ARLP - Earnings call transcript Q2 2022 | Alliance Resource Partners, L.P.

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Operator

Greetings. Welcome to Alliance Resource Partners Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the CFO. to, turn Vice Cantrell, now and President will program Brian over Senior I you. Thank

may You begin.

Brian Cantrell

XXXX results, Thank this results conditions Partners quarter and morning, Sherry, as Alliance and you, and perspective Resource released welcome, well as outlook. its on discuss we’ll now and everyone. our Earlier financial these operating market second

Following remarks, we’ll questions. our open your prepared the call to

and variety include reminder that uncertainties Before of may Commission, Exchange subject some reflected release. in press a contained the filings assumptions this also in today that time-to-time forward-looking we of to our a begin, remarks our statements, and with are morning’s risks, and are from Securities

While a incorrect, those or future we by us, publicly projected do or forward-looking statement, providing obligation may uncertainties these or currently from expected. materialize, information or our so. law vary In are as our materially risks to of available on remarks, underlying the assumptions or no actual if if forward-looking unless results revise required any prove or to more has otherwise, result statements partnership new based one of update to these whether events information, these

which SEC be to between been most financial furnished and measures. non-GAAP X-K. certain of the has posted contained at and and reconciliations are measures on Form website the ARLP’s differences also financial release, directly of we’ll these Finally, press measures discussing financial GAAP our non-GAAP Definitions the on comparable end the

to our President the Officer, our results for comments. then With Executive call turn and way, for begin of Joe Chairman, preliminaries review the the I’ll Craft, required Chief his out over with and of quarter a the

quarter, with gas XXXX royalty also Price our during to morning, prices XX.X% strong XX.X%, reflecting results XXXX to oil and XX.X% posting the $XXX.X sales as price ton, ARLP’s improved of significantly per the increasing XXXX total XXXX BOE jumping to XXXX financial XX.X% also for for volumes per quarter board XX.X%, increased prices, to a key Driven as metrics, royalty $XXX.X quarter. XX.X% the and quarter. sales royalty XX.X%, our reported XXX.X% respectively, gas record ARLP’s Alliance XX.X% EBITDA our quarter, the revenue revenues to per across while coal segment. earlier all and increased our respectively, & operations compared the volumes realizations the this million and respectively, and As and operating oil income increases and during coal sales performance sales over both, million, coal coal increased and coal we the $XXX.X by compared increased XXXX to XXX.X% and increasing quarter all jumped delivered higher for compared and XXXX and during production rose the ton. million, the to Net volumes quarter, quarter. XXXX climbing

an increase financial million results the sequential and rose the cash the XXXX XXXX as generated to and of of EBITDA Our taxes compared income X.X% XXX.X% free flow XX.X%, quarters, quarter, ARLP XX.X%. and increased respectively. income quarter, before total revenues also $XX.X jumped in over sequential XXX.X% improved

opportunities, times During of energy our million. our by $XX.X through growth transition EBITDA. the unitholders working reduced $XX.X total million ended by the we trailing distribution, invested to we leverage liquidity million and in XX.X%, quarter, and XXXX quarter quarterly XX.X% with announced infrastructure returned ratio $XXX.X Increased X.XX to capital adjusted previously

respectively. ton pricing to ARLP’s XXXX ARLP’s XX.X% increase royalty expenses sales sequential the revenue compared a our segment volumes to sales more previously quarter, during performance XXXX respectively. consolidated XX.X% million of closer segment an operations coal quarter. in quarter, mentioned noncash quarter, a $XXX.X our during of an higher business upon the of $XX.X EBITDA higher XX.X% due look the sales coal increases coal to from to at XXXX sales from results, adjusted led revenues Benefiting to take Higher At Hamilton higher let’s adjusted rose the expenses per per supply Turning both, to and sequential and increase our our commodity million, coal sharply expense accrual XX.X% and in segments well for increased purchase respectively. price the the performed now than reflecting is and chain and expense the XX.X% and increased increased of segment the operations, which XXXX million, sequential realizations the on XXXX issues to of higher to across future. higher royalties the sales-related pressures inflationary higher ton EBITDA adjusted XXXX for by numerous increased projections coal and items, XXXX based also sequential to XXXX Costs due from quarter. adjusted the reduced related the quarter. and quarter labor-related compared record EBITDA EBITDA quarter, volumes increase drive during regions mine, to XXXX and royalty price expenses, $XXX.X an quarters, Segment and both recoveries business the realizations to also coal and offset compared increased XX.X% over a $X.XX from prices, sales

We primarily performance the by volumes improved and results continued achieved shipments impact due financial issues. of negative Increased sales these and of XXXX. by XX.X%, taxes, balance tons the to compared were to were compared compared XXXX At XXXX period XXX.X% recognize income delayed than close year respectively, period. full gas sales operating total and and into Coal income volumes first and the higher XX.X% of results XX.X%, EBITDA we operating delivered were period. higher despite drove the and our half but respectively, prices disruptions, bulk XXXX over XX.X% for the for production Increased look shipments coal poor also $XXX.X coal railroads. these delayed XXXX increased coal $XXX.X quarter, the expenses operating as ongoing sales volumes for period. the net year, shipments to rose the will higher XXXX $X.XX XX.X% million increased results to These be billion. XXXX for million to updated and to that by transportation possibility oil of ARLP’s period. the may comments more XXX,XXX with currently the XXXX and end financial all shift much while leading this total Our my the I’ll planned revenues ‘XX in $XXX.X of the to offset the ARLP’s ARLP’s transportation also approximately million, some expect commodity royalty and exceptional at a by guidance. of revenues XX.X%

this quarter, year new have During for of commitments the secured modestly million reflect sales additional operations contracts. XXXX we anticipated an to the price of midpoint coal per these delivery and price realization ton our the increased at tons

midpoint both slightly also coal operating chain our we adjusted have EBITDA with expense line these of currently from to the expectations. our increased pressures due and We in anticipate of challenges. segment supply ton from will margins previous per full impacts XXXX adjustments, be Considering expected inflationary ongoing year

acreage by for activity XX.X% volume has of gas increase volumes Turning ARLP’s us to completion during royalty minerals the operators and first drilling our royalty and on E&P of to full oil than year expectations businesses, at XXXX, the production BOE anticipated half resulted midpoint. outlook in greater leading our

along guidance increased result exceed liquids, production with of natural a we and oil to are for of Full our coal results pricing strong year and expect guidance. will gas expected our gas performance As for businesses. previous ARLP’s with continued segment we royalty royalty natural oil, our previous increased be volumes accordingly, for royalty the gas our combined in line segment expectations. generally And

The expense increased $XX a guidance million Anticipated or XXXX result fifth in mine full that Hamilton of million at mine income Gibson ranges another reflect development our consolidated year for unit by range continuous capital oil addition mining the to unit planned this currently year also and tax our and early also performance have our the next. of increased as the several of South We royalties modified a gas of expenditures anticipated items. for midpoint segment. end at $XX was

With was to reflect for call flow outlook and Joe? on estimated markets the reduced net his the expectations. ARLP. turn I’ll comments interest expense for Finally, to that, Joe cash anticipated

Joe Craft

disruptions labor struggled driven Global Thank have meet have and and load market to governments to has worldwide with limited of the global world have fuel the to supply. begun Climate in related sanctions meaningful reliable a near-term. the prudently fuel energy displacing gas shortages influence worldwide have large access are production, the by everyone. the May. in crisis of shortages power to early United security chain fossil mix supply capital shortages, imposed risen the blocking which this gas commodity oil reluctance in and producers to unreliable invasion investments in half coal, fuel challenges with sharply the the continued economies and renewable lack release plants has these facing gas. issues, have effort to closures of coal good on fossil generation by of earnings to and in to delays energy to fuel to natural A last of reliability, Governments imposed natural systemic portfolios you, demand oil with around Based producers. and current on Russian and generators factors States continue power for coal, year, morning, Europe, forces, contributed make current and to years conditions for of and in to deadlines. confluence Through and power all have supply of meet energy natural combined our by leading financial and to regulatory renewables Ukraine. arbitrarily several respond bodies and increase world premature Brian, prices support improve and efforts first shortages continued favored base inflationary their contributed institutions the supply response a as of on these policies generation investments fossil since with reevaluating sources these continuing energy headwinds, Many to and focus Russia’s increasing today. transportation commodity decisions utilities an power face This

are grid to closures, begun railroads, and utilities scheduled closing prompting realize In unable low, higher energy all for will to weeks, on significant thus the In with coal growth to time volumes prices over this gas meet U.S. coal in balance fourth quarter $XXX competition curve plant the the the lead well. utilities future is for the performance coal elevated, deliveries. and domestic of the ton importance provide will supply the by operators, years remains recent supply seeking priced an increasingly countries The higher for unclear enough the support utilities, ensure more ARLP coal We their in that upcoming to it prices. and been in to planned a several metallurgical critically XXXX. and years, Russian demand closely customers long-term around advance since as of United regional for taken and made of fact for coal contract markets challenges. their energy approaching similar dismal coal able of are in more operators commissions actions market export These be security delay higher price pricing well-capitalized stockpiles the a back seen recently recognizing and States, reduction ban gigawatts revenues secure natural levels announcements producers APIX combination same believe reliability energy next than year secure obligations. European XX in have the facing reality utility coal net of conditions, not from capacity what utilities However, in to exports near for book. grid elevated demand to bring pricing couple With period. markets domestic from necessary for power Attractive remain effort the by to per reliable future. coal in decisions world to to at these a public of supply adequate strengthen couple has the its our next and the thermal occur response, should

prices the XXXX tons, entered new XXXX sales we expectations. million at agreements quarter’s quarter, last delivery XX.X the coal into During through of above for

XXXX. coal and provide gas in opportunities forward We will and and production segment resulted Record through least segments. royalty our price from With growth drive production should expanding and this focused XXXX, we back By coal well expectations in approximately of million through coal performance gas continue for our EBITDA expected and business customers. markets half oil coal volumes XXXX The attractive for are at our and gas X margin our believe units and coal the to the benefit international and price the and commodity and of XXXX, curve adjusted oil our environment, volume oil to in as during in gas favorable for first XXXX. of segment markets operations as the realizations meet the oil of a two well. gas XXXX coal In supporting year-over-year benefit we in royalties this remain ARLP favorable royalties oil also of our volume new Illinois basin, of royalties for tons remain half performance as to market ARLP’s domestic our market record to increase growth and segment expect conditions the share year. operations strong. needs to plan phasing Strong our sales by we on

continue positioned to cash is We returns ARLP unitholders. attractive believe deliver to growth our well solid to and

expected earnings XX.X% the we quarter. support cash are to XX% ARLP’s annual future, XX% to last per and communicated. result over as the that Reflecting quarter performance strong and our distribution indicated that our by by this of being to we intact of increases flow And unitholder targeting our holders previously increase end balance increasing quarterly approximately our the pleased distribution management of Board targeted During year. cash of unit distribution was in year-to-date over remains expectations for unitholders returned XX% elected management’s sequential the to free view this is through year, ARLP’s we management’s to call,

morning cash investments Infinitum through Adding In NGP infrastructure earlier energy addition Energy, Electric’s $XX by during a quarter. last our charging and we commitment fund Francis on in unitholders, equity our efficiency ARLP this electric million transition Management, Capital technology, motor Energy to progress industrial strategy continued its IV, sponsored through private to NGP quarter to the we returning energy to make outlined announced to EV ETP XXXX LLC.

earnings operator a companies commitment several of to While the efficiency. provides and us priorities the remain will this our years ARLP during insight strong efforts to the deployed ask and for to questions. the fuels the customers open capital broad well-positioned results, implementing to fund total participation long-term believe of under needs a achieving essential immediate in now energy renewable are will conjunction remain By prepared focused energy years, they call. and comments. the others the financial transition we we returns firmly of to meet call with We these these maintaining investments, And Through committed all on our the electrification ARLP’s be and balance energy in currently growth over to provides also we fossil on focused energy, future. outlined growth record serve. communities needs economy strategy our to meet sheet energy That evaluation, remain their allocation we leading our the range the concludes last to unitholders. of quarterly investments efforts, In U.S. I’ll critical to our for the come to

Operator

[Operator Company. Instructions] Nathan is with Martin question from Benchmark Our The first

Nathan Martin

above your we would million on tons guys years of mentioned recent several prices through at ‘XX, And be sizable Maybe ‘XX chunk I’ll Maybe get you pretty over -- helpful. committing ‘XX? thoughts XX.X breakdown an could tons with ‘XX, the there. additional start pricing any next those expectations, a

Joe Craft

Yes.

Brian X.X XXXX. X.X X ‘XX and million and mentioned, million XXXX, million had we ‘XX in X.X as is in So, million in

what in quarter. higher last than mentioned, we anticipated those I prices come As did

UI if about increase and a based our forecasts As to for are on we average the guidance expect our correct would the XXXX, our think we for we approximately tons, tons from our ton booked $XX XXXX. price sales

expand mentioned going we in mentioned, to believe XXXX. Brian As or those also margins are I

be to that’s well. could markets prices UI. those ‘XX, to percent larger it hard would that the XXXX And little suggest year the number in does subject how exactly be, what ‘XX. higher that develop for next of over project have would will that a So, It’s a as because

give guidance can a that’s you So, I today.

Nathan Martin

question I that. another That’s ‘XX Maybe appreciate specifically. very helpful, on Joe.

year. You’re extra you tons, X fifth up see point, up about production next pretty Are the next much now sales point with be Hamilton South planning development million unit unit expansion said demand early as year? you further expecting you the to it’s sales you and any guys is said, Gibson there, at for year, this shaping this this or late at how if

Joe Craft

labor. dependent on think it’s I

labor seen supply and back. some an attributed some industrial region that our our quarter. there’s to cut have improvement response been companies this in demand in We That’s have

And some for so, opportunities to that’s created us hire.

our economy help to workforce sector an coal We’re several to Southern that hopeful over schools in years. lot high that and go to forward several that with to the particular state us of trying explanation or development they to manufacturing Kentucky try years projected in The the that’s the both look recruit next schools continuing got a technical efforts industry. young commitment from Indiana next tremendous that shows this have our will young the that opportunities to in the people of our workers and customers on over tool people and to growth of put educate the in and these

workforce -- on maybe can in large But, on and I and importantly bearing volume increase we will this think whether be part having that’s more dependent fruit. beyond policy. government

our next could We year, at us create look at tonnage. from it market expect those could I’m to bring if anything plan are increase it’s is mine the a It’s to opportunities did a higher for things with some next take announced probably there year. the price. little we this away you different the ways. try When on bit few year, are than significant, just would would There bit opportunities line. a this looking this of year, not that we’ve what quite more now, right could export, beyond domestically expecting get bottom but look to allow and to we both quarter So, we It’s at what that opportunities fourth not year.

I but -- trying price all the is mine guidance are little a there take the the given, that but XXXX. meaningful as to adjust not it’s it’s evaluate for significant. as we plans our to you of of given us, curve, it’s whether far opportunities bit, we’ve to So, advantage to ranges within different mean, guidance we’ve it’s

Nathan Martin

it. going Thank was Got labor you, well I as those Joe. to thoughts next. front appreciate the go there I because on

just maybe side. So, the curious on export

number think, as Is a tons XX still some in I or or at a point popping out that done historically maximum maybe million do today? see where as many that you max guys you year. have XX million reasonable number

Joe Craft

When million I think XX do little we a XX tons, that. could so. did were that, at over we right, We producing or

Our contracts domestically. to preference long-term sign is

to as would market to export tons So, customers or up to some opposed contracts. than in agree that years three we market. selling customers would end domestic more are likely But, long-term we if talking greater, for the also export

for So, we are stability. looking

-- go to as into next us we the this market If export us may and year. we bit unidentified, on domestic million so do. price, X it just most for and but we I the comparable we elect year is to pricing, the are of how the been we depend plenty tons, market, export tons wants then short there for of could pricing. and go get thought or more in around little million ones We what in I -- would export year. But our to X with commit go. a think if market the million this I it’ll have that the that sold is the were to targeting has participate something they have are market And that export that’s domestic the pleased the tons which X export they’ll met where than efforts we’ve tons pay were would all domestic. think to -- tons sold we demand we to higher mean, that

Nathan Martin

Okay.

customers backs and correctly, you willing So, duration. pretty give that that least Joe. domestic to net at the your export If been have been positive, understood I kind where you have or close of area meet sounds to

Joe Craft

the They have in short-term.

were talking about to As the we we still a we’re that I longer them given attractive, average The ton. going that meeting guidance gave you are at $XX term, levels, increase our about far export as were got the they not those. contracts longer to the term sales very but

Nathan Martin

then here Perfect. will ‘XX Joe, your especially ‘XX that And question. a I appreciate think growth distribution your ‘XX years, hopefully how level of in and thoughts. couple of investments the with you maybe in just and of margins balancing those higher about just finally, kind as over expand do higher the then margins next forecasts growing well?

Joe Craft

October of to December. likely flow So, we the for what we’ve meeting, have will saying our targeted we future payout. XXXX, percent to as would is will ‘XX preliminary relative flow, that for our we Board will so of meeting. cash been what evaluate our with cash be in or at a be presentation in budget decide we XX% December as what made, will future And more cash in probably our distributions an consistent percent will we’ve But far ‘XX, do

be be I on than ‘XX think to but for what forward, sustainable. XX%, there’s that we consistent not goes it’s going ‘XX also below to that set say dependent think not we’ve that been that, fair when in distribution level it’s I is, the going we very go distribution, an to increase higher to whether outlook expect it and only

these there once of that’ll a our made distribution us but future a we’ll in to are decision the December, term folks we better about reliable, some it is at variable like for and to have that thinking be be of continue that fix are prices the top would timing possibility the type and to there how transition that look that in elevated the of have their So, long are willingness with we be capacity the utilities for on in sense a them. commit the

factor that So, into will that decision.

Operator

question is Mark Capital Reichman with next Our Markets. from Noble

Mark Reichman

wanted electric view the of could ask, a kind kind And a little as bit level? comment of about Joe, the coal power sit, of of environment. normalized to Just where you then, about aggregate, talk if of how power talk stocks, little stocks a the they sit, kind sector he just the what where but kind contracting about not maybe how that’s of I impacting -- in coal they’re kind when And distributed regionally? bit

Joe Craft

we as so haven’t more So, that that, or XXXX. in years seen they’re mentioned, five lows or we’ve than

standpoint. So, would from a board pretty I much across say it’s the regional

little both, Now, that both we that a Brian there shortfalls but others, because not bit coverage have of about. and select the are than better really, utilities may I transportation talked

they And more gas well, hard winter they’ve to the of given rail, demand to not possible. shortfalls, want deliverability trying concerned dependent sure the even as short. as as and to the generation, for relative know they is storage inventory natural those supply economic, though decided burn normal a what’s to so have make enough anymore. about because gas base that because those to to that transportation coal, especially They’re It’s coal they inventories. So, it’s on seen and are most basically are build utilities power

to I really So, that. can’t respond

I think that…

Mark Reichman

drifted the million think April to end was the XXXX, I don’t to the XX of how normalized end million are stocks should over XXX what thinking then say But And end stocks level, it’s was think of you million going of they you the that’s it norm. at they is would tons at they you the need and are much to… about utilities far XXXX, the those tons do because, around XXX of have Well, XX. if about and I XXX was down say, where tons go handling, million I of the -- course, were back too to how at kind around or

Joe Craft

understand. me market. in the complication is for hard to Here It’s

may service transported? Well, the contracted with it you right get -- now. So, three So, public have because questions you them. very service I’ve Why so, been them conferences can’t And in think are say, it commissions, gas, that asking commissions I of get transported. we dispatching difficult coal? they I’ve uneconomic well, to the public are

So, by it’s short the pass trying would go capital come that is say, are have encourage short coal then If see And on them. conversations than a not working ratepayers. then they to want units, as or build public excess already their not what back and think flexibility capacity that service but utilities our saying go go term. want paid to then the term, like them with to have their paying and to to get and for and and personal can’t commission think to them, return the I back prefer they come they I for, grid, use through to that I’m having inventory they’re get there’s longer listen to that in it, to plants from and ratepayers they’re that not them and perspective

last pressure. years, near on inventories down rates several ratable we the with interest trying at get over -- were even there’s thinking about Stop I of to they shipments. zero, to -- instead mean, their building So, inventory push

ratably, So, they that to down, come to would to that. got add ship And then contract, historically, would keep a sign in That ratably we and you contract. ship well, working our and we’re say, so our us says they ship they usually do not in months. to and would going or shoulder would this this usually They stockpile. not the their month month capital

responsive if most to keep that increasing those stockpiles. they’ve And would think the very should recently, they they to of think so, and tried And that to try to low utilities I commissions the when to be utility averages, want you are anyway. their being

export is that Now, having the very we said know all market that, strong.

projected do got right, gas. and gas predict buy be to in that they to market, that they those not year, tons is to meet the right of the at they make, anticipation export decisions do currently. Natural price price next So, now I think or buy can’t and natural X.XX, continue go

at can that at I in levels mean, pay stockpile. are So, could they they prices that put X.XX, elevated

when So, let little hearing correctly. me commission really public speak that, conversation So, utility customers. gets they’ve prudent? of commission saying sure regulated on service got to you the different. And is with is to focused have it make I’m If complicated. as every that that’s to, do I’m the this, utilities okay, our are a which And you majority I I

markets answer question. So, if were... In times, normal hard your to it’s

Mark Reichman

come That’s pollutants, and coal of there do a the actually it is uncertainty, Supreme just -- ash. policy. longer to It the kind maybe might tackle mind, sources, carbon a of of emissions. you be the see there some producing other But, that fuel that tail, kind that very see fossil seems though see win how a even how just now gave thoughtful improve fossil to case. lead in out carbon a recently Court saying, thought but you should or states playing not word the helpful. may profile policymakers’ plenty initially fuels I had seems still the utilities -- it’s fossil recognizing And more Biden decision is decarbonization Administration that and seem like do decisions? like Supreme the first, not maybe of dirty the kind opportunities mean, like focus does EPA the is that it other Because fuel I the of lowering Court was on coal of well, on question you impacting back that a I lot EPA

Joe Craft

about of they accelerating because signals. you. needs are increase be to there are the meet our in reduce can have, utilities best plant, terms every to they Yes. policy. EPA inflation mixed White their close I every agree such until level House to regulations they they and to highest care that’s coal cost, that the need to White going energy Totally and very that the is that that do communicate you trying not at need Again, plant and energy they are I trying security talk any. supply, very aware customers, that complicated The yet mentioned. well, that fossil House those wants with that as plant, if these the the to the is believe these is we inconsistent every to operate need they they

can’t extensions to button. push the increase speed are to replace transition. around transition they you bill the if speed power the House the to But these instead of of White that these we on pause can’t fast you see hype the the listen just the enough. the slow these are trying plants, they with regulations, need transition, it utilities So, plant of we -- the Manchin-Schumer speed it, do can’t saying give the encouraging the slow are these replace to we because all They of

gas. permits faster are have moving guys this practical, the the to pipelines You than is new for We we don’t can’t facilities. because get construct

connect to cetera give all go the fast and on. We -- of issues have We et lot chain -- got move to supply the can’t states on ahead the enough can’t renewable a to side. the the so grid, just

public this to is unbelievable. story I person person is but not believes I that not House ‘XX She’s a reality. got good try man! spin for speaker White this is trying the political saying their that we’ve really what that listened can’t she’s to just morning. to stuff. agenda believe election And will So, is and practical, the policy

prices get policy. going this You’re with not lower to

single the hard prices, question. You competition. natural can’t into gas to your without have we’re to industry go and okay, It’s lower expect really thread going answer

the policy, my in years. four going that always they that career through think the PJM loudly, wakeup the there, to the be But that policy. be speaking very concerned to capacity been not shining, question not economics don’t there’s very MISO has got trump not government and and or both, are the about three, out last then to to if have have I’ve because wind’s think I just call a we sun’s the Unfortunately, backup. blowing

Mark Reichman

Well, you’re cost right, absolutely and reliability.

Joe Craft

Yes.

Mark Reichman

Cost and reliability.

Brian Cantrell

Europe You’re well. in play out seeing similar issues as

Joe Craft

Yes. I giving mean, are us… they

Brian Cantrell

today. through going is Europe that movie the Watch

Joe Craft

with is that. rhetoric political The interfering

Now, they’ll than And happen? keep right in will the new for probably severe going to until that’s to we I to replacements, do President -- what’s they we a going the I well wait energy the us. go educate hopeful government, practically, that plants have that’s be then we’ll and decided thing bode to going crisis these am we on create XXXX. If and more able got have think and another ahead if get to the utilities to one year, this line.

Mark Reichman

Now, spent? just next gets the one you and last money address over question Brian, could that of years kind of just for profile Brian. your capital where annual couple expenditure

Brian Cantrell

about maintenance Mark? talking capital, our You’re

Mark Reichman

maintenance capital. the Yes,

Brian Cantrell

Yes.

we’re today, look our that plant $X.XX five-year that plan. will on we now, I produced. under we that go would But CapEx as Obviously, most as will a have like. at Our reevaluate that what we XXXX number per use recent operating for ton about placeholder maintenance through

Operator

Capital from Our is Rodriguez question Marco Stonegate with Markets. next

Marco Rodriguez

quick you and was us you and with first the the that sense follow-ups. kind how year? far million Just wondering the start you’re when of as that could give through maybe additional XXXX. a comes that of I timing is that if Can of concerned as line expecting a tons couple spreads in on

Joe Craft

that of on in at it’s then, January. first other, bulk let’s the start And start depends XXX,XXX the probably a of February, the should will probably end the would So, quarter. XXX,XXX folks. so, quarter, And pro in It hiring development or rata, first the unit. at say, --

going unit, single not So, productive be it’s as our unit. CM as our to

Brian Cantrell

the this gets can It to completed. back timing when of get we

Hamilton in that up to at being unit have the year. completed of it and at in Hope first the place As Joe comments, production to labor, end the the opening working his could unit in South. quarter. the development Gibson we’re end depending But add on mentioned by

Marco Rodriguez

some of you domestic had a you you up of bit to international tone And the if you surrounding more and sounded some be picking not gating And done a going correctly, on if picked how if have side you wondering, answers and then, up have pricing tonnage? contracts doing discussion contrast just maybe give up the just term you by of can on I preference is pricing, as following well the domestically. compare I maybe were like side. questions expected kind might not as factors this more can those more what of here, how said, to a that know little kind that’s now, it color international would of long that related and to tonnage the have and talks international on

Joe Craft

just mean, RFPs So, have and then send utilities them conversation. And a I out. domestic to or that side, month you on the that typically so. respond out go they will unfortunately the takes we

signals have then likelihood close markets you’re the as that the decide where and to you to So, then get go. about you export so what’s that deal going you’re to thinking going

have been side, rails challenge. On the a the export

deliver to that hard commitments the vessels can they buyers, peers from there’s get Coast, demurrage, not export to. it’s East some of aren’t the through at getting that know we Coast ship specifically as a railroads East because the on incurring they because the times coal the were rails backup. So, they times commitment the delivering on And to lot from these the are going try this to thought

factor. that’s been So, one

Russia to to vessel apply. deadline Europe when in their that get going shipments impacted trying sales those was year to what August to a to for an sanctions been ship factor an to The accelerate as XXth where is second they’ve from until particular this trying opportunity were

something time So, proved to the availabilities at the to try with vessel opportunities to book just uncertain. be

do whether make take to make the to easier it and made would gotten, And that domestic at or go were we since book for the utilities had export burden the we to we have had for going decision we what sold or to us. wait market, have that decisions an vote -- hand. ahead decisions willing So, want

Brian Cantrell

how Russia or full Rhine their at deal near to going out are trying the Joe -- movement is are caused on ports the to sanctioning There to for River very, barge The them a service, low. occurring bottlenecks August capacity, you’re term. that in very the water they’re mentioned ARA the short to with levels in pause on European have -- in And rail steel at time from or on scale well the spot. ports tight of same buyers XXth. little in addition a prior they accelerate poor the deliveries is as bit ports at that those

Joe Craft

than think opportunities. it it’s do APIX We August actually Physicals that’s price that is going now to what is is. are that that And higher why start the that APIX today. showing where that’s benchmark

to make and long-term do. we’re communication constant trying trying good is it’s to decisions So, what

Marco Rodriguez

Understood. And last quick question for me.

that you color your a the what energy made the about in quarter of maybe more are? come for little expectations equity kind investment fund, this did could and if provide surrounding how private additional that you Just transition wondering

Joe Craft

Okay.

and I we you different we to how So, is larger the transition, investing are out looking at even out of were this more this mean, to do looking to because evaluate lot there as are trying out doing, And new learn has don’t they my when now, doing with try I the ourselves them that people we than go API invest. like to asked because equity could look and at participate money in bill, of a determine different bill, throwing ways that there to team, there there. before out There educate to from, of transition. this. the different ways each opportunities there is staffs people funds, at out, to lot they private in government money why got start starts that a is

why what they’re what the of they’re they’re learn. they’re as not what not their determine, -- looking team looking not like are, their we as could that they’re get funds any at equity LP, so to just whatever at we why at, future funds. what looking to looking looking information looking at, And then, an they could be numerous So, best-in-class at, looked invest we other what LP, went to at or private thought some my to they’re at, who views into share

history are So, good. and their returns their

focused the back And could so, cash and could venture. in to at put flow. that to to fund years. not the look some would, vertical two-decade, on to our will be that those if early place sustainable marker we to willing call, are particular be on into good we is will get the good This a think that turn that we -- businesses cash more late opportunities cash be so we trying several get three-decade But last able might also we which could cash some that find hopefully information we next that returns -- It’s a over on things four, to went generate stage. it’s businesses

they looking for investments. investments So, call they equity growth are that

in X they on So, capital, very truly near or at But it’s of bit transition cash these are X cash for funds transition little earlier the flow not X a will infrastructure are the focused to to companies years. expecting not and to stage they lot It that is -- flow fund. an space. looking a compared term

these particular look out So, think that’s we We at a would what transition fund. that that -- with near-term would that opposed attracted would of us to at further they look would -- the are be shorter we have at to this the type stuff companies. things in cash that flow lot of looking as

did did. we that’s So, we why what

Brian Cantrell

here mentioned, part are a approach us And going participated opportunity it’s learn similar Marco, an in that where business to initially learn giving where trying more various similar much gas segment identify, ourselves to an be got into Joe out our sustainable business, we about LP a with long-term the there. will for in determined and took fund, philosophically, case, as very And more hopefully, that we we this we as we the the as will opportunities cash oil businesses of can be potential. and detail. company could the It’s as minerals flow to when approach we we’re that that a a forward.

Operator

Our next Singular is with Chris from Research. question Sakai

Chris Sakai

share seeing to sulfur regarding you’re especially you Europe? just on shipments Can question. discounts, a had I what

Joe Craft

nothing, -- seeing operation, so. of example, from for haven’t on depending in XX% recently, our general being the way I lately. are mine, we mining discounts the quality word The range we’ve seeing been produced, XX% heard ranging mentioned by on to elsewhere, discounts or MC depending that but the sulfur that’s

Chris Sakai

share Wanted expense ton I see some head as thinking can you per increase as color into to your about far as, noticed, you’re we XXXX, sold there? guidance. you what

Joe Craft

continue What projecting Right level that off XXXX. seeing now, actually are it about commodities we’re some appears and rise, that we’re going sort down. to we’re thinking is we’re as things seeing of they’ll that

on guidance are increases So, a the margin are or of top we this we’ve when giving year. increase so X% growth, we at seen on you planning

that’s we’re So, what seeing.

be the top that’s Now, year, we The just we’ll But power to at that happens. a these X% through got this reduction. right back -- on little some continue what see that’s areas what to see is our starting our higher prices. looking of we’re look now what elevated to we’re on is and but pass reflecting energy that starting are side,

Brian Cantrell

this half of caused year, in which second Chris, sure first the operational the on we disruptions, and making quarter. enough the has materials any have have first that on focused and of increase we don’t Through have so some been we supplies hand that

that level to a said, see As beginning we’re off little Joe bit.

full if so, right increase are for for that the relatively it’s our first in of high quarter. we year the line in to compare and And pretty half well despite where the look the you particular year, this updated at guidance

Chris Sakai

plan do Lastly, recent the more in equity private in you on on future? private elaborate And also, can equity investing more funds the investment? you

Joe Craft

I think don’t to that right that. now, we have additional plans any do

more something like So in about talked specific don’t add nothing on. my ask, it was, this anything try The just repeating you’d answer I to it, one said. to investment without I I’m particular there’s I to what -- more answer have that happy to what don’t I if that

Chris Sakai

Thanks the answer. for Okay.

Operator

Joseph Our next is from question [indiscernible].

Unidentified Analyst

follow-ups. quick of couple a just Hi,

as coal have all this? are I’m or well guys he’s think you do you up Manchin to, guy, really view? So, a you sure what Because do briefed on a

Joe Craft

because it’s me. Good very going it. disappointed, seem did I’m it to it’s know to all all understand title you don’t honest, done what his than he’s but know be And totally he he don’t really inflation, to what’s title why I doesn’t what as just can head you mean, anything reduce in everything to to I year. But question. don’t it. think. And I you did, like just want I inconsistent

Brian Cantrell

energy and just while energy energy, at it security significantly inconsistent, focused And time on of forms to Joe disappointing. form said, other supply when seems of subsidize and very very it taxing one of a as we’re reliability is

Unidentified Analyst

is and hopefully, between at sort up the problems soon, that Congress. a new bit. leadership Well, asked in relationship prices gas I What new U.S. of quite the pulled And a from get Europe’s dispatch? or least coal coal we’ll perspective the administration prices have that

this point from coal, with ton or prices. to that will what gas, a At very it utilities I point. So, dispatching just cheaper they than can general because whatever know And is question, domestic offer $XXX varies point because it’s is? high whatever, stick

Joe Craft

coal, plants they you what if utilities $X we all at future we that’s coal, can they acknowledging we pay get for rail, they’re why get made the on compete today, if willing can an a full got economic pay where So in B, over are market. were economic. to that it’s it to coal the gas, When gas their this can it, to if should or $X buying natural what that do year, And they gas definitely be compared get market, they curve willing out. international price as dispatch because with And it’s so. short-term, for the was them sales international and be to the it, we in should running could in they to

have but million not would bought in be that to in instead year rate holds this the coal been price deciding region, utilities that of probably a having that capacity our have we bought bought, the for full true, run could just buying our there that tons to at know, if because better gas, of estimate, at Our plants been I’m those this think meeting uneconomic that don’t were payers. recent buying buy I area in Wednesday, a is XX could coal

Unidentified Analyst

real So, last question quick.

has by went $XX on sheet is million. it. balance up which Your two equity equity method, One items

the quarter. securities? or is securities, the Are million which there The equity fourth other else from equity private investments went $XX.X those equity one something up by in both is

Joe Craft

Francis. I think to that $XX million relates

Brian Cantrell

Yes.

Joe Craft

relates the other the Infinitum. And to

Brian Cantrell

last announced two quarter, that we Joe. correct. the investments That’s exactly From

Unidentified Analyst

And Guys forward job. Okay, of the to look year. great rest great.

Joe Craft

you. Thank

Operator

with Our [Mark next question Wexford is Capital]. Sand from

Unidentified Analyst

just improvement of much tell me, that over of QX, How long volume the were there of moves? delayed wall how QX and QX? what was improvement shifted sort from were in volume much so of you you makeup the seeing fewer sort Can got was maybe that that fact

Joe Craft

What to the the rails, impacted it time million Yes. performance due were delayed about in first poor tons. was of end shipments water that by barge at X.X At was the well QX also, obviously to due levels locked as but maintenance. was quarter as high

they resolved, front, essentially have the seasonal. are On barge mainly delays those been

So, you X.X from say, million disappointing to quarter. our issues accounts the to the seasonal vast in first back the very I shipments or the shipments being XXX,XXX our of be would barges attributable that has so. the was performance second quarter. the those Rail the at and of delayed continued very, end for after majority the of saw to on tons delayed majority dropped track

Unidentified Analyst

up coming long done moves much or any wall pretty you’re for And Okay. period? some

Joe Craft

I had second don’t long we wall wall the I in believe schedule have front the move long don’t me. any of in moves quarter.

Unidentified Analyst

Okay.

Joe Craft

I’ll that. get you to on back

Unidentified Analyst

where reason and fine. XXXX, Joe, XX% you was XX% the dividend are or you couldn’t of was there Company probably to get that now. level? distribution back in That’s or $X.XXX Yes. any your Is why

Joe Craft

our closer level, of were we were When flow. at XX% that cash to payout

XX. targeting we’re now, So

what today, do mentioned as that’ll that, forward, be that’ll something I going be December discussed to earlier meeting. relative we our at So,

extra how what deploy is are that that generating government we’re of for got this act, a be cash we’ve issues there’s that flow the understand lot and opportunities just to to So, significant. that how utilities going acts, us to

potential not to could to be I your I some As us discussed, we earlier going out that’s where see a it do higher would at levels, is payout, but back XX% question. pay variables there that also if

Unidentified Analyst

Joe, buybacks? What’s but that’s about No, it to. a wasn’t way good feeling, your

Joe Craft

whether the what that That’s would don’t I we the an would flow. think doing it’s at but significant on possibility appreciate there’s we’re be that market that look option, that I cash as know a doesn’t table.

Unidentified Analyst

comment, going not questions And you you’ve basically things to that NGP, to are to flowing looking at cash Going they’re got and back what that what they’re want know Joe, about soon. at. be was looking your

they’re So, general of at looking what can you what just idea not they’re looking at? and give us a

Joe Craft

think about that. I we talked

gets lot So, at space. areas auto renewable and sector, into looking then renewables, a They’re the which looking they’re in the of at electrification,

Brian Cantrell

Energy efficiency.

Joe Craft

Energy efficiency.

those on call, into with that the battery at. electrification of we’re the also outlined looking I last storage and pretty natures is So, gets consistent our things things the things

for EVs. So, you EVs, got energy Infinitum. We’ve likely infrastructure got storage, you’ve energy, we’ve with what and done efficiency,

at and there’s been that those looking the things are So, type we’ve looking at. -- of that they’re

seemed good to a it us. be fit pretty So, for

Unidentified Analyst

at Separate from of couple you looking mentioned them, past. you’ve know Joe, in are it a anything I in times batteries? the

Joe Craft

There of companies, there’s are but and investments couple numerous deals looking not deals continuing battery evaluations of that at. we’re that a --

of companies guys tour soon. our scheduled these a think at have I one

investments in arena. So yes, we are keenly interested in that

Unidentified Analyst

at. we there’s can Maybe company a look direct a Okay. taking you be might you to, that interested

Joe Craft

call, Give Sure. a Mark. us

Unidentified Analyst

any is? take-up usage the What sort I on of me PCB these will actual you you of give Stator sense a call. give motors? the the can Infinitum, Joe, on

Joe Craft

Yes.

interest I of a HVAC, sectors. think the auto sector, are most of in both in the those of but lot also them in is the but

Unidentified Analyst

-- I -- to guess, I sense But just these mean, -- things, mean, can are revolutionary? know we how need curious, Any them. they I I’m I are don’t

Joe Craft

They’re and efficient. more easier quieter. They’re lighter to they’re maintain,

yes, are business firms. They’ve interest. But in private the so, look a strong there’s got But in a there large take the solace that equity competitors we world. the around couple very pipeline. couple are of so they’ve And most co-investors got of customers, at

Brian Cantrell

as that the well. invested company From in also are OEMs,

Joe Craft

We’re excited about it.

Unidentified Analyst

call, think XXX people Joe, you I last in one point the right? -- Matrix. that there at that said think Is I heard were I

Joe Craft

That’s correct.

Unidentified Analyst

And with anything doing are Infinitum? specifically they

Joe Craft

there’s looking They particular motor doing, different could at see are that other this with R&D looking both our motor motor. what other -- they’ve talking the this investing they’re technology to working sharing what that visit in That things be got and and if are is at But just are of for did R&D, they applications beyond to things that where -- people strong they’re R&D quarter, a everybody’s companies. investment, is one we’re particular particular our people this this they’re interesting what have on. they

bear what us basically invested this to is opportunities fruit, yes, motor. particular but there that So, in. discussions think could ancillary than really that that is have talk are to fact nothing some we potential about related other to is That there that there’s we for business with not the them

Unidentified Analyst

at going parties, third that -- they reported to Are see staying going Can kind the some just to what separately, feeling Matrix a be to know sold give they’re Matrix. doing? what more back doing, XXX so you about making of us enough are Matrix big of more then, products we And being for you is they’re doing? people just be what point to at

Joe Craft

our There’s think the out our -- we can So, doing rolling for a that’s talked space to And as the the biggest other are proximity camera mining about we have which in got last facility that a OmniPro, on potential. space be with industrial things these being we’ve to mining -- our that’s specific that they growth the products product is growth they few focused Matrix technology manufactured in earnings sector. release, a growth called on complementary are right devices. we’re a type… now other that primary the we’re engine will in But camera that forklifts

Brian Cantrell

AI cameras.

Joe Craft

X talked to times people. running to avoid we about And to I think. avoidance have into that growing Forklifts -- X

Brian Cantrell

times. XX

Joe Craft

million. to Yes, go and like XX

not it’s is growth. it So, --

flow. look cash are we just they’ve encouraging them been spend within is doing, which their So, to what beyond own money

we future, two would be segment, grow. things dream So, or to not yes, for our to separate that in three will to, a that that would reportable we allow it them And from distant some now. will think be years maybe be do opportunities would then, hope do too there

Brian Cantrell

Today it is still relatively small.

then I next get products growth last $X year, what’s and to EBITDA that’s into year really we those this base year think $X.X mining. for this did detection, as miner we to proximity being type OmniPro, driving about communication And used million in year. technologies like the are that tracking in do EBITDA, the the use million about technologies other with

Unidentified Analyst

they and All of more they or shortages the right. earlier managed about said, summer Anyway, you are concerned which about, like are mentioned one, and the winter like is I’d just concern skate concerned PJM one it have about had final and through MISO, sort they that capacity. look is they’ve a to Does of not?

Joe Craft

Yes. are plants No, concerned to are drawing they so rule open board right concerned stay subject I that continues really certain plants number asking the to That’s if meet they can on EPA are point is be with to of to forward. this that back CCR that for are the XXXX beyond XX there them mean, concerned about, to what the standards. they closing extensions, now expect are from closed. really that I think They

go pull to running that back So, line, on that’s near-term, the we’ve got government’s we what of plants are said, solve to why that? on try if concerned to that anything making are really that’s mothball. trying until you megaphone shutdown. plants them mothball. plants are as don’t using back keep really the and Brian having that the as get better they to they’re we We’ve people And in open, And about put definition up, educate today plants allow to are they Again, capacity out these of not opposed They month-to-month. need shortages, got not to if that Europe, to what they today. stay looking these by keep got the close you are the Why If open. we’ve we at careful do problem and short… be to in look line more got to capacity the

Unidentified Analyst

they plants. no mothballed what’s experienced doing? been or there Has problems any been of -- problem, they people experience are Are any restarting the

Joe Craft

of bring taken up you spend operate. gas off when -- got money talking spending an they to But back money in the And have market, Again, need life. them because these bring as there they crisis because they’ll end we’re back are their the they’ve problems, the as and European up about. to plants much are they’ve them that weren’t are most to energy towards them the capitalized got cases they the

Operator

Calavritinos Please ANC our final And Capital. is from with question Arthur proceed.

Arthur Calavritinos

And lawyer, carpet-bombed as by industry? way, on get? is any the like about the coal the is an decision, I could it thought just I’m just -- a Virginia EPA and could you the not that compensation the there get industry or congratulations. I’m any wondering, guys there after they but right, Because I mean, industry. precedent But anything West EPA, entire

Joe Craft

have Well, the answer that’s a I good question. don’t you. for

You say lawyer. you’re not a

Arthur Calavritinos

play TV. I’m one just I not. on

Now, I’m not a lawyer.

Joe Craft

of about that’s we being the to biggest that is think with rule carbon disclosure are maybe? at one regulations facing the I -- final that January ones due looking specific the sometime everyone this regulations, so what in Now, talked impacts is

Brian Cantrell

At the SEC.

Joe Craft

Right, the to data be mean SEC, use tremendous it that would -- really is I which report everybody or burden read a it. another just would that anybody don’t on know

So that’s one.

is of if sign customers, course, not And to to now and haven’t ready forever. the need that seen which blind and right turn do those on to If the focused relief boundaries. rule. we going or route for I determine take that through are energy that blind crisis, I will do that there’s something crisis to lower willing be no think, getting the And they best do energy don’t to to action that. ones the high not to what they’re are that is to to they’re I then, to eye overturn can’t step opposed and on their for energy the courts up us regulations just prices regulatory and to turns advocates as considering, come within in it’s believe they’re operating on a those, EPA for be got get and EPAs hard worse, it they’re exist final take here energy government, until the make a desire the eye. a Americans poverty whether itself and going today, those do say, you

a it said that was just to to In Virginia instead speech quoted they’re fact, the EPA administrator leads week accelerate want them West slowing last down. in doing, what that decision of

Arthur Calavritinos

you that quarter think plants, the before, XX I or the And to last the decision… mentioned quarter

Joe Craft

XX.

Arthur Calavritinos

right? would, -- the decision in to it just those -- are way did, they’re those, closed, were but would XX, because of those mentioned they supposed be so not, came XX,

Joe Craft

of waste existing to There’s that way be they’ve them a the they of of they cited And disposing future of manner, investment don’t XXXX compliance it. they’ve of ascribed, going coal been different their that date to dispose the make if piles. their combustion dispose violation to ash waste for of for in in then a than forward a way in would dispose the continuing

going to And so, with terms that a decision therefore and with make, saying years trying and different up lost the decision do to going they’re in two alternative. think to a COVID, that to utility back capital we am has of I of make coming

asking. ash, we they’re for facility. coal get to so two we’d storage can the ahead the open open to like plants or make want new engineering, investment That’s a keep what do an decision For make extension have final the we permits, the years, whether and to that that go

supposedly So, conditional rejection… getting my EPA to of reviewing only them But actually is approval or I these of knowledge, approval, but And responded else heard any anybody the X haven’t to plans. they’ve given XX.

Arthur Calavritinos

ahead. Go sorry. I’m

Joe Craft

need and now on And to buying, campaign to and sounds put on slogan, encouraging conversations candid -- what talking to November. they good decisions on utilities what’s have I make to need Maybe needs think buying, we’re EPA of this to practical, utilities everyone heck just start the those for these between not they personally. a aren’t they make things. utilities. act So,

Arthur Calavritinos

lot. let’s higher industry the doing wanting demand much But longer like like guys I and -- just like It’s it now, to at on, not much to contracts I it’s inventory. me world. our just the -- gas here going this just contracts, seems than business, are just it. that all squeeze they higher watch the is to maybe in way. a it at then, is, Because seems to what want you to it not when And and over feel like question -- long-term what’s And other and higher, that phrasing you to right, a ask they and supply prices, was to like ready just the in of for of we’re should of boycott crazy outpacing we be look have to event going at coal, look for you’re have higher may general, they sending step just the they’re more more -- to and where coming to have just seen yet. even going example, a to to term the that a just gas not and do ahead point to know have other it however going it do because like that guys I’m somebody stuff terms volatile, is this -- reason -- business international me, Because our it’s that. like, international very right that, have like coal worldwide, absolute to does -- the I basically to jump political we we’re going because seems all winner like international guys at shipping unreliable me, it it’s and moment, And ready be but so in the nat say, gas, that more logistics, changing and China, I the stuff, haven’t and is a going much higher they inventories country

Joe Craft

that the think you’re swing answer yes. think position argue think the real I And longer supplier, to more are I now, can that? U.S. and a no that Yes. suggesting. is valid And we going you question more move take. U.S., back I towards is the what that’s which And is a to to, is,

Our see invest certainty, expand a to change invest this want is there capital in going there -- what’s from be you who Are is that. to any to increase be to to going away be some going I and XX and earlier for export million five think of for there is shipments? and there XX the replace And those to an to million others us And in in numbers. about port that have administration, don’t capacity hit be there do think to to ago, we allow challenge administration take us to same, in the anybody market, and increase done. to really any to years anybody’s shipments historically There would some for capacity years is XX question try the is not under what capacity tons expansion to be export now? there capital could wants or was few going that. shipping our export million be I any facilities to going If to going it U.S. be there do the market is do the capacity? ability domestic But can of to to tons export the industry tons able a beyond

we I to China has and needs happen to those increase next year. think plants a operating. production, that really going meeting their is, is -- protect in we every to environmental So, to tons coal a tons environmental fleet this need standards billion invested that’s been what to stay have coal every year billion date, got, been need hasn’t

are a Everything it’s in wants and think to on other countries they we depends that solve to and America because the close down shut capacity, plants country to other that fuel going than cost something not It’s Our global not. about and coal the building things worldwide. ourselves other that’s climate we opportunity we problem, do mean, can here. that low world our good U.S. climate emissions But I the issue. hurting but But... issue. days. a we these It’s And are are to America just used doing may the feel same to, countries. giving

Arthur Calavritinos

what’s We And sold politics. we’re gas we to know you saying, oil say like, stuff. talking be running at are going and we manufacture net like, I conversation pro much one just nat inventories colder, analysts, he serious be we’re industries. saying hyperbole. -- of what it don’t at of February, economics And what like, nat run goes know we he’s politics, consumers, -- were they for of the company have, colder fond beats the the prices. they $XX, bit Again, to one little energy energy energy what chemical BAS in January, the out mean, net if our do timing a going have the we Because conversation thank then, that could it very issue. the And winter you like, to final just is gas beats at point, use you’re like is example, point big the the out coal? like could it’s talking prices, at just of -- only got manufacture, in or time, Germany, on guys. not one. to but freaked is of And point, If like normal property I I have physics much. if gas. was I it’s doing we a than gas about higher not But with gas they my this being nat know, my higher. that’s and was any just normal. thought things And I I much change, that may at just all you

Joe Craft

I Manchin-Schumer tries think that that. to address bill

that gas they the to natural provide try But gas bill. impact do a to -- in going industry of not XXXX. to benefits So it’s increase does lot

So, it’s going to take time.

more permitting so et to pipelines, trying are they permits. So, some issues, drilling cetera, create more relax on,

a those is are weather, future. challenge natural the resolve they depending wanting et capacity increase the and issues So But try constraints could gas there in there production yes, be on to to to this currently, cetera. year,

Operator

the our does Brian back comments. turn you. question-and-answer Thank for to I This session. like to closing would over conference conclude

Brian Cantrell

time you morning. this to Thank Sherri. everybody you, for your Thank

expected ARLP. time. and your in concludes October operating we again of to you’ll hope our call participation next financial this us our again for discuss third at But and join support today, is Our currently results occur to quarter call. continued and XXXX late that for Thanks

Operator

Thank you.

may and participations. time at your thank disconnect for You this lines your you

Alliance Resource Partners (ARLP) 1 Aug 222022 Q2 Earnings call transcript