Natural Resource Partners L.P. (NYSE:NRP) Q4 2022 Earnings Conference Call March 2, 2023 9:00 AM ET

Company Participants

Tiffany Sammis - IR

Craig Nunez - President and COO

Chris Zolas - CFO

Conference Call Participants

Operator

Good morning. My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Natural Resource Partners L.P. Fourth Quarter and Full Year 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions] Thank you, Tiffany Sammis. Manager Investor Relations. You may begin.

Tiffany Sammis

Thank you. Good morning and welcome to the Natural Resource Partners' fourth quarter 2022 conference call. Today's call is being webcast and a replay will be available on our website. Joining me today are Craig Nunez, President and Chief Operating Officer; Chris Zolas, Chief Financial Officer, and Kevin Craig, Executive Vice President.

Some of our comments today may include forward-looking statements reflecting NRP's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in NRP's Form 10-K and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP measures are included in our fourth quarter press release, which can be found on our website. I would like to remind everyone that we do not intend to discuss the operations or outlook for any particular co-lessee or detailed market fundamentals. In addition, I refer you to Sisecam Resources' public disclosures and public disclosures and commentary for specific questions regarding our Soda Ash segments.

Now, I would like to turn the call over to Craig Nunez, our President and Chief Operating Officer.

Craig Nunez

Thank you, Tiffany, and good morning, everyone. I would like to begin by thanking our employees for their outstanding contributions, executing our strategy to delever and de-risk the partnership. I'd also like to thank our equity investors, bondholders and banks for your enduring support. And a special word of appreciation is owed to our board of directors for its wise guidance and counsel.

When we embarked on our new strategy seven years ago, the partnership was in a precarious financial position, with almost $1.5 billion of debt, representing more than two thirds of our capital structure. Our bonds were trading at $0.65 on the dollar. And our free cash flow was negative. Our future looked bleak.