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Brian L. Cantrell
Alliance Resource Partners, L.P.
1717 South Boulder Avenue, Suite 400
Tulsa, Oklahoma 74119
FOR IMMEDIATE RELEASE
ALLIANCE RESOURCE PARTNERS, L.P.
Reports Strong Sequential Rebound in Financial and Operating Performance for the Third Quarter 2020; Posting Significant Increases in Coal and Oil & Gas Volumes, Revenues, Net Income and EBITDA
TULSA, OKLAHOMA, October 26, 2020 — Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported significant increases to financial and operating results for the quarter ended September 30, 2020 (the "2020 Quarter") on improved demand for coal and oil & gas compared to the quarter ended June 30, 2020 (the "Sequential Quarter"). On a consolidated basis, total revenues increased 39.4% to $355.7 million, net income rose 158.3% to $27.2 million and EBITDA climbed 146.4% to $118.8 million, all as compared to the Sequential Quarter. With improved coal demand and a resumption of production at all of ARLP’s mining complexes, our coal operations delivered increases to coal sales and production volumes of 48.5% and 66.6%, respectively, leading coal sales revenue and Segment Adjusted EBITDA higher by 42.1% and 113.8%, respectively, all as compared to the Sequential Quarter. Our Minerals segment also reported improved performance compared to the Sequential Quarter as oil & gas production and price per BOE increased 13.9% and 9.5%, respectively, to drive total revenues from oil & gas royalties and lease bonuses up by 23.9% and Segment Adjusted EBITDA higher by 29.3%. (Unless otherwise noted, all references in the text of this release to "net income (loss)" refer to "net income (loss) attributable to ARLP." For a definition of EBITDA and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)
Compared to the quarter ended September 30, 2019 (the "2019 Quarter"), financial and operating results for the 2020 Quarter continued to reflect the impacts of reduced global energy demand and weak commodity prices as a result of lockdown measures imposed in response to the COVID-19 pandemic. Total revenues of $355.7 million in the 2020 Quarter were lower compared to $464.7 million for the 2019 Quarter, primarily due to reduced coal sales volumes and prices. Reflecting the lower revenues partially offset by reduced total operating expenses, net income for the 2020 Quarter was $27.2 million, or $0.21 per basic and diluted limited partner unit, compared to $39.1 million, or $0.30 per basic and diluted limited partner unit, for the 2019 Quarter. EBITDA in the 2020 Quarter of $118.8 million was also lower compared to $123.1 million in the 2019 Quarter.
"As we expected, ARLP’s performance during the 2020 Quarter benefited from improved economic activity, increased coal demand and recovering oil & gas production volumes and prices," said Joseph W. Craft III, Chairman, President and Chief Executive Officer. "Our coal operations responded to increased customer requirements by successfully ramping up production to meet contractual commitments while effectively mitigating the impacts of COVID-19 through the
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The following information was filed by Alliance Resource Partners Lp (ARLP) on Monday, October 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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