Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001171486 |
Entity Registrant Name | NATURAL RESOURCE PARTNERS LP |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
Document Transition Report | false |
Entity File Number | 001-31465 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 35-2164875 |
Entity Address, Address Line One | 1415 Louisiana Street, Suite 3325 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77002 |
City Area Code | 713 |
Local Phone Number | 751-7507 |
Title of 12(b) Security | Common Units representing limited partner interests |
Trading Symbol | NRP |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 12,634,642 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 17,655 | $ 39,091 |
Accounts receivable, net | 36,513 | 42,701 |
Other current assets, net | 3,216 | 1,822 |
Total current assets | 57,384 | 83,614 |
Land | 24,008 | 24,008 |
Mineral rights, net | 408,371 | 412,312 |
Intangible assets, net | 14,613 | 14,713 |
Equity in unconsolidated investment | 295,361 | 306,470 |
Long-term contract receivable, net | 28,309 | 28,946 |
Other long-term assets, net | 7,622 | 7,068 |
Total assets | 835,668 | 877,131 |
Current liabilities | ||
Accounts payable | 1,452 | 1,992 |
Accrued liabilities | 3,466 | 11,916 |
Accrued interest | 1,252 | 989 |
Current portion of deferred revenue | 7,450 | 6,256 |
Current portion of long-term debt, net | 39,055 | 39,076 |
Total current liabilities | 52,675 | 60,229 |
Deferred revenue | 38,833 | 40,181 |
Long-term debt, net | 133,821 | 129,205 |
Other non-current liabilities | 6,124 | 5,472 |
Total liabilities | 231,453 | 235,087 |
Commitments and contingencies (see Note 13) | ||
Class A Convertible Preferred Units (202,501 and 250,000 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at March 31, 2023 and December 31, 2022) (See Note 3) | 133,316 | 164,587 |
Partners’ capital | ||
Common unitholders’ interest (12,634,642 and 12,505,996 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively) | 417,401 | 404,799 |
General partner’s interest | 6,400 | 5,977 |
Warrant holders’ interest | 47,964 | 47,964 |
Accumulated other comprehensive income (loss) | (866) | 18,717 |
Total partners’ capital | 470,899 | 477,457 |
Total liabilities and partners' capital | $ 835,668 | $ 877,131 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Temporary Equity, shares issued (in shares) | 202,501 | 250,000 |
Temporary Equity, shares outstanding (in shares) | 202,501 | 250,000 |
Temporary Equity, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Temporary Equity, liquidation (in dollars per share) | $ 1,850 | $ 1,850 |
Common unitholders interest, issued (in shares) | 12,634,642 | 12,505,996 |
Common unitholders interest, outstanding (in shares) | 12,634,642 | 12,505,996 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Revenues and other income | |||||
Equity in earnings of Sisecam Wyoming | $ 19,254 | $ 14,837 | |||
Gain on asset sales and disposals | 96 | 0 | |||
Total revenues and other income | 99,219 | 89,716 | |||
Operating expenses | |||||
Operating and maintenance expenses | 7,163 | 8,076 | |||
Depreciation, depletion and amortization | 4,083 | 3,868 | |||
General and administrative expenses | 5,845 | 4,467 | |||
Asset impairments | 0 | 19 | |||
Total operating expenses | 17,091 | 16,430 | |||
Income from operations | 82,128 | 73,286 | |||
Interest expense, net | (2,853) | (9,387) | |||
Net income | 79,275 | [1] | 63,899 | [2] | |
Less: income attributable to preferred unitholders | (6,661) | (7,500) | |||
Less: redemption of preferred units | (16,228) | 0 | |||
Net income attributable to common unitholders and the general partner | 56,386 | 56,399 | |||
Net income attributable to common unitholders | 55,258 | 55,271 | |||
Net income attributable to the general partner | $ 1,128 | $ 1,128 | |||
Net income per common unit (see Note 5) | |||||
Basic (in dollars per share) | $ 4.40 | $ 4.45 | |||
Diluted (in dollars per share) | $ 3.44 | $ 3.11 | |||
Net income | $ 79,275 | [1] | $ 63,899 | [2] | |
Comprehensive income (loss) from unconsolidated investment and other | (19,583) | 2,545 | |||
Comprehensive income | 59,692 | 66,444 | |||
Mineral Rights Segment [Member] | |||||
Operating expenses | |||||
Depreciation, depletion and amortization | 3,900 | 3,700 | |||
Royalty and Other Mineral Rights [Member] | Mineral Rights Segment [Member] | |||||
Revenues and other income | |||||
Revenues | 76,271 | 71,083 | |||
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | |||||
Revenues and other income | |||||
Revenues | [3] | $ 3,598 | $ 3,796 | ||
[1]Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.[2]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.[3]Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $2.9 million and $3.1 million for the three months ended March 31, 2023 and 2022, respectively. The remaining transportation and processing services revenues of $0.7 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 15. Financing Transaction for more information. |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partner [Member] | General Partner [Member] | Warrant Holder [Member] | AOCI Attributable to Parent [Member] | |
Balance (in shares) at Dec. 31, 2021 | 12,351 | |||||
Balance at Dec. 31, 2021 | $ 256,024 | $ 203,062 | $ 1,787 | $ 47,964 | $ 3,211 | |
Net income | [1] | 63,899 | 62,621 | 1,278 | ||
Distributions to common unitholders and the general partner | (5,672) | (5,559) | (113) | |||
Distributions to preferred unitholders | (7,758) | $ (7,603) | (155) | |||
Issuance of unit-based awards (in shares) | 155 | |||||
Unit-based awards amortization and vesting, net | (1,754) | $ (1,754) | ||||
Capital contribution | 112 | 112 | ||||
Comprehensive loss from unconsolidated investment and other | 2,545 | 2,545 | ||||
Balance (in shares) at Mar. 31, 2022 | 12,506 | |||||
Balance at Mar. 31, 2022 | 307,396 | $ 250,767 | 2,909 | 47,964 | 5,756 | |
Balance (in shares) at Dec. 31, 2022 | 12,506 | |||||
Balance at Dec. 31, 2022 | 477,457 | $ 404,799 | 5,977 | 47,964 | 18,717 | |
Net income | [2] | 79,275 | $ 77,690 | 1,585 | ||
Redemption of preferred units (in shares) | 0 | |||||
Redemption of preferred units | (16,228) | $ (15,904) | (324) | |||
Distributions to common unitholders and the general partner | (40,900) | (40,082) | (818) | |||
Distributions to preferred unitholders | (8,086) | $ (7,924) | (162) | |||
Issuance of unit-based awards (in shares) | 129 | |||||
Unit-based awards amortization and vesting, net | (1,178) | $ (1,178) | ||||
Capital contribution | 142 | 142 | ||||
Comprehensive loss from unconsolidated investment and other | (19,583) | (19,583) | ||||
Balance (in shares) at Mar. 31, 2023 | 12,635 | |||||
Balance at Mar. 31, 2023 | $ 470,899 | $ 417,401 | $ 6,400 | $ 47,964 | $ (866) | |
[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.[2]Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner. |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allocation to unitholders | $ 6,661 | $ 7,500 |
Limited Partner [Member] | ||
Allocation to unitholders | 6,500 | 7,400 |
General Partner [Member] | ||
Allocation to unitholders | $ 100 | $ 200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Cash flows from operating activities | ||||
Net income | $ 79,275 | [1] | $ 63,899 | [2] |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 4,083 | 3,868 | ||
Distributions from unconsolidated investment | 10,780 | 13,230 | ||
Equity earnings from unconsolidated investment | (19,254) | (14,837) | ||
Gain on asset sales and disposals | (96) | 0 | ||
Asset impairments | 0 | 19 | ||
Bad debt expense | (610) | 1,028 | ||
Unit-based compensation expense | 2,491 | 1,448 | ||
Amortization of debt issuance costs and other | 25 | 375 | ||
Change in operating assets and liabilities: | ||||
Accounts receivable | 7,061 | (7,579) | ||
Accounts payable | (541) | (60) | ||
Accrued liabilities | (8,805) | (7,156) | ||
Accrued interest | 263 | 7,250 | ||
Deferred revenue | (154) | (7,316) | ||
Other items, net | (1,618) | (1,838) | ||
Net cash provided by operating activities | 72,900 | 52,331 | ||
Cash flows from investing activities | ||||
Proceeds from asset sales and disposals | 101 | 0 | ||
Return of long-term contract receivable | 598 | 0 | ||
Capital expenditures | (2) | 0 | ||
Net cash provided by investing activities | 697 | 0 | ||
Cash flows from financing activities | ||||
Debt borrowings | 94,200 | 0 | ||
Debt repayments | (89,696) | (16,697) | ||
Redemption of preferred units | (48,085) | 0 | ||
Redemption of preferred units paid-in-kind | 0 | (19,579) | ||
Other items, net | (3,052) | (2,813) | ||
Net cash used in financing activities | (95,033) | (52,261) | ||
Net increase (decrease) in cash and cash equivalents | (21,436) | 70 | ||
Cash and cash equivalents at beginning of period | 39,091 | 135,520 | ||
Cash and cash equivalents at end of period | 17,655 | 135,590 | ||
Supplemental cash flow information: | ||||
Cash paid for interest | 2,474 | 1,644 | ||
Common Unitholders And General Partner [Member] | ||||
Cash flows from financing activities | ||||
Distributions to unitholders | (40,900) | (5,672) | ||
Preferred Partner [Member] | ||||
Cash flows from financing activities | ||||
Distributions to unitholders | $ (7,500) | $ (7,500) | ||
[1]Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.[2]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. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation Nature of Business Natural Resource Partners L.P. (the "Partnership") engages principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and owns a non-controlling 49% interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two Note 6. Principles of Consolidation and Reporting The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10 01 X. not December 31, 2022 10 March 3, 2023. Recently Adopted Accounting Standard On January 1, 2023, 2020 06, 470 20 815 40 2020 06 not Note 5. Note 3. |
Note 2 - Revenues from Contract
Note 2 - Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenues from Contracts with Customers The following table presents the Partnership's Mineral Rights segment revenues by major source: For the Three Months Ended March 31, (In thousands) 2023 2022 Coal royalty revenues $ 58,023 $ 55,449 Production lease minimum revenues 613 1,592 Minimum lease straight-line revenues 4,503 4,783 Carbon neutral initiative revenues 2,118 — Property tax revenues 1,470 1,472 Wheelage revenues 3,869 3,717 Coal overriding royalty revenues 188 258 Lease amendment revenues 851 880 Aggregates royalty revenues 753 770 Oil and gas royalty revenues 3,588 1,814 Other revenues 295 348 Royalty and other mineral rights revenues $ 76,271 $ 71,083 Transportation and processing services revenues (1) 3,598 3,796 Total Mineral Rights segment revenues $ 79,869 $ 74,879 ( 1 Transportation and processing services revenues from contracts with customers as defined under ASC 606 three March 31, 2023 2022 three March 31, 2023 2022 third Note 15. The following table details the Partnership's Mineral Rights segment receivables and liabilities resulting from contracts with customers: March 31, December 31, (In thousands) 2023 2022 Receivables Accounts receivable, net $ 32,706 $ 39,004 Other current assets, net (1) 1,947 — Other long-term assets, net (2) 75 75 Contract liabilities Current portion of deferred revenue $ 7,450 $ 6,256 Deferred revenue 38,833 40,181 ( 1 Other current assets, net includes short-term notes receivables from contracts with customers. ( 2 Other long-term assets, net includes long-term lease amendment fee receivables from contracts with customers. The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue: For the Three Months Ended March 31, (In thousands) 2023 2022 Balance at beginning of period (current and non-current) $ 46,437 $ 61,862 Increase due to minimums and lease amendment fees 7,770 5,059 Recognition of previously deferred revenue (7,924 ) (12,375 ) Balance at end of period (current and non-current) $ 46,283 $ 54,546 The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty leases are as follows as of March 31, 2023 Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 1.9 $ 21,939 5 - 10 years 3.3 7,547 10+ years 12.3 27,121 Total 7.1 $ 56,607 ( 1 Lease term does not |
Note 3 - Class A Convertible Pr
Note 3 - Class A Convertible Preferred Units and Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 3. On March 2, 2017, one may NRP also issued two may eighth may, After March 2, 2022 March 2, 2025, may 12 30 30 On or after March 2, 2025, may 30 1 March 2, 2020, March 2, 2020 March 2, 2021, March 2, 2021, 2 To the extent the holders of the preferred units have not March 2, 2029, 30 In addition, NRP has the ability to redeem at any time (subject to compliance with its debt agreements) all or any portion of the preferred units and any outstanding PIK units for cash. The redemption price for each outstanding PIK unit is $1,000 plus the value of any accrued and unpaid distributions per PIK unit. The redemption price for each preferred unit is the liquidation value divided by the number of outstanding preferred units. The preferred units are redeemable at the option of the preferred purchasers only upon a change in control. The terms of the preferred units contain certain restrictions on NRP's ability to pay distributions on its common units. To the extent that either (i) NRP's consolidated Leverage Ratio, as defined in the Partnership's Fifth Amended and Restated Partnership Agreement dated March 2, 2017 ( 3.25x, 1.2x four may not January 1, 2022, may not The holders of the preferred units have the right to vote with holders of NRP’s common units on an as-converted basis and have other customary approval rights with respect to changes of the terms of the preferred units. In addition, Blackstone has certain approval rights over certain matters as identified in the restated partnership agreement. GoldenTree also has more limited approval rights that will expand once Blackstone's ownership goes below the minimum preferred unit threshold (as defined below). These approval rights are not no not At the closing, pursuant to the Board Representation and Observation Rights Agreement, the Preferred Purchasers received certain board appointment and observation rights, and Blackstone appointed one one NRP also entered into a registration rights agreement (the "preferred unit and warrant registration rights agreement") with the preferred purchasers, pursuant to which NRP is required to file (i) a shelf registration statement to register the common units issuable upon exercise of the warrants and to cause such registration statement to become effective not 90 not fifth 90 first April 20, 2017. not Accounting for the Preferred Units and Warrants Classification The preferred units are accounted for as temporary equity on NRP's Consolidated Balance Sheets due to certain contingent redemption rights that may Initial Measurement The net transaction price was allocated to the preferred units and warrants based on their relative fair values at inception date. NRP allocated the transaction issuance costs to the preferred units and warrants primarily on a pro-rata basis based on their relative inception date allocated values. Subsequent Measurement Preferred Units Subsequent adjustment of the preferred units will not first In February 2023, March 31, 2023. Activity related to the preferred units is as follows: Units Financial (In thousands, except unit data) Outstanding Position Balance at December 31, 2021 269,321 $ 183,908 Redemption of preferred units paid-in-kind (19,321 ) (19,321 ) Balance at December 31, 2022 250,000 $ 164,587 Redemption of preferred units (47,499 ) (31,271 ) Balance at March 31, 2023 202,501 $ 133,316 Warrants As of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022. not may, Embedded Features Certain embedded features within the preferred unit and warrant purchase agreement are accounted for at fair value and are remeasured each quarter. See Note 10. Fair Value Measurements |
Note 4 - Common and Preferred U
Note 4 - Common and Preferred Unit Distributions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 4. Common and Preferred Unit Distributions The Partnership makes cash distributions to common and preferred unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes both common unit and preferred unit distributions on the date the distribution is declared. Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The general partner is entitled to receive 2% of such distributions. Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $6.7 million and $7.5 million during the three March 31, 2023 2022 March 31, 2023, February 2023 three March 31, 2023. The following table shows the cash distributions declared and paid to common and preferred unitholders during the three March 31, 2023 2022 Common Units Preferred Units Total Distribution (1) Total Distribution Month Paid Period Covered by Distribution Distribution per Unit (In thousands) Distribution per Unit (In thousands) 2023 February 2023 October 1 - December 31, 2022 $ 0.75 $ 9,571 $ 30.00 $ 7,500 February 2023 (2) January 1 - February 8, 2023 — — 12.33 586 March 2023 (3) Special Distribution 2.43 31,329 — — 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 ( 1 Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% ( 2 Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023. ( 3 Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022. |
Note 5 - Net Income Per Common
Note 5 - Net Income Per Common Unit | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Net Income Per Common Unit Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders, the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive. The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the three March 31, 2023 not first 2023 three March 31, 2022 The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three March 31, 2023 2022 The following table reconciles the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit: For the Three Months Ended March 31, (In thousands, except per unit data) 2023 2022 Basic net income per common unit Net income attributable to common unitholders $ 55,258 $ 55,271 Weighted average common units—basic 12,570 12,415 Basic net income per common unit $ 4.40 $ 4.45 Diluted net income per common unit Weighted average common units—basic 12,570 12,415 Plus: dilutive effect of preferred units 3,778 6,974 Plus: dilutive effect of warrants 1,255 531 Plus: dilutive effect of unvested unit-based awards 209 240 Weighted average common units—diluted 17,812 20,160 Net income $ 79,275 $ 63,899 Less: income attributable to preferred unitholders (586 ) — Less: redemption of preferred units (16,228 ) — Diluted net income attributable to common unitholders and the general partner $ 62,461 $ 63,899 Less: diluted net income attributable to the general partner (1,249 ) (1,278 ) Diluted net income attributable to common unitholders $ 61,212 $ 62,621 Diluted net income per common unit $ 3.44 $ 3.11 |
Note 6 - Segment Information
Note 6 - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. Segment Information The Partnership's segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two operating segments: Mineral Rights Soda Ash Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. Corporate and Financing includes functional corporate departments that do not not The following table summarizes certain financial information for each of the Partnership's business segments: Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended March 31, 2023 Revenues $ 79,869 $ 19,254 $ — $ 99,123 Gain on asset sales and disposals 96 — — 96 Operating and maintenance expenses 7,005 158 — 7,163 Depreciation, depletion and amortization 4,079 — 4 4,083 General and administrative expenses — — 5,845 5,845 Asset impairments — — — — Interest expense, net — — 2,853 2,853 Net income (loss) 68,881 19,096 (8,702 ) 79,275 For the Three Months Ended March 31, 2022 Revenues $ 74,879 $ 14,837 $ — $ 89,716 Operating and maintenance expenses 8,025 51 — 8,076 Depreciation, depletion and amortization 3,868 — — 3,868 General and administrative expenses — — 4,467 4,467 Asset impairments 19 — — 19 Interest expense, net — — 9,387 9,387 Net income (loss) 62,967 14,786 (13,854 ) 63,899 |
Note 7 - Equity Investment
Note 7 - Equity Investment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7. Equity Investment The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows: For the Three Months Ended March 31, (In thousands) 2023 2022 Balance at beginning of period $ 306,470 $ 276,004 Income allocation to NRP’s equity interests (1) 20,364 16,065 Amortization of basis difference (1,110 ) (1,228 ) Other comprehensive income (loss) (19,583 ) 2,545 Distribution (10,780 ) (13,230 ) Balance at end of period $ 295,361 $ 280,156 ( 1 Amounts reclassified into income out of accumulated other comprehensive loss were $20.6 million and $1.7 million for the three March 31, 2023 2022 The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three March 31, 2023 2022 For the Three Months Ended March 31, (In thousands) 2023 2022 Net sales $ 207,128 $ 163,437 Gross profit 49,055 39,765 Net income 41,560 32,786 |
Note 8 - Mineral Rights, Net
Note 8 - Mineral Rights, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 8. Mineral Rights, Net The Partnership’s mineral rights consist of the following: March 31, 2023 December 31, 2022 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,812 $ (272,743 ) $ 389,069 $ 661,812 $ (269,037 ) $ 392,775 Aggregates properties 8,655 (3,520 ) 5,135 8,655 (3,410 ) 5,245 Oil and gas royalty properties 12,354 (9,720 ) 2,634 12,354 (9,600 ) 2,754 Other 13,145 (1,612 ) 11,533 13,150 (1,612 ) 11,538 Total mineral rights, net $ 695,966 $ (287,595 ) $ 408,371 $ 695,971 $ (283,659 ) $ 412,312 Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $3.9 million and $3.7 million for the three March 31, 2023 2022, The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not not not three March 31, 2023 three March 31, 2022. |
Note 9 - Debt, Net
Note 9 - Debt, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt, Net The Partnership's debt consists of the following: March 31, December 31, (In thousands) 2023 2022 Opco credit facility $ 91,200 $ 70,000 Opco Senior Notes 5.55 $ 2,366 $ 2,366 4.73 6,004 6,004 5.82 12,684 25,368 8.92 4,011 8,023 5.03 45,683 45,683 5.18 11,643 11,643 Total Opco Senior Notes $ 82,391 $ 99,087 Total debt at face value $ 173,591 $ 169,087 Net unamortized debt issuance costs (715 ) (806 ) Total debt, net $ 172,876 $ 168,281 Less: current portion of long-term debt (39,055 ) (39,076 ) Total long-term debt, net $ 133,821 $ 129,205 Opco Debt All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries, other than BRP LLC and NRP Trona LLC. As of March 31, 2023 December 31, 2022 Opco Credit Facility In August 2022, August 2027. • A leverage ratio of consolidated indebtedness to EBITDDA (in each case as defined in the Opco Credit Facility) not 3.0x; • an interest coverage ratio of consolidated EBITDDA to the sum of consolidated interest expense and consolidated lease expense (in each case as defined in the Opco Credit Facility) of not 1.0. As of December 31, 2022, three March 31, 2023, March 31, 2023. three March 31, 2023 three March 31, 2022, not March 31, 2023 December 31, 2022, The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $323.0 million and $326.4 million classified as mineral rights, net and other long-term assets, net on the Partnership’s Consolidated Balance Sheets as of March 31, 2023 December 31, 2022 Opco Senior Notes Opco has issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of March 31, 2023 December 31, 2022 three March 31, 2023 2022 The 8.92% Opco Senior Notes also provides that in the event that Opco’s leverage ratio of consolidated indebtedness to consolidated EBITDDA (as defined in the Note Purchase Agreements) exceeds 3.75 to 1.00 two 3.75 1.00. not 1.00 March 31, 2023 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. Fair Value Measurements Fair Value of Financial Assets and Liabilities The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents approximate fair value due to their short-term nature. The Partnership uses available market data and valuation methodologies to estimate the fair value of its debt and contract receivable. The following table shows the carrying value and estimated fair value of the Partnership's debt and contract receivable: March 31, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Level Value Fair Value Value Fair Value Debt: Opco Senior Notes (1) 3 $ 81,676 $ 77,587 $ 98,281 $ 96,060 Opco Credit Facility (2) 3 91,200 91,200 70,000 70,000 Assets: Contract receivable, net (current and long-term) (3) 3 $ 30,783 $ 25,615 $ 31,371 $ 24,833 ( 1 The fair value of the Opco Senior Notes at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022, ( 2 The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay the debt at any time without penalty. ( 3 The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at March 31, 2023 December 31, 2022 NRP has embedded derivatives in the preferred units related to certain conversion options, redemption features and the change of control provision that are accounted for separately from the preferred units as assets and liabilities at fair value on the Partnership's Consolidated Balance Sheets. Level 3 March 31, 2023 December 31, 2022 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related Party Transactions Affiliates of our General Partner The Partnership’s general partner does not Direct general and administrative expenses charged to the Partnership by QMC, WPPLP and QID are included on the Partnership's Consolidated Statement of Comprehensive Income as follows: For the Three Months Ended March 31, (In thousands) 2023 2022 Operating and maintenance expenses $ 1,719 $ 1,659 General and administrative expenses 1,320 1,240 The Partnership had accounts payable to QMC of $0.4 million on its Consolidated Balance Sheets at March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 During the three March 31, 2023 2022 Corbin J. Robertson, Jr. owns 85% of the general partner of Great Northern Properties Limited Partnership ("GNP"), a privately held company primarily engaged in owning and managing mineral properties and surface leases. At both March 31, 2023 December 31, 2022 |
Note 12 - Major Customers
Note 12 - Major Customers | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 12. Major Customers Revenues from customers that exceeded 10 For the Three Months Ended March 31, 2023 2022 (In thousands) Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 24,218 24 % $ 27,743 31 % Foresight Energy Resources LLC ("Foresight") (1) $ 12,529 13 % $ 11,250 13 % ( 1 Revenues from Alpha Metallurgical Resources, Inc. and Foresight are included within the Partnership's Mineral Rights segment. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these ordinary course matters will not |
Note 14 - Unit-Based Compensati
Note 14 - Unit-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Unit-Based Compensation During the three March 31, 2023, 2017 three March 31, 2022, three March 31, 2023 2022 three March 31, 2023 2022, March 31, 2023 December 31, 2022 A summary of the unit activity in the outstanding grants during 2023 (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2023 386 $ 28.96 Granted 278 $ 56.94 Fully vested and issued (184 ) $ 26.30 Outstanding at March 31, 2023 480 $ 46.20 |
Note 15 - Financing Transaction
Note 15 - Financing Transaction | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 15. Financing Transaction The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 2032, |
Note 16 - Credit Losses
Note 16 - Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 16. Credit Losses The Partnership is exposed to credit losses through collection of its short-term trade receivables resulting from contracts with customers and a long-term receivable resulting from a financing transaction with a customer. The Partnership records an allowance for current expected credit losses on these receivables based on the loss-rate method. NRP assessed the likelihood of collection of its receivables utilizing historical loss rates, current market conditions, industry and macroeconomic factors, reasonable and supportable forecasts and facts or circumstances of individual customers and properties. Examples of these facts or circumstances include, but are not As of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 42,410 $ (3,874 ) $ 38,536 $ 47,237 $ (4,461 ) $ 42,776 Long-term contract receivable 29,325 (1,016 ) 28,309 29,984 (1,038 ) 28,946 Total $ 71,735 $ (4,890 ) $ 66,845 $ 77,221 $ (5,499 ) $ 71,722 NRP recorded ($0.6 million) and $1.0 million in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three March 31, 2023 2022, NRP has procedures in place to monitor its ongoing credit exposure through timely review of counterparty balances against contract terms and due dates, account and financing receivable reconciliation, bankruptcy monitoring, lessee audits and dispute resolution. The Partnership may |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events The following represents material events that have occurred subsequent to March 31, 2023 10 Common Unit and Preferred Unit Distributions In May 2023, first 2023 first 2023 |
Note 2 - Revenues from Contra_2
Note 2 - Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended March 31, (In thousands) 2023 2022 Coal royalty revenues $ 58,023 $ 55,449 Production lease minimum revenues 613 1,592 Minimum lease straight-line revenues 4,503 4,783 Carbon neutral initiative revenues 2,118 — Property tax revenues 1,470 1,472 Wheelage revenues 3,869 3,717 Coal overriding royalty revenues 188 258 Lease amendment revenues 851 880 Aggregates royalty revenues 753 770 Oil and gas royalty revenues 3,588 1,814 Other revenues 295 348 Royalty and other mineral rights revenues $ 76,271 $ 71,083 Transportation and processing services revenues (1) 3,598 3,796 Total Mineral Rights segment revenues $ 79,869 $ 74,879 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, (In thousands) 2023 2022 Receivables Accounts receivable, net $ 32,706 $ 39,004 Other current assets, net (1) 1,947 — Other long-term assets, net (2) 75 75 Contract liabilities Current portion of deferred revenue $ 7,450 $ 6,256 Deferred revenue 38,833 40,181 For the Three Months Ended March 31, (In thousands) 2023 2022 Balance at beginning of period (current and non-current) $ 46,437 $ 61,862 Increase due to minimums and lease amendment fees 7,770 5,059 Recognition of previously deferred revenue (7,924 ) (12,375 ) Balance at end of period (current and non-current) $ 46,283 $ 54,546 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Lease Term (1) Weighted Average Remaining Years Annual Minimum Payments 0 - 5 years 1.9 $ 21,939 5 - 10 years 3.3 7,547 10+ years 12.3 27,121 Total 7.1 $ 56,607 |
Note 3 - Class A Convertible _2
Note 3 - Class A Convertible Preferred Units and Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Preferred Units [Table Text Block] | Units Financial (In thousands, except unit data) Outstanding Position Balance at December 31, 2021 269,321 $ 183,908 Redemption of preferred units paid-in-kind (19,321 ) (19,321 ) Balance at December 31, 2022 250,000 $ 164,587 Redemption of preferred units (47,499 ) (31,271 ) Balance at March 31, 2023 202,501 $ 133,316 |
Note 4 - Common and Preferred_2
Note 4 - Common and Preferred Unit Distributions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | Common Units Preferred Units Total Distribution (1) Total Distribution Month Paid Period Covered by Distribution Distribution per Unit (In thousands) Distribution per Unit (In thousands) 2023 February 2023 October 1 - December 31, 2022 $ 0.75 $ 9,571 $ 30.00 $ 7,500 February 2023 (2) January 1 - February 8, 2023 — — 12.33 586 March 2023 (3) Special Distribution 2.43 31,329 — — 2022 February 2022 October 1 - December 31, 2021 $ 0.45 $ 5,672 $ 30.00 $ 7,500 |
Note 5 - Net Income Per Commo_2
Note 5 - Net Income Per Common Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, (In thousands, except per unit data) 2023 2022 Basic net income per common unit Net income attributable to common unitholders $ 55,258 $ 55,271 Weighted average common units—basic 12,570 12,415 Basic net income per common unit $ 4.40 $ 4.45 Diluted net income per common unit Weighted average common units—basic 12,570 12,415 Plus: dilutive effect of preferred units 3,778 6,974 Plus: dilutive effect of warrants 1,255 531 Plus: dilutive effect of unvested unit-based awards 209 240 Weighted average common units—diluted 17,812 20,160 Net income $ 79,275 $ 63,899 Less: income attributable to preferred unitholders (586 ) — Less: redemption of preferred units (16,228 ) — Diluted net income attributable to common unitholders and the general partner $ 62,461 $ 63,899 Less: diluted net income attributable to the general partner (1,249 ) (1,278 ) Diluted net income attributable to common unitholders $ 61,212 $ 62,621 Diluted net income per common unit $ 3.44 $ 3.11 |
Note 6 - Segment Information (T
Note 6 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Operating Segments (In thousands) Mineral Rights Soda Ash Corporate and Financing Total For the Three Months Ended March 31, 2023 Revenues $ 79,869 $ 19,254 $ — $ 99,123 Gain on asset sales and disposals 96 — — 96 Operating and maintenance expenses 7,005 158 — 7,163 Depreciation, depletion and amortization 4,079 — 4 4,083 General and administrative expenses — — 5,845 5,845 Asset impairments — — — — Interest expense, net — — 2,853 2,853 Net income (loss) 68,881 19,096 (8,702 ) 79,275 For the Three Months Ended March 31, 2022 Revenues $ 74,879 $ 14,837 $ — $ 89,716 Operating and maintenance expenses 8,025 51 — 8,076 Depreciation, depletion and amortization 3,868 — — 3,868 General and administrative expenses — — 4,467 4,467 Asset impairments 19 — — 19 Interest expense, net — — 9,387 9,387 Net income (loss) 62,967 14,786 (13,854 ) 63,899 |
Note 7 - Equity Investment (Tab
Note 7 - Equity Investment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Three Months Ended March 31, (In thousands) 2023 2022 Balance at beginning of period $ 306,470 $ 276,004 Income allocation to NRP’s equity interests (1) 20,364 16,065 Amortization of basis difference (1,110 ) (1,228 ) Other comprehensive income (loss) (19,583 ) 2,545 Distribution (10,780 ) (13,230 ) Balance at end of period $ 295,361 $ 280,156 For the Three Months Ended March 31, (In thousands) 2023 2022 Net sales $ 207,128 $ 163,437 Gross profit 49,055 39,765 Net income 41,560 32,786 |
Note 8 - Mineral Rights, Net (T
Note 8 - Mineral Rights, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Mineral Properties Disclosure [Table Text Block] | March 31, 2023 December 31, 2022 (In thousands) Carrying Value Accumulated Depletion Net Book Value Carrying Value Accumulated Depletion Net Book Value Coal properties $ 661,812 $ (272,743 ) $ 389,069 $ 661,812 $ (269,037 ) $ 392,775 Aggregates properties 8,655 (3,520 ) 5,135 8,655 (3,410 ) 5,245 Oil and gas royalty properties 12,354 (9,720 ) 2,634 12,354 (9,600 ) 2,754 Other 13,145 (1,612 ) 11,533 13,150 (1,612 ) 11,538 Total mineral rights, net $ 695,966 $ (287,595 ) $ 408,371 $ 695,971 $ (283,659 ) $ 412,312 |
Note 9 - Debt, Net (Tables)
Note 9 - Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, (In thousands) 2023 2022 Opco credit facility $ 91,200 $ 70,000 Opco Senior Notes 5.55 $ 2,366 $ 2,366 4.73 6,004 6,004 5.82 12,684 25,368 8.92 4,011 8,023 5.03 45,683 45,683 5.18 11,643 11,643 Total Opco Senior Notes $ 82,391 $ 99,087 Total debt at face value $ 173,591 $ 169,087 Net unamortized debt issuance costs (715 ) (806 ) Total debt, net $ 172,876 $ 168,281 Less: current portion of long-term debt (39,055 ) (39,076 ) Total long-term debt, net $ 133,821 $ 129,205 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Option, Disclosures [Table Text Block] | March 31, 2023 December 31, 2022 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Level Value Fair Value Value Fair Value Debt: Opco Senior Notes (1) 3 $ 81,676 $ 77,587 $ 98,281 $ 96,060 Opco Credit Facility (2) 3 91,200 91,200 70,000 70,000 Assets: Contract receivable, net (current and long-term) (3) 3 $ 30,783 $ 25,615 $ 31,371 $ 24,833 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended March 31, (In thousands) 2023 2022 Operating and maintenance expenses $ 1,719 $ 1,659 General and administrative expenses 1,320 1,240 |
Note 12 - Major Customers (Tabl
Note 12 - Major Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Three Months Ended March 31, 2023 2022 (In thousands) Revenues Percent Revenues Percent Alpha Metallurgical Resources, Inc. (1) $ 24,218 24 % $ 27,743 31 % Foresight Energy Resources LLC ("Foresight") (1) $ 12,529 13 % $ 11,250 13 % |
Note 14 - Unit-Based Compensa_2
Note 14 - Unit-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | (In thousands) Common Units Weighted Average Grant Date Fair Value per Common Unit Outstanding at January 1, 2023 386 $ 28.96 Granted 278 $ 56.94 Fully vested and issued (184 ) $ 26.30 Outstanding at March 31, 2023 480 $ 46.20 |
Note 16 - Credit Losses (Tables
Note 16 - Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | March 31, 2023 December 31, 2022 (In thousands) Gross CECL Allowance Net Gross CECL Allowance Net Receivables $ 42,410 $ (3,874 ) $ 38,536 $ 47,237 $ (4,461 ) $ 42,776 Long-term contract receivable 29,325 (1,016 ) 28,309 29,984 (1,038 ) 28,946 Total $ 71,735 $ (4,890 ) $ 66,845 $ 77,221 $ (5,499 ) $ 71,722 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Number of Operating Segments | 2 | |
Number of Wholly Owned Operating Companies | 1 | |
Sisecam Wyoming [Member] | ||
Equity Method Investment, Ownership Percentage | 49% | 49% |
Note 2 - Revenues from Contra_3
Note 2 - Revenues from Contracts with Customers (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 76,271 | $ 71,083 |
Mineral Rights Segment [Member] | Transportation and Processing Services [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,900 | 3,100 |
Sales-type Lease, Revenue | $ 700 | $ 700 |
Note 2 - Revenues from Contra_4
Note 2 - Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenue from contract with customers | $ 76,271 | $ 71,083 | |
Mineral Rights Segment [Member] | Operating Segments [Member] | |||
Revenues | 79,869 | 74,879 | |
Coal Royalty Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 58,023 | 55,449 | |
Production Lease Minimum Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 613 | 1,592 | |
Production Lease Straight-Line Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 4,503 | 4,783 | |
Carbon Neutral Initiatives [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 2,118 | 0 | |
Property Tax Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 1,470 | 1,472 | |
Wheelage Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 3,869 | 3,717 | |
Coal Overriding Royalty Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 188 | 258 | |
Lease Amendment Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 851 | 880 | |
Aggregates Royalty Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 753 | 770 | |
Oil and Gas Royalty Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 3,588 | 1,814 | |
Other Revenues [Member] | Mineral Rights Segment [Member] | |||
Revenue from contract with customers | 295 | 348 | |
Transportation and Processing Services [Member] | Mineral Rights Segment [Member] | |||
Revenues | [1] | $ 3,598 | $ 3,796 |
[1]Transportation and processing services revenues from contracts with customers as defined under ASC 606 was $2.9 million and $3.1 million for the three months ended March 31, 2023 and 2022, respectively. The remaining transportation and processing services revenues of $0.7 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively, related to other NRP-owned infrastructure leased to and operated by third-party operators accounted for under other guidance. See Note 15. Financing Transaction for more information. |
Note 2 - Revenue from Contracts
Note 2 - Revenue from Contracts with Customers - Assets and Liablilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Current portion of deferred revenue | $ 7,450 | $ 6,256 | ||
Deferred revenue | 38,833 | 40,181 | ||
Balance | 46,437 | $ 61,862 | ||
Increase due to minimums and lease amendment fees | 7,770 | 5,059 | ||
Recognition of previously deferred revenue | (7,924) | (12,375) | ||
Balance | 46,283 | $ 54,546 | ||
Coal Royalty Revenues [Member] | ||||
Current portion of deferred revenue | 7,450 | 6,256 | ||
Deferred revenue | 38,833 | 40,181 | ||
Coal Royalty Revenues [Member] | Accounts Receivable [Member] | ||||
Contract with customer, current | 32,706 | 39,004 | ||
Coal Royalty Revenues [Member] | Other Current Assets [Member] | ||||
Contract with customer, current | [1] | 1,947 | 0 | |
Coal Royalty Revenues [Member] | Other Noncurrent Assets [Member] | ||||
Contract with customer, noncurrent | [2] | $ 75 | $ 75 | |
[1]Other current assets, net includes short-term notes receivables from contracts with customers.[2]Other long-term assets, net includes long-term lease amendment fee receivables from contracts with customers. |
Note 2 - Revenue from Contrac_2
Note 2 - Revenue from Contracts with Customers - Operating Lease Payments Receivable (Details) $ in Thousands | Mar. 31, 2023 USD ($) | |
Weighted average remaining years (Year) | 7 years 1 month 6 days | |
Annual minimum payments | $ 56,607 | [1] |
Lease Term, 0 to 5 Years [Member] | ||
Weighted average remaining years (Year) | 1 year 10 months 24 days | |
Annual minimum payments | $ 21,939 | [1] |
Lease Term, 5 to 10 Years [Member] | ||
Weighted average remaining years (Year) | 3 years 3 months 18 days | |
Annual minimum payments | $ 7,547 | [1] |
Lease Term, Greater Than 10 Years [Member] | ||
Weighted average remaining years (Year) | 12 years 3 months 18 days | |
Annual minimum payments | $ 27,121 | [1] |
[1]Lease term does not include renewal periods. |
Note 3 - Class A Convertible _3
Note 3 - Class A Convertible Preferred Units and Warrants (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 02, 2017 USD ($) $ / shares shares | Feb. 28, 2023 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Mar. 31, 2022 $ / shares shares | |
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||
Preferred Units, Number of Redeemed Units (in shares) | 47,499 | (47,499) | |||
Warrants and Rights Outstanding | $ | $ 47,964 | $ 47,964 | |||
Warrants at 22.81 Strike Price [Member] | |||||
Class of Warrant or Right Warrants, Issued (in shares) | 1,750,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 22.81 | ||||
Warrants at 22.81 Strike Price [Member] | Warrant Holder [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 22.81 | $ 22.81 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 750,000 | 750,000 | |||
Warrants at 34.00 Strike Price [Member] | |||||
Class of Warrant or Right Warrants, Issued (in shares) | 2,250,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 34 | ||||
Warrants at 34.00 Strike Price [Member] | Warrant Holder [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 34 | $ 34 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,250,000 | 2,250,000 | |||
Warrants to Purchase Common Units [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 3,000,000 | ||||
Warrants to Purchase Common Units [Member] | Warrant Holders’ Interest [Member] | |||||
Warrants and Rights Outstanding | $ | $ 48,000 | ||||
Class A Convertible Preferred Units [Member] | |||||
Preferred Units, Issued (in shares) | 250,000 | ||||
Temporary Equity, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1,000 | ||||
Preferred Units Origination Fee Percent | 2.50% | ||||
Preferred Stock, Dividend Rate, Percentage | 12% | ||||
Convertible Preferred Units Maximum Redeemed Units Percent | 33% | ||||
Convertible Preferred Units, Redemption Price, Minimum (in dollars per share) | $ / shares | $ 51 | ||||
Debt Instrument Covenants Consolidated Leverage Ratio Minimum | 3.25 | ||||
Debt Instrument Covenants Distributable Cash Flow Ratio Maximum | 1.2 | ||||
Partners' Capital, Distribution Amount Per Share (in dollars per share) | $ / shares | $ 0.45 | ||||
Preferred Units Preferred Purchaser Approval Rights Ownership Threshold | 20% | ||||
Preferred Units, Number of Redeemed Units (in shares) | 47,499 | ||||
Preferred Units, Value of Redeemed Units | $ | $ 47,500 | ||||
Preferred Units, Outstanding (in shares) | 202,501 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period One [Member] | |||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 7.50% | ||||
Convertible Preferred Units Purchase Price Multiplier | 1.50 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Three [Member] | |||||
Convertible Preferred Units Conversion to Common Units Discount Percentage | 10% | ||||
Convertible Preferred Units Purchase Price Multiplier | 1.85 | ||||
Class A Convertible Preferred Units [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||
Convertible Preferred Units Purchase Price Multiplier | 1.70 | ||||
Preferred Stock [Member] | |||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | $ | $ 250,000 |
Note 3 - Class A Convertible _4
Note 3 - Class A Convertible Preferred Units and Warrants - Preferred Units Activity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Beginning balance, units outstanding (in shares) | 250,000 | ||
Beginning balance, financial position | $ 164,587 | ||
Redemption of preferred units, units outstanding (in shares) | 47,499 | (47,499) | |
Redemption of preferred units, financial position | $ (31,271) | ||
Ending balance, units outstanding (in shares) | 202,501 | 250,000 | |
Ending balance, financial position | $ 133,316 | $ 164,587 | |
Preferred Partner [Member] | Preferred Stock [Member] | |||
Beginning balance, units outstanding (in shares) | 250,000 | 269,321 | |
Beginning balance, financial position | $ 164,587 | $ 183,908 | |
Redemption of preferred units paid-in-kind, units outstanding (in shares) | (19,321) | ||
Redemption of preferred units paid-in-kind, financial position | $ (19,321) | ||
Ending balance, units outstanding (in shares) | 202,501 | 250,000 | |
Ending balance, financial position | $ 133,316 | $ 164,587 |
Note 4 - Common and Preferred_3
Note 4 - Common and Preferred Unit Distributions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Allocation to unitholders | $ 6,661 | $ 7,500 | |
Preferred Stock Redemption Premium | $ 16,228 | 0 | |
Preferred Units, Number of Redeemed Units (in shares) | 47,499 | (47,499) | |
Feb 2023 Redeemed Units [Member] | Preferred Partner [Member] | Preferred Stock [Member] | |||
Dividends, Preferred Stock, Cash | $ 600 | ||
Common Unitholders And General Partner [Member] | |||
Allocation to unitholders | $ (6,700) | $ (7,500) | |
Partner, General [Member] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 2% |
Note 4 - Common and Preferred_4
Note 4 - Common and Preferred Unit Distributions - Distributions Made to Partners (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Mar. 31, 2023 | [1] | Feb. 28, 2023 | Feb. 28, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Distributions, common units | $ 40,900 | $ 5,672 | |||||
Preferred Partner [Member] | Preferred Stock [Member] | |||||||
Distribution per unit, common units (in dollars per share) | $ 0 | $ 30 | $ 30 | ||||
Distribution, preferred stock | $ 0 | $ 7,500 | $ 7,500 | ||||
Preferred Partner [Member] | Preferred Stock [Member] | Feb 2023 Redeemed Units [Member] | |||||||
Distribution per unit, common units (in dollars per share) | [2] | $ 12.33 | |||||
Distribution, preferred stock | [2] | $ 586 | |||||
Common Unitholders, General Partner [Member] | |||||||
Distribution per unit, common units (in dollars per share) | $ 2.43 | $ 0.75 | $ 0.45 | ||||
Distributions, common units | [3] | $ 31,329 | $ 9,571 | $ 5,672 | |||
Common Unitholders, General Partner [Member] | Feb 2023 Redeemed Units [Member] | |||||||
Distribution per unit, common units (in dollars per share) | [2] | $ 0 | |||||
Distributions, common units | [2],[3] | $ 0 | |||||
[1]Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.[2]Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.[3]Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest. |
Note 5 - Net Income Per Commo_3
Note 5 - Net Income Per Common Unit (Details Textual) - $ / shares shares in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 02, 2017 |
Warrants at 22.81 Strike Price [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | ||
Warrants at 34.00 Strike Price [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | ||
Warrant Holder [Member] | Warrants at 22.81 Strike Price [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 750 | 750 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 22.81 | $ 22.81 | |
Warrant Holder [Member] | Warrants at 34.00 Strike Price [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,250 | 2,250 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 34 | $ 34 |
Note 5 - Net Income Per Commo_4
Note 5 - Net Income Per Common Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Net income attributable to common unitholders | $ 55,258 | $ 55,271 | ||
Weighted average common units—basic (in shares) | 12,570 | 12,415 | ||
Basic net income per common unit (in dollars per share) | $ 4.40 | $ 4.45 | ||
Plus: dilutive effect of preferred units (in shares) | 3,778 | 6,974 | ||
Plus: dilutive effect of warrants (in shares) | 1,255 | 531 | ||
Plus: dilutive effect of unvested unit-based awards (in shares) | 209 | 240 | ||
Weighted average common units—diluted (in shares) | 17,812 | 20,160 | ||
Net income | $ 79,275 | [1] | $ 63,899 | [2] |
Less: income attributable to preferred unitholders | (586) | 0 | ||
Less: redemption of preferred units | (16,228) | 0 | ||
Diluted net income attributable to common unitholders and the general partner | 62,461 | 63,899 | ||
Less: diluted net income attributable to the general partner | (1,249) | (1,278) | ||
Diluted net income attributable to common unitholders | $ 61,212 | $ 62,621 | ||
Diluted net income per common unit (in dollars per share) | $ 3.44 | $ 3.11 | ||
[1]Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.[2]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 $0.2 million is allocated to the general partner. |
Note 6 - Segment Information (D
Note 6 - Segment Information (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Number of Operating Segments | 2 | |
Sisecam Wyoming [Member] | ||
Equity Method Investment, Ownership Percentage | 49% | 49% |
Note 6 - Segment Information -
Note 6 - Segment Information - Information By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 99,123 | $ 89,716 |
Gain on asset sales and disposals | 96 | 0 |
Operating and maintenance expenses | 7,163 | 8,076 |
Depreciation, depletion and amortization | 4,083 | 3,868 |
General and administrative expenses | 5,845 | 4,467 |
Asset impairments | 0 | 19 |
Interest expense, net | 2,853 | 9,387 |
Net income (loss) | 79,275 | 63,899 |
Corporate, Non-Segment [Member] | ||
Revenues | 0 | 0 |
Gain on asset sales and disposals | 0 | |
Operating and maintenance expenses | 0 | 0 |
Depreciation, depletion and amortization | 4 | 0 |
General and administrative expenses | 5,845 | 4,467 |
Asset impairments | 0 | 0 |
Interest expense, net | 2,853 | 9,387 |
Net income (loss) | (8,702) | (13,854) |
Mineral Rights Segment [Member] | ||
Depreciation, depletion and amortization | 3,900 | 3,700 |
Mineral Rights Segment [Member] | Operating Segments [Member] | ||
Revenues | 79,869 | 74,879 |
Gain on asset sales and disposals | 96 | |
Operating and maintenance expenses | 7,005 | 8,025 |
Depreciation, depletion and amortization | 4,079 | 3,868 |
General and administrative expenses | 0 | 0 |
Asset impairments | 0 | 19 |
Interest expense, net | 0 | 0 |
Net income (loss) | 68,881 | 62,967 |
Soda Ash Segment [Member] | Operating Segments [Member] | ||
Revenues | 19,254 | 14,837 |
Gain on asset sales and disposals | 0 | |
Operating and maintenance expenses | 158 | 51 |
Depreciation, depletion and amortization | 0 | 0 |
General and administrative expenses | 0 | 0 |
Asset impairments | 0 | 0 |
Interest expense, net | 0 | 0 |
Net income (loss) | $ 19,096 | $ 14,786 |
Note 7 - Equity Investment (Det
Note 7 - Equity Investment (Details Textual) - Sisecam Wyoming [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity Method Investment, Ownership Percentage | 49% | 49% |
Reclassification Out Of Accumulated Other Comprehensive Income | $ 20.6 | $ 1.7 |
Note 7 - Equity Investment - In
Note 7 - Equity Investment - Investment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Balance | $ 306,470 | ||||
Balance | 295,361 | ||||
Net income | 79,275 | [1] | $ 63,899 | [2] | |
Sisecam Wyoming [Member] | |||||
Net sales | 207,128 | 163,437 | |||
Gross profit | 49,055 | 39,765 | |||
Net income | 41,560 | 32,786 | |||
Sisecam Wyoming [Member] | |||||
Balance | 306,470 | 276,004 | |||
Income allocation to NRP’s equity interests (1) | [3] | 20,364 | 16,065 | ||
Amortization of basis difference | (1,110) | (1,228) | |||
Other comprehensive income (loss) | (19,583) | 2,545 | |||
Distribution | (10,780) | (13,230) | |||
Balance | $ 295,361 | $ 280,156 | |||
[1]Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.[2]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.[3]Amounts reclassified into income out of accumulated other comprehensive loss were $20.6 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively. |
Note 8 - Mineral Rights, Net (D
Note 8 - Mineral Rights, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation, Depletion and Amortization | $ 4,083 | $ 3,868 |
Mineral Rights Segment [Member] | ||
Depreciation, Depletion and Amortization | $ 3,900 | $ 3,700 |
Note 8 - Mineral Rights, Net -
Note 8 - Mineral Rights, Net - Composition of Mineral Rights (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Mineral Properties, carrying value | $ 695,966 | $ 695,971 |
Mineral Properties, accumulated depletion | (287,595) | (283,659) |
Mineral Properties, net book value | 408,371 | 412,312 |
Coal Properties [Member] | ||
Mineral Properties, carrying value | 661,812 | 661,812 |
Mineral Properties, accumulated depletion | (272,743) | (269,037) |
Mineral Properties, net book value | 389,069 | 392,775 |
Aggregates Properties [Member] | ||
Mineral Properties, carrying value | 8,655 | 8,655 |
Mineral Properties, accumulated depletion | (3,520) | (3,410) |
Mineral Properties, net book value | 5,135 | 5,245 |
Oil and Gas Royalty Properties [Member] | ||
Mineral Properties, carrying value | 12,354 | 12,354 |
Mineral Properties, accumulated depletion | (9,720) | (9,600) |
Mineral Properties, net book value | 2,634 | 2,754 |
Other [Member] | ||
Mineral Properties, carrying value | 13,145 | 13,150 |
Mineral Properties, accumulated depletion | (1,612) | (1,612) |
Mineral Properties, net book value | $ 11,533 | $ 11,538 |
Note 9 - Debt, Net (Details Tex
Note 9 - Debt, Net (Details Textual) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Aug. 30, 2022 USD ($) | |
Long-Term Debt, Gross | $ 173,591 | $ 169,087 | ||
Opco [Member] | Floating Rate Revolving Credit Facility Due August 2027 [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 38,800 | 60,000 | $ 130,000 | |
Ratio of EBITDA To Consolidated Fixed Charges | 3.5 | |||
Long-Term Line of Credit | $ 91,200 | 70,000 | ||
Proceeds from Lines of Credit | 94,200 | |||
Repayments of Lines of Credit | $ 73,000 | |||
Long-Term Debt, Weighted Average Interest Rate, over Time | 8.14% | |||
Opco [Member] | Floating Rate Revolving Credit Facility Due August 2027 [Member] | Other Noncurrent Assets [Member] | ||||
Debt Instrument, Collateral Amount | $ 323,000 | 326,400 | ||
Opco [Member] | Senior Notes [Member] | ||||
Long-Term Debt, Gross | 82,400 | $ 99,100 | ||
Repayments of Debt | $ 16,700 | $ 16,700 | ||
Opco [Member] | The Eight Point Nine Two Senior Notes Due March Two Zero Two Four [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.92% | |||
Partnership Leverage Ratio, Maximum | 3.75 | |||
Debt Instrument, Additional Variable Interest Rate | 2% |
Note 9 - Debt, Net - Schedule o
Note 9 - Debt, Net - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt instrument, carrying value | $ 173,591 | $ 169,087 |
Net unamortized debt issuance costs | (715) | (806) |
Total debt, net | 172,876 | 168,281 |
Less: current portion of long-term debt | (39,055) | (39,076) |
Total long-term debt, net | 133,821 | 129,205 |
Opco Senior Notes [Member] | ||
Debt instrument, carrying value | 82,391 | 99,087 |
Opco Senior Notes [Member] | Five Point Five Five Percent Senior Note Due June Two Zero Two Three [Member] | ||
Debt instrument, carrying value | 2,366 | 2,366 |
Opco Senior Notes [Member] | Four Point Seven Three Percent Senior Note Due December Two Zero Two Three [Member] | ||
Debt instrument, carrying value | 6,004 | 6,004 |
Opco Senior Notes [Member] | Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 12,684 | 25,368 |
Opco Senior Notes [Member] | Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, carrying value | 4,011 | 8,023 |
Opco Senior Notes [Member] | Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 45,683 | 45,683 |
Opco Senior Notes [Member] | Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, carrying value | 11,643 | 11,643 |
Opco [Member] | Floating Rate Revolving Credit Facility Due April 2023 [Member] | ||
Debt instrument, carrying value | $ 91,200 | $ 70,000 |
Note 9 - Debt, Net - Schedule_2
Note 9 - Debt, Net - Schedule of Long-term Debt (Details) (Parentheticals) - Opco Senior Notes [Member] | Mar. 31, 2023 | Dec. 31, 2022 |
Five Point Five Five Percent Senior Note Due June Two Zero Two Three [Member] | ||
Debt instrument, interest rate | 5.55% | 5.55% |
Four Point Seven Three Percent Senior Note Due December Two Zero Two Three [Member] | ||
Debt instrument, interest rate | 4.73% | 4.73% |
Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, interest rate | 5.82% | 5.82% |
Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member] | ||
Debt instrument, interest rate | 8.92% | 8.92% |
Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, interest rate | 5.03% | 5.03% |
Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member] | ||
Debt instrument, interest rate | 5.18% | 5.18% |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Discount Rate | 15% | 15% |
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 0 | $ 0 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Reported Value Measurement [Member] | |||
Contract receivable, net (current and long-term) (3) | [1] | $ 30,783 | $ 31,371 |
Estimate of Fair Value Measurement [Member] | |||
Contract receivable, net (current and long-term) (3) | [1] | 25,615 | 24,833 |
Opco Senior Notes [Member] | Reported Value Measurement [Member] | |||
Long term debt, fair value | [2] | 81,676 | 98,281 |
Opco Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||
Long term debt, fair value | [2] | 77,587 | 96,060 |
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Reported Value Measurement [Member] | |||
Long term debt, fair value | [3] | 91,200 | 70,000 |
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Estimate of Fair Value Measurement [Member] | |||
Long term debt, fair value | [3] | $ 91,200 | $ 70,000 |
[1]The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at March 31, 2023 and December 31, 2022.[2]The fair value of the Opco Senior Notes at March 31, 2023 and December 31, 2022 were estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit facility at March 31, 2023 and December 31, 2022, respectively.[3]The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay the debt at any time without penalty. |
Note 11 - Related Party Trans_3
Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Payable, Current | $ 1,452 | $ 1,992 | |
Operating Costs and Expenses | 7,163 | $ 8,076 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 36,513 | 42,701 | |
Director [Member] | Corbin J Robertson Jr [Member] | Great Northern Properties Limited Partnership [Member] | |||
Equity Method Investment, Ownership Percentage | 85% | ||
Quintana Minerals Corp [Member] | Affiliated Entity [Member] | Related Party [Member] | |||
Accounts Payable, Current | $ 400 | 400 | |
Western Pocahontas Properties Limited Partnership [Member] | Affiliated Entity [Member] | Related Party [Member] | |||
Accounts Payable, Current | 800 | 1,000 | |
Operating Costs and Expenses | 2,000 | $ 1,600 | |
Great Northern Properties Limited Partnership [Member] | Affiliated Entity [Member] | Related Party [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 30 | $ 30 |
Note 11 - Related Party Trans_4
Note 11 - Related Party Transactions - General Partner Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Costs and Expenses | $ 7,163 | $ 8,076 |
QMC and WPPLP and QID [Member] | Affiliated Entity [Member] | ||
General and administrative expenses | 1,320 | 1,240 |
QMC and WPPLP and QID [Member] | Affiliated Entity [Member] | Related Party [Member] | ||
Operating Costs and Expenses | $ 1,719 | $ 1,659 |
Note 12 - Major Customers - Con
Note 12 - Major Customers - Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Alpha Metallurgical Resources [Member] | |||
Net sales | [1] | $ 24,218 | $ 27,743 |
Alpha Metallurgical Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Revenue, percent (1) | [1] | 24% | 31% |
Foresight Energy Resources [Member] | |||
Net sales | [1] | $ 12,529 | $ 11,250 |
Foresight Energy Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Revenue, percent (1) | [1] | 13% | 13% |
[1]Revenues from Alpha Metallurgical Resources, Inc. and Foresight are included within the Partnership's Mineral Rights segment. |
Note 14 - Unit-Based Compensa_3
Note 14 - Unit-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 15.9 | $ 7.9 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 20.2 | $ 6.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | ||
General and Administrative Expenses and Operating and Maintenance Expense [Member] | |||
Share-Based Payment Arrangement, Expense | $ 2.5 | $ 1.4 |
Note 14 - Unit-Based Compensa_4
Note 14 - Unit-Based Compensation - Share-based Compensation Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Outstanding (in shares) | shares | 386 |
Outstanding (in dollars per share) | $ / shares | $ 28.96 |
Granted (in shares) | shares | 278 |
Granted (in dollars per share) | $ / shares | $ 56.94 |
Fully vested and issued (in shares) | shares | (184) |
Fully vested and issued (in dollars per share) | $ / shares | $ 26.30 |
Outstanding (in shares) | shares | 480 |
Outstanding (in dollars per share) | $ / shares | $ 46.20 |
Note 15 - Financing Transacti_2
Note 15 - Financing Transaction (Details Textual) - Sugar Camp Mine [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2032 | |
Lessor, Operating Lease, Renewal Term (Year) | 80 years | |
Proceeds from Annual Minimum Lease Payments | $ 5,000 | |
Forecast [Member] | ||
Operating Lease, Lease Income, Total | $ 10 |
Note 16 - Credit Losses (Detail
Note 16 - Credit Losses (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ (0.6) | $ 1 |
Note 16 - Credit Losses - Allow
Note 16 - Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Receivables | $ 42,410 | $ 47,237 |
Receivables | (3,874) | (4,461) |
Receivables | 38,536 | 42,776 |
Long-term contract receivable | 29,325 | 29,984 |
Long-term contract receivable | (1,016) | (1,038) |
Long-term contract receivable | 28,309 | 28,946 |
Total | 71,735 | 77,221 |
Total | (4,890) | (5,499) |
Total | $ 66,845 | $ 71,722 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions | 1 Months Ended |
May 31, 2023 USD ($) $ / shares | |
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share) | $ / shares | $ 0.75 |
Dividends, Preferred Stock, Cash | $ | $ 6.1 |