Natural Resource Partners L.P. Reports First Quarter 2022 Results and Increase in First Quarter 2022 Distribution from $0.45 to $0.75 per Unit

HOUSTON–(BUSINESS WIRE)–Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2022 results as follows:

 

 

For the

Three Months

Ended

 

Last Twelve

Months

Ended

(In thousands) (Unaudited)

 

March 31, 2022

Operating cash flow

 

$

52,331

 

$

150,935

Free cash flow (1)

 

 

52,331

 

 

151,557

Cash flow cushion (last twelve months) (1)

 

 

 

 

41,446

 

 

 

 

 

Net income

 

$

63,899

 

$

164,420

Adjusted EBITDA (1)

 

 

75,566

 

 

207,484

 

(1)

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

“Strong demand for metallurgical coal, thermal coal, and soda ash continues to drive robust financial performance in our business segments,” stated Craig Nunez, NRP’s president and chief operating officer. “NRP generated $52 million of free cash flow in the first quarter of 2022 and $152 million over the last twelve months, representing increases of 120% and 85% respectively over the comparable prior periods.”

Mr. Nunez, continued, “In light of the Partnership’s substantial free cash flow generation, solid liquidity and positive outlook for its business lines, we plan to accelerate our deleveraging and return additional cash to common unitholders. We are pleased to announce that the board of directors of our general partner approved an increase in our common unit distribution from $0.45 to $0.75 as it relates to the first quarter of 2022.”

NRP’s liquidity was $235.6 million at March 31, 2022, consisting of $135.6 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

The cash distribution of $0.75 per common unit is to be paid on May 24, 2022 to unitholders of record on May 17, 2022. In addition, the board declared a $7.5 million cash distribution on the preferred units. Future distributions on NRP’s common and preferred units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the board determines is necessary for future operating and capital needs.

Segment Performance

Mineral Rights

Mineral Rights net income for the first quarter of 2022 increased $42.5 million as compared to the prior year period. Free cash flow for the first quarter increased $21.7 million as compared to the prior year period. These increases were primarily due to stronger metallurgical coal demand and pricing in 2022. Approximately 80% of coal royalty revenues and approximately 50% of coal royalty sales volumes were derived from metallurgical coal in the first quarter of 2022.

Metallurgical coal prices reached record levels during the first quarter of 2022 driven by strong demand for steel and a relatively subdued supply response for coking coal which has yet to reach pre-pandemic production levels due to labor shortages and global supply chain interruptions. Despite the negative impact on steel production resulting from COVID-19 lockdowns in China, NRP expects the supply-demand balance for metallurgical coal to remain tight for the foreseeable future and should provide further support for domestic and international prices.

Thermal coal demand and pricing remains strong due to the increased demand for electricity and constrained growth in thermal coal production. Labor shortages, global supply chain interruptions, and environmental and political pressures are limiting the ability of operators to increase thermal coal production to meet domestic and international demand. In addition, higher natural gas prices and boycotts on Russian coal caused by the war in Ukraine are further amplifying the tightness in thermal coal markets. Due to these factors, the near-term outlook for thermal coal prices is positive.

As announced previously, in the first quarter NRP executed on its first subsurface carbon dioxide (“CO2“) sequestration transaction by granting Denbury the right to develop a world-class subsurface CO2 sequestration project on 75,000 acres of underground pore space NRP owns in southwest Alabama with the potential to store over 300 million metric tons of CO2. This project, if developed, will be the first subsurface CO2 sequestration project on the approximately 3.5 million acres where NRP owns the rights to sequester CO2 underground across the United States. While the timing and likelihood of additional cash flows being realized from further subsurface carbon dioxide sequestration opportunities, or other transitional energy opportunities such as the generation of electricity using geothermal, solar and wind energy activities is uncertain, NRP believes its large ownership footprint throughout the United States will provide additional opportunities to create value in this regard with minimal capital investment by NRP.

Soda Ash

Soda Ash net income in the first quarter of 2022 increased $12.8 million as compared to the prior year period primarily as a result of increased sales prices. Free cash flow in the first quarter of 2022 increased $9.3 million as compared to the prior year period due to Sisecam Wyoming reinstating its regular quarterly cash distributions beginning in the fourth quarter of 2021. Strong demand growth for soda ash, driven by global secular trends including the investments in renewable energy, the electrification of the global auto fleet, and urbanization, coupled with constrained soda ash supply in part due to COVID-19 flash lockdowns in China have allowed Sisecam Wyoming to successfully pass on input cost inflation resulting in improved financial results in the first quarter of 2022.

Corporate and Financing

Corporate and Financing costs in the first quarter were relatively flat as compared to the prior year period. Free cash flow in the first quarter of 2022 decreased $2.4 million as compared to the prior year period primarily due to an increase in incentive compensation paid out in the first quarter of 2022 as a result of improved operating results in 2021, partially offset by lower cash paid for interest as a result of less debt outstanding.

As noted earlier, NRP declared a first quarter 2022 cash distribution of $0.75 per common unit of NRP, an increase compared to $0.45 paid last quarter, and a $7.5 million cash distribution on the preferred units. The decision to increase common unit distributions was based on the Partnership’s substantial free cash flow generation, solid liquidity and positive outlook for its business lines, coupled with higher expected common unitholder income tax liability for 2022 resulting from the Partnership’s improved financial performance.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: http://www.directeventreg.com/registration/event/8074715. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

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

Company Profile

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

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

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

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

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

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

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

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Consolidated Statements of Comprehensive Income

 

 

 

 

For the Three Months Ended

 

March 31,

 

December 31,

(In thousands, except per unit data)

 

2022

 

 

 

2021

 

 

 

2021

 

Revenues and other income

 

 

 

 

 

Royalty and other mineral rights

$

71,083

 

 

$

32,927

 

 

$

70,774

 

Transportation and processing services

 

3,796

 

 

 

2,192

 

 

 

2,507

 

Equity in earnings of Sisecam Wyoming

 

14,837

 

 

 

1,973

 

 

 

10,625

 

Gain on asset sales and disposals

 

 

 

 

59

 

 

 

2

 

Total revenues and other income

$

89,716

 

 

$

37,151

 

 

$

83,908

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

Operating and maintenance expenses

$

8,076

 

 

$

5,552

 

 

$

7,973

 

Depreciation, depletion and amortization

 

3,868

 

 

 

5,092

 

 

 

3,930

 

General and administrative expenses

 

4,467

 

 

 

4,110

 

 

 

5,810

 

Asset impairments

 

19

 

 

 

4,043

 

 

 

986

 

Total operating expenses

$

16,430

 

 

$

18,797

 

 

$

18,699

 

 

 

 

 

 

 

Income from operations

$

73,286

 

 

$

18,354

 

 

$

65,209

 

 

 

 

 

 

 

Interest expense, net

$

(9,387

)

 

$

(9,973

)

 

$

(9,568

)

 

 

 

 

 

 

Net income

$

63,899

 

 

$

8,381

 

 

$

55,641

 

Less: income attributable to preferred unitholders

 

(7,500

)

 

 

(7,727

)

 

 

(8,079

)

Net income attributable to common unitholders and the general partner

$

56,399

 

 

$

654

 

 

$

47,562

 

 

 

 

 

 

 

Net income attributable to common unitholders

$

55,271

 

 

$

641

 

 

$

46,611

 

Net income attributable to the general partner

 

1,128

 

 

 

13

 

 

 

951

 

 

 

 

 

 

 

Net income per common unit

 

 

 

 

 

Basic

$

4.45

 

 

$

0.05

 

 

$

3.77

 

Diluted

 

3.11

 

 

 

0.05

 

 

 

2.42

 

 

 

 

 

 

 

Net income

$

63,899

 

 

$

8,381

 

 

$

55,641

 

Comprehensive income (loss) from unconsolidated investment and other

 

2,545

 

 

 

732

 

 

 

(4,580

)

Comprehensive income

$

66,444

 

 

$

9,113

 

 

 

51,061

 

Consolidated Statements of Cash Flows

 

 

 

 

 

For the Three Months Ended

 

March 31,

 

December 31,

(In thousands)

 

2022

 

 

 

2021

 

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

Net income

$

63,899

 

 

$

8,381

 

 

$

55,641

 

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

 

 

 

 

 

Depreciation, depletion and amortization

 

3,868

 

 

 

5,092

 

 

 

3,930

 

Distributions from unconsolidated investment

 

13,230

 

 

 

3,920

 

 

 

7,350

 

Equity earnings from unconsolidated investment

 

(14,837

)

 

 

(1,973

)

 

 

(10,625

)

Gain on asset sales and disposals

 

 

 

 

(59

)

 

 

(2

)

Asset impairments

 

19

 

 

 

4,043

 

 

 

986

 

Bad debt expense

 

1,028

 

 

 

383

 

 

 

857

 

Unit-based compensation expense

 

1,448

 

 

 

1,126

 

 

 

1,202

 

Amortization of debt issuance costs and other

 

375

 

 

 

269

 

 

 

366

 

Change in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(7,579

)

 

 

(3,331

)

 

 

(2,083

)

Accounts payable

 

(60

)

 

 

(10

)

 

 

481

 

Accrued liabilities

 

(7,156

)

 

 

(3,034

)

 

 

3,859

 

Accrued interest

 

7,250

 

 

 

7,133

 

 

 

(7,472

)

Deferred revenue

 

(7,316

)

 

 

(146

)

 

 

2,428

 

Other items, net

 

(1,838

)

 

 

1,406

 

 

 

(1,757

)

Net cash provided by operating activities

$

52,331

 

 

$

23,200

 

 

$

55,161

 

Cash flows from investing activities

 

 

 

 

 

Proceeds from asset sales and disposals

$

 

 

$

59

 

 

$

 

Return of long-term contract receivable

 

 

 

 

541

 

 

 

541

 

Net cash provided by investing activities

$

 

 

$

600

 

 

$

541

 

Cash flows from financing activities

 

 

 

 

 

Debt repayments

$

(16,697

)

 

$

(16,696

)

 

$

(20,335

)

Distributions to common unitholders and the general partner

 

(5,672

)

 

 

(5,630

)

 

 

(5,672

)

Distributions to preferred unitholders

 

(7,500

)

 

 

(3,806

)

 

 

(3,980

)

Redemption of preferred units paid-in-kind

 

(19,579

)

 

 

 

 

 

 

Warrant settlement

 

 

 

 

 

 

 

(9,183

)

Other items

 

(2,813

)

 

 

(691

)

 

 

(1

)

Net cash used in financing activities

$

(52,261

)

 

$

(26,823

)

 

$

(39,171

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

$

70

 

 

$

(3,023

)

 

$

16,531

 

Cash and cash equivalents at beginning of period

 

135,520

 

 

 

99,790

 

 

 

118,989

 

Cash and cash equivalents at end of period

$

135,590

 

 

$

96,767

 

 

$

135,520

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

Cash paid for interest

$

1,644

 

 

$

2,320

 

 

$

16,549

 

Non-cash investing and financing activities:

 

 

 

 

 

Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities

$

 

 

$

992

 

 

$

 

Preferred unit distributions paid-in-kind

 

 

 

 

3,806

 

 

 

3,980

 

Consolidated Balance Sheets

 

 

March 31,

 

December 31,

(In thousands, except unit data)

2022

 

2021

ASSETS

(Unaudited)

 

 

Current assets

 

 

 

Cash and cash equivalents

$

135,590

 

$

135,520

Accounts receivable, net

 

32,729

 

 

24,538

Other current assets, net

 

3,510

 

 

2,723

Total current assets

$

171,829

 

$

162,781

Land

 

24,008

 

 

24,008

Mineral rights, net

 

433,965

 

 

437,697

Intangible assets, net

 

16,019

 

 

16,130

Equity in unconsolidated investment

 

280,156

 

 

276,004

Long-term contract receivable, net

 

30,783

 

 

31,371

Other long-term assets, net

 

5,528

 

 

5,832

Total assets

$

962,288

 

$

953,823

LIABILITIES AND CAPITAL

 

 

 

Current liabilities

 

 

 

Accounts payable

$

1,896

 

$

1,956

Accrued liabilities

 

3,388

 

 

10,297

Accrued interest

 

8,463

 

 

1,213

Current portion of deferred revenue

 

15,420

 

 

11,817

Current portion of long-term debt, net

 

39,046

 

 

39,102

Total current liabilities

$

68,213

 

$

64,385

Deferred revenue

 

39,126

 

 

50,045

Long-term debt, net

 

378,163

 

 

394,443

Other non-current liabilities

 

4,803

 

 

5,018

Total liabilities

$

490,305

 

$

513,891

Commitments and contingencies

 

 

 

Class A Convertible Preferred Units (250,000 and 269,321 units issued and outstanding at

March 31, 2022 and December 31, 2021, respectively, at $1,000 par value per unit; liquidation

preference of $1,850 per unit at March 31, 2022 and December 31, 2021)

$

164,587

 

$

183,908

Partners’ capital:

 

 

 

Common unitholders’ interest (12,505,996 and 12,351,306 units issued and

outstanding at March 31, 2022 and December 31, 2021, respectively),

$

250,767

 

$

203,062

General partner’s interest

 

2,909

 

 

1,787

Warrant holders’ interest

 

47,964

 

 

47,964

Accumulated other comprehensive income

 

5,756

 

 

3,211

Total partners’ capital

$

307,396

 

$

256,024

Total liabilities and partners’ capital

$

962,288

 

$

953,823

Consolidated Statements of Partners’ Capital

 

Common Unitholders

 

General

Partner

 

Warrant

Holders

 

Accumulated

Other

Comprehensive

Income

 

Total

Partners’

Capital

 

(In thousands)

Units

 

Amounts

 

Balance at December 31, 2021

12,351

 

$

203,062

 

 

$

1,787

 

 

$

47,964

 

$

3,211

 

$

256,024

 

Net income (1)

 

 

62,621

 

 

 

1,278

 

 

 

 

 

 

 

63,899

 

Distributions to common unitholders and the general partner

 

 

(5,559

)

 

 

(113

)

 

 

 

 

 

 

(5,672

)

Distributions to preferred unitholders

 

 

(7,603

)

 

 

(155

)

 

 

 

 

 

 

(7,758

)

Issuance of unit-based awards

155

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

(1,754

)

 

 

 

 

 

 

 

 

 

(1,754

)

Capital contribution

 

 

 

 

 

112

 

 

 

 

 

 

 

112

 

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

2,545

 

 

2,545

 

Balance at March 31, 2022

12,506

 

$

250,767

 

 

$

2,909

 

 

$

47,964

 

$

5,756

 

$

307,396

 

 

(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.

 

 

Common Unitholders

 

General

Partner

 

Warrant

Holders

 

Accumulated

Other

Comprehensive

Income

 

Total

Partners’

Capital

 

(In thousands)

Units

 

Amounts

 

Balance at December 31, 2020

12,261

 

$

136,927

 

 

$

459

 

 

$

66,816

 

$

322

 

$

204,524

 

Net income (1)

 

 

8,213

 

 

 

168

 

 

 

 

 

 

 

8,381

 

Distributions to common unitholders and the general partner

 

 

(5,517

)

 

 

(113

)

 

 

 

 

 

 

(5,630

)

Distributions to preferred unitholders

 

 

(7,461

)

 

 

(152

)

 

 

 

 

 

 

(7,613

)

Issuance of unit-based awards

90

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

215

 

 

 

 

 

 

 

 

 

 

215

 

Capital contribution

 

 

 

 

 

32

 

 

 

 

 

 

 

32

 

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

732

 

 

732

 

Balance at March 31, 2021

12,351

 

$

132,377

 

 

$

394

 

 

$

66,816

 

$

1,054

 

$

200,641

 

 

(1)

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

 

The following table presents NRP’s unaudited business results by segment for the three months ended March 31, 2022 and 2021 and December 31, 2021:

 

 

Operating Segments

 

 

 

 

 

 

Mineral Rights

 

 

 

Corporate

and Financing

 

 

(In thousands)

 

 

Soda Ash

 

 

Total

For the Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

Revenues

 

$

74,879

 

 

$

14,837

 

$

 

 

$

89,716

 

Gain on asset sales and disposals

 

 

 

 

 

 

 

 

 

 

 

Total revenues and other income

 

$

74,879

 

 

$

14,837

 

$

 

 

$

89,716

 

Asset impairments

 

$

19

 

 

$

 

$

 

 

$

19

 

Net income (loss)

 

$

62,967

 

 

$

14,786

 

$

(13,854

)

 

$

63,899

 

Adjusted EBITDA (1)

 

$

66,854

 

 

$

13,179

 

$

(4,467

)

 

$

75,566

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

Operating activities

 

$

48,176

 

 

$

13,195

 

$

(9,040

)

 

$

52,331

 

Investing activities

 

$

 

 

$

 

$

 

 

$

 

Financing activities

 

$

(614

)

 

$

 

$

(51,647

)

 

$

(52,261

)

Distributable cash flow (1)

 

$

48,176

 

 

$

13,195

 

$

(9,040

)

 

$

52,331

 

Free cash flow (1)

 

$

48,176

 

 

$

13,195

 

$

(9,040

)

 

$

52,331

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

Revenues

 

$

35,119

 

 

$

1,973

 

$

 

 

$

37,092

 

Gain on asset sales and disposals

 

 

59

 

 

 

 

 

 

 

 

59

 

Total revenues and other income

 

$

35,178

 

 

$

1,973

 

$

 

 

$

37,151

 

Asset impairments

 

$

4,043

 

 

$

 

$

 

 

$

4,043

 

Net income (loss)

 

$

20,488

 

 

$

1,953

 

$

(14,060

)

 

$

8,381

 

Adjusted EBITDA (1)

 

$

29,646

 

 

$

3,900

 

$

(4,110

)

 

$

29,436

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

Operating activities

 

$

25,962

 

 

$

3,888

 

$

(6,650

)

 

$

23,200

 

Investing activities

 

$

600

 

 

$

 

$

 

 

$

600

 

Financing activities

 

$

(132

)

 

$

 

$

(26,691

)

 

$

(26,823

)

Distributable cash flow (1)

 

$

26,562

 

 

$

3,888

 

$

(6,650

)

 

$

90,248

 

Free cash flow (1)

 

$

26,503

 

 

$

3,888

 

$

(6,650

)

 

$

23,741

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2021

 

 

 

 

 

 

 

 

Revenues

 

$

73,281

 

 

$

10,625

 

$

 

 

$

83,906

 

Gain on asset sales and disposals

 

 

2

 

 

 

 

 

 

 

 

2

 

Total revenues and other income

 

$

73,283

 

 

$

10,625

 

$

 

 

$

83,908

 

Asset impairments

 

$

986

 

 

$

 

$

 

 

$

986

 

Net income (loss)

 

$

60,432

 

 

$

10,587

 

$

(15,378

)

 

$

55,641

 

Adjusted EBITDA (1)

 

$

65,348

 

 

$

7,312

 

$

(5,810

)

 

$

66,850

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

Operating activities

 

$

67,887

 

 

$

7,289

 

$

(20,015

)

 

$

55,161

 

Investing activities

 

$

541

 

 

$

 

$

 

 

$

541

 

Financing activities

 

$

 

 

$

 

$

(39,171

)

 

$

(39,171

)

Distributable cash flow (1)

 

$

68,428

 

 

$

7,289

 

$

(20,015

)

 

$

55,702

 

Free cash flow (1)

 

$

68,428

 

 

$

7,289

 

$

(20,015

)

 

$

55,702

 

 

Contacts

Tiffany Sammis

713-751-7515

tsammis@nrplp.com

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