Alliance Resource Partners LP (ARLP) 2025 Q3 法說會逐字稿

Greetings. Welcome to Alliance Resource Partners third-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded. At this time, I'll turn the conference over to Cary Marshall, Senior Vice President and Chief Financial Officer. Thank you.

問候。歡迎參加 Alliance Resource Partners 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在，我將把會議交給資深副總裁兼財務長凱莉‧馬歇爾。謝謝。

You may now begin.

現在你可以開始了。

Thank you, operator, and welcome, everyone. Earlier this morning, Alliance Resource Partners released its third-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 the remainder of 2025. Following our prepared remarks, we will open the call to answer your questions.

謝謝接線員，歡迎各位。今天早些時候，Alliance Resource Partners 發布了 2025 年第三季財務和營運業績，我們現在將討論這些業績以及我們對當前市場狀況和 2025 年剩餘時間展望的看法。在宣讀完準備好的發言稿後，我們將開放提問環節，回答各位的問題。

Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the Securities and Exchange Commission, and are also reflected in this morning's press release.

在開始之前，提醒大家，我們今天的一些演講可能包含前瞻性陳述，這些陳述受到各種風險、不確定性和假設的影響，這些風險、不確定性和假設已在我們不時向美國證券交易委員會提交的文件中列出，並且也反映在今天早上的新聞稿中。

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.

雖然這些前瞻性聲明是基於我們目前掌握的信息，但如果其中一項或多項風險或不確定性成為現實，或者如果我們的基本假設被證明是錯誤的，則實際結果可能與我們預測或預期的結果存在重大差異。

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

合夥企業在發表這些聲明時，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。最後，我們也將討論一些非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節表包含在ARLP的新聞稿末尾，該新聞稿已發佈在我們的網站上，並以8-K表格的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 third-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.

完成必要的準備工作後，我將先回顧我們 2025 年第三季的業績。請介紹我們 2025 年的業績指引，然後將電話交給我們的董事長、總裁兼執行長喬·克拉夫特，請他發表評論。

For the third-quarter of 2025, which we refer to as the 2025 quarter, total revenues were $571.4 million compared to $613.6 million in the third-quarter of 2024, which we refer to as the 2024 quarter. 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 second-quarter of 2025, which we refer to as the sequential quarter, total revenues increased by 4.4% due to higher coal sales volumes and prices.

2025 年第三季（我們稱之為 2025 年季度）的總收入為 5.714 億美元，而 2024 年第三季（我們稱之為 2024 年季度）的總收入為 6.136 億美元。年比下降的主要原因是煤炭銷售價格和運輸收入下降，但煤炭銷售量增加部分抵消了這些影響。與 2025 年第二季（我們稱之為環比季度）相比，由於煤炭銷售和價格上漲，總收入增加了 4.4%。

Our average coal sales price per ton for the 2025 quarter was $58.78, a decrease of 7.5% versus the 2024 quarter but an increase of 1.5% on a sequential basis. The year-over-year decline was primarily due to higher-priced legacy contracts entered into during the energy crisis of 2022, that expired in 2024.

2025 年第一季度，我們每噸煤炭的平均銷售價格為 58.78 美元，比 2024 年第一季下降了 7.5%，但環比增加了 1.5%。同比下降的主要原因是 2022 年能源危機期間簽訂的、價格較高的遺留合同，這些合同將於 2024 年到期。

As it relates to volumes, total coal production in the 2025 quarter of 8.4 million tons was 8.5% higher compared to the 2024 quarter, while total coal sales volumes increased 3.9% to 8.7 million tons compared to the 2024 quarter. Compared to the sequential quarter, total coal sales volumes were up 3.8%. Total coal inventory at quarter end was approximately 950,000 tons, down 1.1 million and 0.2 million tons compared to the 2024 quarter and sequential quarter, respectively.

就產量而言，2025 年第一季煤炭總產量為 840 萬噸，比 2024 年第一季成長 8.5%；煤炭總銷量為 870 萬噸，比 2024 年第一季成長 3.9%。與上一季相比，煤炭總銷量成長了3.8%。截至季末，煤炭總庫存約為95萬噸，與2024年第一季和上一季相比分別減少了110萬噸和20萬噸。

In the Illinois Basin, coal sales volumes increased by 10.8% as compared to the 2024 quarter, led by increased volumes from our Hamilton, Warrior and River View mines but were down 0.8% versus the sequential quarter due to timing of delivery for contracted tons. Coal sales volumes in Appalachia were down 13.3% compared to the 2024 quarter due to lower production year-to-date at our Tunnel Ridge mine, but were up 21.8% versus the sequential quarter as we successfully transitioned the longwall at Tunnel Ridge to a new longwall district during the 2025 quarter, which was the primary driver for the increased volumes.

在伊利諾盆地，煤炭銷售量較 2024 年第一季成長 10.8%，主要得益於 Hamilton、Warrior 和 River View 煤礦銷量的成長，但由於合約噸位的交貨時間，季減 0.8%。由於隧道嶺煤礦今年迄今的產量較低，阿巴拉契亞地區的煤炭銷量與 2024 年第一季相比下降了 13.3%，但與上一季度相比增長了 21.8%，因為我們在 2025 年第一季成功地將隧道嶺煤礦的長壁採煤工作面轉移到了一個新的長壁採煤區，這是銷售量增長的主要因素。

As anticipated, the new district has delivered improved geology and mining conditions compared to the challenges we experienced over the last several quarters. Segment adjusted EBITDA expense per ton sold in Appalachia improved 11.7% compared to the 2024 quarter as all mines in Appalachia achieved lower cost in the 2025 quarter and sequentially, better results from NC Mining and Tunnel Ridge contributed to a 12.1% improvement in the 2025 quarter.

正如預期的那樣，與過去幾季我們遇到的挑戰相比，新礦區的地質和採礦條件有所改善。與 2024 年第一季度相比，阿巴拉契亞地區每噸銷售的調整後 EBITDA 支出改善了 11.7%，因為阿巴拉契亞地區所有礦山在 2025 年第一季度都實現了成本降低，並且 NC Mining 和 Tunnel Ridge 的業績環比改善，使得 2025 年第一季度的改善幅度達到了 12.1%。

In the Illinois Basin, segment adjusted expense per ton decreased 6.4% compared to the 2024 quarter, primarily as a result of increased regional production, lower long-haul move days at Hamilton and improved recoveries at our River View and Hamilton mining operations. Expenses in the 2025 quarter included a $4.4 million unfavorable contingent consideration liability adjustment at our Hamilton Mine related to our original acquisition based upon a revised outlook that anticipates increased production in the future at Hamilton.

在伊利諾伊盆地，與 2024 年第一季相比，分部調整後的每噸支出下降了 6.4%，這主要是由於區域產量增加、漢密爾頓長途運輸天數減少以及我們在 River View 和 Hamilton 礦場的回收率提高。2025 年季度的支出包括我們 Hamilton 礦的 440 萬美元不利或有對價負債調整，該調整與我們最初收購 Hamilton 礦場有關，基於對 Hamilton 礦場未來產量增加的修訂預期。

But for this adjustment, segment adjusted EBITDA expense per ton in the 2025 quarter in the Illinois Basin would have been flat with the sequential quarter. Turning to our royalty segments. Total revenues were $57.4 million in the 2025 quarter, up 11.9% compared to the 2024 quarter.

但如果進行此項調整，2025 年伊利諾盆地每噸的經調整 EBITDA 支出將與上一季持平。接下來我們來看看版稅部分。2025 年第一季總營收為 5,740 萬美元，比 2024 年第一季成長 11.9%。

The year-over-year increase in revenues primarily reflects higher coal royalties tons and revenue per ton sold, partially offset by lower average oil and gas price per BOE. Specifically, Coal Royalty sold during the 2025 quarter increased 38.1% compared to the prior year and 28.5% sequentially primarily due to higher Tunnel Ridge volumes, which drove Coal Royalty segment adjusted EBITDA up 54.5% compared to the 2024 quarter and 44.6% higher compared to the sequential quarter.

收入年增率主要反映了煤炭特許權使用費噸數和每噸煤炭銷售收入的增加，但部分被每桶油當量石油和天然氣平均價格的下降所抵消。具體而言，2025 年季度售出的煤炭特許權使用費比上年同期增長 38.1%，環比增長 28.5%，這主要是由於隧道嶺產量增加，推動煤炭特許權使用費部門調整後的 EBITDA 比 2024 年季度增長 54.5%，環比增長 44.6%。

Oil & Gas Royalty BOE volumes during the 2025 quarter increased 4.1% year-over-year. However, a lower mix of oil volumes and lower realized crude oil pricing resulted in a 10.5% decline in average oil and gas sales price per BOE compared to the 2024 quarter. Our net income attributable to ARLP in the 2025 quarter was $95.1 million. This included a $3.7 million favorable increase in the fair value of our digital assets and $4.5 million in investment income from previous growth investments. Adjusted EBITDA for the quarter was $185.8 million, up 9% from the 2024 quarter and up 14.8% sequentially.

2025 年季度石油和天然氣特許權使用費 BOE 量年增 4.1%。然而，石油產量佔比下降以及原油實際價格下降，導致每桶油當量石油和天然氣平均銷售價格比 2024 年第一季下降了 10.5%。2025 年季度歸屬於 ARLP 的淨收入為 9,510 萬美元。這其中包括我們數位資產公允價值的 370 萬美元有利成長，以及來自先前成長投資的 450 萬美元投資收益。本季調整後 EBITDA 為 1.858 億美元，比 2024 年同期成長 9%，季增 14.8%。

Now turning to our balance sheet and uses of cash. As of September 30, 2025, our total and net leverage ratios were 0.75 times and a 0.6 times debt to trailing 12 months adjusted EBITDA, respectively. Total liquidity was $541.8 million at quarter end, which included $94.5 million of cash on the balance sheet. Additionally, we held approximately 568 Bitcoin on our balance sheet, valued at $64.8 million at the end of the 2025 quarter based upon a price of approximately $114,000 per Bitcoin. For the 2025 quarter, Alliance generated free cash flow of $151.4 million after investing $63.8 million in our coal operations.

現在來看我們的資產負債表和現金用途。截至 2025 年 9 月 30 日，我們的總槓桿率和淨槓桿率分別為 0.75 倍和 0.6 倍（債務與過去 12 個月調整後 EBITDA 之比）。截至季末，公司總流動資金為 5.418 億美元，其中包括資產負債表上的 9,450 萬美元現金。此外，我們的資產負債表上大約持有 568 個比特幣，以每個比特幣約 114,000 美元的價格計算，到 2025 年季度末，其價值為 6,480 萬美元。2025 年第一季度，Alliance 在煤炭業務上投資 6,380 萬美元後，產生了 1.514 億美元的自由現金流。

Distributable cash flow for the 2025 quarter was $106.4 million, up 17% sequentially, leading to a calculated distribution coverage ratio of 1.37 times based on a quarterly cash distribution of $0.60 per unit or $2.40 per unit on an annualized basis. Turning to our updated 2025 guidance detailed in this morning's release, favorable weather for most of this past cooling season and rising electricity demand drove increased coal consumption in the Eastern United States, helping further reduce customer inventories.

2025 年季度可分配現金流為 1.064 億美元，環比增長 17%，以每單位季度現金分配 0.60 美元或按年化每單位 2.40 美元計算，分配覆蓋率為 1.37 倍。回到我們今天早上發布的更新版 2025 年指導意見，在過去這個製冷季節的大部分時間裡，有利的天氣和不斷增長的電力需求推動了美國東部煤炭消費量的增加，從而有助於進一步減少客戶的庫存。

Long-term demand forecast continue to be revised higher across the country as the more favorable regulatory environment continues we are observing a steady stream of domestic customer solicitations for long-term supply contracts. During the 2025 quarter and subsequent to its end, ARLP has remained active in domestic utility solicitations for 2026 and beyond. Our teams have been successful in securing additional contract commitments as customers continue to value our product quality, reliability of service and financial strength.

隨著監管環境持續向好，全國各地的長期需求預測不斷上調，我們觀察到國內客戶不斷發出長期供應合約的詢價。在 2025 年季度及之後，ARLP 一直積極參與 2026 年及以後的國內公用事業招標活動。由於客戶持續重視我們的產品品質、服務可靠性和財務實力，我們的團隊已成功獲得更多合約承諾。

Our contracted position for 2025 is up slightly to 32.8 million tons committed and priced including 29.8 million tons for the domestic market and 3 million tons for export. We have elected to tighten our full year sales guidance to 32.5 million to 33.25 million tons with the midpoint coming in within 1% of our previous guidance in July. Perhaps more importantly, strong demand for our supply allowed us to add to our 2026 order book once again.

我們2025年的合約訂單量略有增加，達3,280萬噸，其中2,980萬噸供應國內市場，300萬噸用於出口。我們決定將全年銷售預期收緊至 3,250 萬至 3,325 萬噸，其中數值與我們 7 月的預期相差不到 1%。更重要的是，對我們產品的強勁需求使我們能夠再次增加 2026 年的訂單。

We have now contracted and priced 29.1 million sales tons for 2026, up 9% from last quarter, putting us in a good position for this time of year for prompter shipments. With respect to pricing, we increased the low end of our coal sales pricing guidance ranges for both the Illinois Basin and Appalachian.

我們目前已簽訂了 2026 年 2910 萬噸的銷售合約並確定了價格，比上一季度增長了 9%，這使我們在每年的這個時候處於有利地位，可以更快地發貨。在定價方面，我們提高了伊利諾伊盆地和阿巴拉契亞地區的煤炭銷售價格指引範圍的下限。

And on the cost side, we expect full year 2025 segment adjusted EBITDA expense per ton to be in a range of $60 to $62 per ton in Appalachia and $34 to $36 per ton in the Illinois Basin. In our Oil & Gas Royalties business, we are adjusting our full year 2025 oil volume guidance to account for a timing delay in a high royalty interest, multi-well development pad in the Delaware Basin of the Permian which is now expected to come online in early 2026. As it relates to all our other guidance ranges, they are largely unchanged from our previous expectations. And with that, I will turn the call over to Joe for comments on the market and his outlook for ARLP. Joe?

在成本方面，我們預計 2025 年全年分部調整後每噸 EBITDA 支出在阿巴拉契亞地區為每噸 60 至 62 美元，在伊利諾伊盆地為每噸 34 至 36 美元。在我們的石油和天然氣特許權使用費業務中，我們正在調整 2025 年全年石油產量預期，以應對特拉華盆地二疊紀盆地一個高特許權使用費權益的多井開發平台的投產時間延遲，該平台預計將於 2026 年初投產。至於我們其他所有指導範圍，它們與我們先前的預期基本保持不變。接下來，我將把電話交給喬，請他對市場以及他對 ARLP 的展望發表評論。喬？

Thank you, Cary, and good morning, everyone. Our operations delivered another solid quarter of performance tracking consistently with our operating plan, thanks to the dedication and hard work of our entire team. As Kerry described, the significant infrastructure investments we have made in our cooperations over the past three years are beginning to pay off.

謝謝你，凱瑞，大家早安。感謝全體團隊的奉獻和努力，我們的營運業績又一個季度穩定成長，與營運計畫保持一致。正如克里所描述的那樣，過去三年我們在合作項目中投入的大量基礎設施資金開始取得成效。

Our Illinois Basin operations are performing well, led by Hamilton, which benefited from new automated longwall shields commencing operation immediately after a successful longwall move in early August. Looking forward, the combination of Shield and share automation is expected to enhance productivity, reduce the number of personnel required on the face and minimize maintenance demands.

在漢密爾頓油田的帶領下，我們在伊利諾伊盆地的作業進展順利。漢密爾頓油田受益於新的自動化長壁防護罩，這些防護罩在 8 月初成功完成長壁搬遷後立即投入使用。展望未來，Shield 和共享自動化技術的結合有望提高生產效率，減少工作面所需人員數量，並最大限度地減少維護需求。

In our River View complex, the Henderson County mine achieved a key infrastructure milestone in late August with the opening of its new portal facility, equipment and personnel transitions to better mining conditions are planned to be in place early next year when six units are scheduled to be operating at the Henderson County mine and three units are scheduled to remain operating at the River View mine.

在我們的河景綜合設施中，亨德森縣礦場於 8 月下旬實現了重要的基礎設施里程碑，其新的入口設施已投入使用。計劃於明年初完成設備和人員的過渡，以適應更好的採礦條件，屆時亨德森縣礦將有 6 個機組投入運營，而河景礦將有 3 個機組繼續運作。

[Appalachia] operations improvements were led by Tunnel Ridge, which successfully transitioned to a new longwall district in the 2025 quarter. As expected, the move was resulted -- has resulted in significantly improved mining conditions, dropping the mine's cost per ton sold by 8.8% compared to the 2024 quarter and 19.3% to the sequential quarter. With both regions performing well, our total cost expectations for 2025 are on track to fall within the updated guidance range. Looking at the coal market.

[阿巴拉契亞] 的營運改善以 Tunnel Ridge 為首，該礦於 2025 年季度成功轉型為新的長壁採煤區。正如預期的那樣，這一舉措顯著改善了採礦條件，與 2024 年季度相比，礦山每噸銷售成本下降了 8.8%，與上一季相比下降了 19.3%。由於兩個地區表現良好，我們對 2025 年的總成本預期有望落在更新後的指導範圍內。關注煤炭市場。

US coal demand is continuing to experience strong fundamentals, supported by a combination of favorable federal energy and environmental policy to preserve America's coal fleet plus rapid electricity demand growth. Compared to last year, year-to-date utility coal consumption has increased by 15% in MISO and 16% in PJM. This surge reflects not only favorable natural gas pricing, but more importantly, a realization of the dramatic load growth required by artificial intelligence and data centers.

由於有利於保護美國煤炭發電廠的聯邦能源和環境政策以及電力需求的快速成長，美國煤炭需求持續保持強勁的基本面。與去年同期相比，MISO 的公用事業煤炭消耗量增加了 15%，PJM 的公用事業煤炭消耗量增加了 16%。這一激增不僅反映了天然氣價格的有利走勢，更重要的是，反映了人們意識到人工智慧和資料中心所需的巨大負載成長。

Natural gas fundamentals remain supportive of coal dispatch economics. Henry Hub has averaged over $3.50 per million BTU in 2025 and the current forward strip is averaging higher pricing in 2026 and 2027. Rising electricity demand, combined with the expected growth of LNG export capacity should keep upward pressure on natural gas prices, further enhancing Kohl's competitiveness in power generation dispatch.

天然氣基本面仍支撐著煤炭調度的經濟效益。2025 年亨利樞紐的平均價格超過每百萬 BTU 3.50 美元，而目前的遠期合約價格在 2026 年和 2027 年平均更高。不斷增長的電力需求，加上預計液化天然氣出口能力的成長，應該會繼續對天然氣價格構成上行壓力，進一步增強柯爾在發電調度方面的競爭力。

Furthermore, utility coal stockpiles have normalized at healthy levels supporting more robust term contracting activity. With normalized utility inventories and unprecedented demand growth from data centers, analysts we follow are projecting 4% to 6% annual growth in electricity demand in PJM and other markets we serve over the next several years. As a result, we believe Alliance is well positioned to increase production at Tunnel Ridge and in the Illinois Basin in 2026 to meet this demand.

此外，公用事業煤炭庫存已恢復到健康水平，為更強勁的長期合約活動提供了支持。隨著公用事業庫存恢復正常，以及資料中心前所未有的需求成長，我們關注的分析師預測，未來幾年 PJM 和我們服務的其他市場的電力需求將以每年 4% 至 6% 的速度成長。因此，我們相信 Alliance 已做好充分準備，在 2026 年提高 Tunnel Ridge 和伊利諾伊盆地的產量，以滿足這一需求。

Market signals are validating the need to keep baseload power plants online, to meet this anticipated electricity demand, including coal-fired power plants previously planned for decommissioning. The recent PJM capacity auction cleared at maximum allowable prices with every megawatt of coal capacity selected, while reserve margins fell below reliability targets, clearly demonstrating that the grid needs every available megawatt of dispatchable generation.

市場訊號證實，有必要保持基荷電廠在線上運行，以滿足預期的電力需求，其中包括先前計劃退役的燃煤電廠。最近 PJM 容量拍賣以最高允許價格成交，所有兆瓦煤炭容量都被選中，而備用容量低於可靠性目標，這清楚地表明電網需要每一兆瓦可調度發電。

During the quarter, as I mentioned in our last earnings call, to assist in extending the lives of coal plants in our marketing footprint, we invested $22.1 million as part of a $25 million commitment and a limited partnership that indirectly acquired a coal-fired plant in the PJM service area, positioning Alliance to directly benefit from the tightening power markets and growing demand for reliable baseload generation. We expect this investment to generate attractive cash-on-cash returns during 2026 and beyond.

正如我在上次財報電話會議上提到的，本季度為了幫助延長我們市場覆蓋區域內燃煤電廠的壽命，我們投資了 2,210 萬美元，作為 2,500 萬美元承諾的一部分，並透過有限合夥企業間接收購了 PJM 服務區內的一家燃煤電廠，使 Alliance 能夠直接受益於電力基比對電力市場的需求日益增長和可靠。我們預計這項投資將在 2026 年及以後產生可觀的現金回報率。

In conclusion, our priorities remained unchanged, maintaining a strong balance sheet, investing prudently in our core operations and positioning Alliance for long-term growth while delivering attractive after-tax returns to our unitholders. With the completion of several major capital projects at our mines, sustaining capital needs in our coal segment are expected to decline meaningfully, which enhances free cash flow visibility for 2026 and beyond.

總而言之，我們的優先事項保持不變，即保持強勁的資產負債表，審慎地投資於我們的核心業務，並為Alliance的長期增長做好準備，同時為我們的單位持有人帶來可觀的稅後回報。隨著我們礦場幾個重大資本項目的完成，我們煤炭業務的維持性資本需求預計將大幅下降，這將提高 2026 年及以後的自由現金流可見度。

In our Oil & Gas Royalties business, we continue to pursue disciplined, accretive growth opportunities. Although lower commodity pricing has limited investment opportunities in 2025, the segment remains unlevered, and we strive to reinvest internally generated cash flow to expand our minerals position where we see attractive economics and high-quality operator activity. Returning capital to our unitholders remains a key component of our strategy.

在我們的石油天然氣特許權使用費業務中，我們將繼續尋求穩健、增值的成長機會。儘管大宗商品價格走低限制了 2025 年的投資機會，但該業務板塊仍未使用槓桿，我們將努力把內部產生的現金流再投資於礦產領域，以擴大我們在經濟效益和高品質營運商活動方面的地位。向股東返還資本仍然是我們策略的關鍵組成部分。

During the 2025 quarter, we declared a quarterly distribution of $0.60 per unit, equating to an annualized rate of $2.40 per unit and unchanged from the sequential quarter. As Cary said, distributable cash flow for the 2025 quarter was $106 million, $106.4 million, up 17% sequentially, leading to a calculated distribution coverage ratio of 1.37 times for the 2025 quarter.

在 2025 年季度，我們宣布每單位季度分紅 0.60 美元，相當於每單位年化分紅 2.40 美元，與上一季持平。正如凱莉所說，2025 年第一季的可分配現金流為 1.06 億美元，1.064 億美元，環比增長 17%，由此計算出的 2025 年第一季的分配覆蓋率為 1.37 倍。

We expect the operating and financial results for the fourth-quarter to equal our outstanding 2025 quarter results. At Alliance, we remain laser-focused on delivering what America needs most, reliable, affordable baseload generation. With supportive policy, improving market fundamentals and disciplined execution, we believe we are well positioned for the balance of 2025 and beyond.

我們預計第四季度的營運和財務業績將與我們2025年第一季的出色業績持平。在 Alliance，我們始終專注於提供美國最需要的可靠、經濟實惠的基礎負載發電。憑藉有利的政策、不斷改善的市場基本面和嚴謹的執行，我們相信我們已經為2025年剩餘時間及以後的發展做好了充分準備。

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

我們的發言到此結束，現在我請接線生開始接受提問。操作員？

(Operator Instructions) Nathan Martin, Benchmark.

（操作說明）Nathan Martin，Benchmark。

You guys talked about how domestic customer engagement has intensified as utilities seek reliable supply, and that's kind of giving you greater demand visibility than you've experienced in several years. Could you guys give us a little more color on how long some of these supply contracts are being signed for now? And maybe what kind of structure is typical on the price side, whether that's fixed or if it's tied to a variable index, for example.

你們談到，隨著公用事業公司尋求可靠的供電，國內客戶的參與度有所提高，這使得你們比過去幾年都更能了解需求狀況。你們能否詳細介紹一下目前這些供應合約的簽訂期限？價格方面通常會採用什麼樣的結構，例如是固定價格還是與變動指數掛鉤？

Yes. So most of the customers are coming out for two to three years, I would say. And of those, they prefer fixed pricing. So we are looking at fixed pricing. We do have some understanding that there would be some reconsideration in the event that tariffs impact costs that aren't -- they are not anticipated or expected.

是的。所以我覺得，大多數顧客都會持續光顧兩到三年。而且，他們更傾向於固定價格。所以我們考慮的是固定價格。我們確實了解到，如果關稅影響到一些意料之外的成本，那麼將會重新考慮這些成本。

So there is some tariff concept and the protection in those contracts, but primarily, they are fixed price for the two to three year time period. Some are going a little shorter than that, just like a one year or even some are still staying in the spot market. But typically, within those contract structures, there is escalation years two and year three in terms of the pricing, generally speaking.

因此，這些合約中存在一些關稅概念和保護措施，但主要來說，它們是兩到三年期限內的固定價格。有些人的期限比這還要短一些，例如一年，甚至有些人仍然留在現貨市場。但一般來說，在這些合約結構中，第二年和第三年的價格都會上漲。

Okay. That's helpful, guys. And then what index should we be paying attention to? Is it still the Illinois Basin index and Northern App cap type indices?

好的。這很有幫助，夥計們。那我們該關注哪個指標呢？它仍然是伊利諾伊盆地指數和北部阿巴拉契亞盆地蓋型指數嗎？

Yes. But at the same time, I don't think the index based on the volume is being tracked precisely. So I think that you need to factor in each customer is a little different. But I mean I think those indexes are generally accurate, but we are seeing some pricing that's little bit higher than what those index have been showing, depending on what time you're looking at. You're starting to see the index go up over the last quarter, say -- and I think that's reflective of where the -- where some of these contracts are trending into.

是的。但同時，我認為基於成交量的指數並沒有得到精確的追蹤。所以我認為你需要考慮每個客戶的情況都略有不同。但我的意思是，我認為這些指數總體上是準確的，但我們看到一些價格略高於這些指數所顯示的水平，這取決於你查看的是哪個時間段。你會發現該指數在過去一個季度開始上漲，我認為這反映了這些合約的趨勢。

Got it. And that's actually where I was going to go with my next question. Your pricing guidance also for full year '25, I guess a little bit higher now at the midpoint. As you look to '26, I believe you said last quarter that the expectation was for price per ton could decline around 5% year-over-year.

知道了。而這其實正是我接下來要問的問題。我猜想，對於 2025 年全年的定價指導，中點價格現在應該略高一些。展望 2026 年，我相信您上個季度曾表示，預計每噸價格可能會比去年同期下降 5% 左右。

And now that you've added some additional tonnage for '26. Do you still feel like that down 5% is the right way to think about pricing for next year?

現在你們為 2026 年增加了一些額外的噸位。你仍然認為明年定價下調 5% 是正確的嗎？

Yes. I think we still have -- like we've mentioned, some of our contracts rolled off in 2024, we have some contracts in Appalachia that are rolling off in 2025. So that's the main reason for the suggestion that our overall pricing is likely to be down year-over-year because of the Appalachia contracts that are rolling off in 2025, they're having to be replaced the '26 pricing.

是的。我認為我們仍然有一些——就像我們之前提到的，我們的一些合約在 2024 年到期，我們在阿巴拉契亞的一些合約在 2025 年到期。因此，我們之所以認為整體價格可能會比去年同期下降，主要原因是阿巴拉契亞地區的合約將於 2025 年到期，需要用 2026 年的價格來替換。

However, because of the movement of Tunnel Ridge into their favorable geology, we are expecting to pick up volume there back to levels that were more that we were experiencing previous to the bad geology we've experienced over the past several quarters.

然而，由於隧道嶺向有利的地質條件移動，我們預計那裡的產量將恢復到過去幾季地質條件惡劣之前的水平。

So we do believe that the cost improvements that we see at Tunnel Ridge would allow our margins to be maintained for '26 compared to '25.

因此我們相信，我們在 Tunnel Ridge 看到的成本改善將使我們 2026 年的利潤率與 2025 年相比保持不變。

Yes. That's right, Nathan. And depending upon what our volume guidance is for next year, that could impact these numbers a little bit as well. Typically, we provide that -- we'll do that at our January meeting. So we'll provide some volume guidance as well as updated pricing guidance based upon our experience from entering into solicitations for this year and what that looks like in terms of better guidance on volume when we come back and talk to you in February.

是的。沒錯，內森。而根據我們明年的銷售預期，這些數字也可能會產生一些影響。通常情況下，我們會提供這些資訊——我們將在1月份的會議上討論這個問題。因此，我們將根據今年參與招標的經驗，提供一些數量指導以及更新的價格指導，並在二月份與您再次溝通時，就數量指導方面提供更準確的信息。

All right. Perfect. Appreciate that. And then just maybe one final bigger picture question. A couple of weeks back, Administration, Department of Energy announced some additional investments in the coal-fired power plant space.

好的。完美的。謝謝。最後，或許還有一個更宏觀的問題。幾週前，能源部行政部門宣布對燃煤發電廠領域追加投資。

Maybe, Joe, could you please talk about how you see that impacting your business and your customers? I know the late retirements have been talked about a lot recently, but it would be great to get your thoughts.

喬，或許您可以談談您認為這會對您的業務和客戶產生哪些影響？我知道最近很多人都在討論晚退休的問題，但我很想聽聽你們的看法。

We are seeing a very active engagement, both by utilities and the Department of Energy on dispatching those resources. I think the number was around $625 million. Those bids are due in imminently and there was a call recently among the various customers that we're interested in taking advantage of that, and it was very robust. I believe that the request for support will be greater than that number. So we are seeing several significantly more than several, I guess.

我們看到，公用事業公司和能源部都在積極參與這些資源的調度工作。我認為這個數字大約是 6.25 億美元。這些投標即將截止，最近我們與各個客戶進行了溝通，表示有興趣利用這個機會，而且反應非常熱烈。我認為實際需要支援的數量會超過這個數字。所以，我們看到的遠不止幾個，我想。

Utilities are interested in taking advantage of that opportunity. There has been indication depending upon demand and the attractiveness of the opportunities that are presented that could open the door for more bonds being available to assist these utilities and investing in their coal plants to make sure that they do dispatch and run beyond basically run for their original determine life, what their anticipated life would be.

公用事業公司有興趣利用這個機會。有跡象表明，根據需求和所呈現機會的吸引力，可能會發行更多債券來幫助這些公用事業公司，並投資於它們的燃煤電廠，以確保它們能夠正常調度運行，並且基本上能夠運行到其最初確定的壽命（即預期壽命）之後。

We know several customers that are looking at investments that we sell to, that it would benefit them by actually increasing the demand that they would have in the out years if they can get these grants and/or loans from the government.

我們知道一些客戶正在考慮我們向他們銷售的投資產品，如果他們能夠從政府獲得這些補助金和/或貸款，那麼未來幾年這些產品的需求實際上會增加，這將使他們受益。

Mark La Reichman, NOBLE Capital Markets.

Mark La Reichman，NOBLE Capital Markets。

So just was curious about the equity method investment income. So it was two losses for the first and the second quarter and then $4.5 million in the third-quarter. And I was just kind of wondering, even though it doesn't really lag the dog here. Have those investments kind of turned the corner? I mean, can we kind of expect positive numbers in the fourth-quarter? I was just kind of curious for your thoughts on how those investments are playing out?

我只是對權益法投資收益有點好奇。所以第一季和第二季都出現了虧損，第三季又虧損了 450 萬美元。我只是有點好奇，雖然它在這裡並沒有真正拖慢狗狗的速度。這些投資是否已經扭轉頹勢？我的意思是，我們能否期待第四季出現正成長？我只是有點好奇你對這些投資的看法？

Yes, Mark, I think as it relates to that, I mean, I think you're right. I think from where we are right now, I think we can anticipate modestly positive numbers in the fourth-quarter here going forward. We did have some of our equity investments that we did make. We have started receiving some decent distributions in relationship to our investments that we've made in those, which has led to some higher valuations for some of those investments, which you're seeing that reflected in this quarter's number there. So this quarter is probably a little bit higher than what typically would be on a normal going-forward basis.

是的，馬克，我覺得就這一點而言，我的意思是，我覺得你是對的。我認為就目前的情況來看，我們可以預期第四季度的數據將略微向好。我們確實進行了一些股權投資。我們已經開始收到一些與我們在這些投資相關的可觀分紅，這使得其中一些投資的估值有所提高，這一點在本季度的數據中有所體現。因此，本季的業績可能比往年正常水準略高一些。

I mean, we'll see, depending upon how say the GABA investment may perform for us because we are anticipating cash-on-cash returns from there as well. So -- but I think what you say is modestly positive in the fourth-quarter and going forward, I think that's a fair position with where we are today.

我的意思是，我們拭目以待，這取決於 GABA 投資的表現，因為我們也預期能從中獲得現金回報。所以——但我認為你對第四季及未來發展持謹慎樂觀的態度，我認為這符合我們目前的實際情況。

And then on the multi-well pad in the Delaware Basin of the Permian, which is now expected to come online in early 2026. Would you say that's really the event that's most responsible for the change in guidance with respect to the oil and gas royalty volumes? And how early in 2026, do you think it would come online?

然後，在二疊紀特拉華盆地的多井平台上，預計將於 2026 年初投入營運。您認為這真的是導致石油和天然氣特許權使用費收入預期變化的最主要原因嗎？你認為它會在 2026 年的什麼時候上線？

Yes. I think that is responsible for the changes that we've made in our guidance ranges there. There's no question that will come online. It's just a matter of timing. Right now, our best guess on that is first quarter of 2026.

是的。我認為這就是我們調整指導範圍的原因。毫無疑問，它一定會上線。這只是時機問題。目前，我們最好的估計是 2026 年第一季。

And then with respect to the coal business, pricing came in ahead of our estimates and the segment adjusted EBITDA expense per ton came in lower than what we were looking for. So that's all very positive. So you had the longwall move in July, which which positively impacted Appalachia. And I believe you had the Henderson in the third-quarter. So Illinois Basin, if I just kind of look at the expenses, 35, 37 to 10.

至於煤炭業務，定價高於我們的預期，每噸煤炭的調整後 EBITDA 支出低於我們的預期。所以這都是非常正面的方面。所以，7 月發生了長壁採煤的搬遷，這對阿巴拉契亞地區產生了正面的影響。我相信你在第三節贏了亨德森。所以伊利諾盆地，如果我只看費用的話，35、37 比 10。

So that's kind of in line with your guidance. Appalachia you're actually -- you were at 58 to 62 last quarter. And so now you're at 60 to 62 and you were at 57, 74 for this quarter. So would you frame that? Would you say that maybe you maybe expected more improvement in the expense per ton in the third-quarter?

這和你的指導意見基本上一致。阿巴拉契亞地區，你們實際上——上個季度你們的排名是 58 到 62。所以現在你的分數是 60 到 62，而本季你的分數是 57 到 74。你會把它裱起來嗎？您是否預期第三季每噸成本會有更大的改善？

Or would you say that like fourth-quarter going forward, it seems to me that that the expenses could actually be kind of at the lower end of your guidance kind of from this point forward. So just kind of your thoughts on the -- most particularly to Appalachia.

或者您會說，從第四季度開始，支出實際上可能會處於您預期的較低水平。所以，你對──特別是對阿巴拉契亞地區──有什麼看法？

And I think that the guidance reflects that the fourth-quarter for Medici, we are anticipating costs to go up in the fourth-quarter at Mettiki compared to the third-quarter. So that's influenced -- on a going forward basis, we don't think that's systemic. It's just a certain circumstance where our geology is right now for Mettiki. So going forward, '26 forward, we do believe we're going to be back on a path of having lower cost in Appalachia.

我認為該指引反映出，對於 Medici 而言，我們預計 Mettiki 第四季的成本將比第三季有所上升。所以這確實會受到影響——但就未來而言，我們認為這不是系統性問題。這只是梅蒂基目前地質條件特有的情況。所以展望未來，從 2026 年開始，我們相信我們將重回降低阿巴拉契亞地區成本的道路。

Matthew Key, Texas Capital.

馬修·基，德克薩斯資本。

I wanted to talk about just initial expectations for volume in 2026, given that you guys have made strong progress on the contracting front. What's your view of the best case scenario for shipments in '26 versus '25? I know you can get potentially $1 million more out of Tunnel Ridge. So I just wonder if you could just walk me through what other opportunities are out there for increasing volumes as we head into next year.

鑑於你們在合約方面取得了顯著進展，我想談談對 2026 年交易量的初步預期。您認為2026年與2025年相比，出貨量的最佳情況是什麼？我知道從隧道嶺專案中你或許還能再賺到100萬美元。所以我想知道，您能否帶我了解一下，在進入明年之際，還有哪些機會可以提高銷售量？

I think that we do believe that Illinois Basin will also be able to yield some increase. It's yet to be determined exactly what that is. We've had some early indications based off of the contracting that we've been discussing that because of the timing of data centers that are coming online and the just a strong growth continuing in 2026 that there will be opportunities to be able to grow our total overall in a 2 million-ton range and how much of that is going to be Illinois Basin versus half.

我認為我們相信伊利諾伊盆地也能帶來一些產量成長。目前尚不清楚那究竟是什麼。根據我們一直在討論的合同，我們已經有一些初步跡象表明，由於數據中心上線的時間以及2026年持續強勁的增長，我們將有機會把總產能提高到200萬噸左右，其中有多少將來自伊利諾伊盆地，以及一半將來自其他地區。

It could be a little higher in app versus Illinois Basin, but it's yet to be determined, but if we were to try to make a guess today, what our sales would be in '26 versus '25, it would be about 2 million tons.

與伊利諾伊盆地相比，實際產量可能會略高一些，但這仍有待確定。但如果我們今天試著猜測一下，2026 年的銷量會比 2025 年高多少，那大概會高出 200 萬噸。

Got it. That's super helpful. I appreciate that color. And I just wanted to touch briefly on M&A outlook in the current market. Any opportunities out there in coal? Or do you view it more likely more focused on the Oil & Gas Royalty business or secondary business?

知道了。這太有幫助了。我喜歡這個顏色。我只想簡單地談談當前市場併購前景。煤炭產業還有什麼機會嗎？或者您認為它更有可能專注於石油和天然氣特許權使用費業務或其他相關業務？

Yes. I would say it would be more focused on minerals. As we indicated, we're continuing to look at the infrastructure area. So we would like to find more opportunities like Gavin. So we're considering that. There's a couple of other things that we're looking at, small dollars, but that allow Matrix to be able to achieve its goals and the growth opportunities it sees beyond its own organic growth that it's looking at.

是的。我認為它會更側重於礦物。正如我們之前提到的，我們將繼續專注於基礎設施領域。所以我們希望找到更多像 Gavin 這樣的機會。所以我們正在考慮這一點。我們也關注其他一些事情，雖然金額不大，但可以讓 Matrix 實現其目標，並抓住其在自身有機成長之外所看到的成長機會。

So I think those would be the areas that we'd be focused on. But on an M&A standpoint, there's really no real expectation that we would participate right now in expanding our coal operations.

所以我認為這些就是我們將要專注在的領域。但從併購的角度來看，目前我們並沒有真正預期會參與擴大煤炭業務。

Dave Storms, Stonegate.

戴夫·斯托姆斯，斯通蓋特。

Just wanted to start. You mentioned on the outlook that you're expecting increased production at Tunnel Ridge in the Illinios Basin. Just would love to get your thoughts around maybe the logistics of increasing that production is that's going to require more staffing or anything of that nature?

只是想開始而已。您在展望報告中提到，預計伊利諾斯盆地的隧道嶺油田產量將會增加。我很想聽聽您對提高產量在後勤方面可能有哪些想法，例如是否需要更多的人手或其他類似的措施？

No. I think with the capital that we've committed over the last two, three years, we're fully capitalized. I think we would not be bringing on any new units. It would just be taking advantage of the trend lines we've got being able to roll into those investments. So when you -- we've got the staffing there, River View when we transition to six units, we're just moving people over.

不。我認為憑藉我們過去兩三年投入的資金，我們已經擁有充足的資金。我認為我們不會引進任何新單位。這只是利用我們現有的趨勢線，將這些趨勢線應用到這些投資中。所以，當我們——我們已經配備了足夠的人員，River View 當我們過渡到六個單位時，我們只是把人員調過去。

We just have more favorable conditions and the reserves that we're moving to compared to the reserves that we would have been mining had we stayed on the original plan. So we're able to achieve more with the existing headcount, both at Hamilton and Tunnel Ridge, we anticipate that our development and '26, say, the second half of '26 will be in panels that could, in fact, allow dropping a unit or so development. So from a head count perspective, we don't anticipate hiring or needing to add personnel to achieve that 2 million tons of extra sales that I mentioned a few minutes ago.

我們現在所處的條件更加有利，而且我們正在開採的儲量也比我們按照原計劃開採的儲量要好。因此，我們能夠在現有人員配置下取得更大的成就，無論是在漢密爾頓還是隧道嶺，我們預計我們的發展以及 2026 年，比如說 2026 年下半年，將會以面板的形式呈現，這實際上可能會允許我們減少一兩個單元的開發。因此，從人員數量的角度來看，我們預計不需要招募或增加人員來實現我幾分鐘前提到的 200 萬噸額外銷售額。

Understood. That's very helpful. And then it was also mentioned they anticipate approximately 300,000 to 600,000 million tons of met to be sold in 2026. That's currently uncommitted. Can you just talk about your confidence that, that will get committed or your comfort with maybe potentially bringing that to the spot market in 2026.

明白了。那很有幫助。此外，他們還提到，預計 2026 年將售出約 30 萬至 60 萬噸金屬。目前尚未做出決定。您能否談談您對最終達成協議的信心，或者您對在 2026 年將其引入現貨市場的信心？

Yes. So on the met side of the business, that typically is price on a quarterly basis or committed on a quarterly basis. So historically, we've really not had committed met tons, and we still down, but we do anticipate that we will be able to place those times and the pricing right now is -- again, the pricing is based off index at the moment in time that they actually commit. So we do believe that we can sell it. We can't really give you a prediction on what the price is going to be.

是的。因此，在交易方面，通常是按季度定價或按季度承諾。所以從歷史上看，我們還沒有真正承諾過大量的交易，而且我們仍然處於虧損狀態，但我們預計我們將能夠安排這些交易，而目前的定價是——再次強調，定價是基於他們實際承諾時的指數。所以我們相信我們能賣出去。我們無法準確預測價格。

Tim Snider, Schneider Capital.

蒂姆·斯奈德，施耐德資本。

Thanks for all the color on the power market, super interesting. Question I had at what kind of level of maybe either Henry Hub or intraday pricing for the basins that you guys are kind of active in terms of delivering coal to your power customers are we seeing switching either from coal to gas or gas to coal. And then the other follow-up to that is how quickly does that occur? Is that something that can happen in 24 to 48 hours or so depending on what the front month does? Or is this a more, I guess, more of a paste switching on and off.

感謝您對電力市場的精彩分析，非常有趣。我想問的是，在亨利樞紐（Henry Hub）或你們積極向電力客戶輸送煤炭的盆地中，當價格達到什麼水平時，我們會看到煤炭轉向天然氣或天然氣轉向煤炭。那麼，接下來的另一個問題是，這種情況發生得有多快？這是否會在24到48小時內發生，這取決於前一個月的走勢？或者，我猜，這更像是一種膏狀物的開關操作。

I would answer that by saying that we're seeing the actual competition of gas to coal being less of a factor as data centers come online than what it has in the past. I think the major question back to gas and coal on gas competition is just going to get to the winter. You have to have a winter. If you don't have a winter, then your question is more relevant and it would be more gradual as opposed to a day-to-day type decision. But I think whether dependency for winter is probably the one area of where gas prices would be impacted, that could have an influence on what coal demand would be.

我的回答是，隨著資料中心的上線，天然氣與煤炭之間的實際競爭正在減弱，不像過去那麼激烈了。我認為關於天然氣和煤炭之間競爭的主要問題，要等到冬天才能解決。你必須經歷一個冬天。如果沒有冬天，那麼你的問題就更有意義了，決策過程也會更漸進，而不是每天都要做決定。但我認為，冬季對天然氣的依賴程度可能是天然氣價格會受到影響的唯一領域，這可能會影響煤炭需求。

But assuming a normal winter or a winter like we had last year, we didn't experience in 2025, we haven't experienced true gas on coal competition like we had in the past. And again, I think that's driven by the capacity utilization and with the growth we're seeing.

但假設冬季正常，或像去年那樣的冬季，那麼在 2025 年，我們還沒有經歷過像過去那樣真正的天然氣與煤炭之間的競爭。而且，我認為這主要是由產能利用率和我們所看到的成長所驅動的。

So we saw, as I mentioned in the prepared remarks, 15% to 16% growth year-over-year in electricity demand, and a lot of that is anticipated to grow again 4% to 5%. So I don't see that as a direct, a major issue in trying to influence what spot price in going to be. Again, I do believe that the demand on the next two to three years is is growing, and they're going to need the coal supply.

正如我在準備好的演講稿中提到的，我們看到電力需求年增了 15% 到 16%，而且預計其中很大一部分還會再增加 4% 到 5%。所以我認為這並不是影響現貨價格走向的直接或主要問題。我再次強調，我相信未來兩到三年煤炭需求將會成長，他們將需要煤炭供應。

They need every coal plant open to meet the demand for data centers. So yes, gas prices are important, but it's not as significant as it's been in the past.

為了滿足資料中心的需求，他們需要所有燃煤電廠都開工。所以，汽油價格固然重要，但它不像過去那麼重要了。

Got it. So would it be fair to say then basically from your vantage point, it's kind of all of the electrons are needed going forward irrespective of kind of source sort of sensitivity just that was there historically, just isn't there anymore going forward?

知道了。那麼，從你的角度來看，是否可以這樣說：無論來源如何，所有電子都是未來所必需的，而過去那種敏感性只是不再存在了？

Yes. That's fair. It's what I was trying to say.

是的。這很合理。這正是我要表達的意思。

Michael Matheson, Sidoti & Company.

馬西森 (Michael Matheson)，西多蒂公司 (Sidoti & Company)。

Congratulations on the quarter. A couple of things that I noticed going over your financials. CapEx is lower year-over-year and in line with the sequential quarter. Does that make you see full year CapEx is coming in toward the low point of guidance?

恭喜你本季取得佳績。我在查看你的財務報表時注意到幾點。資本支出較去年同期下降，與上一季持平。這是否意味著您認為全年資本支出將接近預期值的低點？

Yes, it's hard to say on that. I think really probably closer to the midpoint of guidance is fair. We do anticipate fourth-quarter CapEx to be higher than where we are. But typically, we do end up with some capital that carries over year-to-year. But I think it will be higher than where we were this quarter, whether we get to the top end of the guidance range, likely not there, but somewhere in between.

是的，這很難說。我認為，接近指導意見中間值可能更合理。我們預計第四季度資本支出將高於目前的水平。但通常情況下，我們最終都會有一些資金可以結轉到下一年。但我認為它會比本季的水平更高，至於能否達到預期範圍的上限，可能不會，但應該會在中間某個位置。

Great. Looking at depreciation expense, it was higher year-over-year in Q3, and I noted that you looked full year guidance. Were there onetime factors in play for that? Or does this level of depreciation feel like the new normal?

偉大的。從折舊費用來看，第三季年增，我注意到您查看了全年業績指引。是否存在某些一次性因素導致了這種情況？或者，這種程度的貶值是否已成為新的常態？

Yes. I think this level is probably the new name for where we're at in terms of depreciation levels. We've had assets that we've placed in service here throughout the year that led for us to kind of narrow that guidance range from where we are before and just kind of the fact that where we are right now, that's a pretty good rate as we look for the balance of this year, which kind of gets you to where our guidance ranges on.

是的。我認為這個水平可能是我們目前所處的折舊水平的新名稱。今年我們投入使用的資產讓我們縮小了先前的預期範圍，而目前的情況相當不錯，展望今年剩餘時間，這也解釋了我們目前的預期範圍。

All right. Then looking at some more big picture items. Joe mentioned that you were interested potentially in other transactions like Gavin. Do you see Kevin as sort of the beginning of a trend of a lot of utilities wanting to sell off their coal-fired capacity or does it look like one by one at a time?

好的。接下來，我們來看一些比較宏觀的問題。喬提到你可能對像加文那樣的其他交易感興趣。你認為凱文的舉動是否預示著許多公用事業公司想要出售其燃煤發電能力的趨勢的開始，還是看起來會是一個接一個地發生？

It's more of the latter. I mentioned on the last call maybe 5 to 10 units or plants, and I haven't seen anything that would change that perspective. And I'm focus strictly on East of Mississippi. So there may be some things in the West that I'm not aware of. But as we look at the east of the Mississippi, I can see 5 to 10 units and/or plants that would be interested in transacting and changing ownership as opposed to continuing to own those plants on a going-forward basis.

更傾向於後者。我在上次電話會議上提到可能需要 5 到 10 個單位或工廠，目前還沒有看到任何會改變我看法的事情。我主要關注密西西比河以東的地區。所以西方可能有一些我不知道的事情。但當我們放眼密西西比河以東時，我可以看到 5 到 10 個單位和/或工廠有興趣進行交易並改變所有權，而不是繼續持有這些工廠。

And just one more question back to coal operations on expense per ton is down sharply in Appalachia. Do you feel like -- and you gave a lot of color around supporting why that would sort of endure you feel like that lower expense level is something we can count on going forward? Or were there onetime factors in play?

最後一個問題是關於煤炭開採的，阿巴拉契亞地區的每噸煤炭運作成本大幅下降。你覺得──你詳細闡述了為什麼這種做法會持續下去──你覺得這種較低的支出水準是我們未來可以指望的嗎？或是否存在一些一次性因素？

We do believe you can count on that going forward. And the primary reason is back to the new district. We're going to in Tunnel Ridge. As we look at our MC mine, it's only two units, but that looks to be sustainable. And then as we proceed into '26 were Mettiki, we appear -- that appears to be consistent with what we been seeing.

我們相信，今後這一點可以得到保證。主要原因還是在於新區。我們要去隧道嶺。我們來看我們的 MC 礦，它只有兩個單元，但這看起來是可持續的。然後，當我們進入 26 年時，Mettiki 出現了——這似乎與我們所看到的一致。

So as I mentioned a few minutes ago, we do believe that the Mettiki situation is tied to a specific geologic issue in the fourth-quarter. But going forward, we do believe Appalachia is going to show very sustainable lower cost than what we've seen over the last several quarters.

正如我幾分鐘前提到的，我們認為梅蒂基的情況與第四季的一個特定地質問題有關。但展望未來，我們相信阿巴拉契亞的成本將比過去幾季我們看到的成本更低，而且這種降低是可持續的。

This now concludes our question-and-answer session. I'd like to turn the floor back over to Cary Marshall for closing comments.

我們的問答環節到此結束。現在我把發言權交還給凱瑞馬歇爾，請他做總結發言。

Thank you, operator. And to everyone on the call today, we appreciate your time this morning and also your continued support and interest in Alliance. Our next call to discuss our fourth-quarter 2025 financial and operating results is currently expected to occur in February, 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。對於今天參加電話會議的各位，我們感謝你們今天上午抽出時間，也感謝你們對 Alliance 的持續支持和關注。我們下一次討論 2025 年第四季財務與營運績效的電話會議預計將於 2 月舉行，我們希望屆時大家都能再次參加。今天的通話到此結束。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation. Today's conference has concluded. You may disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，感謝各位的參與。今天的會議已經結束。現在您可以斷開線路了，祝您有美好的一天。