Natural Resource Partners L.P. Common Units (NYSE:NRP) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET

Company Participants

Tiffany Sammis - Manager, Investor Relations
Craig Nunez - President & Chief Operating Officer
Chris Zolas - Chief Financial Officer

Operator

Good morning, and welcome to the Natural Resource Partners L.P. Second Quarter 2024 Earnings Conference Call. My name is Emma, and I will be your conference manager. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I would 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 second 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 second 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 $57 million of free cash flow in the second quarter and $287 million of free cash flow over the last twelve months. While we began to experience the negative impacts of lower metallurgical coal and soda ash prices in the first half of the year, we continue to generate robust free cash flow and make steady 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 decrease of 35% from one year ago.