Alliance Resource Partners LP (ARLP) 2025 Q2 法說會逐字稿

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

問候。歡迎參加 Alliance Resource Partners 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹資深副總裁兼財務長 Cary Marshall。謝謝。你可以開始了。

Thank you, operator, and welcome, everyone. Earlier this morning, Alliance Resource Partners released its second quarter 2025 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and outlook for 2025. Following our prepared remarks, we will open the call to answer your questions.

謝謝接線員，歡迎大家。今天早些時候，Alliance Resource Partners 發布了 2025 年第二季財務和營運業績，我們現在將討論這些業績以及我們對當前市場狀況和 2025 年前景的看法。在我們準備好發言之後，我們將開始回答您的問題。

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.

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. 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.

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

最後，我們也將討論某些非公認會計準則財務指標。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節表包含在今天早上的新聞稿末尾，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 second quarter 2025 results, give an update of our 2025 guidance, then turn the call over to Joe Craft, our Chairman, President and Chief Executive Officer, for his comments. For the 2025 second quarter, which we refer to as the 2025 quarter, total revenues were $547.5 million compared to $593.4 million in the second quarter of 2024, which we refer to as the 2024 quarter.

在完成必要的準備工作後，我將首先回顧我們 2025 年第二季度的業績，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 Craft) 徵求意見。2025 年第二季（我們稱之為 2025 年季度）的總收入為 5.475 億美元，而 2024 年第二季（我們稱之為 2024 年季度）的總收入為 5.934 億美元。

The year-over-year decline was driven primarily by lower coal sales prices and lower transportation revenues, partially offset by higher coal sales volumes. Compared to the sequential quarter, total revenues increased $7 million due primarily to increased coal sales volumes.

年比下降主要是由於煤炭銷售價格下降和運輸收入下降，但煤炭銷售量增加部分抵消了這種影響。與上一季相比，總收入增加了 700 萬美元，主要原因是煤炭銷售量增加。

Our average coal sales price per ton for the 2025 quarter was $57.92, a decrease of 11.3% versus the 2024 quarter and 3.9% on a sequential basis, driven by the continued roll-off of higher-priced legacy contracts from the 2022 energy crisis and revenue mix with a higher proportion of Illinois Basin tons in the 2025 quarter.

2025 年季度，我們的每噸平均煤炭銷售價格為 57.92 美元，比 2024 年季度下降 11.3%，比上一季度下降 3.9%，這主要是由於 2022 年能源危機後高價位遺留合約的持續減少，以及 2025 年季度煤炭噸位佔比伊利諾伊州盆地產量增加。

As it relates to volumes, total coal production in the 2025 quarter of 8.1 million tons was 3.9% lower compared to the 2024 quarter, while coal sales volumes increased 6.8% to 8.4 million tons compared to the 2024 quarter. Compared to the sequential quarter, coal sales volumes were up 7.9%. Total coal inventory at quarter end was 1.2 million tons or 200,000 tons lower than the sequential quarter.

就產量而言，2025 年季度煤炭總產量為 810 萬噸，比 2024 年季度下降 3.9%，而煤炭銷量比 2024 年季度增長 6.8%，達到 840 萬噸。與上一季相比，煤炭銷量成長了7.9%。季末煤炭總庫存120萬噸，較上季減少20萬噸。

In the Illinois Basin, coal sales volumes increased 15.2% and 10.3% compared to the 2024 and sequential quarters, respectively, led by increased volumes from our River View and Hamilton mines who both delivered all-time record monthly shipments in June.

在伊利諾伊盆地，煤炭銷量分別較 2024 年和連續季度增長了 15.2% 和 10.3%，其中，River View 和 Hamilton 礦山的煤炭銷量增長最為顯著，這兩座礦山 6 月份的月出貨量均創下了歷史新高。

Coal sales volumes in Appalachia were down 16.8% and 0.7% compared to the 2024 and sequential quarters due to continued challenging mining conditions at Tunnel Ridge, which led to lower recoveries. Tunnel Ridge did start its longwall move to a new section of the mine late in the 2025 quarter.

由於隧道嶺的採礦條件持續嚴峻，導致採收率下降，阿巴拉契亞地區的煤炭銷量與 2024 年和連續幾季相比分別下降了 16.8% 和 0.7%。Tunnel Ridge 確實在 2025 年季度末開始將其長壁開採轉移到礦井的新區域。

The longwall move was completed in mid-July and puts Tunnel Ridge in much more favorable mining conditions moving forward. As a result, we expect second half results from Appalachia to be much better than the first half. Turning to costs. Segment adjusted EBITDA expense per ton sold for our coal operations was $41.27, a decrease of 9% versus the 2024 quarter and 3.5% as compared to the sequential quarter.

長壁作業遷移已於 7 月中旬完成，這將使 Tunnel Ridge 未來的採礦條件更加有利。因此，我們預計阿巴拉契亞下半年的業績將比上半年好得多。談到成本。我們煤炭業務每噸銷售的部門調整後 EBITDA 費用為 41.27 美元，與 2024 年季度相比下降 9%，與上一季相比下降 3.5%。

The Illinois Basin was the primary driver of the decrease year-over-year, resulting from lower maintenance and materials and supplies costs at several mines in the region, improved recoveries at our River View and Hamilton mines and reduced longwall move days at Hamilton. In Appalachia, despite the challenging conditions at Tunnel Ridge, segment adjusted EBITDA expense per ton continued its improvement relative to recent quarters, declining 5.8% sequentially.

伊利諾伊盆地是同比下降的主要原因，原因是該地區幾個礦山的維護和材料及供應成本降低，河景礦和漢密爾頓礦山的回收率提高，以及漢密爾頓的長壁移動天數減少。在阿巴拉契亞地區，儘管隧道嶺的條件十分艱苦，但該部門調整後的每噸 EBITDA 費用相對於最近幾季繼續改善，環比下降 5.8%。

In our royalty segment, total revenues were $53.1 million in the 2025 quarter, up 0.2% compared to the 2024 quarter. Specifically, oil and gas royalty volumes increased 7.7% year-over-year on a BOE basis due to increased drilling and completion activities on our royalty acreage. However, this was offset by 9.6% lower BOE pricing versus the 2024 quarter.

在我們的特許權使用費部門，2025 年季度的總收入為 5,310 萬美元，與 2024 年季度相比增長 0.2%。具體而言，由於我們的特許權使用費土地上的鑽井和完井活動增加，石油和天然氣特許權使用費金額按桶油當量計算同比增長 7.7%。然而，與 2024 年季度相比，京東方定價下降了 9.6%，抵消了這一影響。

Compared to the sequential quarter, total revenues increased 0.8% due to higher volumes from our Coal Royalty segment. Coal Royalty tons sold increased 10.4% and 8.3% compared to the 2024 quarter and sequential quarter, respectively. Coal Royalty revenue per ton for the 2025 quarter was down 3.6% compared to the 2024 quarter and up 3.2% sequentially.

與上一季相比，由於煤炭特許權使用費部門的銷售量增加，總收入增加了 0.8%。與 2024 年季度和上一季相比，煤炭特許權使用費銷量分別成長了 10.4% 和 8.3%。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 3.6%，季增 3.2%。

Our net income in the 2025 quarter was $59.4 million as compared to $100.2 million in the 2024 quarter and $74 million sequentially. The decrease reflects the previously discussed variances plus higher depreciation expense and a $25 million noncash impairment on our July 2023 preferred stock investment in a battery materials company following the conversion of all of the company's preferred stock to common stock as a part of a convertible note financing and recapitalization completed during the 2025 quarter.

我們 2025 年季度的淨收入為 5,940 萬美元，而 2024 年季度為 1.002 億美元，上一季為 7,400 萬美元。這一減少反映了先前討論過的差異加上更高的折舊費用，以及我們在 2023 年 7 月對一家電池材料公司的優先股投資的 2500 萬美元非現金減值，此前該公司的所有優先股已轉換為普通股，這是 2025 年季度完成的可轉換票據融資和資本重組的一部分。

We elected to participate in the recapitalization, investing $2 million in the convertible note during the quarter to maintain a senior position within the capital structure, with the goal of recouping all or part of Alliance's total invested capital upon a future liquidity event or repayment of the convertible note.

我們選擇參與資本重組，在本季度投資 200 萬美元於可轉換票據，以保持資本結構中的優先地位，目標是在未來的流動性事件或償還可轉換票據時收回 Alliance 全部或部分總投資資本。

This charge was partially offset by a $16.6 million increase in the fair value of our digital assets compared to the end of the 2024 quarter. Adjusted EBITDA for the quarter was $161.9 million, which was down 10.8% compared to the 2024 quarter and up 1.2% sequentially.

與 2024 年季度末相比，我們的數位資產公允價值增加了 1,660 萬美元，部分抵銷了這筆費用。本季調整後 EBITDA 為 1.619 億美元，與 2024 年季度相比下降 10.8%，比上一季增長 1.2%。

Now turning to our balance sheet and uses of cash. Total debt was $477.4 million at the end of the 2025 quarter. Our total and net leverage ratios finished the quarter at 0.77 and 0.69 times, respectively, total debt to 12 months adjusted EBITDA. Total liquidity was $499.2 million at quarter end, which included $55 million of cash on the balance sheet.

現在轉向我們的資產負債表和現金用途。2025 年季度末總債務為 4.774 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 12 個月調整後 EBITDA 的 0.77 倍和 0.69 倍。季度末總流動資金為 4.992 億美元，其中包括資產負債表上的 5,500 萬美元現金。

Additionally, we held approximately 542 Bitcoin on our balance sheet, valued at $58 million at the end of the 2025 quarter at a price of approximately $107,000 per Bitcoin. At this morning's price of $118,000 per Bitcoin, 542 Bitcoin would be valued at $63.9 million, or $5.9 million higher than the end of the 2025 quarter. For the 2025 quarter, Alliance generated free cash flow of $79 million after investing $65.3 million in our coal operations.

此外，我們的資產負債表上持有約 542 枚比特幣，到 2025 年季度末價值 5,800 萬美元，每枚比特幣的價格約為 107,000 美元。以今天早上每比特幣 118,000 美元的價格計算，542 比特幣的價值將達到 6,390 萬美元，比 2025 年季度末高出 590 萬美元。到 2025 年季度，Alliance 在煤炭業務上投資 6,530 萬美元後產生了 7,900 萬美元的自由現金流。

Turning to our updated 2025 guidance detailed in this morning's release. Favorable weather for most of this past season and increased demand for electricity drove natural gas prices higher and increased coal consumption in the Eastern United States, helping further reduce customer inventories and increased domestic coal burn compared to 2024.

轉向我們今天早上發布的詳述的更新後的 2025 年指導。過去這個季節大部分時間的良好天氣和對電力需求的增加推動了天然氣價格上漲，增加了美國東部的煤炭消耗，有助於進一步減少客戶庫存，並與 2024 年相比增加國內煤炭消耗量。

With long-term demand forecast being ramped up across the country in a more favorable regulatory environment, we are seeing multiple domestic customer solicitations for long-term supply contracts. During the 2025 quarter and subsequent to its end, we have been active in several domestic utility solicitations for 2026 and beyond, having been mostly sold out for this year as customers continue to value our product quality, reliability of service and counterparty financial strength.

隨著在更有利的監管環境下全國範圍內的長期需求預測不斷增加，我們看到多個國內客戶正在徵求長期供應合約。在 2025 年季度及之後，我們一直積極參與 2026 年及以後的幾項國內公用事業招標，由於客戶繼續重視我們的產品質量、服務可靠性和交易對手的財務實力，今年的大部分招標已經售罄。

During the 2025 quarter, we committed an additional 17.4 million tons over the 2025 to 2029 time period, which included 1.1 million option tons subject to our customers' election. Our contracted position for 2025 is 32.3 million tons committed and priced and includes 29.5 million tons for the domestic market and 2.8 million tons for export. In the Illinois Basin, we are increasing our volume guidance ranges to 25 million to 25.75 million tons based on solid domestic demand.

在 2025 年季度，我們承諾在 2025 年至 2029 年期間額外供應 1,740 萬噸，其中包括 110 萬噸可選噸，具體取決於客戶的選擇。我們 2025 年的合約承諾量和定價量為 3,230 萬噸，其中國內市場 2,950 萬噸，出口 280 萬噸。在伊利諾盆地，基於強勁的國內需求，我們將產量指引範圍提高到 2,500 萬噸至 2,575 萬噸。

In Appalachia, lower volumes at Tunnel Ridge and a customer-defaulted MC Mining during the first half of the year are leading us to reduce our volume expectations for the year to 7.75 million to 8.25 million tons. Looking at 2026. Strong demand for term supply and an active contracting season allowed us to add significantly to our order book.

在阿巴拉契亞地區，由於今年上半年隧道嶺 (Tunnel Ridge) 的產量下降以及客戶 MC Mining 違約，我們將全年產量預期下調至 775 萬噸至 825 萬噸。展望2026年。長期供應的強勁需求和活躍的簽約季節使我們的訂單量大幅增加。

Assuming estimated full year sales of 33.4 million tons, which is the midpoint of our 2025 full year guidance range of 32.75 million to 34 million tons, we are now 97% committed for 2025 and 80% committed and priced for 2026, up from 61% committed last quarter for 2026, putting us in a good position for this time of year. We have the capacity to flex additional tons to domestic or export customers should market conditions warrant additional sales.

假設預計全年銷售量為 3340 萬噸，這是我們 2025 年全年指導範圍 3275 萬噸至 3400 萬噸的中點，那麼我們現在對 2025 年的承諾率為 97%，對 2026 年的承諾和定價率為 80%，高於上一季度對 2016 年的承諾率將我們在這個時候處於 201%，高於上一季度對 201%，我們處於這個地位。如果市場條件允許增加銷售量，我們有能力向國內或出口客戶提供額外的噸位。

With a more constructive regulatory backdrop, our customers are responding, running their assets harder to meet the heightened demand while extending the planning life of those same assets. All told, we believe this is the most encouraging outlook we've seen for the domestic market since the beginning of 2023, more than making up for persistent weakness in the seaborne thermal and metallurgical markets.

在更具建設性的監管背景下，我們的客戶正在做出反應，更加努力地經營其資產以滿足不斷增長的需求，同時延長這些資產的規劃壽命。總而言之，我們認為這是自 2023 年初以來我們看到的國內市場最令人鼓舞的前景，足以彌補海運熱電和冶金市場的持續疲軟。

We increased sales pricing guidance ranges in Appalachia to $79 to $83 per ton. Our expected full year 2025 price is unchanged at $57 to $61 per ton based on a combination of our committed order book and our expectations for any additional commitments, both domestic and export for the open position.

我們將阿巴拉契亞地區的銷售價格指引範圍提高到每噸 79 至 83 美元。根據我們的承諾訂單量以及對任何額外承諾（包括國內和出口的未平倉頭寸）的預期，我們預計 2025 年全年價格保持不變，為每噸 57 至 61 美元。

As we discussed last quarter, we anticipate that our 2026 average coal sales price per ton to be approximately 5% below the midpoint of our 2025 guidance range. And like this year, we remain optimistic we can maintain margins with cost savings, though current trade policy does make these costs, sales opportunities and pricing hard to predict.

正如我們上個季度所討論的那樣，我們預計 2026 年每噸煤炭平均銷售價格將比 2025 年指導範圍的中點低約 5%。和今年一樣，我們仍然樂觀地認為，我們可以透過節省成本來維持利潤率，儘管當前的貿易政策確實使得這些成本、銷售機會和定價難以預測。

On the cost side, we are reducing our full year 2025 segment adjusted EBITDA expense per ton to be in a range of $39 to $43, primarily due to better-than-expected costs in the Illinois Basin. As I mentioned earlier, we completed a scheduled longwall move earlier this month at Tunnel Ridge, and we have a move scheduled at Hamilton in the third quarter.

在成本方面，我們將 2025 年全年分部調整後的每噸 EBITDA 費用降低至 39 美元至 43 美元之間，這主要是由於伊利諾伊盆地的成本好於預期。正如我之前提到的，我們本月早些時候在 Tunnel Ridge 完成了預定的長壁移動，並且我們計劃在第三季度在 Hamilton 完成移動。

In our Oil & Gas Royalties business, volumes have exceeded our expectations year-to-date, and we are increasing our guidance for all three commodity streams with ranges of 1.65 million to 1.75 million barrels of oil, 6.3 million to 6.7 million MCF of natural gas and 825,000 to 875,000 barrels of natural gas liquids.

在我們的石油和天然氣特許權使用費業務中，年初至今的產量已經超出了我們的預期，並且我們正在提高所有三種商品流的預期，其中石油為 165 萬至 175 萬桶，天然氣為 630 萬至 670 萬立方英尺，天然氣液體為 825,000 至 875,000 桶。

On a BOE basis, our updated full year guidance midpoint is approximately 5% above our prior guidance. Segment adjusted EBITDA expense is expected to be approximately 14% of Oil & Gas Royalties revenues for the year. Other than a slight improvement to our estimate for net interest expense, all remaining guidance ranges, including total capital expenditures, are unchanged.

以英國央行為基礎，我們更新後的全年指導中點比我們先前的指導高出約 5%。分部調整後的 EBITDA 費用預計約佔當年石油和天然氣特許權使用費收入的 14%。除了我們對淨利息支出的估計略有改善外，所有剩餘的指導範圍（包括總資本支出）均保持不變。

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 Illinois Basin operations ran well again in the second quarter, highlighted by record shipment volumes in June at two of our operations. These results are a direct result of the hard work and dedication of our entire team.

謝謝你，卡里，大家早安。我們的伊利諾伊盆地業務在第二季度再次運作良好，其中兩個業務的 6 月出貨量創下了歷史新高。這些成果是我們整個團隊辛勤工作和奉獻的直接結果。

While our financial results for the quarter continued to reflect some of the lingering issues at Tunnel Ridge in Appalachia and lower realized Coal and Oil & Gas Royalties pricing, we are encouraged by signs of improvement in the coal market fundamentals. With supportive actions by the current administration, we believe our long-term outlook for ARLP is as strong as it has been in years.

雖然本季的財務表現繼續反映出阿巴拉契亞隧道嶺的一些遺留問題以及煤炭和石油天然氣特許權使用費價格的下降，但煤炭市場基本面的改善跡象令我們感到鼓舞。我們相信，在現任政府的支持下，ARLP 的長期前景將與過去幾年一樣強勁。

The domestic coal market continues to demonstrate exceptionally strong fundamentals driven by AI data center expansion and increased domestic manufacturing. June temperatures were warmer than normal across our key operating regions, driving significant increases in coal generation compared to last year.

在人工智慧資料中心擴張和國內製造業成長的推動下，國內煤炭市場持續表現出異常強勁的基本面。我們主要營運地區 6 月的氣溫高於正常水平，導致煤炭發電量較去年同期大幅增加。

This weather-driven demand surge, combined with natural gas prices that remain elevated, has reinforced coal's competitive advantage in the power generation mix. Year-to-date, electricity generation in key Eastern regions was up over 18% compared to last year, and Eastern utility inventories are 18% below prior year, nearing equilibrium for the first time since the summer of 2023.

天氣因素導致的需求激增，加上天然氣價格持續高企，增強了煤炭在發電結構中的競爭優勢。今年迄今為止，東部主要地區的發電量比去年增長了 18% 以上，東部公用事業庫存比上年下降 18%，自 2023 年夏季以來首次接近平衡。

This inventory tightness, paired with robust summer demand, is creating a significant more supportive demand environment as utilities prioritize energy security and grid reliability. Given our success this year in securing a significant volume of committed tons for delivery over the next three to four years, we are cautiously optimistic that there will be opportunities to grow sales volumes next year.

由於公用事業公司優先考慮能源安全和電網可靠性，庫存緊張加上強勁的夏季需求，創造了一個更有利的需求環境。鑑於我們今年成功確保了未來三到四年交付的大量承諾噸數，我們對明年的銷售量將有機會增長持謹慎樂觀的態度。

While the average coal sales price per ton may trend lower than this year, we expect the increased production, along with our recently completed capital projects will drive cost per ton lower so margins can be maintained around this year's level. On the Oil & Gas Royalties front, higher volumes this quarter helped offset lower oil prices year-over-year.

雖然每噸煤炭的平均銷售價格可能低於今年，但我們預計產量的增加以及我們最近完成的資本項目將降低每噸成本，因此利潤率可以維持在今年的水平左右。在石油和天然氣特許權使用費方面，本季交易量的增加有助於抵消油價年減的影響。

As Cary said earlier, our strong volume performance is expected to continue, leading us to increase the midpoint of our 2025 BOE volume guidance by approximately 5%, demonstrating the high quality of our acreage position and organic growth potential embedded in our existing portfolio.

正如卡里之前所說，我們強勁的產量表現預計將持續下去，這將使我們把 2025 年油當量產量預期的中點提高約 5%，這證明了我們現有投資組合中蘊含的高品質油田面積和有機成長潛力。

Looking forward, while the volatility of oil prices related to geopolitical tensions has impacted deploying capital this year, our strategy for Oil & Gas Royalties business is unchanged, aiming to recycle segment cash flows to acquire minerals in high-quality basins with top-tier operators when those opportunities meet our disciplined underwriting standards.

展望未來，雖然地緣政治緊張局勢導致的油價波動影響了今年的資本部署，但我們的石油和天然氣特許權使用費業務戰略沒有改變，旨在回收分部現金流，與頂級運營商一起收購優質盆地中的礦產，前提是這些機會符合我們嚴格的承保標準。

From a macro perspective, the ongoing shift in our country's energy policy has been a complete reversal from the prior administration. In July, the Department of Energy released their Resource Adequacy Report, which provides compelling federal validation for this shift, consistent with what our industry has stated ever since President Obama was elected.

從宏觀來看，我國能源政策的轉變與前政府的政策完全相反。7 月份，能源部發布了《資源充足性報告》，該報告為這一轉變提供了令人信服的聯邦政府認可，這與歐巴馬總統當選以來能源產業的說法一致。

The current administration has taken many supportive actions to ensure the United States is a global leader in artificial intelligence. To achieve this aim, America needs vast amounts of affordable, reliable energy. That is why President Trump signed four executive orders in April of this year, specifically addressing grid reliability concerns and the necessity to delay premature coal power plant retirements.

本屆政府採取了許多支持措施，以確保美國在人工智慧領域保持全球領先地位。為了實現這一目標，美國需要大量廉價、可靠的能源。這就是為什麼川普總統在今年四月簽署了四項行政命令，專門解決電網可靠性問題以及推遲過早退役燃煤電廠的必要性。

That is in part why on July 4 he signed into law the One Big Beautiful Bill Act, which included phasing out renewable tax credits in favor of baseload generation, including coal, which is essential for America's energy security. That's why President Trump announced on July 17, a two-year reprieve from certain regulatory rules for coal-fired power plants and other industries he terms, vital to national security.

這就是為什麼他在7月4日簽署了《一項偉大的美麗法案》，其中包括逐步取消再生能源稅收抵免，轉而支持包括煤炭在內的基載發電，這對美國的能源安全至關重要。這就是為什麼川普總統在 7 月 17 日宣布，對燃煤發電廠和其他他認為對國家安全至關重要的行業，將暫時取消某些監管規則兩年。

The White House said in the fact sheet that President Trump's actions will ensure that critical industries can continue to operate uninterrupted to support national security without incurring substantial costs. As recent as last week, President Trump said the US will do whatever it takes to lead the world in artificial intelligence as he signed three executive orders that laid out his administration's plans to advance AI leadership by accelerating data center development and related energy infrastructure.

白宮在情況說明書中表示，川普總統的行動將確保關鍵產業能夠繼續不間斷地運轉，以支持國家安全，而無需承擔巨額成本。就在上週，川普總統表示，美國將盡一切努力引領世界人工智慧領域，他簽署了三項行政命令，列出了他的政府透過加速資料中心開發和相關能源基礎設施來提升人工智慧領導地位的計畫。

In conclusion, 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 businesses; capital needed to maintain our operations; distribution coverage levels; debt service costs; trade policy uncertainty; and any other potential investment opportunities.

總之，每個季度，董事會在確定適當的分配水準時都會考慮多種因素，包括但不限於我們的業務產生的預期經營現金流；維持營運所需的資本；分配覆蓋水準；債務服務成本；貿易政策的不確定性；以及任何其他潛在的投資機會。

Today's announced quarterly distribution rate of $0.60 per unit, or $2.40 on an annualized basis, was based upon all these factors as well as our increased visibility in '25 and 2026 expected cash flows and committed tons. It's also worth noting that maintaining an attractive after-tax distribution is one of our primary capital allocation objectives.

今天宣布的季度分配率為每單位 0.60 美元，或按年率計算為 2.40 美元，這是基於所有這些因素以及我們對 2025 年和 2026 年預期現金流和承諾噸位的可見性提高。還值得注意的是，維持有吸引力的稅後分配是我們的主要資本配置目標之一。

With passage of the One Big Beautiful Bill Act, which restored 100% bonus depreciation and extended the 20% qualified business income deduction under tax code Section 199A, the after-tax distribution in 2025 for the majority of units outstanding is expected to be higher than what the previous distribution rate of $0.70 per unit would have delivered under the prior tax code.

隨著《一項偉大的美麗法案》的通過，該法案恢復了 100% 的獎金折舊，並延長了稅法第 199A 條規定的 20% 合格商業收入扣除額，預計 2025 年大多數已發行單位的稅後分配額將高於之前稅法規定的每單位 0.70 美元的分配率。

As Cary said earlier, this is the most encouraging outlook we've seen for the domestic coal market since the early 2023. We are also operating in the most favorable regulatory environment for coal in decades. We are optimistic about the future coal potential across all areas -- excuse me, we are also optimistic about the future growth potential across all areas of our businesses.

正如卡里之前所說，這是自 2023 年初以來我們看到的國內煤炭市場最令人鼓舞的前景。我們還處於幾十年來最有利的煤炭監管環境。我們對未來所有領域的煤炭潛力都持樂觀態度——對不起，我們也對我們所有業務領域的未來成長潛力持樂觀態度。

This also includes examples such as our recent $25 million commitment to a private investment vehicle that will fund the acquisition of the Gavin coal power plant located in the PJM market. While the transaction was pending FERC approval as of the quarter end, we are pleased to report that the approval was received on July 23 and is expected to close during August.

這其中還包括我們最近向私人投資工具投資 2,500 萬美元的例子，該投資將用於收購位於 PJM 市場的 Gavin 燃煤發電廠。雖然截至本季末該交易仍有待聯邦能源管理委員會批准，但我們很高興地報告，該交易已於 7 月 23 日收到批准，預計將於 8 月完成。

The welcome news came one day after PJM announced the results of their auction to price generating capacity for the delivery year June 1, 2026 to May 31, 2027. The price came in at the FERC-approved cap of $329.17 per megawatt day for the entire PJM footprint, a new record for most of PJM, the nation's largest grid operator. Demonstrating its importance, coal was the second largest source of generating capacity that cleared the auction.

這項好消息是在 PJM 宣布 2026 年 6 月 1 日至 2027 年 5 月 31 日交付年度發電能力拍賣結果的第二天傳來的。該價格達到了聯邦能源管理委員會批准的上限，即整個 PJM 覆蓋範圍內每兆瓦日 329.17 美元，這對於美國最大的電網營運商 PJM 的大部分地區來說都創下了新紀錄。煤炭是本次拍賣中第二大發電來源，充分體現了其重要性。

So as you consider why the Board adjusted the distribution at this time, I want to assure you it is not related to declining fortunes, but instead to strengthen our balance sheet and provide additional financial flexibility to pursue growth opportunities to maximize unitholder value.

因此，當您考慮董事會為何此時調整分配時，我想向您保證，這與財富下降無關，而是為了加強我們的資產負債表並提供額外的財務靈活性，以尋求增長機會，從而最大化單位持有人的價值。

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

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。操作員？

(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, Joe and Carry. Maybe just starting off with a question related to your comments towards the end there, Joe. The $25 million investment, I think, for your acquisition of the coal power plant, PJM, can we just get a little more color there? What's going on? Do you see any other potential for additional investments in other power plants? That would be helpful to start this.

謝謝，接線生。早安，喬和卡里。喬，我想先問一個與你最後評論相關的問題。我記得你投資了2500萬美元收購PJM燃煤電廠，能不能再詳細一點？這是怎麼回事？您是否認為其他發電廠還有額外投資的潛力？這將有助於開始這件事。

Yes. So ECP, which is a private equity firm, did lodge a bid to buy the Gavin power plant along with some other assets. In order to fund that acquisition, they set up a fund to raise capital. So we've invested in that particular investment fund that allows us to participate as an LP investor. I think the timing of that acquisition was very well timed from a purchaser's perspective.

是的。因此，私募股權公司 ECP 確實提出了收購加文發電廠以及其他一些資​​產的競標。為了資助此次收購，他們設立了一個基金來籌集資金。因此，我們投資了該特定的投資基金，該基金允許我們作為 LP 投資者參與。我認為從購買者的角度來看，此次收購的時機非常好。

And for some reason, it was delayed, but it finally did pass FERC approval. And we do believe that, that will be immediately accretive, and we'll start seeing distributions from that acquisition upon its closing in August. As to whether that will portend for other opportunities, I believe it will.

由於某種原因，它被推遲了，但最終還是通過了聯邦能源管理委員會的批准。我們確實相信，這將立即帶來增值，並且我們將在 8 月收購完成後開始看到收益分配。至於這是否預示著其他機會，我相信是的。

There continue to be certain announcements where utilities are looking at plants that they may be willing to sell as they think about how they meet their specific demand requirements. And some of that, we're seeing that over the past two or three years where utilities were looking to close coal plants to build gas plants because of the action of the administration to try to maintain every coal plant that's currently operating.

公用事業公司不斷發佈公告，表示他們正在尋找可能願意出售的電廠，以考慮如何滿足其特定需求。我們看到，在過去的兩三年裡，由於政府試圖維護目前正在運作的每一家燃煤電廠，公用事業公司正在考慮關閉燃煤電廠，轉而建造燃氣電廠。

There are some utilities that want to move forward with gas building and at the same time, we're willing to find ways to keep those plants open but allow others to own those plants. I'm not sure exactly whether we're talking a handful to 5 to 10, but it would be something in that area that I think are opportunities that could be pursued over the next 18 to 24 months.

一些公用事業公司希望推進天然氣建設，同時，我們願意想辦法保持這些工廠的開放，但允許其他人擁有這些工廠。我不確定我們談論的是從少數幾個到 5 個到 10 個，但我認為在這個領域中，有一些機會可以在未來 18 到 24 個月內追求。

Okay. Appreciate that, Joe. And second, could we get a little more color on the Board's decision to lower the distribution? I appreciate the comments that you just made in the prepared remarks. Again, increased visibility in '25 to '26 expected cash flows. You made the comment that your outlook for domestic coal is stronger than it's been in years.

好的。謝謝喬。其次，我們能否進一步了解董事會降低分配額度的決定？我感謝您剛才在準備好的發言中提出的評論。再次，25 年至 26 年預期現金流的可見度提高。您評論說，國內煤炭的前景比過去幾年更加強勁。

Just trying to reconcile those comments there with the cut. But additionally, the lower distribution, I guess, saves Alliance roughly $50 million or so on an annualized basis. So do you have planned uses for that additional cash at this point, whether it's organic or inorganic? It would be great to get your thoughts on any other potential opportunities you see out there then.

只是想讓那些評論與剪輯相協調。但此外，我估計較低的分配每年可為 Alliance 節省約 5000 萬美元左右。那麼，目前您是否有計劃使用這些額外的現金，無論是有機的還是無機的？我很想聽聽您對其他潛在機會的看法。

Yes. I think if you go back as to when we did increase the distribution to the $0.70 level, that was right after the big energy crisis. And we were expecting very high income that would flow through to our unitholders, back to my comment of trying to target attractive after-tax increases.

是的。我想，如果回顧我們將分配額提高到 0.70 美元的水平，那正是大能源危機之後。我們期望非常高的收入能夠流向我們的單位持有人，回到我關於試圖實現有吸引力的稅後增長的評論。

So we were looking, at that time, over $1 billion of income in our EBITDA, I believe. And so when we looked at that, we felt it was necessary to go to that rate to provide that attractive after-tax income. Since the energy crisis of 2022, we have seen somewhat a rebalancing to margins that would be more sustainable.

所以我相信，當時我們的 EBITDA 收入將超過 10 億美元。因此，當我們考慮這一點時，我們認為有必要採用該利率來提供有吸引力的稅後收入。自 2022 年能源危機以來，我們看到利潤率重新平衡，變得更加永續。

And I think that with the current outlook compared to where we were in 2022, we felt it was necessary to go ahead and adjust the distribution so that it would fall in line with a very attractive after-tax return on a going-forward basis and also put us in a position where we do believe, like we have said, every time we've made a decision on adjusting our distribution that we believe that, that is sustainable for the immediate near future.

我認為，與 2022 年的情況相比，目前的前景讓我們覺得有必要繼續調整分配，以便在未來實現非常有吸引力的稅後回報，並讓我們處於一個我們確實相信的位置，就像我們所說的那樣，每次我們做出調整分配的決定時，我們都相信這在不久的將來是可持續的。

So we felt that the timing with the new tax bill that allows for our unitholders, the majority of our units that are trading to receive benefits that are greater than what they were receiving and anticipating to receive in '25 made for a good time to go ahead and adjust to a more normal operating margin climate for us. So that's the primary reason. And yes, it does generate the extra cash flow.

因此，我們認為，新稅法的時機讓我們的單位持有人，即我們大多數交易單位獲得的收益高於他們在 25 年收到的和預期收到的收益，這對我們來說是一個繼續適應更正常的營業利潤環境的好時機。這就是主要原因。是的，它確實產生了額外的現金流。

And as I said, it's not because of declining fortunes. So that cash flow will be extra and it can be utilized to position ourselves for growth opportunities or pay down debt or unit buybacks or whatever makes sense for the long-term opportunities for our shareholders. As far as do we have some immediate need to deploy the capital, there is nothing that we can announce.

正如我所說，這並不是因為財富減少。這樣，現金流就會增加，我們可以利用它來尋找成長機會，或償還債務，或回購單位，或任何對我們股東的長期機會有意義的事情。關於我們是否需要立即部署資金，目前我們還不能宣布任何消息。

At the same time, we are looking at multiple areas of investment opportunities that we do think that we should pursue. So we are definitely focused on trying to grow our company and trying to have a balance sheet that we believe is strong and continues to be conservatively managed. We felt it was the proper time to, again, position ourselves for that growth.

同時，我們正在尋找我們認為應該追求的多個投資機會領域。因此，我們絕對專注於努力發展我們的公司，並努力擁有我們認為強勁且繼續保守管理的資產負債表。我們覺得現在是再次為這一成長做好準備的適當時機。

And Joe, could you give any more thoughts around where those opportunities are that you're looking at right now, whether that's coal, land, power plants like we just talked about, renewables, et cetera?

喬，您能否再談談您現在所關注的機會在哪裡，是煤炭、土地、我們剛才談到的發電廠、再生能源等等？

Well, I think that, one, we're continuing to look at minerals. We are looking at some investments that are in our Matrix subsidiary. Those are small, but they would allow for some incremental growth for that subsidiary. We're really encouraged by many things that they have going on. And we believe that, that's going to start showing sizable growth in the 2027 time horizon.

嗯，我認為，首先，我們會繼續研究礦物質。我們正在考慮對 Matrix 子公司的一些投資。這些規模雖小，卻能為該子公司帶來一些增量成長。他們所做的許多事情確實讓我們深受鼓舞。我們相信，到 2027 年，這一數字將開始大幅成長。

Hopefully, we'll see some of that growth in 2026. Beyond that, we're trying to evaluate, are there ways we can participate in the energy infrastructure of data centers? There's a lot of activity with each of our customers where they are looking at trying to expand their footprint of generation to meet the increased demand from data centers.

希望我們能在 2026 年看到一些成長。除此之外，我們正在嘗試評估是否有辦法參與資料中心的能源基礎設施？我們與每位客戶都進行了大量活動，試圖擴大發電範圍，以滿足資料中心日益增長的需求。

And we'll continue to look at participating like we did with Gavin and selected opportunities on certain coal plants that we think could benefit our coal supply as well. So those are areas that we're evaluating. And like I said, there's nothing on the horizon to speak to today. But we'll be -- we're positioned well to try to take advantage of opportunities as they present themselves.

我們將繼續考慮參與，就像我們與加文合作一樣，並選擇某些燃煤電廠的機會，我們認為這也可能有利於我們的煤炭供應。這些是我們正在評估的領域。正如我所說的，今天還沒有什麼事情可談。但我們會——我們已做好準備，盡力抓住出現的機會。

Thanks for that, Joe. And then just maybe one final question. Just coming back to the administration's Big Beautiful Bill, as you pointed out, a number of items in there that are favorable to your business to fossil fuel power generation. How many of your customers do you think stand to benefit from that bill?

謝謝你，喬。最後再問一個問題。回到政府的“美麗大法案”，正如您所指出的，其中有許多條款對您的化石燃料發電業務有利。您認為有多少客戶會從法案中受益？

Any thoughts on how much demand for your product could potentially increase? Have you seen new inquiries? And then additionally, does ARLP stand to benefit at all from some of the other provisions regarding royalty rates, leasing rebates, et cetera? I don't believe you guys mine on any federal reserves at this point but just wanted to make sure.

您認為您的產品需求可能會增加多少？您看到新的詢問了嗎？另外，ARLP 是否會從有關特許費率、租賃回扣等其他規定中受益？我不相信你們現在有任何聯邦儲備，但我只是想確定一下。

On the last point, we did not. However, there was a provision for metallurgical coal, broadly defined, that is a 2.5% production tax credit. That is transferable. So that can be utilized by us for our metallurgical product, and our PCI product has a 2.5% cost reduction that could reduce and transfer to our oil and gas segment, the taxes we pay there. So there could be some benefit there.

關於最後一點，我們沒有。然而，對於廣義的冶金煤，有一項規定，即 2.5% 的生產稅收抵免。這是可以轉讓的。因此我們可以將其用於我們的冶金產品，我們的 PCI 產品成本降低了 2.5%，這可以減少並轉移到我們的石油和天然氣部門，即我們在那裡繳納的稅款。因此這可能會有一些好處。

And I think that relative to our customers, one of the biggest benefits is there was a -- I don't know if it was actually part of the tax bill, but it was related to that because there was $1 billion item in that bill to keep fossil fuel plants open, including coal. And then there was another reallocation subsequent to the bill of several other hundreds of millions of dollars that the DOE is making available to those utilities that need to continue to invest in their fossil fuel plants so that they can maintain them and keep them operating.

我認為，對於我們的客戶而言，最大的好處之一是——我不知道這是否真的是稅收法案的一部分，但與此相關，因為該法案中有 10 億美元的項目用於維持化石燃料工廠的運營，包括煤炭工廠。隨後，能源部對數億美元進行了重新分配，用於那些需要繼續投資化石燃料電廠的公用事業公司，以便他們能夠維護和維持這些電廠的運作。

So in the prior administration where there were targets to close plants prematurely, there were several plants that -- of our customers that were not maintaining those plants with capital in anticipation of running them for their full life. So there is some catch up, and there will be opportunities through the Department of Energy that will provide capital for our customers so that they can, in fact, keep their plants open and maintain those for extended life.

因此，在前一屆政府設定的提前關閉工廠的目標中，有幾家工廠——我們的客戶沒有投入資金來維護這些工廠，以期讓它們在整個生命週期中正常運作。因此，我們需要一些時間去追趕，能源部將為我們的客戶提供資金，以便他們能夠保持工廠的運轉，並延長工廠的使用壽命。

What we saw in the PJM auction, there were 17 units that total over 1.1 gig, I think, that withdrew their retirements in this particular auction compared to last year. So we're definitely seeing IRPs from our customers, extending the lives of their coal plants. And so we do believe that the demand is going to be stable as opposed to declining. So as far as whether it's growing demand, it's definitely maintaining demand as far as capacity, which has not been projected over the last year or two.

我們在 PJM 拍賣會上看到，與去年相比，本次拍賣會上共有 17 個單位（總計超過 1.1 千兆）退出了拍賣。因此，我們確實看到了客戶的 IRP，延長了他們的燃煤電廠的壽命。因此我們確實相信需求將保持穩定而不是下降。因此，就需求是否成長而言，就產能而言，需求肯定在維持，而這在過去一兩年中是沒有預測到的。

And as far as the demand, we do believe our demand will increase as the data centers that have been announced by several of our customers are actually starting to come online and the consumption of that powers around the clock because these data centers are run basically 24/7. So we do anticipate that there will be increased electricity demand in our service territory with our customers and that they will start utilizing their coal plants more than what their capacity factor has been over the last several years.

就需求而言，我們確實相信我們的需求會增加，因為我們的幾個客戶宣布的資料中心實際上已經開始上線，而且這些資料中心基本上是全天候運行的，因此電力消耗是全天候的。因此，我們確實預計，在我們的服務區域內，我們的客戶的電力需求將會增加，而且他們將開始比過去幾年的容量係數更高地利用他們的煤電廠。

Perfect. Joe, I appreciate your time and thoughts. I'll pass it along and best of luck in the second half.

完美的。喬，我很感謝你的時間和想法。我會傳遞它並祝你下半場好運。

Mark Reichman, NOBLE Capital Partners.

馬克‧賴克曼 (Mark Reichman)，NOBLE 資本合夥人。

Thank you. So clearly, the distribution adjustment is being done to give you greater flexibility to fund growth capital expenditures going forward. So this $0.40, I guess, reduction for the full year annualized distribution, so that will save you, what, about $50 million or $51 million a year. So I guess what I'm kind of wondering is, do you feel like that, that gives you enough flexibility going forward?

謝謝。顯然，進行分配調整是為了讓您更靈活地為未來的成長資本支出提供資金。因此，我猜這 0.40 美元是全年年度分配的減少額，這樣每年可以為您節省約 5000 萬美元或 5,100 萬美元。所以我想我有點好奇的是，您是否覺得這樣會帶給您足夠的彈性？

I mean your growth CapEx this year is $5 million to $10 million. So I guess, what assurance might investors have that they might not see additional cuts? Or do you think this is -- this gives you plenty of flexibility for what you're maybe contemplating over the next three to five years in terms of growth CapEx on average?

我的意思是您今年的成長資本支出是 500 萬到 1000 萬美元。那麼我想，投資人有什麼保證可以保證他們不會看到進一步的降息呢？或者您認為這是——這為您在未來三到五年內可能考慮的平均成長資本支出提供了足夠的靈活性？

Yes. As I indicated, we made that decision believing that we do -- we are in a position to maintain this for several years. Each quarter, we look at that as a decision, but we would not have made the adjustment to this level if we didn't believe it could be sustained at this level. As far as our capacity to grow, the things that we're looking at would be immediately accretive and we would have the ability to finance those.

是的。正如我所指出的，我們做出這個決定是因為我們相信我們有能力在未來幾年維持這種情況。每個季度，我們都會將其視為一個決定，但如果我們認為它無法維持在這個水平，我們就不會對這個水平做出調整。就我們的成長能力而言，我們所關注的事情將會立即增值，並且我們有能力為這些事情提供資金。

We have significant financing capacity. We have significant growth continue to be expected out of our Minerals segment, which that growth would be self-financed. So yes, we do believe for the things that we're looking at, that we will have a strong balance sheet that would allow and support any activity to grow and be able to maintain the distribution at its current level that we announced today. So we're seeing growth.

我們擁有強大的融資能力。我們的礦產部門將繼續實現顯著成長，而這項成長將由我們自己籌資。所以是的，我們確實相信，對於我們正在關注的事情，我們將擁有強大的資產負債表，這將允許和支持任何活動的增長，並能夠將分佈維持在我們今天宣布的當前水平。所以我們看到了成長。

I appreciate those, yes.

是的，我很感激。

I guess, yes, I think will indicate that --

我想，是的，我認為這表明--

No, I think it's a good decision. I mean -- go ahead.

不，我認為這是個不錯的決定。我的意思是——繼續。

Yes. Well, we did indicate that we do have the ability to grow our volumes next year. So you need to put that in your calculus also.

是的。嗯，我們確實表示我們有能力在明年增加產量。所以你也需要把它加入你的微積分。

Well, that's a good segue into my next question. I mean last year at this time, Alliance had about 16.6 million tons committed and priced for 2025. And so now you have 26.6 million tons committed in price for 2026 versus 20.5 million tons at the end of the first quarter. So what are the wild cards that you see that might drive growth in sales tonnage in 2026 versus 2025? And would you see it more in the Illinois Basin or Appalachia?

嗯，這很好地引出了我的下一個問題。我的意思是，去年此時，Alliance 已承諾供應約 1,660 萬噸石油，並將於 2025 年定價。因此，現在承諾的 2026 年產量為 2,660 萬噸，而第一季末為 2,050 萬噸。那麼，您認為與 2025 年相比，哪些因素可能會推動 2026 年銷售噸位的成長？您會在伊利諾伊盆地或阿巴拉契亞山脈看到更多這樣的景象嗎？

The easy one is at Tunnel Ridge. I mean our sales were impacted this year because of our production issues at Tunnel Ridge. And as Cary mentioned, we made our longwall move into our new district, that we started production back in that new district on July 10, and our production is at levels that we thought it would be. So our yields have increased double digits, so it's a significant impact. We believe that there's 750,000 to 1 million tons of just normal capacity at Tunnel Ridge that we lost this year that had -- they operated at their historical rates we would have produced.

最簡單的是在隧道嶺 (Tunnel Ridge)。我的意思是，由於 Tunnel Ridge 的生產問題，我們今年的銷售受到了影響。正如卡里所提到的，我們將長壁開採轉移到了新區域，並於 7 月 10 日在新區域開始生產，目前我們的產量達到了我們預期的水平。因此我們的收益率成長了兩位數，這是一個重大的影響。我們認為，今年我們損失了隧道嶺礦的 75 萬至 100 萬噸正常產能，而這些產能如果按照歷史生產率來計算的話，我們本來可以生產這些產能。

We have market for that. We've had to defer some of our shipments into next year because of our production problems we had. So that's 750,000 to 1 million tons of potential in Appalachia. In Illinois Basin, we are in the process of completing the transition to our Henderson mine from River View to move some units over. So we're not in construction phase. We've completed our construction projects. We're now in operating phase.

我們有這個市場。由於我們遇到的生產問題，我們不得不將部分貨物推遲到明年。因此阿巴拉契亞山脈的潛在儲量為 75 萬至 100 萬噸。在伊利諾伊盆地，我們正在完成從 River View 礦區向 Henderson 礦區的過渡，以轉移一些設備。所以我們還沒有處於建設階段。我們的建設項目已經完成。我們現在正處於營運階段。

We're seeing improved results there. So there could be the potential of another 1 million tons out of Illinois Basin if the market demands that. We're at the low end of our export volumes, where this year, we're looking at maybe 3 million tons compared to close to 6 million last year. And there's potential that, that market could come back around. The demand has been there. The pricing has been off relative to comparing netbacks.

我們看到了那裡改善的結果。因此，如果市場有需求，伊利諾伊盆地可能還有另外 100 萬噸的產量。我們的出口量處於低端，今年的出口量可能為 300 萬噸，而去年的出口量接近 600 萬噸。而且市場有可能復甦。需求一直存在。與淨回值相比，定價有所偏差。

Recently, we've seen some stabilization. We're getting some inbound inquiries as to opportunities that are significantly more attractive than what they've been during the year, but it gives us some hope that talking to what our export opportunities might be next year, that there could be some potential to increase that volume above the, say, targeted 3 million tons that we'll probably ship in 2025. So those are the prospects that we see.

最近，我們看到了一些穩定跡象。我們收到了一些關於機會的來電諮詢，這些機會比今年的要有吸引力得多，但這給了我們一些希望，談到明年我們的出口機會，我們有潛力將出口量提高到 2025 年可能出口的 300 萬噸的目標水平以上。這些就是我們看到的前景。

And the last question is, as you know, this Gavin plant, I mean, that looks like a fantastic investment with some really strong partners in addition to just the return on the investments. Do you see the potential for -- if you do this one or any future ones that you might have an opportunity to supply the plant?

最後一個問題是，如你所知，這個加文工廠看起來是一項很棒的投資，除了投資回報之外，它還擁有一些非常強大的合作夥伴。您是否看到了潛力——如果您做這個或任何未來的項目，您可能有機會為工廠供貨？

We do. The Gavin plant, at its current run rate, is fully committed with tons. However, with this growth in demand, there is a potential that they could burn higher than what was anticipated when the investment was made. And so it is a plant that is in our ZIP code that we could supply coal to that plant.

是的。按照目前的運作速度，加文工廠已滿載運轉數噸。然而，隨著需求的成長，它們的消耗量有可能高於投資時的預期。因此，我們可以向位於我們郵遞區號範圍內的工廠供應煤炭。

And as I mentioned, there's several other plants that we currently sell to that utilities are willing to consider sales opportunities that could be candidates for, whether it be ECP or others that are looking at acquiring coal plants to structure those acquisitions in a similar fashion as ECP did for the Gavin plant.

正如我所提到的，目前我們向其他幾家電廠銷售產品，這些電廠的公用事業公司願意考慮可能成為候選人的銷售機會，無論是 ECP 還是其他正在考慮收購燃煤電廠的公司，以類似於 ECP 收購 Gavin 電廠的方式構建這些收購。

Dave Storms, Stonegate Capital Partners.

戴夫·斯托姆斯（Dave Storms），Stonegate Capital Partners。

Good morning. Thank you for taking my question. Just want to start, we saw a trade deal over the weekend. And just with some of this uncertainty coming off in the global macro environment, is there any sense you can give us on maybe the directional impact on this maybe relative to your guidance?

早安.感謝您回答我的問題。首先，我們在周末看到了一項貿易協議。鑑於全球宏觀環境中出現一些不確定性，您能否就此為您帶來的方向性影響，或許與您的指導相關？

I can't comment on the most recent one that was announced. I really don't have the details, but the one that was announced with Japan talked about $500 billion of investment coming to the US in areas that include energy, among other things. So there -- Japan does have a few investments in our territory between Toyota and Indiana and Kentucky. I think that there's a potential for examples like that, where there is investments that are coming to this part of -- or to the Eastern part of the US.

我無法對最近宣布的消息發表評論。我確實不了解細節，但與日本宣布的協議談到了向美國投資 5000 億美元，涉及能源等領域。因此，日本確實在豐田、印第安納州和肯塔基州之間的我們的領土上進行了一些投資。我認為有潛力出現這樣的例子，即有投資流入美國這一地區或東部地區。

Earlier in the year, they announced the Nippon deal with US Steel. So I believe that there will be manufacturing demand increases in our Eastern footprint that will benefit from multiple investments where you're hearing the President talk in terms of increased business for the US.

今年早些時候，他們宣布了與美國鋼鐵公司達成的新日鐵交易。因此，我相信，我們東部地區的製造業需求將會增加，而多項投資將使這些需求受益，正如總統所說，這將增加美國的業務。

The one anecdote I did hear out of the agreement with the EU, and I don't recall the exact amount, but there was a substantial amount of energy that they would be purchasing as part of that arrangement. So we do believe on the positive side that so much of what President Trump is trying to do is revitalize manufacturing in America.

我確實聽說過與歐盟達成的協議的一個軼事，我不記得具體的數額，但作為該協議的一部分，他們將購買大量能源。因此，我們確實從積極的一面相信，川普總統正在努力做的很多事情都是為了振興美國的製造業。

And a large part of that will be focused on the manufacturing of goods that will require additional electricity. Specifically, you look in the budget bill on the increased capital that they've allocated for defense spending, which is in addition to the manufacturing that's currently being done in America, a substantial increase in manufacturing of products that will be available not only to satisfy the US budget, but also his efforts to try to get countries around the world to increase their security budget from where they were.

其中很大一部分將集中在需要額外電力的商品製造上。具體來說，你可以在預算法案中看到他們為國防開支增加的資金，這是對目前在美國進行的製造業的補充，大幅增加了產品製造，不僅可以滿足美國的預算，而且還滿足了他試圖讓世界各國增加其安全預算的努力。

They originally had an objective to go to 2% of their GDPs. He most recently is encouraging -- demanding those countries to go to 5%, and some portion of that would be purchasing goods from US manufacturers of defense equipment. So there's definitely a goal and objective to increase America's GDP from manufacturing as part of his strategy on these tariffs.

他們最初的目標是達到GDP的2%。他最近鼓勵——要求這些國家達到 5%，其中一部分將從美國國防設備製造商那裡購買產品。因此，作為這些關稅策略的一部分，增加美國製造業的 GDP 肯定是一個目標和目的。

Understood. That's very helpful. And then just one more if I could. You mentioned --

明白了。這非常有幫助。如果可以的話，我再說一次。你提到--

The demand is both -- yes, the demand is both AI and manufacturing increases for electricity.

是的，人工智慧和製造業對電力的需求都在增加。

Got it. That's perfect. Thank you. You also mentioned an equilibrium in inventories not seen since, I believe it was 2023, and how this should have a positive impact on demand. When thinking about the pacing of this demand growth, do you see it more as a gradual increase as inventory levels continue to trend downwards? Or could this come as a restocking wave over the next coming quarters?

知道了。那很完美。謝謝。您還提到了自 2023 年以來從未見過的庫存平衡，以及這將如何對需求產生積極影響。當考慮這種需求成長的速度時，您是否認為隨著庫存水準持續下降，需求成長將呈現逐步成長的趨勢？或者這會是未來幾季的一次補貨浪潮嗎？

It seems to me that they are basically at equilibrium for most of our customers. And it's trending a little higher than what historically it's been. But it seems to be stabilizing at a level to where we are seeing more -- some demand this year to maintain inventories at current levels that we really didn't anticipate thinking that they might -- our utility customers might lower inventory levels from the current level.

在我看來，對於我們的大多數客戶來說，它們基本上處於平衡狀態。而且其趨勢比歷史水準略高。但它似乎正在穩定在我們所看到的水平——今年有些人要求將庫存維持在當前水平，這是我們真的沒有預料到的——我們的公用事業客戶可能會將庫存水平從當前水平降低。

So what we're seeing is there appears to be an effort by our utilities in the areas where we serve to be at equilibrium today. And therefore, there will be a correlation with their demand increase to what their actual coal purchases would be.

因此，我們看到，我們所服務的地區的公用事業似乎正在努力達到平衡。因此，他們的需求成長和實際煤炭購買量之間存在相關性。

Over the last two years, we've seen coal consumption go up, but the deliveries haven't been as strong because they had been taken from their piles. So right now, we're seeing basically an equilibrium for most of our customers that their purchases are designed for what they anticipate their burns to be.

在過去的兩年裡，我們看到煤炭消耗量上升，但交付量卻沒有那麼強勁，因為煤炭已經從堆中取出。因此，現在，我們基本上看到大多數客戶都處於平衡狀態，即他們的購買行為是根據他們預期的消費量而設計的。

Understood. And I guess just with the 1.2 million tons that ARLP has, do you feel comfortable with that current internal inventory levels relative to this correlation that you're anticipating?

明白了。我想，就 ARLP 擁有的 120 萬噸而言，您是否對當前的內部庫存水準與您預期的相關性感到滿意？

Yes. So our current shipments have actually driven those down a little bit as we speak. And we do anticipate that our shipments are going to be pretty consistent through the third quarter. And then going into the fourth quarter, they'll be -- we should be in good shape for the rest of the year is what we're projecting to be able to maintain our inventories at that level.

是的。因此，正如我們所說，我們目前的出貨量實際上已經略有下降。我們確實預計第三季的出貨量將保持相當穩定。然後進入第四季度，我們預計今年剩餘時間我們的庫存狀況將保持良好，能夠維持在該水平。

Michael [Mathison], Sidoti & Company.

邁克爾 [Mathison]，Sidoti & Company。

Good morning, gentlemen, and thank you for taking my questions. I know you primarily produce for the US domestic market, but I'm wondering if the big decline in Chinese demand for seaborne coal has begun to back up and have an impact on US pricing. Any comments on that?

先生們，早安，感謝你們回答我的問題。我知道你們主要為美國國內市場生產煤炭，但我想知道中國對海運煤炭需求的大幅下降是否已經開始回升並對美國定價產生影響。對此有何評論？

We are -- as I mentioned a few minutes ago, we are getting some inbounds at pricing that is more attractive than it has been. And so at the same time, the domestic pricing is better for us. So from a netback perspective, even though we have seen improved pricing, it's still not as attractive for us as the domestic market. So we're going to continue to prioritize the domestic market because of the growth we see.

正如我幾分鐘前提到的那樣，我們獲得了一些比以前更具吸引力的定價。因此，同時，國內定價對我們來說更有利。因此，從淨回值的角度來看，儘管我們看到價格有所提高，但對我們來說，它仍然不如國內市場那麼有吸引力。因此，鑑於我們看到的成長，我們將繼續優先考慮國內市場。

That's our primary market. It's more stable for us. But as I mentioned a few minutes ago, there is a possibility or probability even that our export tonnage could be higher next year than it is this year because of seeing some signs of pricing moving a little bit better than what we've been experiencing for most of this year.

那是我們的主要市場。對我們來說這更穩定。但正如我幾分鐘前提到的，明年我們的出口噸位有可能比今年更高，因為我們看到一些跡象表明價格走勢比今年大部分時間的情況要好一些。

Thank you. Turning to the royalty portfolio. Royalties are roughly 10% of revenues but about 20% of EBITDA, much, much higher margins. Do you see continued investments in royalty assets? And what sectors are you targeting? How big do you see the program roughly two or three years from now?

謝謝。轉向特許權使用費組合。特許權使用費約佔收入的 10%，但佔 EBITDA 的 20% 左右，利潤率則高得多。您是否認為特許權使用費資產的投資會持續下去？你們的目標市場是哪些？您認為大約兩到三年後這個計畫的規模會有多大？

Yes. We are continuing to be committed to our mineral space. So -- and we anticipate allowing that segment to invest its EBITDA. So that's $100 million-plus or so a year is what our goals are. We're -- we would go larger than that if the right opportunity would present itself because when you look at our royalty segment, it has no leverage on it.

是的。我們將繼續致力於礦產領域。因此—我們預計允許該部門投資其 EBITDA。因此，我們的目標是每年約 1 億多美元。如果出現合適的機會，我們會做得更大，因為當你看看我們的版稅部分時，它沒有任何影響力。

So it does have the capacity to borrow. But yes, it's a core business for us, and we do anticipate continuing to invest in areas that we primarily targeted, which is the Permian and the Delaware Basin. We would look at opportunities outside those basins, but that's primarily where our focus has been recently.

因此它確實有借貸能力。但確實，這是我們的核心業務，我們確實預計將繼續投資於我們主要針對的地區，即二疊紀盆地和特拉華盆地。我們會尋找這些盆地以外的機會，但這也是我們最近主要關注的重點。

Thank you. I appreciate you taking the questions and congratulations on the quarter.

謝謝。感謝您回答這些問題，並祝賀本季取得的成績。

Thank you.

謝謝。

Thank you, Mike.

謝謝你，麥克。

There are no further questions at this time. I would like to turn the floor back over to Cary Marshall for closing remarks.

目前沒有其他問題。我想把發言權交還給卡里·馬歇爾，請他做最後發言。

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 third quarter 2025 financial and operating results is currently expected to occur in October, and we hope everyone will join us again at that time. This concludes our call for the day. Thank you.

謝謝您，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 年第三季財務和營運業績的電話會議目前預計將於 10 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。

Thank you. You may disconnect your lines at this time and thank you for your participation.

謝謝。現在您可以斷開您的線路了，感謝您的參與。