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Natural Resource Partners (NRP)

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States, including interests in coal, industrial minerals and other natural resources, and owns an equity investment in Ciner Wyoming, a trona/soda ash operation.

Company profile

Ticker
NRP
Exchange
Website
CEO
Corbin Robertson
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
NRP (Operating) LLC • NRP Oil and Gas LLC • NRP Finance Corporation • WPP LLC • ACIN LLC • WBRD LLC • Hod LLC • Shepard Boone Coal Company LLC • Gatling Mineral, LLC • Independence Land Company, LLC ...
IRS number
352164875

NRP stock data

Calendar

4 Aug 22
24 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 59.36M 59.36M 59.36M 59.36M 59.36M 59.36M
Cash burn (monthly) 25.41M 3.21M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 71.86M 9.09M n/a n/a n/a n/a
Cash remaining -12.51M 50.27M n/a n/a n/a n/a
Runway (months of cash) -0.5 15.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jul 22 Corbin J Robertson Iii Put Options (obligation to buy) Common Units Sell Dispose S No No 3.6242 100 362.42 100
23 Feb 22 Robertson Corbin J JR Common Units Payment of exercise Dispose F No No 35.62 28,801 1.03M 573,208
23 Feb 22 Robertson Corbin J JR Common Units Option exercise Acquire M No No 0 73,191 0 602,009
23 Feb 22 Robertson Corbin J JR Phantom Units Common Units Option exercise Acquire M No No 0 18,234 0 36,469
23 Feb 22 Robertson Corbin J JR Phantom Units Common Units Option exercise Acquire M No No 0 23,459 0 23,459
23 Feb 22 Robertson Corbin J JR Phantom Units Common Units Option exercise Acquire M No No 0 31,498 0 0
23 Feb 22 Craig W Nunez Common Units Payment of exercise Dispose F No No 35.62 16,647 592.97K 37,755
23 Feb 22 Craig W Nunez Common Units Option exercise Acquire M No No 0 42,305 0 54,402
23 Feb 22 Craig W Nunez Phantom Units Common Units Option exercise Acquire M No No 0 13,807 0 27,616
23 Feb 22 Craig W Nunez Phantom Units Common Units Option exercise Acquire M No No 0 12,749 0 12,750
25.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 6 11 -45.5%
Opened positions 0 5 EXIT
Closed positions 5 3 +66.7%
Increased positions 1 2 -50.0%
Reduced positions 3 1 +200.0%
13F shares Current Prev Q Change
Total value 2.79B 3.43B -18.6%
Total shares 3.21M 3.22M -0.3%
Total puts 0 0
Total calls 0 40K EXIT
Total put/call ratio
Largest owners Shares Value Change
GS Goldman Sachs 1.12M $41.78M +0.7%
JPM JPMorgan Chase & Co. 1.03M $38.29M 0.0%
Goldman Sachs & Co 984.95K $13.54M 0.0%
BNP Paribas Arbitrage 72.46K $2.7B -6.8%
Dorsey Wright & Associates 1.43K $53K -5.7%
Hillsdale Investment Management 250 $9K -50.0%
Largest transactions Shares Bought/sold Change
GS Goldman Sachs 1.12M +7.66K +0.7%
Jump Financial 0 -6.2K EXIT
BNP Paribas Arbitrage 72.46K -5.26K -6.8%
Avalon Investment & Advisory 0 -5K EXIT
Hillsdale Investment Management 250 -250 -50.0%
Worth Asset Management 0 -90 EXIT
Dorsey Wright & Associates 1.43K -87 -5.7%
Blue Bell Private Wealth Management 0 -16 EXIT
JPM JPMorgan Chase & Co. 1.03M 0 0.0%
Goldman Sachs & Co 984.95K 0 0.0%

Financial report summary

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Risks
  • Prices for both metallurgical and thermal coal are volatile and depend on a number of factors beyond our control. Declines in prices could have a material adverse effect on our business and results of operations.
  • Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes as well as our not being subject to a material amount of entity-level taxation by individual states. If the Internal Revenue Service ("IRS") were to treat us as a corporation for U.S. federal income tax purposes or we were to become subject to material additional amounts of entity-level taxation for state tax purposes, then our cash available for distribution to unitholders would be substantially reduced.
  • The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes or differing interpretations, possibly applied on a retroactive basis.
  • Certain U.S. federal income tax preferences currently available with respect to coal exploration and development may be eliminated as a result of future legislation.
  • Our unitholders are required to pay taxes on their share of our income even if they do not receive any cash distributions from us. Our unitholders' share of our portfolio income may be taxable to them even though they receive other losses from our activities.
  • If the IRS contests the U.S. federal income tax positions we take, the market for our units may be adversely impacted and the cost of any IRS contest will reduce our cash available for distribution to our unitholders.
  • If the IRS makes audit adjustments to our income tax returns for tax years beginning after December 31, 2017, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustments directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
  • Tax gain or loss on the disposition of our common units could be more or less than expected.
  • Our unitholders may be subject to limitation on their ability to deduct interest expense incurred by us.
  • Non-U.S. Unitholders will be subject to U.S. taxes and withholding with respect to their income and gain from owning our units.
  • We will treat each purchaser of our common units as having the same tax benefits without regard to the actual common units purchased. The IRS may challenge this treatment, which could adversely affect the value of the common units.
  • We generally prorate our items of income, gain, loss and deduction between transferors and transferees of our common units each month based upon the ownership of our common units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
  • A unitholder whose units are the subject of a securities loan (e.g., a loan to a "short seller" to cover a short sale of units) may be considered as having disposed of those units. If so, he would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition.
  • As a result of investing in our units, our unitholders are likely subject to state and local taxes and return filing requirements in jurisdictions where we operate or own or acquire property.
Management Discussion
  • Approximately 75% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2022. Total coal royalty revenues increased $44.6 million as compared to the prior year quarter. The discussion by region is as follows:
  • •Appalachia: Coal royalty revenues increased $34.6 million primarily due to increased coal sales prices and volumes during the three months ended June 30, 2022 as compared to the prior year quarter.
  • •Illinois Basin: Coal royalty revenues increased $1.8 million primarily due to increased sales volumes and prices during the three months ended June 30, 2022 as compared to the prior year quarter. Revenues recognized from Foresight in 2021 were fixed as a result of the lease amendment the Partnership entered into with Foresight pursuant to which Foresight agreed to pay NRP fixed cash payments to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between the Partnership and Foresight. Revenues from Foresight in 2022 represent traditional royalty and minimum payments.

Content analysis

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Positive
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Readability
H.S. sophomore Avg
New words: call, closure, competitor, consulting, deliver, dropping, force, high, July, leaving, majeure, mkWe, open, premium, recognition, retire, retired, retirement, save, softening, southern, write
Removed: aggregate, conform, decline, expect, generation, geothermal, negative, offering, past, presentation, public, significantly, solar, standing, steady, substantial, timber, wind