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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alliance Resource Partners, L.P.    ARLP

ALLIANCE RESOURCE PARTNERS, L.P.

(ARLP)
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Alliance Resource Partners, L.P. : Reports Annual Increases to Net Income and EBITDA; Declares Quarterly Cash Distribution of $0.40 Per Unit; and Provides Initial 2020 Guidance

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01/27/2020 | 07:04am EDT

Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported financial and operating results for the year and quarter ended December 31, 2019 (the "2019 Year" and "2019 Quarter", respectively).

For the 2019 Year, net income attributable to ARLP increased 8.9% to $399.4 million, or $3.07 per basic and diluted limited partner unit, compared to $366.6 million, or $2.74 per basic and diluted limited partner unit, for the year ended December 31, 2018 (the "2018 Year"). The increase in net income resulted from a $170.0 million non-cash net gain related to the AllDale Acquisition, the addition of oil & gas royalty revenues and lower operating expenses in the 2019 Year, partially offset by decreased coal sales revenues and increased depreciation in the 2019 Year as well as an $80.0 million net gain on settlement of litigation in the 2018 Year. EBITDA increased 9.7% in the 2019 Year to $753.8 million compared to $686.9 million in the 2018 Year. Adjusted EBITDA decreased 7.5% to $599.0 million in the 2019 Year, compared to $647.4 million for the 2018 Year. (Unless otherwise noted, all references in this release to "net income" refer to "net income attributable to ARLP." For a definition of EBITDA, Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)

For the 2019 Quarter, total revenues were $453.3 million compared to $531.8 million for the quarter ended December 31, 2018 (the "2018 Quarter"), primarily due to lower coal sales revenues resulting from reduced coal sales volumes and prices, partially offset by the addition of oil & gas royalty revenues in the 2019 Quarter. Lower total revenues, partially offset by lower total operating expenses, pushed net income attributable to ARLP for the 2019 Quarter down to $25.8 million, or $0.20 per basic and diluted limited partner unit, compared to $50.8 million, or $0.38 per basic and diluted limited partner unit, for the 2018 Quarter. EBITDA and Adjusted EBITDA in the 2019 Quarter of $126.2 million were lower compared to EBITDA and Adjusted EBITDA in the 2018 Quarter of $136.4 million and $176.8 million, respectively.

ARLP also announced today that the Board of Directors of its general partner has decreased the quarterly cash distribution to unitholders for the 2019 Quarter to $0.40 per unit (an annualized rate of $1.60 per unit), payable on February 14, 2020 to all unitholders of record as of the close of trading on February 7, 2020. The announced distribution compares to quarterly unitholder distributions of $0.53 per unit declared for the 2018 Quarter and $0.54 per unit declared for the quarter ended September 30, 2019 (the "Sequential Quarter").

Commenting on ARLP’s performance for the year, Joseph W. Craft III, Chairman, President and Chief Executive Officer, said, "Following a year where we grew our coal production by 7.1%, delivered record coal sales volumes, improved coal sales price realizations and posted higher year-over-year revenues, net income and EBITDA, we entered 2019 anticipating a continuation of the favorable domestic and international coal market fundamentals that led to our success in 2018. After posting solid results in the first quarter of 2019, recording 15% growth in total revenues over the first quarter of 2018, the international thermal indexes began to move lower. Unfortunately, the price for thermal coal in the international marketplace continued to deteriorate throughout the year, dropping significantly since the beginning of 2019. As a result, export volumes shrank and the industry soon faced a growing oversupply in the domestic market. ARLP proactively responded by modifying our operations to shift production to our lowest-cost mines, reducing total volumes, adjusting our coal sales mix to increase domestic market share in the face of weak export pricing and delivered solid results for the year despite extremely challenging coal market conditions."

Mr. Craft added, "ARLP made tremendous progress in diversifying our business through growth in our oil & gas minerals segment. During 2019, we invested approximately $320.0 million in the segment and transitioned to active participation in the industry with direct ownership of over 55,000 net royalty acres in premier basins. The cash flow generated by these assets has become a meaningful contributor to ARLP’s performance, representing approximately 7.0% of our consolidated Segment Adjusted EBITDA in 2019. With senior leadership recently added, we expect this part of our business will play an even greater role in ARLP’s future performance."

Commenting on the distribution, Mr. Craft continued, "ARLP finished the year with a respectable 1.18 distribution coverage ratio. The partnership remains profitable and continues to generate solid cash flows. As I have advised repeatedly, if our future outlook dictates a change in distributions necessary for ARLP to protect its strong balance sheet to allow us to execute our plans and take advantage of opportunities by preserving liquidity and maintaining access to capital, then our Board will act appropriately. The decision by our Board to reduce ARLP’s unitholder distribution, while difficult, is a significant, proactive step toward achieving these objectives. Assuming ARLP can achieve results this year at the midpoint of our guidance, we would finish 2020 with a 1.27 distribution coverage ratio."

Consolidated Financial Results

Year Ended December 31, 2019 Compared to Year Ended December 31, 2018

Coal Operations –

Reflecting lower coal sales volumes and prices, coal sales revenues for the 2019 Year decreased 4.5% to $1.76 billion, compared to $1.84 billion for the 2018 Year. Coal sales volumes declined 2.8% to 39.3 million tons due primarily to lower export sales, partially offset by increased coal sales to domestic customers. Weak coal market conditions also impacted price realizations which declined 1.7% in the 2019 Year to $44.86 per ton sold, compared to $45.64 per ton sold during the 2018 Year. Reduced shipments of coal to international markets in the 2019 Year led transportation revenues and expenses lower by 11.5% to $99.5 million.

Compared to the 2018 Year, combined operating expenses and outside coal purchases for our coal operations decreased 1.1% to $1.20 billion, primarily due to lower coal sales volumes offset in part by increased expenses per ton. On a per ton basis, curtailed coal production volumes in response to reduced exports and increased outside coal purchases led Segment Adjusted EBITDA Expense per ton higher by 1.6% in the 2019 Year to $30.47 per ton, compared to $29.98 per ton in the 2018 Year.

Segment Adjusted EBITDA from our coal operations declined 9.8% to $612.1 million, compared to $678.7 million for the 2018 Year, primarily due to lower coal sales revenues offset in part by lower expenses in the 2019 Year discussed above. (For a definition of Segment Adjusted EBITDA, Segment Adjusted EBITDA Expense and related reconciliation to comparable GAAP financial measures, please see the end of this release.)

Minerals –

For the 2019 Year, our mineral interests contributed total revenues of $53.0 million from oil & gas royalties and lease bonuses. During the 2019 Year, we also recorded a non-cash acquisition gain of $177.0 million to reflect the fair value of the interests in AllDale I and II we already owned at the time of the AllDale Acquisition. Inclusive of this gain, of which $7.1 million was attributable to noncontrolling interest, our Minerals segment contributed $177.0 million to ARLP’s net income, compared to $21.3 million for the 2018 Year. Excluding the impact of the acquisition gain, Segment Adjusted EBITDA related to our Minerals segment increased to $47.0 million for the 2019 Year, compared to $21.3 million for the 2018 Year. (Please see ARLP Press Release dated January 3, 2019 for a full description of the AllDale Acquisition. Following the AllDale Acquisition, results related to the mineral interests controlled by ARLP are included in our consolidated results while activity related to our limited partner interest in AllDale III continues to be reflected as equity method investment income.)

Compared to the 2018 Year, depreciation, depletion and amortization increased 10.3% to $309.1 million primarily due to depletion from production of our oil & gas royalty interests in the 2019 Year.

In the 2019 Year, we recorded a non-cash asset impairment charge of $15.2 million at our Dotiki mine in the Sequential Quarter as we ceased operations to shift production to our lower cost mines. In the 2018 Year, we recognized $40.5 million of non-cash impairment charges, comprised of a $34.3 million impairment related to the reduction of the economic life of our Dotiki mine and a $6.2 million impairment as a result of a decrease in the fair value of an option entitling us to lease certain coal reserves in Illinois.

In the 2018 Year, ARLP finalized an agreement with a customer and certain of its affiliates to settle litigation we initiated in 2015. The settlement agreement provided for a $93.0 million cash payment to ARLP, future conditional coal supply commitments, continued export trans-loading capacity for our Appalachian mines and the acquisition of 57 million tons of additional coal reserves near our Tunnel Ridge operation. A settlement gain of $80.0 million was recorded in the 2018 Year reflecting the cash payment received net of certain costs associated with the gain.

Three Months Ended December 31, 2019 Compared to Three Months Ended December 31, 2018

Coal Operations –

Due to reduced coal sales volumes and prices, coal sales revenues for the 2019 Quarter decreased 16.5% to $405.1 million, compared to $484.9 million for the 2018 Quarter. Coal sales volumes declined 9.9% to 9.4 million tons in the 2019 Quarter due primarily to lower export sales in addition to production ceasing at our Dotiki mine in the Sequential Quarter, partially offset by increased volumes from our Tunnel Ridge mine. Coal sales price realizations declined 7.3% in the 2019 Quarter to $42.95 per ton sold, compared to $46.34 per ton sold during the 2018 Quarter due primarily to lower met coal prices and shipments at our Mettiki mine. Operating revenues increased by $5.4 million resulting from a customer buy-out of certain coal contracts at Tunnel Ridge. Transportation revenues and expenses decreased to $16.6 million in the 2019 Quarter from $36.4 million in the 2018 Quarter, primarily due to reduced coal volumes shipped to international markets.

Compared to the 2018 Quarter, combined operating expenses and outside coal purchases for our coal operations decreased 6.3% to $291.4 million, primarily as a result of lower coal sales volumes. Segment Adjusted EBITDA Expense per ton increased 3.9% in the 2019 Quarter to $30.92 per ton, compared to $29.75 per ton in the 2018 Quarter, due primarily to the per ton cost impact of curtailed coal production in response to reduced export sales, partially offset by lower coal inventory charges. Lower coal sales revenues, partially offset by lower expenses caused total Segment Adjusted EBITDA from our coal operations to decline 29.8% to $129.4 million in the 2019 Quarter, compared to $184.2 million for the 2018 Quarter.

Minerals –

For the 2019 Quarter, our mineral interests contributed total revenues of $15.7 million from oil & gas royalties and lease bonuses. Including equity income from our AllDale III investment, our Minerals segment contributed Segment Adjusted EBITDA of $14.6 million for the 2019 Quarter, compared to a contribution of $7.3 million in the 2018 Quarter.

Compared to the 2018 Quarter, depreciation, depletion and amortization increased 16.6% to $88.7 million primarily due to depletion from production of our oil & gas royalty interests in the 2019 Quarter.

During the 2018 Quarter, we recorded $40.5 million of non-cash impairment charges due to the uncertain mine life at our Dotiki mine and a decrease in the fair value of an option entitling us to lease certain coal reserves, as discussed above.

Segment Results and Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

2019 Fourth

 

2018 Fourth

 

Quarter /

 

2019 Third

 

% Change

(in millions, except per ton and per BOE data)

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Sequential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois Basin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons sold

 

 

6.687

 

 

7.981

 

(16.2)

%

 

 

6.553

 

2.0

%

Coal sales price per ton (1)

 

$

37.84

 

$

40.26

 

(6.0)

%

 

$

39.11

 

(3.2)

%

Segment Adjusted EBITDA Expense per ton (2)

 

$

26.46

 

$

26.34

 

0.5

%

 

$

26.52

 

(0.2)

%

Segment Adjusted EBITDA (2)

 

$

78.6

 

$

115.8

 

(32.1)

%

 

$

87.8

 

(10.4)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons sold

 

 

2.745

 

 

2.483

 

10.6

%

 

 

2.767

 

(0.8)

%

Coal sales price per ton (1)

 

$

54.89

 

$

64.03

 

(14.3)

%

 

$

58.66

 

(6.4)

%

Segment Adjusted EBITDA Expense per ton (2)

 

$

40.35

 

$

38.98

 

3.5

%

 

$

39.03

 

3.4

%

Segment Adjusted EBITDA (2)

 

$

48.3

 

$

62.9

 

(23.2)

%

 

$

55.2

 

(12.4)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Coal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons sold

 

 

9.432

 

 

10.464

 

(9.9)

%

 

 

9.320

 

1.2

%

Coal sales price per ton (1)

 

$

42.95

 

$

46.34

 

(7.3)

%

 

$

45.06

 

(4.7)

%

Segment Adjusted EBITDA Expense per ton (2)

 

$

30.92

 

$

29.75

 

3.9

%

 

$

30.75

 

0.6

%

Segment Adjusted EBITDA (2)

 

$

129.4

 

$

184.2

 

(29.8)

%

 

$

144.0

 

(10.1)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minerals (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume - BOE

 

 

0.498

 

 

 

n/m

 

 

 

0.433

 

15.0

%

Volume - oil percentage of BOE

 

 

45.2

%

 

 

n/m

 

 

 

44.8

%

0.9

%

Average sales price per BOE (4)

 

$

31.11

 

$

 

n/m

 

 

$

32.22

 

(3.4)

%

Segment Adjusted EBITDA Expense (2)

 

$

1.70

 

$

 

n/m

 

 

$

2.52

 

(32.4)

%

Segment Adjusted EBITDA (2), (3)

 

$

14.6

 

$

7.3

 

98.5

%

 

$

12.2

 

19.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Total (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

453.3

 

$

531.8

 

(14.8)

%

 

$

464.7

 

(2.5)

%

Segment Adjusted EBITDA Expense (2)

 

$

293.4

 

$

311.3

 

(5.8)

%

 

$

289.1

 

1.5

%

Segment Adjusted EBITDA (2)

 

$

143.9

 

$

195.6

 

(26.4)

%

 

$

156.2

 

(7.8)

%

_______________________________________

n/m - Percentage change not meaningful.

(1)

Coal sales price per ton is defined as total coal sales divided by total tons sold.

(2)

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 (as reflected in the reconciliation table at the end of this release) divided by total tons sold.

(3)

We restructured our reportable segments in the first quarter of 2019 to include our consolidated oil & gas mineral interests held by AllDale I & II and our equity method investment in AllDale Minerals III, LP (collectively with AllDale I & II, the "AllDale Partnerships") in a new Minerals reportable segment. In August 2019, we acquired additional oil & gas mineral interests through the Wing Acquisition which are also included within the Minerals reportable segment. The 2018 Quarter includes equity method investment income from the AllDale Partnerships prior to the AllDale Acquisition.

(4)

Average sales price per BOE is defined as royalty revenues excluding lease bonus revenue divided by total barrels of oil equivalent ("BOE"). BOE for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).

(5)

Total reflects consolidated results, which include our other and corporate category and eliminations in addition to the Illinois Basin, Appalachia and Minerals segments highlighted above.

Lower export sales in the 2019 Quarter and the cessation of production at our Dotiki mine in the Sequential Quarter led to a decrease in Illinois Basin sales volumes of 16.2% compared to the 2018 Quarter. Compared to the Sequential Quarter, coal sales volumes increased by 2.0% in the Illinois Basin due to increased sales at our Gibson South mine, partially offset by the closure of our Dotiki mine. In Appalachia, strong performance by our Tunnel Ridge longwall operation in the 2019 Quarter led coal sales volumes higher by 10.6% compared to the 2018 Quarter.

Reduced coal production and increased coal sales volumes during the 2019 Quarter led total coal inventory lower to 1.8 million tons at the end of the 2019 Quarter, a decrease of 0.7 million tons compared to total coal inventory of 2.5 million tons at the end of the Sequential Quarter. Compared to the 2018 Quarter, total coal inventory increased by 1.2 million tons. Coal sales price per ton sold in the 2019 Quarter decreased in both regions compared to the 2018 and Sequential Quarters reflecting weakened market conditions.

In the Illinois Basin, Segment Adjusted EBITDA Expense per ton in the 2019 Quarter was comparable to both the 2018 and Sequential Quarters. In Appalachia, Segment Adjusted EBITDA Expense per ton increased 3.5% compared to the 2018 Quarter as a result of lower recoveries and increased labor and workers' compensation expenses per ton at our Mettiki and MC Mining mines, increased longwall move days at our Mettiki and Tunnel Ridge operations and higher purchased coal costs, partially offset by increased recoveries at the Tunnel Ridge mine in the 2019 Quarter. Segment Adjusted EBITDA Expense per ton in Appalachia was also higher sequentially, increasing 3.4% due to longwall moves at Mettiki and Tunnel Ridge in the 2019 Quarter and reduced production at MC Mining.

Our Minerals segment continued to deliver strong growth in the 2019 Quarter as production from our mineral interests increased 15.0% over the Sequential Quarter. Segment Adjusted EBITDA also increased, climbing to $14.6 million compared to $7.3 million and $12.2 million in the 2018 and Sequential Quarters, respectively.

Market Update and Outlook

"ARLP anticipates challenging coal market conditions will persist throughout 2020 as low natural gas prices, tepid power demand and elevated stockpiles are likely to keep the industry in an oversupplied position and continue to exert pressure on pricing for the near future," said Mr. Craft. "As we navigate these challenging and uncertain markets, ARLP will focus on minimizing expenses and reducing capital expenditures so that we can target our coal production to match demand at the lowest possible cost. While the performance of our coal operations will be impacted in the near term, as reflected in our initial 2020 guidance below, ARLP is well positioned to benefit over the long term. We continue to believe current market conditions are unsustainable for most of our competitors and will result in meaningful supply rationalization – providing opportunities for ARLP to capture additional domestic market share."

Mr. Craft continued, "Turning to our oil & gas minerals business, ARLP is expecting significant organic growth as development of our existing acreage continues in 2020. At the midpoint of our initial 2020 estimates, we currently anticipate oil & gas production will increase approximately 52.0% compared to 2019. Oil & gas royalties revenue and Segment Adjusted EBITDA are also expected to be approximately 56.0% and 62.0% higher, respectively. This performance should result in the contribution from our minerals business increasing to approximately 13.0% of ARLP’s consolidated Segment Adjusted EBITDA this year and, as we look to expand our existing base by acquiring additional mineral interests, this contribution is expected to grow in the future."

Looking forward, Mr. Craft concluded, "We continue to believe ARLP’s strategically-located, low-cost coal operations will generate solid long-term cash flow and that the contribution from our oil & gas minerals will enhance our future performance. This combination and our strong balance sheet position ARLP with the opportunity to create long-term value for our unitholders and we remain unwavering in our commitment to deliver on this opportunity for all of our stakeholders."

ARLP is providing the following initial full-year guidance for 2020:

 

 

 

 

 

 

2020 Full Year Guidance

 

 

 

 

 

 

Coal

 

 

 

 

 

 

 

 

 

 

 

Volumes (Million Short Tons)

 

 

 

 

 

Illinois Basin Production

 

 

 

 

25.5— 27.3

Appalachia Production

 

 

 

 

10.0 — 10.2

Total Coal Production

 

 

 

 

35.5 — 37.5

 

 

 

 

 

 

Illinois Basin Sales Tons

 

 

 

 

26.8 — 28.6

Appalachia Sales Tons

 

 

 

 

10.0 ─ 10.2

Total Sales Tons

 

 

 

 

36.8 — 38.8

 

 

 

 

 

 

Committed & Priced Sales Tons

 

 

 

 

 

2020 — Domestic

 

 

 

 

28.5

2020 — Export

 

 

 

 

0.9

2021 — Domestic

 

 

 

 

18.4

2021 — Exports

 

 

 

 

 

 

 

 

 

 

Per Ton Estimates

 

 

 

 

 

Coal Sales Price per ton sold (1)

 

 

 

 

~ $41.50 — $42.30

Segment Adjusted EBITDA Expense per ton sold (2)

 

 

 

 

~ $29.75 — $30.05

Segment Adjusted EBITDA per ton sold (2)

 

 

 

 

~ $12.70 — $13.70

 

 

 

 

 

 

Minerals

 

 

 

 

 

 

 

 

 

 

 

Oil (000 Barrels)

 

 

 

 

1,165 — 1,285

Natural Gas (000 MCF)

 

 

 

 

4,045 ─ 4,470

Liquids (000 Barrels)

 

 

 

 

485 ─ 535

Marketing Expenses (% of Revenue)

 

 

 

 

~5.1%

Production and Ad Valorem Taxes (% of Revenue)

 

 

 

 

~ 6.1%

Segment Adjusted EBITDA (2) contribution from Minerals (3)

 

 

 

 

$72.0 — $80.0 million

 

 

 

 

 

 

Consolidated

 

 

 

 

 

Revenues (Excluding Transportation Revenues)

 

 

 

 

$1.65 — $1.77 billion

EBITDA (4)

 

 

 

 

$465.0 — $540.0 million

Net Income Attributable to ARLP

 

 

 

 

$81.0 — $159.0 million

Depreciation, depletion and amortization

 

 

 

 

$319.0 — $340.0 million

Capital Expenditures (5)

 

 

 

 

$165.0 — $190.0 million

_______________________________________

(1)

Sales price per ton is defined as total coal sales divided by total tons sold.

(2)

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 excludes Minerals and Segment Adjusted EBITDA per ton excludes Minerals and equity securities income.

(3)

The estimated Segment Adjusted EBITDA contribution from Minerals is subject to a number of factors including estimated drilling activity, oil & gas production volumes and price realizations, each of which is subject to change.

(4)

For a definition of EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.

(5)

Capital expenditures in 2020 are primarily related to maintenance capital expenditures for ARLP’s coal operations, including $15.0 - $18.0 million for development of the Excel Mine No. 5. Considering its current five-year planning horizon, ARLP is estimating total average maintenance capital expenditures for its coal operations of approximately $5.04 per ton produced for long-term distribution planning purposes.

A conference call regarding ARLP's 2019 Quarter and Year financial results and 2020 outlook is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 506-1589 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. Canadian callers should dial (855) 669-9657 and all other international callers should dial (412) 317-5240 and request to be connected to the same call. Investors may also listen to the call via the "investor information" 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 US Toll Free (877) 344-7529; International Toll (412) 317-0088; Canada Toll Free (855) 669-9658 and request to be connected to replay access code 10138052.

This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to gross income, gain or loss that is effectively connected with a United States trade or business. Accordingly, ARLP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource company that generates income from coal production and oil & gas mineral interests located in strategic producing regions across the United States.

ARLP currently produces coal from seven mining complexes it operates in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.

ARLP generates royalty income from mineral interests it owns in premier oil & gas producing regions in the United States, primarily the Permian, Anadarko, Williston and Appalachian basins.

In addition, ARLP also generates income from a variety of other sources.

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. These risks, uncertainties and contingencies include, but are not limited to, the following: changes in coal prices, which could affect our operating results and cash flows; changes in competition in domestic and international coal markets and our ability to respond to such changes; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; risks associated with the expansion of our operations and properties; our ability to identify and complete acquisitions; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume or terms to existing coal supply agreements; changing global economic conditions or in industries in which our customers operate; recent action and the possibility of future action on trade made by United States and foreign governments; the effect of new tariffs and other trade measures; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; fluctuations in coal demand, prices and availability; changes in oil & gas prices, which could, among other things, affect our investments in oil & gas mineral interests; our productivity levels and margins earned on our coal sales; decline in or change 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, such as natural gas, nuclear energy and renewable fuels; changes in raw material costs; changes in the availability of skilled labor; our ability to maintain satisfactory relations with our employees; increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with post-mine reclamation and workers' compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather-related or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers' compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal reserves; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; uncertainties in our ability to generate sufficient cash from operations to maintain our per unit distribution level; uncertainties in our ability to meet guidance, market expectations and internal projections; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.

Additional information concerning these and other factors can be found in ARLP's public periodic filings with the SEC, including ARLP's Annual Report on Form 10-K for the year ended December 31, 2018, filed on February 22, 2019 and ARLP's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, filed on May 6, 2019, August 5, 2019 and November 5, 2019, respectively, with the SEC. Except as required by applicable securities laws, ARLP does not intend to update its forward-looking statements.

 
 

ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OPERATING DATA

(In thousands, except unit and per unit data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

 

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons Sold

 

 

9,432

 

 

10,464

 

 

39,289

 

 

40,421

 

Tons Produced

 

 

8,551

 

 

10,196

 

 

39,981

 

 

40,266

 

Mineral Interest Volumes (BOE)

 

 

498

 

 

 

 

1,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES AND OPERATING REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal sales

 

$

405,111

 

$

484,943

 

$

1,762,442

 

$

1,844,808

 

Oil & gas royalties

 

 

15,481

 

 

 

 

51,735

 

 

 

Transportation revenues

 

 

16,611

 

 

36,371

 

 

99,503

 

 

112,385

 

Other revenues

 

 

16,135

 

 

10,526

 

 

48,040

 

 

45,664

 

Total revenues

 

 

453,338

 

 

531,840

 

 

1,961,720

 

 

2,002,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses (excluding depreciation, depletion and amortization)

 

 

286,845

 

 

310,870

 

 

1,182,100

 

 

1,207,713

 

Transportation expenses

 

 

16,611

 

 

36,371

 

 

99,503

 

 

112,385

 

Outside coal purchases

 

 

7,447

 

 

24

 

 

23,357

 

 

1,466

 

General and administrative

 

 

17,779

 

 

18,785

 

 

72,997

 

 

68,298

 

Depreciation, depletion and amortization

 

 

88,675

 

 

76,031

 

 

309,075

 

 

280,225

 

Settlement gain

 

 

 

 

 

 

 

 

(80,000)

 

Asset impairment

 

 

 

 

40,483

 

 

15,190

 

 

40,483

 

Total operating expenses

 

 

417,357

 

 

482,564

 

 

1,702,222

 

 

1,630,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 

35,981

 

 

49,276

 

 

259,498

 

 

372,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(12,044)

 

 

(9,565)

 

 

(45,875)

 

 

(40,218)

 

Interest income

 

 

58

 

 

38

 

 

379

 

 

159

 

Equity method investment income

 

 

670

 

 

7,634

 

 

2,203

 

 

22,189

 

Equity securities income

 

 

 

 

4,129

 

 

12,906

 

 

15,696

 

Acquisition gain

 

 

 

 

 

 

177,043

 

 

 

Other income (expense)

 

 

931

 

 

(420)

 

 

561

 

 

(2,621)

 

INCOME BEFORE INCOME TAXES

 

 

25,596

 

 

51,092

 

 

406,715

 

 

367,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE (BENEFIT)

 

 

(341)

 

 

24

 

 

(211)

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

25,937

 

 

51,068

 

 

406,926

 

 

367,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(105)

 

 

(295)

 

 

(7,512)

 

 

(866)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO ARLP

 

$

25,832

 

$

50,773

 

$

399,414

 

$

366,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO ARLP

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL PARTNER

 

$

 

$

 

$

 

$

1,560

 

LIMITED PARTNERS

 

$

25,832

 

$

50,773

 

$

399,414

 

$

365,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER LIMITED PARTNER UNIT - BASIC AND DILUTED

 

$

0.20

 

$

0.38

 

$

3.07

 

$

2.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED-AVERAGE NUMBER OF UNITS OUTSTANDING – BASIC AND DILUTED

 

 

127,538,211

 

 

129,771,010

 

 

128,116,670

 

 

130,758,169

 

 

ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data)

(Unaudited)

 

 

December 31,

 

 

 

2019

 

2018

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

36,482

 

$

244,150

 

Trade receivables

 

 

161,679

 

 

174,914

 

Other receivables

 

 

256

 

 

395

 

Inventories, net

 

 

101,305

 

 

59,206

 

Advance royalties, net

 

 

1,844

 

 

1,274

 

Prepaid expenses and other assets

 

 

18,019

 

 

20,747

 

Total current assets

 

 

319,585

 

 

500,686

 

PROPERTY, PLANT AND EQUIPMENT:

 

 

 

 

 

 

 

Property, plant and equipment, at cost

 

 

3,684,008

 

 

2,925,808

 

Less accumulated depreciation, depletion and amortization

 

 

(1,675,022)

 

 

(1,513,450)

 

Total property, plant and equipment, net

 

 

2,008,986

 

 

1,412,358

 

OTHER ASSETS:

 

 

 

 

 

 

 

Advance royalties, net

 

 

52,057

 

 

42,923

 

Equity method investments

 

 

28,529

 

 

161,309

 

Equity securities

 

 

 

 

122,094

 

Goodwill

 

 

136,399

 

 

136,399

 

Operating lease right-of-use assets

 

 

17,660

 

 

 

Other long-term assets

 

 

23,478

 

 

18,979

 

Total other assets

 

 

258,123

 

 

481,704

 

TOTAL ASSETS

 

$

2,586,694

 

$

2,394,748

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS' CAPITAL

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Accounts payable

 

$

80,566

 

$

96,397

 

Accrued taxes other than income taxes

 

 

15,768

 

 

16,762

 

Accrued payroll and related expenses

 

 

36,575

 

 

43,113

 

Accrued interest

 

 

5,664

 

 

5,022

 

Workers' compensation and pneumoconiosis benefits

 

 

11,175

 

 

11,137

 

Current finance lease obligations

 

 

8,368

 

 

46,722

 

Current operating lease obligations

 

 

3,251

 

 

 

Other current liabilities

 

 

21,062

 

 

19,718

 

Current maturities, long-term debt, net

 

 

13,157

 

 

92,000

 

Total current liabilities

 

 

195,586

 

 

330,871

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

 

Long-term debt, excluding current maturities, net

 

 

768,194

 

 

564,004

 

Pneumoconiosis benefits

 

 

94,389

 

 

68,828

 

Accrued pension benefit

 

 

44,858

 

 

43,135

 

Workers' compensation

 

 

45,503

 

 

41,669

 

Asset retirement obligations

 

 

133,018

 

 

127,655

 

Long-term finance lease obligations

 

 

2,224

 

 

10,595

 

Long-term operating lease obligations

 

 

14,316

 

 

 

Other liabilities

 

 

23,182

 

 

20,304

 

Total long-term liabilities

 

 

1,125,684

 

 

876,190

 

Total liabilities

 

 

1,321,270

 

 

1,207,061

 

 

 

 

 

 

 

 

 

PARTNERS' CAPITAL:

 

 

 

 

 

 

 

ARLP Partners' Capital:

 

 

 

 

 

 

 

Limited Partners - Common Unitholders 126,915,597 and 128,095,511 units outstanding, respectively

 

 

1,331,482

 

 

1,229,268

 

Accumulated other comprehensive loss

 

 

(77,993)

 

 

(46,871)

 

Total ARLP Partners' Capital

 

 

1,253,489

 

 

1,182,397

 

Noncontrolling interest

 

 

11,935

 

 

5,290

 

Total Partners' Capital

 

 

1,265,424

 

 

1,187,687

 

TOTAL LIABILITIES AND PARTNERS' CAPITAL

 

$

2,586,694

 

$

2,394,748

 

 
 

ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2019

 

2018

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

$

514,895

 

$

694,345

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Property, plant and equipment:

 

 

 

 

 

 

 

Capital expenditures

 

 

(305,858)

 

 

(233,480)

 

Decrease in accounts payable and accrued liabilities

 

 

(81)

 

 

(1,051)

 

Proceeds from sale of property, plant and equipment

 

 

1,266

 

 

2,409

 

Contributions to equity method investments

 

 

 

 

(15,600)

 

Distributions received from investments in excess of cumulative earnings

 

 

2,501

 

 

2,473

 

Payments for acquisitions of businesses, net of cash acquired

 

 

(320,232)

 

 

 

Cash received from redemption of equity securities

 

 

134,288

 

 

 

Net cash used in investing activities

 

 

(488,116)

 

 

(245,249)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Borrowings under securitization facility

 

 

184,500

 

 

304,600

 

Payments under securitization facility

 

 

(202,700)

 

 

(285,000)

 

Proceeds from equipment financings

 

 

63,086

 

 

 

Payments on equipment financings

 

 

(2,607)

 

 

 

Borrowings under revolving credit facilities

 

 

400,000

 

 

245,000

 

Payments under revolving credit facilities

 

 

(320,000)

 

 

(100,000)

 

Payments on finance lease obligations

 

 

(46,725)

 

 

(29,353)

 

Payments for purchases of units under unit repurchase program

 

 

(22,892)

 

 

(70,604)

 

Net settlement of withholding taxes on issuance of units in deferred compensation plans

 

 

(7,817)

 

 

(2,081)

 

Cash contribution by General Partner

 

 

 

 

41

 

Cash contribution by affiliated entity

 

 

 

 

2,142

 

Cash obtained in Simplification Transactions

 

 

 

 

1,139

 

Distributions paid to Partners

 

 

(278,425)

 

 

(275,902)

 

Other

 

 

(867)

 

 

(1,684)

 

Net cash used in financing activities

 

 

(234,447)

 

 

(211,702)

 

 

 

 

 

 

 

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(207,668)

 

 

237,394

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

244,150

 

 

6,756

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

36,482

 

$

244,150

 

Reconciliation of GAAP "net income attributable to ARLP" to non-GAAP "EBITDA," "Adjusted EBITDA" and "Distributable Cash Flow" (in thousands).

EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes and depreciation, depletion and amortization and Adjusted EBITDA is EBITDA modified for certain items that may not reflect the trend of future results, such as settlement gains, asset impairments and acquisition gains. Distributable cash flow ("DCF") is defined as Adjusted EBITDA excluding interest expense (before capitalized interest), interest income, income taxes and estimated maintenance capital expenditures. Distribution coverage ratio ("DCR") is defined as DCF divided by distributions paid to partners.

Management believes that the presentation of such additional financial measures provides useful information to investors regarding our performance and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation and planning decisions and (iii) present measurements that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations.

EBITDA, Adjusted EBITDA, DCF and DCR should not be considered as alternatives to net income attributable to ARLP, net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. EBITDA, Adjusted EBITDA and DCF are not intended to represent cash flow and do not represent the measure of cash available for distribution. Our method of computing EBITDA, Adjusted EBITDA, DCF and DCR may not be the same method used to compute similar measures reported by other companies, or EBITDA, Adjusted EBITDA, DCF and DCR may be computed differently by us in different contexts (i.e. public reporting versus computation under financing agreements).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

Three Months Ended

 

Year Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

December 31,

 

 

 

2019

 

2018

 

2019

 

2018

 

2019

 

2020E Midpoint

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to ARLP

 

$

25,832

 

$

50,773

 

$

399,414

 

$

366,604

 

$

39,084

 

$

120,000

 

Depreciation, depletion and amortization

 

 

88,675

 

 

76,031

 

 

309,075

 

 

280,225

 

 

72,348

 

 

329,500

 

Interest expense, net

 

 

12,407

 

 

9,942

 

 

46,707

 

 

41,365

 

 

11,904

 

 

54,600

 

Capitalized interest

 

 

(421)

 

 

(415)

 

 

(1,211)

 

 

(1,306)

 

 

(298)

 

 

(1,700)

 

Income tax expense (benefit)

 

 

(341)

 

 

24

 

 

(211)

 

 

22

 

 

50

 

 

100

 

EBITDA

 

 

126,152

 

 

136,355

 

 

753,774

 

 

686,910

 

 

123,088

 

 

502,500

 

Settlement gain

 

 

 

 

 

 

 

 

(80,000)

 

 

 

 

 

Asset impairment

 

 

 

 

40,483

 

 

15,190

 

 

40,483

 

 

15,190

 

 

 

Acquisition gain

 

 

 

 

 

 

(177,043)

 

 

 

 

 

 

 

Acquisition gain attributable to noncontrolling interest

 

 

 

 

 

 

7,083

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

126,152

 

 

176,838

 

 

599,004

 

 

647,393

 

 

138,278

 

 

502,500

 

Interest expense, net

 

 

(12,407)

 

 

(9,942)

 

 

(46,707)

 

 

(41,365)

 

 

(11,904)

 

 

(54,600)

 

Income tax (expense) benefit

 

 

341

 

 

(24)

 

 

211

 

 

(22)

 

 

(50)

 

 

(100)

 

Estimated maintenance capital expenditures (1)

 

 

(47,629)

 

 

(48,126)

 

 

(222,694)

 

 

(190,056)

 

 

(56,095)

 

 

(184,000)

 

Distributable Cash Flow

 

$

66,457

 

$

118,746

 

$

329,814

 

$

415,950

 

$

70,229

 

$

263,800

 

Distributions paid to partners

 

$

69,772

 

$

69,220

 

$

278,425

 

$

275,902

 

$

70,153

 

$

207,000

 

Distribution Coverage Ratio

 

 

0.95

 

 

1.72

 

 

1.18

 

 

1.51

 

 

1.00

 

 

1.27

 

_______________________________________

(1)

Our maintenance capital expenditures are those capital expenditures required to maintain, over the long-term, the operating capacity of our capital assets. We estimate maintenance capital expenditures on an annual basis based upon a five-year planning horizon. For the 2020 planning horizon, average annual estimated maintenance capital expenditures are assumed to be $5.04 per ton produced compared to the estimated $5.57 per ton produced in 2019. Our actual maintenance capital expenditures fluctuate depending on various factors, including maintenance schedules and timing of capital projects, among others. We annually disclose our actual maintenance capital expenditures in our Form 10-K filed with the SEC.

 

Reconciliation of GAAP "Operating Expenses" to non-GAAP "Segment Adjusted EBITDA Expense" and Reconciliation of non-GAAP "Adjusted EBITDA" to "Segment Adjusted EBITDA" (in thousands).

Segment Adjusted EBITDA Expense includes operating expenses, coal purchases and other expense. Segment Adjusted EBITDA Expense – Coal excludes expenses of our Minerals segment. Transportation expenses are excluded as these expenses are passed through to our customers and, consequently, we do not realize any margin on transportation revenues. Segment Adjusted EBITDA Expense is used as a supplemental financial measure by our management to assess the operating performance of our segments. Segment Adjusted EBITDA Expense is a key component of EBITDA and Adjusted EBITDA in addition to coal sales, royalty revenues and other revenues. The exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA Expense allows management to focus solely on the evaluation of segment operating performance as it primarily relates to our operating expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

Three Months Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

$

286,845

 

$

310,870

 

$

1,182,100

 

$

1,207,713

 

$

278,254

 

Outside coal purchases

 

 

7,447

 

 

24

 

 

23,357

 

 

1,466

 

 

10,599

 

Other (income) expense

 

 

(931)

 

 

420

 

 

(561)

 

 

2,621

 

 

228

 

Segment Adjusted EBITDA Expense

 

 

293,361

 

 

311,314

 

 

1,204,896

 

 

1,211,800

 

 

289,081

 

Minerals expenses

 

 

(1,702)

 

 

 

 

(7,811)

 

 

 

 

(2,517)

 

Segment Adjusted EBITDA Expense - Coal

 

$

291,659

 

$

311,314

 

$

1,197,085

 

$

1,211,800

 

$

286,564

 

Divided by tons sold

 

 

9,432

 

 

10,464

 

 

39,289

 

 

40,421

 

 

9,320

 

Segment Adjusted EBITDA Expense per ton

 

$

30.92

 

$

29.75

 

$

30.47

 

$

29.98

 

$

30.75

 

Segment Adjusted EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization, general and administrative expenses, settlement gain, asset impairment and acquisition gain. Segment Adjusted EBITDA – Coal excludes the contribution of our Minerals segment and equity securities income to allow management to focus solely on the operating performance of our coal segments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

Three Months Ended

 

 

 

December 31,

 

December 31,

 

September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA (See reconciliation to GAAP above)

 

$

126,152

 

$

176,838

 

$

599,004

 

$

647,393

 

$

138,278

 

General and administrative

 

 

17,779

 

 

18,785

 

 

72,997

 

 

68,298

 

 

17,885

 

Segment Adjusted EBITDA

 

 

143,931

 

 

195,623

 

 

672,001

 

 

715,691

 

 

156,163

 

Minerals segment

 

 

(14,565)

 

 

(7,339)

 

 

(46,997)

 

 

(21,323)

 

 

(12,202)

 

Equity securities income

 

 

 

 

(4,129)

 

 

(12,906)

 

 

(15,696)

 

 

 

Segment Adjusted EBITDA – Coal

 

$

129,366

 

$

184,155

 

$

612,098

 

$

678,672

 

$

143,961

 

Divided by tons sold

 

 

9,432

 

 

10,464

 

 

39,289

 

 

40,421

 

 

9,320

 

Segment Adjusted EBITDA per ton

 

$

13.72

 

$

17.60

 

$

15.58

 

$

16.79

 

$

15.45

 

 


© Business Wire 2020
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Financials (USD)
Sales 2020 1 633 M
EBIT 2020 69,7 M
Net income 2020 -14,6 M
Debt 2020 -
Yield 2020 50,2%
P/E ratio 2020 -29,0x
P/E ratio 2021 9,67x
Capi. / Sales2020 0,25x
Capi. / Sales2021 0,24x
Capitalization 406 M
Chart ALLIANCE RESOURCE PARTNERS, L.P.
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Technical analysis trends ALLIANCE RESOURCE PARTNERS
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Average target price 10,33  $
Last Close Price 3,19  $
Spread / Highest target 339%
Spread / Average Target 224%
Spread / Lowest Target 88,1%
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Managers
NameTitle
Joseph W. Craft Chairman, President & Chief Executive Officer
Thomas M. Wynne Chief Operating Officer & Senior Vice President
Brian L. Cantrell Chief Financial Officer & Senior Vice President
Charles R. Wesley Director & Executive Vice President
John Harris Robinson Independent Director
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