Natural Resource Partners
33 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Alpha Metallurgical Resources Inc.
earns from · approximately 26% of our total revenues in 2025named as a riskWe own significant interests in several of Alpha's mining operations, which accounted for approximately 26% of our total revenues in 2025.Risk factors (Item 1A)
Foresight Energy Resources LLC
earns from · approximately 21% of our total revenues in 2025named as a riskWe also own significant interests in all of Foresight’s mining operations, which accounted for approximately 21% of our total revenues in 2025.Risk factors (Item 1A)
Alabama Kanu Holdings, LLC
earns from · approximately 11% of our total revenues in 2025named as a riskWe also own a significant interest in Alabama Kanu's Oak Grove operation, which accounted for approximately 11% of our total revenues in 2025.Risk factors (Item 1A)
Glass manufacturing industry
earns from · 50% or morenamed as a riskSisecam Wyoming’s customers consist primarily of glass manufacturing companies, which account for 50% or more of the consumption of soda ash around the world, and chemical and detergent manufacturing companies.Business (Item 1)
Sugar Camp lease
earns from · $5.0 million per yearMinimum payments are $5.0 million per year through the end of the current lease term.Business (Item 1)
Westmoreland Mining LLC
earns fromWe lease this property to Westmoreland Mining LLC.Business (Item 1)
Ramaco Royalty Company, LLC
earns fromWe lease this property to Ramaco Royalty Company, LLC.Business (Item 1)
Suppliers
Union Pacific Railroad Company
depends on · over 90% of its soda ashnamed as a riskFor the year ended December 31, 2025, Sisecam Wyoming shipped over 90% of its soda ash from the Green River facility on a single rail line owned and controlled by Union Pacific.Risk factors (Item 1A)
Sweetwater Royalties LLC
depends on · 110.1Sisecam Wyoming's reserves are subject to leases with the State of Wyoming and the U.S. Bureau of Land Management and a license with Sweetwater Royalties LLC.Business (Item 1)
Partners and platforms
Sisecam Wyoming LLC
49% non-controlling interestnamed as a riskWe have limited approval rights with respect to Sisecam Wyoming, and our partner controls most business decisions, including decisions with respect to distributions and capital expenditures.Risk factors (Item 1A)
Sisecam Chemicals Wyoming LLC
depends on · 51%named as a riskSCW LLC, our operating partner, controls and operates Sisecam Wyoming.Business (Item 1)
Other companies
Opco Credit Facility
exposed to its price · $18.9 millionnamed as a riskAt December 31, 2025, we had $18.9 million in borrowings outstanding under the Opco Credit Facility.Market risk (Item 7A)
Macoupin mine
earns from · $2.0 millionForesight will instead pay an annual Macoupin fee of $2.0 million to NRP through at least 2026.Business (Item 1)
Places
Louisiana
concentrated in · $7.6 millionOur oil and gas properties are predominately located in Louisiana and during 2025, we received $7.6 million in oil and gas royalty revenues.Business (Item 1)
Appalachia Basin
concentrated in · 18,029Our coal is primarily located in the Appalachia Basin, the Illinois Basin and the Northern Powder River Basin in the United States.Business (Item 1)
Hillsboro property
operates in · $197.2 millionThe book value of this property was $197.2 million at December 31, 2025.Business (Item 1)
China
named as a riskThe soda ash market continues to be significantly oversupplied from the influx of new capacity from China and sales prices remain below the cost of production for most producers.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
West Virginia
operates innamed as a riskSince 2013, several citizen group lawsuits have been filed against landowners alleging ongoing discharges of pollutants, including selenium and conductivity, from valley fills located at reclaimed mountaintop removal mining sites in West Virginia.Business (Item 1)
Illinois
concentrated inThe vast majority of our thermal coal sales are located in Illinois and its operations are some of the most cost-efficient mines east of the Mississippi River.Business (Item 1)
Also named by AEE, ALL, AWK, CASY, CINF, DRVN, FPI, NNN and 4 more
Green River Basin, Wyoming
concentrated inSisecam Wyoming is one of the largest and lowest cost producers of soda ash in the world, serving a global market from its facility located in the Green River Basin of Wyoming.Business (Item 1)
Commodities and inputs
Thermal coal
exposed to its price · $4.58named as a riskBecause substantially all our reserves are coal, changes in coal prices have a more significant impact on our financial results.Market risk (Item 7A)
Also named by BTU
Soda ash
exposed to its price · $230.02named as a riskCurrently soda ash prices are severely declined and Sisecam Wyoming suspended distributions in the third quarter of 2025.Market risk (Item 7A)
Also named by CHD
Regulators
U.S. Bureau of Land Management
subject to · 76.6Sisecam Wyoming's reserves are subject to leases with the State of Wyoming and the U.S. Bureau of Land Management and a license with Sweetwater Royalties LLC.Business (Item 1)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, DVN and 7 more
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskIn addition, EPA has used its authority to create significant delays in the issuance of new permits and the modification of existing permits, which has led to substantial delays and increased costs for coal operators.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Mine Safety and Health Administration (MSHA)
subject tonamed as a riskCompliance with these rules can result in increased costs on our lessees’ operations, including, but not limited to, the purchasing of new equipment and the hiring of additional personnel to assist with monitoring, reporting, and recordkeeping obligations.Business (Item 1)
Also named by AESI, ARLP, BTU, CDE, GVA, HCC, HL, MLM and 4 more
Laws and programs
California Air Resources Board
earns from · approximately $13.4 millionDuring 2024, we received approximately $13.4 million from a third party related to its creation of California Air Resources Board carbon offset credits from our properties.Business (Item 1)
Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more
Clean Air Act
subject tonamed as a riskThe increasingly stringent requirements of rules and regulations promulgated under the federal Clean Air Act have resulted in more electric power generators shifting from coal to natural-gas-fired power plants, or to other alternative energy sources such as solar and wind.Risk factors (Item 1A)
Also named by AEE, CTAS, CWST, EMN, FIX, HESM, KGS, NOC and 6 more
Surface Mining Control and Reclamation Act (SMCRA)
subject tonamed as a riskTo the extent an operator is unable to satisfy its reclamation obligations or the performance bonds posted are not sufficient to cover those obligations, regulatory authorities or citizens groups could attempt to shift reclamation liability onto the ultimate landowner, which if successful, could have a material adverse effect on our financial condition.Risk factors (Item 1A)
Mercury and Air Toxics Standards (MATS)
subject tonamed as a riskSuch retirements could reduce demand for coal.Business (Item 1)
Chinese tariffs on U.S. coal
subject tonamed as a riskFor example, the Chinese tariffs on U.S. coal, which were implemented in 2025, could continue to negatively affect the overall price of coal.Risk factors (Item 1A)
Federal partnership tax treatment (qualifying income exception)
subject tonamed as a riskRecent proposals have provided for the expansion of the qualifying income exception for publicly traded partnerships in certain circumstances and other proposals have provided for the total elimination of the qualifying income exception upon which we rely for our partnership tax treatment.Risk factors (Item 1A)