Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2022 Results and Announces Special Distribution of $2.43 per Common Unit
HOUSTON–(BUSINESS WIRE)–Natural Resource Partners L.P. (NYSE:NRP) today reported fourth quarter and full year 2022 results as follows:
|
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||
|
(In thousands) (Unaudited) |
|
December 31, 2022 |
|
|||||
|
Operating cash flow |
|
$ |
68,888 |
|
|
$ |
266,838 |
|
|
Free cash flow (1) |
|
|
69,414 |
|
|
|
268,443 |
|
|
Cash flow cushion (last twelve months) (1) |
|
|
|
|
|
|
145,084 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
63,218 |
|
|
$ |
268,492 |
|
|
Adjusted EBITDA (1) |
|
|
75,347 |
|
|
|
317,247 |
|
| _____________ | ||
|
(1) |
See “Non-GAAP Financial Measures” and reconciliation tables at the end of this release. |
|
2022 Highlights:
- Generated record free cash flow of $268 million
- Increased regular, quarterly common unit distribution 67% to $0.75
- Fully repaid all $300 million of outstanding 9.125% Senior Notes due 2025
- Lowered leverage ratio to 0.5x as of December 31, 2022
- Executed first two subsurface carbon dioxide (“CO2“) sequestration leases with Denbury and Oxy and executed first geothermal energy lease
- Closed new five-year, $130 million revolving credit facility
“NRP generated a record $268 million of free cash flow in 2022 driven primarily by strong metallurgical coal prices, lower interest expense, and solid distributions from our soda ash investment,” stated Craig Nunez, NRP’s president & chief operating officer. “Strong cash flow generation has allowed us to accelerate our de-leveraging and de-risking plans. In 2022, we fully repaid all of the $300 million 9.125% Senior Notes due 2025 and established a new five-year revolving bank credit facility that provides us with greater financial flexibility. We also continue to focus on redeeming our 12% convertible preferred equity. Early in 2023, one of the preferred holders exercised their right to convert $47.5 million of the preferred units into NRP common units. After considering our financial position, liquidity, and comparing the market value of NRP’s common units to our estimate of intrinsic value, we elected to redeem the units with the payment of $47.5 million of cash instead of issuing NRP common units. After this transaction, the outstanding liquidation value of our convertible preferred units was reduced to $202.5 million.”
Mr. Nunez continued, “We remain focused on maximizing long-term free cash flow available to common unitholders and increasing our financial flexibility. We intend to achieve this by paying off all permanent debt, redeeming all preferred equity, and settling all remaining warrants. We also remain focused on becoming a key player in the transitional energy economy. During the year we made significant progress toward this goal with the execution of our first two subsurface carbon sequestration leases and our first geothermal energy lease, which have the potential to produce significant cash flow over the long term.”
NRP’s liquidity was $99.1 million at December 31, 2022, consisting of $39.1 million of cash and $60.0 million of borrowing capacity available under its revolving credit facility.
NRP also announced today that the board of directors of its general partner declared a one-time, special cash distribution of $2.43 per common unit to be paid on March 21, 2023 to unitholders of record on March 14, 2023. This special distribution is to help cover unitholder tax liabilities associated with owning NRP’s common units during 2022. 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 fourth quarter and full year of 2022 increased $2.5 million and $124.0 million, respectively, as compared to the prior year periods. Operating cash flow for the fourth quarter and full year of 2022 increased $0.4 million and $103.0 million, respectively, as compared to the prior year periods. Free cash flow for the fourth quarter and full year of 2022 increased $0.5 million and $103.5 million, respectively, as compared to the prior year periods. These increases were primarily due to stronger metallurgical coal demand and higher prices in 2022. The fourth quarter of 2022 increases were partially offset by $13.8 million of cash received and revenue recognized in the fourth quarter of 2021 from a forestland carbon sequestration transaction. Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the fourth quarter of 2022, and approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the full year of 2022.
Metallurgical and thermal coal prices have declined from the record highs seen in 2022 but remain strong relative to historical norms. Operators are limited in their ability to increase production due to ongoing labor shortages, global supply chain interruptions, and access to capital providing continued support for pricing.
In addition, NRP continues to explore and identify carbon neutral revenue sources across its large portfolio of land, mineral, and timber assets. The types of opportunities include the sequestration of carbon dioxide underground and in standing forests, and the generation of electricity using geothermal, solar, and wind energy. While the timing and likelihood of additional cash flows being realized from these activities is uncertain, NRP believes its large ownership footprint throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP.
Soda Ash
Soda Ash net income in the fourth quarter and full year of 2022 increased $5.1 million and $37.9 million, respectively, as compared to the prior year periods primarily due to increased international sales prices. Operating cash flow and free cash flow in the fourth quarter and full year of 2022 increased $3.4 million and $33.6 million, respectively, as compared to the prior year periods. The 2022 full year increases were due to Sisecam Wyoming reinstating its regular quarterly cash distributions beginning in the fourth quarter of 2021.
Strong international sales at Sisecam Wyoming for the year ended December 31, 2022, more than offset input cost inflation, supply chain difficulties, and softening demand in the second half of the year due to China’s Zero-COVID policy and concerns of slowing global economic growth.
Corporate and Financing
Corporate and Financing costs in the fourth quarter and full year of 2022 were flat and increased by $2.4 million, respectively, as compared to the prior year periods. The full year increase was primarily due to the loss on early extinguishment of debt associated with the retirement of the 2025 Senior Notes during 2022 and an increase in incentive compensation resulting from significantly improved business performance in 2022, partially offset by lower interest expense as a result of less debt outstanding. Operating cash flow in the fourth quarter and full year of 2022 improved $9.8 million and $8.5 million, respectively, as compared to the prior year periods. Free cash flow in the fourth quarter and full year of 2022 improved $9.8 million and $8.4 million, respectively, as compared to the prior year periods. These improvements were primarily due to lower cash paid for interest as a result of less debt outstanding in 2022.
NRP continues to make great strides in de-levering and de-risking the partnership. In 2022, NRP fully retired its outstanding $300 million 9.125% Senior Notes due 2025, aiding in the sharp decrease in NRP’s consolidated leverage ratio to 0.5x at December 31, 2022 from 2.7x at December 31, 2021.
In February 2023, NRP received a notice from holders of the partnership’s Class A Preferred Units exercising their right to either convert or redeem, at the election of NRP, an aggregate of 47,499 Class A Preferred Units. NRP chose to redeem the preferred units for $47.5 million in cash plus any accrued and unpaid distributions, utilizing cash on hand and borrowings from the revolving credit facility. Of the originally issued 250,000 Class A Preferred Units, 202,501 Class A Preferred Units remain outstanding.
In February 2023, NRP declared and paid a fourth quarter 2022 cash distribution of $0.75 per common unit and a $7.5 million cash distribution on the preferred units. As previously mentioned, today NRP declared a one-time, special distribution of $2.43 per common unit to help cover unitholder tax liabilities associated with owning NRP’s common units during 2022.
Conference Call
A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://conferencingportals.com/event/kfJdSHYP. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 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
Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.
For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership’s business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership’s lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
“Adjusted EBITDA” is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; 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 and distributions to non-controlling interest. 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, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. 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.
“Leverage ratio” represents the outstanding principal of NRP’s debt at the end of the period divided by the last twelve months’ Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.
-Financial Tables and Reconciliation of Non-GAAP Measures Follow-
|
Natural Resource Partners L.P. |
||||||||||||||||||||
|
Financial Tables |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Consolidated Statements of Comprehensive Income |
||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|||||||||||
|
(In thousands, except per unit data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty and other mineral rights |
|
$ |
75,218 |
|
|
$ |
70,774 |
|
|
$ |
81,379 |
|
|
$ |
307,013 |
|
|
$ |
185,196 |
|
|
Transportation and processing services |
|
|
5,695 |
|
|
|
2,507 |
|
|
|
5,969 |
|
|
|
21,072 |
|
|
|
9,052 |
|
|
Equity in earnings of Sisecam Wyoming |
|
|
15,759 |
|
|
|
10,625 |
|
|
|
14,556 |
|
|
|
59,795 |
|
|
|
21,871 |
|
|
Gain on asset sales and disposals |
|
|
383 |
|
|
|
2 |
|
|
|
354 |
|
|
|
1,082 |
|
|
|
245 |
|
|
Total revenues and other income |
|
$ |
97,055 |
|
|
$ |
83,908 |
|
|
$ |
102,258 |
|
|
$ |
388,962 |
|
|
$ |
216,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses |
|
$ |
8,914 |
|
|
$ |
7,973 |
|
|
$ |
7,898 |
|
|
$ |
34,903 |
|
|
$ |
27,049 |
|
|
Depreciation, depletion and amortization |
|
|
5,954 |
|
|
|
3,930 |
|
|
|
6,850 |
|
|
|
22,519 |
|
|
|
19,075 |
|
|
General and administrative expenses |
|
|
7,815 |
|
|
|
5,810 |
|
|
|
4,518 |
|
|
|
21,852 |
|
|
|
17,360 |
|
|
Asset impairments |
|
|
3,583 |
|
|
|
986 |
|
|
|
812 |
|
|
|
4,457 |
|
|
|
5,102 |
|
|
Total operating expenses |
|
$ |
26,266 |
|
|
$ |
18,699 |
|
|
$ |
20,078 |
|
|
$ |
83,731 |
|
|
$ |
68,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
70,789 |
|
|
$ |
65,209 |
|
|
$ |
82,180 |
|
|
$ |
305,231 |
|
|
$ |
147,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
$ |
(3,638 |
) |
|
$ |
(9,568 |
) |
|
$ |
(5,141 |
) |
|
$ |
(26,274 |
) |
|
$ |
(38,876 |
) |
|
Loss on extinguishment of debt |
|
|
(3,933 |
) |
|
|
— |
|
|
|
(2,484 |
) |
|
|
(10,465 |
) |
|
|
— |
|
|
Total other expenses, net |
|
$ |
(7,571 |
) |
|
$ |
(9,568 |
) |
|
$ |
(7,625 |
) |
|
$ |
(36,739 |
) |
|
$ |
(38,876 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
63,218 |
|
|
$ |
55,641 |
|
|
$ |
74,555 |
|
|
$ |
268,492 |
|
|
$ |
108,902 |
|
|
Less: income attributable to preferred unitholders |
|
|
(7,500 |
) |
|
|
(8,079 |
) |
|
|
(7,500 |
) |
|
|
(30,000 |
) |
|
|
(31,609 |
) |
|
Net income attributable to common unitholders and the general partner |
|
$ |
55,718 |
|
|
$ |
47,562 |
|
|
$ |
67,055 |
|
|
$ |
238,492 |
|
|
$ |
77,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
|
$ |
54,603 |
|
|
$ |
46,611 |
|
|
$ |
65,714 |
|
|
$ |
233,722 |
|
|
$ |
75,747 |
|
|
Net income attributable to the general partner |
|
|
1,115 |
|
|
|
951 |
|
|
|
1,341 |
|
|
|
4,770 |
|
|
|
1,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.37 |
|
|
$ |
3.77 |
|
|
$ |
5.25 |
|
|
$ |
18.72 |
|
|
$ |
6.14 |
|
|
Diluted |
|
|
3.13 |
|
|
|
2.42 |
|
|
|
3.71 |
|
|
|
13.39 |
|
|
|
4.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
63,218 |
|
|
$ |
55,641 |
|
|
$ |
74,555 |
|
|
$ |
268,492 |
|
|
$ |
108,902 |
|
|
Comprehensive income (loss) from unconsolidated investment and other |
|
|
16,685 |
|
|
|
(4,580 |
) |
|
|
289 |
|
|
|
15,506 |
|
|
|
2,889 |
|
|
Comprehensive income |
|
$ |
79,903 |
|
|
$ |
51,061 |
|
|
$ |
74,844 |
|
|
$ |
283,998 |
|
|
$ |
111,791 |
|
|
Natural Resource Partners L.P. |
||||||||||||||||||||
|
Financial Tables |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Consolidated Statements of Cash Flows |
||||||||||||||||||||
|
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|||||||||||
|
(In thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
63,218 |
|
|
$ |
55,641 |
|
|
$ |
74,555 |
|
|
$ |
268,492 |
|
|
$ |
108,902 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
5,954 |
|
|
|
3,930 |
|
|
|
6,850 |
|
|
|
22,519 |
|
|
|
19,075 |
|
|
Distributions from unconsolidated investment |
|
|
10,780 |
|
|
|
7,350 |
|
|
|
10,339 |
|
|
|
44,835 |
|
|
|
11,270 |
|
|
Equity earnings from unconsolidated investment |
|
|
(15,759 |
) |
|
|
(10,625 |
) |
|
|
(14,556 |
) |
|
|
(59,795 |
) |
|
|
(21,871 |
) |
|
Gain on asset sales and disposals |
|
|
(383 |
) |
|
|
(2 |
) |
|
|
(354 |
) |
|
|
(1,082 |
) |
|
|
(245 |
) |
|
Loss on extinguishment of debt |
|
|
3,933 |
|
|
|
— |
|
|
|
2,484 |
|
|
|
10,465 |
|
|
|
— |
|
|
Asset impairments |
|
|
3,583 |
|
|
|
986 |
|
|
|
812 |
|
|
|
4,457 |
|
|
|
5,102 |
|
|
Bad debt expense |
|
|
421 |
|
|
|
857 |
|
|
|
1 |
|
|
|
1,062 |
|
|
|
2,572 |
|
|
Unit-based compensation expense |
|
|
1,557 |
|
|
|
1,202 |
|
|
|
1,429 |
|
|
|
5,773 |
|
|
|
4,039 |
|
|
Amortization of debt issuance costs and other |
|
|
523 |
|
|
|
366 |
|
|
|
215 |
|
|
|
2,410 |
|
|
|
2,265 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(8,553 |
) |
|
|
(2,083 |
) |
|
|
2,494 |
|
|
|
(18,671 |
) |
|
|
(14,415 |
) |
|
Accounts payable |
|
|
(186 |
) |
|
|
481 |
|
|
|
210 |
|
|
|
37 |
|
|
|
570 |
|
|
Accrued liabilities |
|
|
5,766 |
|
|
|
3,859 |
|
|
|
278 |
|
|
|
935 |
|
|
|
3,020 |
|
|
Accrued interest |
|
|
(3,238 |
) |
|
|
(7,472 |
) |
|
|
3,177 |
|
|
|
(224 |
) |
|
|
(501 |
) |
|
Deferred revenue |
|
|
1,670 |
|
|
|
2,428 |
|
|
|
(7,519 |
) |
|
|
(15,424 |
) |
|
|
307 |
|
|
Other items, net |
|
|
(398 |
) |
|
|
(1,757 |
) |
|
|
2,081 |
|
|
|
1,049 |
|
|
|
1,714 |
|
|
Net cash provided by operating activities |
|
$ |
68,888 |
|
|
$ |
55,161 |
|
|
$ |
82,496 |
|
|
$ |
266,838 |
|
|
$ |
121,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales and disposals |
|
$ |
384 |
|
|
$ |
— |
|
|
$ |
353 |
|
|
$ |
1,083 |
|
|
$ |
249 |
|
|
Return of long-term contract receivable |
|
|
585 |
|
|
|
541 |
|
|
|
575 |
|
|
|
1,723 |
|
|
|
2,163 |
|
|
Capital expenditures |
|
|
(59 |
) |
|
|
— |
|
|
|
(59 |
) |
|
|
(118 |
) |
|
|
— |
|
|
Net cash provided by investing activities |
|
$ |
910 |
|
|
$ |
541 |
|
|
$ |
869 |
|
|
$ |
2,688 |
|
|
$ |
2,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowings |
|
$ |
70,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
70,000 |
|
|
$ |
— |
|
|
Debt repayments |
|
|
(141,731 |
) |
|
|
(20,335 |
) |
|
|
(60,494 |
) |
|
|
(339,396 |
) |
|
|
(39,396 |
) |
|
Distributions to common unitholders and the general partner |
|
|
(9,571 |
) |
|
|
(5,672 |
) |
|
|
(9,571 |
) |
|
|
(34,384 |
) |
|
|
(22,645 |
) |
|
Distributions to preferred unitholders |
|
|
(7,500 |
) |
|
|
(3,980 |
) |
|
|
(7,500 |
) |
|
|
(30,000 |
) |
|
|
(15,571 |
) |
|
Redemption of preferred units paid-in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,579 |
) |
|
|
— |
|
|
Warrant settlement |
|
|
— |
|
|
|
(9,183 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,183 |
) |
|
Acquisition of non-controlling interest in BRP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,000 |
) |
|
Other items, net |
|
|
(2,842 |
) |
|
|
(1 |
) |
|
|
(4,219 |
) |
|
|
(12,596 |
) |
|
|
(691 |
) |
|
Net cash used in financing activities |
|
$ |
(91,644 |
) |
|
$ |
(39,171 |
) |
|
$ |
(81,784 |
) |
|
$ |
(365,955 |
) |
|
$ |
(88,486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
(21,846 |
) |
|
$ |
16,531 |
|
|
$ |
1,581 |
|
|
$ |
(96,429 |
) |
|
$ |
35,730 |
|
|
Cash and cash equivalents at beginning of period |
|
|
60,937 |
|
|
|
118,989 |
|
|
|
59,356 |
|
|
|
135,520 |
|
|
|
99,790 |
|
|
Cash and cash equivalents at end of period |
|
$ |
39,091 |
|
|
$ |
135,520 |
|
|
$ |
60,937 |
|
|
$ |
39,091 |
|
|
$ |
135,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
6,764 |
|
|
$ |
16,549 |
|
|
$ |
1,729 |
|
|
$ |
25,265 |
|
|
$ |
37,378 |
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Preferred unit distributions paid-in-kind |
|
|
— |
|
|
|
3,980 |
|
|
|
— |
|
|
|
— |
|
|
|
15,571 |
|
Contacts
Tiffany Sammis, 713-751-7515
