $ 4,449 | $ 4,599 | ||
Deferred revenue | 40,433 | 38,356 | ||
Balance | 42,955 | $ 46,437 | ||
Increase due to minimums and lease amendment fees | 11,151 | 10,810 | ||
Recognition of previously deferred revenue | (9,224) | (13,609) | ||
Balance | 44,882 | $ 43,638 | ||
Coal Royalty Revenues [Member] | ||||
Current portion of deferred revenue | 4,449 | 4,599 | ||
Deferred revenue | 40,433 | 38,356 | ||
Coal Royalty Revenues [Member] | Accounts Receivable [Member] | ||||
Contract with customer, current | 26,679 | 37,206 | ||
Coal Royalty Revenues [Member] | Other Current Assets [Member] | ||||
Contract with customer, current | [1] | $ 2,219 | $ 429 | |
[1]Other current assets, net includes short-term notes receivables from contracts with customers. |
Note 2 - Revenue From Contrac_2
Note 2 - Revenue From Contracts With Customers - Operating Lease Payments Receivable (Details) $ in Thousands | Jun. 30, 2024 USD ($) | [1] |
Weighted average remaining years (Year) | 7 years 1 month 6 days | |
Annual minimum payments | $ 59,376 | |
Lease Term, 0 to 5 Years [Member] | ||
Weighted average remaining years (Year) | 1 year 10 months 24 days | |
Annual minimum payments | $ 17,448 | |
Lease Term, 5 to 10 Years [Member] | ||
Weighted average remaining years (Year) | 5 years 9 months 18 days | |
Annual minimum payments | $ 16,149 | |
Lease Term, Greater Than 10 Years [Member] | ||
Weighted average remaining years (Year) | 11 years 6 months | |
Annual minimum payments | $ 25,779 | |
[1]Lease term does not include renewal periods. |
Note 3 - Class A Convertible _2
Note 3 - Class A Convertible Preferred Units and Warrants (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 88 Months Ended | ||||||||||||||
May 08, 2024 USD ($) shares | Feb. 14, 2024 USD ($) $ / shares shares | Feb. 08, 2024 USD ($) $ / shares shares | Feb. 07, 2024 USD ($) $ / shares shares | Jan. 29, 2024 USD ($) $ / shares shares | Mar. 02, 2017 USD ($) $ / shares shares | May 31, 2024 shares | Apr. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | May 31, 2023 USD ($) shares | Feb. 28, 2023 USD ($) shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||||
Preferred Units, Number of Redeemed Units (in shares) | 40,000 | 45,000 | 35,834 | 47,499 | ||||||||||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ | $ 499,760 | $ 498,407 | $ 498,407 | $ 498,407 | $ 484,343 | $ 531,054 | $ 470,899 | $ 477,457 | ||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ | $ 20,847 | $ 20,847 | $ 20,847 | 47,181 | ||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | 0 | |||||||||||||||
Volume Weighted Average Price of Share (in dollars per share) | $ / shares | $ 90.33 | |||||||||||||||||
Warrants and Rights Outstanding | $ | $ 0 | $ 0 | $ 0 | $ 23,095 | ||||||||||||||
Warrants at 22.81 Strike Price [Member] | ||||||||||||||||||
Class of Warrant or Right Warrants, Issued (in shares) | 1,750,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 22.81 | |||||||||||||||||
Warrants at 22.81 Strike Price [Member] | Warrant Holder [Member] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 22.81 | |||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 752,500 | |||||||||||||||||
Warrants at 34.00 Strike Price [Member] | ||||||||||||||||||
Class of Warrant or Right Warrants, Issued (in shares) | 2,250,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 34 | |||||||||||||||||
Warrants at 34.00 Strike Price [Member] | Warrant Holder [Member] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | 0 | 1,540,000 | ||||||||||||||
Class of Warrant or Right, Repurchased and Retired (in shares) | 320,335 | 320,335 | 1,540,000 | |||||||||||||||
Class Of Warrants, Warrants Exercised (in shares) | 500,000 | 128,750 | 128,750 | 462,165 | ||||||||||||||
Warrants and Rights Settled | $ | $ 29,700 | $ 7,900 | $ 8,000 | $ 10,000 | $ 10,000 | |||||||||||||
Partners' Capital Account, Units, Warrant Settlements (in shares) | 198,767 | 89,059 | ||||||||||||||||
Volume Weighted Average Price of Share (in dollars per share) | $ / shares | $ 93.47 | $ 95.63 | $ 96.29 | $ 97.62 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,250,000 | |||||||||||||||||
Warrants and Rights Outstanding | $ | $ 0 | $ 0 | $ 0 | $ 23,100 | ||||||||||||||
Originally Issued Warrants [Member] | Warrant Holder [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||
Class A Convertible Preferred Units [Member] | ||||||||||||||||||
Preferred Units, Issued (in shares) | 250,000 | |||||||||||||||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1,000 | |||||||||||||||||
Preferred Units Origination Fee Percent | 2.50% | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 12% | |||||||||||||||||
Preferred Units, Number of Redeemed Units (in shares) | 40,000 | 45,000 | 35,834 | 47,499 | 218,300,000 | |||||||||||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | $ | $ 31,700 | $ 31,700 | $ 31,700 | |||||||||||||||
Convertible Preferred Units Maximum Redeemed Units Percent | 33% | 33% | ||||||||||||||||
Convertible Preferred Units, Redemption Price, Minimum (in dollars per share) | $ / shares | $ 51 | |||||||||||||||||
Debt Instrument Covenants Consolidated Leverage Ratio Minimum | 3.25 | |||||||||||||||||
Debt Instrument Covenants Distributable Cash Flow Ratio Maximum | 1.2 | |||||||||||||||||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ / shares | $ 0.45 | |||||||||||||||||
Preferred Units Preferred Purchaser Approval Rights Ownership Threshold | 20% | |||||||||||||||||
Preferred Units, Value of Redeemed Units | $ | $ 40,000 | $ 45,000 | $ 35,800 | $ 47,500 | ||||||||||||||
Preferred Units, Outstanding (in shares) | 31,666 | 31,666 | 31,666 | 71,666 | ||||||||||||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ | $ 20,800 | $ 20,800 | $ 20,800 | $ 47,200 | ||||||||||||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 7.50% | |||||||||||||||||
Convertible Preferred Units Purchase Price Multiplier | 1.5 | |||||||||||||||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 10% | |||||||||||||||||
Convertible Preferred Units Purchase Price Multiplier | 1.85 | |||||||||||||||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||
Convertible Preferred Units Purchase Price Multiplier | 1.7 | |||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | $ | $ 250,000 |
Note 4 - Common and Preferred_3
Note 4 - Common and Preferred Unit Distributions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
May 31, 2024 | Jun. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders | $ (1,443) | $ (2,150) | $ (4,971) | $ (6,660) | $ (3,593) | $ (11,632) | ||||
Preferred Stock Redemption Premium | 13,666 | 27,618 | 13,666 | 43,846 | ||||||
Preferred Units, Number of Redeemed Units (in shares) | 40,000 | 45,000 | 35,834 | 47,499 | ||||||
Feb 2023 Redeemed Units [Member] | Preferred Partner [Member] | Preferred Stock [Member] | ||||||||||
Dividends, Preferred Stock, Cash | $ 600 | 500 | ||||||||
May 2023 Redeemed Units [Member] | Preferred Partner [Member] | Preferred Stock [Member] | ||||||||||
Dividends, Preferred Stock, Cash | $ 400 | |||||||||
June 2023 Redeemed Units [Member] | Preferred Partner [Member] | Preferred Stock [Member] | ||||||||||
Dividends, Preferred Stock, Cash | $ 900 | |||||||||
Common Unitholders And General Partner [Member] | ||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders | $ (1,400) | $ (5,000) | $ (6,700) | $ (3,600) | $ (11,600) | |||||
Partner, General [Member] | ||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 2% |
Note 4 - Common and Preferred_4
Note 4 - Common and Preferred Unit Distributions - Distributions Made to Partners (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||||||||
May 31, 2024 | Mar. 31, 2024 | [1] | Feb. 29, 2024 | Jun. 30, 2023 | [2] | May 31, 2023 | Mar. 31, 2023 | [3] | Feb. 28, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | ||
Distributions, common units | $ 9,987 | $ 42,186 | $ 9,669 | $ 40,900 | |||||||||||
Preferred Partner [Member] | Preferred Stock [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | $ 30 | $ 0 | $ 30 | $ 20.33 | $ 30 | $ 0 | $ 30 | ||||||||
Distribution, preferred stock | $ 2,150 | $ 0 | $ 2,150 | $ 915 | $ 6,075 | $ 0 | $ 7,500 | ||||||||
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering April 1 - May 8, 2024 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [4] | $ 12.33 | |||||||||||||
Distribution, preferred stock | [4] | $ 493 | |||||||||||||
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering January 1 - February 8, 2023 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [5] | $ 12.33 | |||||||||||||
Distribution, preferred stock | [5] | $ 586 | |||||||||||||
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering April 1 - May 5, 2023 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [6] | $ 11.33 | |||||||||||||
Distribution, preferred stock | [6] | $ 406 | |||||||||||||
Common Unitholders, General Partner [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | $ 0.75 | $ 2.44 | $ 0.75 | $ 0 | $ 0.75 | $ 2.43 | $ 0.75 | ||||||||
Distributions, common units | [7] | $ 9,987 | $ 32,268 | $ 9,918 | $ 0 | $ 9,669 | $ 31,329 | $ 9,571 | |||||||
Common Unitholders, General Partner [Member] | Distributions Covering April 1 - May 8, 2024 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [4] | $ 0 | |||||||||||||
Distributions, common units | [4],[7] | $ 0 | |||||||||||||
Common Unitholders, General Partner [Member] | Distributions Covering January 1 - February 8, 2023 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [5] | $ 0 | |||||||||||||
Distributions, common units | [5],[7] | $ 0 | |||||||||||||
Common Unitholders, General Partner [Member] | Distributions Covering April 1 - May 5, 2023 [Member] | |||||||||||||||
Distribution per unit, common units (in dollars per share) | [6] | $ 0 | |||||||||||||
Distributions, common units | [6],[7] | $ 0 | |||||||||||||
[1]Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.[2]Relates to accrued distribution paid upon redemption of 45,000 preferred units in June 2023.[3]Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.[4]Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024.[5]Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.[6]Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.[7]Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. |
Note 5 - Net Income Per Commo_3
Note 5 - Net Income Per Common Unit (Details Textual) - $ / shares | Jun. 30, 2024 | Apr. 30, 2024 | Feb. 14, 2024 | Feb. 08, 2024 | Feb. 07, 2024 | Jan. 29, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 02, 2017 |
Class of Warrant or Right, Outstanding (in shares) | 0 | ||||||||
Warrants at 34.00 Strike Price [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | ||||||||
Warrants at 22.81 Strike Price [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | ||||||||
Warrant Holder [Member] | Warrants at 34.00 Strike Price [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | $ 34 | |
Class of Warrant or Right, Outstanding (in shares) | 0 | 1,540,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,250,000 | ||||||||
Warrant Holder [Member] | Warrants at 22.81 Strike Price [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 752,500 |
Note 5 - Net Income Per Commo_4
Note 5 - Net Income Per Common Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2024 | Mar. 31, 2024 | [2] | Jun. 30, 2023 | Mar. 31, 2023 | [4] | Jun. 30, 2024 | Jun. 30, 2023 | |||
Net income attributable to common unitholders | $ 30,336 | $ 36,990 | $ 83,318 | $ 92,248 | ||||||
Weighted average common units—basic (in shares) | 13,032 | 12,635 | 12,932 | 12,603 | ||||||
Basic net income per common unit (in dollars per share) | $ 2.33 | $ 2.93 | $ 6.44 | $ 7.32 | ||||||
Plus: dilutive effect of preferred units (in shares) | 0 | 2,420 | 563 | 3,099 | ||||||
Plus: dilutive effect of warrants (in shares) | 35 | 1,139 | 278 | 1,197 | ||||||
Plus: dilutive effect of unvested unit-based awards (in shares) | 200 | 122 | 233 | 165 | ||||||
Weighted average common units—diluted (in shares) | 13,267 | 16,316 | 14,006 | 17,064 | ||||||
Net income | $ 46,064 | [1] | $ 56,213 | $ 70,334 | [3] | $ 79,275 | $ 102,277 | $ 149,609 | ||
Less: income attributable to preferred unitholders | (1,443) | (1,321) | (493) | (1,907) | ||||||
Less: redemption of preferred units | (13,666) | (27,618) | (13,666) | (43,846) | ||||||
Diluted net income attributable to common unitholders and the general partner | 30,955 | 41,395 | 88,118 | 103,856 | ||||||
Less: diluted net income attributable to the general partner | (619) | (828) | (1,762) | (2,077) | ||||||
Diluted net income attributable to common unitholders | $ 30,336 | $ 40,567 | $ 86,356 | $ 101,779 | ||||||
Diluted net income per common unit (in dollars per share) | $ 2.29 | $ 2.49 | $ 6.17 | $ 5.96 | ||||||
[1]Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.[2]Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.[3]Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.[4]Net income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner. |
Note 6 - Segment Information (D
Note 6 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Operating Segments | 2 |
Sisecam Wyoming [Member] | |
Equity Method Investment, Ownership Percentage | 49% |
Note 6 - Segment Information -
Note 6 - Segment Information - Information By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 57,252 | $ 64,277 | $ 128,051 | $ 144,146 |
Equity in earnings of Sisecam Wyoming | 3,645 | 26,978 | 9,095 | 46,232 |
Gain on asset sales and disposals | 4,643 | 5 | 4,808 | 101 |
Operating and maintenance expenses | 5,872 | 7,930 | 11,605 | 15,093 |
Depreciation, depletion and amortization | 3,324 | 3,792 | 7,978 | 7,875 |
General and administrative expenses | 5,931 | 5,643 | 12,258 | 11,488 |
Interest expense, net | 4,349 | 3,492 | 7,836 | 6,345 |
Net income (loss) | 46,064 | 70,334 | 102,277 | 149,609 |
Asset impairments | 0 | 69 | 0 | 69 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Equity in earnings of Sisecam Wyoming | 0 | 0 | 0 | 0 |
Gain on asset sales and disposals | 0 | 0 | 0 | 0 |
Operating and maintenance expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 4 | 5 | 9 | 9 |
General and administrative expenses | 5,931 | 5,643 | 12,258 | 11,488 |
Interest expense, net | 4,349 | 3,492 | 7,836 | 6,345 |
Net income (loss) | (10,284) | (9,140) | (20,103) | (17,842) |
Asset impairments | 0 | 0 | ||
Mineral Rights Segment [Member] | Operating Segments [Member] | ||||
Revenues | 57,252 | 64,277 | 128,051 | 144,146 |
Equity in earnings of Sisecam Wyoming | 0 | 0 | 0 | 0 |
Gain on asset sales and disposals | 4,643 | 5 | 4,808 | 101 |
Operating and maintenance expenses | 5,846 | 7,916 | 11,517 | 14,921 |
Depreciation, depletion and amortization | 3,320 | 3,787 | 7,969 | 7,866 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income (loss) | 52,729 | 52,510 | 113,373 | 121,391 |
Asset impairments | 69 | 69 | ||
Soda Ash Segment [Member] | Operating Segments [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Equity in earnings of Sisecam Wyoming | 3,645 | 26,978 | 9,095 | 46,232 |
Gain on asset sales and disposals | 0 | 0 | 0 | 0 |
Operating and maintenance expenses | 26 | 14 | 88 | 172 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income (loss) | $ 3,619 | 26,964 | $ 9,007 | 46,060 |
Asset impairments | $ 0 | $ 0 |
Note 7 - Equity Investment (Det
Note 7 - Equity Investment (Details Textual) - Sisecam Wyoming [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity Method Investment, Ownership Percentage | 49% | 49% | ||
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | $ 1.4 | $ 2.3 | $ 3 | $ (18.3) |
Note 7 - Equity Investment - In
Note 7 - Equity Investment - Investment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||||
Beginning Balance | $ 276,549 | $ 276,549 | |||||||||
Ending Balance | $ 265,935 | 265,935 | |||||||||
Net income | 46,064 | [1] | 56,213 | [2] | $ 70,334 | [3] | $ 79,275 | [4] | 102,277 | $ 149,609 | |
Sisecam Wyoming [Member] | |||||||||||
Net sales | 146,979 | 201,365 | 277,410 | 408,493 | |||||||
Gross profit | 17,475 | 64,554 | 38,608 | 113,609 | |||||||
Net income | 9,709 | 57,574 | 23,272 | 99,134 | |||||||
Sisecam Wyoming [Member] | |||||||||||
Beginning Balance | 268,634 | 276,549 | 295,361 | 306,470 | 276,549 | 306,470 | |||||
Income allocation to NRP’s equity interests (1) | [5] | 4,757 | 28,212 | 11,403 | 48,576 | ||||||
Amortization of basis difference | (1,111) | (1,234) | (2,307) | (2,344) | |||||||
Other comprehensive income (loss) | 1,239 | 911 | 2,084 | (18,672) | |||||||
Distributions | (7,584) | (32,350) | (21,794) | (43,130) | |||||||
Ending Balance | $ 265,935 | $ 268,634 | $ 290,900 | $ 295,361 | $ 265,935 | $ 290,900 | |||||
[1]Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.[2]Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.[3]Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.[4]Net income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner.[5]Amounts reclassified into income out of accumulated other comprehensive loss were $1.4 million and $2.3 million for the three months ended June 30, 2024 and 2023, respectively and $3.0 million and $(18.3) million for the six months ended June 30, 2024 and 2023, respectively. |
Note 8 - Mineral Rights, Net (D
Note 8 - Mineral Rights, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Gain (Loss) on Disposition of Assets | $ 4,643 | $ 5 | $ 4,808 | $ 101 |
Asset Impairment Charges | 0 | 69 | 0 | 69 |
Coal Mineral Rights [Member] | ||||
Depletion | 3,100 | $ 3,600 | 7,400 | $ 7,500 |
Gain (Loss) on Disposition of Assets | 4,600 | 4,800 | ||
Asset Impairment Charges | $ 0 | $ 0 |
Note 8 - Mineral Rights, Net -
Note 8 - Mineral Rights, Net - Composition of Mineral Rights (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Mineral Properties, carrying value | $ 695,408 | $ 695,408 |
Mineral Properties, accumulated depletion | (308,355) | (300,925) |
Mineral Properties, net book value | 387,053 | 394,483 |
Coal Properties [Member] | ||
Mineral Properties, carrying value | 661,256 | 661,256 |
Mineral Properties, accumulated depletion | (292,497) | (285,470) |
Mineral Properties, net book value | 368,759 | 375,786 |
Aggregates Properties [Member] | ||
Mineral Properties, carrying value | 8,655 | 8,655 |
Mineral Properties, accumulated depletion | (3,924) | (3,761) |
Mineral Properties, net book value | 4,731 | 4,894 |
Oil and Gas Royalty Properties [Member] | ||
Mineral Properties, carrying value | 12,354 | 12,354 |
Mineral Properties, accumulated depletion | (10,323) | (10,082) |
Mineral Properties, net book value | 2,031 | 2,272 |
Other [Member] | ||
Mineral Properties, carrying value | 13,143 | 13,143 |
Mineral Properties, accumulated depletion | (1,611) | (1,612) |
Mineral Properties, net book value | $ 11,532 | $ 11,531 |
Note 9 - Debt, Net (Details Tex
Note 9 - Debt, Net (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Feb. 01, 2024 USD ($) | Feb. 29, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jan. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | May 31, 2023 USD ($) | Aug. 31, 2022 USD ($) | |
Nontrade Receivables, Noncurrent | $ 24,929 | $ 24,929 | $ 26,321 | |||||||
Long-Term Debt, Gross | 210,678 | 210,678 | 155,525 | |||||||
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 32,300 | 32,300 | 59,200 | $ 155,000 | $ 130,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity, Addition of Future Commitments | $ 200,000 | |||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 30,000 | $ 15,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 185,000 | 200,000 | $ 155,000 | |||||||
Long-Term Line of Credit | $ 167,700 | 167,700 | 95,800 | |||||||
Proceeds from Lines of Credit | 129,900 | $ 165,000 | ||||||||
Repayments of Lines of Credit | $ 58,000 | $ 132,000 | ||||||||
Long-Term Debt, Weighted Average Interest Rate, over Time | 8.92% | 8.61% | 8.93% | 8.44% | ||||||
Nontrade Receivables, Noncurrent | $ 24,900 | $ 24,900 | 26,300 | |||||||
Long-Term Debt, Gross | 167,684 | 167,684 | 95,834 | |||||||
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | Other Noncurrent Assets [Member] | ||||||||||
Debt Instrument, Collateral Amount | $ 309,600 | $ 309,600 | 316,300 | |||||||
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | New Lender [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||||||
Debt Instrument Covenant Maximum Leverage Ratio | 3 | 3 | ||||||||
Leverage Ratio | 0.7 | 0.7 | ||||||||
Debt Instrument, Covenant, Minimum Interest Coverage Ratio | 3.5 | 3.5 | ||||||||
Interest Coverage Ratio | 16.8 | 16.8 | ||||||||
Senior Notes [Member] | Opco [Member] | ||||||||||
Long-Term Debt, Gross | $ 43,000 | $ 43,000 | $ 59,700 | |||||||
Repayments of Debt | $ 16,700 | $ 19,100 |
Note 9 - Debt, Net - Schedule o
Note 9 - Debt, Net - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt instrument, carrying value | $ 210,678 | $ 155,525 |
Net unamortized debt issuance costs | (352) | (467) |
Total debt, net | 210,326 | 155,058 |
Less: current portion of long-term debt | (14,214) | (30,785) |
Total long-term debt, net | 196,112 | 124,273 |
Senior Notes [Member] | Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 0 | 12,685 |
Senior Notes [Member] | Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 0 | 4,012 |
Senior Notes [Member] | Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 34,262 | 34,262 |
Senior Notes [Member] | Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 8,732 | 8,732 |
Opco Senior Notes [Member] | ||
Debt instrument, carrying value | 42,994 | 59,691 |
Opco [Member] | Floating Rate Revolving Credit Facility Due August 2027 [Member] | ||
Debt instrument, carrying value | 167,684 | 95,834 |
Opco [Member] | Senior Notes [Member] | ||
Debt instrument, carrying value | $ 43,000 | $ 59,700 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Discount Rate | 15% | 15% |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 0 | $ 0 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Reported Value Measurement [Member] | |||
Contract receivable, net (current and long-term) | [1] | $ 27,659 | $ 28,946 |
Estimate of Fair Value Measurement [Member] | |||
Contract receivable, net (current and long-term) | [1] | 23,655 | 24,492 |
Opco Senior Notes [Member] | Reported Value Measurement [Member] | |||
Long term debt, fair value | [2] | 42,642 | 59,224 |
Opco Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||
Long term debt, fair value | [2] | 40,724 | 56,533 |
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Reported Value Measurement [Member] | |||
Long term debt, fair value | [3] | 167,684 | 95,834 |
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Estimate of Fair Value Measurement [Member] | |||
Long term debt, fair value | [3] | $ 167,684 | $ 95,384 |
[1]The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at June 30, 2024 and December 31, 2023.[2]The fair value of the Opco Senior Notes was estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit Facility.[3]The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay this debt at any time without penalty. |
Note 11 - Related Party Trans_3
Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounts Payable, Current | $ 933 | $ 933 | $ 885 | ||
Operating Costs and Expenses | 5,872 | $ 7,930 | 11,605 | $ 15,093 | |
Other Assets, Noncurrent | $ 8,412 | $ 8,412 | $ 7,540 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
WPPLP [Member] | |||||
Accounts Payable, Current | $ 100 | $ 100 | $ 100 | ||
Operating Lease, Liability | 3,400 | 3,400 | 3,500 | ||
Operating Costs and Expenses | 10 | $ 2,000 | 40 | $ 4,000 | |
Operating Lease, Right-of-Use Asset | 3,400 | 3,400 | 3,500 | ||
WPPLP [Member] | Prepaid Royalty [Member] | |||||
Other Assets, Noncurrent | 600 | 600 | 0 | ||
Quintana Minerals Corp [Member] | Affiliated Entity [Member] | |||||
Accounts Payable, Current | $ 600 | $ 600 | $ 600 |
Note 11 - Related Party Trans_4
Note 11 - Related Party Transactions - General Partner Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Costs and Expenses | $ 5,872 | $ 7,930 | $ 11,605 | $ 15,093 |
QMC and WPPLP and QID [Member] | Affiliated Entity [Member] | ||||
Operating Costs and Expenses | 1,703 | 1,712 | 3,469 | 3,431 |
General and administrative expenses | $ 1,297 | $ 1,253 | $ 2,821 | $ 2,573 |
Note 12 - Major Customers - Con
Note 12 - Major Customers - Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Alpha Metallurgical Resources [Member] | |||||
Net sales | [1] | $ 17,887 | $ 19,685 | $ 38,789 | $ 43,903 |
Alpha Metallurgical Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Revenue, percent | [1] | 31% | 22% | 30% | 23% |
Foresight Energy Resources [Member] | |||||
Net sales | [1] | $ 9,736 | $ 12,324 | $ 22,582 | $ 24,853 |
Foresight Energy Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Revenue, percent | [1] | 17% | 14% | 18% | 13% |
Hatfield Metallurgical Holdings, LLC [Member] | |||||
Net sales | [1] | $ 7,452 | $ 7,346 | $ 14,201 | $ 16,070 |
Hatfield Metallurgical Holdings, LLC [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Revenue, percent | [1] | 13% | 8% | 11% | 8% |
[1]Revenues from Alpha Metallurgical Resources, Inc., Foresight and Hatfield Metallurgical Holdings, LLC are included within the Partnership's Mineral Rights segment. |
Note 14 - Unit-based Compensa_3
Note 14 - Unit-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 0 | $ 100 | $ 6,700 | $ 16,000 | |
Share-Based Payment Arrangement, Expense | 2,900 | $ 2,600 | 5,900 | 5,100 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 14,900 | $ 14,900 | $ 13,300 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||||
Market-based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 2,500 | $ 2,800 |
Note 14 - Unit-based Compensa_4
Note 14 - Unit-based Compensation - Share-based Compensation Activity (Details) - Common Units [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Outstanding (in shares) | shares | 483 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 46.21 |
Granted (in shares) | shares | 65 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 103.5 |
Fully vested and issued (in shares) | shares | (197) |
Fully vested and issued, weighted average grant date fair value (in dollars per share) | $ / shares | $ 38.76 |
Forfeitures (in shares) | shares | (1) |
Forfeitures, weighted average grant date fair value (in dollars per share) | $ / shares | $ 90.7 |
Outstanding (in shares) | shares | 350 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 60.81 |
Note 15 - Financing Transacti_2
Note 15 - Financing Transaction (Details Textual) - Sugar Camp Mine [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2032 | Jun. 30, 2024 | |
Lessor, Operating Lease, Renewal Term (Year) | 80 years | |
Forecast [Member] | ||
Operating Lease, Lease Income | $ 10,000 |
Note 16 - Credit Losses (Detail
Note 16 - Credit Losses (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ 0 | $ (200) | $ (800) | $ (800) |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 300 | $ 300 |
Note 16 - Credit Losses - Allow
Note 16 - Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables, gross | $ 37,745 | $ 47,170 |
Receivables, allowance | (4,903) | (5,655) |
Receivables, net | 32,842 | 41,515 |
Long-term contract receivable, gross | 25,823 | 27,265 |
Long-term contract receivable, allowance | (894) | (944) |
Long-term contract receivable, net | 24,929 | 26,321 |
Total, gross | 63,568 | 74,435 |
Total, allowance | (5,797) | (6,599) |
Total, net | $ 57,771 | $ 67,836 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Thousands | 1 Months Ended |
Aug. 31, 2024 USD ($) $ / shares | |
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share) | $ / shares | $ 0.75 |
Dividends, Preferred Stock, Cash | $ | $ 950 |