Natural Resource Partners LP Files 2023 Annual Report on Form 10-K

TL;DR

<b>Natural Resource Partners LP filed its 2023 10-K, reporting $71.7 million in revenues and detailing impairment charges and distributions.</b>

AI Summary

NATURAL RESOURCE PARTNERS LP (NRP) filed a Annual Report (10-K) with the SEC on March 7, 2024. Total revenues for the year ended December 31, 2023, were $71.7 million. Transportation and processing services revenues were $12.4 million in 2023, down from $17.9 million in 2022. The company recorded $0.6 million in impairment expense in 2023, compared to $4.4 million in 2022. A special distribution was made in September 2023 to cover unitholder tax liabilities. The Partnership's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking NATURAL RESOURCE PARTNERS LP, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and operational status for the fiscal year 2023, including revenue breakdowns and asset impairments. Investors can assess the company's financial health, risk exposure, and strategic decisions, such as distributions and impairments, which impact shareholder value.

Risk Assessment

Risk Level: medium — NATURAL RESOURCE PARTNERS LP shows moderate risk based on this filing. The company faces medium risk due to significant impairment charges on its assets, indicating potential overvaluation or declining future cash flows from those assets, as seen with $4.4 million in impairments in 2022 related to assets with net book values exceeding future cash flows.

Analyst Insight

Monitor future impairment charges and the company's strategy for managing its asset portfolio, particularly coal and aggregates properties, given the recent impairment trends.

Revenue Breakdown

Key Numbers

• 71,666,000 — Total Revenues (Year ended December 31, 2023)
• 12,400,000 — Transportation and processing services revenues (Year ended December 31, 2023)
• 600,000 — Impairment expense (Year ended December 31, 2023)
• 4,400,000 — Impairment expense (Year ended December 31, 2022)
• 15,001 — Preferred units redeemed (September 2023)
• 15 — Discount rate (Fair value calculation for impaired asset, December 31, 2022)

Key Players & Entities

• NATURAL RESOURCE PARTNERS LP (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240307 (date) — Filed as of date
• 1415 LOUISIANA ST. STE 3325 (address) — Business Address
• HOUSTON (location) — Business Address City
• TX (state) — Business Address State
• 77002 (zip_code) — Business Address Zip
• 713-751-7507 (phone_number) — Business Phone

FAQ

Risk Factors

• Asset Impairments [medium — financial]: The Partnership recorded significant impairment expenses on its assets, including $4.4 million in 2022 related to coal and aggregates properties where net book value exceeded future cash flows.

Key Financial Figures

• $52.74 — ased on a closing price on that date of $52.74 per unit as reported on the New York St

Filing Documents

• nrp20231231_10k.htm (10-K) — 3088KB
• ex_601237.htm (EX-21.1) — 3KB
• ex_601238.htm (EX-23.1) — 4KB
• ex_601239.htm (EX-23.2) — 2KB
• ex_601240.htm (EX-23.3) — 2KB
• ex_601241.htm (EX-31.1) — 15KB
• ex_601242.htm (EX-31.2) — 15KB
• ex_601243.htm (EX-32.1) — 8KB
• ex_601244.htm (EX-32.2) — 8KB
• ex_630567.htm (EX-97.1) — 20KB
• ex_601245.htm (EX-99.1) — 489KB
• nrp-20211231_g1.jpg (GRAPHIC) — 12KB
• nrp-20211231_g3.jpg (GRAPHIC) — 77KB
• nrp-20211231_g4.jpg (GRAPHIC) — 77KB
• nrp-20211231_g5.jpg (GRAPHIC) — 60KB
• nrp-20211231_g6.jpg (GRAPHIC) — 62KB
• nrp-20221231g2.jpg (GRAPHIC) — 229KB
• 0001437749-24-007008.txt (&nbsp;) — 13271KB
• nrp-20231231.xsd (EX-101.SCH) — 89KB
• nrp-20231231_cal.xml (EX-101.CAL) — 47KB
• nrp-20231231_def.xml (EX-101.DEF) — 603KB
• nrp-20231231_lab.xml (EX-101.LAB) — 477KB
• nrp-20231231_pre.xml (EX-101.PRE) — 639KB
• nrp20231231_10k_htm.xml (XML) — 1950KB

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant ' s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [RESERVED] 28 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 74 Item 9A.

Controls and Procedures

Controls and Procedures 74 Item 9B. Other Information 76 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III Item 10. Directors and Executive Officers of the Managing General Partner and Corporate Governance 77 Item 11.

Executive Compensation

Executive Compensation 81 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 96 Item 13. Certain Relationships and Related Transactions, and Director Independence 98 Item 14. Principal Accountant Fees and Services 102 PART IV Item 15. Exhibits, Financial Statement Schedules 104

Signatures

Signatures 108 i Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS These forward-looking statements speak only as of the date hereof and are made based upon our current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. You should not put undue reliance on any forward-looking statements. See " Item 1A. Risk Factors " in this Annual Report on Form 10-K for important factors that could cause our actual results of operations or our actual financial condition to differ. RISK FACTORS SUMMARY We are subject to a variety of risks and uncertainties, including risks related to our business, risks related to our indebtedness, risks related to our common units and certain general risks, which

View Full Filing

View this 10-K filing on SEC EDGAR