Alliance Resource Partners LP (ARLP) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Alliance Resource Partners, L.P. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Alliance Resource Partners, L.P. 2023 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to your host, Senior Vice President and Chief Financial Officer, Cary Marshall. You may begin.

現在我將把會議交給您的主持人——資深副總裁兼財務長 Cary Marshall。您可以開始了。

Thank you, operator, and welcome, everyone. Earlier this morning, Alliance Resource Partners released its first quarter 2023 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and outlook for 2023. Following our prepared remarks, we will open the call to answer your questions.

謝謝接線員，並歡迎各位。今天稍早，Alliance Resource Partners 公布了 2023 年第一季的財務與營運結果；我們現在將討論這些結果，以及我們對目前市場狀況與 2023 年展望的看法。在我們的準備發言之後，我們將開放電話回答各位的問題。

Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the Securities and Exchange Commission and are also reflected in this morning's press release. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. And in providing these remarks, the partnership has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law to do so.

在開始之前提醒各位，我們今天的部分發言可能包含前瞻性陳述，並受我們不時向美國證券交易委員會（SEC）提交之文件中所載的各項風險、不確定性與假設所影響，亦反映於今天早上的新聞稿中。雖然這些前瞻性陳述係基於我們目前可得之資訊，但若其中一項或多項風險或不確定性成真，或我們的基本假設證明不正確，實際結果可能與我們所預測或預期者有重大差異。此外，除非法律要求，本合夥企業無義務因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述。

Finally, we will also be discussing certain non-GAAP financial measures. Definitions and reconciliations of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures are contained at the end of ARLP's press release, which has been posted on our website and furnished to the SEC on Form 8-K.

最後，我們也將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標之差異定義與調節表，載於 ARLP 新聞稿末尾；該新聞稿已張貼於我們網站，並以 Form 8-K 提交予 SEC。

With the required preliminaries out of the way, I will begin with a review of our results for the first quarter, then turn the call over to Joe Craft, our Chairman, President and Chief Executive Officer, for his comments.

在完成必要的開場事項後，我將先回顧我們第一季的業績，接著把電話交給我們的董事長、總裁兼執行長 Joe Craft，請他發表評論。

But first, let me briefly share how incredibly grateful I am for the opportunity to step into the role of Chief Financial Officer. I've called Alliance home for the past 34 years, having joined our predecessor company in 1989. Since then, I've served in a variety of roles within corporate finance and marketing, and I uniquely understand what makes this partnership great. And I see tremendous opportunity for continued value creation as we build upon Alliance's strong financial operational foundation to be a reliable energy partner both for today and tomorrow.

但首先，讓我簡短分享：我非常感激能有機會接任財務長一職。我在 Alliance 工作已 34 年，於 1989 年加入我們的前身公司。此後，我在公司財務與行銷領域擔任過多種職務，並且我對促成這個合夥企業卓越的關鍵因素有獨到的理解。我也看到巨大的持續創造價值機會：我們將在 Alliance 強健的財務與營運基礎上再接再厲，成為今日與未來都值得信賴的能源夥伴。

Now turning to the quarter. Let me start by recognizing the dedicated efforts of our entire team that delivered the impressive first quarter results we are going to talk about today. The strong 2023 quarter performance was led by record coal sales price per ton sold, which rose by 43.6%, resulting in total revenues in the 2023 quarter increasing by 43% to $662.9 million compared to $463.4 million for the 2022 quarter. The year-over-year improvement in realized coal prices reflects the positive impacts of our contracted order book. Sequentially, coal sales price per ton was up 0.7% or $0.50 per ton sold.

現在回到本季表現。首先我要肯定我們整個團隊的投入與努力，正是大家帶來了我們今天將討論的亮眼第一季成果。2023 年第一季的強勁表現主要由每噸煤炭銷售價格創新高所帶動，該價格上升 43.6%，使 2023 年第一季總營收較 2022 年第一季的 4.634 億美元增加 43% 至 6.629 億美元。煤炭實現價格的年增改善反映了我們合約訂單簿的正面影響。就季比而言，每噸煤炭銷售價格上升 0.7%，或每噸售出增加 0.50 美元。

Turning to our royalty segment. Coal royalty revenue per ton was up 12.5%. However, lower commodity prices caused average realized oil and gas sales prices to fall 26% per BOE versus the 2022 quarter. Sequentially, coal royalty revenue per ton was up 14.6% and average realized oil and gas sales prices fell 18.2% per BOE. Coal sales volumes increased 3.8%, while coal production increased 0.7% to 8.5 million and 9.2 million tons, respectively, compared to the 2022 quarter.

接著談我們的權利金（royalty）事業部。煤炭權利金每噸收入上升 12.5%。然而，較低的商品價格使平均實現油氣銷售價格較 2022 年第一季每 BOE 下降 26%。就季比而言，煤炭權利金每噸收入上升 14.6%，而平均實現油氣銷售價格每 BOE 下降 18.2%。煤炭銷售量增加 3.8%，而煤炭產量較 2022 年第一季分別增加 0.7% 至 850 萬噸與 920 萬噸。

Oil and gas royalty volumes increased 39.5% on a BOE basis to new record highs, while coal royalty tons sold declined 8.9% year-over-year. It is important to note that we recast historical periods within our oil and gas royalty segment to include the JC Resources LP minerals interest acquisition that closed during the 2023 quarter as if we, rather than JC Resources, had acquired the assets in 2019.

油氣權利金產量以 BOE 計增加 39.5%，創下新高；而煤炭權利金售出噸數則年減 8.9%。需要特別說明的是，我們已將油氣權利金事業部的歷史期間重新編列（recast），把於 2023 年第一季完成交割的 JC Resources LP 礦產權益收購納入其中，並假設該等資產係由我們（而非 JC Resources）於 2019 年取得。

Segment adjusted EBITDA expense per ton sold for our coal operations was $39.66, an increase of 23.7% versus the 2022 quarter, primarily due to inflationary pressures throughout the year. On a sequential basis, cost per ton were slightly lower. Our increased operating expenses in the 2023 quarter compared to the 2022 quarter were also impacted by increased sales-related expenses due to higher sales price realizations and higher labor-related expenses, maintenance cost and materials and supplies cost.

我們煤炭營運的分部調整後 EBITDA 每噸售出成本為 39.66 美元，較 2022 年第一季增加 23.7%，主要係因全年通膨壓力所致。就季比而言，每噸成本略有下降。2023 年第一季相較 2022 年第一季的營運費用增加，也受到因銷售價格實現較高而導致的銷售相關費用增加，以及勞務相關費用、維修成本與材料及用品成本上升的影響。

During the 2023 quarter, we had 3 longwall moves, including 2 at our Tunnel Ridge mine, which is an extremely rare event for us. These longwall moves, along with 2 plant fires that were contained and extinguished quickly, were some of the operational challenges that occurred during the quarter.

在 2023 年第一季，我們進行了 3 次長壁（longwall）搬遷，其中 2 次發生在我們的 Tunnel Ridge 礦場，這對我們而言是極為罕見的事件。這些長壁搬遷，加上 2 起迅速受控並撲滅的選煤廠火災，是本季發生的一些營運挑戰。

Our net income and EBITDA rose sharply in the 2023 quarter, increasing 402% and 75.2%, respectively, over the 2022 quarter. These increases reflect higher sales volumes in both coal and oil and gas royalties as well as higher price realizations in coal, which more than offset lower realized prices in oil and gas royalties, inflationary pressures and other cost impacts that I previously described.

我們在 2023 年第一季的淨利與 EBITDA 大幅上升，較 2022 年第一季分別增加 402% 與 75.2%。這些增幅反映了煤炭與油氣權利金兩者的銷售量提升，以及煤炭價格實現上升；上述因素足以抵銷油氣權利金實現價格下降、通膨壓力及我先前所描述的其他成本影響。

Now turning to our balance sheet and uses of cash. Alliance generated $153.4 million of cash flow before growth investments in the 2023 quarter, which represented a 17.7% decrease versus the sequential quarter but an increase of 208.4% year-over-year. The sequential decrease was primarily attributable to tons sold being 9% lower due in part to strong shipments during the sequential quarter and a slight delay in our scheduled contract shipments for the 2023 quarter. Our total and net leverage ratios were 0.44 and 0.19x total debt to trailing 12 months adjusted EBITDA. And our liquidity increased to $703.6 million, including approximately $271 million of cash on the balance sheet.

接著談資產負債表與現金用途。Alliance 在 2023 年第一季於成長投資前產生 1.534 億美元的現金流，較前一季下降 17.7%，但較去年同期增加 208.4%。季比下降主要歸因於售出噸數降低 9%，部分原因是前一季出貨強勁，以及我們 2023 年第一季既定合約出貨時程略有延後。我們的總槓桿與淨槓桿比率分別為 0.44 倍與 0.19 倍（以總負債對過去 12 個月調整後 EBITDA 計）。我們的流動性提升至 7.036 億美元，其中資產負債表上的現金約 2.71 億美元。

The 2023 quarter was eventful for us on the capital allocation front, highlighting both the cash-generating power of ARLP and the many options we have to attractively deploy it. During the quarter, we paid our quarterly distribution of $0.70 per unit, equating to an annualized rate of $2.80 per unit that we expect to maintain throughout the year.

在資本配置方面，2023 年第一季對我們而言相當多事，凸顯了 ARLP 的現金創造能力，以及我們可用以具吸引力方式部署資金的多種選項。本季我們支付每單位 0.70 美元的季度配息，折合年化為每單位 2.80 美元，我們預期全年將維持此水準。

Our oil and gas royalty segment continues to be a valuable growth vehicle for Alliance as we completed the $72.3 million acquisition of oil and gas mineral interest discussed on the last call, and then separately purchased additional oil and gas mineral interest in the Permian Basin for $2.8 million during the quarter.

我們的油氣權利金事業部持續作為 Alliance 重要的成長載體：我們完成了上一通電話會議中提到的 7,230 萬美元油氣礦產權益收購；此外，本季我們另行以 280 萬美元在二疊紀盆地（Permian Basin）購買了額外的油氣礦產權益。

In January, we announced that the Board had authorized a $100 million unit buyback program. During the 2023 quarter, we deployed $18.2 million to purchase 860,000 units, leaving us with $81.8 million of remaining authorization on our unit repurchase program which has no expiration date.

1 月，我們宣布董事會已核准 1 億美元的單位回購計畫。在 2023 年第一季，我們投入 1,820 萬美元回購 86 萬個單位，使我們的單位回購計畫剩餘核准額度為 8,180 萬美元，且該計畫沒有到期日。

Finally, in March, we opportunistically purchased $26.6 million of our outstanding 2025 senior notes in the open market slightly below par. We intend to prioritize additional purchases with available cash flows this year and next. And as of yesterday, May 1, we now can call all or any part of our senior notes at par, one of several options we will consider. So like I said, a busy quarter for capital allocation.

最後，在 3 月，我們把握機會在公開市場以略低於面額（par）的價格買回 2,660 萬美元的未償 2025 年期優先票據。我們打算在今年與明年，優先使用可用現金流進一步買回。並且截至昨天 5 月 1 日，我們現在可以按面額赎回（call）全部或部分優先票據，這是我們將考量的多個選項之一。所以如我所說，資本配置方面是個忙碌的季度。

The slowing of the economy and the mild start to winter reduced overall demand for both coal and natural gas in the United States during the 2023 quarter. Coupled with continued growth in domestic natural gas production, natural gas prices dropped significantly, both sequentially and relative to the year-ago quarter. Lower natural gas prices affected coal burns due to more competitive gas-fired dispatch options for some of our customers, and to a lesser extent, reduced realized pricing in our oil and gas minerals segment. Despite these near-term challenges, we remain optimistic 2023 will be another record year for ARLP, based upon the strength of our solid contracted coal sales book of business.

經濟放緩以及冬季初期氣候溫和，使 2023 年第一季美國對煤炭與天然氣的整體需求下降。再加上國內天然氣產量持續成長，天然氣價格無論相較前一季或去年同期都大幅下跌。較低的天然氣價格影響了煤炭燃燒量（coal burns），因為對部分客戶而言，燃氣發電的調度選項更具競爭力；同時也在較小程度上壓低了我們油氣礦產事業部的實現價格。儘管面臨這些短期挑戰，基於我們穩健的煤炭合約銷售訂單簿所展現的強度，我們仍對 2023 年將成為 ARLP 另一個創紀錄年度保持樂觀。

Now turning to our updated guidance detailed in this morning's release. Lower natural gas prices have resulted in some movement in the timing of contracted domestic deliveries and a shift in the mix between export and domestic markets. At the end of the 2023 quarter, our committed tonnage for 2023 was 34.3 million tons or approximately 93% of our anticipated sales tons at the midpoint of our guidance range. Of that total, 4.2 million tons are currently committed to the export markets.

現在轉到我們在今早新聞稿中詳述的最新指引。天然氣價格走低，導致已簽約的國內交付時點出現一些變動，並使出口與國內市場之間的組合發生轉移。截至2023年季度末，我們2023年的已承諾噸數為3,430萬噸，約占我們在指引區間中點所預期銷售噸數的93%。在該總量中，目前有420萬噸承諾供應出口市場。

As we discussed during our call last quarter, we anticipated that most of the sales activity for our unsold coal for 2023 would occur in the back half of the year, and that remains the case today. We do now expect that most of this available tonnage will be supplied to the export markets as domestic opportunities appear more limited due to the mild winter weather and current utility inventory levels. As the summer peak demand season plays out, we expect normal buying patterns to return. Sales pricing is anticipated to be lower than where we thought at the beginning of the year, so we have chosen to modestly adjust our outlook for average coal price realizations for 2023.

正如我們在上一季電話會議中討論的，我們預期2023年尚未售出的煤炭之大部分銷售活動將發生在下半年，而目前情況仍然如此。我們現在確實預期，這些可供噸數的大部分將供應出口市場，因為受冬季氣候溫和及目前公用事業庫存水位影響，國內機會看起來較為有限。隨著夏季用電尖峰需求季節的推進，我們預期正常的採購模式將回歸。銷售定價預期將低於我們年初的看法，因此我們選擇小幅調整2023年平均煤價實現值的展望。

We continue to anticipate ARLP's overall coal sales volumes in 2023 to be in a range of 36 million to 38 million tons. 2023 total coal price realizations per ton sold are now expected to be in a range of $65 to $67 per ton, a decrease of $2 per ton from our previous range, driven by lower pricing expectations for our uncontracted tonnage position.

我們仍預期ARLP於2023年的整體煤炭銷售量將落在3,600萬至3,800萬噸的區間。2023年每噸售出煤炭的總煤價實現值目前預期為每噸65至67美元，較先前區間下調每噸2美元，主要係由於我們未簽約噸位部位的定價預期較低所致。

On the cost side, our laser focus on execution is helping offset the inflationary factors experienced in 2022, but we still anticipate labor pressures, higher maintenance, materials and supplies costs and higher sales-related expenses throughout 2023 compared to 2022.

在成本方面，我們對執行的高度聚焦正協助抵銷2022年所經歷的通膨因素，但我們仍預期，相較於2022年，2023年全年將面臨人力壓力、更高的維修、材料與供應成本，以及更高的銷售相關費用。

On our last call, we stated that we expect segment adjusted EBITDA expense per ton to be higher during the first half of 2023 compared to 2022 levels before moderating in the back half of the year. And that outlook still holds. For the 2023 full year segment adjusted EBITDA expense per ton is now anticipated to be in a range of $39 to $42 per ton, a decrease of $0.75 per ton at the midpoint from the prior guidance range.

在上次電話會議中，我們表示預期2023年上半年分部調整後EBITDA費用（每噸）將高於2022年水準，之後在下半年趨於緩和。而該展望仍然成立。2023年全年分部調整後EBITDA費用（每噸）目前預期為每噸39至42美元，較先前指引區間的中點下調0.75美元/噸。

And finally, as it relates to our oil and gas royalty segment, our initial 2023 guidance reflected the acquisition of mineral interests and 2,682 net oil and gas royalty acres in the Permian Basin for a cash purchase price of $72.3 million, which closed during the 2023 quarter.

最後，關於我們的油氣權利金分部，我們最初的2023年指引已反映一項礦權收購：以7,230萬美元現金購買價收購二疊紀盆地（Permian Basin）2,682淨油氣權利金英畝，該交易已於2023年季度內完成交割。

Recent performance on all of our acreage has exceeded our initial expectations, leading us to increase the midpoint of full year guidance for oil and gas volumes on a BOE basis by approximately 9%. The remainder of our guidance ranges remain essentially the same as previously discussed, with only minor adjustments in certain categories.

我們所有土地的近期表現均超出初始預期，促使我們將全年油氣產量（以BOE計）的指引中點上調約9%。其餘指引區間基本維持先前所述不變，僅在部分類別作出小幅調整。

With that, I will turn the call over to Joe for comments on the market and his outlook for ARLP. Joe?

接下來，我將把電話會議交給Joe，請他就市場與其對ARLP的展望發表評論。Joe？

Thank you, Cary, and good morning, everyone. Before I start, I would like to express my appreciation to Brian Cantrell for his dedication to me and our partnership over the past 2 decades. I can tell Brian is already enjoying his retirement as he sent Cary and me an e-mail this morning after we posted our earnings release, which he said, "Outstanding first quarter, congratulations. I'm sure you'll do well on the call today."

謝謝你，Cary，各位早安。在開始之前，我想對Brian Cantrell在過去20年對我的投入與我們的合作夥伴關係表達感謝。我看得出Brian已經在享受退休生活，因為我們發布財報新聞稿後，他今早就寄電子郵件給Cary和我，內容寫道：「第一季表現傑出，恭喜。我相信你們今天的電話會議會進行得很順利。」

So many of you know Cary, who has been by my side for nearly 3 decades. And I'm so appreciative of him enthusiastically agreeing to step up and assume the role of [CEO]. Cary, I welcome you to the call, and I think it's time to get ready. Yes. You're ready to go?

很多人都認識Cary，他近30年來一直在我身邊。我非常感謝他熱情地同意挺身而出並接任[CEO]一職。Cary，歡迎你加入這通電話會議，我想也該準備好了。對，你準備好了嗎？

Yes.

是的。

So like Cary said earlier, I also want to begin my comments by thanking the entire Alliance organization for their continued hard work and dedication toward posting outstanding results to start 2023. Their efforts helped us deliver year-over-year improvements in coal production, coal sales volumes, record realized coal prices, record royalty oil and gas volumes and ultimately higher net income and EBITDA. I'm extremely proud of all that has been accomplished and thankful for the unwavering focus of our teams on creating long-term value for all of our stakeholders.

因此如同Cary先前所說，我也想以感謝整個Alliance組織作為開場，感謝大家持續的辛勤工作與投入，讓我們在2023年開局就交出傑出成果。大家的努力協助我們在煤炭產量、煤炭銷售量方面實現年增改善，創下煤價實現值新高、權利金油氣產量新高，並最終帶來更高的淨利與EBITDA。我對所達成的一切深感自豪，也感謝我們團隊始終如一地專注於為所有利害關係人創造長期價值。

Overall, this winter season was a mild one for our markets in both the United States and Europe, which makes it easy to forget the impact that severe weather events like December's Winter Storm Elliott can have on our nation's energy security, as well as the importance of having a reliable, diverse affordable energy mix. It is during these extreme weather events that renewable resources, as well as natural gas, are frequently unable to adequately respond at the times they are most needed.

整體而言，本季冬天在美國與歐洲市場都相對溫和，這讓人容易忘記像12月「冬季風暴Elliott」這類嚴峻天候事件對我國能源安全的影響，以及擁有可靠、多元且可負擔能源組合的重要性。正是在這些極端天候事件期間，再生能源以及天然氣往往無法在最需要的時刻做出充分回應。

Reserve margins and energy security in many regions of the country and in Europe are already tight. And as economies continue to recover and advance initiatives to increase electrification, the demand and stress on the grid will likely be even more magnified going forward. There is a critical need for a diverse mix of energy sources for decades to come. And time and time again, we have to remind stakeholders that the speed of transition away from all fossil fuels, as advanced by the Biden administration, is moving way too fast, is not practical and will lead to energy insecurity if they keep trying to prematurely shutter fossil fuel power plants.

全國許多地區以及歐洲的備轉容量與能源安全本就已偏緊。隨著經濟持續復甦並推進提升電氣化的倡議，未來電網的需求與壓力可能會更加放大。未來數十年對多元能源組合有其關鍵需求。我們也一再必須提醒利害關係人：拜登政府所推動的全面遠離化石燃料之轉型速度過快、不切實際；若持續試圖過早關閉化石燃料發電廠，將導致能源不安全。

Turning to our current outlook. Cary did a good job outlining our views on the current weakness in domestic coal demand caused by lower natural gas prices and how our guidance was adjusted as a result. As he stated, we remain optimistic 2023 financial results will be at record levels. Even though there is uncertainty caused by rising interest rates impacting the U.S. economy and recent mild weather and lower natural gas prices that soften the near-term domestic utility markets, we expect export demand to be sufficient to allow us to increase sales compared to last year.

回到我們目前的展望。Cary已很好地說明我們對天然氣價格走低所造成的國內煤炭需求疲弱之看法，以及因此對指引所做的調整。如他所述，我們仍對2023年財務結果可望創下紀錄水準保持樂觀。儘管升息對美國經濟造成影響帶來不確定性，加上近期溫和天候與較低天然氣價格使短期國內公用事業市場走弱，我們預期出口需求將足以讓我們的銷售量較去年增加。

Relative to pricing. Domestically, the market views the weakness in natural gas prices as a temporary condition, as evidenced by the current forward curve rising steadily to over $3.50 per MMBtu by the end of 2023 and into 2024. We support that view as natural gas prices must rise to incentivize new capital investments.

就價格而言。在國內市場，市場將天然氣價格疲弱視為暫時性狀況，從目前遠期曲線可見一斑：價格穩步上升，至2023年底並延伸至2024年將超過每MMBtu 3.50美元。我們也支持此觀點，因為天然氣價格必須上升，才能激勵新的資本投資。

From a pricing perspective in Europe, mild weather caused API 2, thermal delivered prices that peaked near $270 per ton in November, to a pricing range today in the $125 to $150 per ton range. I will emphasize that, even in the face of this decline, seaborne thermal coal prices for our key markets are still an attractive option for our tonnage.

從歐洲的價格角度來看，溫和天候使API 2動力煤到岸價格自11月接近每噸270美元的高點，回落至目前每噸125至150美元的區間。我想強調的是，即便面對這樣的下跌，我們主要市場的海運動力煤價格對我們的噸位而言仍具吸引力。

We are fortunate that our robust cash flow generation positions us to continue improving our balance sheet and pursue attractive investments that are intended to meet the evolving energy needs of tomorrow. We are not just a coal company. Our successful investments in oil and gas minerals interest in the last several years, along with the additional growth opportunities within our new ventures activities, demonstrate our commitment to diversify our earnings and cash flows and grow ARLP in parallel with the transition underway in the energy markets we serve.

我們很幸運，強勁的現金流創造能力使我們得以持續改善資產負債表，並追求具吸引力的投資，以滿足未來不斷演變的能源需求。我們不僅僅是一家煤炭公司。過去數年我們在油氣礦權方面的成功投資，以及我們新事業活動中的額外成長機會，展現了我們致力於分散獲利與現金流，並在所服務的能源市場轉型進程中同步推動ARLP成長的承諾。

ARLP has long-standing relationships with electric utilities, regulators and other customers that position us to be a reliable energy partner of tomorrow and benefit from any changes to the U.S. power grid, creating additional avenues for growth. As I have said many times before, we do not view our future energy needs as a country as an either/or solution, but rather an and solution.

ARLP與電力公用事業、監管機構及其他客戶長期建立的關係，使我們具備成為未來可靠能源夥伴的優勢，並可從美國電網的任何變化中受益，創造額外的成長途徑。正如我多次所說，我們不將國家未來能源需求視為非此即彼的解方，而是「兩者兼具」的解方。

In closing, I am proud of ARLP's impressive first quarter results and excited about the opportunities in front of us. Our operations are running well, our coal contract book is heavily committed at attractive levels, and our financial position has never been stronger. Looking forward, we believe ARLP is well positioned to deliver solid growth and attractive cash returns to our unitholders in 2023 and beyond.

最後，我為 ARLP 第一季亮眼的業績感到自豪，也對我們面前的機會感到振奮。我們的營運運作良好，我們的煤炭合約簿在具吸引力的水準上已高度承諾，我們的財務狀況也從未如此強勁。展望未來，我們相信 ARLP 已具備良好條件，可在 2023 年及其後為我們的單位持有人帶來穩健成長與具吸引力的現金回饋。

That concludes our prepared comments, and I will now ask the operator to open the call for questions.

以上為我們事先準備的發言內容，接下來我將請接線員開放提問。

(Operator Instructions) Our first question comes from the line of Nathan Martin with The Benchmark Company.

（接線員指示）我們的第一個問題來自 The Benchmark Company 的 Nathan Martin。

Joe, Cary, congrats on the quarter. And great to hear you on the call, Cary.

Joe、Cary，恭喜本季表現。也很高興在電話會議上聽到你發言，Cary。

Thank you, Nate.

謝謝你，Nate。

Thank you.

謝謝。

You guys built a little bit of inventory in the first quarter. I guess, first, was that expected? Or were there any logistical challenges to speak of?

你們在第一季建立了一些庫存。我想先問，這是預期之內嗎？或者是否有任何物流方面的挑戰？

And then how should we think about that sales cadence over the next 3 quarters, both domestically and in export side? And maybe when those inventories could draw back down? I know you guys had previously signaled the higher production and shipments in the back half. I think part of that was a bump from Gibson, so I'm assuming that's still the case. But just any additional color would be helpful.

另外，接下來 3 個季度的銷售節奏（無論是國內或出口）我們應該如何看待？以及庫存可能何時回落？我知道你們先前曾提到下半年產量與出貨會較高，我想其中一部分是來自 Gibson 的增量，所以我假設仍是如此。但若能提供更多說明會很有幫助。

Yes. On the inventory, it was within our plan. So as we move towards more export tonnage, we have secured the infrastructure, the capacity at the ports to be able to have our coal store to be ready for vessels when they come in. So based on the size of the vessels, which are larger obviously than the railcars, that does require when we have shipments towards an end of a quarter to have to build our inventory to meet the shipping schedules of these export movements.

是的。關於庫存，這是在我們的計畫之內。隨著我們朝向更多出口噸數，我們已確保相關基礎設施與港口產能，使我們的煤炭能夠儲存並在船舶抵達時隨時裝運。由於船舶的規模顯然比鐵路車廂大，因此當出貨接近季度末時，我們需要建立一定庫存，以配合這些出口運輸的船期。

And so there was a couple of vessels that we had planned to ship in the first quarter that we're going -- that shipped in early the second quarter, and that's just a logistical timing issue. So I think as far as what our plan was, the inventory was pretty consistent with what we were thinking was going to be, but for those 1- or 2-day delays in shipping at those export vessels.

因此，有幾艘我們原本計畫在第一季出貨的船舶，改在第二季初出貨，這只是物流時點的問題。就我們的計畫而言，庫存水準與我們原先預期相當一致，只是出口船舶在裝運上出現了 1 到 2 天的延遲。

As far as our production, it continues to be as planned. I think we have delayed the hiring for the second shift of the fifth unit at Gibson County. We're going to wait and see exactly where the market develops in the second quarter, where we do anticipate, based on internal inbound calls we're getting from customers, both in the export market and the domestic market, that there will be opportunities in the back half.

至於我們的產量，仍按計畫進行。我想我們已延後在 Gibson County 第五個單元的第二班人力招募。我們會先觀察第二季市場的發展；根據我們內部接到的客戶來電（無論出口或國內市場），我們預期下半年會有一些機會。

But rather than hire those people effective April 1, like we had originally planned, we delayed that to the second quarter to probably after miner's vacation, and then we'll wait and see if we do have the ability to produce tons on weekends to meet that demand. So a lot of our production demand just specific to that one unit will be determined based on our outlook at the midyear, and as we see where the weather is and what the gas prices are and what the export demand is.

但我們沒有像原先規劃那樣在 4 月 1 日就聘用這些人，而是把時點延到第二季，可能在礦工假期之後；接著我們會再觀察是否能在週末增加產量以滿足需求。因此，我們的產量需求（特別是針對那一個單元）將取決於我們在年中時的展望，以及我們對天氣、天然氣價格與出口需求走勢的判斷。

The sales are committed. I mean, our sales are continuing to be targeted at the same range that we mentioned in the prior quarter. At this moment in time, we're very comfortable that we'll be able to hit those targets at the midpoint of our range that we have in our guidance for you.

銷售方面是已承諾的。也就是說，我們的銷售仍以我們在上一季提到的相同區間為目標。就目前而言，我們非常有信心能達成你們所看到的指引區間中點目標。

Great. I appreciate that color there, Joe. But it sounds like really just as expected, timing-wise, it's had a vessel slip, but that's already shipped. So that's good to hear.

很好。我很感謝你提供的補充說明，Joe。聽起來基本上就是符合預期，在時點上只是有一艘船延後，但已在之後出貨了。這點很不錯。

If I look ahead of your updated committed and priced tonnage for '23 and '24, it appears totals are actually a little bit lower versus where they were last quarter. Looks like driven by lower domestic tonnage assumption there. Could we get some more color around that change? Maybe any additional thoughts on potential domestic deferrals?

如果我看你們更新後 2023 與 2024 年已承諾且已定價的噸數，總量看起來其實比上一季略低。似乎是因為國內噸數假設較低所致。能否就這個變化提供更多說明？以及對於國內可能延後提貨（deferrals）的看法？

Yes. So in our contracts, our utility customers do have some flexibility to either flex up or flex down their committed tonnage. When they do that, it basically carries forward, so it doesn't really release those tons from the contract. It's just a deferral into a subsequent period. So with the natural gas prices being where they were, and therefore more of a demand issue, that the utilities were projecting in the first quarter, they did -- several of the utilities did flex down under their contracts.

可以。在我們的合約中，公用事業客戶對其承諾噸數有一定彈性，可以上調或下調。當他們這麼做時，基本上會往後遞延，因此並不會真正把那些噸數從合約中釋出，而只是延到後續期間。由於當時天然氣價格所處水準，進而造成需求面的因素，公用事業在第一季的預估中——有幾家公用事業依合約選擇下調（flex down）其承諾量。

That has opened the door for us to just ship more tons in the export market, which in total actually is a higher price than we would have gotten had they taken the tons under the domestic contracts. So in other words, the export price netback is higher than the times that these utilities elected to flex down in this quarter for some parts of the 2023. So that's why there was a change in the mix of the contracted tons for the calendar year 2023.

這也為我們打開了大門，讓我們能在出口市場出更多噸數；而整體而言，其價格其實高於若他們在國內合約下提貨我們所能取得的價格。換句話說，在本季這些公用事業選擇對 2023 年部分期間下調時，出口價格的淨回收（netback）高於原本國內合約的價格。因此，這就是 2023 年曆年合約噸數組合出現變化的原因。

Got it. And that's great to hear that actually able to flex up to a better margin. I guess along those lines, where are your export netbacks today with API 2 around $135?

了解。很高興聽到你們其實能把量轉到更高毛利的方向。沿著這個思路，若以 API 2 約 135 美元來看，你們目前的出口淨回收（netbacks）大概在哪個水準？

When you look at that and add in what we have still a few times that we can sell in the met market, I think the total netback will be somewhere in the same range as what we've guided as to our average sales price for the year, in that $65 to $67 range.

當你把這個因素納入，再加上我們在冶金煤（met）市場仍有少數可銷售的機會，我認為整體淨回收大致會落在我們對全年平均銷售價格所給的指引區間，也就是每噸約 65 到 67 美元。

Great. Very helpful. And then as we look ahead to 2024, how do we think about potential coal shipments? I mean, domestic demand seems like it could be under pressure. You guys have highlighted the desire to pivot to the export market a little bit. And I know I've asked this in the past, but how much could you ramp up export sales to offset any potential pressure on the domestic side?

很好，非常有幫助。接著看 2024 年，我們應該如何看待潛在的煤炭出貨？國內需求看起來可能會承壓。你們也提到希望稍微轉向出口市場。我知道我以前問過，但你們最多能把出口銷售提高到什麼程度，以抵消國內端可能的壓力？

And then what's the potential to offset possible lower coal operations EBITDA with continued growth in your oil and gas royalty segment?

另外，若煤炭營運 EBITDA 可能下降，你們的油氣權利金（royalty）部門持續成長，在多大程度上能夠抵消？

So as we look at the market and we look at our contract book, most of our contracts are still with customers that have been long-term customers for ours. So we would expect those contracts that do roll over into 2024 that expire, that we will be able to place those tons with those customers.

當我們觀察市場並檢視我們的合約簿時，我們的大多數合約仍是與長期合作的客戶簽訂。因此，我們預期那些延續到 2024 年、到期需要續約的合約噸數，將能夠繼續配置給這些客戶。

Since the end of the quarter, we have reached an agreement on one of our contracts that's 1.3 million to 1.6 million, depending on how the flexing goes on those contracts for a committed term of 18 months with the option to the utility to extend that beyond that, for a term yet that would be at least 6 months, if not another year or 1.5 years under that contract, at prices that continue to give us comfort that we will be able to maintain our profit levels and profit margins to a level that's a very attractive level compared to our historic run rates.

自季末以來，我們已就其中一份合約達成協議，該合約承諾量為 130 萬至 160 萬噸（取決於合約中的彈性調整），承諾期間為 18 個月，並賦予公用事業選擇權可在此之後延長；延長期間至少 6 個月，甚至可能再延長 1 年或 1.5 年。合約價格讓我們持續有信心，能把獲利水準與利潤率維持在相較於我們歷史常態水準而言非常具吸引力的水準。

I think that as far as the export and then -- in addition to that specific contract, there are 2 to 3 other customers that have announced RFPs. So they're going to be in the market this quarter to start placing tonnage. Most of those solicitations have been for at least a minimum of 2 years. One of them basically asked for bids for a period up to 5 years. So we are continuing to be very confident that the demand for our product is going to be stable in the domestic market for the next 3 years, for sure, based on our conversations with our domestic customers.

至於出口方面，除了那份特定合約之外，還有 2 到 3 家客戶已公告 RFP（徵求提案）。因此他們將在本季進入市場開始配置噸數。這些徵詢多數至少是 2 年期；其中一家基本上要求投標期間最長可達 5 年。基於我們與國內客戶的對話，我們仍非常有信心，未來 3 年國內市場對我們產品的需求將會保持穩定。

On the export side, we're planning to ship 6.5 million or so in 2023. Our highest level historically was around 12.2 million or something, I believe.

在出口方面，我們計畫在 2023 年出貨約 650 萬噸。我們歷史最高水準大約是 1,220 萬噸左右，我記得是這樣。

Correct.

正確。

So we could double that volume if necessary if the domestic market doesn't show up.

因此，如果有需要、而國內市場沒有出現需求，我們可以將該出貨量加倍。

We continue to believe that the export demand will be strong in 2024, comparable to what it is in 2023. The one issue that could change that is back to what happens with Russia, Ukraine situation and how well Russian product be moving throughout the international markets if there's a change with the sanctions, et cetera, that are impacting their shipments today and reducing their shipments. Because right now, based on the sanctions they have, we think there's a floor on the price of the export product, because at these levels, Russia is not making any money, and they need that cash flow for the strength of their economy.

我們仍然相信，2024 年的出口需求將會強勁，與 2023 年大致相當。可能改變這一點的唯一因素，仍回到俄羅斯、烏克蘭局勢會如何發展，以及若制裁等影響其目前出貨、並使其出貨量下降的因素出現變化時，俄羅斯產品在國際市場上的流通情況會有多順暢。因為就目前而言，基於他們所面臨的制裁，我們認為出口產品價格存在一個底部，因為在這些價位下，俄羅斯賺不到錢，而他們需要那樣的現金流來支撐其經濟的韌性。

Our next question comes from the line of Mark La Reichman with NOBLE Capital Markets.

下一個問題來自 NOBLE Capital Markets 的 Mark La Reichman。

I was just wondering if you could provide a little more visibility on the comment on the several domestic customers that were seeking the sizable commitments for coal deliveries in 2024 and 2025. Because I know, as Nathan alluded to, that 2024 committed and priced kind of actually went down a little bit. So just what are the dynamics in the market right now? And when do you when do you kind of expect those customers to really kind of step up? I think you said that some of those would be 2-year contracts.

我只是想知道，您是否能就您提到的「有數家國內客戶正在尋求在 2024 與 2025 年煤炭交付方面做出相當可觀的承諾」這點，提供更多能見度。因為我知道，如 Nathan 所暗示的，2024 年已承諾且已定價的部分其實有點下降。所以目前市場的動態到底是什麼？以及您預期那些客戶何時會真正開始採取行動？我想您說其中一些會是 2 年期合約。

Yes. Like I mentioned, 2 or 3 of those. I know 2 for sure, there maybe a third one, that has indicated that they will be out seeking coal for those time periods in this current quarter that we're talking. There will be others that will come out in the third quarter.

是的。如我提到的，其中有 2 或 3 家。我確定有 2 家，可能還有第 3 家，已表示他們會在我們正在談的這一季出來尋求涵蓋那些期間的煤炭。還會有其他客戶在第三季出來。

Again, based on our customer conversations, there are sufficient coal plants that will continue to run and will continue to be needed in the states where they operate due to the capacity constraints in those states. They have to have the coal plants running, no matter what the gas price is, to meet their load.

同樣地，根據我們與客戶的對話，有足夠多的燃煤電廠將會持續運轉，並且在其營運所在州仍將被需要，原因在於那些州存在容量限制。他們必須讓燃煤電廠運轉，不論天然氣價格如何，才能滿足其負載需求。

And with electrification in these states growing due to the growth anticipated in a lot of these battery factories, and also EVs that are continuing to ramp, as well as other factors in a growing economy, that will benefit from the infrastructure bill, the CHIPS Act, the Inflation Reduction Act. We anticipate the electric generation will grow over the next decade, for that matter.

而且，隨著這些州因許多電池工廠預期成長而帶動電氣化程度提升，以及電動車（EV）持續加速滲透，再加上其他因素——在成長中的經濟中，將受惠於《基礎建設法案》、《CHIPS 法案》與《降低通膨法案》。我們預期未來十年電力發電量將會成長。

And as a result, they're going to need to keep these coal plants either running and/or those that remain that are trying to fill the void for some that have closed at higher capacities. So even though there may be some plants that go offline, we believe there's sufficient capacity with the current plants that we anticipate that will be open through 2035, that demand will be at a level-set for us as a low-cost producer, and a reliable producer. That we anticipate, as I said, at least the next 3 years, that we can see that our production and sales should be at the levels where we are currently, if not maybe tick up a little higher, depending on the export market.

因此，他們將需要讓這些燃煤電廠持續運轉，並／或讓仍在運轉、試圖以更高產能填補部分已關閉電廠缺口的電廠繼續運作。所以，即使可能有一些電廠會下線，我們相信，對於我們預期將營運至 2035 年的現有電廠而言，其容量仍然充足；而作為低成本且可靠的生產商，我們的需求將維持在一個相對穩定的水準。正如我所說，至少在未來 3 年，我們可以看到我們的產量與銷量應能維持在目前水準，甚至可能略有上升，取決於出口市場。

So there are attempts by the Biden administration to put different regulations on our customers to try to convince them to do -- to close plants prematurely. One of those rules is an air transport rule, which the EPA, as you probably know, went in and denied numerous states almost overnight, basically saying that they denied their state plans as being inadequate, and therefore requiring them to comply with the federal plan that would be more stringent. And yesterday, we got some good news from coal producers' perspective and in a nation's perspective, where the Fifth Circuit put a stay on those rules.

因此，拜登政府正試圖對我們的客戶施加不同的監管規定，試圖說服他們——去提前關閉電廠。其中一項規則是空氣傳輸規則（air transport rule）；如您可能知道的，EPA 幾乎在一夜之間否決了多個州，基本上表示他們認為各州的州計畫不足，因此要求其遵循更嚴格的聯邦計畫。而昨天，從煤炭生產商以及從國家角度來看，我們得到一些好消息：第五巡迴上訴法院（Fifth Circuit）對這些規則發布了暫緩令（stay）。

We believe that the rules that the Biden administration are pursuing to try to fundamentally change the coal industry and the electric generation industry are a direct violation of the West Virginia law or judgment that the Supreme Court passed or rendered last year. And we believe these coal plants are going to stay open. So that would be even a higher boost to our forward consideration for what the demand will be. But that's the way we see the demand picture.

我們認為，拜登政府為了從根本上改變煤炭產業與發電產業而推動的這些規則，直接違反了最高法院去年在「西維吉尼亞州」案件中作出的法律或判決。我們相信這些燃煤電廠將會持續開放運轉。因此，這將進一步提高我們對未來需求的評估。但這就是我們對需求面的看法。

Weather is always a factor that is unpredictable, so I can't really comment on that as to what the weather is; and the economy. You help me. On the one hand, you've got at bit trying to restrict production and growth. And on the other hand, you've got an administration trying to give away a lot of incentives to incentivize growth.

天氣一直是不可預測的因素，所以我無法就天氣會如何發展多做評論；還有經濟。你來幫我解讀一下。一方面，你看到有些力量試圖限制生產與成長；另一方面，你又看到政府試圖提供大量激勵措施來促進成長。

So I'm not sure where this economy is going to play out as far as the timing of energy consumption, but we're fortunate to have a solid relationship with our customers that are going to maintain and keep their plants open for the next decade. And we've got a favorable relationship with them, that I'm confident that we will continue to be their supplier of choice and allow us to maintain our production and sales at current levels for an extended period of time.

因此，我不確定就能源消費的時間點而言，這個經濟最終會如何演變；但我們很幸運，與客戶之間有穩固的關係，他們將在未來十年維持並讓其電廠持續運轉。我們與他們的關係也很有利，我有信心我們將持續成為他們的首選供應商，並使我們能在相當長的一段時間內，將產量與銷量維持在目前水準。

And just the second question I had was revenues came in pretty much in line with our expectations. Operating expenses were actually lower. And just looking at your guidance, while you've kind of trimmed the coal sales price per ton sold, you also trimmed the segment adjusted EBITDA expense per ton sold. I'm kind of wondering, what do you think are the biggest pieces to watch on that operating expense line? And how do you see that evolving for the remainder of the year?

我第二個問題是，營收基本符合我們的預期。營業費用其實更低。再看你們的指引，雖然你們略微下修了每噸煤炭銷售價格，但也下修了每噸的部門調整後 EBITDA 費用。我想了解的是，在營業費用這條線上，您認為最需要關注的最大項目是什麼？以及您如何看待今年剩餘期間它的變化？

Everything ties back to inflation. So we have seen our supply cost sort of peak and start declining in several key areas. The one area that is holding firm is labor. We're continuing to have difficulty finding people. We also see competition from the infrastructure bill and some of the growth that is occurring because of some of these subsidies that I talked about earlier.

一切都回到通膨。我們確實看到供應成本在幾個關鍵領域似乎已達高峰並開始下降。唯一仍然維持強勢的是勞動力。我們持續難以找到人手。我們也看到來自《基礎建設法案》以及我先前提到的一些補貼所帶動之成長的競爭。

So there -- so what we're seeing in our areas of operation, that there continues to be solid opportunities for employees or workers to work. Whether we can get people in the workforce to meet those jobs or whether we're going to have to continue to have a shortage of workers, that's the one area that I would say that's hard to predict, and we're not looking at that going down.

所以——我們在營運地區看到的是，就業或工作機會仍然相當充足。至於我們能否讓足夠的人進入勞動市場來填補這些職缺，或是我們是否必須持續面臨勞工短缺，這是我認為最難預測的一塊，而且我們並不認為它會下降。

But on the supply side, the other issue that could be a variable factor is what our oil price is going to do. And are they going to go to $100 or are they going to go to $60? That's another -- you see analysts projecting different numbers. We're hedged on diesel for this year, so we should not be impacted by the diesel costs for the remainder of the year, but that would be an issue going into next year depending on where diesel prices go. So those would be the main thing.

但在供應端，另一個可能成為變動因素的是油價會怎麼走。會到 100 美元，還是會到 60 美元？這也是另一個——你會看到分析師預測不同的數字。我們今年已對柴油進行避險，因此今年剩餘期間不應受到柴油成本影響；但進入明年，視柴油價格走勢而定，這可能會成為一個議題。所以主要就是這些。

Supply chain. We're in a lot better positioned this year than last. When you look at supply chain, that tends to increase your cost somewhat because of the need to potentially buy some more items and then have storage costs for those items, et cetera, that increase your cost. So we're seeing supply chain be normalized for the materials and supplies we need to run our business. So that's another factor that impacts our cost.

供應鏈方面。今年我們的狀況比去年好很多。當你看供應鏈時，這往往會在某種程度上推高成本，因為可能需要多買一些物料，並且為這些物料承擔倉儲成本等，從而增加成本。所以我們看到，為了營運業務所需的材料與用品，其供應鏈正在回歸正常化。這也是影響我們成本的另一個因素。

But the material ones are wages and I'd say oil prices and steel prices. But they've come down. So -- and other consumables have come down.

但較重要的項目是薪資，我會說還有油價與鋼價。不過它們已經下來了。所以——以及其他耗材也已經下來了。

Our next question comes from the line of Dave Storms with Stonegate.

下一個問題來自 Stonegate 的 Dave Storms。

With the average selling prices in Appalachia going up a little bit and the Illinois Basin going down a little bit, can you talk just a little bit about what drove kind of that dislocation there?

阿帕拉契亞（Appalachia）的平均售價略有上升，而伊利諾盆地（Illinois Basin）略有下降，您能否稍微談談是什麼原因導致那樣的差異？

Well, they serve different markets. One, I think that you've got -- our Mettiki mine serve both the metallurgical market as well as the steam market, and that benefits from the met market being at a higher sales point and stable for us. .

嗯，它們服務的是不同市場。其一，我認為你看到的是——我們的 Mettiki 礦同時服務冶金煤市場以及動力煤市場，而這受惠於冶金煤市場在較高的銷售價位，且對我們而言相對穩定。.

Our MC Mining product is also a very attractive market -- or product for the export market, demands a premium and is really not priced of natural gas prices. And our Tunnel Ridge operation in Appalachia is basically sold out. So they haven't really had any impact on having any open tonnage into the market relative to natural gas prices.

我們的 MC Mining 產品也是一個非常具吸引力的市場——或者說是面向出口市場的產品，需求可取得溢價，而且其定價其實並不取決於天然氣價格。而我們在阿帕拉契亞的 Tunnel Ridge 營運基本上已經售罄。因此，就相對於天然氣價格而言，他們對市場上是否有任何可供銷售的開放噸數並沒有真正造成影響。

[Illinois] is the only basin we had some excess supply, where we did, in fact, have to sell some product that reduced prices compared to prior periods, or prior year, I guess it was.

［伊利諾伊］是我們唯一一個有些過剩供給的盆地；在那裡我們確實必須出售一些產品，導致價格相較於前期或前一年（我想是前一年）有所下降。

I think the other important point that Joe is alluding to there is, if you look at a mix issue in the most recent quarter, Tunnel Ridge did have 2 longwall moves during the quarter. And so when you look at from a volume perspective, our MC Mining and our Mettiki operations did have a little higher percentage going in there. And so when you look at that from both revenue per ton as well as cost per ton, it does get skewed a little bit in the existing quarter because of those 2 factors.

我認為 Joe 在那裡暗示的另一個重點是，如果你看最近一季的產品組合因素，Tunnel Ridge 在該季進行了 2 次長壁（longwall）搬遷。因此，從出貨量角度來看，我們的 MC Mining 與 Mettiki 營運在其中占比略高。當你同時從每噸收入以及每噸成本來看時，因為這兩個因素，當季的數字確實會被稍微扭曲。

If you look going forward, Tunnel Ridge, like I mentioned, had 2 longwall moves. Their next longwall move is not until December. And so I think what you'll see going forward is more of a normal mix and a bigger mix in relationship to Tunnel Ridge overall. And so you'll see it both on the sales price and the cost side going forward, and we've tried to kind of account for that in our total guidance ranges going forward on both the revenues and cost side as well.

往後看，Tunnel Ridge 如我提到的已經做了 2 次長壁搬遷；他們下一次長壁搬遷要到 12 月才會發生。因此我認為你接下來會看到更正常的產品組合，以及相對於整體而言 Tunnel Ridge 的占比更高。你會在銷售價格與成本兩端都看到這點；我們也嘗試在未來的總指引區間中，把這些因素在收入端與成本端一併納入考量。

Understood. That's very helpful. I also noticed on your guidance that you increased your acquisition in gas royalty of about $30 million based on the anticipated ground game acquisitions. Is there any sense of the pacing for that acquisition?

了解。這非常有幫助。我也注意到你們在指引中，基於預期的地面併購（ground game acquisitions），把天然氣權利金的收購金額提高了約 3,000 萬美元。對於這項收購的節奏，有沒有任何概念？

Well, we sort of planned it to be sort of ratable over the year, but it will be totally dependent on the opportunities that present themselves. So it's hard to predict exactly what it's going to be. But the way we planned it in our planning was to do it on a ratable basis for the year.

嗯，我們原本的規劃是全年大致平均分配，但實際上會完全取決於出現的機會。因此很難精準預測會是什麼樣子。不過在我們的規劃中，是以全年平均的方式來安排。

And I think as you look at the first quarter, you can see the ground game was at $2.8 million for the first quarter. And so like Joe mentioned, I think the opportunities will play themselves out over time. I know there is quite a bit of activity in terms of what they're looking at. And so as we look at the full year guidance, we still feel very comfortable in terms of being able to transact on that ground game. But like Joe said, it's going to be a little lumpier than the way we had originally planned it, and will likely come in different spurts throughout the quarters.

而且我想你看第一季就能看到，地面併購在第一季是 280 萬美元。所以如 Joe 所說，我認為機會會隨時間逐步展開。我知道他們在評估的標的方面活動相當多。因此就全年指引來看，我們仍然對能在這個地面併購上完成交易感到很有信心。但如 Joe 所說，它會比我們原先規劃的更不均勻，可能會在各季以不同的波段出現。

There was the earlier question on what we anticipated our growth would be in that segment. So I don't think I answered that question. So -- but we are committed to continuing to invest in that segment, effectively redeploying what their prior year EBITDA is. So as we look into the balance of this year and then going into next year, we would expect to continue to be investing sizable dollars into that segment.

先前有人問到我們預期該事業部門的成長會是什麼樣子。我想我沒有回答到那個問題。所以——但我們承諾會持續投資該部門，基本上是把他們前一年的 EBITDA 重新部署投入。當我們看今年剩餘期間以及進入明年時，我們預期會持續在該部門投入相當可觀的資金。

That's very helpful. And one more, if I could. Just with the potential for the U.S. dollar to keep weakening, how does that impact any outlook you have on export sales?

這非常有幫助。若可以的話我再問一個。若美元可能持續走弱，這會如何影響你們對出口銷售的任何展望？

It obviously improves our opportunities and effects on what our competition is. So if most of the contracts are priced in dollars, that does give us a benefit.

這顯然會改善我們的機會，並影響我們的競爭態勢。因此如果大多數合約是以美元計價，這確實會帶給我們優勢。

Our next question comes from the line of David Marsh with Singular Research.

我們下一個問題來自 Singular Research 的 David Marsh。

Congrats on the quarter, guys.

恭喜本季表現，各位。

Thanks, David.

謝謝你，David。

Just wanted to start with just a quick question on the oil and gas royalty side. It looked like the dollar price per BOE was down a good bit sequentially. Could you just discuss that a little bit? I was just a little surprised by that, given that oil has kind of hung out in the $70 range for the most part. And just curious what drove that reduced number and what that number might look like going forward for the second quarter.

我想先從油氣權利金這一塊快速問一個問題。看起來每 BOE 的美元價格較前一季下降了不少。你們能稍微談一下嗎？我有點意外，因為油價大多時間都在 70 美元區間徘徊。想了解是什麼驅動了這個較低的數字，以及第二季往後這個數字可能會長什麼樣子。

Yes, I think as you just look at it, we don't hedge our oil and gas royalty side of it. And so it's just dependent upon where the pricing measures are for the product during that period of time. And if you look just sequentially quarter-over-quarter in terms of our realizations, it was 9.7% lower on the oil side of it and 65% lower on the gas side of it.

是的，我想如果你只是看這點，我們在油氣權利金這一塊並沒有做避險。因此它完全取決於該期間產品的定價指標落在哪裡。若以我們的實現價格（realizations）逐季比較，油的部分下降了 9.7%，天然氣的部分下降了 65%。

As you look into the fourth quarter of last year on the gas side, as an example, you had pricing in excess of $5. And as you kind of move back into where our netbacks were in the first quarter and look at where those realizations were, the actual netback ends up being under $2 for us over on the gas side of it.

以去年第四季的天然氣為例，當時價格超過 5 美元。而當你回到第一季我們的淨回收（netbacks），並看當時的實現價格，實際上我們在天然氣這邊的淨回收最後是低於 2 美元。

And so it's just a matter of what the commodity price indexes are doing at that particular point in time. And that's the result of the different flows related to those commodity price indexes.

所以這只是取決於在那個特定時間點，大宗商品價格指數在做什麼。這就是與那些大宗商品價格指數相關的不同流向所造成的結果。

It's more of just that component of natural gas. Even though it's a smaller percentage than oil, it's still a percent and does impact the total price.

主要就是天然氣這個組成項。即使它占比比石油小，但仍然是一個占比，並會影響總價格。

Right. Okay. Understood. Yes, I just -- I was reading through it, it said 75% oil, and I was just a little surprised that the realization was so low. But I appreciate it.

好。了解。是的，我只是——我在看資料時，上面寫 75% 是石油，所以我對實現價格這麼低有點意外。但謝謝說明。

No, that's right. I mean, when you look sequentially, our oil price realization is down about 10%, though.

沒錯。我的意思是，若逐季來看，我們的石油實現價格也下降了大約 10%。

Got it. Got it. And then with regard to the debt side of the balance sheet, congrats on the repurchases in the open market below par, that's a great win for the company and for unitholders, I believe. But I just was looking at the balance sheet. So sequentially, your debt was higher. Is that as a result of the acquisition?

了解。了解。接著關於資產負債表的負債端，恭喜你們在公開市場以低於面值回購，這對公司以及我認為對單位持有人都是很大的勝利。不過我在看資產負債表時，逐季來看你們的負債更高。這是收購所致嗎？

No, it's not really a result of the acquisition. We just redid our credit facility that we closed in January. And as a part of that new credit facility, it had 2 components to it. It was a $500 million credit facility in total. $425 million of that was a revolver and $75 million of that was a term loan.

不，這其實不是收購造成的。我們在 1 月完成了信用融資的重新安排。作為這個新信用融資的一部分，它包含兩個組成：總額 5 億美元的信用融資，其中 4.25 億美元是循環信用額度（revolver），7,500 萬美元是定期貸款（term loan）。

And when we entered into that credit facility, the term loan component was an important part. We felt like it made sense to have a term loan component. And basically, we've got some capital expenditure needs within our coal operations that we announced related to River View just in terms of some extensions into some new reserve areas. And by entering into that term loan component, it matched up what the capital needs were going to be associated with that. So we elected to enter into a term loan facility associated with that.

當我們進入這個信用融資時，定期貸款的部分很重要。我們認為設置定期貸款是合理的。基本上，我們在煤炭營運方面有一些資本支出需求——我們先前已宣布與 River View 相關，主要是延伸到一些新的儲量區域。透過納入這個定期貸款部分，它能與相關的資本需求相匹配。因此我們選擇搭配一個相關的定期貸款融資。

So that's why it's higher quarter-over-quarter. It's just related to that term loan component. The repurchases that we did, as you mentioned, were on our senior notes that are due in 2025.

所以這就是為什麼逐季看起來更高；只是與那個定期貸款組成有關。至於你提到的回購，是針對我們 2025 年到期的優先票據（senior notes）。

Right. Okay. That makes sense. I'm sure the banks appreciated you locking into some amount of borrowing right out of the gate.

好。了解。這就說得通了。我相信銀行也很欣賞你們一開始就鎖定了一定的借款額度。

They did.

他們確實是。

And then just the last question, if I could circle back and kind of piggyback on the last caller. With regard to the acquisition side, I mean, can you just talk about the environment and what you're seeing in terms of opportunities being presented to you? Are you continuing to see kind of mostly opportunities in places like the Permian? Or have you expanded the search beyond that? And is it, again, still primarily around oil and gas assets as opposed to anything else?

最後一個問題，如果我可以回到並延伸上一位來電者的問題。關於收購方面，你們能談談目前的環境，以及你們看到有哪些機會被帶到你們面前嗎？你們是否仍主要看到像二疊紀（Permian）那樣地區的機會？還是已把搜尋範圍擴大到其他地方？另外，是否仍主要聚焦在油氣資產，而不是其他類型的資產？

Yes, there are opportunities presented to us in all the basins that we evaluate. But our primary focus has been on the Permian, both the Delaware and the Midland basins. So that's where our focus will be. Now again, we're willing to look at other basins, and we evaluate those. But most of the things we prioritize currently as being attractive to us are in the Permian.

是的，在我們評估的所有盆地中，都有呈現給我們的機會。但我們的主要重點一直放在二疊紀盆地（Permian），包括德拉瓦盆地（Delaware）與米德蘭盆地（Midland）。所以我們的重點會在那裡。當然，我們也願意看其他盆地，並且會評估它們。但目前我們優先排序、認為對我們有吸引力的大多數項目都在二疊紀盆地。

I was just curious as to whether or not you folks might be kind of interested in exiting positions in the Haynesville, given the weakness in nat gas, which might create some really interesting opportunity.

我只是好奇，鑑於天然氣疲弱，你們是否可能有點想退出在海恩斯維爾（Haynesville）的部位，因為這可能會創造一些非常有趣的機會。

As I mentioned, we're evaluating opportunities in all basins, so we're not exclusive to one. And so we look at the capital we've got available to us, and then we try to assess the return opportunities and try to prioritize where we feel like we can have the best long-term investment in -- right, the opportunities being presented and the ones that we're looking at right now, they're more Permian-based. That doesn't mean that there won't be some new ones that come in that we look at, that the price expectations could be met to where we can take advantage of the lower price today. We're not finding too many people that want to lock in at these low gas prices when they're trying to sell their properties.

如我提到的，我們在所有盆地都會評估機會，所以不會只侷限於單一盆地。因此我們會看手上可用的資本，然後嘗試評估報酬機會，並優先排序我們認為能做出最佳長期投資的方向——對，眼前呈現的機會以及我們目前在看的，更多是以二疊紀盆地為主。這不代表不會有新的案子進來讓我們評估，且價格預期可能達到，使我們能利用今天較低的價格。但我們沒有看到太多人願意在他們想出售資產時，把價格鎖定在這麼低的天然氣價格水準。

Right. Okay. Last one for me, Cary, just quickly. I noticed your interest income increased nicely in the quarter. Could you talk about what you're doing with the cash in order to generate some incremental interest income and just how liquid those investments are?

了解。好。Cary，我最後一個問題，簡單問一下。我注意到你們本季的利息收入增加得不錯。你能談談你們如何運用現金來產生一些額外的利息收入，以及這些投資的流動性如何嗎？

Sure. Yes. Interest income was up on the quarter. It's just a matter of where interest rates have been going. Most of the cash that we have on the balance sheet today is invested in money market accounts, so it's all very liquid. And as you know, short-term money market accounts have been increasing with the increase in interest rates over the period of time.

當然。是的，本季利息收入上升了。這主要只是利率走勢所致。我們目前資產負債表上的大部分現金都投資在貨幣市場帳戶，因此流動性非常高。而如你所知，短期貨幣市場帳戶的收益率會隨著這段期間利率上升而提高。

We do have a modest amount of our overall cash that's on more bank balance sheets that may earn a little bit lower rate than what you get on existing money markets today. But out of our total, roughly 75% to 80% of our cash balance is in money market accounts, with others in very short-term, very liquid availability at our other banking relationships.

我們確實有一小部分整體現金放在一些銀行的資產負債表上，利率可能會比目前貨幣市場的水準略低。但以總體來看，我們約有 75% 到 80% 的現金餘額在貨幣市場帳戶，其餘則放在其他往來銀行關係中，期限非常短、流動性也非常高。

Our next question comes from Nathan Martin with Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Nathan Martin。

If I just look out maybe over the next few years, do you guys see any big changes related to your domestic customer base, maybe with regulations on the horizon, anything like that? And what percentage of your domestic business is recurring at this point? If you have that number.

如果我把時間拉長到未來幾年，你們是否看到與你們國內客戶基礎相關的任何重大變化，例如即將到來的法規之類？另外，目前你們國內業務中有多少比例是經常性（recurring）的？如果你們有這個數字的話。

And then as we look at the export side, you mentioned you've secured some additional capacity at the ports there. I think Joe, you said you expect to export around 6.5 million tons this year, but had maxed out over 12 million historically. Do you have the capacity to get close to that 12 million-ton number now if the demand is there? Or are there other items you guys would have to address first?

另外在出口方面，你提到你們在港口那邊取得了額外的產能。我想 Joe，你說你們今年預期出口約 650 萬噸，但歷史上最高曾超過 1,200 萬噸。如果需求存在，你們現在有能力把出口量拉回接近 1,200 萬噸嗎？還是你們得先處理其他事項？

We have the capacity. Obviously, we don't have the production because we don't have that -- our unsold position is only a couple of million tons, so -- for this year. So we would have the capacity from a logistics standpoint to be able to ship at that rate if we elected to do so.

我們有那個產能。當然，我們沒有相對應的產量，因為我們——今年未售出的部位只有幾百萬噸，所以——就今年而言。從物流角度來看，如果我們選擇這麼做，我們有能力以那樣的速度出貨。

And I think as far as looking at our customer base, we don't really see any substantial changes that are on the horizon. There are some customers that, in their IRPs , they are looking at retirements in the 2028 time period. That could tweak what our mix is among the various customers. But as I said earlier, even with some of those closures, the other plants that they remain to keep open, they -- sure to us that they are still going to need coal volumes pretty much consistent with what they've been taking because they would be utilizing the remaining coal plants at higher capacity factors.

至於客戶基礎，我們並沒有看到任何即將出現的重大變化。有些客戶在他們的 IRPs（整合資源規劃）中，正在考量於 2028 年左右退役一些機組。這可能會稍微調整我們在不同客戶之間的組合。但如我先前所說，即使有部分關閉，他們仍會保留運轉的其他電廠——他們向我們表示，他們仍將需要與目前採購量大致一致的煤炭量，因為他們會以更高的容量因子來運用剩餘的燃煤電廠。

So for the next 5 years, we don't really see any shifts in our customer mix.

因此在未來 5 年內，我們不太看到客戶組合會有任何變動。

Great. Appreciate that. And then Cary, I know you mentioned the expectation to maintain the current $0.70 per unit quarterly distribution throughout this year. But any thoughts on where that distribution could go looking forward? Joe, I think you previously mentioned a target coverage ratio of 2.2 to 2.5x. Does that still hold true? And then where do potential unit repurchases kind of fit into the capital return equation?

很好，感謝說明。接著 Cary，我知道你提到今年預期維持目前每單位每季 0.70 美元的配息。但對於未來配息可能走向有什麼想法嗎？Joe，我想你之前提到目標配息覆蓋率（coverage ratio）為 2.2 到 2.5 倍。這個目標仍然成立嗎？另外，潛在的單位回購在資本回饋的規劃中大概扮演什麼角色？

Yes. I think just in terms of distribution coverage, which you talked about beyond 2023, that's still where our view is, in that 2 to 2.5x range in terms of distribution coverage going forward. And that's where we would tend to focus.

是的。我想就你提到的、2023 年以後的配息覆蓋率而言，我們的看法仍是如此，也就是未來配息覆蓋率大約在 2 到 2.5 倍的區間。我們也會傾向把重點放在這個範圍。

Obviously, we haven't provided detailed guidance on any of that into 2024. Typically, we'll do that as we get closer to the end of the year. But that gives you a pretty good sense as to what we would look for distribution levels going forward.

很明顯地，我們尚未對 2024 年提供任何詳細指引。通常我們會在接近年底時再做。但這應該能讓你對我們未來會尋求的配息水準有相當清楚的概念。

Yes. And I think related to the stock buyback, I think our primary focus right now would be on buying back our bonds. We -- as we look at our credit agreement and what the underlying covenants are under that agreement, there is an expectation that we will retire those bonds within a certain time period. Which it makes sense for us to do anyway, given the reborrowing cost of trying to go back and replace those bonds. And I believe we've mentioned that as of May 1, we have the ability and flexibility to either continue to do what we've been doing, buying them in the market, or we can redeem those at par under our current credit agreement under our senior notes credit agreement.

是的。至於股票回購，我想我們目前的主要重點會放在回購我們的債券。我們——在檢視我們的信貸協議以及該協議下的相關契約條款時，協議中預期我們必須在一定期間內償還那些債券。無論如何，考量到若要再借款以取代那些債券的再融資成本，這樣做對我們也合理。我相信我們也提過，自 5 月 1 日起，依據我們現行的信貸協議、以及我們的優先票據信貸協議，我們具備能力與彈性：要嘛繼續像目前一樣在市場上買回，要嘛也可以按面值（par）贖回。

And we have reached the end of the question-and-answer session. And I'll now turn the call back over to Cary Marshall for closing remarks.

我們已到達問答環節的結束。現在我將把電話交回給 Cary Marshall 作結語。

And thank you, operator. And to everyone on the call, we appreciate your time this morning as well, and also your continued support and interest in Alliance. Our next call to discuss our second quarter 2023 financial and operating results is currently expected to occur in late July, and we hope everyone will join us again at that time.

謝謝，接線員。也感謝所有參與電話會議的各位，謝謝你們今天早上的時間，以及你們對 Alliance 持續的支持與關注。我們下一次電話會議將討論 2023 年第二季的財務與營運結果，目前預期在 7 月下旬舉行，希望屆時大家能再次加入。

This concludes our call for the day. Thank you.

今天的電話會議到此結束。謝謝。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。