Natural Resource Partners L.P. Common Units (NYSE:NRP) Q1 2024 Earnings Conference Call May 7, 2024 9:00 AM ET

Company Participants

Tiffany Sammis - Investor Relations
Craig Nunez - President & COO of GP Natural Resource Partners LLC
Chris Zolas - Chief Financial Officer of GP Natural Resource Partners LLC

Conference Call Participants

Nat Stewart - N.A.S. Capital LLC.

Operator

Thank you for standing by. My name is Pam and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners L.P. First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the conference over to Tiffany Sammis, Manager of Investor Relations. You may begin.

Tiffany Sammis

Thank you. Good morning and welcome to the Natural Resource Partners first quarter 2024 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 first 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 coal lessee or detailed market fundamentals.

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. NRP generated $72 million of free cash flow in the first quarter and $312 million of free cash flow over the last 12 months. This robust cash generation has allowed us to make noteworthy progress toward our goal of eliminating all financial obligations. As of today, our total remaining obligations, which include debt and preferred equity, stand at approximately $240 million, a 45% decrease from just one year ago.