Alliance Resource Partners LP (ARLP) 2025 Q1 法說會逐字稿

Greetings, and welcome to Alliance Resource Partners LP first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Alliance Resource Partners LP 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Cary Marshall, Senior Vice President and Chief Financial Officer. Thank you. You may begin.

現在我很高興介紹您的主持人，高級副總裁兼財務長 Cary Marshall。謝謝。你可以開始了。

Thank you, operator, and welcome everyone. Earlier this morning, Alliance Resource Partners released its first-quarter 2025 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and updated outlook for 2025.

謝謝接線員，歡迎大家。今天早些時候，Alliance Resource Partners 發布了 2025 年第一季的財務和營運業績，我們現在將討論這些業績以及我們對當前市場狀況的看法和對 2025 年的最新展望。

Following our prepared remarks, we will open the call to answer your questions. 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.

在我們準備好發言之後，我們將開始回答您的問題。在開始之前，需要提醒的是，我們今天的一些言論可能包括前瞻性陳述，這些陳述受到我們不時向美國證券交易委員會提交的文件中所述的各種風險、不確定性和假設的影響，並且也反映在今天上午的新聞稿中。

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.

雖然這些前瞻性陳述是基於我們目前掌握的信息，但如果這些風險或不確定性中的一個或多個成為現實，或者我們的基本假設被證明是錯誤的，實際結果可能與我們的預測或預期存在重大差異。

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.

在提供這些評論時，合夥企業沒有義務公開更新或修改任何前瞻性聲明，無論是由於新資訊、未來事件或其他原因，除非法律要求這樣做。

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 our press release, which has been posted on our website and furnished to the SEC on Form 8-K.

最後，我們還將討論某些非 GAAP 財務指標，這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標之間的差異的定義和調整包含在我們的新聞稿末尾，該新聞稿已發佈在我們的網站上並以 8-K 表格形式提交給美國證券交易委員會。

With the required preliminaries out of the way, I will begin with a review of our first quarter 2025 results, give an update of our 2025 guidance, and then turn the call over to Joe Kraft, our Chairman, President, and Chief Executive Officer for his comments.

在完成必要的準備工作後，我將首先回顧我們 2025 年第一季的業績，更新我們 2025 年的指引，然後將電話轉給我們的董事長、總裁兼首席執行官喬·克拉夫特 (Joe Kraft) 徵求意見。

Our overall operating performance and financial results for the first quarter of 2025, which we refer to as the 2025 quarter, was generally in line with our expectations we discussed with you on our last earnings call. Total revenues for the 2025 quarter were $540.5 million compared to $651.7 million in the first quarter of 2024, which we refer to as the 2024 quarter.

我們 2025 年第一季（我們稱之為 2025 年季度）的整體營運業績和財務業績與我們在上次財報電話會議上與您討論的預期基本一致。2025 年季度的總收入為 5.405 億美元，而 2024 年第一季（我們稱之為 2024 年季度）的總收入為 6.517 億美元。

The year-over-year decline was driven primarily by reduced coal sales volumes and prices as well as lower transportation revenues. Our average coal sales price per ton for the 2025 quarter was $60.29 a decrease of 6.9% versus the 2024 quarter, but 0.5% higher on a sequential basis and in line with our expectations for the quarter.

年比下降主要是由於煤炭銷售和價格下降以及運輸收入下降。我們 2025 年季度的每噸平均煤炭銷售價格為 60.29 美元，比 2024 年季度下降 6.9%，但比上一季高 0.5%，符合我們對本季的預期。

In the Illinois Basin, coal sales price per ton decreased by 4.2% compared to the 2024 quarter as a result of lower domestic price realizations at several of the mines within the region. While in Appalachia, coal sales prices decreased by 8.5% compared to the 2024 quarter due to reduced export price realizations from our MC Mining and Mettiki operations.

在伊利諾伊盆地，由於該地區幾座礦山的國內價格實現較低，每噸煤炭銷售價格與 2024 年季度相比下降了 4.2%。在阿巴拉契亞地區，由於我們的 MC Mining 和 Mettiki 業務的出口價格實現下降，煤炭銷售價格與 2024 年季度相比下降了 8.5%。

As it relates to volumes, total coal production in the 2025 quarter of 8.5 million tons was 7.2% lower compared to the 2024 quarter, while coal sales volumes decreased 10.4% to 7.8 million tons compared to the 2024 quarter.

就產量而言，2025 年季度煤炭總產量為 850 萬噸，比 2024 年季度下降 7.2%，而煤炭銷量與 2024 年季度相比下降 10.4% 至 780 萬噸。

Compared to the sequential quarter, coal sales volumes were lower by 7.7%. Total coal inventory at quarter end was 1.4 million tons. In the Illinois Basin, coal sales volumes decreased by 6.1% and 8.4% compared to the 2024 and sequential quarters respectively due primarily to timing of committed sales from our Hamilton mine.

與上一季相比，煤炭銷量下降了7.7%。季度末煤炭總庫存量為140萬噸。在伊利諾伊盆地，煤炭銷售量分別與 2024 年和連續季度相比下降了 6.1% 和 8.4%，這主要是由於我們漢密爾頓礦場的承諾銷售時間。

Reduced export sales volumes from Gibson South also contributed to the sequential reduction in coal sales volumes in the Illinois Basin. In Appalachia, coal sales volumes were down 22.7% and 4.9% compared to the 2024 and sequential quarters respectively, due to continued challenging mining conditions, particularly at Tunnel Ridge, which led to lower recoveries, as well as longwall moves at both Mettiki and Tunnel Ridge. We anticipate that Tunnel Ridge will be a more favorable geology beginning in the second half of 2025.

吉布森南部出口銷售量的下降也導致伊利諾盆地煤炭銷售量較上季下降。在阿巴拉契亞地區，煤炭銷量與 2024 年和上一季相比分別下降了 22.7% 和 4.9%，原因是採礦條件持續嚴峻，尤其是隧道嶺的採礦條件導致採收率下降，以及梅蒂基和隧道嶺的長壁移動。我們預計，從 2025 年下半年開始，隧道嶺的地質條件將更有利。

Turning to cost, segment adjusted EBITDA expense per ton sold for our coal operations was $42.75 an increase of 4.7% versus the 2024 quarter, but down 11.1% as compared to the sequential quarter. The impacts of lower volumes I just discussed in Appalachia were the primary driver of the increase year over year.

談到成本，我們煤炭業務每噸銷售的部門調整後 EBITDA 費用為 42.75 美元，較 2024 年季度增長 4.7%，但與上一季相比下降 11.1%。我剛才討論的阿巴拉契亞山脈產量下降的影響是導致產量逐年增加的主要原因。

In the Illinois Basin, segment adjusted EBITDA expense per ton for the 2025 quarter decreased by 4% and 12.6% compared to the 2024 and sequential quarters respectively, due primarily to increased production and lower maintenance and materials and supplies costs at several mines in the region, as well as reduced longwall move days at our Hamilton mine.

在伊利諾伊盆地，2025 年季度分部調整後每噸 EBITDA 費用分別與 2024 年和連續季度相比下降了 4% 和 12.6%，這主要歸因於該地區幾個礦山的產量增加以及維護、材料和供應成本降低，以及我們漢密爾頓礦山的長壁移動天數減少。

Additionally, an $11 million non-cash deferred purchase price adjustment recorded in the sequential quarter also contributed to the sequential decrease in the Illinois Basin. In Appalachia, segment adjusted EBITDA expense per ton for the 2025 quarter increased compared to the 2024 quarter due to increased longwall move days and the challenging mining conditions discussed previously at Tunnel Ridge, which led to lower recoveries in the region.

此外，連續季度記錄的 1,100 萬美元非現金遞延購買價格調整也導致了伊利諾伊盆地連續下降。在阿巴拉契亞地區，由於長壁移動天數增加以及之前討論過的隧道嶺採礦條件嚴峻，導致該地區的採收率下降，2025 年季度分部調整後每噸 EBITDA 費用較 2024 年季度有所增加。

Compared to the sequential quarter, Appalachia costs decreased 9.2%, due in part to lower subsidence and reclamation expenses. In our royalty segments, total revenues were $52.7 million in the 2025 quarter, down 6% compared to the 2024 quarter. The year-over-year decrease in revenues reflect lower realized oil and gas commodity pricing per BOE, as well as lower oil and gas volumes and coal royalty tons sold.

與上一季相比，阿巴拉契亞成本下降了 9.2%，部分原因是地面沉降和復墾費用降低。在我們的特許權使用費部門，2025 年季度的總收入為 5,270 萬美元，與 2024 年季度相比下降了 6%。收入同比下降反映了每桶油當量的石油和天然氣商品實際價格下降，以及石油和天然氣銷售和煤炭特許權使用費噸數下降。

Compared to the sequential quarter, total revenues from our royalty segment increased by 8.8%, led primarily by an 11% increase in oil and gas royalty revenue per BOE. Specifically in the 2025 quarter, oil and gas royalty volumes decreased 2% on a BOE basis, while coal royalty tons sold decreased 8% compared to the 2024 quarter. The decline in volumes from oil and gas resulted from decreased drilling and completion activities on our properties.

與上一季相比，我們的特許權使用費部門總收入增加了 8.8%，主要原因是每桶油當量的石油和天然氣特許權使用費收入增加了 11%。具體而言，到 2025 年季度，石油和天然氣特許權使用費數量（以桶油當量計算）將下降 2%，而煤炭特許權使用費銷量將比 2024 年季度下降 8%。石油和天然氣產量的下降是由於我們資產的鑽井和完井活動減少所造成的。

Sequentially, oil and gas royalty volumes increased by 6.9%. Coal royalty revenue per ton for the 2025 quarter was down 8.3% compared to the 2024 quarter, while lower oil and gas prices reduced the average realized sales price per BOE by 0.5% versus the 2024 quarter. Sequentially, coal royalty revenue per ton was down 3.7%, and oil and gas royalties, average sales prices were up 11% per BOE.

石油和天然氣特許權使用費收入較上季成長了 6.9%。2025 年季度每噸煤炭特許權使用費收入與 2024 年季度相比下降了 8.3%，而石油和天然氣價格下跌導致每桶油當量的平均實現銷售價格與 2024 年季度相比下降了 0.5%。與上一季相比，每噸煤炭特許權使用費收入下降了 3.7%，而石油和天然氣特許權使用費平均銷售價格每桶油當量上漲了 11%。

Our net income in the 2025 quarter was $74 million as compared to $158.1 million in the 2024 quarter. The decrease primarily reflects the previously discussed lower coal sales volumes and realized prices, and a decrease in the fair value of our digital assets of $5.6 million.

我們 2025 年季度的淨收入為 7,400 萬美元，而 2024 年季度的淨收入為 1.581 億美元。這一下降主要反映了先前討論過的煤炭銷售量和實現價格的下降，以及我們的數位資產公允價值減少 560 萬美元。

Adjusted for the 2025 quarter was $159.9 million. Now turning to our balance sheet and uses of cash, total debt outstanding was $484.1 million at the end of the 2025 quarter. Our total and net leverage ratios finished the quarter at 0.76 times and 0.63 times respectively, total debt to trailing 12 months adjusted EBITDA.

調整後的 2025 年季度為 1.599 億美元。現在來看看我們的資產負債表和現金用途，截至 2025 年季度末，未償還債務總額為 4.841 億美元。本季度，我們的總槓桿率和淨槓桿率分別為總債務與過去 12 個月調整後 EBITDA 的比率 0.76 倍和 0.63 倍。

Total liquidity was $514.3 million at quarter end, which included $81.3 million of cash on the balance sheet. Additionally, we held approximately 513 bitcoin on our balance sheet, valued at $42 million at the end of the 2025 quarter.

季度末總流動資金為 5.143 億美元，其中包括資產負債表上的 8,130 萬美元現金。此外，我們的資產負債表上持有約 513 比特幣，截至 2025 年季度末價值 4,200 萬美元。

At this morning's price of $94,500 per coin, 513 bitcoin would be valued at $48.4 million or $6.1 million higher than the end of the 2025 quarter. For the 2025 quarter, Alliance generated free cash flow of $52.7 million after investing $83.4 million in our coal operations. Distributable cash flow for the 2025 quarter was $84.1 million.

以今天上午每枚比特幣 94,500 美元的價格計算，513 枚比特幣的價值將達到 4,840 萬美元，比 2025 年季度末高出 610 萬美元。到 2025 年季度，Alliance 在煤炭業務上投資 8,340 萬美元後，產生了 5,270 萬美元的自由現金流。2025 年季度可分配現金流量為 8,410 萬美元。

We declared a quarterly distribution of $0.70 per unit for the 2025 quarter, equating to an annualized rate of $2.80 per unit. This distribution level is unchanged sequentially and compared to the 2024 quarter. As a reminder, each quarter, the board considers multiple factors when determining the appropriate distribution levels, including but not limited to expected operating cash flows generated by our business, capital needed to maintain our operations, distribution coverage levels, implied yield on our units both on a pre-tax and after-tax basis, current and possible investment opportunities, and debt service costs.

我們宣布 2025 年季度的季度分配為每單位 0.70 美元，相當於每單位 2.80 美元的年化利率。與 2024 年季度相比，該分佈水準沒有變化。提醒一下，每個季度，董事會在確定適當的分配水平時都會考慮多種因素，包括但不限於我們業務產生的預期經營現金流量、維持營運所需的資本、分配覆蓋水平、稅前和稅後單位的隱含收益率、當前和可能的投資機會以及債務服務成本。

Turning to our updated 2025 guidance detailed in this morning's release, the cold winter weather resulted in more favorable natural gas prices and increased coal consumption in the Eastern United States, helping reduce customer inventories and increased domestic coal burn compared to 2024.

談到我們今天早上發布的詳述的 2025 年更新指南，寒冷的冬季天氣導致天然氣價格更加優惠，美國東部的煤炭消耗量增加，有助於減少客戶庫存，並且與 2024 年相比，國內煤炭消耗量有所增加。

As a result, we continue to see a higher level of domestic customer solicitations for both near term and long term supply contracts and have increased our Illinois Basin sales tons expectations by 500,000 tons for the 2025 full year.

因此，我們繼續看到國內客戶對短期和長期供應合約的招標水準有所提高，並將伊利諾伊盆地 2025 年全年的銷售噸位預期提高了 50 萬噸。

Alliance has been active in domestic utility solicitations, securing commitments for an additional 17.7 million tons over the 2025 to 2028 time period. Customers continue to value our product quality, reliability of service, and financial strength. We now have 32.5 million tons committed in price for 2025, including 29.4 million tons for the domestic market and 3.1 million tons for export, assuming estimated full year sales of 33.75 million tons, which is at the midpoint of our updated 2025 full year sales guidance range of 32.75 million to 34.75 million tons.

Alliance 一直積極參與國內公用事業招標，並承諾在 2025 年至 2028 年期間額外採購 1,770 萬噸。客戶持續重視我們的產品品質、服務可靠性和財務實力。目前，我們已承諾 2025 年的銷售價格為 3,250 萬噸，其中國內市場 2,940 萬噸，出口 310 萬噸，預計全年銷售量為 3,375 萬噸，這處於我們更新後的 2025 年全年銷售指導範圍 3,275 萬噸至 3,475 萬噸的中點。

We are now 96% contracted for 2025 and 61% contracted in price for 2026. Much of our guidance for other key metrics is unchanged. On a net basis, we continue to expect a material improvement in full year cost to roughly offset lower realized pricing in our coal business for 2025.

目前，我們已簽訂了 2025 年合約的 96%，並已簽訂了 2026 年價格合約的 61%。我們對其他關鍵指標的大部分指導保持不變。從淨值來看，我們仍預期 2025 年全年成本將大幅改善，以大致抵銷煤炭業務的較低實際價格。

Second quarter 2025 coal sales volumes are anticipated to be 8% to 12% higher than the first quarter. The added volumes and cadence of longwall moves means we expect cost per ton to be lower in the second half of the year based upon the midpoint of our total cost per ton guidance range.

預計2025年第二季煤炭銷售量將比第一季成長8%至12%。增加的開採量和長壁開採節奏意味著，根據我們每噸總成本指導範圍的中點，我們預計下半年每噸成本將會降低。

On the cost side, we continue to expect full year 2025 segment adjusted EBITDA expense per ton to be in a range of $35 to $38 per ton in the Illinois Basin and $53 to $60 per ton in Appalachia. We completed two scheduled longwall moves in the 2025 quarter at Tunnel Ridge and Mettiki, and have another longwall move at Tunnel Ridge in the second quarter of 2025 and one at Hamilton in the third quarter of 2025.

在成本方面，我們繼續預期 2025 年全年分公司調整後的每噸 EBITDA 費用在伊利諾盆地為每噸 35 至 38 美元，在阿巴拉契亞地區為每噸 53 至 60 美元。我們在 2025 年季度在 Tunnel Ridge 和 Mettiki 完成了兩次預定的長壁移動，並在 2025 年第二季度在 Tunnel Ridge 進行了另一次長壁移動，並在 2025 年第三季度在 Hamilton 進行了一次長壁移動。

In our oil and gas royalties business, we continue to expect sales of 1.55 million to 1.65 million barrels of oil, 6.1 million to 6.5 million MCF of natural gas, and 775,000 to 825,000 barrels of natural gas liquids. Segment adjusted EBITDA expense is now expected to be approximately 15% of oil and gas royalty revenues for the year.

在我們的石油和天然氣特許權使用費業務中，我們繼續預計石油銷量為 155 萬至 165 萬桶，天然氣銷量為 610 萬至 650 萬立方英尺，天然氣液體銷量為 77.5 萬至 82.5 萬桶。目前預計分部調整後的 EBITDA 支出約佔當年石油和天然氣特許權使用費收入的 15%。

We continue to expect $285 million to $320 million in total capital expenditures for the full year 2025. This is down significantly from 2024 capital expenditures of $429 million as we near the end of a roughly two year period of elevated capital spend to make long-term strategic investments in our River View and Warrior, Hamilton, and Tunnel Ridge mines that ensure they're reliable, low cost operation for many years to come.

我們繼續預期 2025 年全年總資本支出為 2.85 億至 3.2 億美元。這一數字較 2024 年的 4.29 億美元資本支出大幅下降，因為我們即將結束約兩年的資本支出增加期，對 River View 和 Warrior、Hamilton 和 Tunnel Ridge 礦山進行長期戰略投資，以確保它們在未來許多年內可靠、低成本地運營。

We continue to expect the remaining work for these projects to be completed in the first half of 2025. Oil and gas minerals acquisition activity has been slow to date for 2025 as lower oil prices have impacted a number of opportunities in the market, as well as willingness of sellers to transact at these commodity prices.

我們仍預計這些專案的剩餘工作將於 2025 年上半年完成。截至目前，2025 年石油和天然氣礦產收購活動一直進展緩慢，因為低油價影響了市場上的許多機會，以及賣家以這些商品價格進行交易的意願。

However, we remain committed to investing in our oil and gas minerals business, and we plan to actively pursue growth in this segment in 2025 and beyond. With the ultimate amount of investment depending upon the number and quality of opportunities available and their ability to meet our underwriting standards.

然而，我們仍然致力於投資我們的石油和天然氣礦產業務，並計劃在 2025 年及以後積極追求該領域的成長。最終投資金額取決於可用機會的數量和品質以及它們滿足我們的承保標準的能力。

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

說完這些，我將把電話轉給喬，請他評論市場以及他對 ARLP 的展望。喬？

Thank you, Cary, and good morning everyone. Our operations ran well in the first quarter, in line with our expectations, thanks to the hard work and dedication of our entire team. Our Illinois Basin operations continue to deliver strong results, and we are seeing cost improvements in Appalachia.

謝謝你，卡里，大家早安。由於我們整個團隊的辛勤工作和奉獻精神，我們第一季的營運運作良好，符合我們的預期。我們的伊利諾伊盆地業務持續取得強勁業績，我們也看到阿巴拉契亞地區的成本有所改善。

While costs have not yet reached our target levels, they remain on track with our 2025 full year guidance expectations. Importantly, as we near the completion of mining in the more challenging areas at Tunnel Ridge and Mettiki, we expect our cost in those operations will continue to decline in the quarters ahead.

雖然成本尚未達到我們的目標水平，但仍符合我們對 2025 年全年的指導預期。重要的是，隨著我們在隧道嶺和梅蒂基等更具挑戰性的地區的採礦工作即將完成，我們預計未來幾季這些作業的成本將繼續下降。

Now turning to an update of current market conditions, the domestic markets strengthened considerably in early 2025 due to the cold weather -- cold winter season, higher natural gas prices, declining coal inventories, leading to increased coal consumption and upward revisions to electricity demand forecasts from our customers.

現在來看看當前市場狀況的最新情況，由於寒冷的天氣——寒冷的冬季、天然氣價格上漲、煤炭庫存下降，導致煤炭消耗量增加以及客戶上調電力需求預測，國內市場在 2025 年初大幅走強。

In contrast, export opportunities for our high sulfur coal out of the Illinois Basin have not been as attractive. With the strength of domestic demand for Illinois Basin coal, our guidance assumes we will not enter into new export contracts for Illinois Basin deliveries this year.

相較之下，伊利諾伊盆地高硫煤的出口機會就沒那麼有吸引力。由於國內對伊利諾伊盆地煤炭的需求強勁，我們的指導假設是今年我們不會簽訂新的伊利諾伊盆地煤炭出口合約。

With the outlook for near term data center driven demand growth and the extended life of the coal plants we ship to, we will continue to give preference to the domestic market. I want to emphasize that we remain a cornerstone of our customers supply plans, consistently supporting them throughout market cycles.

鑑於近期資料中心驅動的需求成長以及我們出貨到的煤電廠壽命的延長，我們將繼續優先考慮國內市場。我想強調的是，我們仍然是客戶供應計畫的基石，在整個市場週期中始終如一地為他們提供支援。

We will prioritize customers who recognize our quality, reliability, and financial strength based on years and even decades of service to their critical assets. With inventories on the decline, utilities have come back to the market for both flex tonnage requests for 2025, as well as term business in 2026 and beyond.

我們將優先考慮那些認可我們品質、可靠性和財務實力的客戶，這些客戶多年來甚至幾十年來一直為他們的關鍵資產提供服務。隨著庫存下降，公用事業公司已重返市場，既尋求 2025 年的彈性噸位需求，也尋求 2026 年及以後的定期業務。

I'm pleased to report that we have been successful in a number of those solicitations year-to-date, including entering into an arrangement with a long term customer to supply essentially all of their needs through 2025 -- 2028. As Cary stated, we are nearly sold out and priced our expected production for 2025. Current market indications suggest sales for the year could even approach the upper end of our guidance range.

我很高興地報告，今年迄今為止，我們已經成功完成了多項招標，包括與一位長期客戶達成協議，在 2025 年至 2028 年期間基本滿足他們的所有需求。正如卡里所說，我們的產品幾乎已售罄，並且定價為 2025 年的預期產量。目前的市場跡象表明，今年的銷售額甚至可能接近我們預期範圍的上限。

Next, I would like to spend a few minutes highlighting the ongoing shift in energy policy out of Washington. The administration's recent actions regarding the coal industry and grid reliability directly address the realities we have warned about for years.

接下來，我想花幾分鐘時間重點介紹華盛頓能源政策的持續轉變。政府最近針對煤炭產業和電網可靠性採取的行動直接解決了我們多年來一直警告的現實問題。

That overdependence on intermittent renewable energy sources, while simultaneously disadvantaging coal, puts the reliability of our country's energy backbone at risk. We welcome these policy actions as a recognition of coal's essential role in energy security.

過度依賴間歇性再生能源，同時不利於煤炭，使我國能源骨幹的可靠性面臨風險。我們歡迎這些政策行動，認為這是對煤炭在能源安全中的重要角色的認可。

Notably, on April 8, 2025, President Trump signed four executive orders to expand domestic coal-fired generation, seeking affordable electricity for the American people and grid stability in anticipation of growing energy demand which is critical for our country's national security interests.

值得注意的是，2025年4月8日，川普總統簽署了四項行政命令，擴大國內燃煤發電，尋求為美國人民提供負擔得起的電力，並實現電網穩定，以滿足不斷增長的能源需求，這對我國的國家安全利益至關重要。

The executive order addressing grid reliability cited that rapid technology advancement, an expansion of AI data centers and increased domestic manufacturing are driving an unprecedented surge in electricity demand and placing a significant strain on our nation's electric grid.

針對電網可靠性的行政命令指出，科技的快速進步、人工智慧資料中心的擴張和國內製造業的成長正在推動電力需求前所未有的激增，並給我們國家的電網帶來巨大壓力。

The White House now forecast US electricity demand is expected to rise 16% over the next five years or 3 times the growth forecasted just a year ago. These orders are designed to help level the playing field, inject common sense approaches to the calculation of reserve margins, and prevent premature retirement of critical generation.

白宮目前預測，未來五年美國電力需求預計將增加 16%，即一年前預測增幅的三倍。這些命令旨在幫助創造公平的競爭環境，為儲備裕度的計算注入常識性方法，並防止關鍵發電量的過早退休。

Additionally, the administration is calling for greater federal involvement in decisions regarding capacity reserves that have typically been made at the utility or regional transmission organization level, which could further promote the extension of base load capacity lives.

此外，政府也呼籲聯邦政府更多參與有關容量儲備的決策，這些決策通常在公用事業或區域輸電組織層級做出，這可以進一步促進基本負載容量壽命的延長。

The results are likely to be material for our customers and our industry. Recent analysis by Energy Ventures analysis estimates that 10.6 gigawatts of coal plants scheduled to retire or convert to natural gas by the end of 2027 could be extended representing coal demand of 23 million tons per year as a result of these executive orders.

研究結果可能對我們的客戶和產業產生重大影響。Energy Ventures 分析公司最近的分析估計，由於這些行政命令，原定於 2027 年底退役或轉換為天然氣的 10.6 千兆瓦燃煤電廠可能會延長運行，這意味著每年的煤炭需求量將達到 2,300 萬噸。

This includes a number of coal plants we currently serve. We have long maintained that premature closing of cogenerating capacity would threaten grid reliability. The market has already signaled the scarcity value of coal-fired generation, as evidenced by last year's PJM capacity auction, clearing price increasing tenfold.

其中包括我們目前服務的許多燃煤電廠。我們一直認為，過早關閉熱電聯產能力將威脅電網的可靠性。市場已經顯示出燃煤發電的稀缺價值，去年的 PJM 容量拍賣就證明了這一點，清算價格上漲了十倍。

The next PJM auction scheduled for June of this year will cover the period from June 26 through May of 2027 and is indicating more of the same with a $350 per megawatt day price cap already announced. While this policy momentum supports constructive long-term fundamentals for future coal production. The initial fallout from the April 2, 2025 Liberation Day tariff announcements has created significant uncertainty as to the future inflation, supply chain interruptions, global economic activity, and energy prices, among other things, making it difficult to predict with any certainty how these policies will impact us.

下一次 PJM 拍賣定於今年 6 月舉行，涵蓋 6 月 26 日至 2027 年 5 月期間，並宣布每日每兆瓦 350 美元的價格上限，預示著更多相同的情況。這項政策勢頭為未來煤炭生產的長期建設性基本面提供了支持。2025 年 4 月 2 日解放日關稅公告的最初影響給未來的通貨膨脹、供應鏈中斷、全球經濟活動和能源價格等方面帶來了很大的不確定性，因此很難確定地預測這些政策將如何影響我們。

As Cary mentioned, we have secured solid volume commitments for 2025 and 2026. However, similar to this year is our higher price multi-year contract signed during the 2022 energy crisis roll off. Our average coal sales price per ton is trending lower. Based on current market developments, including a favorable natural gas futures price curve, we anticipate that 2026 average coal sales price per ton could be 4% to 5% below the midpoint of our 2025 guidance.

正如 Cary 所提到的，我們已經獲得了 2025 年和 2026 年的穩定產量承諾。然而，與今年類似的是，我們在 2022 年能源危機期間簽署了價格更高的多年期合約。我們每噸煤炭的平均銷售價格呈下降趨勢。根據目前的市場發展情況，包括有利的天然氣期貨價格曲線，我們預計 2026 年每噸煤炭平均銷售價格可能比 2025 年指導價的中點低 4% 至 5%。

Like this year, we are hopeful we can maintain margins with cost savings. The trade policy uncertainty makes actual costs, sales opportunities, and pricing very hard to predict. For 2025, we have tried to factor in what we believe the known impacts of the terrors are into our cost and our guidance that Cary mentioned.

與今年一樣，我們希望能夠透過節省成本來維持利潤率。貿易政策的不確定性使得實際成本、銷售機會和定價難以預測。對於 2025 年，我們試圖將我們認為已知的恐怖影響納入我們的成本和 Cary 提到的指導中。

A royalty segment faces the same uncertainties from potential trade implications. As we navigate rapidly evolving market dynamics, we are committed to maintaining a strong balance sheet and disciplined approach to capital allocation while carefully monitoring the potential impacts of trade policy uncertainty on coal demand, pricing and costs.

特許權使用費部分也面臨來自潛在貿易影響的同樣的不確定性。在應對快速變化的市場動態時，我們致力於保持強勁的資產負債表和嚴謹的資本配置方式，同時密切監測貿易政策不確定性對煤炭需求、定價和成本的潛在影響。

As Cary mentioned, we declared a quarterly distribution of $0.70 per unit for the 2025 quarter, equating to an annualized rate of $2.80 per unit. This distribution level is unchanged sequentially and compared to the 2024 quarter.

正如 Cary 所提到的，我們宣布 2025 年季度的季度分配為每單位 0.70 美元，相當於年化利率為每單位 2.80 美元。與 2024 年季度相比，該分佈水準沒有變化。

The board in making this decision recognized the uncertainty regarding the trade policies. But decided it was premature to make any adjustment this quarter. Cary also outlined the multiple factors the board considers in determining the appropriate distribution level. The board will closely be evaluating the potential impacts of tariffs on future results, which will, among other factors, inform the board's decision regarding future distributions.

董事會在做出這項決定時認識到了貿易政策的不確定性。但決定本季做出任何調整還為時過早。卡里也概述了董事會在確定適當分配水準時考慮的多種因素。董事會將密切評估關稅對未來績效的潛在影響，這將與其他因素一起為董事會有關未來分配的決定提供資訊。

In closing, we are off to a solid start for the year. With an improving regulatory framework and the realities of natural gas and coal-fired electric generation being critical for grid security, we believe Alliance's investments in oil and gas minerals, as well as the recapitalization of our coal mines have positioned us well for continued success.

最後，我們今年有一個好的開始。隨著監管框架的不斷完善以及天然氣和燃煤發電對電網安全至關重要的現實，我們相信 Alliance 在石油和天然氣礦產方面的投資以及我們煤礦的資本重組為我們繼續取得成功奠定了良好的基礎。

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

我們的準備好的評論到此結束，現在我將請接線生開始提問。

(Operator Instructions)

（操作員指示）

Nathan Martin, The Benchmark Company.

內森馬丁（Nathan Martin），基準公司。

Thanks, operator good morning guys.

謝謝，接線員，大家早安。

Morning Nate.

早安，內特。

Joe, I appreciate your thoughts on recent executive orders in (technical difficulty)

喬，我很欣賞你對最近行政命令的看法（技術難度）

Nate, you're kind of breaking up a little bit here.

內特，你在這裡有點崩潰了。

Is that better.

這樣是不是更好一點？

A little bit better.

稍微好一點。

Stop again, if you can't understand, I apologize. You go back to what I was saying, your comments on Trump's, executive orders (technical difficulty) one directive under these orders is allowing to your waivers from that for a number of plants before we're starting to see some coal plant retirement delays. So what are you guys hearing from your customers at this point?

再打住，如果你不能理解，我很抱歉。回到我剛才說的，你對川普行政命令的評論（技術難度），這些命令下的一項指令是允許你對一些電廠免除這些限制，然後我們才開始看到一些燃煤電廠的退役延遲。那麼你們現在從客戶那裡聽到了什麼？

I think you mentioned a couple plants you served are, impacted there. Any additional color would be helpful. And then second, do you see the possibility of additional capital being spent to bring online either more thermal coal production or keep coal-fired plants running longer, if not, what kind of commitments do you think the industry needs to feel comfortable doing that?

我想您提到您服務過的幾家工廠在那裡受到了影響。任何額外的顏色都會有幫助。第二，您是否認為有可能投入更多資金來增加動力煤產量或延長燃煤電廠的運作時間？如果沒有，您認為業界需要做出什麼樣的承諾才能放心地這樣做？

As far as the response, I mentioned the EDA analysis, and that's on top of announcements that already been made previously, which is about double the amount that the EDA was analyzing. I think you mentioned the Mats extension, which is a two-year extension.

至於回應，我提到了 EDA 分析，這是在先前已經發布的公告的基礎上進行的，其分析量大約是 EDA 分析量的兩倍。我想你提到了 Mats 的續約，這是一份為期兩年的續約。

There was a schedule attached to that included the various utilities had requested that extension, I would say most if not all of the utilities we serve were included on that list and intend to take advantage of that. I think that window is still open for those utilities that haven't declared that there would be openness to consider utilities to take advantage of that extension.

附有一份時間表，其中包括各個公用事業公司要求的延期，我想說，我們所服務的大多數（如果不是全部）公用事業公司都包含在該列表中，並打算利用這一點。我認為，對於那些尚未宣布開放考慮利用該擴展的公用事業公司來說，這個窗口仍然開放。

As far as trying to understand exactly what that is, what is clear in our conversations with utilities is this demand for electricity for data center. Construction is real and so I think every one of our customers is trying to determine exactly how fast that electricity can come online and what that means for them.

為了弄清楚這到底是什麼，我們與公用事業公司的對話清楚地表明了資料中心對電力的需求。建設是現實存在的，所以我認為我們的每位客戶都在試圖確定電力究竟能多快上線以及這對他們意味著什麼。

I think again the executive order from President Trump was driven primarily because of the realization that the growth for these data centers is real and there's a national security interest that is under consideration that wants these data centers to be completed.

我認為川普總統發布行政命令主要是因為他意識到這些資料中心的成長是真實的，而且出於國家安全利益的考慮，他希望這些資料中心能夠建成。

So as a result, the data, the executive orders are driven to make sure that the coal fleet stays open. And I think that reality is going to occur specifically as to whether there's going to be increased investments for bringing on more coal. I don't think that's going to happen.

因此，數據和行政命令的目的是確保煤炭船隊保持開放。我認為，現實情況是，是否會增加投資以引進更多煤炭。我不認為這會發生。

I think that there is adequate capacity to meet the existing coal fleet. I think from a utility perspective, will they continue to invest and hopefully there's going to be strong encouragement for the utilities to invest in the existing coal fleet. So that they can in fact operate at higher capacity factors as part of the executive orders, there are evaluations on new source review modification or adjustments which would give the utilities the comfort to go ahead and make some investments, there's actually been encouragement that.

我認為有足夠的產能來滿足現有的煤炭船隊。我認為從公用事業的角度來看，他們會繼續投資嗎？並且希望大力鼓勵公用事業公司投資現有的煤炭發電廠。因此，作為行政命令的一部分，它們實際上可以以更高的容量係數運行，對新來源審查修改或調整進行了評估，這將使公用事業公司能夠放心地繼續進行一些投資，實際上已經鼓勵這樣做。

Both at the state level and the federal level to see if they can help the utilities and encourage them to make investments in their current fleet if they have not been maintaining those to the level that allow them to run it at nameplate capacity.

無論是州一級還是聯邦一級，都要看看是否可以幫助公用事業公司，並鼓勵他們對現有車隊進行投資，如果他們還沒有將這些車隊維持在允許他們以額定容量運行的水平。

So I do see that the utility industry is being responsive because they see the increased demand is requiring them to provide power at the lowest cost possible. And I think from my perspective, it's only common sense that if you can maintain what you have, it's a lot cheaper than trying to build new, especially with the supply chain.

因此我確實看到公用事業行業正在做出反應，因為他們看到不斷增長的需求要求他們以盡可能低的成本提供電力。我認為，從我的角度來看，如果你能維護現有的東西，那麼它比嘗試建造新的要便宜得多，尤其是在供應鏈方面，這只是常識。

That's not going to allow for the new construction to come on at a rate that the projected energy demand is being forecast. So hopefully that's responsive. I didn't hear totally your question, but if there's something I missed please ask me.

這使得新建築無法按照預計的能源需求速度進行建造。希望這是有回應的。我沒有完全聽清楚你的問題，但如果我遺漏了什麼，請問我。

No, that was great. That was great, Joe. I appreciate that. I mean, just maybe sticking with the macro for a second, you guys talked about how clearly everybody is dealing with trade policy uncertainties at the moment, making things difficult on a number of fronts.

不，那太棒了。太棒了，喬。我很感激。我的意思是，也許只是暫時堅持宏觀角度，你們談論了目前每個人如何明顯地應對貿易政策的不確定性，這使得許多方面的事情變得困難。

Could you talk a little bit more specifically about which policies or potential policies you maybe are impacting ARLP's business the most and then how you plan to, mitigate or manage any potential challenges?

您能否更具體地談談哪些政策或潛在政策可能對 ARLP 的業務影響最大，以及您計劃如何減輕或應對任何潛在挑戰？

Well, the impact that we've included is what we're actually seeing from the tariff increases for steel and aluminum and then also monitoring copper prices, those are gone up, so those are the main things that we've factored in through our guidance. I think that as we try to think beyond that, we're like everybody else in the world, trying to understand.

嗯，我們所考慮的影響是我們實際上看到的鋼鐵和鋁關稅上調，然後還監測銅價，這些價格都在上漲，所以這些是我們在指導中考慮的主要因素。我認為，當我們嘗試超越這一點去思考時，我們就像世界上的其他人一樣，試圖去理解。

What the intent is and what the unintended consequences could be. And I think our, the impact of mining, there's been several articles, by different publications of investment banks that try to show the impact of various industries and mining is on the low end, which is good, but the general economic impact of the entire economy, obviously would have an impact.

其意圖是什麼以及可能產生什麼意外後果。我認為，關於採礦業的影響，投資銀行的不同出版物已經發表了幾篇文章，試圖表明各個行業的影響，而採礦業的影響處於較低水平，這是好事，但整個經濟的總體經濟影響顯然會產生影響。

On what the future demand could be, and then you have the total uncertainty of supply chain interruptions. Again, I think for us we don't anticipate any significant Impact there, but it's really hard to predict. I think that one of the things that is encouraging for us is the administration is serious about this emergency for protecting the grid.

未來的需求會是什麼，然後你會對供應鏈中斷產生完全的不確定性。再說一次，我認為我們預計不會有任何重大影響，但這確實很難預測。我認為令我們感到鼓舞的事情之一是政府認真對待這項保護電網的緊急情況。

And so they are very responsive to hearing what the industry has to say, if there are issues that start popping up that would suggest that the trade policies could have a negative impact To achieve the goal that that he's striving For the energy, landscape. So -- and I feel that the administration is very aware of the importance of both oil, gas, and coal, the whole energy space to the strength of our economy.

因此，他們非常樂意聽取業界的意見，如果出現問題，表明貿易政策可能會對實現他所追求的能源和景觀目標產生負面影響。所以——我覺得政府非常清楚石油、天然氣和煤炭以及整個能源領域對我們經濟實力的重要性。

And is not intent, his intent, the President's intent is not to allow the -- let's see yeah. So his intent is to not impact the energy sector by his trade policies, if he can avoid it. That's my view, but it's very hard to predict, if not impossible.

這不是他的意圖，總統的意圖是不允許——讓我們看看。因此，如果可以避免的話，他的意圖是不讓貿易政策影響能源產業。這是我的觀點，但很難預測，甚至不可能預測。

Okay, great, Joe. Yeah, I don't think you guys are alone there. I guess just shifting gears finally just to the Appalachian segment again, costs stubbornly high, as we expected they would continue to be. I know you guys are still working through a panel at Tunnel Ridge, I think before you move to some better conditions. But how confident are you that you can kind of get within that four year cost per ton guidance range obviously you maintain.

好的，太好了，喬。是的，我認為你們並不孤單。我想，最終只是再次轉向阿巴拉契亞山脈部分，成本仍然居高不下，正如我們預期的那樣，它們會繼續保持這種狀態。我知道你們仍在透過隧道嶺的一個面板進行工作，我想在你們轉移到更好的條件之前。但是，您對於能夠達到您所堅持的四年每噸成本指導範圍有多大信心？

But where do you think cost per ton can trend for Appalachia once you're past all these challenging conditions?

但是，一旦克服了所有這些挑戰性條件，您認為阿巴拉契亞山脈的每噸成本趨勢會如何？

When we've guided to where we think that would be for the year, we are confident that we can achieve those costs and we've already moved into a new long wall panel with Mettiki and seeing positive results there still work to do. At Tunnel Ridge, our movement to the next district is now scheduled for the end of June I believe.

當我們確定了今年的目標後，我們有信心實現這些成本，並且我們已經與 Mettiki 一起搬進了一個新的長牆板，並且看到了積極的成果，但仍有工作要做。在隧道嶺，我相信我們計劃在六月底前往下一個地區。

So, for the second half, we should see improvement next quarter in second quarter, but the second half is what we're targeting to get us into to the range of costs that are shown in our guidance numbers.

因此，對於下半年，我們應該會看到第二季的改善，但我們的目標是下半年讓我們進入指導數字中顯示的成本範圍。

So when you think through what that means for '26 on a full year basis we should have more stability compared to our '25 numbers. And that's why it gives us some hope that we will be able to have lower cost in '26 to match the lower cost in sales prices to hope that we can maintain our margins in '26 like we're doing in '25 compared to '24.

因此，當您仔細考慮這對 26 年全年而言意味著什麼時，我們會發現與 25 年的數字相比，我們應該擁有更高的穩定性。這就是為什麼它給了我們一些希望，我們將能夠在 26 年降低成本以匹配較低的銷售價格，希望我們能夠在 26 年保持利潤率，就像我們在 25 年與 24 年相比所做的那樣。

Got it. I appreciate those thoughts, guys. Thank you for your time and best of luck here in the second quarter.

知道了。我很感激你們這些想法。感謝您抽出時間並祝您第二季好運。

Mark Reichman, Noble Capital Markets.

馬克‧賴克曼 (Mark Reichman)，Noble Capital Markets。

Thank you. You talked a little bit about the uncertainty, I think everybody recognizes that. So how are you kind of positioning in terms of when you talk about capital allocation internally and particularly as it pertains to 2026, how are you thinking about, capital expenditures, investments, the distribution.

謝謝。您談到了不確定性，我想每個人都認識到了這一點。那麼，當您談論內部資本配置時，特別是涉及 2026 年時，您如何定位，您如何考慮資本支出、投資和分配。

Are you taking kind of a more defensive posture or because I know you did make an investment in a power plant, and I think it was $25 million. So I'm just kind of curious kind of how this environment is influencing your capital allocation.

您是否採取了更具防禦性的姿態，或者因為我知道您確實對一座發電廠進行了投資，而且我認為投資金額為 2500 萬美元。所以我只是有點好奇這種環境如何影響你的資本配置。

Yeah, right now our guidance is just totally driven off just maintenance capital for our co-operations. We are evaluating opportunities to participate in the data center infrastructure side of the business. You mentioned that $25 million investment we made in a power plant through a larger, fund if you will, where.

是的，目前我們的指導完全取決於我們合作的維護資本。我們正在評估參與資料中心基礎設施業務的機會。您提到我們透過一個更大的基金向一座發電廠投資了 2500 萬美元。

There's a group that bought the Gavin plant and so we bought 1% of that. We think more opportunities like that will present themselves. We're not going to slow down our growth capital if we can find assets that would be promising for the growth in the future. At the same time we're going to be prudent in looking at those and trying to understand whether there are opportunities that allow that growth and we there will be some opportunities in what we call the data center infrastructure.

有一個集團購買了 Gavin 工廠，所以我們買了其中的 1%。我們認為，類似這樣的機會將會出現。如果我們能夠找到對未來成長有希望的資產，我們就不會放慢成長資本的速度。同時，我們將謹慎地看待這些問題，並試圖了解是否有機會實現這種成長，而且在我們所謂的資料中心基礎設施中將會有一些機會。

Arena, where we can work with customers and try to understand how we can be beneficial to them as they need to grow at the same time, provide growth opportunities for our company. You know we've mentioned a little bit in the mineral space that we're very committed to staying and wanting to grow that. However, with the decline in oil prices, it has muted seller expectations or it has not muted there.

在競技場，我們可以與客戶合作，並試圖了解我們如何使他們受益，因為他們需要同時成長，為我們的公司提供成長機會。您知道，我們曾提到礦產領域，我們非常致力於保持這一領域並希望發展這一領域。然而，隨著油價的下跌，賣方的預期已經減弱，或者說並沒有減弱。

In other words, they're not adjusting their expectations, but it does if we maintain our underwriting standards, it's going to limit our ability to allocate capital to that area unless there's some change in mindset or we get back to a price curve that's comparable to what we've experienced over the last three or four years.

換句話說，他們沒有調整他們的預期，但如果我們維持承保標準，這將限制我們向該領域分配資金的能力，除非我們的思維方式發生一些變化，或者我們回到與過去三四年經歷的價格曲線相當的價格曲線。

So I think that will play as to exactly how much we can participate in that area.

所以我認為這將決定我們能在該領域參與多少。

Well, I was just curious because --

嗯，我只是好奇，因為--

I think the question is really back to when we think of opportunities, we will be mindful of our balance sheet to determine what to do in an uncertain environment.

我認為問題實際上回到了當我們想到機會時，我們會留意我們的資產負債表，以確定在不確定的環境中該做什麼。

Okay. No, that's helpful. And just, you've got that portfolio of infinitum and Francis Energy and the infinitum has a great relationship with Matrix, but like this this executive order, I mean, does that -- have you broadened or maybe even narrowed kind of the scope of your investments so you mentioned the power plant, but with this grid reliability, could there be investments around the grid or just kind of curious how you're thinking about those investments and the opportunity set?

好的。不，這很有幫助。而且，您擁有 infinitum 和 Francis Energy 的投資組合，並且 infinitum 與 Matrix 關係很好，但是像這個行政命令這樣的事情，我的意思是 - 您是否擴大了或者甚至縮小了您的投資範圍，所以您提到了發電廠，但是考慮到電網的可靠性，是否可以對電網進行投資，或者只是好奇您如何看待這些投資和機會集？

Yeah. I think we've narrowed our focus -- so the various transition type investments that were made under the previous administration as to where the direction was going and sort of stalled. Our Infinitum we still are working closely with them and we are advancing.

是的。我認為我們已經縮小了關注範圍——因此，上一屆政府進行的各種過渡型投資的方向都停滯了。我們的 Infinitum 仍在與他們密切合作，並且正在不斷進步。

The joint development agreement we have with them and we're very encouraged by the prospects of that, so that's moving. As we contemplated, it doesn't take much capital, but it does take labor and a growing sales prospects, so that looks good, it's when you think of significance, it's not going to be a significant number for '25, '26, but we're still very excited about the longer term growth potential for that relationship back to the infrastructure.

我們與他們達成了聯合開發協議，我們對其前景感到非常鼓舞，因此這是令人鼓舞的。正如我們所考慮的，它不需要太多的資本，但需要勞動力和不斷增長的銷售前景，所以這看起來不錯，當你想到重要性時，它對於'25'，'26來說不會是一個重要的數字，但我們仍然對這種與基礎設施的關係的長期增長潛力感到非常興奮。

There are areas within Matrix that we're looking at that will allow us to do some things in the components of data centers that sort of fit this infrastructure concept of how we could participate in that could add some value that we're excited about and then beyond that it would be looking at properties we have and or that are in regions where our existing coal fleet that we serve are located.

我們正在研究 Matrix 中的一些領域，這些領域將使我們能夠在資料中心的組件中做一些事情，這些事情符合這種基礎設施概念，即我們如何參與其中，可以增加一些讓我們興奮的價值，除此之外，我們還會考慮我們擁有的物業，或者我們服務的現有煤炭船隊所在的地區。

To see if we can't facilitate somehow data centers being located to where the coal burn would benefit from the investments in those regions.

看看我們是否能以某種方式促進資料中心的建立，使其位於燃煤地區，從而從這些地區的投資中受益。

And just one final very specific question related to the executive order, do you think there's any possibility that that two-year relief, will kind of be made permanent --

最後一個與行政命令相關的非常具體的問題，你認為這項為期兩年的救濟措施有可能成為永久性的嗎？--

Well, I think that, well, all six of the EPA rules that are needed to be repealed and or replaced are actively being acted upon and the mass rules one of them. So the law gave the President the opportunity to go ahead signal to the utilities that they had the automatic extension there.

嗯，我認為，所有六項需要廢除或替換的 EPA 規則都在積極實施中，其中之一就是大眾規則。因此，該法律讓總統有機會向公用事業公司發出信號，表明他們已經自動延長了該期限。

I think that the quicker that they can move on the Clean Power Plan 2 or the coal combustion residual rule or the ELG rule, they're already doing some things on the ozone transport rule. The EPA is very focused on trying to move as fast as possible with the goal of having clarity by the end of this year.

我認為他們越快推進清潔電力計劃 2 或燃煤殘留物規則或 ELG 規則，他們就越有可能在臭氧傳輸規則方面採取一些行動。美國環保署非常注重盡快採取行動，目標是在今年年底前明確答案。

So that the utilities can make decisions with what the new rules are going to be and not be constrained by the rules on the books today. So I do believe that there will be more clarity for the utilities to where they're not having to be bound by the dates and the various rules that were designed to actually prematurely coal plants, so I do believe that as the year progresses.

這樣，公用事業公司就可以決定制定新的規則，而不受現有規則的約束。因此，我確實相信，公用事業公司將會更清楚地認識到，他們不必受到為過早建設燃煤電廠而製定的日期和各種規則的約束，所以我相信，隨著時間的推移，情況會有所好轉。

All those six rules will be revised in some way, shape, or form to give the utilities more clarity on exactly how they should invest and factor in the lives of their existing coal fleet.

所有這六條規則都將以某種方式、形式進行修改，以便公用事業公司更清楚地了解他們應該如何投資和考慮現有煤炭電廠的使用壽命。

Okay, thank you very much. That was very helpful.

好的，非常感謝。這非常有幫助。

Thank you Mark.

謝謝你，馬克。

(Operator Instructions)

（操作員指示）

Dave Storms, Stonegate.

戴夫‧斯托姆斯 (Dave Storms)，Stonegate。

Morning everyone. I appreciate you taking my questions. Just wanted to get started with your current capacity levels, volumes and commitments are, really strong, and just curious as to what your thoughts are, with your current capacity levels given those strong volumes?

大家早安。感謝您回答我的問題。只是想了解一下您目前的產能水平、數量和承諾，真的很強大，只是好奇您的想法是什麼，考慮到如此強大的數量，您目前的產能水平如何？

Assume you're talking about our customers' capacity?

假設您正在談論我們客戶的容量？

Or our sales volumes to meet customer capacity?

或是我們的銷售量能滿足客戶的容量嗎？

Yeah.

是的。

I think Dave as you as you look at ours, our capacity, we've tried to factor that within our guidance ranges that we have, out there right now for 2025, not to say that as we get into 2026 we may be able to have, a little bit more, capacity out there we're just not quite there as we get to 2026.

我認為戴夫，當你審視我們的產能時，我們試圖將其納入我們目前為 2025 年制定的指導範圍內，並不是說當我們進入 2026 年時我們可能會擁有更多一點的產能，只是到 2026 年我們還沒有完全達到這個水平。

But I will say within the guidance ranges that we've provided there may be a little bit more that we can get out of there because typically we don't account for a weekend type production and things of that nature so there could be a little bit more capacity that we have in terms of what we provided out there. But we think, with within that guidance range that's a pretty good number to be focused on in terms of overall capacity.

但我要說的是，在我們所提供的指導範圍內，我們可能還能獲得更多，因為通常我們不考慮週末類型的生產和類似性質的事情，所以就我們提供的產品而言，我們可能擁有更多的產能。但我們認為，在這個指導範圍內，就整體容量而言，這是一個值得關注的相當不錯的數字。

Yeah for '25 I understand the question. Now '26 we'll have the benefited better conditions we're projecting for Tunnel Ridge so that could add another 1 million tons of capacity compared to what we produced in '25 or 20 over the last 12 months say at Tunnel Ridge.

是的，對於 25 我明白這個問題。現在，我們預計 26 年隧道嶺的狀況會更好，因此與 25 年或 20 年相比，過去 12 個月隧道嶺的產量可以再增加 100 萬噸。

And we with the completion of the transition at River View into our new reserves there, there's potential for another 1 million or 15 million tons there if the market would allow for us to grow for that to be able to utilize the prep plant capacity we have at that complex.

隨著 River View 向我們那裡的新儲備地過渡的完成，如果市場允許我們發展，並能夠利用我們在該綜合設施中的準備工廠的產能，那麼那裡還有可能再增加 100 萬或 1500 萬噸。

Understood. That's very helpful, thank you. And then just trying to think about inventory levels in the industry, you mentioned that there's diminishing coal inventories. Do you expect that to be rectified with maybe a ketchup?

明白了。這非常有幫助，謝謝。然後，再想想產業的庫存水平，您提到煤炭庫存正在減少。您是否希望用番茄醬來解決這個問題？

Buying spray or maybe is this just a more normalization of buying patterns going forward?

購買噴霧劑或這只是未來購買模式更加正常化？

Yeah. I don't think that the utilities are looking to really add. I think they're just looking to maintain the current levels, I think that -- you look at last year and we had good demand -- excuse me, good coal consumption. But a lot of that was taken out of their piles as opposed to being coal production selling into that market. So we're seeing that continue coal consumption first quarter was like 20% higher than it was last year.

是的。我不認為公用事業公司真的想要增加收入。我認為他們只是想維持目前的水平，我認為——看看去年，我們有良好的需求——對不起，煤炭消耗量很好。但其中許多都是從他們的煤炭堆裡拿走的，而不是銷往該市場的煤炭產品。因此，我們看到第一季煤炭消耗量比去年同期高出 20%。

We see a very favorable natural gas curve, that would support, continued demand for coal. And so I think the utilities are not trying to build for anything. I think they're just looking at buying to meet what they see the demand's going to be for '25 is an example of the solicitation that are out there as well as they're looking to.

我們看到天然氣曲線非常有利，這將支持對煤炭的持續需求。所以我認為公用事業公司並沒有試圖建造任何東西。我認為他們只是想透過購買來滿足他們所看到的 25 年的需求，這是他們所尋求的招攬的一個例子。

Just, build their book of contracts that are rolling off for '26 and beyond.

只需建立 26 年及以後的合約書即可。

Understood. Thank you for taking my questions, and good luck to you too.

明白了。感謝您回答我的問題，也祝您好運。

Thank you. At this time I'd like to turn the floor back over to Mr. Marshall for closing comments.

謝謝。現在我想把發言權交還給馬歇爾先生，請他發表最後評論。

Thank you operator. And to everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance. Our next call to discuss our second-quarter of 2025 financial and operating results is currently expected to occur in July, and we hope everyone will join us again at that time. This concludes our call for the day. Thank you.

謝謝接線生。對於電話會議中的每個人，我們感謝您今天上午抽出時間，也感謝您對 Alliance 的持續支持和關注。我們下次討論 2025 年第二季財務與營運績效的電話會議目前預計將於 7​​ 月舉行，我們希望屆時大家能再次加入我們。今天的通話到此結束。謝謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受剩餘的一天。