Alliance Resource Partners, L.P. Reports Record 2022 Results
Highlights
- Fourth quarter 2022 revenue of $700.7 million, net income of $214.5 million, and EBITDA of $293.9 million, up 48.0%, 313.8%, and 125.7%, respectively, year-over-year
- Record full year 2022 revenue of $2.4 billion, net income of $577.2 million, and EBITDA of $940.2 million, up 53.3%, 224.0%, and 96.3%, respectively, year-over-year
- In January 2023, increased quarterly cash distribution rate to $0.70 per unit, or $2.80 per unit annualized, up 40.0% from the last quarter and 180.0% year-over-year
- In January 2023, increased unit repurchase program to $100.0 million
- Completed $81.2 million acquisition of previously announced oil & gas mineral interests in October 2022, and today, separately announced a $72.3 million acquisition of oil & gas mineral interests
- In January 2023, successfully refinanced existing revolving credit facility, extending liquidity and financial flexibility through March 2027
- 2023 expected coal sales volumes approximately 94% committed and priced above 2022 per ton levels
TULSA, Okla.–(BUSINESS WIRE)–Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today reported substantial increases to financial and operating results for the quarter and year ended December 31, 2022 (the “2022 Quarter” and “2022 Full Year”, respectively) compared to the quarter and year ended December 31, 2021 (the “2021 Quarter” and “2021 Full Year”, respectively).
Total revenues in the 2022 Quarter increased 48.0% to a record $700.7 million compared to $473.5 million for the 2021 Quarter as a result of significantly higher coal sales and oil & gas royalties revenues. Increased revenues, partially offset by higher total operating expenses, led net income for the 2022 Quarter to a record $214.5 million, or $1.63 per basic and diluted limited partner unit, compared to $51.8 million, or $0.40 per basic and diluted limited partner unit, for the 2021 Quarter. EBITDA also increased 125.7% in the 2022 Quarter to $293.9 million compared to $130.2 million in the 2021 Quarter. (Unless otherwise noted, all references in the text of this release to “net income” refer to “net income attributable to ARLP.” For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.)
2022 Full Year performance saw total revenues increase 53.3% to a record $2.4 billion compared to $1.6 billion for the 2021 Full Year, primarily due to substantial increases in prices and volumes from both ARLP’s coal operations and royalty segments. Higher revenues, partially offset by increased total operating and income tax expenses, led to significantly higher net income, which rose 224.0% to a record $577.2 million, or $4.39 per basic and diluted limited partner unit, compared to $178.2 million, or $1.36 per basic and diluted limited partner unit, for the 2021 Full Year. EBITDA increased 96.3% to $940.2 million compared to $479.1 million for the 2021 Full Year.
CEO Commentary
“ARLP’s record performance during the 2022 quarter and full year, in a supply and transportation constrained operating environment, is a testament to our team’s ability to execute and deliver reliable energy supply under challenging circumstances,” commented Joseph W. Craft III, Chairman, President, and Chief Executive Officer. “In 2022, ARLP achieved its highest reported EBITDA and operating cash flow in the Partnership’s 23-year history, driven by continued growth in sales volumes coupled with higher price realizations across our coal operations and royalty segments.”
Mr. Craft added, “With our strong balance sheet and relentless focus on cash flow generation, we are well positioned to capitalize on growth opportunities in the market and return capital to our unitholders. Based on our highly committed coal sales book and visibility into our end markets, last week we were pleased to announce a 40% increase in ARLP’s quarterly cash distribution rate to $0.70 per unit, or $2.80 per unit on an annualized basis. This increase is consistent with our long-term strategic capital allocation plans and is well-supported by strong visibility into future cash flows with approximately 94% of our expected 2023 coal sales volumes committed and priced as we enter the year. I am proud of the team’s record of success, and, as reflected in our initial guidance, look forward to achieving even stronger results in 2023.”
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Segment Results and Analysis |
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% Change |
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2022 Fourth |
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2021 Fourth |
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Quarter / |
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2022 Third |
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% Change |
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(in millions, except per ton and per BOE data) |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Sequential |
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Coal Operations (1) |
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Illinois Basin |
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Tons sold |
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6.288 |
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6.329 |
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(0.6 |
)% |
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6.109 |
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2.9 |
% |
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Coal sales price per ton sold |
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$ |
57.47 |
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$ |
41.63 |
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38.0 |
% |
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$ |
51.44 |
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11.7 |
% |
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Segment Adjusted EBITDA Expense per ton |
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$ |
37.98 |
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$ |
31.27 |
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21.5 |
% |
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$ |
31.91 |
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19.0 |
% |
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Segment Adjusted EBITDA |
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$ |
124.4 |
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$ |
67.7 |
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83.7 |
% |
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$ |
120.8 |
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3.0 |
% |
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Appalachia |
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Tons sold |
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3.021 |
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2.771 |
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9.0 |
% |
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3.076 |
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(1.8 |
)% |
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Coal sales price per ton sold |
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$ |
89.41 |
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$ |
53.30 |
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67.7 |
% |
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$ |
76.82 |
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16.4 |
% |
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Segment Adjusted EBITDA Expense per ton |
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$ |
42.46 |
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$ |
37.47 |
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13.3 |
% |
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$ |
43.78 |
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(3.0 |
)% |
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Segment Adjusted EBITDA |
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$ |
148.9 |
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$ |
46.7 |
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218.7 |
% |
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$ |
102.0 |
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46.0 |
% |
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Total Coal Operations |
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Tons sold |
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9.309 |
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9.100 |
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2.3 |
% |
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9.185 |
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1.4 |
% |
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Coal sales price per ton sold |
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$ |
67.84 |
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$ |
45.19 |
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50.1 |
% |
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$ |
59.94 |
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13.2 |
% |
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Segment Adjusted EBITDA Expense per ton |
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$ |
40.71 |
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$ |
33.86 |
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20.2 |
% |
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$ |
36.77 |
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10.7 |
% |
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Segment Adjusted EBITDA |
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$ |
271.4 |
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$ |
116.4 |
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133.1 |
% |
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$ |
224.6 |
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20.9 |
% |
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Royalties (1) |
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Oil & Gas Royalties |
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BOE sold (2) |
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0.653 |
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0.458 |
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42.6 |
% |
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0.551 |
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18.5 |
% |
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Oil percentage of BOE |
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45.1 |
% |
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45.9 |
% |
(1.7 |
)% |
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43.8 |
% |
3.0 |
% |
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Average sales price per BOE (3) |
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$ |
55.54 |
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$ |
51.80 |
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7.2 |
% |
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$ |
64.03 |
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(13.3 |
)% |
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Segment Adjusted EBITDA Expense |
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$ |
4.2 |
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$ |
2.8 |
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48.0 |
% |
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$ |
3.5 |
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18.5 |
% |
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Segment Adjusted EBITDA |
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$ |
32.2 |
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$ |
22.4 |
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44.1 |
% |
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$ |
35.8 |
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(9.9 |
)% |
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Coal Royalties |
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Royalty tons sold |
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5.305 |
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5.675 |
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(6.5 |
)% |
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5.654 |
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(6.2 |
)% |
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Revenue per royalty ton sold |
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$ |
2.68 |
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$ |
2.64 |
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1.5 |
% |
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$ |
2.96 |
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(9.5 |
)% |
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Segment Adjusted EBITDA Expense |
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$ |
6.1 |
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$ |
5.1 |
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19.5 |
% |
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$ |
5.5 |
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10.2 |
% |
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Segment Adjusted EBITDA |
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$ |
8.2 |
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$ |
9.9 |
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(17.9 |
)% |
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$ |
11.2 |
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(26.8 |
)% |
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Total Royalties |
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Total royalty revenues |
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$ |
50.6 |
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$ |
39.4 |
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28.3 |
% |
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$ |
54.3 |
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(6.8 |
)% |
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Segment Adjusted EBITDA Expense |
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$ |
10.3 |
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$ |
7.9 |
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29.7 |
% |
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$ |
9.1 |
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13.4 |
% |
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Segment Adjusted EBITDA |
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$ |
40.4 |
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$ |
32.3 |
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25.0 |
% |
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$ |
46.9 |
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(14.0 |
)% |
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Consolidated Total (4) |
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Total revenues |
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$ |
700.7 |
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$ |
473.5 |
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48.0 |
% |
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$ |
628.4 |
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11.5 |
% |
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Segment Adjusted EBITDA Expense |
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$ |
375.1 |
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$ |
301.1 |
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24.6 |
% |
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$ |
330.1 |
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13.6 |
% |
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Segment Adjusted EBITDA |
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$ |
311.8 |
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$ |
148.8 |
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109.6 |
% |
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$ |
271.5 |
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14.9 |
% |
| ____________________ | |
| (1) |
For definitions of Segment Adjusted EBITDA Expense and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release. Segment Adjusted EBITDA Expense per ton is defined as Segment Adjusted EBITDA Expense – Coal Operations (as reflected in the reconciliation table at the end of this release) divided by total tons sold. |
| (2) |
Barrels of oil equivalent (“BOE”) for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). |
| (3) |
Average sales price per BOE is defined as oil & gas royalty revenues excluding lease bonus revenue divided by total BOE sold. |
| (4) |
Reflects total consolidated results, which include our other and corporate activities and eliminations in addition to the Illinois Basin, Appalachia, Oil & Gas Royalties and Coal Royalties reportable segments highlighted above. |
Coal Operations
ARLP’s coal sales prices per ton increased significantly compared to the 2021 Quarter as improved price realizations in both the domestic and export markets drove coal sales prices higher by 38.0% and 67.7% in the Illinois Basin and Appalachia, respectively. Compared to the quarter ended September 30, 2022 (the “Sequential Quarter”), higher export prices led to an 11.7% increase in coal sales price realizations in the Illinois Basin while higher domestic prices primarily from our Tunnel Ridge mine resulted in an increase of 16.4% in Appalachian coal sales prices. Tons sold remained relatively consistent in the Illinois Basin compared to the 2021 Quarter while increasing by 9.0% in Appalachia due primarily to increased sales volumes from Tunnel Ridge as a result of higher recoveries. Compared to the Sequential Quarter, increased sales volumes from our Gibson South and River View mines resulted in 2.9% higher tons sold in the Illinois Basin. Coal sales volumes in Appalachia decreased by 1.8% compared to the Sequential Quarter due to higher sales from inventory at Tunnel Ridge in the Sequential Quarter. ARLP ended the 2022 Quarter with total coal inventory of 0.5 million tons, which included 0.2 million tons staged at ports for vessel export in early 2023.
Segment Adjusted EBITDA Expense per ton increased by 21.5% and 13.3% in the Illinois Basin and Appalachia, respectively, compared to the 2021 Quarter primarily as a result of ongoing inflationary pressures on certain expense items, most notably labor-related expenses, supply and maintenance costs, increased sales-related expenses due to higher price realizations, and $6.5 million of non-cash accruals for certain long-term liabilities. Also specific to the 2022 Quarter, a thermal event at our Hamilton mine resulted in an unexpected outage that lasted approximately four weeks. There were no injuries to personnel, no damage to the equipment, and mining operations returned to normal production levels in December 2022; however, third-party expenses related to the event were approximately $5.8 million and approximately 0.5 million tons of production was lost in the 2022 Quarter. Excluding certain non-cash liability accruals and the Hamilton event related expenses, Illinois Basin Segment Adjusted EBITDA Expense per ton for the 2022 Quarter would have been more in-line with the percentage increases realized in Appalachia for the 2022 Quarter.
Royalties
Segment Adjusted EBITDA for our Oil & Gas Royalties segment increased 44.1% to $32.2 million in the 2022 Quarter compared to $22.4 million in the 2021 Quarter primarily due to significantly higher oil & gas royalty volumes, which rose by 42.6% to a record 653,000 BOE sold as a result of increased drilling and completion activities and additional volumes from oil & gas mineral interest acquisitions completed during 2022. Compared to the Sequential Quarter, Segment Adjusted EBITDA decreased by 9.9% in the 2022 Quarter primarily due to lower price realizations, which decreased by 13.3%, partially offset by higher oil & gas volumes, which increased by 18.5%.
Segment Adjusted EBITDA for our Coal Royalties segment decreased 17.9% to $8.2 million for the 2022 Quarter compared to $9.9 million for the 2021 Quarter primarily related to the Hamilton thermal event which reduced royalty tons sold by 8.5%. Compared to the Sequential Quarter, Segment Adjusted EBITDA decreased 26.8% due to lower royalty tons sold and average royalty rates per ton due to the Hamilton thermal event.
Balance Sheet and Liquidity
In January 2023, the Partnership entered into a new $425.0 million senior secured revolving credit facility and $75.0 million term loan (the “Credit Facilities”), which will mature in March 2027, and renewed its $60.0 million accounts receivable securitization facility. The Credit Facilities will replace the previous revolving credit facility, which was set to mature in March 2024. More information regarding the Credit Facilities is provided in our Form 8-K filing made on January 20, 2023.
As of December 31, 2022, total debt and finance leases outstanding were $427.6 million, including $400.0 million in ARLP’s 2025 senior notes. The Partnership’s total and net leverage ratio improved to 0.45 times and 0.14 times, respectively, during the 2022 Quarter. ARLP ended the year with total liquidity of $762.8 million, which included $296.0 million of cash and cash equivalents and $466.7 million of borrowings available under our previous revolving credit and accounts receivable securitization facilities.
Distributions
As previously announced on January 27, 2023, the Board of Directors of ARLP’s general partner (the “Board”) approved a cash distribution to unitholders for the 2022 Quarter of $0.70 per unit (an annualized rate of $2.80 per unit), payable on February 14, 2023, to all unitholders of record as of the close of trading on February 7, 2023. The announced distribution represents a 180.0% increase over the cash distribution of $0.25 per unit for the 2021 Quarter and is a 40.0% increase over the cash distribution of $0.50 per unit for the Sequential Quarter.
Unit Repurchase Program
ARLP also announced today that the Board has authorized an increase to the previously established unit repurchase program, which had $6.5 million of available capacity as of December 31, 2022. The expanded unit repurchase program authorizes ARLP to repurchase up to $100.0 million of its outstanding limited partner common units. The unit repurchase program announced today is intended to enhance ARLP’s ability to achieve its goal of creating long-term value for unitholders and, along with management’s objective of increasing quarterly cash distributions, increases flexibility in returning cash to unitholders. Future unit repurchases and distributions will be subject to ongoing Board review and authorization and will be based on a number of factors, including ARLP’s financial and operating performance and other capital requirements as well as future economic, business and market conditions.
The unit repurchase program has no time limit and ARLP may repurchase units from time to time in the open market or in other privately negotiated transactions. The unit repurchase program authorization does not obligate ARLP to repurchase any dollar amount or number of its units and repurchases may be commenced or suspended from time to time without prior notice.
January 2023 Acquisition of Oil & Gas Royalties
On January 27, 2023, the Board approved an acquisition of 2,682 net oil and gas royalty acres in the Permian Basin from JC Resources LP, an entity owned by Mr. Craft, for a cash purchase price of $72.3 million, subject to customary closing adjustments. Upon closing, the acquisition is expected to be immediately accretive to cash flow. The purchase price will be funded with available cash and is expected to close within the next 30 days based on an effective date of January 1, 2023. Since the acquisition involves a related party, terms of the transaction were approved by the Board’s conflicts committee, which is comprised entirely of independent directors.
Outlook
“The supply driven energy crisis, Russia’s invasion of Ukraine and the steep build of inflation disrupted energy prices and placed a new emphasis on energy security in 2022,” commented Mr. Craft. “Europe’s shift from Russian energy and U.S. and its allies’ economic sanctions are lowering Russian supply to the world, changing global energy trade routes and energy markets for several years to come, if not permanently. U.S. natural gas and coal exports should benefit in 2023 and beyond.”
“Due in part to this ongoing disruption, ARLP is well positioned to achieve another record year in 2023 by increasing production and sales by one to two million tons and relying on our highly committed coal contract book and a favorable market outlook to deliver 13.0 to 17.0% higher realized pricing compared to 2022,” commented Mr. Craft. “Even though natural gas prices have fallen recently due to the warm winter experienced so far, coal prices remain elevated in anticipation of international demand firming throughout the year as China’s economy reopens and as European markets look to replace 40 million tons of Russian coal imports received last year but unavailable this year. While the recent decline in natural gas prices are expected to impact our oil & gas royalties segment in the front half of the year, our coal segment should not be meaningfully affected due to our contracted position. In the back of this year and into 2024, we expect global economic activity will result in rising oil, gas and coal prices, and support our guidance.”
Mr. Craft concluded, “We are beginning to see the significant inflation experienced last year start to level off, however labor pressures and higher sales related expenses as a result of higher price realizations and coal sales volumes will continue to add to our costs in 2023. However, we expect favorable market forces and our current coal sales commitments will drive top line growth that should more than offset these inflationary pressures as margins are expected to improve across our business in 2023 versus the prior year.”
ARLP is providing the following initial guidance for the 2023 full year:
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2023 Full Year Guidance |
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Coal Operations |
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Volumes (Million Short Tons) |
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Illinois Basin Sales Tons |
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26.0 — 27.5 |
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Appalachia Sales Tons |
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10.0 — 10.5 |
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Total Sales Tons |
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36.0 — 38.0 |
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Committed & Priced Sales Tons |
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2023 — Domestic/Export/Total |
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31.4/3.3/34.7 |
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2024 — Domestic/Export/Total |
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22.7/1.0/23.7 |
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Per Ton Estimates |
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Coal Sales Price per ton sold (1) |
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$67.00 — $69.00 |
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Segment Adjusted EBITDA Expense per ton sold (2) |
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$40.25 — $42.25 |
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Royalties |
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Oil & Gas Royalties |
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Oil (000 Barrels) |
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1,250 — 1,350 |
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Natural gas (000 MCF) |
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4,400 — 4,900 |
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Liquids (000 Barrels) |
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535 — 585 |
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Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue) |
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~ 11.0% |
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Coal Royalties |
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Royalty tons sold (Million Short Tons) |
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20.9 — 23.1 |
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Revenue per royalty ton sold |
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$3.00 — $3.20 |
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Segment Adjusted EBITDA Expense per royalty ton sold |
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$1.00 — $1.10 |
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Consolidated (Millions) |
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Depreciation, depletion and amortization |
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$300 — $325 |
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General and administrative |
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$90 — $95 |
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Net interest expense |
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$31 — $32 |
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Income tax expense |
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$18 — $19 |
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Total capital expenditures |
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$400 — $450 |
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Growth capital expenditures |
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$50 — $60 |
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Maintenance capital expenditures |
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$350 — $390 |
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Acquisition of oil & gas royalties (3) |
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$72 |
| _________________________ | |
| (1) |
Sales price per ton is defined as total coal sales revenue divided by total tons sold. |
| (2) |
Segment Adjusted EBITDA Expense is defined as operating expenses, coal purchases and other expenses. |
| (3) |
Acquisition of oil & gas royalties reflects the $72.3 million acquisition from JC Resources LP, as described in the section above “January 2023 Acquisition of Oil & Gas Royalties.” |
Conference Call
A conference call regarding ARLP’s 2022 Quarter and Year financial results and 2023 outlook is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor relations” section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13735338.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is one of the largest coal producers in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at investorrelations@arlp.com.
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial performance, coal and oil & gas consumption and expected future prices, our ability to increase unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure transition investments, optimizing cash flows, reducing operating and capital expenditures, preserving liquidity and maintaining financial flexibility, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: the outcome or escalation of current hostilities in Ukraine, the severity, magnitude, and duration of the COVID-19 pandemic and the emergence of new virus variants, and impacts of the pandemic and of businesses’ and governments’ responses to the pandemic, including actions to mitigate its impact and the development of treatments and vaccines, on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels; changes in global economic and geo-political conditions or in industries in which we or our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of pr
Contacts
Brian L. Cantrell, Chief Financial Officer
918-295-7674
