Natural Resource Mulls Acquisitions
Nov 12 13
Natural Resource Partners LP (NYSE:NRP) announced a follow on equity offering. Natural Resource said that they intend to use the net proceeds from this offering, including our general partner’s proportionate capital contribution, after deducting the sales agents’ commission and our offering expenses, for general partnership purposes, which may include, among other things, growth expenditures and investments, acquisitions and the repayment of indebtedness, including the repayment of principal on Opco’s senior notes.
Natural Resource Partners L.P Declares Quarterly Distribution, Payable on November 14, 2013; Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2013; Re-Affirms Earnings Guidance for the Year 2013
Nov 5 13
The Board of Directors of Natural Resource Partners L.P.'s general partner declared a quarterly distribution of $0.55 per unit for the third quarter 2013 to be paid on November 14, 2013 to unit holders of record on November 5, 2013.
The company reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income attributable to general partner was $723,000 or $0.32 basic and diluted earnings per share on total revenues and other income of $82,237,000 compared to net income attributable to general partner of $1,040,000 or $0.48 basic and diluted earnings per share on total revenues and other income of $94,175,000 for the same period a year ago. Income from operations was $51,624,000 compared $65,643,000 for the same period a year ago. Net cash provided by operating activities was $65,866,000 and acquisition of land and mineral rights was $38,303,000 against net cash provided by operating activities of $61,865,000 and acquisition of land and mineral rights of $40,010,000 a year ago. Distributable cash flow was $104,613,000 against $78,122,000 a year ago.
For nine months, the company reported net income attributable to general partner was $2,502,000 or $1.12 basic and diluted earnings per share on total revenues and other income of $263,373,000 compared to net income attributable to general partner of $3,065,000 or $1.42 basic and diluted earnings per share on total revenues and other income of $276,711,000 for the same period a year ago. Income from operations was $169,484,000 compared $193,959,000 for the same period a year ago. Net cash provided by operating activities was $189,515,000 and acquisition of land and mineral rights was $38,303,000 against net cash provided by operating activities of $193,872,000 and acquisition of land and mineral rights of $134,463,000 a year ago. Distributable cash flow was $239,748,000 against $211,318,000 a year ago.
Third quarter 2013 total revenues decreased from the same period of 2012 due to a decrease in coal royalty revenues. Coal royalty revenues decreased 26% from 2012 to $52.3 million due primarily to decreases in prices for both metallurgical and steam coal. Coal production volumes increased slightly to 13.5 million tons, while average coal royalty revenue per ton decreased 26% to $3.88 per ton. The production increase was largely due to higher production from mines with lower prices, which offset decreased Central Appalachian production.
For nine months, the company reported coal production volumes to 42.2 million tons compared to 37.4 million tons a year ago. Total coal royalty Revenue was $164.9 million against $193.1 million a year ago.
The company's 2013 guidance issued in August reflected the impact of the weaker coal markets and the company still believes that its 2013 results will be within the previously issued ranges.
Natural Resource Partners LP Announces Board Changes
Nov 4 13
Natural Resource Partners LP announced on October 31, 2013 changes to the board of GP Natural Resource Partners LLC, including the appointment of a former Peabody Energy Corp. executive. Natural Resource Partners LP announced in an October 31, 2013 regulatory filing changes to the board of GP Natural Resource Partners LLC, the general partner of the general partner of NRP, including the appointment of a former Peabody Energy Corp. executive. David Carmichael has retired from the board, effective October 31, 2013. As of the same effective date, J. Matthew Fifield resigned from the board. In addition, Russell Gordy, Donald Holcomb and Richard Navarre were appointed to the board. Carmichael also retired from the audit, compensation, nominating and governance, and conflicts committees of the board. Holcomb succeeds Fifield as one of two Adena Minerals LLC designees to the board pursuant to an investor rights agreement.
Natural Resource Partners L.P. Announces Agreement to Purchase Additional Producing North Dakota Oil and Gas Properties
Oct 30 13
Natural Resource Partners L.P. announced that it has entered into a definitive agreement to purchase non-operated working interests in oil and gas properties located in the Williston Basin of North Dakota and currently producing from the Bakken/Three Forks play, from Sundance Energy Inc. for approximately $35.5 million, subject to customary purchase price adjustments. The acquisition will have an effective date of September 1, 2013 and is expected to close in December of this year. The properties are located in McKenzie, Mountrail and Dunn counties and are actively being developed. The leases to be acquired are held by production. The acquisition includes an interest in 77 producing wells in addition to the opportunity to participate in future development locations. NRP expects the acquisition to be immediately accretive to NRP's unitholders.
Natural Resource Partners LP to Report Q3, 2013 Results on Nov 05, 2013
Oct 24 13
Natural Resource Partners LP announced that they will report Q3, 2013 results on Nov 05, 2013