Natural Resource Partners L.P. Common Units (NYSE:NRP) Q3 2024 Earnings Conference Call November 5, 2024 9:00 AM ET

Company Participants

Tiffany Sammis - Manager, IR
Craig Nunez - President & COO
Chris Zolas - CFO

Conference Call Participants

Mark Zand - Wexford
John Mason - Aegis Company
Neil Patel - Sawgrass Beach

Operator

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Natural Resource Partners LP Third Quarter 2024 Earnings Conference Call. 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]

I would now like to turn the call over to Tiffany Sammis, Manager of Investor Relations. Please go ahead.

Tiffany Sammis

Thank you. Good morning, and welcome to the Natural Resource Partners third 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 $55 million of free cash flow in the third quarter and $263 million of free cash flow over the last 12 months. While we realized lower prices for metallurgical and thermal coal during the quarter and significantly lower prices for soda ash, we continue to generate robust free cash flow and make noteworthy progress toward our goal of eliminating all financial obligations. Notably, we paid off the remaining $32 million of preferred securities during the quarter and are now free of all preferred and warrant liabilities.