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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, 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 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.)\n\nCompared 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.\n\n\"As we expected, A...