Business
Alliance Resource Partners, L.P. Reports Record Revenues up 70.1%, Net Income Rose 266.7% and EBITDA Increased 105.6%; Raises Quarterly Cash Distribution to $0.40 Per Unit; Announces New Energy Transition Investment and Updates Guidance
TULSA, Okla.--(BUSINESS WIRE)-- Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported significant increases to financial and operating results for
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 significant increases to financial and operating results for the quarter ended June 30, 2022 (the \"2022 Quarter\") compared to both the quarter ended June 30, 2021 (the \"2021 Quarter\") and the quarter ended March 31, 2022 (the \"Sequential Quarter\"). Total revenues in the 2022 Quarter increased 70.1% to a record $616.5 million compared to $362.4 million for the 2021 Quarter as a result of higher coal sales prices and volumes, which rose 43.3% and 13.9%, respectively, and higher oil & gas royalty prices and volumes, which increased by 64.7% and 27.6%, respectively. Total operating expenses increased to $441.2 million in the 2022 Quarter, compared to $307.4 million in the 2021 Quarter, due primarily to increased coal sales volumes and inflationary cost pressures. Net income for the 2022 Quarter increased to $161.5 million, or $1.23 per basic and diluted limited partner unit, compared to $44.0 million, or $0.34 per basic and diluted limited partner unit, for the 2021 Quarter. EBITDA also increased 105.6% in the 2022 Quarter to $243.8 million compared to $118.6 million in the 2021 Quarter. (Unless otherwise noted, all references in the text of this release to \"net income\" refer to \"net income attributable to ARLP.\" For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure throughout this release, please see the end of this release.)\n\nContinued robust market fundamentals during the 2022 Quarter pushed coal sales prices, volumes and coal sales revenues higher by 25.1%, 9.4% and 36.9%, respectively, compared to the Sequential Quarter. Increased revenues and lower income tax expense in the 2022 Quarter drove net income higher by 340.6% while EBITDA increased 60.1%, both as compared to the Sequential Quarter.\n\nTotal revenues increased 58.2% to $1.08 billion for the six months ended June 30, 2022 (the \"2022 Period\"), compared to $681.1 million for the six months ended June 30, 2021 (the \"2021 Period\"), primarily due to substantial increases in prices and volumes from both coal and oil & gas royalties. Higher revenues, partially offset by increased total operating expenses and income tax expense, led to significantly higher net income, which rose 188.1% to $198.1 million for the 2022 Period, ...