Alliance Resource Partners LP (ARLP) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Alliance Resource Partners first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cary Marshall, Chief Financial Officer of Alliance Resource Partners. Thank you, sir. You may begin.

各位好，歡迎參加 Alliance Resource Partners 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹本次會議主持人：Alliance Resource Partners 財務長 Cary Marshall。謝謝您，先生。您可以開始了。

Thank you, operator. Good morning, and welcome, everyone. Earlier today, Alliance Resource Partners released its first quarter 2026 financial and operating results. We will review the quarter, discuss our perspective on current market conditions and outlook for 2026 and then open the call to answer your questions.

謝謝接線員。各位早安，歡迎大家。今天稍早，Alliance Resource Partners 已發布 2026 年第一季財務與營運結果。我們將回顧本季表現，分享我們對目前市場狀況與 2026 年展望的看法，接著開放提問。

Before beginning, a reminder that some of our remarks today may include forward-looking statements, which are 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.

在開始之前提醒各位，我們今天的部分發言可能包含前瞻性陳述；此類陳述受多項風險、不確定性與假設影響，相關內容不時載於我們向美國證券交易委員會提交的文件中，亦反映於今早的新聞稿。

While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or 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. Finally, we will also be discussing certain non-GAAP financial measures.

雖然這些前瞻性陳述係基於我們目前可得之資訊，但若一項或多項風險或不確定性發生，或我們的基本假設證明不正確，實際結果可能與我們所預測或預期者有重大差異。除非法律要求，合夥企業無義務因新資訊、未來事件或其他原因公開更新或修訂任何前瞻性陳述。最後，我們也將討論若干非 GAAP 財務衡量指標。

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.

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

With that, I will begin with a review of our first quarter 2026 results and discuss our updated outlook for 2026 before turning the call over to Joe Craft, our Chairman, President and Chief Executive Officer, for his comments.

接下來，我將先回顧我們 2026 年第一季的業績，並在把電話交給我們的董事長、總裁兼執行長 Joe Craft 發表評論之前，說明我們更新後的 2026 年展望。

Overall, the quarterly results came in higher than expected due to record BOE volumes and higher commodity prices that increased oil and gas royalties revenues. Tons produced from our coal operations were on target.

整體而言，由於 BOE 產量創新高以及商品價格上漲帶動油氣權利金收入增加，本季結果高於預期。我們煤炭業務的產量（以噸計）符合目標。

However, temporary weather-related disruptions caused approximately 200,000 tons of scheduled shipments to be delayed. For the first quarter of 2026, which we refer to as the 2026 quarter, adjusted EBITDA was $155 million, which was higher than expected but 3.1% lower compared to the first quarter of 2025, which we refer to as the 2025 quarter and down 18.9% compared to the fourth quarter of 2025, which we refer to as the sequential quarter.

然而，暫時性的天候相關干擾導致約 20 萬噸原定出貨延後。2026 年第一季（我們稱為 2026 季度）調整後 EBITDA 為 1.55 億美元，高於預期，但較 2025 年第一季（我們稱為 2025 季度）下降 3.1%，且較 2025 年第四季（我們稱為前一季度）下降 18.9%。

Net income attributable to ARLP in the 2026 quarter was $9.1 million or $0.07 per unit as compared to $74 million or $0.57 per unit in the 2025 quarter. Net income in the 2026 quarter reflected lower coal sales revenue, higher depreciation, an $11.6 million decrease in the fair value of our digital assets and a $37.8 million noncash asset impairment charge at our Mettiki mine following our decision to cease longwall production on account of uncertainty regarding future operations as discussed in our January 29 press release.

2026 季度歸屬於 ARLP 的淨利為 910 萬美元，或每單位 0.07 美元；相較之下，2025 季度為 7,400 萬美元，或每單位 0.57 美元。2026 季度淨利反映煤炭銷售收入較低、折舊較高、我們數位資產公允價值減少 1,160 萬美元，以及在我們於 1 月 29 日新聞稿所述、因對未來營運存在不確定性而決定停止長壁開採後，Mettiki 礦場認列 3,780 萬美元的非現金資產減損費用。

We continue to evaluate the appropriate path forward for Mettiki though meaningful uncertainty remains and greater clarity is not expected until later this year. In the interim, our priority at Mettiki is to reduce costs while preserving the flexibility and optionality needed to align future operations with customer demand.

我們仍在評估 Mettiki 未來適當的前進方向，但重大不確定性依然存在，預期要到今年稍晚才會更為明朗。在此期間，我們在 Mettiki 的優先事項是在降低成本的同時，保留必要的彈性與選擇權，以便使未來營運與客戶需求一致。

In the 2026 quarter, total revenues were $516 million, down 4.5% compared to the 2025 quarter and down 3.6% compared to the sequential quarter. Lower coal sales pricing and volumes sequentially primarily drove the decline, which was partially offset by higher oil and gas royalty revenues.

2026 季度總營收為 5.16 億美元，較 2025 季度下降 4.5%，較前一季度下降 3.6%。下降主要由煤炭銷售價格與銷量的環比下滑所致，部分被較高的油氣權利金收入所抵銷。

During the quarter, weather-related river disruptions delayed certain committed deliveries, however, we expect our delayed shipments will be recovered over the balance of the year. Our average coal sales price per ton for the 2026 quarter was $56.40, a 6.5% decrease versus the 2025 quarter and a 2% decrease sequentially.

本季期間，與天候相關的河運中斷使部分已承諾交付延後；不過，我們預期延後的出貨將在今年剩餘期間補回。2026 季度我們每噸平均煤炭銷售價格為 56.40 美元，較 2025 季度下降 6.5%，且環比下降 2%。

As noted during prior calls, pricing is normalizing as higher-priced legacy coal contracts entered into during the 2022 energy crisis, continue to roll off and are being replaced at coal pricing levels consistent with our current guidance ranges.

如同先前電話會議所提，隨著在 2022 年能源危機期間簽訂的高價舊有煤炭合約持續到期並逐步退出，並以符合我們目前指引區間的煤價水準取代，價格正回歸常態。

Total coal production in the 2026 quarter was 8 million tons compared to 8.5 million tons in the 2025 quarter. Coal sales volumes were 7.9 million tons in the 2026 quarter up from 7.8 million tons in the 2025 quarter and down from 8.1 million tons in the sequential quarter.

2026 季度煤炭總產量為 800 萬噸，較 2025 季度的 850 萬噸下降。2026 季度煤炭銷售量為 790 萬噸，高於 2025 季度的 780 萬噸，但低於前一季度的 810 萬噸。

In the Illinois Basin, coal sales volumes were 6.1 million tons, up 0.4% compared to the 2025 quarter and down 5.9% compared to the sequential quarter. Volumes declined primarily due to decreased tons sold from our Hamilton Mine as a result of an extended longwall move scheduled during the 2026 quarter.

在伊利諾伊盆地（Illinois Basin），煤炭銷售量為 610 萬噸，較 2025 季度增加 0.4%，但較前一季度下降 5.9%。銷量下降主要因 2026 季度期間安排了較長的長壁搬遷作業，導致我們 Hamilton 礦場的銷售噸數減少。

While the longwall move at Hamilton reduced production and shipments during the quarter, increased productivity at River View and Gibson South helped to offset some of that impact. The longwall at Hamilton is currently anticipated to resume production in the first half of May 2026. Illinois Basin coal sales price per ton was $51.05 in the 2026 quarter, a decrease of 7.4% versus the 2025 quarter and an increase of 0.4% compared to the sequential quarter.

雖然 Hamilton 的長壁搬遷降低了本季的產量與出貨，但 River View 與 Gibson South 的生產力提升有助於抵銷部分影響。目前預期 Hamilton 的長壁將於 2026 年 5 月上半月恢復生產。2026 季度伊利諾伊盆地每噸煤炭銷售價格為 51.05 美元，較 2025 季度下降 7.4%，但較前一季度增加 0.4%。

The decrease versus the 2025 quarter was the result of the expiration of higher-priced legacy [contracts]. Segment adjusted EBITDA expense per ton in the Illinois Basin was $35.20, an increase of 1.3% compared to the 2025 quarter and up 3.4% sequentially due primarily to the extended longwall move at our Hamilton Mine this quarter.

相較 2025 季度的下降，係因較高價格的舊有[合約]到期所致。伊利諾伊盆地分部調整後 EBITDA 每噸費用為 35.20 美元，較 2025 季度增加 1.3%，且環比增加 3.4%，主要因本季 Hamilton 礦場較長的長壁搬遷作業所致。

In our Appalachia region, coal sales volumes were 1.8 million tons in the 2026 quarter up 3.6% compared to the prior year due to a longwall move at our Tunnel Ridge mine in the 2026 quarter. Appalachia coal sales price per ton was $74.51, reflecting an expected decrease of 4.8% versus the 2025 quarter and 11.1% versus the sequential quarter as the percentage of higher-priced Mettiki sales volumes were lower and

在阿帕拉契亞（Appalachia）地區，2026 季度煤炭銷售量為 180 萬噸，較去年同期增加 3.6%，係因 2026 季度我們 Tunnel Ridge 礦場進行長壁搬遷作業所致。阿帕拉契亞每噸煤炭銷售價格為 74.51 美元，符合預期，較 2025 季度下降 4.8%，較前一季度下降 11.1%，原因是較高價格的 Mettiki 銷售量占比較低，且

Tunnel Ridge sales volumes increased during the 2026 quarter. Segment adjusted EBITDA expense per ton in Appalachia was $62.19, a decrease of 10.8% versus the 2025 quarter and a decrease of 1.8% versus the sequential quarter. The year-over-year improvement was driven primarily by increased production at our Tunnel Ridge operation.

Tunnel Ridge 的銷售量在 2026 季度增加。阿帕拉契亞分部調整後 EBITDA 每噸費用為 62.19 美元，較 2025 季度下降 10.8%，較前一季度下降 1.8%。年對年改善主要由 Tunnel Ridge 營運的產量提升所帶動。

ARLP ended the 2026 quarter, with total coal inventory of 1.2 million tons, down 0.2 million tons year-over-year and up 0.1 million tons sequentially. In our royalties segments, we delivered strong results during the 2026 quarter. Total royalty revenues were $61.2 million, up 16.1% year-over-year and up 7.7% sequentially. In our Oil & Gas Royalties segment, we achieved another record quarter.

ARLP 於 2026 年季度結束時，煤炭總庫存為 120 萬噸，較去年同期減少 20 萬噸，較前一季增加 10 萬噸。在我們的權利金業務分部中，我們於 2026 年季度交出強勁表現。權利金總收入為 6,120 萬美元，較去年同期成長 16.1%，較前一季成長 7.7%。在我們的石油與天然氣權利金分部，我們再度創下單季新高。

Oil and gas royalty revenues were $41.3 million in the 2026 quarter, up 14.6% year-over-year. We reported record BOE volumes of $1 million, up 16.1% year-over-year and 3.3% sequentially. Commodity pricing increased sequentially and segment adjusted EBITDA for the Oil & Gas Royalty segment increased to $34.6 million in the 2026 quarter, up over 15% compared to both the 2025 quarter and sequential quarter.

2026 年季度石油與天然氣權利金收入為 4,130 萬美元，較去年同期成長 14.6%。我們報告創紀錄的 BOE 產量為 100 萬，較去年同期成長 16.1%，較前一季成長 3.3%。商品定價較前一季上升，石油與天然氣權利金分部的分部調整後 EBITDA 於 2026 年季度增至 3,460 萬美元，較 2025 年季度及前一季均成長逾 15%。

Segment adjusted EBITDA for our Coal Royalty segment was $12.3 million in the 2026 quarter, up 30.6% compared to the 2025 quarter due to higher royalty tons sold primarily from Tunnel Ridge. This was partially offset by lower average royalty rates per tons sold.

我們煤炭權利金分部於 2026 年季度的分部調整後 EBITDA 為 1,230 萬美元，較 2025 年季度成長 30.6%，主要因 Tunnel Ridge 的權利金銷售噸數增加。但部分被每噸銷售的平均權利金費率下降所抵銷。

Our balance sheet continues to be strong.

我們的資產負債表持續維持強勁。

As of March 31, 2026, total debt and finance leases were outstanding in the amount of $507.7 million, and our total and net leverage ratios were 0.73 and 0.69 times debt to trailing 12 months adjusted EBITDA. Total liquidity was $431.2 million, which included $28.9 million of cash and cash equivalents on hand and $402.3 million of borrowings available under our revolving credit and accounts receivable securitization facilities.

截至 2026 年 3 月 31 日，未償還的總負債與融資租賃為 5.077 億美元；以過去 12 個月調整後 EBITDA 計算，我們的總槓桿與淨槓桿比率分別為 0.73 倍與 0.69 倍。總流動性為 4.312 億美元，其中包括 2,890 萬美元的現金及約當現金，以及在循環信貸與應收帳款證券化融資安排下可動用的 4.023 億美元借款額度。

We also held 618 Bitcoin valued at $42.2 million at quarter end based on $68,233 per coin. For the 2026 quarter, we invested $95.7 million in capital expenditures and $16.2 million in total oil and gas minerals acquisitions.

我們在季末亦持有 618 枚比特幣，按每枚 68,233 美元計算，價值 4,220 萬美元。2026 年季度，我們投入資本支出 9,570 萬美元，並用於石油與天然氣礦權收購合計 1,620 萬美元。

We reported distributable cash flow of $77.8 million. Based on our $0.60 per unit quarterly cash distribution, distributions paid to partners were $78 million and our distribution coverage ratio for the quarter was 1x. Turning to our updated 2026 guidance. I will highlight three items.

我們報告可分配現金流為 7,780 萬美元。依據每單位 0.60 美元的季度現金分配，支付給合夥人的分配金為 7,800 萬美元，本季分配覆蓋倍數為 1 倍。接著談我們更新後的 2026 年指引。我將重點說明三項。

First, we are maintaining our overall guidance ranges for coal sales volumes, coal sales price and segment adjusted EBITDA expense per ton. We will complete planned longwall move activity for the year during the upcoming quarter. And with no additional longwall moves anticipated until the first quarter of 2027, we expect better operational visibility in the second half of 2026.

第一，我們維持煤炭銷售量、煤炭銷售價格以及分部調整後 EBITDA 每噸費用的整體指引區間不變。我們將在下一季度完成本年度規劃的長壁採煤面搬遷作業。且在 2027 年第一季之前預期不會再有額外的長壁搬遷，因此我們預期 2026 年下半年營運能見度將更佳。

As usual, we plan to update investors again when we release second quarter earnings. Second, contracting activity has remained constructive. We layered on $2.6 million net contracted tons for delivery in 2026 and 2027.

如同以往，我們計畫在發布第二季財報時再次向投資人更新。第二，簽約活動仍維持正向。我們新增淨簽約 260 萬噸，交付期為 2026 年與 2027 年。

As a result, our 2026 expected coal sales volumes are now more than 95% committed and priced at the midpoint of our guidance ranges. The remaining open position is concentrated in the second half of 2026 and dependent upon summer burn and customer requirements.

因此，我們 2026 年預期煤炭銷售量目前已有超過 95% 完成承諾，且定價位於我們指引區間的中點。其餘未鎖定部位主要集中在 2026 年下半年，並取決於夏季燃煤量以及客戶需求。

Finally, the most notable changes to our guidance are in the Oil & Gas Royalty segment, where year-to-date volumes have exceeded our initial expectations. Based on that outperformance, we are increasing our 2026 volume guidance by approximately 5% on a BOE basis. We now estimate 1.6 million to 1.7 million barrels of oil, 6.6 million to 7 million MCF of natural gas and 875,000 to 925,000 barrels of natural gas liquids.

最後，指引中最顯著的變動出現在石油與天然氣權利金分部，因為年初至今的產量已超出我們的初始預期。基於該等優於預期的表現，我們將 2026 年產量指引（以 BOE 計）上調約 5%。我們目前估計原油 160 萬至 170 萬桶、天然氣 660 萬至 700 萬 MCF，以及天然氣液 87.5 萬至 92.5 萬桶。

Latest trends in crude oil pricing have improved the near-term outlook. And if current strip pricing is realized, we expect realized BOE prices to be higher than last year, supporting stronger segment adjusted EBITDA. And with that, I'll turn the call back to Joe for his comments on the market environment in our outlook. Joe?

近期原油價格走勢已改善短期展望。若目前的遠期曲線（strip）價格得以實現，我們預期實現的 BOE 價格將高於去年，支撐更強的分部調整後 EBITDA。接下來我把電話交回 Joe，請他就市場環境與我們的展望發表看法。Joe？

Thank you, Cary. Good morning, everyone. Thank you for joining the call today. Alliance delivered a solid first quarter with adjusted EBITDA exceeding our internal target due to record BOE volumes and higher commodity prices that increased oil and gas royalty's revenues. Our coal operations results were generally in line with our expectations despite weather-related shipment disruptions and the planned extended longwall move at Hamilton.

謝謝你，Cary。各位早安。感謝各位今天加入電話會議。Alliance 第一季表現穩健，調整後 EBITDA 因 BOE 產量創新高及商品價格上升而超出我們內部目標，帶動石油與天然氣權利金收入增加。儘管受到天候造成的出貨中斷，以及 Hamilton 規劃中的延長長壁搬遷影響，我們的煤炭營運結果整體仍大致符合預期。

As Cary said earlier, we expect the first quarter shipment disruptions tied to winter storm burn and subsequent high water conditions to be recovered over the balance of the year.

如 Cary 先前所述，我們預期第一季與冬季風暴燃煤量及後續高水位狀況相關的出貨中斷，將在今年剩餘期間逐步補回。

During the quarter, our teams executed well across the portfolio, including health and safety results that rank as one of our best quarters over the past five years. In the Illinois Basin, increased production at River View and Gibson South helped offset the lower production we expected at Hamilton as a result of the planned extended longwall move.

本季我們的團隊在整體投資組合上執行良好，其中健康與安全表現名列我們過去五年最佳季度之一。在伊利諾伊盆地（Illinois Basin），River View 與 Gibson South 的增產，有助於抵銷我們因 Hamilton 規劃中的延長長壁搬遷而預期的產量下降。

In late March, we also successfully completed the final phase of our multiyear River View to Henderson County minor unit transition, bringing the Henderson County mine up to its planned full production capacity of 6 super sections and River View is now positioned to operate three super sections moving forward.

在 3 月下旬，我們也成功完成多年期 River View 轉換至 Henderson County 小單元（minor unit）的最後階段，使 Henderson County 礦場達到規劃的滿載產能（6 個超級工作面），而 River View 未來則已就緒可持續運作 3 個超級工作面。

In Appalachia, Tunnel Ridge returned to steady longwall production with production increasing approximately 28% compared to both the 2025 quarter and the sequential quarter.

在阿帕拉契亞（Appalachia），Tunnel Ridge 恢復穩定的長壁生產，產量較 2025 年季度及前一季均增加約 28%。

Operationally, these results reflect the value of the recapitalization work we've done across the portfolio over the past several years. Those investments are helping us realize productivity gains access new reserves efficiently and maintain a low-cost operating base to serve our customers' needs well into the next decade.

在營運層面，這些成果反映了我們過去數年在整體投資組合所進行的資本重整工作的價值。這些投資正協助我們實現生產力提升、更有效率地取得新儲量，並維持低成本的營運基礎，以在未來十年持續滿足客戶需求。

Looking more broadly at the market, several themes shaped conditions during the quarter. First, Winter Storm Fern and the extended feeding weather across the Eastern United States, once again highlighted the critical role coal plays in maintaining grid reliability during extreme weather. According to Americas Power, coal-fired generation in several Eastern regions operated at capacity factors approaching 80% during peak periods, materially outperforming natural gas and renewable resources when electricity demand was highest.

更廣泛地看市場，本季有幾項主題形塑了市場狀況。第一，Fern 冬季風暴以及美國東部持續的嚴寒天氣，再次凸顯煤炭在極端天候下維持電網可靠性所扮演的關鍵角色。根據 Americas Power 的資料，在尖峰期間，東部多個地區的燃煤發電以接近 80% 的容量因子運轉，在用電需求最高時，表現顯著優於天然氣與再生能源。

While storm-related incremental coal burn didn't fully offset milder conditions throughout the quarter, utility stockpiles generally remain aligned with our burn projections entering the year. And summer weather will ultimately drive spot market activity for the balance of 2026.

雖然風暴帶來的額外燃煤量未能完全抵銷本季整體較溫和的氣候條件，但公用事業的庫存水位在進入年度之初時，整體仍大致符合我們對燃煤量的預測。而 2026 年剩餘期間的現貨市場活動，最終將由夏季天氣所驅動。

Second, the conflict involved in Iran briefly improved a previously quiet export market. In the weeks following the complex, traders reacted quickly to dislocations in API 2 pricing allowing Alliance to capitalize on a narrow window for export sales by securing 2 million tons of commitments to be delivered over 2026 and 2027. While API 2 prices have since softened, the complex test contributed to higher global oil prices, which continues to be supportive of our Oil & Gas Royalty segment.

第二，涉及伊朗的衝突短暫提振了先前相對平靜的出口市場。在該事件後的數週內，交易商迅速對 API 2 價格的錯位作出反應，使 Alliance 得以把握出口銷售的短暫窗口，取得 200 萬噸承諾，將於 2026 年與 2027 年交付。雖然 API 2 價格其後走弱，但該事件促成全球油價上升，持續對我們的石油與天然氣權利金分部形成支撐。

Beyond these shorter-term market dynamics, we continue to see longer-term structural support for coal-fired generation. Load growth remains one of the most significant forces reshaping US power markets. And importantly, it is becoming more tangible.

除了這些較短期的市場動態之外，我們仍持續看到燃煤發電在較長期方面具備結構性的支撐。負載成長仍是重塑美國電力市場最重要的力量之一。而且重要的是，這種趨勢正變得更加具體可見。

According to S&P, over 100 gigawatts of data center demand is now under contract with a significant concentration in the Eastern United States. Execution and timing remain the key variables. The magnitude of this commitment represents a clear inflection point.

根據標普（S&P），目前已有超過100吉瓦的資料中心需求簽訂合約，且高度集中於美國東部地區。執行與時程仍是關鍵變數。這項承諾的規模代表一個明確的轉折點。

The need for reliable fuel secure generation is becoming better understood across the grid, emphasizing the importance of cogeneration capacity and justifying the decisions to invest capital in the existing coal fleet to keep that capacity running for much longer than anticipated three years ago.

電網對於可靠、燃料安全的發電需求正被更充分理解，凸顯熱電共生（cogeneration）容量的重要性，並使得在既有燃煤機組上投入資本、讓該容量得以運轉遠超過三年前預期的決策更具正當性。

Additionally, I would highlight that we are encouraged by a few recent policy developments that also improved the outlook for coal-fired generation. EPA actions on CCR and [Mats] during the quarter, moved the regulatory framework in a more practical direction, lowering compliance costs, increasing operating flexibility and reducing uncertainty for coal plants.

此外，我也要強調，我們對近期幾項政策發展感到鼓舞，這些發展同樣改善了燃煤發電的前景。本季EPA在CCR與[Mats]方面的作為，使監管架構朝更務實的方向調整，降低合規成本、提升營運彈性，並減少燃煤電廠的不確定性。

We believe these changes support the reliability and affordability of dispatchable power and are constructive for our utility customers and for ARLP. We applaud these and the administration's continued deregulation efforts.

我們認為這些變化有助於可調度電力的可靠性與可負擔性，對我們的公用事業客戶以及ARLP而言皆具建設性。我們讚許這些作為以及政府持續推動的去監管努力。

Turning our attention to our Royalty segments. Our oil and gas business delivered another record quarter driven by growth in volumes from increased drilling and completion activity by our operating partners and contributions from recent acquisitions, with the portfolio unhedged, changes in commodity prices directly impact our realized pricing, underscoring the segment's operating leverage and cash flow potential.

接著把焦點轉向我們的權利金（Royalty）事業部門。我們的油氣業務在本季再創單季新高，主要受惠於營運夥伴增加鑽井與完井活動帶動的產量成長，以及近期併購的貢獻；由於本組合未進行避險，商品價格變動會直接影響我們的實現價格，凸顯該部門的營運槓桿與現金流潛力。

We also continue to grow the portfolio through disciplined capital deployment investing $16.2 million in acquisitions during the 2026 quarter, and we remain encouraged by a constructive pipeline of additional opportunities.

我們也持續透過嚴謹的資本配置來擴大投資組合，在2026年本季投入1,620萬美元進行併購，且我們對後續更多機會所形成的正向案源管線仍感到鼓舞。

Taken together, these factors continue to support demand for reliable, dispatchable generation, an environment that favors coal producers with scale, contracted volumes and low-cost reserves. Importantly, our Oil & Gas Royalty segment gives us a second earnings engine that's not weighed down by drilling and operating capital cost and benefits directly from changes in commodity prices.

綜合而言，這些因素持續支撐對可靠、可調度發電的需求，而這樣的環境有利於具備規模、合約量與低成本儲量的煤炭生產商。重要的是，我們的油氣權利金部門為我們提供第二個獲利引擎，不會被鑽井與營運資本成本所拖累，並可直接受益於商品價格的變動。

Demand growth for natural gas and stable demand for domestic oil production continue to reinforce our strategy of reinvesting all after-tax cash generation by our oil and gas royalties into expanding our minerals position.

天然氣需求成長以及國內原油產量需求的穩定，持續強化我們的策略：將油氣權利金在稅後所產生的全部現金再投資，用於擴大我們的礦權（minerals）部位。

In closing, we believe Alliance is well positioned as we invest in this growing energy landscape, reliable baseload generation, disciplined capital allocation and operational execution remained at the heart of our strategy. We are committed to investing in opportunities that are strategic to our core businesses, maintaining a strong balance sheet and returning capital to our unitholders.

最後，我們認為Alliance在這個成長中的能源版圖中具備良好定位；可靠的基載發電、嚴謹的資本配置與營運執行始終是我們策略的核心。我們致力於投資與核心業務具策略性的機會、維持強健的資產負債表，並向我們的單位持有人返還資本。

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

以上是我們預先準備的發言，接下來我請接線員開放提問。接線員？

Operator, thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

接線員，謝謝。我們現在開始問答環節。（接線員指示）

Nathan Martin, The Benchmark Company.

Nathan Martin，Benchmark Company。

Thanks, operator. Good morning, Joe and Cary. Joe, you noted the Iran conflict briefly opened the US export thermal valve ARLP contracted nearly 2 million tons, I think. So should we assume now that, that valve is closed? Or could there be more opportunity? And then maybe can you remind us what API 2 price range ARLP needs to incentivize sales to that export market?

謝謝，接線員。早安，Joe和Cary。Joe，你提到伊朗衝突短暫打開了美國出口動力煤的閥門，ARLP我記得簽了將近200萬噸。那我們現在是否應該假設那個閥門已經關上了？還是可能還有更多機會？另外，你能否提醒我們，ARLP需要API 2落在什麼價格區間，才會有誘因把煤賣到出口市場？

Yes. Currently, I would say that the domestic opportunities are preferred over the export market. So when we contracted for these volumes, API 2 is in minimum 130 up to 140 peaked historically and really currently, even with domestic prices and really it depends a lot on transportation.

是的。目前我會說，國內市場的機會優先於出口市場。因此當我們簽下這些量時，API 2至少在130到140之間，曾達到歷史高點；而就目前而言，即使考量國內價格，實際上也很大程度取決於運輸。

But primarily, that number is around 120 is where our preferred option would be on how the export market would compare to the domestic market that we see. So I would say the answer is 120. We do believe that with the uncertainty, not knowing exactly what's going to happen there, that there still could be possibilities of increased export opportunities. We're sort of shoulder period.

但主要來說，大約在120左右時，出口市場相較於我們看到的國內市場，會是我們偏好的選項。所以我會說答案是120。我們確實認為，在不確定性之下、還不清楚那邊究竟會發生什麼情況時，仍可能存在增加出口機會的可能性。我們目前處於所謂的肩季（shoulder period）。

So when we get to the summer and we have higher demand for both -- for cooling demand that there is a potential that we could see that window open again. Our current posture though is to really focused on opportunities that are available to us in the domestic market. So at this moment in time, that's where our guidance is projecting, that's what the -- for 2026 and 2027.

因此當進入夏季、冷房用電需求上升時，確實有可能再次看到那個窗口重新打開。不過我們目前的立場，仍是把重心放在國內市場可取得的機會上。所以就此刻而言，我們的指引所預估的方向——也就是2026年與2027年的展望——是以國內市場為主。

Okay. I appreciate that, Joe. And that kind of gets into my next question. We talked about largely a more mild winter year-over-year despite winter storm firm and the deep 3s that followed. What are you hearing from your customers as far as potential demand as we head into the summer?

了解。謝謝你，Joe。這也引出我的下一個問題。我們談到今年冬季相較去年整體偏溫和，儘管有冬季風暴Firm以及之後出現的深度3字頭（deep 3s）。你從客戶那邊聽到的情況是什麼？就我們即將進入夏季而言，潛在需求會如何？

And you made the comment that those evaluations are current now. I think you said summer weather will drive spot activity likely. So could we be in a position where utilities could even flex down if the summer isn't very hot? It would be great to just get some additional thoughts there.

而你也提到那些評估目前正在進行中。我想你說過，夏季天氣可能會驅動現貨活動。所以如果夏天不太熱，公用事業是否可能甚至會下調用量？希望你能再多分享一些看法。

I think that right now, we're seeing our customers pretty much we've got four or five different solicitations that are currently either in the process of being evaluated or RFPs that are going to happen this month that we anticipate. So we are seeing our customers going out and looking to add to their position for 2026 and then going forward on a longer-term basis.

我認為就目前而言，我們看到客戶端大致上有四到五個不同的徵詢案，正在評估流程中，或是我們預期本月將進行的RFP（徵求提案）。因此我們確實看到客戶正在外出尋求增加其2026年的部位，並在更長期的基礎上往後布局。

So we've reflected in our guidance what we believe any downside optionality would present itself. So right now, we do believe that there is demand for our unsold positioned to where we should be in a position to be able to sell our production. Weather will be dependent.

因此我們已在指引中反映我們認為可能出現的任何下行選擇權。所以目前我們確實相信，對於我們尚未售出的部位是有需求的，我們應該能夠把產量賣出去。但仍將取決於天氣。

I think most things projections I'm seeing our most forecasts are projecting that the summer would be warmer than normal, which would be constructive for demand in the second half of the year.

我想我看到的大多數預測——多數的預報——都預期今年夏季會比正常更熱，這將有利於下半年需求。

Got it. Thank you for that. And then finally, the PJM was in the headlines a couple of times over the last few months.

了解。謝謝你的說明。最後，過去幾個月PJM上了幾次新聞。

And regarding your possibility that the region could experience the power shortage over the next decade or so as data center growth accelerates demand there. More near term, though, I believe PJM was seeking 15 gigawatts of new power supplies and emergency backstop there to address potential shortages as early as the summer '27, I think it was.

關於你提到的可能性：隨著資料中心成長加速推升需求，該區域在未來十年左右可能會出現電力短缺。不過就較近的時間點而言，我相信PJM正在尋求新增15吉瓦的新電力供應與緊急備援，以因應最早可能在2027年夏季就出現的潛在短缺，我記得是這樣。

So Joe, it would just be great to get your thoughts around what you're hearing there conversations maybe that are occurring within that arena and how RLP could possibly participate.

所以，Joe，很希望聽聽你對於你在那邊聽到的情況的看法——可能是在那個領域內正在進行的對話，以及RLP可能如何參與其中。

Yes. As you said, there's a lot of discussion going on in PJM on trying to understand what the markets can do to ensure that we have reliable capacity on a going-forward basis, at the same time, trying to lower costs as much as possible. So there's been a lot of different ideas that have been floated relative to how to ensure that the data center demand is -- and the increase of generation capacity is paid for by the data centers.

是的。如你所說，PJM目前有很多討論，試圖了解市場能做些什麼，以確保我們在未來能有可靠的容量；同時，也盡可能降低成本。因此，圍繞著如何確保資料中心需求——以及新增發電容量的增加——由資料中心來支付，已經提出了許多不同的想法。

As we try to understand that dynamic, the PJM primarily is trying to weigh how do we detect that cost structure, but at the same time, make the economy sure we keep the existing capacity, cocapacity, viable and available for future demand. So it's hard to predict.

在我們試圖理解這個動態時，PJM主要是在權衡：我們要如何辨識那個成本結構，但同時也要確保經濟性，讓既有容量、共同容量（cocapacity）能維持可行並可用，以因應未來需求。所以很難預測。

I think that we still are of the view that the capacity payments that we've seen recently are going to continue for the next several years because the demand is such that we must keep every coal plant, every natural gas plant, all generation online to meet that demand because trying to build new construction to meet that demand is just -- it's not moving as fast as it needs to.

我認為我們仍然認為，最近看到的容量付款在未來幾年會持續，因為需求之大，使得我們必須讓每一座燃煤電廠、每一座天然氣電廠、所有發電機組都維持在線以滿足需求；因為要興建新的設施來滿足需求——進度就是沒有快到它應該要的速度。

So when we think of the power capacity we need everything that we've got available today. And I'm speaking more from an Eastern coal producers perspective is selling coal to the Eastern markets. And we do believe that the existing capacity must stay online. We're seeing announcements continue to try to extend the life of these plants beyond some plants were designed to close in 2028, and we're hearing more and more that are announcing, saying open to 2034 as a minimum.

所以當我們思考所需的電力容量時，我們需要今天所有可用的一切。而我更多是從東部煤炭生產商、向東部市場銷售煤炭的角度在談。我們確實相信既有容量必須維持在線。我們看到持續有公告，試圖延長這些電廠的壽命；有些電廠原本設計在2028年關閉，而我們聽到越來越多宣布說，至少要開到2034年。

So we just think that's going to continue and the pricing construct that PJM comes up with is going to have to support that conclusion in our view.

所以我們認為這種情況會持續下去，而PJM提出的定價架構必須支持這個結論——在我們看來是如此。

All right. Very helpful, Joe. I'll pass it on. Appreciate the time and best of luck in the second quarter.

好的。非常有幫助，Joe。我就把問題交給下一位。感謝你撥冗，也祝你們第二季一切順利。

Matthew Key, Texas Capital Bank.

Matthew Key，Texas Capital Bank。

Good morning, everyone, and thank you for taking my questions. I wanted to start just kind of on costs in Appalachia. Obviously, the current guidance improves -- implies an improvement over the remainder of the year. However, I know you have the longwall move at Tunnel Ridge. So how should we be thinking about costs in the second quarter? And then I imagine the majority of the improvement would be more back weighted to the second half of '26. Is that fair?

各位早安，謝謝讓我提問。我想先從阿帕拉契亞的成本談起。顯然，目前的指引改善——意味著今年剩餘期間會有所改善。不過，我知道你們在Tunnel Ridge有長壁（longwall）搬遷。那我們應該如何看待第二季的成本？然後我想大部分的改善會更偏向在26年下半年才顯現。這樣理解合理嗎？

Yes, Matt, that is fair. In terms of your question around Appalachia, in particular, out at Tunnel Ridge, we did have a longwall move this quarter. We've already completed that longwall move. So that was accomplished in first week in April for the most part. So that longwall move is done. So it will modestly impact what the quarter is around Appalachia overall.

是的，Matt，這樣說合理。就你關於阿帕拉契亞、特別是Tunnel Ridge那邊的問題而言，我們本季確實進行了一次長壁搬遷。我們已經完成那次長壁搬遷。所以大致上是在4月第一週完成的。因此那次長壁搬遷已經結束。所以它會對本季阿帕拉契亞整體的情況造成些許影響。

But for the most part, all the longwall moves, well, all the longwall moves in Appalachia are completed. And so as we look at the balance of the year, we do expect those operations to continue to run well throughout the balance of the year. The longwall has started up well since then, and so productivity and production has been good as a result of that. So we do anticipate, as you mentioned, costs coming down they will be a little bit higher.

但整體而言，所有長壁搬遷——嗯，阿帕拉契亞的所有長壁搬遷都已完成。因此，當我們看今年剩餘期間，我們確實預期這些作業在今年剩餘時間會持續運轉良好。長壁在那之後重新啟動得很順利，因此生產力與產量也因此表現不錯。所以我們確實預期，如你所提到的，成本會下降，雖然它會稍微偏高一些。

As we look at Q2 than Q3 and Q4, but you should see a fairly meaningful reduction in cost because you're going to have quite a bit more of Tunnel Ridge sales volumes in this quarter versus what we had in Q1. And so we are anticipating if you just kind of take a look at the volume cadence for the rest of the year from where we were versus the first quarter.

當我們看第二季相較第三季與第四季，但你應該會看到相當明顯的成本下降，因為本季Tunnel Ridge的銷售量會比第一季多不少。因此我們預期，如果你只是看今年剩餘期間的出貨量節奏，相較於第一季的水準。

We do expect volumes to jump up maybe around 15% or so just in Appalachia and that should remain fairly consistent for the final three quarters of the year.

我們確實預期僅在阿帕拉契亞，出貨量可能會跳升約15%左右，而且在今年最後三個季度應該會維持相當一致。

And so you will see a positive benefit on cost that will be coming down. So we do anticipate a fairly meaningful cost reduction in Appalachia to the tune of it could be somewhere in that neighborhood 15%, 20% quarter-over-quarter.

因此你會看到成本下降帶來的正面效益。所以我們確實預期阿帕拉契亞會有相當明顯的成本下降，幅度可能大約在季對季15%、20%那個區間。

Got it. No, that's super helpful. And I want to just touch on major capital allocation priorities in 2026. Obviously, you expect a more investment in the oil and gas royalty business this year than maybe the last couple of years. But obviously, Gavin has been a major success for you guys.

了解。不，這非常有幫助。我也想稍微談一下2026年的主要資本配置優先順序。顯然，相較於過去幾年，你們今年預期在油氣權利金業務上會有更多投資。但很明顯，Gavin對你們來說是一個非常成功的案例。

So I wanted to just see if you could provide any color on what you're seeing in potential acquisitions on the power side. And obviously, as you mentioned in your prepared remarks, there's been a lot of positive changes with the mass adjustments in that. So does that incentivize you to make potentially a shot on goal there on the power? And how are you balancing kind of those two major initiatives?

所以我想看看你是否能提供一些你們在電力端潛在併購機會上所看到的情況。而且如你在事先準備的講稿中提到的，隨著mass adjustments（大幅調整）出現了很多正向變化。那這是否會激勵你們在電力端嘗試出手、爭取機會？以及你們如何在這兩個主要計畫之間取得平衡？

Yes, we are continuing to look at the oil and gas segment. And as I mentioned, we're committed to returning our capital, whatever after cash tax or after-tax cash deployment is there. And the last couple of years, we've actually been short of that. So there is the potential to invest more in the oil and gas, the right underwriting standards can be met for that. On the power side, we have been very pleased with our investment in Gavin.

是的，我們持續在看油氣部門。如我提到的，我們承諾會把資本回饋出去，不論是扣除現金稅後或稅後的現金運用。而過去幾年，我們其實低於那個水準。因此，如果能符合適當的承作（underwriting）標準，確實有可能在油氣上投入更多。在電力端，我們對於在Gavin的投資非常滿意。

We continue to believe that demand for energy from coal-fired generation is necessary like I mentioned a few minutes ago. So if there are those owners of coal plants that are interested in divesting those. We are definitely interested in participating in that on a going-forward basis. So if there are opportunities, yes, we would allocate capital to those two areas of opportunities within as we look at those being opportunities for us to grow our business.

我們仍然相信，如我幾分鐘前提到的，來自燃煤發電的能源需求是必要的。所以如果有那些燃煤電廠的業主有意出售。我們絕對有興趣在未來參與其中。因此如果有機會，是的，我們會在這兩個機會領域配置資本，因為我們把它們視為我們成長業務的機會。

Got it.

了解。

Well, I appreciate the color, and best of luck moving forward.

謝謝你提供的資訊，祝你們接下來一切順利。

Thank you, Nat.

謝謝你，Nat。

Mark Reichman, Noble Capital Markets.

Mark Reichman，Noble Capital Markets。

Thank you. Just to follow-up on that last question on the capital allocation. When you think of your coal operations, your royalties expansion and then your emerging investments, whether that be Gavin or Matrix or some of the others. How are you thinking about that in terms of do you think you would go beyond just reinvesting the oil and gas minerals cash flow to fund growth? Do you think you would go beyond that?

謝謝。我想延續剛才那個關於資本配置的問題。當你思考你們的煤炭營運、權利金擴張，以及新興投資——不論是Gavin或Matrix或其他一些項目——你們在思考上是如何看待：你們是否會不僅僅是把油氣礦權的現金流再投資來支應成長？你覺得你們會超出那個範圍嗎？

And just -- how do you kind of think about the returns across those different areas? Or maybe the way to frame it would be what is your hurdle rate or your criteria for each of those areas?

那麼——您大致如何看待這些不同領域之間的報酬率？或者換個方式問，您對各領域的最低報酬率門檻（hurdle rate）或評估標準是什麼？

Yes. I think that as we look at the pipeline, we mentioned that we did $16 million. In the first quarter, we did $14 million in the fourth quarter. So that's sort of the opportunities that are presenting themselves in what we call the ground game. We haven't seen very many packages for larger acquisitions to come to the market.

是的。我想，當我們看管線時，我們提到我們做了1,600萬美元。第一季我們做了1,400萬美元，第四季也是1,400萬美元。所以這些就是我們所謂「地面戰」（ground game）中正在出現的機會。我們沒有看到太多大型收購的資產包（packages）進入市場。

I think that it's difficult to understand. I think from some of the sellers, it's difficult to understand exactly where the war premium is going to be. And so a lot of people that have large portfolios are enjoying pretty high current pricing. So is it possible? Yes, it is possible.

我認為這很難判斷。我想對一些賣方而言，也很難精準判斷戰爭溢價（war premium）會落在什麼位置。因此，很多擁有大型投資組合的人，正享受相當高的即期定價。所以有可能嗎？是的，有可能。

Do we anticipate that right now, we're not anticipating that. If you factor in the past two years in addition to this year, if we just look at those cash flows that we have available to invest. Do you have another part of the question then, I didn't answer.

我們是否預期會發生？目前我們並不預期。如果把過去兩年再加上今年一起納入考量，只看我們可用於投資的那些現金流。你還有問題的另一部分嗎？我剛剛沒有回答到。

Well, I was just also thinking kind of your -- when you think about beyond maintenance capital for coal operations. And then of course, you've kind of answered the oil and gas royalties piece, but then also the emerging investments. What is your kind of your criteria or your hurdle rate or maybe how should investors think about returns across those areas.

嗯，我也在想您——當您思考煤炭業務的維持性資本支出（maintenance capital）之外。當然，您已經回答了油氣權利金（royalties）的部分，但還有新興投資。您對這些領域的評估標準或最低報酬率門檻是什麼？或者投資人應該如何看待這些領域的報酬？

Yes, I think that there are totally two different investment time horizons. On the coal side, we would expect try to get our cash flow back on a shorter time period, get a payback period, a shorter time period than on oil and gas. On all our oil and gas opportunities that we look at, most of them are 15, 20 years economic life, whereas a coal asset, it's probably 10%.

是的，我認為這完全是兩種不同的投資時間跨度。在煤炭這邊，我們會希望在較短的期間內把現金流收回，也就是回收期（payback period）要比油氣更短。我們評估的油氣機會，大多數的經濟壽命是15到20年；而煤炭資產，大概只有10%。

So when you think of it that way, that requires you to get a higher return on a coal investment than typically what our hurdle rate would be on oil and gas. And oil and gas is just totally dependent on the amount of PDP near-term cash flows that are identified.

所以從這個角度來看，煤炭投資就需要比我們在油氣上通常設定的門檻報酬率更高的回報。而油氣則完全取決於已探明已開發產量（PDP）所能辨識出的近期現金流規模。

So it's the returns anywhere from 15 to 20 something percent depending on the risk profile of the timing of the cash flows that we evaluate on the mineral side.

因此，在礦權（mineral）端，我們評估的報酬率大約落在15%到20%多，取決於我們所評估的現金流時點風險輪廓。

That's helpful. The first quarter results actually came in above our expectations, but I want to ask on the digital assets. When Bitcoin is going up, that's great. When it's going down, it could be a bit of a distraction. And I was just wondering, I mean, it's not hugely significant to your overall operations.

這很有幫助。第一季的結果其實高於我們的預期，但我想問一下數位資產。比特幣上漲時很好。下跌時可能會有點分散注意力。我只是想知道，我的意思是，它對你們整體營運並不是非常重大。

But how are you thinking about that business strategically? I mean is there -- are there some strategic intelligence or advantages that you gained from operating that business beyond the gains and losses that cause you to want to sustain those operations? Or just how are you thinking about the Bitcoin operations?

但你們在策略上是如何看待這項業務的？我的意思是，除了造成損益波動之外，經營這項業務是否能帶來某些策略情報或優勢，讓你們想要維持這些營運？或者你們究竟如何看待比特幣營運？

We do look at what the -- what we believe the projected price will be. We're seeing some rebound in that. There I think one of the catalysts could be the CLARITY Act that's being considered by Congress this summer that we're seeing. [Kevin Warsh] and his confirmation hearing talked about how Bitcoin is an asset and a class, it's -- that he's -- factors in. We're seeing the administration being very supportive.

我們確實會看我們認為的——我們相信的預測價格會是多少。我們看到它有一些反彈。我認為其中一個催化劑，可能是今年夏天國會正在審議的《CLARITY Act》。[Kevin Warsh]在他的確認聽證會上談到，比特幣是一種資產、也是一個資產類別，這是他——會納入考量的因素。我們也看到政府當局非常支持。

So we do believe that the upside on pricing is significant enough that we should hold on to what we have. At the same time, it is opportunistic in one sense, but I think it is -- as we look at what it costs us to mine and the position of where we are, we think there's definitely more upside than there is downside, but --

因此，我們確實相信價格上行空間足夠大，所以我們應該保留我們目前持有的部位。同時，某種意義上這是機會型（opportunistic）的，但我認為——當我們看挖礦成本以及我們所處的位置時，我們認為上行空間絕對大於下行空間，但--

So you think, basically, argument to continue with it is you think Bitcoin is going to gain currency in the market become more widespread, gain in popularity, regulations are going to support it. And then, of course, you've got all that excess electricity to dedicate to it.

所以你的意思基本上是，繼續做下去的理由在於你認為比特幣會在市場上更被接受、更普及、更受歡迎，監管也會支持它。然後，當然，你們也有多餘的電力可以投入其中。

Okay. Well, going to see markets. And if you look at the cash flow that's going into the EFT markets, we've seen more inflow of cash when it was dropping. You saw a lot of outflow, but you're now seeing more inflow into those markets. And again, we're of the view that it's got more upside than downside, and therefore, we're holding.

好的。嗯，看看市場吧。如果你看流入EFT市場的現金流，我們看到在它下跌時，現金流入反而更多。你曾看到大量資金流出，但現在你又看到更多資金流入那些市場。同樣地，我們的看法是它的上行大於下行，因此我們選擇持有。

Okay. And then just on the overall results. So you're expecting a stronger second half. You've already kind of talked about the drivers of that, both on the revenue side and the cost side. Is the second quarter I mean, you're not expecting quite as strong as to say, the third quarter, that's just kind of a transition to the stronger second half?

好的。然後回到整體業績。所以你們預期下半年會更強。你們已經談過推動因素，包括營收端與成本端。第二季——我的意思是，你們不預期會像第三季那樣強，這只是過渡到更強的下半年嗎？

Yes, Mark, that's fair. If you look at our overall sales volume, second half should pick up Hamilton does come online, as I mentioned in my prepared remarks, kind of first half of May. And so then with no additional longwall moves either at Hamilton or Tunnel Ridge, certainly the back half of the year. we are anticipating to be quite a bit stronger than the first half.

是的，Mark，這樣說很合理。如果你看我們的整體銷售量，下半年應該會回升，因為Hamilton會如我在準備好的講稿中提到的，在5月上半月左右上線。因此，在Hamilton或Tunnel Ridge都沒有額外長壁（longwall）搬遷的情況下，尤其是今年下半年，我們預期會比上半年強很多。

And so as you mentioned, the second quarter will kind of be a transition to that because we'll have us Tunnel Ridge is beyond the longwall move. It will essentially be running virtually the entire quarter. And then Hamilton, as I mentioned, will transition and then begin operating kind of in that first half of May.

所以如你所提到的，第二季會是一個過渡，因為我們的Tunnel Ridge已經完成長壁搬遷。它基本上會在整個季度幾乎全程運轉。而Hamilton，如我提到的，會在5月上半月左右完成轉換並開始運作。

That's very helpful. Thank you very much.

這非常有幫助。非常感謝。

(Operator Instructions)

(接線員指示)

Michael Mathison, Sidoti.

Michael Mathison，Sidoti。

Good morning, and congratulations on the quarter, gentlemen.

早安，各位先生，恭喜本季表現。

Thank you.

謝謝。

Turning to my questions. I noticed that the pricing for Appalachia coal came in above $74, which is above your guidance and yet guidance remains unchanged. So was pricing in Q1, just a reflection of rather your guidance for the remainder of the year, just a reflection of the roll-off of old contracts?

進入我的問題。我注意到阿帕拉契亞煤炭的定價高於74美元，這高於你們的指引，但指引仍維持不變。所以第一季的定價，是否只是反映——更確切地說，你們對今年剩餘期間的指引，只是反映舊合約到期退出（roll-off）？

Yes. I think that on a going-forward basis, we had the Mettiki situation where those sales contracts are rolling off. We did extend -- we anticipated when we issued the warn that the contract we had would be totally sold in the first quarter.

是的。我想從未來的角度來看，我們有Mettiki的情況，那些銷售合約正在到期退出。我們確實延長了——我們在發布warn時就預期，我們手上的那份合約會在第一季全部售出。

Some of that's gotten extended beyond the first quarter. But what you're seeing is the lack of that higher-priced contract being in the market in the second half of the year, including the second quarter.

其中有一部分已延續到第一季之後。但你們看到的是，下半年（包括第二季）市場上已沒有那份較高價格合約。

So you're seeing back what Cary said earlier, a larger percent of Tunnel Ridge production, which means lower cost, but it also means lower revenue compared to what we had in Mettiki, higher cost and higher revenue before the closure of that operation.

所以你們看到的正如 Cary 先前所說，Tunnel Ridge 產量占比更高，這代表成本較低，但相較於我們在 Mettiki（在該營運關閉前成本較高、收入也較高）時期，也意味著收入較低。

Got it. Thank you. Looking at CapEx in the quarter, on a run rate basis, it ran about 25% higher than the high end of your guidance. Is that just seasonality? Or were there special factors involved?

了解。謝謝。看本季的資本支出（CapEx），以運行率（run rate）來看，大約比你們指引區間上緣高出 25%。這只是季節性因素嗎？還是有特殊因素？

When you look at the quarter, it was higher. CapEx came in a little bit over $95 million for the quarter. I will say, included within that, we did purchase about $15.5 million of coal reserves within that $95 million number there. So if you back that out, it is a little bit higher than what that run rate is. But if you normalize that out, Michael, I think that will account for quite a bit of that difference.

就本季來看，確實比較高。本季 CapEx 略高於 9,500 萬美元。我會說，這 9,500 萬美元當中包含了我們購買約 1,550 萬美元的煤炭儲量。所以如果把那部分扣除，確實會比那個運行率略高一些。但如果把它常態化（normalize）處理，Michael，我認為這可以解釋相當大一部分差異。

Great. Again, very helpful. One other question. I noticed that there were no outside coal purchases in this quarter, unlike much of 25 and 24. Can we expect the same for the balance of the year or with outside full purchases come back into play?

很好。再次感謝，非常有幫助。還有一個問題。我注意到本季沒有外部煤炭採購，不像 25 年和 24 年的大部分時間。今年剩餘期間也可以預期同樣情況嗎？還是外部煤炭採購會再出現？

Yes. Our expectation is no additional outside coal purchases.

是的。我們的預期是不會再有額外的外部煤炭採購。

That tied directly to our Mettiki operation.

這與我們的 Mettiki 營運直接相關。

And one last question, if I could squeeze it in. The other income line -- I'm sorry, go ahead. Yes. The other income line was $10 million in the quarter, unusually high for you. What drove the big increase?

最後一個問題，如果我可以再擠一下時間。其他收入那一行——抱歉，你先說。好的。本季其他收入是 1,000 萬美元，對你們來說異常偏高。是什麼推動了這個大幅增加？

And what should we expect in other income going forward?

另外，往後其他收入應該如何預期？

Yes. I think going forward, it's a good question. I think going forward, essentially more in line with where we have been historically, which has just been very minimal other income flowing through that line item, if not a little bit on the expense side of it.

是的。我認為往後來看，這是個好問題。我想往後基本上會更接近我們過去的歷史水準，也就是該項目通常只有非常少量的其他收入流入，甚至可能略偏費用端。

For the quarter, we did have a favorable actuarial adjustment that's flowing through that line item. That's about half of what that total is.

就本季而言，我們有一項有利的精算調整（actuarial adjustment）計入該項目。這大約占總額的一半。

It's associated with some of the liabilities -- black lung liabilities, on our balance sheet. And so we did have a favorable adjustment there. The other piece of that relates to one of our other growth investments associated with infant item. We did have a favorable adjustment to the valuation of our holdings of infant item, just to under $4 million associated with that.

這與我們資產負債表上的部分負債有關——黑肺病（black lung）負債。因此我們在那裡有一項有利的調整。另一部分則與我們另一項成長型投資有關，與 infant item 相關。我們對所持有的 infant item 之估值做了有利調整，金額略低於 400 萬美元。

So those two are the lion's share of what you see there. So we don't anticipate those occurring on a regular basis. So I would normalize those out going forward.

所以你看到的主要就是這兩項。我們不預期這些會經常發生。因此往後我會把這些剔除後再做常態化（normalize）看待。

Well, congratulations again, and good luck in the coming quarter.

再次恭喜，並祝你們下一季順利。

Thank you, Michael.

謝謝你，Michael。

[Ed Easton], The Easton Group.

[Ed Easton]，The Easton Group。

Good morning, gentlemen. Thank you very much for the way you run the business. I love the transparency and the way you conduct everything by just talking about it on the quarterly calls. My question is, it looks to me like most of our capital expenses, the big ones are kind of a little bit behind us, and the operational costs should be going down a little bit. What would you think about buying back stock? And what do you think about maybe increasing the dividend as that goes forward?

早安，各位先生。非常感謝你們經營公司的方式。我很喜歡你們的透明度，以及你們在每季電話會議上直接把事情講清楚的做法。我的問題是，在我看來，我們大部分較大的資本支出似乎已經差不多過去了，營運成本應該會再下降一些。你們怎麼看回購股票？以及你們怎麼看隨著未來推進，或許提高股利？

We've evaluated that over time. I think that right now, we're focused on capital allocation. And as Cary mentioned, we were [one to one] this quarter. So we need to get our distribution coverage ratio more in line with an expectation of 1 2 to 1 4 on a going-forward basis before we would consider either of those an answer to do either buyback and/or an increase in distribution.

我們一直都有評估這件事。我認為目前我們專注在資本配置。而且如 Cary 提到的，我們本季的分配覆蓋率是 [one to one]。因此，在我們考慮回購以及／或提高分配之前，需要先讓分配覆蓋率更符合未來 1.2 到 1.4 的預期水準。

Well, thank you. I'm very proud to be a shareholder. I like the way you run the business.

好的，謝謝。我很自豪能成為股東。我喜歡你們經營公司的方式。

Thank you.

謝謝。

Appreciate it, Ed.

感謝你，Ed。

We have no further questions at this time. I'd like to turn the floor back over to Mr. Marshall for closing comments.

目前沒有其他問題。我想把時間交回給 Marshall 先生做結語。

Thank you, operator. And to everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance. We look forward to speaking with you again when we report second quarter financial and operating results. This concludes our call for the day. Thank you.

謝謝你，接線員。也謝謝所有參與電話會議的各位，我們感謝大家今天早上的時間，也感謝各位持續對 Alliance 的支持與關注。我們期待在公布第二季財務與營運結果時，再次與各位交流。今天的電話會議到此結束。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議至此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。