Business Wire | Aug 7, 2020 06:55AM EDT

Natural Resource Partners L.P. Reports Second Quarter 2020 Results and Declares Second Quarter 2020 Distributions

Aug. 07, 2020

HOUSTON--(BUSINESS WIRE)--Aug. 07, 2020--Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2020 results as follows:

For the Three Months Last Twelve Ended Months

June 30, June 30,

(In thousands) (Unaudited) 2020 2019 2020

Net income (loss) from continuing $ (125,501 ) $ 19,106 $ (187,007 )operations

Asset impairments 132,283 - 280,497

Net income from continuingoperations excluding asset $ 6,782 $ 19,106 $ 93,490 impairments ^(1)

Adjusted EBITDA ^(1) 29,336 62,791 145,256

Cash flow provided by (used in) continuing operations:

Operating activities 19,935 53,359 111,218

Investing activities 365 698 7,463

Financing activities (9,978 ) (97,989) (93,628 )

Distributable cash flow ^(1) 21,300 54,013 119,442

Free cash flow ^(1) 19,793 53,810 112,177

Cash flow cushion (last twelve 17,502 months) ^(1)

____________________

See "Non-GAAP Financial Measures" and reconciliation tables at the end of(1) this release.

"NRP continues to operate under government guidelines and employ remote work protocols. Our people are safe and the company is conducting business as usual," said Craig Nunez, NRP's President and Chief Operating Officer. "While the COVID-19 pandemic continues to have a significant negative impact on demand for steel, electricity and glass, which translates to lower demand for coal and soda ash, we continue to believe that our ample liquidity, continued free cash flow generation and the fact that our parent company bonds do not mature until 2025 will provide us with the financial flexibility and margin of safety necessary to manage through the downturn."

NRP's liquidity was $210.8 million at June 30, 2020, consisting of $110.8 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

NRP announced today that the Board of Directors of its general partner declared a second quarter 2020 cash distribution of $0.45 per common unit of NRP to be paid on August 26, 2020 to unitholders of record on August 19, 2020. The Board also declared a second quarter 2020 cash distribution on NRP's 12.0% Class A Convertible Preferred Units, totaling $7.5 million. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, and the level of cash reserves that the Board determines is necessary for future operating and capital needs.

Segment Performance

Coal Royalty and Other

Revenues and other income in the second quarter of 2020 were lower by $36.1 million and distributable cash flow and free cash flow were $23.2 million and $24.5 million lower, respectively, as compared to the prior year quarter. This decrease is primarily a result of a weakened market for metallurgical coal as compared to the prior year quarter due to a decline in global steel demand. As a result, both sales volumes and prices for metallurgical coal sold were lower in the second quarter of 2020 compared to the prior year quarter. Approximately 80% of coal royalty revenues and approximately 70% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2020. In addition, weaker domestic and export thermal coal markets compared to the prior year period resulted in lower revenue from our thermal coal properties. Domestic and export thermal coal markets remained challenged by lower utility demand, continued low natural gas prices and the secular shift to renewable energy. Furthermore, the COVID-19 pandemic has compounded already weak coal pricing and demand, and NRP's coal lessees are seeing significant negative impacts on their businesses.

NRP worked with its largest lessee, Foresight Energy, to help them to develop a plan that enabled Foresight to emerge from bankruptcy in the second quarter of 2020. NRP entered into lease amendments pursuant to which Foresight agreed to pay NRP fixed cash payments of $48.75 million in 2020 and $42.0 million in 2021 to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between NRP and Foresight Energy for calendar years 2020 and 2021. Through the first six months of 2020, NRP received $21.2 million of the $48.75 million due in 2020. Beginning in January 2022, Foresight payment obligations will be calculated in accordance with the provisions of the original lease agreements, except with respect to the Macoupin mine. While the Macoupin mine is idled, Foresight will pay an annual fee of $2.0 million to NRP each year through 2023 to continue to lease NRP's coal reserves at Macoupin.

NRP also recorded $132.3 million in non-cash asset impairment expense in the second quarter of 2020 primarily related to weakened coal markets that was compounded by the COVID-19 pandemic and resulted in the termination of certain coal leases, changes to lessee mine plans resulting in permanent moves off of certain coal properties and decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties.

Soda Ash

Ciner Wyoming was negatively impacted by the COVID-19 pandemic as lower activity in the global auto, container and construction industries reduced demand for glass and soda ash. Revenues and other income in the second quarter of 2020 were lower by $14.4 million compared to the prior year quarter primarily due to a combination of lower pricing and volumes sold. Distributions received from Ciner Wyoming were $7.1 million in the second quarter of 2020 as compared to $9.3 million in the second quarter of 2019.

Global soda ash prices are down roughly 25% from a year ago, to levels that NRP believes are below the cost of production of the world's synthetic soda ash producers and some of the natural soda ash producers. NRP expects the soda ash industry to face significant headwinds until the global economy gets back on track. While NRP believes Ciner Wyoming's facility is competitively positioned as one of the lowest cost producers of soda ash in the world, NRP expects soda ash markets to continue to be challenged over the next several quarters.

Ciner Wyoming continues to develop plans for a significant capacity expansion capital project. However, they have delayed the timing of significant costs related to this project until they have more clarity and visibility into the impact of the COVID-19 pandemic on its business. In addition, in order to achieve greater financial flexibility during the COVID-19 pandemic, Ciner Wyoming suspended its quarterly distribution for the second quarter which would have been paid to NRP in August 2020. Ciner Wyoming will continue to evaluate on a quarterly basis whether to reinstate the distribution, which will be dependent in part on its cash reserves, liquidity, total debt levels and anticipated capital expenditures.

Corporate and Financing

Corporate and financing costs were $32.0 million lower in the second quarter of 2020 compared to the prior year quarter primarily due to the loss on extinguishment of debt of $29.3 million related to the refinancing and extension of both NRP's 2022 Senior Notes and revolving credit facility in the second quarter of 2019, as well as lower interest expense as a result of less debt outstanding. Distributable cash flow and free cash flow were $7.3 million lower compared to the prior year quarter primarily due to the timing of interest payments on the parent company bonds that were refinanced in the second quarter of 2019. Interest payments are due in June and December on the new 9.125% Notes, compared to March and September on the previous 10.5% Notes. Additionally, NRP redeemed the $3.75 million of paid-in-kind preferred units in the second quarter of 2020.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link http://www.directeventreg.com/registration/event/5489831. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP's website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States including interests in coal, industrial minerals and other natural resources. In addition, NRP owns an equity investment in Ciner Wyoming LLC, a trona ore mining and soda ash production business.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the Partnership's website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership's common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Ciner Wyoming LLC's trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA"is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

"Distributable cash flow" or "DCF"is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Free cash flow" or "FCF"is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Cash flow cushion"is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and common unit distributions. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

"Return on capital employed" or "ROCE"is a non-GAAP financial measure that we define as net income (loss) from continuing operations plus financing costs (interest expense plus loss on extinguishment of debt) divided by the sum of equity excluding equity of discontinued operations, and debt. Return on capital employed should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. Return on capital employed is a supplemental performance measure used by our management team that measures our profitability and efficiency with which our capital is employed. The measure provides an indication of operating performance before the impact of leverage in the capital structure.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income (Loss)



For the Three Months Ended For the Six Months Ended

June 30, March 31, June 30,

(In thousands,except per 2020 2019 2020 2020 2019unit data)

Revenues and other income

Coal royalty $ 31,666 $ 64,616 $ 31,433 $ 63,099 $ 114,118 and other

Transportationand processing 1,938 5,274 2,509 4,447 10,875 services

Equity inearnings (3,058 ) 11,333 6,272 3,214 23,015 (loss) ofCiner Wyoming

Gain on assetsales and 465 246 - 465 502 disposals

Total revenuesand other $ 31,011 $ 81,469 $ 40,214 $ 71,225 $ 148,510 income

Operating expenses

Operating andmaintenance $ 8,217 $ 12,459 $ 5,202 $ 13,419 $ 20,819 expenses

Depreciation,depletion and 2,062 3,970 2,012 4,074 8,362 amortization

General andadministrative 3,621 4,196 3,913 7,534 8,546 expenses

Asset 132,283 - - 132,283 - impairments

Totaloperating $ 146,183 $ 20,625 $ 11,127 $ 157,310 $ 37,727 expenses



Income (loss)from $ (115,172 ) $ 60,844 $ 29,087 $ (86,085 ) $ 110,783 operations



Other expenses, net

Interest $ (10,329 ) $ (12,456 ) $ (10,308 ) $ (20,637 ) $ (26,630 ) expense, net

Loss onextinguishment - (29,282 ) - - (29,282 ) of debt

Total other $ (10,329 ) $ (41,738 ) $ (10,308 ) $ (20,637 ) $ (55,912 ) expenses, net



Net income(loss) from $ (125,501 ) $ 19,106 $ 18,779 $ (106,722 ) $ 54,871 continuingoperations

Income fromdiscontinued - 245 - - 199 operations

Net income $ (125,501 ) $ 19,351 $ 18,779 $ (106,722 ) $ 55,070 (loss)

Less: incomeattributable (7,613 ) (7,500 ) (7,500 ) (15,113 ) (15,000 ) to preferredunitholders

Net income(loss)attributableto common $ (133,114 ) $ 11,851 $ 11,279 $ (121,835 ) $ 40,070 unitholdersand generalpartner



Net income(loss)attributable $ (130,452 ) $ 11,614 $ 11,053 $ (119,398 ) $ 39,269 to commonunitholders

Net income(loss)attributable (2,662 ) 237 226 (2,437 ) 801 to the generalpartner

Income (loss)fromcontinuing operations percommon unit

Basic $ (10.64 ) $ 0.93 $ 0.90 $ (9.74 ) $ 3.19

Diluted (10.64 ) 0.85 0.52 (9.74 ) 2.58

Net income(loss) per common unit

Basic $ (10.64 ) $ 0.95 $ 0.90 $ (9.74 ) $ 3.20

Diluted (10.64 ) 0.87 0.52 (9.74 ) 2.59



Net income $ (125,501 ) $ 19,351 $ 18,779 $ (106,722 ) $ 55,070 (loss)

Comprehensiveincome (loss)from 1,359 (825 ) (1,023 ) 336 180 unconsolidatedinvestment andother

Comprehensive $ (124,142 ) $ 18,526 17,756 $ (106,386 ) $ 55,250 income (loss)

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows



For the Three Months Ended For the Six Months Ended

June 30, March 31, June 30,

(In thousands) 2020 2019 2020 2020 2019

Cash flows fromoperating activities

Net income $ (125,501 ) $ 19,351 $ 18,779 $ (106,722 ) $ 55,070 (loss)

Adjustments toreconcile netincome (loss)to net cashprovided by operatingactivities ofcontinuingoperations:

Depreciation,depletion and 2,062 3,970 2,012 4,074 8,362 amortization

Distributionsfrom 7,105 9,310 7,105 14,210 19,110 unconsolidatedinvestment

Equity earningsfrom 3,058 (11,333 ) (6,272 ) (3,214 ) (23,015 ) unconsolidatedinvestment

Gain on assetsales and (465 ) (246 ) - (465 ) (502 ) disposals

Loss onextinguishment - 29,282 - - 29,282 of debt

Income fromdiscontinued - (245 ) - - (199 ) operations

Asset 132,283 - - 132,283 - impairments

Bad debt 3,847 6,681 (190 ) 3,657 6,691 expense

Unit-basedcompensation 924 475 729 1,653 1,376 expense

Amortization ofdebt issuance (1,534 ) 355 448 (1,086 ) 2,151 costs and other

Change inoperating assets andliabilities:

Accounts 8,446 1,830 (5,073 ) 3,373 (3,107 ) receivable

Accounts (44 ) (561 ) 93 49 (1,177 ) payable

Accrued (915 ) 642 (2,861 ) (3,776 ) (5,522 ) liabilities

Accrued (7,351 ) 2,889 7,060 (291 ) (7,144 ) interest

Deferred 2,202 (7,218 ) 8,265 10,467 (2,684 ) revenue

Other items, (4,182 ) (1,823 ) 60 (4,122 ) (2,501 ) net

Net cashprovided byoperating $ 19,935 $ 53,359 $ 30,155 $ 50,090 $ 76,191 activities ofcontinuingoperations

Net cashprovided byoperating - 234 1,706 1,706 355 activities ofdiscontinuedoperations

Net cashprovided by $ 19,935 $ 53,593 $ 31,861 $ 51,796 $ 76,546 operatingactivities



Cash flows frominvesting activities

Proceeds fromasset sales and $ 507 $ 247 $ - $ 507 $ 503 disposals

Return oflong-term 858 451 272 1,130 892 contractreceivable

Acquisition ofnon-controlling (1,000 ) - - (1,000 ) - interest in BRP

Net cashprovided byinvesting $ 365 $ 698 $ 272 $ 637 $ 1,395 activities ofcontinuingoperations

Net cash usedin investingactivities of - (44 ) (66 ) (66 ) (434 ) discontinuedoperations

Net cashprovided by $ 365 $ 654 $ 206 $ 571 $ 961 investingactivities



Cash flows fromfinancing activities

Debt borrowings $ - $ 300,000 $ - $ - $ 300,000

Debt repayments (2,365 ) (348,002 ) (16,696 ) (19,061 ) (434,470 )

Distributionsto common - (16,265 ) (5,630 ) (5,630 ) (21,890 ) unitholders andgeneral partner

Distributionsto preferred (7,613 ) (7,500 ) (7,500 ) (15,113 ) (15,000 ) unitholders

Contributionsfrom (to) - 190 1,640 1,640 (79 ) discontinuedoperations

Debt issuance - (26,412 ) - - (26,402 ) costs and other

Net cash usedin financingactivities of $ (9,978 ) $ (97,989 ) $ (28,186 ) $ (38,164 ) $ (197,841 ) continuingoperations

Net cashprovided by(used in)financing - (190 ) (1,640 ) (1,640 ) 79 activities ofdiscontinuedoperations

Net cash usedin financing $ (9,978 ) $ (98,179 ) $ (29,826 ) $ (39,804 ) $ (197,762 ) activities



Net increase(decrease) in $ 10,322 $ (43,932 ) $ 2,241 $ 12,563 $ (120,255 ) cash and cashequivalents

Cash and cashequivalents at 100,506 129,707 98,265 98,265 206,030 beginning ofperiod

Cash and cashequivalents at $ 110,828 $ 85,775 $ 100,506 $ 110,828 $ 85,775 end of period



Supplementalcash flow information:

Cash paidduring the $ 17,183 $ 9,623 $ 3,039 $ 20,222 $ 33,045 period forinterest

Plant,equipment andmineral rightsfunded with $ 924 $ - $ - $ 924 $ - accountspayable oraccruedliabilities

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets



June 30, December 31,

(In thousands, except unit data) 2020 2019

ASSETS

Current assets

Cash and cash equivalents $ 110,828 $ 98,265

Accounts receivable, net 22,044 30,869

Prepaid expenses and other, net 4,931 1,244

Current assets of discontinued operations - 1,706

Total current assets $ 137,803 $ 132,084

Land 24,008 24,008

Mineral rights, net 468,863 605,096

Intangible assets, net 17,608 17,687

Equity in unconsolidated investment 252,420 263,080

Long-term contract receivable, net 34,309 36,963

Other assets, net 8,554 6,989

Total assets $ 943,565 $ 1,085,907

LIABILITIES AND CAPITAL

Current liabilities

Accounts payable $ 1,228 $ 1,179

Accrued liabilities 6,027 8,764

Accrued interest 2,026 2,316

Current portion of deferred revenue 8,857 4,608

Current portion of long-term debt, net 45,786 45,776

Current liabilities of discontinued operations - 65

Total current liabilities $ 63,924 $ 62,708

Deferred revenue 53,431 47,213

Long-term debt, net 452,101 470,422

Other non-current liabilities 4,901 4,949

Total liabilities $ 574,357 $ 585,292

Commitments and contingencies

Class A Convertible Preferred Units (250,000units issued and outstanding at June 30, 2020and December 31, 2019, at $1,000 par value per $ 164,587 $ 164,587 unit; liquidation preference of $1,700 per unitat June 30, 2020 and $1,500 per unit atDecember 31, 2019)

Partners' capital:

Common unitholders' interest (12,261,199 unitsissued and outstanding at June 30, 2020 and $ 139,517 $ 271,471 December 31, 2019)

General partner's interest 546 3,270

Warrant holders' interest 66,816 66,816

Accumulated other comprehensive loss (2,258 ) (2,594 )

Total partners' capital $ 204,621 $ 338,963

Non-controlling interest - (2,935 )

Total capital $ 204,621 $ 336,028

Total liabilities and capital $ 943,565 $ 1,085,907

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Partners' Common Unitholders Accumulated Capital Non- General Warrant Other Excluding Controlling Total Partner Holders Comprehensive Non- Interest Capital Loss Controlling(In thousands) Units Amounts Interest

Balance at 12,261 $ 271,471 $ 3,270 $ 66,816 $ (2,594) $ 338,963 $ (2,935) $ 336,028 December 31, 2019

Cumulative effectof adoption of - (3,833) (78) - - (3,911) - (3,911) accountingstandard

Net income ^(1) - 18,403 376 - - 18,779 - 18,779

Distributions tocommon - (5,517) (113) - - (5,630) - (5,630) unitholders andgeneral partner

Distributions topreferred - (7,350) (150) - - (7,500) - (7,500) unitholders

Unit-based awardsamortization and - 673 - - - 673 - 673 vesting

Comprehensiveloss fromunconsolidated - - - - (1,023) (1,023) - (1,023) investment andother

Balance at March 12,261 $ 273,847 $ 3,305 $ 66,816 $ (3,617) $ 340,351 $ (2,935) $ 337,416 31, 2020

Net loss ^(2) - (122,991) (2,510) - - (125,501) - (125,501)

Distributions topreferred - (7,461) (152) - - (7,613) - (7,613) unitholders

Purchase ofnon-controlling - (4,747) (97) - (4,844) 2,935 (1,909) interest in BRP

Unit-based awardsamortization and - 869 - - - 869 - 869 vesting

Comprehensiveincome fromunconsolidated - - - - 1,359 1,359 - 1,359 investment andother

Balance at June 12,261 $ 139,517 $ 546 $ 66,816 $ (2,258) $ 204,621 $ - $ 204,621 30, 2020

____________________

Net income includes $7.5 million attributable to preferred unitholders that accumulated during the period, of which $7.35 million is allocated to(1) the common unitholders and $0.15 million is allocated to the general partner.

Net loss includes $7.6 million attributable to preferred unitholders that(2) accumulated during the period, of which $7.46 million is allocated to the common unitholders and $0.15 million is allocated to the general partner.

Partners' Common Unitholders Accumulated Capital Non- General Warrant Other Excluding Controlling Total Partner Holders Comprehensive Non- Interest Capital Loss Controlling(In thousands) Units Amounts Interest

Balance atDecember 31, 12,249 $ 355,113 $ 5,014 $ 66,816 $ (3,462) $ 423,481 $ (2,935) $ 420,546 2018

Net income ^(1) - 35,005 714 - - 35,719 - 35,719

Distributionsto common - (5,513) (112) - - (5,625) - (5,625) unitholders andgeneral partner

Distributionsto preferred - (7,350) (150) - - (7,500) - (7,500) unitholders

Issuance ofunit-based 12 486 - - - 486 - 486 awards

Unit-basedawards - 399 - - - 399 - 399 amortizationand vesting

Comprehensiveincome fromunconsolidated - - 10 - 1,005 1,015 - 1,015 investment andother

Balance at 12,261 $ 378,140 $ 5,476 $ 66,816 $ (2,457) $ 447,975 $ (2,935) $ 445,040 March 31, 2019

Net income ^(1) - 18,964 387 - - 19,351 - 19,351

Distributionsto common - (15,939) (326) - - (16,265) - (16,265) unitholders andgeneral partner

Distributionsto preferred - (7,350) (150) - - (7,500) - (7,500) unitholders

Unit-basedawards - 460 - - - 460 - 460 amortizationand vesting

Comprehensiveloss fromunconsolidated - - - - (825) (825) - (825) investment andother

Balance at June 12,261 $ 374,275 $ 5,387 $ 66,816 $ (3,282) $ 443,196 $ (2,935) $ 440,261 30, 2019

____________________

Net income includes $7.5 million attributable to preferred unitholders(1) that accumulated during the period, of which $7.35 million is allocated to the common unitholders and $0.15 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment forthe three months ended June 30, 2020 and 2019 and March 31, 2020:

Operating Segments

Coal Corporate Royalty and(In thousands) and Other Soda Ash Financing Total

For the Three Months Ended June 30, 2020

Revenues $ 33,604 $ (3,058 ) $ - $ 30,546

Gain on asset sales and 465 - - 465 disposals

Total revenues and $ 34,069 $ (3,058 ) $ - $ 31,011 other income (loss)

Asset impairments $ 132,283 $ - $ - $ 132,283

Net income (loss) from (108,479 ) (3,087 ) (13,935 ) $ (125,501 )continuing operations

Adjusted EBITDA ^(1) $ 25,881 $ 7,076 $ (3,621 ) $ 29,336

Cash flow provided by(used in) continuing operations:

Operating activities $ 31,953 $ 7,077 $ (19,095 ) $ 19,935

Investing activities $ 365 $ - $ - $ 365

Financing activities $ - $ - $ (9,978 ) $ (9,978 )

Distributable cash flow $ 33,318 $ 7,077 $ (19,095 ) $ 21,300 ^(1) (2)

Free cash flow^ (1) $ 31,811 $ 7,077 $ (19,095 ) $ 19,793



For the Three Months Ended June 30, 2019

Revenues $ 69,890 $ 11,333 $ - $ 81,223

Gain on asset sales and 246 - - 246 disposals

Total revenues and $ 70,136 $ 11,333 $ - $ 81,469 other income

Asset impairments $ - $ - $ - $ -

Net income (loss) from $ 53,707 $ 11,333 $ (45,934 ) $ 19,106 continuing operations

Adjusted EBITDA ^(1) $ 57,677 $ 9,310 $ (4,196 ) $ 62,791

Cash flow provided by(used in) continuing operations:

Operating activities $ 55,811 $ 9,310 $ (11,762 ) $ 53,359

Investing activities $ 698 $ - $ - $ 698

Financing activities $ - $ - $ (97,989 ) $ (97,989 )

Distributable cash flow $ 56,509 $ 9,310 $ (11,762 ) $ 54,013 ^ (1) (2)

Free cash flow^ (1) $ 56,262 $ 9,310 $ (11,762 ) $ 53,810



For the Three Months Ended March 31, 2020

Revenues $ 33,942 $ 6,272 $ - $ 40,214

Loss on asset sales and - - - - disposals

Total revenues and $ 33,942 $ 6,272 $ - $ 40,214 other income

Asset impairments $ - $ - $ - $ -

Net income (loss) from $ 26,744 $ 6,256 $ (14,221 ) $ 18,779 continuing operations

Adjusted EBITDA ^(1) $ 28,756 $ 7,089 $ (3,913 ) $ 31,932

Cash flow provided by(used in) continuing operations:

Operating activities $ 30,556 $ 7,089 $ (7,490 ) $ 30,155

Investing activities $ 272 $ - $ - $ 272

Financing activities $ - $ - $ (28,186 ) $ (28,186 )

Distributable cash flow $ 30,828 $ 7,089 $ (7,490 ) $ 30,361 ^(1) (2)

Free cash flow ^(1) $ 30,828 $ 7,089 $ (7,490 ) $ 30,427

____________________

See "Non-GAAP Financial Measures" and reconciliation tables at the end of(1) this release.

Includes net proceeds from the sale of the construction aggregates(2) business which are classified as investing cash flow from discontinued operations.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment forthe six months ended June 30, 2020 and 2019:

Operating Business Segments

Coal Royalty Corporate and and Other Financing(In thousands) Soda Ash Total

For the SixMonths Ended June 30, 2020

Revenues $ 67,546 $ 3,214 $ - $ 70,760

Gain on assetsales and 465 - - 465 disposals

Total revenues $ 68,011 $ 3,214 $ - $ 71,225 and other income

Asset impairments $ 132,283 $ - $ - $ 132,283

Net income (loss)from continuing $ (81,735) $ 3,169 $ (28,156) $ (106,722) operations

Adjusted EBITDA ^ $ 54,637 $ 14,165 $ (7,534) $ 61,268 (1)

Cash flowprovided by (used in) continuingoperations:

Operating $ 62,509 $ 14,166 $ (26,585) $ 50,090 activities

Investing $ 637 $ - $ - $ 637 activities

Financing $ - $ - $ (38,164) $ (38,164) activities

Distributablecash flow ^(1) $ 64,146 $ 14,166 $ (26,585) $ 51,661 (2)

Free cash flow ^ $ 62,639 $ 14,166 $ (26,585) $ 50,220 (1)



For the SixMonths Ended June 30, 2019

Revenues $ 124,993 $ 23,015 $ - $ 148,008

Gain on assetsales and 502 - - 502 disposals

Total revenues $ 125,495 $ 23,015 $ - $ 148,510 and other income

Asset impairments $ - $ - $ - $ -

Net income (loss)from continuing $ 96,314 $ 23,015 $ (64,458) $ 54,871 operations

Adjusted EBITDA ^ $ 104,676 $ 19,110 $ (8,546) $ 115,240 (1)

Cash flowprovided by (used in) continuingoperations:

Operating $ 98,727 $ 19,110 $ (41,646) $ 76,191 activities

Investing $ 1,395 $ - $ - $ 1,395 activities

Financing $ - $ - $ (197,841) $ (197,841) activities

Distributablecash flow ^(1) $ 100,122 $ 19,110 $ (41,646) $ 77,152 (2)

Free cash flow ^ $ 99,619 $ 19,110 $ (41,646) $ 77,083 (1)

____________________

See "Non-GAAP Financial Measures" and reconciliation tables at the end of(1) this release.

Includes net proceeds from the sale of the construction aggregates business(2) which are classified as investing cash flow from discontinued operations.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Operating Statistics - Coal Royalty and Other



For the Three Months Ended For the Six Months Ended

June 30, March 31, June 30,

(In thousands, 2020 2019 2020 2020 2019except per ton data)

Coal sales volumes (tons)

Appalachia

Northern ^(1) 87 1,625 327 414 2,484

Central 2,463 3,825 2,933 5,396 7,247

Southern 426 386 222 648 734

Total Appalachia 2,976 5,836 3,482 6,458 10,465

Illinois Basin 578 535 505 1,083 1,095

Northern Powder 340 591 527 867 1,447 River Basin

Total coal sales 3,894 6,962 4,514 8,408 13,007 volumes

Coal royalty revenue per ton

Appalachia

Northern ^(1) $ 2.74 $ 0.86 $ 1.81 $ 2.01 $ 2.19

Central 4.04 6.03 4.83 4.47 6.03

Southern 4.96 6.69 4.16 4.68 7.60

Illinois Basin 1.97 4.51 4.35 3.08 4.64

Northern Powder 3.15 2.75 4.13 3.75 2.66 River Basin

Combined averagecoal royalty revenue 3.73 4.46 4.44 4.11 4.89 per ton

Coal royalty revenues

Appalachia

Northern ^(1) $ 238 $ 1,393 $ 593 $ 831 $ 5,438

Central 9,951 23,055 14,173 24,124 43,699

Southern 2,111 2,581 923 3,034 5,578

Total Appalachia 12,300 27,029 15,689 27,989 54,715

Illinois Basin 1,137 2,411 2,199 3,336 5,081

Northern Powder 1,071 1,624 2,177 3,248 3,855 River Basin

Unadjusted coal 14,508 31,064 20,065 34,573 63,651 royalty revenues

Coal royaltyadjustment for (3,661) (361) (963) (4,624) (817) minimum leases^ (2)

Total coal royalty $ 10,847 $ 30,703 $ 19,102 $ 29,949 $ 62,834 revenues

Other revenues

Production leaseminimum revenues ^ $ 8,485 $ 15,879 $ 802 $ 9,287 $ 18,579 (2)

Minimum leasestraight-line 4,987 3,854 3,809 8,796 7,170 revenues ^(2)

Property tax 761 1,377 1,599 2,360 2,810 revenues

Wheelage revenues 1,584 1,945 2,204 3,788 3,360

Coal overriding 683 3,999 1,322 2,005 7,974 royalty revenues

Lease amendment 890 4,414 843 1,733 5,185 revenues

Aggregates royalty 271 1,237 576 847 2,701 revenues

Oil and gas royalty 2,742 482 1,103 3,845 2,201 revenues

Other revenues 416 726 73 489 1,304

Total other revenues $ 20,819 $ 33,913 $ 12,331 $ 33,150 $ 51,284

Coal royalty and $ 31,666 $ 64,616 $ 31,433 $ 63,099 $ 114,118 other

Transportation andprocessing services 1,938 5,274 2,509 4,447 10,875 revenues

Gain on asset sales 465 246 - 465 502 and disposals

Total Coal Royaltyand Other segment $ 34,069 $ 70,136 $ 33,942 $ 68,011 $ 125,495 revenues and otherincome

____________________

Northern Appalachia includes NRP's Hibbs Run property that has significant(1) sales volumes, but a low fixed rate per ton.

Beginning April 1, 2020 and effective January 1, 2020, certain revenues previously classified as coal royalty revenues are classified as production(2) lease minimum revenues or minimum lease straight-line revenues due to contract modifications that fixed consideration paid to us over a two-year period.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Adjusted EBITDA



Coal Corporate Royalty and(In thousands) and Other Soda Ash Financing Total

For the Three Months Ended June 30, 2020

Net income (loss)from continuing (108,479) (3,087) (13,935) $ (125,501) operations

Less: equity earningsfrom unconsolidated - 3,058 - 3,058 investment

Add: totaldistributions from - 7,105 - 7,105 unconsolidatedinvestment

Add: interest 15 - 10,314 10,329 expense, net

Add: loss onextinguishment of - - - - debt

Add: depreciation,depletion and 2,062 - - 2,062 amortization

Add: asset 132,283 - - 132,283 impairments

Adjusted EBITDA $ 25,881 $ 7,076 $ (3,621) $ 29,336



For the Three Months Ended June 30, 2019

Net income (loss)from continuing $ 53,707 $ 11,333 $ (45,934) $ 19,106 operations

Less: equity earningsfrom unconsolidated - (11,333) - (11,333) investment

Add: totaldistributions from - 9,310 - 9,310 unconsolidatedinvestment

Add: interest - - 12,456 12,456 expense, net

Add: loss onextinguishment of - - 29,282 29,282 debt

Add: depreciation,depletion and 3,970 - - 3,970 amortization

Add: asset - - - - impairments

Adjusted EBITDA $ 57,677 $ 9,310 $ (4,196) $ 62,791



For the Three Months Ended March 31, 2020

Net income (loss)from continuing $ 26,744 $ 6,256 (14,221) $ 18,779 operations

Less: equity earningsfrom unconsolidated - (6,272) - (6,272) investment

Add: totaldistributions from - 7,105 - 7,105 unconsolidatedinvestment

Add: interest - - 10,308 10,308 expense, net

Add: loss onextinguishment of - - - - debt

Add: depreciation,depletion and 2,012 - - 2,012 amortization

Add: asset - - - - impairments

Adjusted EBITDA $ 28,756 $ 7,089 $ (3,913) $ 31,932

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Coal Royalty Corporate and Other and(In thousands) Soda Ash Financing Total

For the Six Months Ended June 30, 2020

Net income (loss)from continuing $ (81,735) $ 3,169 $ (28,156) $ (106,722) operations

Less: equityearnings from - (3,214) - (3,214) unconsolidatedinvestment

Add: totaldistributions from - 14,210 - 14,210 unconsolidatedinvestment

Add: interest 15 - 20,622 20,637 expense, net

Add: loss onextinguishment of - - - - debt

Add: depreciation,depletion and 4,074 - - 4,074 amortization

Add: asset 132,283 - - 132,283 impairments

Adjusted EBITDA $ 54,637 $ 14,165 $ (7,534) $ 61,268



For the Six Months Ended June 30, 2019

Net income (loss)from continuing $ 96,314 $ 23,015 $ (64,458) $ 54,871 operations

Less: equityearnings from - (23,015) - (23,015) unconsolidatedinvestment

Add: totaldistributions from - 19,110 - 19,110 unconsolidatedinvestment

Add: interest - - 26,630 26,630 expense, net

Add: loss onextinguishment of - - 29,282 29,282 debt

Add: depreciation,depletion and 8,362 - - 8,362 amortization

Add: asset - - - - impairments

Adjusted EBITDA $ 104,676 $ 19,110 $ (8,546) $ 115,240

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow



Coal Corporate Royalty and(In thousands) and Other Soda Ash Financing Total

For the Three Months Ended June 30, 2020

Net cash provided by (usedin) operating activities $ 31,953 $ 7,077 $ (19,095) 19,935 of continuing operations

Add: proceeds from asset 507 - - 507 sales and disposals

Add: proceeds from sale of - - - - discontinued operations

Add: return of long-term 858 - - 858 contract receivable

Distributable cash flow $ 33,318 $ 7,077 $ (19,095) $ 21,300

Less: proceeds from asset (507) - - (507) sales and disposals

Less: proceeds from sale - - - - of discontinued operations

Less: acquisition costs (1,000) - - (1,000)

Free cash flow $ 31,811 $ 7,077 $ (19,095) $ 19,793



For the Three Months Ended June 30, 2019

Net cash provided by (usedin) operating activities $ 55,811 $ 9,310 $ (11,762) $ 53,359 of continuing operations

Add: proceeds from asset 247 - - 247 sales and disposals

Add: proceeds from sale of - - - (44) discontinued operations

Add: return of long-term 451 - - 451 contract receivable

Distributable cash flow $ 56,509 $ 9,310 $ (11,762) $ 54,013

Less: proceeds from asset (247) - - (247) sales and disposals

Less: proceeds from sale - - - 44 of discontinued operations

Less: acquisition costs - - - -

Free cash flow $ 56,262 $ 9,310 $ (11,762) $ 53,810



For the Three Months Ended March 31, 2020

Net cash provided by (usedin) operating activities $ 30,556 $ 7,089 $ (7,490) $ 30,155 of continuing operations

Add: proceeds from asset - - - - sales and disposals

Add: proceeds from sale of - - - (66) discontinued operations

Add: return of long-term 272 - - 272 contract receivable

Distributable cash flow $ 30,828 $ 7,089 $ (7,490) $ 30,361

Less: proceeds from asset - - - - sales and disposals

Less: proceeds from sale - - - 66 of discontinued operations

Less: acquisition costs - - - -

Free cash flow $ 30,828 $ 7,089 $ (7,490) $ 30,427

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow



Coal Corporate Royalty and(In thousands) and Other Soda Ash Financing Total

For the Six Months Ended June 30, 2020

Net cash provided by(used in) operating $ 62,509 $ 14,166 $ (26,585) $ 50,090 activities of continuingoperations

Add: distributions fromunconsolidated - - - - investment in excess ofcumulative earnings

Add: proceeds from asset 507 - - 507 sales and disposals

Add: proceeds from saleof discontinued - - - (66) operations

Add: return of long-term 1,130 - - 1,130 contract receivable

Distributable cash flow $ 64,146 $ 14,166 $ (26,585) $ 51,661

Less: proceeds fromasset sales and (507) - - (507) disposals

Less: proceeds from saleof discontinued - - - 66 operations

Less: acquisition costs (1,000) - - (1,000)

Free cash flow $ 62,639 $ 14,166 $ (26,585) $ 50,220



For the Six Months Ended June 30, 2019

Net cash provided by(used in) operating $ 98,727 $ 19,110 $ (41,646) $ 76,191 activities of continuingoperations

Add: distributions fromunconsolidated - - - - investment in excess ofcumulative earnings

Add: proceeds from asset 503 - - 503 sales and disposals

Add: proceeds from saleof discontinued - - - (434) operations

Add: return of long-term 892 - - 892 contract receivable

Distributable cash flow $ 100,122 $ 19,110 $ (41,646) $ 77,152

Less: proceeds fromasset sales and (503) - - (503) disposals

Less: proceeds from saleof discontinued - - - 434 operations

Less: acquisition costs - - - -

Free cash flow $ 99,619 $ 19,110 $ (41,646) $ 77,083

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

LTM Free Cash Flow and Cash Flow Cushion



For the Three Months Ended

(In September December 31, March 31, June 30, Last 12thousands) 30, 2019 2020 2020 Months 2019

Net cashprovided byoperating $ 41,734 $ 19,394 $ 30,155 $ 19,935 $ 111,218 activities ofcontinuingoperations

Add: proceedsfrom asset 6,108 (111) - 507 6,504 sales anddisposals

Add: proceedsfrom sale of (122) (73) (66) - (261) discontinuedoperations

Add: returnof long-term 459 392 272 858 1,981 contractreceivable

Distributable $ 48,179 $ 19,602 $ 30,361 $ 21,300 $ 119,442 cash flow

Less:proceeds from (6,108) 111 - (507) (6,504) asset salesand disposals

Less:proceeds fromsale of 122 73 66 - 261 discontinuedoperations

Less:acquisition - (22) - (1,000) (1,022) costs

Free cash $ 42,193 $ 19,764 $ 30,427 $ 19,793 $ 112,177 flow

Add (less):free cashflow provided (359) (4) 1,706 - 1,343 by (used by)discontinuedoperations

Free cashflowincluding $ 41,834 $ 19,760 $ 32,133 $ 19,793 $ 113,520 discontinuedoperations

Add (less):free cashflow used by 359 4 (1,706) - (1,343) (provided by)discontinuedoperations

Free cashflowexcluding $ 42,193 $ 19,764 $ 30,427 $ 19,793 $ 112,177 discontinuedoperations

Less:mandatory (8,276) (20,335) (16,696) (2,365) (47,672) Opco debtrepayments

Less:preferred (7,500) (7,500) (7,500) (7,613) (30,113) unitdistributions

Less: commonunit (5,630) (5,630) (5,630) - (16,890) distributions

Cash flow $ 20,787 $ (13,701) $ 601 $ 9,815 $ 17,502 cushion

Leverage Ratio



For the Three Months Ended

September December 31, March 31, June 30, Last 12(In thousands) 30, 2019 2020 2020 Months 2019

Net income (loss)from continuing $ 39,163 $ (119,448) $ 18,779 $ (125,501) $ (187,007) operations

Less: equityearnings from (13,818) (10,256) (6,272) 3,058 (27,288) unconsolidatedinvestment

Add: totaldistributions from 6,370 6,370 7,105 7,105 26,950 unconsolidatedinvestment

Add: interest 10,431 10,392 10,308 10,329 41,460 expense, net

Add: depreciation,depletion and 3,384 3,186 2,012 2,062 10,644 amortization

Add: asset 484 147,730 - 132,283 280,497 impairments

Adjusted EBITDA $ 46,014 $ 37,974 $ 31,932 $ 29,336 $ 145,256

Debt-at June 30, $ 504,995 2020

Leverage Ratio ^(1) 3.5 x

____________________

Leverage Ratio is calculated as the outstanding principal of NRP's debt as of June 30, 2020 divided by the last twelve months' Adjusted EBITDA. Note(1) that adjusted EBITDA under NRP's partnership agreement is different than amount shown above. As a result, NRP's last twelve months Leverage ratio as of June 30, 2020, was 3.6x as calculated under NRP's partnership agreement.

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Return on Capital Employed ("ROCE")

Coal Royalty Corporate and and Other Financing(In thousands) Soda Ash Total

LTM Ended June 30, 2020

Net income (loss)from continuing $ (156,838) $ 26,994 $ (57,163) $ (187,007) operations

Financing costs - - 42,702 42,702

Return $ (156,838) $ 26,994 $ (14,461) $ (144,305)



As of June 30, 2019

Total assets ofcontinuing $ 949,198 $ 251,135 $ 18,126 $ 1,218,459 operations

Less: totalcurrentliabilities ofcontinuing (12,365) - (9,482) (21,847) operationsexcluding currentdebt

Less: totallong-termliabilities ofcontinuing (47,667) - (354) (48,021) operationsexcludinglong-term debt

Capital employedexcluding $ 889,166 $ 251,135 $ 8,290 $ 1,148,591 discontinuedoperations



Total partners' $ 892,101 $ 251,135 $ (700,366) $ 443,196 capital ^(1)

Less:non-controlling (2,935) - - (2,935) interest

Less: partners'capital from - - - (326) discontinuedoperations

Total partners'capital excluding $ 889,166 $ 251,135 $ (700,366) $ 439,935 discontinuedoperations

Class Aconvertible - - 164,587 164,587 preferred units

Debt - - 544,069 544,069

Capital employedexcluding $ 889,166 $ 251,135 $ 8,290 $ 1,148,591 discontinuedoperations



ROCE excludingdiscontinued (17.6)% 10.7% N/A (12.6)% operations



Excluding asset impairments:

Return $ (156,838) $ 26,994 $ (14,461) $ (144,305)

Add: asset 280,497 - - 280,497 impairments

Return excluding $ 123,659 $ 26,994 $ (14,461) $ 136,192 asset impairments



ROCE excludingdiscontinued 13.9% 10.7% N/A 11.9% operations andasset impairments

____________________

(1) Total partners' capital includes $0.3 million from discontinued operations.

Change in Common Unitholders' Equity Excluding Asset Impairments Attributableto Common Unitholders

(In thousands)



Q2 2020 Common unitholders' equity $ 139,517

Q2 2019 Common unitholders' equity $ 374,275

LTM Change in common unitholders' equity $ (234,758)



LTM Asset impairments $ 280,497

LTM Asset impairments attributable to common unitholders $ 274,887



LTM Change in common unitholders' equity excluding asset $ 40,129 impairments attributable to common unitholders

View source version on businesswire.com: https://www.businesswire.com/news/home/20200807005042/en/

CONTACT: Tiffany Sammis, 713-751-7515 tsammis@nrplp.com