Natural Resource Partners LP (NRP) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners LP third-quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我是蒂娜，今天將擔任本次電話會議的接線生。現在，我謹代表Natural Resource Partners LP公司，歡迎各位參加2025年第三季財報電話會議。 （接線生操作說明）

Thank you. It is now my pleasure to turn the call over to Tiffany Sammis, Investor Relations. Please go ahead.

謝謝。現在我很高興將電話轉交給投資者關係部的蒂芬妮·薩米斯。請繼續。

Thank you. Good morning and welcome to the Natural Resource Partners third-quarter 2025 conference call. Today's call is being webcast and a replay will be available on our website. Joining me today are Craig Nunez, President and Chief Operating Officer; Chris Zolas, Chief Financial Officer; and Kevin Craig, Executive Vice President.

謝謝。早上好，歡迎參加自然資源合作夥伴公司 2025 年第三季電話會議。今天的電話會議將進行網路直播，回放將在我們的網站上提供。今天與我一同參加會議的有：總裁兼營運長克雷格‧努涅斯 (Craig Nunez)、財務長克里斯‧佐拉斯 (Chris Zolas) 和執行副總裁凱文‧克雷格 (Kevin Craig)。

Some of our comments today may include forward-looking statements reflecting NRP's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in NRP's Form 10-K and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

我們今天的一些評論可能包含前瞻性陳述，反映了 NRP 對未來事件的看法。這些事項涉及風險和不確定性，可能導致我們的實際績效與前瞻性陳述有重大差異。這些風險已在NRP的10-K表格及其他提交給美國證券交易委員會的文件中進行了討論。我們不承擔任何因任何原因而公開修訂或更新任何前瞻性陳述的義務。

Our comments today also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP measures are included in our third-quarter press release, which can be found on our website. I would like to remind everyone that we do not intend to discuss the operations or outlook for any particular coal SC or detailed market fundamentals.

我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的GAAP指標的核對說明，請參閱我們網站上發布的第三季新聞稿。在此提醒各位，我們不打算討論任何特定煤炭供應鏈的運作或前景，也不打算討論詳細的市場基本面。

Now I would like to turn the call over to Craig Nunez, our President and Chief Operating Officer.

現在我想把電話交給我們的總裁兼營運長克雷格·努內斯。

Thanks, Tiffany, and good morning everyone. NRP generated $42 million of free cash flow in the third quarter of 2025 and $190 million of free cash flow over the last 12 months. We continue to generate substantial free cash flow despite significant headwinds for all three of our key commodities metallurgical coal, thermal coal, and soda ash.

謝謝蒂芙尼，大家早安。NRP 在 2025 年第三季產生了 4,200 萬美元的自由現金流，在過去 12 個月中產生了 1.9 億美元的自由現金流。儘管我們的三大主要商品冶金煤、動力煤和純鹼都面臨重大不利因素，但我們仍持續產生可觀的自由現金流。

Metallurgical coal markets are challenged by slowing global growth and soft steel demand. Thermal coal markets are struggling with muted demand caused by mild weather, cheap natural gas, slowing global growth, and renewable energy adoption.

冶金煤市場面臨全球經濟成長放緩和軟鋼需求下降的挑戰。受溫和天氣、天然氣價格低廉、全球經濟成長放緩以及再生能源普及等因素的影響，動力煤市場需求疲軟，舉步維艱。

While the prospects for a more accommodating regulatory environment and increased electricity demand from data centers have increased market optimism for thermal coal, we have not yet seen any material support for prices or demand. While we acknowledge that these factors offer the potential for a more bullish long-term outlook. We will continue to manage the partnership in accordance with the thesis that North American thermal coal remains in long-term secular decline until we see evidence to the contrary.

儘管監管環境趨於寬鬆以及資料中心電力需求增加的前景提振了市場對動力煤的樂觀情緒，但我們尚未看到價格或需求有任何實質支撐。我們承認，這些因素有可能帶來更樂觀的長期前景。我們將繼續按照北美動力煤長期持續衰退的論點來管理合作關係，直到我們看到相反的證據。

As we've seen previously, we believe, as we've said previously, we believe most coal operators are struggling to make money, with most producing at razor thin margins and a growing number operating at a loss. We are seeing this play out in the announced results of publicly traded companies and recent bankruptcies of several smaller producers.

正如我們之前所看到的，正如我們之前所說，我們認為大多數煤炭業者都在努力賺錢，大多數業者的利潤都非常微薄，而且越來越多的業者處於虧損狀態。我們從上市公司的業績公佈和近期幾家小型生產商的破產案例中都看到了這一點。

While we have not identified a catalyst to turn the market around, we continue to believe that the vast majority of our lessees are in better financial shape than in previous downturns.

雖然我們尚未找到扭轉市場頹勢的催化劑，但我們仍然相信，絕大多數承租人的財務狀況比以往經濟低迷時期好得多。

We believe these factors combined with our relatively robust free cash flow generating capability, solid and improving capital structure, and conservative management philosophy, position us well for navigating a very difficult coal market.

我們相信，這些因素，再加上我們相對強大的自由現金流生成能力、穩健且不斷改善的資本結構以及保守的管理理念，使我們能夠很好地應對非常艱難的煤炭市場。

The soda ash market remains oversupplied due to capacity additions and slowing global growth.

由於產能增加和全球經濟成長放緩，純鹼市場仍供過於求。

International prices are below cash production costs for most producers.

國際價格低於大多數生產商的現金生產成本。

While we were early to share publicly our concerns regarding the potential for the supply demand imbalances now plaguing the market, the depth and potential duration of the current downturn is more significant than we initially expected.

雖然我們很早就公開表達了對目前困擾市場的供需失衡問題的擔憂，但當前經濟低迷的深度和潛在持續時間比我們最初預期的要嚴重得多。

We are in a generational bear market for soda ash, and there will be more pain to bear before the situation improves.

我們正處於純鹼的世代熊市之中，在情況好轉之前，我們還要承受更多痛苦。

If there is a silver lining to the cloud hanging over the Sodash market, it is that this dynamic is unsustainable in the long-term. We expect producers will rationalize supply at some point, but we don't know when or how that will occur.

如果說籠罩在 Sodash 市場上空的陰雲中還有一線希望的話，那就是這種動態從長遠來看是不可持續的。我們預計生產商遲早會調整供應，但我們不知道這何時以及如何發生。

Rebalancing supply and demand will likely take several years before prices return to levels enjoyed historically.

供需重新平衡可能需要數年時間，價格才能恢復到歷史水準。

As one of the world's lowest cost producers, Shishha Jam, Wyoming continues to navigate this downturn well.

作為全球成本最低的果醬生產商之一，懷俄明州的希沙果醬繼續很好地應對了此次經濟低迷。

In addition to aggressively managing costs and inventories, Shisha Jam is maintaining its focus on safety and system integrity, two areas that are sometimes overlooked during periods of challenging financial results.

除了積極控製成本和庫存外，Shisha Jam 還繼續專注於安全性和系統完整性，這兩個領域在財務表現不佳的時期有時會被忽視。

Our sodash investment is a long-term asset with durable competitive advantages that will produce an essential global commodity for many years in the future. We are quite pleased that our managing partners committed to maintaining the long-term integrity of our shared asset even when near-term financial performance is down.

我們對蘇打水的投資是一項具有持久競爭優勢的長期資產，將在未來許多年生產重要的全球商品。我們非常高興我們的管理合夥人承諾，即使短期財務表現下滑，也要維護我們共同資產的長期完整性。

We did not receive a distribution from Shisher Jam this quarter after receiving 8 million in distributions during the first half of the year.

今年上半年我們收到了 Shisher Jam 的 800 萬分紅，但本季我們沒有收到任何分紅。

While we expectishamm, Wyoming to remain profitable through the downturn, we do not expect it to resume distributions for the foreseeable future, with cash retained, used for investments in safety and system integrity.

雖然我們預計懷俄明州伊沙姆公司在經濟低迷時期仍將保持盈利，但我們預計該公司在可預見的未來不會恢復分紅，現金將保留用於安全和系統完整性方面的投資。

The carbon neutral industry continues to struggle.

碳中和產業仍在艱難發展。

Oxy notified us during the quarter that it was dropping its subsurface CO2 sequestration lease on 65,000 acres of for space we own in Polk County, Texas. You'll recall that Exxon dropped its CO2 sequestration lease on 75,000 acres we own in Baldwin County, Alabama last year. As of now, none of our 3.5 million acres of CO2 sequestration poor space is under lease.

Oxy 在本季度通知我們，它將放棄在德克薩斯州波爾克縣我們擁有的 65,000 英畝土地上的地下二氧化碳封存租賃權。您可能還記得，埃克森美孚去年放棄了在我們位於阿拉巴馬州鮑德溫縣擁有的 75,000 英畝土地上的二氧化碳封存租賃協議。截至目前，我們350萬英畝二氧化碳封存能力較差的土地均未出租。

You've heard me describe these sequestration rights as out of the money call options on greatness. They cost us nothing to hold. They never expire, and we benefit if the market for CO2 sequestration goes up.

你曾聽我把這些強制減支權比喻為對未來偉大的虛值買權。持有它們不需要任何成本。它們永不過期，如果二氧化碳封存市場上漲，我們就會受益。

I do not believe our leases were dropped due to any problems associated with our specific acreage. On the contrary, I think the locations leased to Oxy and Exxon are some of the highest quality CO2 poor space in the Gulf Coast. The entire CO2 sequestration industry remains burdened by high capital and operating costs, insufficient and inadequate revenue streams, and the lack of a consistent regulatory framework. These factors have created formidable economic barriers that operators are either unable or unwilling to overcome.

我不認為我們的租約終止是因為我們特定地塊有任何問題。相反，我認為租給西方石油公司和埃克森美孚公司的那些地方是墨西哥灣沿岸品質最高的低二氧化碳排放空間之一。整個二氧化碳封存產業仍面臨高昂的資本和營運成本、不足且不合理的收入來源以及缺乏一致的監管框架等問題。這些因素造成了巨大的經濟障礙，營運商要么無力克服，要么不願克服。

Our call options on sequestration poor space will remain out of the money until and unless these industry challenges are resolved.

除非這些行業挑戰得到解決，否則我們針對受強制平倉影響而持有的股票選擇權將一直處於價外狀態。

In conclusion, coal and soda ash prices are down, and we do not see near-term catalysts for market improvement. Our coal SCs are operating at or near their cost of production, and our soda ash investment is experiencing the lowest international sales prices in decades. Despite this, NRP continues to generate robust free cash flow and make progress toward our goal of retiring all outstanding debt.

總之，煤炭和純鹼價格下跌，我們看不到短期內市場好轉的催化劑。我們的煤炭超級電容器的運作成本與生產成本持平或接近，而我們的純鹼投資正經歷著數十年來最低的國際銷售價格。儘管如此，NRP 仍持續產生強勁的自由現金流，並朝著償還所有未償債務的目標穩步前進。

Over the past 12 months, we have retired nearly $130 million of debt, with only $70 million of debt remaining as of the end of the quarter. We continue to believe that we will be in a position to increase unit holder distributions in August. However, I caution that the longer we slog through the depths of bear markets for all three of our key commodities, the greater the likelihood that some event occurs that pushes that timing back. Rest assured. However, that we will continue to manage the partnership with a conservative mindset in order to protect your investment and be best prepared for negative events that may arise.

過去 12 個月，我們償還了近 1.3 億美元的債務，截至本季末，僅剩 7,000 萬美元債務。我們仍然相信，我們將能夠在8月份增加對單位持有人的分紅。不過，我要提醒大家，如果我們在這三大主要商品熊市中掙扎的時間越長，就越有可能發生某些事件，從而推遲上市時間。放心。但是，我們將繼續以保守的態度管理合作關係，以保護您的投資，並為可能出現的負面事件做好充分準備。

And with that, I'll turn it over to Chris to cover the financials.

接下來，我將把財務部分交給克里斯來介紹。

Thank you, Craig.

謝謝你，克雷格。

In the 3rd quarter of 2025, NRP generated 31 million net income, 41 million of operating cash flow, and 42 million of free cash flow.

2025 年第三季度，NRP 實現淨收入 3,100 萬美元，經營現金流 4,100 萬美元，自由現金流 4,200 萬美元。

Of these consolidated amounts, our mineral rights segment generated 41 million of net income, 44 million of operating cash flow, and 45 million of free cash flow.

在這些合併金額中，我們的礦產權益業務部門產生了 4,100 萬淨收入、4,400 萬經營現金流和 4,500 萬自由現金流。

When compared to the prior year 3rd quarter, our mal rights segment net income remained flat while operating in free cash decreased 9 million.

與去年同期相比，我們的侵權責任業務部門淨收入保持不變，而自由現金流減少了 900 萬美元。

Secres were primarily due to weaker metallurgical coal markets resulting in lower sales prices.

煤炭價格下跌主要是因為冶金煤市場疲軟，導致銷售價格下降。

Regarding our 3rd quarter of 2025 met thermal coal royalty mix, metallurgical coal made up approximately 70% of our coal royalty revenues and 50% of our coal royalty sales volumes.

關於我們 2025 年第三季的冶金動力煤特許權使用費組成，冶金煤約占我們煤炭特許權使用費收入的 70% 和煤炭特許權使用費銷售額的 50%。

For our for our Sodash segment, net income decreased by 11 million compared to the prior year of the third quarter, while operating in free cash flow each decreased by 6 million.

就我們的 Sodash 業務部門而言，第三季淨收入比上年同期減少了 1,100 萬美元，而營運和自由現金流均減少了 600 萬美元。

These decreases were primarily due to lower international sales prices driven by weakened glass demand from the construction and automobile markets combined with new natural soda ash supply from China.

這些下降主要是因為國際銷售價格走低，而國際銷售價格走低的原因是建築和汽車市場對玻璃的需求疲軟，以及中國新的天然純鹼供應增加。

We did not receive a distribution from Siamm, Wyoming in the 3rd quarter of 2025 and did not expect distributions from Siamm, Wyoming to resume until Sodashman rebounds or there is a more significant supply response to this weakened market, most likely from higher cost synthetic production.

2025 年第三季度，我們沒有收到懷俄明州 Siamm 的分紅，並且預計在 Sodashman 反彈或市場疲軟（很可能是由於合成生產成本上升）出現更顯著的供應反應之前，懷俄明州 Siamm 的分紅不會恢復。

Moving to our corporate and financing segment, Q3 2025 net income improved 3 million and operating cash flow and free cash flow each improved $2 million as compared to the prior year period due to significantly less debt outstanding resulting in lower interest costs and less less cash paid for interest.

再來看我們的公司和融資部門，2025 年第三季淨收入較上年同期增長 300 萬美元，經營現金流量和自由現金流量均增加 200 萬美元，這主要得益於未償債務大幅減少，從而降低了利息成本，減少了支付利息的現金。

We use the free cash flow generated from our business segments to repay $32 million of debt during the third quarter, over $70 million through the first nine months of 2025, and we remain on track to accomplish our leveraging goals next year.

我們利用各業務部門產生的自由現金流，在第三季償還了 3,200 萬美元的債務，到 2025 年前九個月將償還超過 7,000 萬美元的債務，我們仍有望在明年實現槓桿目標。

Regarding our quarterly distributions in August of 2025, we paid the second quarter distribution of $0.75 per common unit, and today we announced the third quarter of 2025 distribution of $0.75 for common unit that will that will be paid later this month.

關於我們 2025 年 8 月的季度分紅，我們支付了第二季每單位普通股 0.75 美元的分紅，今天我們宣布了 2025 年第三季每單位普通股 0.75 美元的分紅，該分紅將於本月晚些時候支付。

And with that, I'll turn the call back over to our operator for questions.

那麼，接下來我會把電話轉回給我們的接線生，回答大家的問題。

(Operator Instructions) [Dan Adler.]

（操作員說明）[丹·阿德勒。 ]

Hi, this is Dan Adler. Thank you for all you're doing for shareholders. My question revolves around leasing for A lithium mining in the smacko region and if you could provide any information on acreage that has been leased or potential for revenue from that leasing. Thank you.

您好，我是丹‧阿德勒。感謝您為股東們所做的一切。我的問題是關於斯馬克地區鋰礦開採的租賃事宜，您能否提供已租賃的礦區面積或潛在收益方面的資訊？謝謝。

Thank you for your call, Dan, for your question.

丹，謝謝你的來電和提問。

Yes, we are active in leasing acreage in the smackover formation for lithium production to multiple lessees. We don't comment on terms of leases and that type of thing. I will say that the activity in the area has been varied from robust to lukewarm at various periods over the last several years. But yes, we're active in the in the smackover in southern Arkansas and in northeast Texas.

是的，我們正在積極地將斯馬克奧弗組的土地租賃給多個承租人用於鋰生產。我們不評論租賃條款之類的事情。我想說的是，在過去幾年裡，該地區的活動活躍程度時而活躍，有時又冷淡。是的，我們在阿肯色州南部和德克薩斯州東北部的斯馬科弗地區都很活躍。

Thank you.

謝謝。

You bet.

當然。

David Spier, Nitor Capital. Please go ahead.

David Spier，Nitor Capital。請繼續。

Hi, good morning. Just 1st, a bit of a housekeeping question, just, given the passive nature of the, partnership, just the operating and maintenance expense, what goes into those expenses and is there any ability given the environment to reduce that expense line?

您好，早安。首先，我想問一個比較具體的問題，鑑於合夥企業的被動性質，只有營運和維護費用，這些費用都包含哪些內容？在當前環境下，是否有可能降低這部分費用？

Sure, salaries and compensation is a big part of that. We also have a variety of other general corporate costs, insurance. Legal accounting. So there's a variety of general corporate type of costs that that's flow in there.

當然，薪資和福利是其中很重要的一環。我們還有其他各種一般性公司成本，例如保險、法律和會計費用等等。所以，其中包含各種各樣的一般性公司成本。

We have a those are those aren't in general and and administrative expenses. I'm talking about the operating and maintenance expense line.

我們有那些，那些不是一般的，還有行政費用。我指的是營運和維護費用這一項。

Sure, we also have those same types of expenses and the operating expense for the mineral rights segment.

當然，我們也有同樣的費用，以及礦產權益業務的營運費用。

But there's also things such as property taxes, which is a big one, and, royalty expenses as well. We have some royalty costs as well.

但還有房產稅（這是一筆很大的開支）以及特許權使用費等費用。我們也需要支付一些版稅。

That go in there.

放進去。

We have a zero-based budgeting approach so that every year we, the goal is to make the total cost as low as possible rather than simply look at increases of costs from year to year. So I won't say that we don't sharpen our pencil whenever times are lean because we do, but the reality is we sharpen our pencil all the time and we have long-term cost management bills that we follow.

我們採用零基預算方法，因此每年我們的目標都是盡可能降低總成本，而不是只專注於成本逐年成長。所以，我不會說我們在經濟不景氣的時候不會精打細算，因為我們確實會這樣做，但事實是我們一直在精打細算，而且我們有長期的成本管理計劃並嚴格執行。

Got it. And then just the general question regarding the company's mineral rights, are the majority of the company's mineral rights specific to certain minerals or are they general subsurface rights where you know royalty opportunities exist on anything that comes out of the ground? There's some better insight there would be helpful.

知道了。那麼，關於公司礦產權利的一般性問題，公司的大部分礦產權利是針對特定礦產的，還是普遍的地下權利，即對從地下開采出來的任何東西都有特許權使用費的機會？如果能提供更深入的見解就更好了。

It is generally for specific minerals.

它通常用於特定的礦物。

Understood. And then so with that, are there any opportunities given, the growing demand of interest in that gas? Are there any additional production opportunities that might, be arising that you didn't previously the company the partnership didn't previously thought existed over the past year?

明白了。那麼，隨著人們對這種天然氣的需求日益增長，是否存在任何機會？在過去一年中，是否有任何先前公司和合作夥伴認為不存在的額外生產機會出現？

I'm not sure I understand your question. You referred.

我不太明白你的問題。您提到了。

Meaning maybe some higher costs. There were some higher cost natural gas plays that the company has mineral rights on that, in the past few years didn't seem like a possibility for production where now, these plays are, now in the money and there's increased interest of producers.

這意味著成本可能會更高一些。過去幾年，該公司擁有一些成本較高的天然氣礦藏的礦權，這些礦藏似乎沒有投產的可能，但現在，這些礦藏已經有利可圖，生產商的興趣也越來越濃厚。

In other words, call options moving in the money is what you're describing. So, yeah, the vast majority of our oil and gas mineral rights are in the Hainesville in north central and west central north central northwest Louisiana, and that's a pretty active basin right now. And so I would say drilling has picked up a bit in the Hainesville and to the extent that it does, we benefit from that. I will say that while I will say that those numbers are those those production amounts and those revenues that we can receive from oil and gas minerals, they're not as that material to the partnership.

換句話說，你描述的就是買權變成價內選擇權的情況。是的，我們絕大多數的石油和天然氣礦產權利都位於路易斯安那州中北部和中西部的海恩斯維爾盆地，而該盆地目前是一個非常活躍的盆地。因此，我認為海恩斯維爾地區的鑽探活動有所增加，而且就其增加的程度而言，我們從中受益。我想說的是，雖然這些數字指的是我們可以從石油和天然氣礦產中獲得的產量和收入，但它們對合作關係來說並不是那麼重要。

Got it. And then just regarding capital allocation, looking at. The cash on hand and the and the debt outstanding seems like, 1, maybe 2 quarters away from being in a net cash position. Is that the right way to look at it?

知道了。至於資本配置方面，從現有現金和未償債務來看，可能還需要一到兩個季度才能達到淨現金部位。這樣看待這個問題是否正確？

You're looking at it correctly, as we've said, we believe that we will be in a position where we will have the majority, the vast majority of our remaining debt paid down and be able to increase distributions in the 3rd quarter next year.

您的看法是正確的，正如我們所說，我們相信明年第三季我們將能夠償還大部分剩餘債務，並增加分紅。

That's the plan, and that that's the forecast. The issue comes in with as we continue in this difficult market, are there going to be things that will happen that will change that?

這就是計劃，這就是預測。問題在於，隨著我們繼續身處這個艱難的市場中，是否會發生一些事情來改變這種局面？

We don't know that there will be, but we're just warning everybody that there could be.

我們不知道是否會發生這種情況，但我們只是想提醒大家，這種情況可能會發生。

Got it. Okay, understood. I appreciate it.

知道了。好的，明白了。謝謝。

You bet. Thanks for your questions.

當然。謝謝你的提問。

[Kenny Ackerman.]

[肯尼·阿克曼。 ]

Hi, Kenny Ackerman, question again regarding capital allocation. I mean, you guys retired the warrants or retired substantial amounts of debt, almost all of it, as we just discussed, what.

您好，Kenny Ackerman，關於資本配置方面的問題再次請教。我的意思是，你們償還了認股權證或償還了大量債務，幾乎全部，就像我們剛才討論的那樣，那又怎樣呢？

What kind of would be the criteria to to start unit repurchases or I mean what are the thoughts surrounding that? I know this isn't the first time this has been asked, but just considering getting closer and closer to in that cash position, I mean, is there anything that would inspire you guys to repurchase your units or is there anything prohibiting? I know there's one large owner of the partnership just didn't know if unit repurchases were even possible.

啟動股份回購的標準是什麼？或者說，對此有什麼想法？我知道這不是第一次有人問這個問題了，但是考慮到我越來越接近持有現金，我的意思是，有沒有什麼因素會促使你們回購手中的股票，或者有什麼因素會阻止你們這樣做？我知道合夥企業中有一位大股東，只是不知道股份回購是否可行。

So let's think of it instead of thinking of about being in a net cash position. Let's think about how we at the company think about our balance sheet and and what the signals we look forward to being able to to do to deploy cash in some way other than just paying down debt.

所以，讓我們換個角度思考，而不是只想著如何維持淨現金部位。讓我們思考一下公司是如何看待我們的資產負債表的，以及我們期待能夠採取哪些措施來運用現金，而不僅僅是償還債務。

We're looking to establish what we define as an NRP fortress balance sheet. And thus that means two things. It means, number one, no permanent debt in the capital structure, and permanent debt we define as debt that we do not have the ability or intent to repay prior to maturity with internally generated cash. And then in addition to no permanent debt, we want to have $30 million of cash on the balance sheet.

我們正在努力建立我們所定義的 NRP 堡壘資產負債表。因此，這意味著兩件事。這意味著，第一，資本結構中沒有永久性債務，我們將永久性債務定義為我們沒有能力或意願在到期前用內部產生的現金償還的債務。此外，除了不背負永久性債務外，我們還希望資產負債表上擁有 3,000 萬美元的現金。

And that also means at the same time that we'll have our revolving credit facility in place. Once we're in that position, we feel that we have what we believe is a fortress balance sheet, and then we can feel free to allocate capital as we see best. And what are our priorities for allocating capital? #1, unit holder distributions. #2. Unit repurchases and material discounts to our estimates of intrinsic value. And number 3, if they come along opportunistic acquisitions where we can acquire assets that that are within our circle of competence.

同時，這也意味著我們將擁有循環信貸額度。一旦我們達到那種狀態，我們就感覺擁有了我們認為的堅固資產負債表，然後我們就可以自由地以我們認為最好的方式分配資本。那麼，我們在分配資金時，優先考慮的事項是什麼？第一，由單位持有人分配。2.單位回購和材料折扣與我們對內在價值的估計不符。第三，如果出現機會性收購，我們可以收購在我們能力範圍內的資產。

At what we consider to be bargain prices.

價格非常划算。

And there are no impediments to us being able to buy back units other than can we acquire them for a price that we think is a sufficient enough discount to our estimates of intrinsic value to want to do it.

除了我們能否以我們認為足夠優惠的價格回購這些股份（相對於我們估計的內在價值而言）之外，我們回購這些股份並沒有任何障礙。

Got it. No, makes total sense and just one follow-up. I mean, can you give any color around.

知道了。不，完全合理，只需要一個後續問題。我的意思是，你能為周圍增添任何顏色嗎？

What you consider intrinsic value, I mean just what I mean, broad question, but just what would the company consider intrinsic value just to get a decent sense of what what would kind of qualify for unit repurchases and what wouldn't.

您認為的內在價值是什麼？我的意思是，這是一個很廣泛的問題，但公司會如何看待內在價值，以便大致了解哪些股票符合回購條件，哪些不符合。

No, we're not going to guide on that.

不，我們不會就此提供指導。

Sorry about that. I would encourage you to go back and read our unit holder letters that are published each spring with the annual report with the 10k, especially this most recent one.

抱歉。我建議您回顧我們每年春天隨年度報告和 10-K 表格一起發布的基金持有人信函，特別是最近這封。

But each one of them talks about how we think in terms of intrinsic value and the process we use to value the company because intrinsic value per unit is a very important component of all of our management decisions that we make and so we we've explained in writing how we go about doing that. We just don't tell you exactly what our assumptions are and what the numbers are that we think are in place.

但他們每個人都談到了我們如何從內在價值的角度思考問題，以及我們用來評估公司價值的過程，因為單位內在價值是我們所有管理決策中非常重要的組成部分，所以我們用書面形式解釋了我們是如何做到這一點的。我們只是不會告訴你我們具體的假設是什麼，以及我們認為已經到位的數據是什麼。

Fair enough. Thank you for the answers.

好的。謝謝你的解答。

Sure thing.

當然可以。

Neil Patel, Sawgrass Beach.

尼爾·帕特爾，索格拉斯海灘。

Hey everyone, congrats on the progress, especially with the debt pay down to 70 million. It's been quite the journey over the last 10 years. Thanks for the comments on thermal coal. I had a question on that. It seems that every day we're hearing more about data center CapEx being at just very extreme levels. I understand you're not seeing that demand come through to your thermal coal assets yet, but if that does next year, Is there infrastructure and capacity in place for the producers on your thermal coal properties to scale up, or would that require a lot of additional capexs on their side? Thank.

大家好，恭喜大家的進展，特別是債務償還額降至7000萬。過去十年真是一段不平凡的旅程。感謝您對動力煤的評論。我對此有個疑問。似乎每天都能聽到資料中心資本支出已經達到非常極端水準的消息。我知道您目前還沒有看到對動力煤資產的需求，但如果明年需求成長，您動力煤資產的生產商是否有相應的基礎設施和產能來擴大規模，還是需要他們投入大量額外的資本支出？感謝。

You.

你。

Good question, and I don't know that we completely know the answer to your question because as our operators are our operators. We don't operate and they don't necessarily share everything with us, but I can give you my my educated guess on it, my best judgment. I do believe that if the increased power demand from data centers that is forecasted. To result from all of the CapEx that's now planned over the next 5 to 10 years, I do believe there will have to be material amounts of capital invested in the thermal coal infrastructure, both to bring new production online and to process it and transport it. I don't know what those dollars are, and I don't know to the extent that that capital would involve mines that are on NRP or on other acreage elsewhere in North America. That help yes.

問得好，但我也不確定我們是否完全知道您問題的答案，因為我們的操作員就是我們自己的操作員。我們不參與運營，他們也不一定會和我們分享所有信息，但我可以根據我的專業知識和最佳判斷，給你一個猜測。我相信，如果資料中心的電力需求如預測的那樣增長。我認為，未來 5 到 10 年計劃的所有資本支出，都將需要對動力煤基礎設施進行大量的投資，既用於啟動新的生產，也用於加工和運輸動力煤。我不知道這些美元具體是多少，也不知道這些資金在多大程度上會涉及 NRP 上的礦山，或者北美其他地方的礦山。是的，那很有幫助。

Absolutely.Thank.You.

當然。謝謝。

I'm with no further questions, thank you. I will turn the call back over to Craig Nunez for closing remarks.

我沒有其他問題了，謝謝。我將把電話轉回給克雷格·努內斯，請他作總結發言。

Thank you, operator, and thank you everyone for joining our call today. Thank you for your questions and as I look over the list of participants here, the vast majority of you have been with us for quite a while. So thank you for your support over the over the years, and we look forward to talking to you next quarter. Take care.

謝謝接線生，也謝謝各位今天參加我們的電話會議。感謝大家的提問，我看了看與會者名單，絕大多數人都已經和我們一起參加很久了。感謝您多年來的支持，我們期待下個季度與您再次交流。小心。

Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

再次感謝您今天蒞臨。今天的演講到此結束。您現在可以斷開連線了。