Resource News

Provides approximately 65,000 acres to expand OLCV's carbon sequestration hubs

Natural Resource Partners L.P. (NYSE: NRP) ("NRP") and Occidental's (NYSE: OXY) Low Carbon Ventures (OLCV) subsidiary, today announced the execution of an agreement for the evaluation and potential development of a permanent carbon dioxide (CO 2 ) sequestration hub located in southeast Texas. OLCV expects the development of the project will be completed by its subsidiary 1PointFive.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027005983/en/

The agreement provides OLCV with the exclusive rights to develop a CO 2 sequestration hub on approximately 65,000 acres of pore space controlled by NRP. The site offers proximity to a large number of industrial CO 2 emissions. The approximate total CO 2 storage potential of this location is at least 500 million metric tons. The agreement advances OLCV's and 1PointFive's strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.

"We are pleased to partner with OLCV on NRP's second transaction to utilize our acreage for permanent subsurface carbon dioxide sequestration," said Craig Nunez, NRP President and Chief Operating Officer. "OLCV's expertise in carbon management will provide important benefits to the environment and expand our carbon neutral portfolio. NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with a total estimated storage capacity of 800 million metric tons of CO 2. We continue to evaluate carbon sequestration opportunities on the approximately 3.3 million acres of additional carbon sequestration rights we own across the Gulf Coast."

"We look forward to working with Natural Resource Partners L.P. as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO 2 ," said Dr. Doug Conquest, Vice President, Oxy Low Carbon Ventures. "This agreement furthers our commercial-scale decarbonization solutions as we work to achieve net zero and help others do the same."

About Natural Resource Partners L.P.

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash.

Further information about NRP is available on the partnership's website at http://www.nrplp.com .

About Oxy Low Carbon Ventures (OLCV)

Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy's business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation on oxy.com for more information.

About 1PointFive

1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR TO FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com .

AIR TO FUELS™ is a registered trademark of Carbon Engineering Ltd.

Forward-Looking Statements

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership's common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Sisecam Wyoming LLC's trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

NRP Investors Contact
Tiffany Sammis
713-751-7515
tsammis@nrplp.com

Occidental Contacts
Media
Eric Moses
713-497-2017
eric_moses@oxy.com

Investors
Jeff Alvarez
713-215-7864
jeff_alvarez@oxy.com

News Provided by Business Wire via QuoteMedia

NRP
Natural Resource Partners L.P. Reports Third Quarter 2022 Results and Declares Third Quarter 2022 Distribution of $0.75 per Unit

Natural Resource Partners L.P. Reports Third Quarter 2022 Results and Declares Third Quarter 2022 Distribution of $0.75 per Unit

Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2022 results as follows:

______________________________

(1)

Operating cash flow for the nine months ended September 30, 2022 was $197,950.

(2)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

  • G enerated record free cash flow of $83 million in the third quarter of 2022, and $199 million in the first nine months of 2022
  • Closed new five-year, $130 million revolving credit facility
  • Announced full repayment of outstanding 9.125% Senior Notes due 2025
  • Executed second subsurface carbon dioxide ("CO 2 ") sequestration lease
  • Pro-forma leverage ratio of 0.6x following the repayment of 9.125% Senior Notes, down from 4.6x as of June 30, 2021

"NRP's record year continues with third quarter free cash flow generation of $83 million, bringing our year-to-date free cash flow to $199 million, primarily due to the strong results of our Mineral Rights segment," stated Craig Nunez, NRP's president and chief operating officer. "It is fitting that the 20th anniversary of the Partnership's initial public offering coincides with the best operating performance in our history. Not only has this year been exceptional from a free cash flow perspective, but we continue to execute on our strategy to de-risk the capital structure and grow our carbon neutral portfolio. During the third quarter, we closed a new five-year revolving credit facility that increased our borrowing capacity from $100 million to $130 million. We also announced the redemption of our outstanding 9.125% Senior Notes due 2025 and fully repaid the Senior Notes in October. After giving effect to the redemption, NRP has permanently retired $249 million of debt this year. In the third quarter we also executed our second subsurface CO 2 sequestration lease for an estimated carbon storage capacity of at least 500 million metric tons of CO 2 . NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with estimated potential CO 2 storage capacity of at least 800 million metric tons. We continue to believe that de-risking the Partnership and leveraging our asset footprint in this regard, while continuing to provide unitholder distributions, is the right strategy to maximize unitholder value."

NRP announced today that the Board of Directors of its general partner declared a cash distribution of $0.75 per common unit to be paid on November 22, 2022 to unitholders of record on November 15, 2022. In addition, the board declared a $7.5 million cash distribution on its outstanding preferred units. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the board determines is necessary for future operating and capital needs.

NRP's liquidity was $190.9 million at September 30, 2022, consisting of $60.9 million of cash and $130.0 million of borrowing capacity available under its recently amended revolving credit facility.

Segment Performance

Mineral Rights

Mineral Rights net income for the third quarter of 2022 increased $35.6 million as compared to the prior year period. Free cash flow for the third quarter increased $42.0 million as compared to the prior year period. These increases were primarily due to stronger metallurgical coal demand and pricing in 2022. Approximately 65% of coal royalty revenues and approximately 40% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2022.

Metallurgical and thermal coal prices remain supported by ongoing tightness in the supply-demand balance for coal. Many operators are limited in their ability to increase production due to ongoing labor shortages, global supply chain interruptions, and access to capital. Thermal coal prices are further supported by the European Union's ban on Russian coal due to the war in Ukraine, as well as increased natural gas prices and demand for electricity. While metallurgical markets are seeing weakened demand for steel, and thermal markets continue to face ongoing environmental and political pressures, supply constraints should provide continued support for metallurgical and thermal coal prices for the foreseeable future.

NRP continues to identify alternative revenue opportunities across its large portfolio of land and mineral assets. NRP owns the rights to sequester CO 2 on approximately 3.5 million acres of pore space in the southern United States. As announced previously, in the first quarter of 2022 NRP executed its first subsurface CO 2 sequestration lease on 75,000 acres of underground pore space NRP owns in southwest Alabama with the potential to store over 300 million metric tons of CO 2 . In October of 2022, NRP announced its second subsurface CO 2 transaction with the execution of a lease for approximately 65,000 acres of pore space controlled by NRP near southeast Texas with estimated storage capacity of at least 500 million metric tons of CO 2 . In total, NRP has approximately 140,000 acres of pore space under lease for carbon sequestration with estimated CO 2 storage capacity of 800 million metric tons. While the timing and likelihood of additional cash flows being realized from these activities is uncertain, NRP believes its large ownership footprint throughout the United States will provide additional opportunities to create value in this regard and position NRP as a key beneficiary of the transitional energy economy with minimal capital investment.

Soda Ash

Soda Ash net income in the third quarter of 2022 increased $7.9 million as compared to the prior year period primarily as a result of increased international sales prices. Free cash flow in the third quarter of 2022 increased $10.3 million as compared to the prior year period due to Sisecam Wyoming reinstating its regular quarterly cash distributions beginning in the fourth quarter of 2021.

Supply interruptions in China and input cost inflation which significantly increased the global marginal cost of soda ash production led to historically high soda ash prices in the third quarter of 2022. Though soda ash demand weakened in many parts of the world during the third quarter due to slowing global economic growth and lower construction activity in China, Sisecam Wyoming remained sold-out as it took advantage of its low-cost position to profitably export soda ash. Consequently, Sisecam Wyoming delivered strong financial results in the third quarter of 2022.

Corporate and Financing

Corporate and Financing costs in the third quarter of 2022 decreased $1.6 million as compared to the prior year period primarily due to lower interest expense resulting from less debt outstanding, partially offset by the loss on early extinguishment of debt. Free cash flow in the third quarter of 2022 was relatively flat as compared to the prior year period.

During the third quarter of 2022, NRP repaid $60.5 million of debt and refinanced, upsized, and extended its credit facility to $130 million due 2027. In October of 2022, NRP fully retired its outstanding $121.4 million of 9.125% Senior Notes due 2025 at its redemption price of 102.281%, utilizing cash on hand and $70 million of borrowings under its new credit facility. After giving effect to this redemption, NRP's remaining total debt outstanding is $189.4 million.

Additionally, in August of 2022, NRP paid a second quarter 2022 cash distribution of $0.75 per common unit of NRP and a $7.5 million cash distribution on the preferred units.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://conferencingportals.com/event/kfJdSHYP . After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com . To access the replay, please visit the Investor Relations section of NRP's website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com . Further information about NRP is available on the Partnership's website at http://www.nrplp.com .

Forward-Looking Statements

This press release includes " forward-looking statements " as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership ' s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC ' s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners ' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

"Distributable cash flow " or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Free cash flow " or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Cash flow cushion" is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and redemption of PIK units, common unit distributions and warrant cash settlements. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

For the Three Months
Ended

For the Nine Months
Ended

September 30,

June 30,

September 30,

(In thousands, except per unit data)

2022

2021

2022

2022

2021

Revenues and other income

Royalty and other mineral rights

$

81,379

$

47,884

$

79,333

$

231,795

$

114,422

Transportation and processing services

5,969

2,171

5,612

15,377

6,545

Equity in earnings of Sisecam Wyoming

14,556

6,672

14,643

44,036

11,246

Gain on asset sales and disposals

354

68

345

699

243

Total revenues and other income

$

102,258

$

56,795

$

99,933

$

291,907

$

132,456

Operating expenses

Operating and maintenance expenses

$

7,898

$

8,354

$

10,015

$

25,989

$

19,076

Depreciation, depletion and amortization

6,850

5,182

5,847

16,565

15,145

General and administrative expenses

4,518

4,052

5,052

14,037

11,550

Asset impairments

812

57

43

874

4,116

Total operating expenses

$

20,078

$

17,645

$

20,957

$

57,465

$

49,887

Income from operations

$

82,180

$

39,150

$

78,976

$

234,442

$

82,569

Other expenses, net

Interest expense, net

$

(5,141

)

$

(9,652

)

$

(8,108

)

$

(22,636

)

$

(29,308

)

Loss on extinguishment of debt

(2,484

)

(4,048

)

(6,532

)

Total other expenses, net

$

(7,625

)

$

(9,652

)

$

(12,156

)

$

(29,168

)

$

(29,308

)

Net income

$

74,555

$

29,498

$

66,820

$

205,274

$

53,261

Less: income attributable to preferred unitholders

(7,500

)

(7,961

)

(7,500

)

(22,500

)

(23,530

)

Net income attributable to common unitholders and the general partner

$

67,055

$

21,537

$

59,320

$

182,774

$

29,731

Net income attributable to common unitholders

$

65,714

$

21,106

$

58,134

$

179,119

$

29,136

Net income attributable to the general partner

1,341

431

1,186

3,655

595

Net income per common unit

Basic

$

5.25

$

1.71

$

4.65

$

14.36

$

2.36

Diluted

3.71

1.10

3.29

10.24

1.98

Net income

$

74,555

$

29,498

$

66,820

$

205,274

$

53,261

Comprehensive income (loss) from unconsolidated investment and other

289

4,204

(4,013

)

(1,179

)

7,469

Comprehensive income

$

74,844

$

33,702

$

62,807

$

204,095

$

60,730

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

For the Three Months
Ended

For the Nine Months
Ended

September 30,

June 30,

September 30,

(In thousands)

2022

2021

2022

2022

2021

Cash flows from operating activities

Net income

$

74,555

$

29,498

$

66,820

$

205,274

$

53,261

Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:

Depreciation, depletion and amortization

6,850

5,182

5,847

16,565

15,145

Distributions from unconsolidated investment

10,339

10,486

34,055

3,920

Equity earnings from unconsolidated investment

(14,556

)

(6,672

)

(14,643

)

(44,036

)

(11,246

)

Gain on asset sales and disposals

(354

)

(68

)

(345

)

(699

)

(243

)

Loss on extinguishment of debt

2,484

4,048

6,532

Asset impairments

812

57

43

874

4,116

Bad debt expense

1

2,069

(388

)

641

1,715

Unit-based compensation expense

1,429

1,118

1,339

4,216

2,837

Amortization of debt issuance costs and other

215

653

1,297

1,887

1,899

Change in operating assets and liabilities:

Accounts receivable

2,494

(9,163

)

(5,033

)

(10,118

)

(12,332

)

Accounts payable

210

182

73

223

89

Accrued liabilities

278

357

2,047

(4,831

)

(839

)

Accrued interest

3,177

7,262

(7,413

)

3,014

6,971

Deferred revenue

(7,519

)

(2,652

)

(2,259

)

(17,094

)

(2,121

)

Other items, net

2,081

2,236

1,204

1,447

3,471

Net cash provided by operating activities

$

82,496

$

30,059

$

63,123

$

197,950

$

66,643

Cash flows from investing activities

Proceeds from asset sales and disposals

$

353

$

74

$

346

$

699

$

249

Return of long-term contract receivable

575

540

563

1,138

1,622

Capital expenditures

(59

)

(59

)

Net cash provided by investing activities

$

869

$

614

$

909

$

1,778

$

1,871

Cash flows from financing activities

Debt repayments

$

(60,494

)

$

$

(120,474

)

$

(197,665

)

$

(19,061

)

Distributions to common unitholders and the general partner

(9,571

)

(5,671

)

(9,570

)

(24,813

)

(16,973

)

Distributions to preferred unitholders

(7,500

)

(3,921

)

(7,500

)

(22,500

)

(11,591

)

Acquisition of non-controlling interest in BRP

(1,000

)

Redemption of preferred units paid-in-kind

(19,579

)

Other items, net

(4,219

)

(2,722

)

(9,754

)

(690

)

Net cash used in financing activities

$

(81,784

)

$

(9,592

)

$

(140,266

)

$

(274,311

)

$

(49,315

)

Net increase (decrease) in cash and cash equivalents

$

1,581

$

21,081

$

(76,234

)

$

(74,583

)

$

19,199

Cash and cash equivalents at beginning of period

59,356

97,908

135,590

135,520

99,790

Cash and cash equivalents at end of period

$

60,937

$

118,989

$

59,356

$

60,937

$

118,989

Supplemental cash flow information:

Cash paid for interest

$

1,729

$

1,898

$

15,128

$

18,501

$

20,829

Non-cash investing and financing activities:

Preferred unit distributions paid-in-kind

3,921

11,591

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets

September 30,

December 31,

(In thousands, except unit data)

2022

2021

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

60,937

$

135,520

Accounts receivable, net

34,726

24,538

Other current assets, net

1,228

2,723

Total current assets

$

96,891

$

162,781

Land

24,008

24,008

Mineral rights, net

421,351

437,697

Intangible assets, net

15,168

16,130

Equity in unconsolidated investment

284,806

276,004

Long-term contract receivable, net

29,570

31,371

Other long-term assets, net

7,216

5,832

Total assets

$

879,010

$

953,823

LIABILITIES AND CAPITAL

Current liabilities

Accounts payable

$

2,179

$

1,956

Accrued liabilities

5,913

10,297

Accrued interest

4,227

1,213

Current portion of deferred revenue

8,886

11,817

Current portion of long-term debt, net

89,989

39,102

Total current liabilities

$

111,194

$

64,385

Deferred revenue

35,882

50,045

Long-term debt, net

148,734

394,443

Other non-current liabilities

5,231

5,018

Total liabilities

$

301,041

$

513,891

Commitments and contingencies

Class A Convertible Preferred Units (250,000 and 269,321 units issued and outstanding at September 30, 2022 and December 31, 2021, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at September 30, 2022 and December 31, 2021)

$

164,587

$

183,908

Partners' capital

Common unitholders' interest (12,505,996 and 12,351,306 units issued and outstanding at September 30, 2022 and December 31, 2021, respectively)

$

358,332

$

203,062

General partner's interest

5,054

1,787

Warrant holders' interest

47,964

47,964

Accumulated other comprehensive income

2,032

3,211

Total partners' capital

$

413,382

$

256,024

Total liabilities and partners' capital

$

879,010

$

953,823

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Accumulated

Other

Total

Common Unitholders

General

Warrant

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Holders

Income

Capital

Balance at December 31, 2021

12,351

$

203,062

$

1,787

$

47,964

$

3,211

$

256,024

Net income (1)

62,621

1,278

63,899

Distributions to common unitholders and the general partner

(5,559

)

(113

)

(5,672

)

Distributions to preferred unitholders

(7,603

)

(155

)

(7,758

)

Issuance of unit-based awards

155

Unit-based awards amortization and vesting, net

(1,754

)

(1,754

)

Capital contribution

112

112

Comprehensive income from unconsolidated investment and other

2,545

2,545

Balance at March 31, 2022

12,506

$

250,767

$

2,909

$

47,964

$

5,756

$

307,396

Net income (1)

65,484

1,336

66,820

Distributions to common unitholders and the general partner

(9,379

)

(191

)

(9,570

)

Distributions to preferred unitholders

(7,350

)

(150

)

(7,500

)

Unit-based awards amortization and vesting

1,231

1,231

Comprehensive loss from unconsolidated investment and other

(4,013

)

(4,013

)

Balance at June 30, 2022

12,506

$

300,753

$

3,904

$

47,964

$

1,743

$

354,364

Net income (1)

73,064

1,491

74,555

Distributions to common unitholders and the general partner

(9,380

)

(191

)

(9,571

)

Distributions to preferred unitholders

(7,350

)

(150

)

(7,500

)

Unit-based awards amortization and vesting

1,245

1,245

Comprehensive income from unconsolidated investment and other

289

289

Balance at September 30, 2022

12,506

$

358,332

$

5,054

$

47,964

$

2,032

$

413,382

______________________________

(1)

Net income includes $7.5 million of income attributable to preferred unitholders that accumulated during the period, of which $7.4 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Accumulated

Other

Total

Common Unitholders

General

Warrant

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Holders

Income

Capital

Balance at December 31, 2020

12,261

$

136,927

$

459

$

66,816

$

322

$

204,524

Net income (1)

8,213

168

8,381

Distributions to common unitholders and the general partner

(5,517

)

(113

)

(5,630

)

Distributions to preferred unitholders

(7,461

)

(152

)

(7,613

)

Issuance of unit-based awards

90

Unit-based awards amortization and vesting, net

215

215

Capital contribution

32

32

Comprehensive income from unconsolidated investment and other

732

732

Balance at March 31, 2021

12,351

$

132,377

$

394

$

66,816

$

1,054

$

200,641

Net income (2)

15,074

308

15,382

Distributions to common unitholders and the general partner

(5,559

)

(113

)

(5,672

)

Distributions to preferred unitholders

(7,571

)

(155

)

(7,726

)

Unit-based awards amortization and vesting

515

515

Comprehensive income from unconsolidated investment and other

2,533

2,533

Balance at June 30, 2021

12,351

$

134,836

$

434

$

66,816

$

3,587

$

205,673

Net income (3)

28,909

589

29,498

Distributions to common unitholders and the general partner

(5,558

)

(113

)

(5,671

)

Distributions to preferred unitholders

(7,687

)

(156

)

(7,843

)

Unit-based awards amortization and vesting

959

959

Comprehensive income from unconsolidated investment and other

4,204

4,204

Balance at September 30, 2021

12,351

$

151,459

$

754

$

66,816

$

7,791

$

226,820

______________________________

(1)

Net income includes $7.7 million of income attributable to preferred unitholders that accumulated during the period, of which $7.6 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

(2)

Net income includes $7.8 million of income attributable to preferred unitholders that accumulated during the period, of which $7.7 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

(3)

Net income includes $8.0 million of income attributable to preferred unitholders that accumulated during the period, of which $7.8 million is allocated to the common unitholders and $0.2 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results by segment for the three months ended September 30, 2022 and 2021 and June 30, 2022:

Operating Segments

Mineral

Corporate
and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Three Months Ended September 30, 2022

Revenues

$

87,348

$

14,556

$

$

101,904

Gain on asset sales and disposals

354

354

Total revenues and other income

$

87,702

$

14,556

$

$

102,258

Asset impairments

$

812

$

$

$

812

Net income (loss)

$

72,173

$

14,525

$

(12,143

)

$

74,555

Adjusted EBITDA (1)

$

79,835

$

10,308

$

(4,518

)

$

85,625

Cash flow provided by (used in) continuing operations:

Operating activities

$

75,948

$

10,309

$

(3,761

)

$

82,496

Investing activities

$

928

$

$

(59

)

$

869

Financing activities

$

$

$

(81,784

)

$

(81,784

)

Distributable cash flow (1)

$

76,876

$

10,309

$

(3,820

)

$

83,365

Free cash flow (1)

$

76,523

$

10,309

$

(3,820

)

$

83,012

For the Three Months Ended September 30, 2021

Revenues

$

50,055

$

6,672

$

$

56,727

Gain on asset sales and disposals

68

68

Total revenues and other income

$

50,123

$

6,672

$

$

56,795

Asset impairments

$

57

$

$

$

57

Net income (loss)

$

36,606

$

6,596

$

(13,704

)

$

29,498

Adjusted EBITDA (1)

$

41,845

$

(76

)

$

(4,052

)

$

37,717

Cash flow provided by (used in) continuing operations:

Operating activities

$

33,968

$

(36

)

$

(3,873

)

$

30,059

Investing activities

$

614

$

$

$

614

Financing activities

$

$

$

(9,592

)

$

(9,592

)

Distributable cash flow (1)

$

34,582

$

(36

)

$

(3,873

)

$

30,673

Free cash flow (1)

$

34,508

$

(36

)

$

(3,873

)

$

30,599

For the Three Months Ended June 30, 2022

Revenues

$

84,945

$

14,643

$

$

99,588

Gain on asset sales and disposals

345

345

Total revenues and other income

$

85,290

$

14,643

$

$

99,933

Asset impairments

$

43

$

$

$

43

Net income (loss)

$

69,408

$

14,620

$

(17,208

)

$

66,820

Adjusted EBITDA (1)

$

75,298

$

10,463

$

(5,052

)

$

80,709

Cash flow provided by (used in) continuing operations:

Operating activities

$

70,351

$

10,430

$

(17,658

)

$

63,123

Investing activities

$

909

$

$

$

909

Financing activities

$

$

$

(140,266

)

$

(140,266

)

Distributable cash flow (1)

$

71,260

$

10,430

$

(17,658

)

$

64,032

Free cash flow (1)

$

70,914

$

10,430

$

(17,658

)

$

63,686

______________________________

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results by segment for the nine months ended September 30, 2022 and 2021:

Operating Segments

Mineral

Corporate
and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Nine Months Ended September 30, 2022

Revenues

$

247,172

$

44,036

$

$

291,208

Gain on asset sales and disposals

699

699

Total revenues and other income

$

247,871

$

44,036

$

$

291,907

Asset impairments

$

874

$

$

$

874

Net income (loss)

$

204,548

$

43,931

$

(43,205

)

$

205,274

Adjusted EBITDA (1)

$

221,987

$

33,950

$

(14,037

)

$

241,900

Cash flow provided by (used in) continuing operations:

Operating activities

$

194,475

$

33,934

$

(30,459

)

$

197,950

Investing activities

$

1,837

$

$

(59

)

$

1,778

Financing activities

$

(614

)

$

$

(273,697

)

$

(274,311

)

Distributable cash flow (1)

$

196,312

$

33,934

$

(30,518

)

$

199,728

Free cash flow (1)

$

195,613

$

33,934

$

(30,518

)

$

199,029

For the Nine Months Ended September 30, 2021

Revenues

$

120,967

$

11,246

$

$

132,213

Gain on asset sales and disposals

243

243

Total revenues and other income

$

121,210

$

11,246

$

$

132,456

Asset impairments

$

4,116

$

$

$

4,116

Net income (loss)

$

82,980

$

11,115

$

(40,834

)

$

53,261

Adjusted EBITDA (1)

$

102,265

$

3,789

$

(11,550

)

$

94,504

Cash flow provided by (used in) continuing operations:

Operating activities

$

91,958

$

3,817

$

(29,132

)

$

66,643

Investing activities

$

1,871

$

$

$

1,871

Financing activities

$

(1,132

)

$

$

(48,183

)

$

(49,315

)

Distributable cash flow (1)

$

93,829

$

3,817

$

(29,132

)

$

68,514

Free cash flow (1)

$

92,580

$

3,817

$

(29,132

)

$

67,265

______________________________

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Operating Statistics - Mineral Rights

For the Three Months
Ended

For the Nine Months
Ended

September 30,

June 30,

September 30,

(In thousands, except per ton data)

2022

2021

2022

2022

2021

Coal sales volumes (tons)

Appalachia

Northern

440

422

392

1,260

947

Central

3,503

3,199

3,484

10,238

8,824

Southern

498

642

312

1,171

1,058

Total Appalachia

4,441

4,263

4,188

12,669

10,829

Illinois Basin

3,490

2,689

3,403

8,395

7,987

Northern Powder River Basin

835

1,047

699

2,772

2,291

Gulf Coast

188

13

67

324

13

Total coal sales volumes

8,954

8,012

8,357

24,160

21,120

Coal royalty revenue per ton

Appalachia

Northern

$

6.74

$

7.18

$

11.84

$

9.48

$

5.57

Central

9.04

5.74

12.19

10.85

4.91

Southern

9.78

11.61

17.67

14.28

9.82

Illinois Basin

2.57

2.33

2.07

2.30

2.13

Northern Powder River Basin

4.56

3.71

4.74

4.24

3.59

Gulf Coast

0.59

0.54

0.57

0.58

0.54

Combined average coal royalty revenue per ton

5.85

4.87

7.54

7.08

3.99

Coal royalty revenues

Appalachia

Northern

$

2,965

$

3,031

$

4,640

$

11,946

$

5,272

Central

31,680

18,357

42,461

111,121

43,308

Southern

4,872

7,452

5,513

16,725

10,390

Total Appalachia

39,517

28,840

52,614

139,792

58,970

Illinois Basin

8,967

6,261

7,061

19,331

17,044

Northern Powder River Basin

3,805

3,881

3,314

11,751

8,222

Gulf Coast

111

7

38

187

7

Unadjusted coal royalty revenues

52,400

38,989

63,027

171,061

84,243

Coal royalty adjustment for minimum leases

(19

)

(6,557

)

(82

)

(286

)

(18,148

)

Total coal royalty revenues

$

52,381

$

32,432

$

62,945

170,775

$

66,095

Other revenues

Production lease minimum revenues

$

1,885

$

3,235

$

65

$

3,542

$

10,241

Minimum lease straight-line revenues

4,778

4,808

4,674

14,235

15,773

Carbon neutral initiative revenues

8,600

8,600

Wheelage revenues

2,977

1,964

4,379

11,073

5,589

Property tax revenues

1,360

1,466

1,695

4,527

4,522

Coal overriding royalty revenues

1,367

757

682

2,307

3,592

Lease amendment revenues

759

1,519

811

2,450

3,159

Aggregates royalty revenues

884

429

1,037

2,691

1,339

Oil and gas royalty revenues

6,170

1,154

2,906

10,890

3,420

Other revenues

218

120

139

705

692

Total other revenues

$

28,998

$

15,452

$

16,388

$

61,020

$

48,327

Royalty and other mineral rights

$

81,379

$

47,884

$

79,333

$

231,795

$

114,422

Transportation and processing services revenues

5,969

2,171

5,612

15,377

6,545

Gain on asset sales and disposals

354

68

345

699

243

Total Mineral Rights segment revenues and other income

$

87,702

$

50,123

$

85,290

$

247,871

$

121,210

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Mineral

Corporate
and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Three Months Ended September 30, 2022

Net income (loss)

$

72,173

$

14,525

$

(12,143

)

$

74,555

Less: equity earnings from unconsolidated investment

(14,556

)

(14,556

)

Add: total distributions from unconsolidated investment

10,339

10,339

Add: interest expense, net

5,141

5,141

Add: loss on extinguishment of debt

2,484

2,484

Add: depreciation, depletion and amortization

6,850

6,850

Add: asset impairments

812

812

Adjusted EBITDA

$

79,835

$

10,308

$

(4,518

)

$

85,625

For the Three Months Ended September 30, 2021

Net income (loss)

$

36,606

$

6,596

$

(13,704

)

$

29,498

Less: equity earnings from unconsolidated investment

(6,672

)

(6,672

)

Add: total distributions from unconsolidated investment

Add: interest expense, net

9,652

9,652

Add: loss on extinguishment of debt

Add: depreciation, depletion and amortization

5,182

5,182

Add: asset impairments

57

57

Adjusted EBITDA

$

41,845

$

(76

)

$

(4,052

)

$

37,717

For the Three Months Ended June 30, 2022

Net income (loss)

$

69,408

$

14,620

$

(17,208

)

$

66,820

Less: equity earnings from unconsolidated investment

(14,643

)

(14,643

)

Add: total distributions from unconsolidated investment

10,486

10,486

Add: interest expense, net

8,108

8,108

Add: loss on extinguishment of debt

4,048

4,048

Add: depreciation, depletion and amortization

5,847

5,847

Add: asset impairments

43

43

Adjusted EBITDA

$

75,298

$

10,463

$

(5,052

)

$

80,709

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Mineral

Corporate
and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Nine Months Ended September 30, 2022

Net income (loss)

$

204,548

$

43,931

$

(43,205

)

$

205,274

Less: equity earnings from unconsolidated investment

(44,036

)

(44,036

)

Add: total distributions from unconsolidated investment

34,055

34,055

Add: interest expense, net

22,636

22,636

Add: loss on extinguishment of debt

6,532

6,532

Add: depreciation, depletion and amortization

16,565

16,565

Add: asset impairments

874

874

Adjusted EBITDA

$

221,987

$

33,950

$

(14,037

)

$

241,900

For the Nine Months Ended September 30, 2021

Net income (loss)

$

82,980

$

11,115

$

(40,834

)

$

53,261

Less: equity earnings from unconsolidated investment

(11,246

)

(11,246

)

Add: total distributions from unconsolidated investment

3,920

3,920

Add: interest expense, net

24

29,284

29,308

Add: loss on extinguishment of debt

Add: depreciation, depletion and amortization

15,145

15,145

Add: asset impairments

4,116

4,116

Adjusted EBITDA

$

102,265

$

3,789

$

(11,550

)

$

94,504

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

(In thousands)

Mineral
Rights

Soda Ash

Corporate
and
Financing

Total

For the Three Months Ended September 30, 2022

Net cash provided by (used in) operating activities of continuing operations

$

75,948

$

10,309

$

(3,761

)

$

82,496

Add: proceeds from asset sales and disposals

353

353

Add: return of long-term contract receivable

575

575

Less: maintenance capital expenditures

(59

)

(59

)

Distributable cash flow

$

76,876

$

10,309

$

(3,820

)

$

83,365

Less: proceeds from asset sales and disposals

(353

)

(353

)

Free cash flow

$

76,523

$

10,309

$

(3,820

)

$

83,012

Net cash provided by (used in) investing activities

$

928

$

$

(59

)

$

869

Net cash used in financing activities

(81,784

)

(81,784

)

For the Three Months Ended September 30, 2021

Net cash provided by (used in) operating activities of continuing operations

$

33,968

$

(36

)

$

(3,873

)

$

30,059

Add: proceeds from asset sales and disposals

74

74

Add: return of long-term contract receivable

540

540

Less: maintenance capital expenditures

Distributable cash flow

$

34,582

$

(36

)

$

(3,873

)

$

30,673

Less: proceeds from asset sales and disposals

(74

)

(74

)

Free cash flow

$

34,508

$

(36

)

$

(3,873

)

$

30,599

Net cash provided by investing activities

$

614

$

$

$

614

Net cash used in financing activities

(9,592

)

(9,592

)

For the Three Months Ended June 30, 2022

Net cash provided by (used in) operating activities of continuing operations

$

70,351

$

10,430

$

(17,658

)

$

63,123

Add: proceeds from asset sales and disposals

346

346

Add: return of long-term contract receivable

563

563

Less: maintenance capital expenditures

Distributable cash flow

$

71,260

$

10,430

$

(17,658

)

$

64,032

Less: proceeds from asset sales and disposals

(346

)

(346

)

Free cash flow

$

70,914

$

10,430

$

(17,658

)

$

63,686

Net cash provided by investing activities

$

909

$

$

$

909

Net cash used in financing activities

(140,266

)

(140,266

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

(In thousands)

Mineral
Rights

Soda Ash

Corporate
and
Financing

Total

For the Nine Months Ended September 30, 2022

Net cash provided by (used in) operating activities of continuing operations

$

194,475

$

33,934

$

(30,459

)

$

197,950

Add: proceeds from asset sales and disposals

699

699

Add: return of long-term contract receivable

1,138

1,138

Less: maintenance capital expenditures

(59

)

(59

)

Distributable cash flow

$

196,312

$

33,934

$

(30,518

)

$

199,728

Less: proceeds from asset sales and disposals

(699

)

(699

)

Less: acquisition costs

Free cash flow

$

195,613

$

33,934

$

(30,518

)

$

199,029

Net cash provided by (used in) investing activities

$

1,837

$

$

(59

)

$

1,778

Net cash used in financing activities

(614

)

(273,697

)

(274,311

)

For the Nine Months Ended September 30, 2021

Net cash provided by (used in) operating activities of continuing operations

$

91,958

$

3,817

$

(29,132

)

$

66,643

Add: proceeds from asset sales and disposals

249

249

Add: return of long-term contract receivable

1,622

1,622

Less: maintenance capital expenditures

Distributable cash flow

$

93,829

$

3,817

$

(29,132

)

$

68,514

Less: proceeds from asset sales and disposals

(249

)

(249

)

Less: acquisition costs

(1,000

)

(1,000

)

Free cash flow

$

92,580

$

3,817

$

(29,132

)

$

67,265

Net cash provided by investing activities

$

1,871

$

$

$

1,871

Net cash used in financing activities

(1,132

)

(48,183

)

(49,315

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Cash Flow Cushion

For the Three Months Ended

(In thousands)

December 31,
2021

March 31,
2022

June 30,
2022

September 30,
2022

Last 12
Months

Net cash provided by operating activities of continuing operations

$

55,161

$

52,331

$

63,123

$

82,496

$

253,111

Add: proceeds from asset sales and disposals

346

353

699

Add: return of long-term contract receivable

541

563

575

1,679

Less: maintenance capital expenditures

(59

)

(59

)

Distributable cash flow

$

55,702

$

52,331

$

64,032

$

83,365

$

255,430

Less: proceeds from asset sales and disposals

(346

)

(353

)

(699

)

Free cash flow

$

55,702

$

52,331

$

63,686

$

83,012

$

254,731

Less: mandatory Opco debt repayments

(20,335

)

(16,697

)

(2,365

)

(39,397

)

Less: preferred unit distributions and redemption of PIK units

(3,980

)

(27,079

)

(7,500

)

(7,500

)

(46,059

)

Less: common unit distributions

(5,672

)

(5,672

)

(9,570

)

(9,571

)

(30,485

)

Less: warrant cash settlement

(9,183

)

(9,183

)

Cash flow cushion

$

16,532

$

2,883

$

44,251

$

65,941

$

129,607

Leverage Ratio

For the Three Months Ended

(In thousands)

December 31,
2021

March 31,
2022

June 30,
2022

September 30,
2022

Last 12
Months

Net income

$

55,641

$

63,899

$

66,820

$

74,555

$

260,915

Less: equity earnings from unconsolidated investment

(10,625

)

(14,837

)

(14,643

)

(14,556

)

(54,661

)

Add: total distributions from unconsolidated investment

7,350

13,230

10,486

10,339

41,405

Add: interest expense, net

9,568

9,387

8,108

5,141

32,204

Add: loss on extinguishment of debt

4,048

2,484

6,532

Add: depreciation, depletion and amortization

3,930

3,868

5,847

6,850

20,495

Add: asset impairments

986

19

43

812

1,860

Adjusted EBITDA

$

66,850

$

75,566

$

80,709

$

85,625

$

308,750

Debt—at September 30, 2022

$

240,819

Less: Redemption of 9.125% Senior Notes

(121,396

)

Add: October 2022 draw on revolving credit facility

70,000

Pro-Forma Debt—at September 30, 2022

$

189,423

Leverage Ratio (1)

0.8 x

Pro-Forma Leverage Ratio at September 30, 2022

0.6 x

______________________________

(1)

Leverage Ratio is calculated as the outstanding principal of NRP's debt as of September 30, 2022 divided by the last twelve months' Adjusted EBITDA. Note that Adjusted EBITDA under the indenture governing NRP's 2025 parent company notes may be different than the amount shown above. However, NRP's last twelve months Leverage ratio as of September 30, 2022, was 0.8x as calculated under the indenture governing NRP's 2025 parent company notes.

For the Three Months Ended

(In thousands)

September 30,
2020

December 31,
2020

March 31,
2021

June 30,
2021

Last 12
Months

Net income

$

7,216

$

14,687

$

8,381

$

15,382

$

45,666

Less: equity earnings from unconsolidated investment

(1,986

)

(5,528

)

(1,973

)

(2,601

)

(12,088

)

Add: total distributions from unconsolidated investment

3,920

3,920

Add: interest expense, net

10,254

10,077

9,973

9,683

39,987

Add: depreciation, depletion and amortization

2,111

3,013

5,092

4,871

15,087

Add: asset impairments

934

2,668

4,043

16

7,661

Adjusted EBITDA

$

18,529

$

24,917

$

29,436

$

27,351

$

100,233

Debt—at June 30, 2021

$

458,819

Leverage Ratio (1)

4.6 x

______________________________

(1)

Leverage Ratio is calculated as the outstanding principal of NRP's debt as of June 30, 2021 divided by the last twelve months' Adjusted EBITDA.

Tiffany Sammis, 713-751-7515
tsammis@nrplp.com

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