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natural resource partners lp (NRP) Key Developments

Natural Resource Partners LP Presents at 2014 Citi One-on-One MLP / Midstream Infrastructure Conference, Aug-19-2014

Natural Resource Partners LP Presents at 2014 Citi One-on-One MLP / Midstream Infrastructure Conference, Aug-19-2014 . Venue: Encore at Wynn Las Vegas, 3121 Las Vegas Boulevard South, Las Vegas, NV 89109, United States.

Natural Resource Partners LP Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Asset Impairment for the Second Quarter of 2014; Reaffirms Earnings Guidance for the Year 2014; Reports Production Results for the Second Quarter and Six Months Ended June 30, 2014

Natural Resource Partners LP announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues and other income was $90,561,000 against $86,804,000 a year ago. Income from operations was $50,403,000 against $55,332,000 a year ago. Income before non-controlling interest was $31,407,000 against $41,065,000 a year ago. Net income attributable to Limited partners was $30,779,000 or $0.28 per basic and diluted unit against $40,244,000 or $0.37 per basic and diluted unit a year ago. Net cash provided by operating activities was $61,008,000 against $79,736,000 a year ago. Oil and gas capital expenditures were $6,319,000 against nil a year ago. Distributable cash flow, a non-GAAP measure, was $64,944,000 against $90,650,000 a year ago. EBITDA was $77,178,000 against $76,068,000 a year ago. Non-GAAP "Net income attributable to the limited partners before considering the impairment was $36,290,000 or $0.33 per unit against $40,678,000 or $0.37 per unit a year ago. Revenues other than coal related revenues nearly doubled from the second quarter 2013 primarily due to increased oil and gas revenues and investment in the soda ash business. Oil and gas revenues increased nearly six-fold over the second quarter of 2013 to $10.1 million, primarily due to the revenues generated by NRP's Williston Basin properties acquired in the second half of 2013. NRP also recognized a 19% increase in the equity income associated with NRP's investment in the soda ash business due to both an increase in net income for the business as well as 23 additional days of income in 2014 over 2013. For the six months, the company reported total revenues and other income was $170,870,000 against $181,136,000 a year ago. Income from operations was $102,842,000 against $117,860,000 a year ago. Income before non-controlling interest was $64,012,000 against $88,971,000 a year ago. Net income attributable to Limited partners was $62,732,000 or $0.57 per basic and diluted unit against $87,192,000 or $0.80 per basic and diluted unit a year ago. Net cash provided by operating activities was $99,638,000 against $123,649,000 a year ago. Oil and gas capital expenditures were $8,123,000 against nil a year ago. Distributable cash flow, a non-GAAP measure, was $103,871,000 against $135,135,000 a year ago. EBITDA was $148,898,000 against $156,683,000 a year ago. Non-GAAP "Net income attributable to the limited partners before considering the impairment was $68,243,000 or $0.62 per unit against $87,911,000 or $0.80 per unit a year ago. The company reported Asset impairment was $5,624,000 against $443,000 a year ago. The company reaffirmed earnings guidance for the year 2014. Excluding a $5.6 million impairment charge taken in the second quarter, the company is reaffirming its initial guidance for 2014. While the company anticipates that coal related revenues may be lower than the initial guidance, revenues from other sources are expected to increase, offsetting those declines. For the quarter, the company reported Coal production was 11,851,000 tons against 14,894,000 tons a year ago. For the six months, the company reported Coal production was 24,103,000 tons against 28,727,000 tons a year ago.

Natural Resource Partners Declares Second Quarter 2014 Distribution, Payable on August 14, 2014

Natural Resource Partners L.P. announced that the Board of Directors of its general partner has declared a second quarter 2014 distribution of $0.35 per unit for NRP. The distribution will be paid on August 14, 2014 to unit holders of record on August 5, 2014.

Natural Resource Partners LP Announces Executive Changes

Natural Resource Partners L.P. announced that Nick Carter, the company's President and Chief Operating Officer, will retire on September 1, 2014. Wyatt L. Hogan, the company's Executive Vice President, will succeed Mr. Carter as President. Mr. Hogan will be responsible for its continued growth and diversification and will report to Corbin J. Robertson, Jr., the company's Chairman and Chief Executive Officer. Kevin F. Wall, the company's Executive Vice President--Operations will succeed Mr. Carter as Chief Operating Officer and will report to Mr. Hogan. In addition, Kevin J. Craig, the company's Vice President--Business Development for its coal business, will assume additional responsibilities with regard to coal industry relations and report to Mr. Hogan. Following his retirement, Mr. Carter will work as a consultant to NRP through the end of 2014 in order to ensure a seamless transition. Mr. Hogan currently serves as its Executive Vice President, where he oversees its strategic planning, business development and capital markets activities. Mr. Hogan previously served as its Vice President, General Counsel and Secretary from May 2003 to December 2013. Prior to joining the company, Mr. Hogan was an attorney at Vinson & Elkins, specializing in capital markets transactions. Mr. Wall currently serves as the company's Executive Vice President--Operations and has worked for NRP and its predecessor companies since 1986. Mr. Wall was recently elected to succeed Mr. Carter as Chairman of the National Council of Coal Lessors. Mr. Craig currently serves as the company's Vice President--Business Development for the coal business and has worked for NRP since 2005.

Natural Resource Partners LP Presents at NAPTP 2014 MLP Investor Conference, May-22-2014 01:15 PM

Natural Resource Partners LP Presents at NAPTP 2014 MLP Investor Conference, May-22-2014 01:15 PM. Venue: Sawgrass Marriott Golf Resort & Spa, 1000 PGA TOUR Boulevard, Ponte Vedra Beach , FL 32082, United States. Speakers: Nick A. Carter, President of GP Natural Resource Partners LLC and Chief Operating Officer of GP Natural Resource Partners LLC.

 

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