Business
Alliance Resource Partners, L.P. Reports Annual Increases to Net Income and EBITDA; Declares Quarterly Cash Distribution of $0.40 Per Unit; and Provides Initial 2020 Guidance
TULSA, Okla.--(BUSINESS WIRE)-- Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported financial and operating results for the year and quarter ended
About this update from Alliance Resource Partners, L.p.
[{"type":"text","content":" TULSA, Okla.--(BUSINESS WIRE)--\nAlliance Resource Partners, L.P. (NASDAQ: ARLP) today reported financial and operating results for the year and quarter ended December 31, 2019 (the \"2019 Year\" and \"2019 Quarter\", respectively).\n\n\nFor the 2019 Year, net income attributable to ARLP increased 8.9% to $399.4 million, or $3.07 per basic and diluted limited partner unit, compared to $366.6 million, or $2.74 per basic and diluted limited partner unit, for the year ended December 31, 2018 (the \"2018 Year\"). The increase in net income resulted from a $170.0 million non-cash net gain related to the AllDale Acquisition, the addition of oil & gas royalty revenues and lower operating expenses in the 2019 Year, partially offset by decreased coal sales revenues and increased depreciation in the 2019 Year as well as an $80.0 million net gain on settlement of litigation in the 2018 Year. EBITDA increased 9.7% in the 2019 Year to $753.8 million compared to $686.9 million in the 2018 Year. Adjusted EBITDA decreased 7.5% to $599.0 million in the 2019 Year, compared to $647.4 million for the 2018 Year. (Unless otherwise noted, all references in this release to \"net income\" refer to \"net income attributable to ARLP.\" For a definition of EBITDA, Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)\n\n\nFor the 2019 Quarter, total revenues were $453.3 million compared to $531.8 million for the quarter ended December 31, 2018 (the \"2018 Quarter\"), primarily due to lower coal sales revenues resulting from reduced coal sales volumes and prices, partially offset by the addition of oil & gas royalty revenues in the 2019 Quarter. Lower total revenues, partially offset by lower total operating expenses, pushed net income attributable to ARLP for the 2019 Quarter down to $25.8 million, or $0.20 per basic and diluted limited partner unit, compared to $50.8 million, or $0.38 per basic and diluted limited partner unit, for the 2018 Quarter. EBITDA and Adjusted EBITDA in the 2019 Quarter of $126.2 million were lower compared to EBITDA and Adjusted EBITDA in the 2018 Quarter of $136.4 million and $176.8 million, respectively.\n\n\nARLP also announced today that the Board of Directors of its general partner has decreased the quarterly cash distribution to unitholders for the 2019 Qua...