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What changed in ALLIANCE RESOURCE PARTNERS LP's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of ALLIANCE RESOURCE PARTNERS LP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+456 added−509 removedSource: 10-K (2026-02-26) vs 10-K (2025-02-27)

Top changes in ALLIANCE RESOURCE PARTNERS LP's 2025 10-K

456 paragraphs added · 509 removed · 362 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

119 edited+50 added−88 removed113 unchanged
Biggest changeFrancis also develops and contracts EV charging stations for third-party customers. ​ ● Infinitum is a Texas-based developer and manufacturer of electric motors featuring printed circuit board stators that have the potential to result in motors that are smaller, lighter, quieter, more efficient and capable of operating at a fraction of the carbon footprint of conventional electric motors. ​ ● NGP ET IV focuses on investments that are part of the global transition toward a lower carbon economy by partnering with top-tier management teams and investing growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy, or the efficient use of energy. ​ Environmental, Health, and Safety Regulations ​ Our coal operations, and those of the operators on the properties in which we hold oil & gas mineral interests, are subject to extensive regulation by federal, state, and local authorities on matters such as: ​ ● employee health and safety; ● permits and other licensing requirements for mining or exploration and production activities; ● air quality standards; ● water quality standards; ● storage of petroleum products and substances that are regarded as hazardous under applicable laws or that, if spilled, could reach waterways or wetlands; ● plant and wildlife protection that could limit or prohibit mining or exploration and production activities; ● restrict the types, quantities, and concentration of materials that can be released into the environment in the performance of mining or exploration and production activities; ● initiate investigatory and remedial measures to mitigate pollution from former or current operations, such as restoration of waste ponds, mining areas, drilling pits, and plugging of abandoned wells; ● storage and handling of explosives; 14 Table of Contents ● wetlands protection; ● surface subsidence from underground mining; and ● the effects, if any, that mining has on groundwater quality and availability. ​ Failure to comply with environmental laws and regulations may result in the assessment of administrative, civil, and criminal sanctions, including monetary penalties, the imposition of strict, joint and several liability, investigatory and remedial obligations, and the issuance of injunctions limiting or prohibiting some or all of the operations on our properties.
Biggest changeFinancial Statements and Supplementary Data—Note 3 – Variable Interest Entities” and “—Note 10 – Investments” for more information on our growth investments. ​ ● Infinitum is a Texas-based developer and manufacturer of electric motors featuring printed circuit board stators that have the potential to result in motors that are smaller, lighter, quieter, more efficient and capable of operating at a fraction of the carbon footprint of conventional electric motors. ​ ● NGP ET IV focuses on investments that are part of the energy transition by partnering with top-tier management teams and investing growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy, or the efficient use of energy. ​ ● Gavin Generation is a limited partnership that owns, indirectly, an interest in a joint venture holding company formed with a third party that indirectly owns and operates a coal-fired power plant. ​ Environmental, Health, and Safety Regulations ​ Our coal operations, and those of the operators on the properties in which we hold oil & gas mineral interests, are subject to extensive regulation by federal, state, and local authorities on matters such as: ​ ● employee health and safety; ● permits and other licensing requirements for mining or exploration and production activities; ● air quality standards; ● water quality standards; ● storage of petroleum products and substances that are regarded as hazardous under applicable laws or that, if spilled, could reach waterways or wetlands; ● plant and wildlife protection that could limit or prohibit mining or exploration and production activities; ● restriction of the types, quantities, and concentration of materials that can be released into the environment in the performance of mining or exploration and production activities; ● initiation of investigatory and remedial measures to mitigate pollution from former or current operations, such as restoration of waste ponds, mining areas, drilling pits, and plugging of abandoned wells; ● storage and handling of explosives; ● wetlands protection; ● surface subsidence from underground mining; and 14 Table of Contents ● the effects, if any, that mining has on groundwater quality and availability. ​ Failure to comply with environmental laws and regulations may result in the assessment of administrative, civil, and criminal sanctions, including monetary penalties, the imposition of strict, joint and several liability, investigatory and remedial obligations, and the issuance of injunctions limiting or prohibiting some or all of the operations on our properties.
Substantially all of our coal mineral resources and a majority of our coal mineral reserves are owned or leased by Alliance Resource Properties, which are (a) leased or subleased to internal mining complexes or (b) near other internal and external coal mining operations but not yet leased.
Substantially all of our coal mineral resources and a majority of our coal mineral reserves are owned or leased by Alliance Resource Properties, which are (a) leased or subleased to our mining complexes or (b) near other internal and external coal mining operations but not yet leased.
The Mountain View mine produces low/medium-sulfur coal, which is transported by truck to the Mettiki (MD) preparation plant for processing for shipment into the metallurgical or thermal coal markets. The Mettiki (MD) preparation plant has throughput capacity of 1,350 tons of raw coal per hour.
The Mountain View mine produces low/medium-sulfur coal, which is transported by truck to the Mettiki (MD) preparation plant for processing for shipment into the metallurgical or thermal coal markets. The preparation plant has throughput capacity of 1,350 tons of raw coal per hour.
GIBSON RESERVES AND RESOURCES ​ E. HENDERSON/UNION RESOURCES ​ H. TUNNEL RIDGE RESERVES AND RESOURCES ​ B. HAMILTON RESERVES AND RESOURCES ​ F. DOTIKI RESOURCES ​ I. MOUNTAIN VIEW RESERVES AND RESOURCES ​ C. RIVER VIEW RESERVES ​ G. SEBREE SOUTH RESOURCES ​ J. PENN RIDGE RESOURCES ​ ​ D.
GIBSON RESERVES AND RESOURCES ​ E. HENDERSON/UNION RESOURCES ​ H. TUNNEL RIDGE RESERVES AND RESOURCES ​ B. HAMILTON RESERVES AND RESOURCES ​ F. DOTIKI RESOURCES ​ I. MOUNTAIN VIEW RESERVES AND RESOURCES ​ C. RIVER VIEW RESERVES AND RESOURCES ​ G. SEBREE SOUTH RESOURCES ​ J. PENN RIDGE RESOURCES ​ ​ D.
WARRIOR RESERVES ​ ​ ​ ​ ​ ​ Illinois Basin ​ Alliance Resource Properties, either directly or through its subsidiaries, holds coal mineral reserves and resources in the following counties in the Illinois Basin: ​ ● Hopkins County, Kentucky ● Webster County, Kentucky ● Union County, Kentucky ● Henderson County, Kentucky ● Hamilton County, Illinois ● Gibson County, Indiana ​ Alliance Resource Properties leases some of the reserves and resources in Union and Henderson Counties from WKY CoalPlay or its subsidiaries, which are related parties.
WARRIOR RESERVES AND RESOURCES ​ ​ ​ ​ ​ ​ Illinois Basin ​ Alliance Resource Properties, either directly or through its subsidiaries, holds coal mineral reserves and resources in the following counties in the Illinois Basin: ​ ● Hopkins County, Kentucky ● Webster County, Kentucky ● Union County, Kentucky ● Henderson County, Kentucky ● Hamilton County, Illinois ● Gibson County, Indiana ​ Alliance Resource Properties leases some of the reserves and resources in Union and Henderson Counties from WKY CoalPlay or its subsidiaries, which are related parties.
As provided by the Inflation Adjustment Act, the increased penalty levels apply to any penalties assessed after January 15, 2025. ​ The MINER Act significantly amended the FMSHA, imposing more extensive and stringent compliance standards, increasing criminal penalties, and establishing a maximum civil penalty for non-compliance, and expanding the scope of federal oversight, inspection, and enforcement activities.
As provided by the Inflation Adjustment Act, the increased penalty levels apply to any penalties assessed after January 15, 2025. ​ The MINER Act significantly amended the FMSHA, imposing more extensive and stringent compliance standards, increasing criminal penalties, establishing a maximum civil penalty for non-compliance, and expanding the scope of federal oversight, inspection, and enforcement activities.
The final rule added additional requirements to the existing MSHA respirable coal dust standards, as well as set forth new or revised silica standards for exposure sampling, corrective actions, medical surveillance for metal and non-metal miners, medical evaluations conducted by a physician or other licensed health care professional for miners required to wear a respirator, and respiratory 16 Table of Contents protection programs for all mines.
The final rule added additional requirements to the 16 Table of Contents existing MSHA respirable coal dust standards, as well as set forth new or revised silica standards for exposure sampling, corrective actions, medical surveillance for metal and non-metal miners, medical evaluations conducted by a physician or other licensed health care professional for miners required to wear a respirator, and respiratory protection programs for all mines.
However, in February 2023, EPA published a final revocation of the May 2020 finding.
However, in February 2023, the EPA published a final revocation of the May 2020 finding.
See Exhibit 21.1 to this Annual Report on Form 10-K for a listing of our subsidiaries. ​ ​ Our internet address is www.arlp.com , and we make available free of charge on our website our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, Forms 3, 4 and 5 for our Section 16 filers and other documents (and amendments and exhibits, such as press releases, to such filings) as soon as reasonably practicable after we electronically file with or furnish such material to the SEC.
See Exhibit 21.1 to this Annual Report on Form 10-K for a listing of our subsidiaries. ​ ​ Available Information ​ Our internet address is www.arlp.com , and we make available free of charge on our website our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, Forms 3, 4 and 5 for our Section 16 filers and other documents (and amendments and exhibits, such as press releases, to such filings) as soon as reasonably practicable after we electronically file with or furnish such material to the SEC.
Although many of the requirements primarily impact underground mining, our competitors in all of the areas in which we operate are subject to the same laws and regulations. ​ FMSHA has been construed as authorizing MSHA to issue citations and orders pursuant to the legal doctrine of strict liability, or liability without fault, and FMSHA requires the imposition of a civil penalty for each cited violation.
Although many of the requirements primarily impact underground mining, our competitors in the areas in which we operate are subject to the same laws and regulations. ​ FMSHA has been construed as authorizing MSHA to issue citations and orders pursuant to the legal doctrine of strict liability, or liability without fault, and FMSHA requires the imposition of a civil penalty for each cited violation.
The Warrior complex was opened in 1985, and we acquired it in February 2003. Warrior utilizes continuous mining units employing room-and-pillar mining techniques to produce medium/high-sulfur coal. Warrior’s preparation plant has throughput capacity of 1,200 tons of raw coal per hour.
The Warrior complex was opened in 1985, and we acquired it in February 2003. Warrior utilizes continuous mining units employing room-and-pillar mining techniques to produce medium/high-sulfur coal. The preparation plant has throughput capacity of 1,200 tons of raw coal per hour.
The Hamilton mine is an underground longwall mining operation producing medium/high-sulfur coal. Longwall mining began in October 2014 and we acquired complete ownership and control in 2015. Hamilton's preparation plant has throughput capacity of 2,000 tons of raw coal per hour.
The Hamilton mine is an underground longwall mining operation producing medium/high-sulfur coal. Longwall mining began in October 2014 and we acquired complete ownership and control in 2015. The preparation plant has throughput capacity of 2,000 tons of raw coal per hour.
For more information concerning our requirement to maintain bonds to secure our workers’ compensation obligations, see the discussion of surety bonds below under “—Bonding Requirements.” ​ The Patient Protection and Affordable Care Act, enacted in 2010, includes significant changes to the federal black lung program retroactive to 2005, including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and establishes a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.
For more information concerning our requirement to maintain bonds to secure our workers’ compensation obligations, see the discussion of surety bonds below under “—Bonding Requirements.” ​ The Patient Protection and Affordable Care Act, enacted in 2010, included significant changes to the federal black lung program retroactive to 2005, including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim and establishes a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.
The Gibson South mine is an underground mine and utilizes continuous mining units employing room-and-pillar mining techniques to produce low/medium-sulfur coal. The Gibson South mine’s preparation plant has throughput capacity of 1,800 tons of raw coal per hour.
The Gibson South mine is an underground mine and utilizes continuous mining units employing room-and-pillar mining techniques to produce low/medium-sulfur coal. The preparation plant has throughput capacity of 1,800 tons of raw coal per hour.
The balance of our tons sold was to third-party resellers and industrial consumers domestically. For tons sold to domestic electric utilities, 100.0% were sold to utility plants with installed pollution control devices.
The balance of our tons sold was to third-party resellers and industrial consumers domestically. For tons sold to domestic electric utilities, 100% were sold to utility plants with installed pollution control devices.
We cannot predict what other regional greenhouse gas reduction initiatives may arise in the future. ​ It is possible that future international, federal, and state initiatives to control GHG emissions could result in increased costs associated with fossil-fuel production and consumption, such as costs to install additional controls to reduce carbon dioxide emissions or costs to purchase emissions reduction credits to comply with future emissions trading programs.
We cannot predict what other regional GHG reduction initiatives may arise in the future. ​ It is possible that future international, federal, and state initiatives to control GHG emissions could result in increased costs associated with fossil-fuel production and consumption, such as costs to install additional controls to reduce carbon dioxide emissions or costs to purchase emissions reduction credits to comply with future emissions trading programs.
ITEM 1. BUSINESS ​ Introduction ​ We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in strategic producing regions across the United States.
ITEM 1. BUSINESS ​ Introduction ​ We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in key producing regions across the United States.
Based on geologic data and ongoing development by operators, our mineral interests contain multiple producing zones of economic horizontal development including the Bakken and Three Forks formations. ​ Other ​ Our other interests are comprised primarily of mineral interests owned in the Appalachia Basin that stretches throughout most of Ohio, West Virginia, and Pennsylvania, and extends into other states.
Based on geologic data and ongoing development by operators, our mineral interests contain multiple producing zones of economic horizontal development including the Bakken and Three Forks formations. ​ Other ​ Our other oil & gas mineral interests are comprised primarily of mineral interests owned in the Appalachia Basin that stretches throughout most of Ohio, West Virginia, and Pennsylvania, and extends into other states.
If 25 Table of Contents the USFWS were to designate species indigenous to the areas in which we operate as threatened or endangered or to redesignate a species from threatened to endangered, we or the operators of the properties in which we hold oil & gas mineral interests could be subject to additional regulatory and permitting requirements, which in turn could increase operating costs or adversely affect our revenues. ​ Other Environmental, Health, and Safety Regulations ​ In addition to the laws and regulations described above, we are subject to regulations regarding underground and above-ground storage tanks in which we may store petroleum or other substances.
If the USFWS were to designate species indigenous to the areas in which we operate as threatened or endangered or to redesignate a species from threatened to endangered, we or the operators of the properties in which we hold oil & gas mineral interests could be subject to additional regulatory and permitting requirements, which in turn could increase operating costs or adversely affect our revenues. ​ Other Environmental, Health, and Safety Regulations ​ In addition to the laws and regulations described above, we are subject to regulations regarding underground and above-ground storage tanks in which we may store petroleum or other substances.
Warrior’s production is shipped via the CSX or PAL railroads or by truck directly to customers or potentially to various transloading facilities, including our Mt. Vernon transloading facility, for barge deliveries. Warrior coal production in 2024 was 4.4 million tons. ​ 5 Table of Contents Mt. Vernon Transfer Terminal, LLC ​ Mt.
Warrior’s production is shipped via the CSX or PAL railroads or by truck directly to customers or potentially to various transloading facilities, including our Mt. Vernon transloading facility, for barge deliveries. Warrior coal production in 2025 was 4.5 million tons. ​ 5 Table of Contents Mt. Vernon Transfer Terminal, LLC ​ Mt.
Lessees calculate royalty payments due to us and are required to report tons of coal mined and sold as well as the sales prices of the extracted coal. ​ The following chart summarizes the coal sales associated with our coal mineral interests for the years ended December 31, 2024, 2023 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Coal Regions 2024 2023 2022 ​ ​ (tons in millions) Illinois Basin 19.8 19.9 21.2 ​ Appalachia 1.3 0.3 0.6 ​ Total 21.1 20.2 21.8 ​ ​ 10 Table of Contents The following map shows the location of our coal mineral interests: ​ ​ ​ ​ ​ ​ ​ Illinois Basin: ​ ​ Appalachian Basin: ​ A.
Lessees calculate royalty payments due to us and are required to report tons of coal mined and sold as well as the sales prices of the extracted coal. ​ The following chart summarizes the coal sales associated with our coal mineral interests for the years ended December 31, 2025, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Coal Regions ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (tons in millions) Illinois Basin 20.5 19.8 19.9 ​ Appalachia 3.6 1.3 0.3 ​ Total 24.1 21.1 20.2 ​ ​ 10 Table of Contents The following map shows the location of our coal mineral interests: ​ ​ ​ ​ ​ ​ ​ Illinois Basin: ​ ​ Appalachian Basin: ​ A.
Our principal competitors include American Consolidated Natural Resources Inc., Core Natural Resources, Inc., Alpha Metallurgical Resources, Inc., Foresight Energy LP, and Peabody Energy Corporation. We also compete directly with smaller producers in the Illinois Basin and Appalachian regions.
Our principal competitors include American Consolidated Natural Resources Inc., Core Natural Resources, Inc., Alpha Metallurgical Resources, Inc., Foresight Energy Resources LLC, and Peabody Energy Corporation. We also compete directly with smaller producers in the Illinois Basin and Appalachian regions.
The regional haze program, including particularly the EPA ’ s FIPs, and any future regulations may restrict the construction of new coal-fired power plants whose operation may impair visibility at and around federally protected areas and may require some existing coal-fired power plants to install additional control measures designed to limit haze-causing emissions.
The regional haze program, including particularly the EPA ’ s FIPs, and any future regulations may restrict the construction of new coal-fired power plants whose operation may impair 19 Table of Contents visibility at and around federally protected areas and may require some existing coal-fired power plants to install additional control measures designed to limit haze-causing emissions.
We market our coal production to major domestic and international utilities and industrial users. ​ We own mineral and royalty interests in approximately 70,000 net royalty acres, including approximately 4,000 net royalty acres attributable to our equity interest in AllDale III, in premier oil & gas producing regions in the United States, primarily the Permian, Anadarko, and Williston Basins.
We market our coal production to major domestic and international utilities and industrial customers. ​ We also own mineral and royalty interests in approximately 70,000 net royalty acres, including approximately 4,000 net royalty acres attributable to our equity interest in AllDale III, in premier oil & gas producing regions in the United States, primarily the Permian, Anadarko, and Williston Basins.
Vernon leases land and operates a coal-loading terminal on the Ohio River at Mt. Vernon, Indiana. Coal is delivered to Mt. Vernon by both rail and truck. The terminal has a capacity of 8.0 million tons per year with existing ground storage of approximately 200,000 tons.
Vernon leases land and operates a coal-loading terminal on the Ohio River at Mt. Vernon in Posey County, Indiana. Coal is delivered to Mt. Vernon by both rail and truck. The terminal has a capacity of 8.0 million tons per year with existing ground storage of approximately 200,000 tons.
Similarly, most wastes associated with the exploration, development, and production of oil & gas are exempt from regulation as hazardous wastes under RCRA, though these wastes typically constitute “solid wastes” that are 24 Table of Contents subject to less stringent non-hazardous waste requirements.
Similarly, most wastes associated with the exploration, development, and production of oil & gas are exempt from regulation as hazardous wastes under RCRA, though these wastes typically constitute “solid wastes” that are subject to less stringent non-hazardous waste requirements.
Leasing of these properties is dependent upon further development by our operating subsidiaries or third-party mining complexes, which is regulatory and market dependent. ​ Dotiki Resources ​ Approximately 76.0 million tons of the resources are currently leased/subleased or held for lease/sublease to Webster. ​ Sebree South Resources ​ Approximately 43.5 million tons of the resources are currently leased/subleased to Sebree. ​ Appalachia Basin ​ Alliance Resource Properties, either directly or through its subsidiaries, holds coal mineral reserves and resources in the following counties in the Appalachian Basin: ​ ● Brooke County, West Virginia ● Grant County, West Virginia ● Ohio County, West Virginia ● Tucker County, West Virginia ● Washington County, Pennsylvania ​ Approximately 77.9 million tons of reserves and 85.4 million tons of coal mineral resources are controlled by Alliance Resource Properties in the Appalachian Basin and are leased/subleased to our mining complexes or held for lease/sublease in the future as follows: ​ Tunnel Ridge Reserves and Resources ​ Approximately 73.1 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Tunnel Ridge. ​ 12 Table of Contents Mountain View Reserves and Resources ​ Approximately 12.2 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Mettiki (WV). ​ Penn Ridge Resources ​ Approximately 78.0 million tons of the resources are not under a lease.
Leasing of these properties is dependent upon further development by our operating subsidiaries or third-party mining complexes, which is regulatory and market dependent. ​ Dotiki Resources ​ Approximately 76.0 million tons of the resources are currently leased/subleased or held for lease/sublease to Webster. ​ Sebree South Resources ​ Approximately 43.0 million tons of the resources are currently leased/subleased to Sebree. ​ Appalachia Basin ​ Alliance Resource Properties, either directly or through its subsidiaries, holds coal mineral reserves and resources in the following counties in the Appalachian Basin: ​ ● Brooke County, West Virginia ● Grant County, West Virginia ● Ohio County, West Virginia ● Tucker County, West Virginia ● Washington County, Pennsylvania ​ Approximately 86.1 million tons of reserves and 85.6 million tons of coal mineral resources are controlled by Alliance Resource Properties in the Appalachian Basin and are leased/subleased to our mining complexes or held for lease/sublease in the future as follows: ​ Tunnel Ridge Reserves and Resources ​ Approximately 82.5 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Tunnel Ridge. ​ 12 Table of Contents Mountain View Reserves and Resources ​ Approximately 11.2 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Mettiki (WV). ​ Penn Ridge Resources ​ Approximately 78.0 million tons of the resources are not under a lease.
Although we have minimal surface mining activity and no mountaintop removal mining activity, SMCRA nevertheless requires that comprehensive environmental protection and reclamation standards be met during the course of and upon completion of our mining activities. ​ SMCRA and similar state statutes require, among other things, that mined property be restored in accordance with specified standards and approved reclamation plans.
Although we have never had mountaintop removal mining activity and we currently have no surface mining activity, SMCRA nevertheless requires that comprehensive environmental protection and reclamation standards be met during the course of and upon completion of our mining activities. ​ SMCRA and similar state statutes require, among other things, that mined property be restored in accordance with specified standards and approved reclamation plans.
Information on our website or any other website is not incorporated by reference into this report and does not constitute a part of this report. ​ The SEC maintains a website that contains reports, proxy and information statements, and other information for issuers, including us.
Information on our website or any other website is not incorporated by reference into this report and does not constitute a part of this report. ​ 2 Table of Contents The SEC maintains a website that contains reports, proxy and information statements, and other information for issuers, including us.
To the extent that the methane emissions fee rule is implemented as originally promulgated, oil & gas production on the properties in which we hold mineral interests could be adversely affected to the extent the rules and any of their requirements impose increased operating costs on the oil & gas industry . ​ GHG Emissions ​ Combustion of fossil fuels, such as the coal we produce and the oil & gas produced from our mineral interests, results in the emission of GHGs, such as carbon dioxide and methane.
To the extent that these rules are implemented as originally promulgated, oil & gas production on the properties in which we hold mineral interests could be adversely affected to the extent the rules and any of their requirements impose increased operating costs on the oil & gas industry . ​ GHG Emissions ​ Combustion of fossil fuels, such as the coal we produce and the oil & gas produced from our mineral interests, results in the emission of GHGs, such as carbon dioxide and methane.
Our developed and undeveloped net acres standardized to a 1/8th royalty equate to 70,036 oil & gas net royalty acres, including 3,964 oil & gas net royalty acres owned through our equity interest in AllDale III. ​ Our coal mineral interests include substantially all of our coal mineral resources and the majority of our coal mineral reserves which are owned or leased by Alliance Resource Properties and are (a) leased or subleased to internal mining complexes or (b) near other internal and external coal mining operations but not yet leased.
Our developed and undeveloped net acres standardized to a 1/8th royalty equate to approximately 70,000 oil & gas net royalty acres, including approximately 4,000 oil & gas net royalty acres owned through our equity interest in AllDale III. ​ Our coal mineral interests include substantially all of our coal mineral resources and the majority of our coal mineral reserves which are owned or leased by Alliance Resource Properties and are (a) leased or subleased to our mining complexes or (b) near other internal and external coal mining operations but not yet leased.
Coal produced from the River View complex is transported by overland belt to a barge loading facility on the Ohio River. River View complex coal production in 2024 was 9.3 million tons. ​ Hamilton Complex ​ Hamilton operates the Hamilton mine, located near the city of McLeansboro in Hamilton County, Illinois.
Coal produced from the River View complex is transported by overland belt to a barge loading facility on the Ohio River. River View complex coal production in 2025 was 9.6 million tons. ​ Hamilton Complex ​ Hamilton operates the Hamilton mine, located near the city of McLeansboro in Hamilton County, Illinois.
Most recently, in May 2024, the EPA finalized a rule that repeals the ACE rule and establishes GHG standards and guidelines that require coal fired power plants to (1) convert to natural gas co-firing by January 1, 2030 and then retire by 2039, (2) install by 2032 carbon capture and sequestration technology capable of capturing 90% of all CO 2 emissions, or (3) cease operations by 2032.
In May 2024, the EPA finalized a rule that repealed the ACE rule and established GHG standards and guidelines that require coal fired power plants to (1) convert to natural gas co-firing by January 1, 2030 and then retire by 2039, (2) install by 2032 carbon capture and sequestration technology capable of capturing 90% of all CO 2 emissions, or (3) cease operations by 2032.
Hamilton’s production is shipped via the CSX, Evansville Western Railway, or NS rail directly to customers or various transloading facilities, including our Mt. Vernon transloading facility, for barge deliveries. Hamilton coal production in 2024 was 4.8 million tons. ​ Warrior Complex ​ Warrior operates an underground mining complex located near the city of Madisonville in Hopkins County, Kentucky.
Hamilton’s production is shipped via the CSX, Evansville Western Railway, or NS rail directly to customers or various transloading facilities, including our Mt. Vernon transloading facility, for barge deliveries. Hamilton coal production in 2025 was 6.5 million tons. ​ Warrior Complex ​ Warrior operates an underground mining complex located near the city of Madisonville in Hopkins County, Kentucky.
AllDale III also owns mineral interests in the Haynesville Shale formation located in northwest Louisiana. ​ Coal Royalties ​ Our Coal Royalties segment includes approximately 535.9 million tons of reserves and substantially all of the 1.07 billion tons of our coal mineral resources.
AllDale III also owns mineral interests in the Haynesville Shale formation located in northwest Louisiana. ​ Coal Royalties ​ Our Coal Royalties segment includes approximately 509.6 million tons of reserves and substantially all of the 1.07 billion tons of our coal mineral resources.
Substantially, all of our coal mineral resources and 535.9 million tons of our coal mineral reserves are owned or leased by Alliance Resource Properties and are currently leased or subleased or held for lease or sublease to our mining operations or others.
Substantially, all of our coal mineral resources and 509.6 million tons of our coal mineral reserves are owned or leased by Alliance Resource Properties and are currently leased or subleased or held for lease or sublease to our mining operations or others.
The coal we sell into international markets is generally not subject to the excise tax referenced in this paragraph. The Partnership recognized expenses related to the BLBA excise tax of $28.9 million for the year ended December 31, 2024. Please read “Item 8.
The coal we sell into international markets is generally not subject to the excise tax referenced in this paragraph. The Partnership recognized expenses related to the BLBA excise tax of $31.7 million for the year ended December 31, 2025. Please read “Item 8.
Depending on the particular regulatory program that may be enacted, at either the federal or state level, and the outcome of any legal challenges, the demand for coal and oil & gas could be negatively impacted, which would have an adverse effect on our operations. ​ The EPA continues to seek to regulate GHG emissions from stationary sources, such as coal-fueled power plants, under existing federal CAA.
Depending on the particular regulatory program that may be enacted, at either the federal or state level, and the outcome of any legal challenges, the demand for coal and oil & gas could be negatively impacted, which would have an adverse effect on our operations. ​ The EPA has sought to regulate GHG emissions from stationary sources, such as coal-fueled power plants, based on its authority under the CAA.
EPA found that the EPA had acted outside the bounds of the agency’s authority in the promulgation of the CPP.
EPA found that the EPA had acted outside the bounds of the agency’s authority in promulgating of the CPP.
Tunnel Ridge coal production in 2024 was 6.0 million tons. ​ Mettiki Complex ​ Mettiki operates the Mountain View mine located in Tucker County, West Virginia and a preparation plant located near the city of Oakland in Garrett County, Maryland. Mettiki (WV) began longwall mining in November 2006.
Tunnel Ridge coal production in 2025 was 5.2 million tons. ​ Mettiki Complex ​ Mettiki operates the Mountain View mine located in Tucker County, West Virginia and a preparation plant located near the city of Oakland in Garrett County, Maryland. Mettiki (WV) began longwall mining in November 2006.
The Henderson County mine, located in Henderson County, Kentucky, began full production in 2024 and utilizes continuous mining units to produce medium/high-sulfur coal from the No. 9 seam. ​ Both mines utilize the existing preparation plant, refuse disposal, and loadout facilities. River View’s preparation plant has throughput capacity of 2,700 tons of raw coal per hour.
The Henderson County mine began full production in 2024 and utilizes continuous mining units to produce medium/high-sulfur coal. ​ Both mines utilize the existing preparation plant, refuse disposal, and loadout facilities. The preparation plant has throughput capacity of 2,700 tons of raw coal per hour.
Our export customers generally negotiate and pay for ocean vessel transportation. ​ Mineral Interest Activities ​ Our mineral interest activities include both oil & gas and coal mineral interests.
Our export customers generally negotiate and pay for ocean vessel transportation. 7 Table of Contents ​ Mineral Interest Activities ​ Our mineral interest activities include both oil & gas and coal mineral interests.
Our coal mineral reserves and resources are located in the Appalachia and Illinois Basins in the United States. We lease our reserves and resources to our mining complexes under long-term leases.
Our coal mineral reserves and resources are located in the Appalachia and Illinois Basins in the United States. These assets support our internal mining operations. We lease our reserves and resources to our mining complexes under long-term leases.
The Tunnel Ridge preparation plant has throughput capacity of 2,000 tons of raw coal per hour. Coal produced from the Tunnel Ridge mine is medium/high-sulfur coal and is transported by conveyor belt to a barge loading facility on the Ohio River.
Longwall mining operations began at Tunnel Ridge in May 2012. The preparation plant has throughput capacity of 2,000 tons of raw coal per hour. Coal produced from the Tunnel Ridge mine is medium/high-sulfur coal and is transported by conveyor belt to a barge loading facility on the Ohio River.
We may also be liable under various state statutes with respect to black lung claims. ​ Surface Mining Control and Reclamation Act ​ The SMCRA and similar state statutes establish operational, reclamation, and closure standards for all aspects of surface mining as well as many aspects of deep mining.
These changes have increased, and may continue to increase, our costs. We may also be liable under various state statutes with respect to black lung claims. ​ Surface Mining Control and Reclamation Act ​ The SMCRA and similar state statutes establish operational, reclamation, and closure standards for all aspects of surface mining as well as many aspects of deep mining.
In May 2024, however the EPA issued a final NSPS rule for GHG emissions from new and reconstructed fossil fuel-fired combustion turbines, which notably, formally withdrew the December 2018 proposed amendments to the NSPS for GHG emissions from coal-fired EGUs. However, the EPA noted it was still continuing to review the October 2015 rule.
In May 2024, however, the EPA issued a final NSPS rule for GHG emissions from new and reconstructed fossil fuel-fired combustion turbines, which notably, formally withdrew the December 2018 proposed amendments to the NSPS for GHG emissions from coal-fired EGUs.
Financial Statements and Supplementary Data—Note 21 – Related-Party Transactions.” ​ Approximately 458.0 million tons of proven and probable reserves and 980.7 million tons of measured, indicated and inferred coal mineral resources are controlled by Alliance Resource Properties in the Illinois Basin and are leased/subleased to our mining complexes or held for lease/sublease in the future as follows: ​ 11 Table of Contents Gibson Reserves and Resources ​ Approximately 3.3 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Gibson. ​ Hamilton Reserves and Resources ​ Approximately 560.2 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Hamilton. ​ River View Reserves ​ Approximately 296.1 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to River View. ​ Warrior Reserves ​ Approximately 45.1 million tons of the reserves are currently leased/subleased or held for lease/sublease to Warrior. ​ Henderson/Union Resources ​ Approximately 414.4 million tons of the resources are not under lease or currently anticipated to be leased by our operating companies.
Financial Statements and Supplementary Data—Note 21 – Related-Party Transactions.” ​ Approximately 423.5 million tons of proven and probable reserves and 972.5 million tons of measured, indicated and inferred coal mineral resources are controlled by Alliance Resource Properties in the Illinois Basin and are leased/subleased to our mining complexes or held for lease/sublease in the future as follows: ​ 11 Table of Contents Gibson Reserves and Resources ​ Approximately 2.4 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Gibson. ​ Hamilton Reserves and Resources ​ Approximately 534.4 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Hamilton. ​ River View Reserves and Resources ​ Approximately 280.3 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to River View. ​ Warrior Reserves and Resources ​ Approximately 44.6 million tons of the reserves and resources are currently leased/subleased or held for lease/sublease to Warrior. ​ Henderson/Union Resources ​ Approximately 415.2 million tons of the resources are not under lease or currently anticipated to be leased by our operating companies.
Under the program, states are required to develop SIPs to improve visibility. Typically, these plans call for reductions in sulfur dioxide and nitrogen oxide emissions from coal-fueled electric plants. In prior cases, the EPA has decided to negate the SIPs and impose stringent requirements through FIPs.
Typically, these plans call for reductions in sulfur dioxide and nitrogen oxide emissions from coal-fueled electric plants. In prior cases, the EPA has decided to negate the SIPs and impose stringent requirements through FIPs.
While the future of this goal in the Trump Administration is uncertain, to the extent these requirements or similar requirements that may be enacted or adopted in the future affect our current and prospective customers or those of our mineral interest producers, they may reduce the demand for our coal and the oil & gas produced 22 Table of Contents from the properties in which we hold mineral interests.
To the extent these requirements or similar requirements that may be enacted or adopted in the future affect our current and prospective customers or those of our mineral interest producers, they may reduce the demand for our coal and the oil & gas produced from the properties in which we hold mineral interests.
We have established long-term relationships with customers through exemplary and consistent performance. ​ At December 31, 2024, our mining operations, which are held by Alliance Coal, had access to approximately 631.7 million tons of coal mineral reserves and 1.07 billion tons of coal mineral resources in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia.
We have established and maintained long-term relationships with customers through consistent delivery performance and reliable contract fulfillment. ​ At December 31, 2025, our mining operations, which are held by Alliance Coal, had access to approximately 586.3 million tons of coal mineral reserves and 1.07 billion tons of coal mineral resources in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia.
We are also required to comply with the Federal Safe Drinking Water Act, the Toxic Substance Control Act, and the Emergency Planning and Community Right-to-Know Act.
We are also required to comply with the SDWA, the Toxic Substance Control Act, and the Emergency Planning and Community Right-to-Know Act.
Our coal mineral interests are located in both the Illinois Basin and the Appalachia Basin. ​ Oil & Gas Royalties ​ When our oil & gas mineral interests are leased, we typically receive an upfront cash payment, known as a lease bonus, and we retain a mineral royalty, which entitles us to receive a fixed percentage of the revenue or production from the oil & gas produced from the acreage underlying our interests, free of lease operating expenses and capital costs.
Our coal mineral interests are located in both the Illinois Basin and the Appalachia Basin. ​ Oil & Gas Royalties ​ When our oil & gas mineral interests are leased, we typically receive an upfront lease bonus and retain a royalty interest that entitles us to a fixed percentage of production or revenue from the acreage underlying our interests.
While the full extent and impact of these actions is unclear at this time, due to the litigation and the change in Trump Administration, any disruption in the ability to obtain required permits may result in increased costs and project delays. ​ TMDL regulations under the CWA establish a process to calculate the maximum amount of a pollutant that an impaired waterbody can receive and still meet state water quality standards, and to allocate pollutant loads among the point and non-point pollutant sources discharging into that water body.
Any disruption in the ability to obtain required permits may result in increased costs and project delays. ​ TMDL regulations under the CWA establish a process to calculate the maximum amount of a pollutant that an impaired waterbody can receive and still meet state water quality standards, and to allocate pollutant loads among the point and non-point pollutant sources discharging into that water body.
For more information about citations or orders for violations of standards under the FMSHA, as amended by the MINER Act, please see our Exhibit 95.1 to this Annual Report on Form 10-K. ​ We are focused on the health of our employees.
For more information about citations or orders for violations of standards under the FMSHA, as amended by the MINER Act, please see our Exhibit 95.1 to this Annual Report on Form 10-K. ​ We support the health and well-being of our workforce by offering medical, dental, and vision benefits for our employees.
The Btu content of our coal ranges from 11,450 to 13,200. ​ The following chart summarizes our coal production by region for the last three years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Coal Regions 2024 2023 2022 ​ ​ (tons in millions) Illinois Basin 24.2 25.2 24.3 ​ Appalachia 8.0 9.7 11.2 ​ Total 32.2 34.9 35.5 ​ ​ ​ 3 Table of Contents The following map shows the location of our coal mining operations: ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Operations: ​ D.
The Btu content of our coal ranges from 11,400 to 13,200, positioning our products to meet customer requirements across multiple end-use applications. ​ The following chart summarizes our coal production by region for the last three years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Coal Regions ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (tons in millions) Illinois Basin 26.1 24.2 25.2 ​ Appalachia 7.1 8.0 9.7 ​ Total 33.2 32.2 34.9 ​ ​ ​ 3 Table of Contents The following map shows the location of our coal mining operations: ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Operations: ​ D.
We believe that our diverse and rich resource base and strategic investments will allow us to continue to create long-term value for unitholders. ​ We are the second largest coal producer in the eastern United States with seven operating underground mining complexes in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia as well as a coal-loading terminal in Indiana on the Ohio River.
We believe our diverse resource portfolio and targeted investments will continue to create long-term value for our unitholders. ​ We are the second largest coal producer in the eastern United States and as of December 31, 2025, we operated seven underground mining complexes across Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia and a coal-loading terminal on the Ohio River in Indiana.
For example, the RGGI calls for the implementation of a cap-and-trade program aimed at reducing carbon dioxide emissions from power plants in participating states. The members of RGGI have established in statutes and/or regulations a carbon dioxide trading program. Similar to RGGI, five western states launched the Western Climate Initiative, although only California, Washington and Quebec are currently active participants.
For example, the RGGI calls for the implementation of a cap-and-trade program aimed at reducing carbon dioxide emissions from power plants in participating states. The members of RGGI have established in statutes and/or regulations a carbon dioxide trading program. However, in November 2025, Pennsylvania officially withdrew from RGGI. Similar to RGGI, five western states launched the Western Climate Initiative.
Reserve additions and the associated cash flows are expected to increase from the development of our existing mineral interests and through acquisitions of additional mineral interests. ​ We hold coal mineral reserves and resources in Illinois, Indiana, Kentucky, Pennsylvania and West Virginia.
We expect reserve additions and the related cash flows to grow through further development of our existing mineral interests as well as acquisitions of additional mineral interests. ​ We also hold coal mineral reserves and resources in Illinois, Indiana, Kentucky, Pennsylvania and West Virginia.
These minimum royalties are normally credited against the production royalties owed to a lessor once coal production has commenced. ​ Illinois Basin Operations ​ Our Illinois Basin mining operations are located in western Kentucky, southern Illinois, and southern Indiana.
These minimum royalties are normally credited against the production royalties owed to a lessor once coal production has commenced. ​ Illinois Basin Operations ​ Our Illinois Basin mining operations are located in western Kentucky, southern Illinois, and southern Indiana. As of December 31, 2025, we had 2,013 employees and we operated four mining complexes in the Illinois Basin.
Matrix Group has become a leader in collision avoidance and proximity detection technologies, providing safety and productivity solutions for mining companies worldwide, while extending its reach into other industrial applications. ​ Bitiki ​ Bitiki began crypto-mining activities during the second half of 2020 as a bitcoin mining pilot project to monetize already paid for, yet underutilized, electricity load.
Matrix Group has become a leader in collision avoidance and proximity detection technologies, providing safety and productivity solutions for mining companies worldwide, while extending its reach into other industrial applications. ​ Bitiki ​ Bitiki began crypto-mining activities during the second half of 2020. Bitiki also hosts third-party crypto-miners for a fee.
A significant reduction in fossil fuels’ share of power generating capacity could have a material adverse effect on our business, financial condition, and results of operations. ​ In addition to the GHG issues discussed below, the air emissions programs that may affect our operations or the operations of those on the properties in which we hold mineral interests, directly or indirectly, include but are not limited to the following: ​ ● The EPA ’ s Acid Rain Program, provided in Title IV of the CAA, regulates emissions of sulfur dioxide from electric generating facilities.
A significant reduction in fossil fuels’ share of power generating capacity could have a material adverse effect on our business, financial condition, and results of operations. ​ In addition to the GHG issues discussed below, the air emissions programs that may affect our operations or the operations of those on the properties in which we hold mineral interests, directly or indirectly, include but are not limited to the following: ​ ● The EPA periodically reviews and may revise the NAAQS, which can require additional SIP obligations and emissions controls.
For example, on January 20, 2025, President Trump issued an Executive Order directing the CEQ to issue guidance and propose rescinding existing NEPA regulations to “expedite and simplify the permitting process.” While the impact of these developments is unclear at this time, any disruption in our ability to obtain permits could result in costs that could have a material adverse effect on our business, financial condition and results of operations. ​ Many states and regions have adopted GHG initiatives and certain governmental bodies have or are considering the imposition of fees or taxes based on the emission of GHG by certain facilities, including coal-fired electric generating facilities.
While the impact of these developments is unclear at this time, any disruption in our ability to obtain permits could result in costs that could have a material adverse effect on our business, financial condition and results of operations. ​ 21 Table of Contents Many states and regions have adopted GHG initiatives and certain governmental bodies have or are considering the imposition of fees or taxes based on the emission of GHG by certain facilities, including coal-fired electric generating facilities.
The announced retirements are likely to reduce the demand for coal. Apart from MATS, several states have enacted or proposed regulations requiring reductions in mercury emissions from coal-fired power plants, and federal legislation to reduce mercury emissions from power plants has been proposed. Regulation of mercury emissions by the EPA, states, or Congress may decrease the future demand for coal.
Such retirements could reduce demand for coal. Apart from MATS, several states have enacted or proposed regulations requiring reductions in mercury emissions from coal-fired power plants, and federal legislation to reduce mercury emissions from power plants has been proposed.
Continued demand for our coal and the prices that our lessees obtain are also affected by the demand for electricity and steel, as well as government regulations, technological developments, and the availability and the cost of generating power from alternative fuel sources, including nuclear, natural gas, wind, solar, and hydroelectric power. ​ For additional information, please see “Item 1A.
Demand for our coal and the prices that our lessees obtain are further influenced by the demand for electricity and steel, as well as government regulations, technological developments, and the relative cost and availability of alternative generation sources, including nuclear, natural gas, wind, solar, and hydroelectric power.
Supreme Court denied the challengers’ request for an emergency stay of the rule and the litigation remains ongoing. ​ There are further uncertainties surrounding the potential impacts and costs associated with the reduction of GHG emissions, such as: protests and challenges to the permitting of new fossil-fuel infrastructure by environmental organizations and state regulators; state tort liability or regulatory penalties or fines; and state adoption of “renewable energy standards” or “renewable portfolio standards,” which encourage or require electric utilities to obtain a certain percentage of their electric generation portfolio from renewable resources by a certain date.
On June 17, 2025, the EPA issued a proposed rule that would repeal all GHG emissions standards for fossil fuel-fired power plants, including the May 2024 final NSPS rule. ​ There are further uncertainties surrounding the potential impacts and costs associated with the reduction of GHG emissions, such as: protests and challenges to the permitting of new fossil-fuel infrastructure by environmental organizations and state regulators; state tort liability or regulatory penalties or fines; and state adoption of “renewable energy standards” or “renewable portfolio standards,” which encourage or require electric utilities to obtain a certain percentage of their electric generation portfolio from renewable resources by a certain date.
While we own both oil & gas mineral and royalty interests, we refer to them collectively as mineral interests throughout our discussions of our business as the majority of our holdings are mineral interests.
While we own both oil & gas mineral and royalty interests, we refer to them collectively as mineral interests throughout our discussions of our business as the majority of our holdings are mineral interests. We market our oil & gas mineral interests for lease to operators in those regions and generate royalty income from their development of those mineral interests.
The costs of compliance with these regulations should not have a material adverse effect on our business, financial condition, or results of operations. ​ Human Capital ​ To conduct our operations, as of December 31, 2024, we employed 3,653 full-time employees, including 3,064 employees involved in active coal mining operations, 383 employees in other operations, and 200 corporate employees.
The costs of compliance with these regulations should not have a material adverse effect on our business, financial condition, or results of operations. ​ Human Capital ​ As of December 31, 2025, we employed 3,575 full-time employees, including 2,895 employees in active coal mining operations, 236 employees at Matrix Design, 237 employees supporting other operating activities, and 207 corporate employees.
We produce a diverse range of thermal and metallurgical coal with varying sulfur and heat contents, which enables us to satisfy the broad range of specifications required by our customers. In 2024, we sold 33.3 million tons of coal and produced 32.2 million tons. Of the 33.3 million tons sold, 63% were leased from Alliance Resource Properties.
We produce a diverse range of thermal and metallurgical coal with varying sulfur and heat contents, enabling us to meet a broad range of customer specifications. In 2025, we sold 33.0 million tons of coal and produced 33.2 million tons. Of the 33.0 million tons sold, 73% were leased from Alliance Resource Properties.
The underground operation utilizes continuous mining units employing room-and-pillar mining techniques to produce low-sulfur coal. The existing preparation plant, which has throughput capacity of 1,000 tons of raw coal per hour, is utilized by Mine No. 5.
MC Mining operates the Excel Mine No. 5. We acquired the original mine in 1989, and we completed the development of Mine No. 5 in May 2020. The underground operation utilizes continuous mining units employing room-and-pillar mining techniques to produce low-sulfur coal. The preparation plant has throughput capacity of 1,000 tons of raw coal per hour.
The CWA authorizes the EPA to review Section 404 permits issued by the Corps of Engineers, and in 2009, the EPA began reviewing Section 404 permits issued by the Corps of Engineers for coal mining in Appalachia.
Our coal mining operations typically require Section 404 permits to authorize activities such as the creation of slurry ponds and stream impoundments. The CWA authorizes the EPA to review Section 404 permits issued by the Corps of Engineers, and in 2009, the EPA began reviewing Section 404 permits issued by the Corps of Engineers for coal mining in Appalachia.
In making decisions regarding employee compensation, we review current compensation levels for each position within other companies in the coal industry and other peers and use our discretion to determine an appropriate total compensation package, which generally includes some combination of base salary, incentive compensation, health and welfare benefits and participation in our profit sharing and savings plan.
To benchmark our compensation practices, we regularly review current compensation levels for each position against peers in the coal industry and comparable sectors. Total compensation generally includes some combination of base salary, incentive compensation, health and welfare benefits and participation in our profit sharing and savings plan.
The public can obtain any documents that we file with the SEC at www.sec.gov . ​ Coal Mining Operations ​ Coal is used primarily for the generation of electric power and the production of steel but is also used for chemical, food, and cement processing.
The public can obtain any documents that we file with the SEC at www.sec.gov . ​ Coal Mining Operations ​ Coal remains an essential fuel source for electric power generation and a critical input for steel production, with additional uses in chemical, food, and cement processing.
The Partnership also administers our medical plan, which allows us to control costs and work directly on behalf of our employees with healthcare providers. To date, we have been able to continue providing health and welfare benefits with no out-of-pocket premiums for our employees and 100% coverage with direct contract providers. ​ 26 Table of Contents ​
Our in-house administration of the medical plan allows us to actively manage costs while improving service delivery for employees. To date, we have been able to continue providing health and welfare benefits with no out-of-pocket premiums for our employees and 100% coverage with direct contract providers. ​ 25 Table of Contents ​
We believe we are in compliance in all material respects with applicable regulations relating to reclamation. We have accrued $158.8 million for the estimated costs of reclamation and mine closing, including the cost of treating mine water discharge when necessary. Please read “Item 8.
We have accrued $157.6 million for the estimated costs of reclamation and mine closing, including the cost of treating mine water discharge when necessary. Please read “Item 8.
The May 2024 rule has been challenged in the D.C. Circuit Court, but the U.S. Supreme Court denied the challengers’ request to stay implementation of the rule pending the outcome of the litigation. However, we cannot predict what action the Trump Administration may take with respect to EPA’s May 2024 rule.
The May 2024 rule was challenged in the D.C. Circuit Court, but the U.S. Supreme Court denied the challengers’ request to stay implementation of the rule pending the outcome of the litigation.
In 2024, the terminal loaded approximately 3.8 million tons for customers of Gibson and Hamilton. ​ Appalachian Operations ​ Our Appalachian mining operations are located in eastern Kentucky, western Maryland, western Pennsylvania, and northern West Virginia.
In 2025, the terminal loaded approximately 1.6 million tons for customers of Gibson and Hamilton. ​ Appalachian Operations ​ Our Appalachian mining operations are located in eastern Kentucky, western Maryland, western Pennsylvania, and northern West Virginia. As of December 31, 2025, we had 882 employees and we operated three mining complexes in Appalachia.
Unlike owners of working interests in oil & gas properties, we are not obligated to fund drilling and completion costs, lease operating expenses, or plugging and abandonment costs associated with oil & gas production. ​ The following chart summarizes the production of our oil & gas mineral interests for the year ended December 31, 2024, 2023, and 2022, not including our equity interest in AllDale III: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Production: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (MBbls) ​ ​ 1,501 ​ ​ 1,418 ​ ​ 1,061 ​ Natural gas (MMcf) ​ ​ 6,304 ​ ​ 5,759 ​ ​ 4,814 ​ Natural gas liquids (MBbls) ​ ​ 850 ​ ​ 726 ​ ​ 541 ​ BOE (MBbls) ​ ​ 3,402 ​ ​ 3,105 ​ ​ 2,404 ​ ​ 8 Table of Contents ​ The following map shows the location of our oil & gas mineral interests: ​ ​ Permian Basin—Delaware and Midland Basins ​ The Permian Basin ranges from West Texas into southeastern New Mexico and is currently the most active area for horizontal drilling in the United States.
This recurring re-lease cycle supports long-term value realization across both developed and undeveloped acreage positions. ​ The following chart summarizes the production of our oil & gas mineral interests for the years ended December 31, 2025, 2024, and 2023, not including our equity interest in AllDale III: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2025 ​ 2024 ​ 2023 Production: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (MBbls) ​ ​ 1,628 ​ ​ 1,501 ​ ​ 1,418 ​ Natural gas (MMcf) ​ ​ 6,674 ​ ​ 6,304 ​ ​ 5,759 ​ Natural gas liquids (MBbls) ​ ​ 908 ​ ​ 850 ​ ​ 726 ​ BOE (MBbls) ​ ​ 3,648 ​ ​ 3,402 ​ ​ 3,105 ​ ​ 8 Table of Contents ​ The following map shows the location of our oil & gas mineral interests: ​ ​ Permian Basin—Delaware and Midland Basins ​ The Permian Basin ranges from West Texas into southeastern New Mexico and is currently the most active area for horizontal drilling in the United States.
The compliance date for the final rule was July 17, 2024. ​ It is uncertain whether any of the above or various other proposed rules or requests for information would have material impacts on our operations or our costs of operation. ​ Subsequent to the passage of the MINER Act, Illinois, Kentucky, Pennsylvania, and West Virginia have enacted legislation addressing issues such as mine safety and accident reporting, increased civil and criminal penalties, and increased inspections and oversight.
Compliance with the revised standards may require us to upgrade, retrofit, or replace certain equipment at our facilities to meet the newly adopted consensus standards. ​ It is uncertain whether any of the above or various other proposed rules or requests for information would have material impacts on our operations or our costs of operation. ​ Subsequent to the passage of the MINER Act, several states have enacted legislation addressing issues such as mine safety and accident reporting, increased civil and criminal penalties, and increased inspections and oversight.
The Federal government established such a trust fund and as of January 1, 2022, the trust fund was funded by an excise tax on industry-wide production of up to $0.50 per ton for underground-mined coal and up to $0.25 per ton for surface-mined coal, but not to exceed 2% of the applicable gross sales price.
The Federal government established such a trust fund that is funded by an excise tax on industry-wide production of up to $1.10 per ton of coal from underground mines and up to $0.55 per ton of coal from surface mines, neither amount to exceed 4.4% of the gross sales price.
Risk Factors”. ​ Oil & Gas Minerals Interest - Seasonal Nature of Business ​ Generally, demand for oil increases during the summer months and decreases during the winter months while demand for natural gas increases during the winter and summer months and decreases during the spring and fall months.
All of these factors may impact the royalties attributable to the production of our reserves. ​ Oil & Gas Minerals Interests - Seasonal Nature of Business ​ Generally, demand for oil increases during the summer months and decreases during the winter months while demand for natural gas increases during the winter and summer months and decreases during the spring and fall months.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeCompetition from natural gas-fired plants that are relatively more efficient, less expensive to construct, and less difficult to permit than coal-fired plants has the most potential to displace a significant amount of coal-fired electric power generation in the near term, particularly from older, less efficient coal-fired powered generators. ​ Future environmental regulation of GHG emissions also could accelerate the use by utilities of fuels other than coal, although the short-term future is uncertain as policy changes develop and are implemented by the Trump Administration.
Biggest changeOur primary competition is from natural gas-fired plants that are relatively more efficient and less difficult to permit than coal-fired plants. ​ Future environmental regulation of GHG emissions also could accelerate the use by utilities of fuels other than coal.
These risks are discussed more fully below and include but are not limited to risks related to: ​ Risks Inherent in an Investment in Us ● Cash distributions are not guaranteed ● Ownership of limited partner interests could be diluted ● Sales of our common units could cause decline in the market price of our common units ● Our unitholders do not elect the general partner ● The control of our general partner may be transferred to a third party ● Unitholders may be required to sell their units to our general partner ● Cost reimbursements due to our general partner could be substantial ● Your liability as a limited partner may not be limited under certain circumstances ● Our general partner’s fiduciary duties are limited, and our general partner has discretion in determining the level of cash reserves and has potential conflicts of interest ● Some executive officers and directors face potential conflicts of interest ​ Risks Related to Our Business ● Declining global economic conditions could adversely impact us ● Financing may not be available to us on favorable terms or at all ● Our indebtedness could adversely impact us ● We depend upon the leadership of key personnel ● Legal proceedings could adversely impact us ● Our customers may not honor their contracts or may not enter into new contracts for our products ● Some of our contracts may be renegotiated or terminated ● We depend upon a few customers for significant portions of our revenues ● The credit risk of our customers could adversely impact us ● Cyber or terrorist attacks could adversely impact us ● Establishment of labor unions at our operations could adversely affect our profitability ​ Risks Related to Our Industries ● Changes in coal prices and/or oil & gas prices, including as a result of global geopolitical tensions, could impact our results of operations ● Competition within the coal and oil & gas industry could adversely affect our ability to sell coal ● Changes in taxes or tariffs and trade measures could adversely impact us ● Changes in consumption patterns by utilities could affect our ability to sell coal and/or impact the price of our natural gas ● Unanticipated mine operating conditions could affect our profitability ● Inability to obtain and renew permits and surety bonds necessary for operations could limit our ability to continue or expand our operations ● Fluctuations in transportation costs and availability could reduce demand for our products ● The ability to recruit, hire and retain skilled labor could impact the profitability of our operations ● Disruptions in supply chains, inflationary pressures and unexpected increases in raw material costs could impact the profitability of our operations ● Unavailability of economic coal mineral reserves and resources could limit our ability to continue or expand our operations ● Estimates of our coal mineral reserves and resources and our oil & gas reserves could be inaccurate and could result in decreased profitability ● Extensive environmental laws and regulations could reduce demand for coal as a fuel source 27 Table of Contents ● Legislative and regulatory compliance is costly and could impact our business, and certain legislative and regulatory initiatives relating to our business could have negative impacts ● Mine facilities may be located in a leased portion of the surface properties which introduces a risk of disruption to our operations ● Dependency on unaffiliated operators to explore and drill on our oil & gas properties limits our ability to control the timing and quantity of production ● Delays in royalty payments, optional royalty payments and the suspension of the right to receive royalty payments could impact our business ● Availability of transportation and facilities for the products could impact our business ● Lack of hedging arrangements exposes us to the impact of commodity prices ● Expansions and acquisitions, as well as the integration of such expansions or acquisitions, have inherent risks that could adversely impact us ● Inability to obtain commercial insurance at acceptable rates could have a negative impact on our business ​ Tax Risks to Our Common Unitholders ● Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes, and not being subject to a material amount of entity-level taxation.
These risks are discussed more fully below and include but are not limited to risks related to: ​ Risks Inherent in an Investment in Us ● Cash distributions are not guaranteed ● Ownership of limited partner interests could be diluted ● Sales of our common units could cause decline in the market price of our common units ● Our unitholders do not elect the general partner ● The control of our general partner may be transferred to a third party ● Unitholders may be required to sell their units to our general partner ● Cost reimbursements due to our general partner could be substantial ● Your liability as a limited partner may not be limited under certain circumstances ● Our general partner’s fiduciary duties are limited, and our general partner has discretion in determining the level of cash reserves and has potential conflicts of interest ● Some executive officers and directors face potential conflicts of interest ​ Risks Related to Our Business ● Declining global economic conditions could adversely impact us ● Financing may not be available to us on favorable terms or at all ● Our indebtedness could adversely impact us ● We depend upon the leadership of key personnel ● Legal proceedings could adversely impact us ● Our customers may not honor their contracts or may not enter into new contracts for our products ● Some of our contracts may be renegotiated or terminated ● We depend upon a few customers for significant portions of our revenues ● The credit risk of our customers could adversely impact us ● Cyber or terrorist attacks could adversely impact us ● Establishment of labor unions at our operations could adversely affect our profitability ​ Risks Related to Our Industries ● Changes in coal prices and/or oil & gas prices, including as a result of global geopolitical tensions, could impact our results of operations ● Competition within the coal and oil & gas industry could adversely affect our ability to sell coal ● Changes in taxes or tariffs and trade measures could adversely impact us ● Changes in consumption patterns by utilities could affect our ability to sell coal and/or impact the price of our natural gas ● Unanticipated mine operating conditions could affect our profitability ● Inability to obtain and renew permits and surety bonds necessary for operations could limit our ability to continue or expand our operations ● Fluctuations in transportation costs and availability could reduce demand for our products ● The ability to recruit, hire and retain skilled labor could impact the profitability of our operations ● Disruptions in supply chains, inflationary pressures and unexpected increases in raw material costs could impact the profitability of our operations ● Unavailability of economic coal mineral reserves and resources could limit our ability to continue or expand our operations ● Estimates of our coal mineral reserves and resources and our oil & gas reserves could be inaccurate and could result in decreased profitability ● Extensive environmental laws and regulations could reduce demand for coal as a fuel source 26 Table of Contents ● Legislative and regulatory compliance is costly and could impact our business, and certain legislative and regulatory initiatives relating to our business could have negative impacts ● Mine facilities may be located in a leased portion of the surface properties which introduces a risk of disruption to our operations ● Dependency on unaffiliated operators to explore and drill on our oil & gas properties limits our ability to control the timing and quantity of production ● Delays in royalty payments, optional royalty payments and the suspension of the right to receive royalty payments could impact our business ● Availability of transportation and facilities for the products could impact our business ● Lack of hedging arrangements exposes us to the impact of commodity prices ● Expansions and acquisitions, as well as the integration of such expansions or acquisitions, have inherent risks that could adversely impact us ● Inability to obtain commercial insurance at acceptable rates could have a negative impact on our business ​ Tax Risks to Our Common Unitholders ● Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes, and not being subject to a material amount of entity-level taxation.
At this time, it is not possible to estimate the impact on our business of newly enacted or potential federal or state legislation governing hydraulic fracturing. ​ Legislation or regulatory initiatives intended to address seismic activity could restrict the operators’ drilling and production activities, as well as their ability to dispose of produced water gathered from such activities, which could have a material adverse effect on our business. ​ State and federal regulatory agencies have recently focused on a possible connection between the hydraulic-fracturing related activities, particularly the underground injection of wastewater into disposal wells, and the increased occurrence of seismic activity, and regulatory agencies at all levels are continuing to study the possible linkage between oil & gas activity and induced seismicity. ​ In addition, a number of lawsuits have been filed in other states, including in Oklahoma, alleging that disposal well operations have caused damage to neighboring properties or otherwise violated state and federal rules regulating waste disposal.
At this time, it is not possible to estimate the impact on our business of newly enacted or potential federal or state legislation governing hydraulic fracturing. ​ Legislation or regulatory initiatives intended to address seismic activity could restrict the operators’ drilling and production activities, as well as their ability to dispose of produced water gathered from such activities, which could have a material adverse effect on our business. ​ State and federal regulatory agencies have recently focused on a possible connection between the hydraulic-fracturing related activities, particularly the underground injection of wastewater into disposal wells, and the increased occurrence of seismic activity, and regulatory agencies at all levels are continuing to study the possible linkage between oil & gas activity and induced seismicity. ​ In addition, a number of lawsuits have been filed in other states, including in Oklahoma and Texas, alleging that disposal well operations have caused damage to neighboring properties or otherwise violated state and federal rules regulating waste disposal.
Business—Environmental, Health and Safety Regulations— Water Discharge .” ​ In addition, some of our permits could be subject to challenges from the public, which could result in additional costs or delays in the permitting process or even an inability to obtain permits, permit modifications, or permit renewals necessary for our operations. ​ Fluctuations in transportation costs and the availability or reliability of transportation could reduce revenues by causing us to reduce our production or by impairing our ability to supply coal to our customers. ​ Transportation costs represent a significant portion of the total cost of coal for our customers and, as a result, the cost of transportation is a critical factor in a customer’s purchasing decision.
Business—Environmental, Health and Safety Regulations— Water Discharge .” ​ In addition, some of our permits could be subject to challenges from the public, which could result in additional costs or delays in the permitting process or even an inability to obtain permits, permit modifications, or permit renewals necessary for our operations. ​ Fluctuations in transportation costs and the availability or reliability of transportation could reduce revenues by causing us to reduce our production or by impairing our ability to supply coal to our customers. ​ Transportation costs represent a significant portion of the total cost of coal for many of our customers and, as a result, the cost of transportation is a critical factor in a customer’s purchasing decision.
The success and timing of drilling and development activities on our oil & gas properties, and whether the operators elect to drill any additional wells on our acreage, depends on several factors that are largely outside of our control, including: ​ ● the capital costs required for drilling activities by the operators of our oil & gas properties, which could be significantly more than anticipated; ● the ability of the operators of our properties to access capital; ● prevailing commodity prices; ● the availability of suitable drilling equipment, production and transportation infrastructure, and qualified operating personnel; 48 Table of Contents ● the operators’ expertise, operating efficiency, and financial resources; ● approval of other participants in drilling wells; ● the operators’ expected return on investment in wells drilled on our acreage as compared to opportunities in other areas; ● the selection of technology; ● the selection of counterparties for the marketing and sale of production; and ● the rate of production of the reserves. ​ The operators may elect not to undertake development activities or may undertake these activities in an unanticipated fashion, which could result in significant fluctuations in our oil & gas revenues. ​ We have little to no control over the timing of future drilling with respect to our oil & gas mineral interests. ​ All of our oil & gas mineral interests may not ultimately be developed or produced by the operators of our properties.
The success and timing of drilling and development activities on our oil & gas properties, and whether the operators elect to drill any additional wells on our acreage, depends on several factors that are largely outside of our control, including: ​ ● the capital costs required for drilling activities by the operators of our oil & gas properties, which could be significantly more than anticipated; ● the ability of the operators of our properties to access capital; ● prevailing commodity prices; ● the availability of suitable drilling equipment, production and transportation infrastructure, and qualified operating personnel; ● the operators’ expertise, operating efficiency, and financial resources; ● approval of other participants in drilling wells; ● the operators’ expected return on investment in wells drilled on our acreage as compared to opportunities in other areas; 46 Table of Contents ● the selection of technology; ● the selection of counterparties for the marketing and sale of production; and ● the rate of production of the reserves. ​ The operators may elect not to undertake development activities or may undertake these activities in an unanticipated fashion, which could result in significant fluctuations in our oil & gas revenues. ​ We have little to no control over the timing of future drilling with respect to our oil & gas mineral interests. ​ All of our oil & gas mineral interests may not ultimately be developed or produced by the operators of our properties.
For example: ​ ● the demand for electricity in the United States and globally could decline if economic conditions deteriorate, which could negatively impact the revenues, margins, and profitability of our business; 32 Table of Contents ● any inability of our customers to raise capital could adversely affect their ability to honor their obligations to us; and ● our future ability to access the capital markets could be restricted as a result of future economic conditions, which could materially impact our ability to grow our business, including the development of our coal mineral reserves and resources. ​ Growing our business could require significant amounts of financing that may not be available to us on acceptable terms, or at all. ​ We plan to fund capital expenditures for our growth initiatives with existing cash balances, future cash flows from operations, borrowings under revolving credit and securitization facilities, and cash provided from the issuance of debt or equity.
For example: ​ ● the demand for electricity in the United States and globally could decline if economic conditions deteriorate, which could negatively impact the revenues, margins, and profitability of our business; 30 Table of Contents ● any inability of our customers to raise capital could adversely affect their ability to honor their obligations to us; and ● our future ability to access the capital markets could be restricted as a result of future economic conditions, which could materially impact our ability to grow our business, including the development of our coal mineral reserves and resources. ​ Growing our business could require significant amounts of financing that may not be available to us on acceptable terms, or at all. ​ We plan to fund capital expenditures for our growth initiatives with existing cash balances, future cash flows from operations, borrowings under revolving credit and securitization facilities, and cash provided from the issuance of debt or equity.
Unless our general partner has acted in bad faith, the action taken by our general partner shall not constitute a breach of its fiduciary duty; and ● provides that our general partner and our officers and directors will not be liable for monetary damages to us, our limited partners, or assignees for errors of judgment or any acts or omissions if our general partner and those other persons acted in good faith. ​ 30 Table of Contents All limited partners are bound by the provisions in the partnership agreement, including the provisions discussed above. ​ Our general partner’s discretion in determining the level of cash reserves may adversely affect our ability to make cash distributions to our unitholders. ​ Our partnership agreement requires our general partner to deduct from available cash reserves that in its reasonable discretion are necessary for the proper conduct of our business, to comply with applicable law or agreements to which we are a party, or to provide funds for future distributions to partners.
Unless our general partner has acted in bad faith, the action taken by our general partner shall not constitute a breach of its fiduciary duty; and ● provides that our general partner and our officers and directors will not be liable for monetary damages to us, our limited partners, or assignees for errors of judgment or any acts or omissions if our general partner and those other persons acted in good faith. ​ 29 Table of Contents All limited partners are bound by the provisions in the partnership agreement, including the provisions discussed above. ​ Our general partner’s discretion in determining the level of cash reserves may adversely affect our ability to make cash distributions to our unitholders. ​ Our partnership agreement requires our general partner to deduct from available cash reserves that in its reasonable discretion are necessary for the proper conduct of our business, to comply with applicable law or agreements to which we are a party, or to provide funds for future distributions to partners.
However, elimination of such provisions could result in unfavorable tax consequences for our unitholders and, as a result, could negatively impact our unit price. 56 Table of Contents ​ Our unitholders will likely be subject to state and local taxes and income tax return filing requirements in jurisdictions where they do not live as a result of investing in our common units. ​ In addition to U.S. federal income taxes, our unitholders may be subject to other taxes, such as state and local income taxes, unincorporated business taxes and estate, inheritance or intangible taxes that are imposed by the various jurisdictions in which we conduct business or own property now or in the future, even if they do not live in any of those jurisdictions.
However, elimination of such provisions could result in unfavorable tax consequences for our unitholders and, as a result, could negatively impact our unit price. 54 Table of Contents ​ Our unitholders will likely be subject to state and local taxes and income tax return filing requirements in jurisdictions where they do not live as a result of investing in our common units. ​ In addition to U.S. federal income taxes, our unitholders may be subject to other taxes, such as state and local income taxes, unincorporated business taxes and estate, inheritance or intangible taxes that are imposed by the various jurisdictions in which we conduct business or own property now or in the future, even if they do not live in any of those jurisdictions.
If we were to lose this or any of our significant customers without finding replacement customers willing to purchase an equivalent amount of coal on similar terms, or if these customers were to decrease the amounts of coal purchased or change the terms, including pricing terms, on which they buy coal from us, it could have a material adverse effect on our business, financial condition, and results of operations. ​ 34 Table of Contents Our ability to collect payments from our customers could be impaired if their creditworthiness declines or if they fail to honor their contracts with us. ​ Our ability to receive payment for coal sold and delivered depends on the continued creditworthiness of our customers.
If we were to lose this or any of our significant customers without finding replacement customers willing to purchase an equivalent amount of coal on similar terms, or if these customers were to decrease the amounts of coal purchased or change the terms, including pricing terms, on which they buy coal from us, it could have a material adverse effect on our business, financial condition, and results of operations. ​ 32 Table of Contents Our ability to collect payments from our customers could be impaired if their creditworthiness declines or if they fail to honor their contracts with us. ​ Our ability to receive payment for coal sold and delivered depends on the continued creditworthiness of our customers.
It is uncertain whether we or others in our industry will be required to pay penalties as a result of the New York law, nor can we predict whether or not other states will adopt similar legislation in the future.
It is uncertain whether we or others in our industry will ultimately be required to pay penalties as a result of the New York law, nor can we predict whether or not other states will adopt similar legislation in the future.
The new owner or owners of our general partner would then be in a position to replace the directors and officers of our general partner and control the decisions made and actions taken by the Board of Directors and officers. 29 Table of Contents ​ Unitholders may be required to sell their units to our general partner at an undesirable time or price. ​ If at any time less than 20.0% of our outstanding common units are held by persons other than our general partner and its affiliates, our general partner will have the right to acquire all, but not less than all, of those units at a price no less than their then-current market price.
The new owner or owners of our general partner would then be in a position to replace the directors and officers of our general partner and control the decisions made and actions taken by the Board of Directors and officers. 28 Table of Contents ​ Unitholders may be required to sell their units to our general partner at an undesirable time or price. ​ If at any time less than 20.0% of our outstanding common units are held by persons other than our general partner and its affiliates, our general partner will have the right to acquire all, but not less than all, of those units at a price no less than their then-current market price.
In the event that planned operations, including the drilling of development wells, are delayed or canceled, or existing wells or development wells have lower than anticipated production due to one or more of the factors above or for any other reason, our financial condition, results of operations, and free cash flow could be materially adversely affected. ​ 50 Table of Contents The marketability of oil & gas production is dependent upon transportation and other facilities, certain of which neither we nor the operators of our properties control.
In the event that planned operations, including the drilling of development wells, are delayed or canceled, or existing wells or development wells have lower than anticipated production due to one or more of the factors above or for any other reason, our financial condition, results of operations, and free cash flow could be materially adversely affected. ​ 48 Table of Contents The marketability of oil & gas production is dependent upon transportation and other facilities, certain of which neither we nor the operators of our properties control.
Please read “—Risks Related to our Business” for a discussion of further risks affecting our ability to generate available cash. 28 Table of Contents We may issue an unlimited number of limited partner interests, on terms and conditions established by our general partner, without the consent of our unitholders, which will dilute your ownership interest in us and could increase the risk that we will not have sufficient available cash to make distributions.
Please read “—Risks Related to our Business” for a discussion of further risks affecting our ability to generate available cash. 27 Table of Contents We may issue an unlimited number of limited partner interests, on terms and conditions established by our general partner, without the consent of our unitholders, which will dilute your ownership interest in us and could increase the risk that we will not have sufficient available cash to make distributions.
Our unitholders may not receive cash distributions from us equal to their share of our taxable income or even equal to the actual tax liability that results from that income. 54 Table of Contents ​ Tax gain or loss on the disposition of our common units could be more or less than expected. ​ If a unitholder sells units, the unitholder will recognize a gain or loss equal to the difference between the amount realized and that unitholder’s tax basis in those common units.
Our unitholders may not receive cash distributions from us equal to their share of our taxable income or even equal to the actual tax liability that results from that income. ​ 52 Table of Contents Tax gain or loss on the disposition of our common units could be more or less than expected. ​ If a unitholder sells units, the unitholder will recognize a gain or loss equal to the difference between the amount realized and that unitholder’s tax basis in those common units.
If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for products, causing a reduction in our revenues or an increase in our costs and thereby materially and adversely affecting our results of operations. ​ Changes in consumption patterns by utilities regarding the use of coal, including plans by utilities to shut down or move away from coal-fired generation, have affected our ability to sell the coal we produce and may do so in the future. ​ Our business is closely linked to the demand for electricity, and any changes in coal consumption by domestic or international electric power generators would likely impact our business over the long term.
If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for products, causing a reduction in our revenues or an increase in our costs and thereby materially and adversely affecting our results of operations. 35 Table of Contents ​ Changes in consumption patterns by utilities regarding the use of coal, including plans by utilities to shut down or move away from coal-fired generation, have affected our ability to sell the coal we produce and may do so in the future. ​ Our business is closely linked to the demand for electricity, and any changes in coal consumption by domestic or international electric power generators would likely impact our business over the long term.
Accordingly, distributions to a non-U.S. unitholder will be subject to a combined withholding tax rate equal to the sum of the highest applicable effective tax rate and 10%. ​ 55 Table of Contents Moreover, the transferee of an interest in a partnership that is engaged in a U.S. trade or business is generally required to withhold 10% of the “amount realized” by the transferor unless the transferor certifies that it is not a foreign person.
Accordingly, distributions to a non-U.S. unitholder will be subject to a combined withholding tax rate equal to the sum of the highest applicable effective tax rate and 10%. ​ 53 Table of Contents Moreover, the transferee of an interest in a partnership that is engaged in a U.S. trade or business is generally required to withhold 10% of the “amount realized” by the transferor unless the transferor certifies that it is not a foreign person.
Disputes could occur in the future and we may not be able to resolve those disputes in a satisfactory manner, which could have a material adverse effect on our business, financial condition, and results of operations. ​ Our profitability could decline due to unanticipated mine operating conditions and other events that are not within our control and that may not be fully covered under our insurance policies. ​ Our coal mining operations are influenced by changing conditions or events that can affect production levels and costs at particular mines for varying lengths of time and, as a result, can diminish our profitability.
Disputes could occur in the future and we may not be 37 Table of Contents able to resolve those disputes in a satisfactory manner, which could have a material adverse effect on our business, financial condition, and results of operations. ​ Our profitability could decline due to unanticipated mine operating conditions and other events that are not within our control and that may not be fully covered under our insurance policies. ​ Our coal mining operations are influenced by changing conditions or events that can affect production levels and costs at particular mines for varying lengths of time and, as a result, can diminish our profitability.
Prolonged disruption of production at any of our mines would result in a decrease in our revenues and profitability, which could materially adversely impact our quarterly or annual results. ​ Effective October 1, 2024, we renewed our property and casualty insurance program through September 30, 2025. Our property insurance was procured from our wholly owned captive insurance company, Wildcat Insurance.
Prolonged disruption of production at any of our mines would result in a decrease in our revenues and profitability, which could materially adversely impact our quarterly or annual results. ​ Effective October 1, 2025, we renewed our property and casualty insurance program through September 30, 2026. Our property insurance was procured from our wholly owned captive insurance company, Wildcat Insurance.
Please see risk factor titled “Unexpected increases in raw material costs could significantly impair our operating profitability.” for additional information. ​ Global geopolitical tensions have caused, and may cause in the future, significant market disruptions that may lead to increased volatility in the price of commodities, including oil & gas, coal, and other sources of energy. ​ Volatility in coal and oil & gas prices has been and may continue to be heightened as a result of the Russian-Ukrainian conflict, hostilities in the Middle East and the potential impact to global shipping.
Please see risk factor titled “Unexpected increases in raw material costs could significantly impair our operating profitability.” for additional information. ​ Global geopolitical tensions have caused, and may cause in the future, significant market disruptions that may lead to increased volatility in the price of commodities, including oil & gas, coal, and other sources of energy. ​ Volatility in coal and oil & gas prices has been and may continue to be heightened as a result of the Russian-Ukrainian conflict, hostilities in the Middle East and the potential impact to global shipping and the evolving situation in Venezuela.
Our ability to complete acquisitions is dependent upon, among other things, our ability to obtain debt and equity financing under acceptable terms. In addition, these acquisitions could be in geographic regions in which we do not currently hold properties, which could subject us to additional and unfamiliar legal and regulatory 51 Table of Contents requirements.
Our ability to complete acquisitions is dependent upon, among other things, our ability to obtain debt and equity financing under acceptable terms. In addition, these acquisitions could be in geographic regions in which we do not currently hold properties, which could subject us to additional and unfamiliar legal and regulatory 49 Table of Contents requirements.
Any subsequent refinancing of our current indebtedness or any new indebtedness could have similar or greater restrictions. Please see “Item 8. Financial Statements and Supplementary Data—Note 6 – Long-Term Debt” for further discussion. 33 Table of Contents We depend on the leadership and involvement of Joseph W.
Any subsequent refinancing of our current indebtedness or any new indebtedness could have similar or greater restrictions. Please see “Item 8. Financial Statements and Supplementary Data—Note 6 – Long-Term Debt” for further discussion. 31 Table of Contents We depend on the leadership and involvement of Joseph W.
An increase in transportation costs could have an adverse effect on our ability to increase or maintain production and could adversely affect revenues. ​ Political or financial instability, currency fluctuations, the outbreak of pandemics or other illnesses (such as the COVID-19 pandemic), labor unrest, transport capacity and costs, port security, weather conditions, natural disasters, or other events that could alter or suspend our operations, slow or disrupt port activities, or affect foreign trade are beyond our control and could materially disrupt our ability to participate in the export market for coal sales, which could adversely affect our sales and our results of operations. ​ Unexpected increases in raw material costs could significantly impair our operating profitability. ​ Our coal mining operations are affected by commodity prices.
An increase in transportation costs could have an adverse effect on our ability to increase or maintain production and could adversely affect revenues. ​ Political or financial instability, currency fluctuations, the outbreak of pandemics or other illnesses (such as the COVID-19 pandemic), labor unrest, transport capacity and costs, port security, weather conditions, natural disasters, or other events that could alter or suspend our operations, slow or disrupt port activities, or affect foreign trade are beyond our control and could materially disrupt our ability to participate in the export market for coal sales, which could adversely affect our sales and our results of operations. ​ 39 Table of Contents Increases in raw material costs could significantly impair our operating profitability. ​ Our coal mining operations are affected by commodity prices.
In addition to potential cost increases, inflation could cause a decline in global or regional economic conditions that reduces demand for our coal or oil & gas and could adversely affect our results of operations. ​ The unavailability of an adequate supply of coal mineral reserves and resources that can be mined at competitive costs could cause our profitability to decline. ​ Our profitability depends substantially on our ability to mine coal mineral reserves and resources that have the geological characteristics that enable them to be mined at competitive costs and to meet the quality needed by our customers.
In addition to potential cost increases, inflation could cause a decline in global or regional economic conditions that reduces demand for our coal or oil & gas and could adversely affect our results of operations. ​ 40 Table of Contents The unavailability of an adequate supply of coal mineral reserves and resources that can be mined at competitive costs could cause our profitability to decline. ​ Our profitability depends substantially on our ability to mine coal mineral reserves and resources that have the geological characteristics that enable them to be mined at competitive costs and to meet the quality needed by our customers.
These factors could materially adversely affect the mining operations and cost structures of, and our customers’ ability to use coal produced by, our mines. ​ Extensive environmental laws and regulations affect coal consumers and could affect the demand for coal as a fuel source. ​ Federal, state, and local laws and regulations extensively regulate the amount of sulfur dioxide, particulate matter, nitrogen oxides, mercury, and other compounds emitted into the air from coal-fired electric power plants, which are the ultimate consumers of much of our coal.
These factors could materially adversely affect the mining operations and cost structures of, and our customers’ ability to use coal produced by, our mines. ​ 41 Table of Contents Extensive environmental laws and regulations affect coal consumers and could affect the demand for coal as a fuel source. ​ Federal, state, and local laws and regulations extensively regulate the amount of sulfur dioxide, particulate matter, nitrogen oxides, mercury, and other compounds emitted into the air from coal-fired electric power plants, which are the ultimate consumers of much of our coal.
As a result, the estimated quantities of proved reserves and projections of future production rates could be incorrect. Our estimates of proved reserves and related valuations as of December 31, 2024, were audited by CGA, which conducted a detailed review of all of our properties at that time using the information provided by us.
As a result, the estimated quantities of proved reserves and projections of future production rates could be incorrect. Our estimates of proved reserves and related valuations as of December 31, 2025, were audited by CGA, which conducted a detailed review of all of our properties at that time using the information provided by us.
The availability and 52 Table of Contents continuation of public policy support mechanisms will drive a significant part of the economics and viability of investments generally, as well as our participation in them. ​ Our inability to obtain commercial insurance at acceptable rates or our failure to adequately reserve for self-insured exposures could increase our expenses and have a negative impact on our business. ​ We believe that commercial insurance coverage is prudent in certain areas of our business for risk management.
The availability and continuation of public policy support mechanisms will drive a significant part of the economics and viability of investments generally, as well as our participation in them. ​ Our inability to obtain commercial insurance at acceptable rates or our failure to adequately reserve for self-insured exposures could increase our expenses and have a negative impact on our business. ​ We believe that commercial insurance coverage is prudent in certain areas of our business for risk management.
Such incidents could lead to the loss of sensitive information or critical resources, regulatory penalties, reputational damage, data privacy liabilities, and substantial costs for remediation and system upgrades, all of which could have a material adverse impact on our reputation, financial position, operations, and cash flows. ​ 35 Table of Contents We face various risks related to pandemics and similar outbreaks, which have had and may in the future have material adverse effects on our business, financial position, results of operations, and/or cash flows.
Such incidents could lead to the loss of sensitive information or critical resources, regulatory penalties, reputational damage, data privacy liabilities, and substantial costs for remediation and system upgrades, all of which could have a material adverse impact on our reputation, financial position, operations, and cash flows. ​ We face various risks related to pandemics and similar outbreaks, which have had and may in the future have material adverse effects on our business, financial position, results of operations, and/or cash flows.
These current laws and regulations and other potential regulations could increase the operating costs of the operators and delay production and could ultimately impact the operators’ ability and willingness to develop our properties. ​ 44 Table of Contents Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs, additional operating restrictions or delays, and fewer potential drilling locations, which could adversely affect revenues from our mineral interests. ​ Oil & gas production on the properties in which we hold mineral interests utilizes hydraulic fracturing.
These current laws and regulations and other potential regulations could increase the operating costs of the operators and delay production and could ultimately impact the operators’ ability and willingness to develop our properties. ​ Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs, additional operating restrictions or delays, and fewer potential drilling locations, which could adversely affect revenues from our mineral interests. ​ Oil & gas production on the properties in which we hold mineral interests utilizes hydraulic fracturing.
Further, far-reaching federal regulations promulgated by the EPA in the last several years, such as CSAPR and MATS, have led to the premature retirement of coal-fired generating units and a significant reduction in the amount of coal-fired generating capacity in the United States. Please read “Item 1.
Further, far-reaching federal regulations promulgated by the EPA in the last several years, such as MATS, have led to the retirement of coal-fired generating units and a significant reduction in the amount of coal-fired generating capacity in the United States. Please read “Item 1.
Several advocacy groups, both domestically and internationally, have campaigned for governmental and private action to promote change at public companies related to ESG matters, including through the investment and voting practices of investment advisers, public pension funds, universities, and other members of the investing community.
Several advocacy groups, both domestically and internationally, have campaigned for governmental and private action to promote change at public companies related to sustainability matters, including through the investment and voting practices of investment advisers, public pension funds, universities, and other members of the investing community.
These conditions and events include, among others: ​ ● mining and processing equipment failures and unexpected maintenance problems; ● unavailability of required equipment; ● prices for fuel, steel, explosives, and other supplies; ● fines and penalties incurred as a result of alleged violations of environmental and safety laws and regulations; ● variations in the thickness of the layer, or seam, of coal; ● amounts of overburden, partings, rock, and other natural materials; ● weather conditions, such as heavy rains, flooding, ice, and other natural events affecting operations, transportation, or customers; ● accidental mine water discharges and other geological conditions; ● fires; ● seismic activities, ground failures, rock bursts or structural cave-ins or slides; ● employee injuries or fatalities; ● labor-related interruptions; ● increased reclamation costs; ● inability to acquire, maintain or renew mining rights or permits in a timely manner, if at all; ● fluctuations in transportation costs and the availability or reliability of transportation; and ● unexpected operational interruptions due to other factors. ​ These conditions have the potential to significantly impact our operating results.
These conditions and events include, among others: ​ ● mining and processing equipment failures and unexpected maintenance problems; ● unavailability of required equipment; ● prices for fuel, steel, explosives, and other supplies; ● fines and penalties incurred as a result of alleged violations of environmental and safety laws and regulations; ● variations in the thickness of the layer, or seam, of coal; ● amounts of overburden, partings, rock, and other natural materials; ● weather conditions, such as heavy rains, flooding, ice, and other natural events affecting operations, transportation, or customers; ● accidental mine water discharges and other geological conditions; ● fires; ● seismic activities, ground failures, rock bursts or structural cave-ins or slides; ● employee injuries or fatalities; ● labor-related interruptions; ● increased reclamation costs; ● inability to acquire, maintain or renew mining rights or permits in a timely manner, if at all; ● fluctuations in transportation costs and the availability or reliability of transportation; ● new or changes in legislation or regulations that have the effect of increasing our operating costs; and ● unexpected operational interruptions due to other factors. ​ These conditions have the potential to significantly impact our operating results.
Members of Congress have frequently proposed and considered substantive changes to the existing U.S. federal income tax laws that would affect publicly traded partnerships, including proposals that would eliminate our ability to qualify for 53 Table of Contents partnership tax treatment.
Members of Congress have frequently proposed and considered substantive changes to the existing U.S. federal income tax laws that would affect publicly traded partnerships, including proposals that would eliminate our ability to qualify for 51 Table of Contents partnership tax treatment.
If a significant amount of our royalty interests is placed in suspense, our results of operations could be reduced significantly. ​ 49 Table of Contents Our estimated oil & gas reserves are based on many assumptions that could turn out to be inaccurate.
If a significant amount of our royalty interests is placed in suspense, our results of operations could be reduced significantly. ​ 47 Table of Contents Our estimated oil & gas reserves are based on many assumptions that could turn out to be inaccurate.
Any new opportunities also may depend on the viability of new assets or businesses that are contingent on public policy mechanisms including investment tax credits, subsidies, renewable portfolio standards and carbon trading plans. These mechanisms have been implemented at the state and federal levels to support the development of renewable energy, demand-side, and other infrastructure technologies.
Any new opportunities also may depend on the viability of new assets or businesses that are contingent on public policy mechanisms including investment tax credits, subsidies, renewable portfolio standards and carbon trading plans. These mechanisms have been implemented at the state and federal levels to support the development of renewable energy, demand-side, and other infrastructure 50 Table of Contents technologies.
As mines become depleted, replacement reserves may not be available when required or, if available, may not be mineable at costs comparable to those of the depleting mines. In addition, permitting, licensing, and other environmental and regulatory requirements associated with certain of our mining 42 Table of Contents operations are more costly and time-consuming to satisfy.
As mines become depleted, replacement reserves may not be available when required or, if available, may not be mineable at costs comparable to those of the depleting mines. In addition, permitting, licensing, and other environmental and regulatory requirements associated with certain of our mining operations are more costly and time-consuming to satisfy.
Financial Statements and Supplementary Data—Note 16 – Commitments and Contingencies” for further discussion. ​ The stability and profitability of our operations could be adversely affected if our customers do not honor existing contracts or do not extend existing or enter into new long-term contracts for coal. ​ In 2024, we sold approximately 83.6% of our coal sales tonnage under contracts having a term greater than one year, which we refer to as long-term sales contracts.
Financial Statements and Supplementary Data—Note 16 – Commitments and Contingencies” for further discussion. ​ The stability and profitability of our operations could be adversely affected if our customers do not honor existing contracts or do not extend existing or enter into new long-term contracts for coal. ​ In 2025, we sold approximately 84.6% of our coal sales tonnage under contracts having a term greater than one year, which we refer to as long-term sales contracts.
In addition, in December 2024, New York adopted a law requiring companies that emitted over one billion 38 Table of Contents tons of GHG emissions into the atmosphere between 2000 and 2018, with sufficient connections to the state, to pay into a “climate superfund” to support climate-related adaptation and mitigation projects.
In addition, in December 2024, New York adopted a law requiring companies that emitted over one billion tons of GHG emissions into the atmosphere between 2000 and 2018, with sufficient connections to the state, to pay into a “climate superfund” to support climate-related adaptation and mitigation projects.
A number of lawsuits and enforcement actions have been initiated across the country implicating hydraulic-fracturing practices. If new laws or regulations are adopted that significantly restrict hydraulic fracturing, those laws could make it more difficult or costly for the operators to perform fracturing to stimulate production from tight formations.
A number of lawsuits and enforcement actions were initiated across the country implicating hydraulic-fracturing practices. If new laws or regulations are adopted that significantly restrict hydraulic fracturing, those laws could make it more difficult or costly for the operators to perform fracturing to stimulate production from tight formations.
Additionally, we could face increasing costs as we attempt to comply with and navigate further ESG-related focus and scrutiny. ​ Additionally, certain employment practices and social initiatives are the subject of scrutiny by both those calling for the continued advancement of such policies, as well as those who believe they should be curbed, including government actors, and the complex regulatory and legal frameworks applicable to such initiatives continue to evolve.
Additionally, we could face increasing costs as we attempt to comply with and navigate further sustainability-related focus and scrutiny. ​ Additionally, certain employment or business practices and social initiatives are the subject of scrutiny by both those calling for the continued advancement of such policies, as well as those who believe they should be curbed, including government actors, and the complex regulatory and legal frameworks applicable to such initiatives continue to evolve.
In the event of early termination of any of our long-term sales contracts, if we are unable to enter into new contracts on similar terms, our business, financial condition, and results of operations could be adversely affected. ​ We depend on a few customers for a significant portion of our revenues, and the loss of one or more significant customers could affect our ability to maintain the sales volume and price of the coal we produce. ​ In 2024, we derived more than 10% of our total revenues from each of American Electric Power Company Inc., Louisville Gas and Electric Company, and Tennessee Valley Authority.
In the event of early termination of any of our long-term sales contracts, if we are unable to enter into new contracts on similar terms, our business, financial condition, and results of operations could be adversely affected. ​ We depend on a few customers for a significant portion of our revenues, and the loss of one or more significant customers could affect our ability to maintain the sales volume and price of the coal we produce. ​ In 2025, we derived more than 10% of our total revenues from each of Louisville Gas and Electric Company and American Electric Power Company, Inc.
For more information, see our risk factor titled “We, our customers, or the operators of our oil & gas mineral interests could be subject to litigation related to climate change.” ​ Apart from governmental regulation, there are also increasing financial risks for fossil-fuel producers as stakeholders of fossil-fuel energy companies may elect in the future to shift some or all of their support into non-energy related sectors.
For more information, see our risk factor titled “We, our customers, or the operators of our oil & gas mineral interests could be subject to litigation related to climate change.” ​ There are also increasing financial risks for fossil-fuel producers as stakeholders of fossil-fuel energy companies may elect in the future to shift some or all of their support into non-energy related sectors.
The competition among coal producers could impact our ability to retain or attract customers and could adversely impact our revenues and cash available for distribution. ​ We sell coal in the export thermal and metallurgical coal market, both of which are significantly affected by international demand and competition.
The competition among coal producers could impact our ability to retain or attract customers and could adversely impact our revenues and cash available for distribution. ​ 34 Table of Contents We sell coal in the export thermal and metallurgical coal market, both of which are significantly affected by international demand and competition.
Any 41 Table of Contents future inflationary or deflationary pressures could adversely affect the results of our operations. For example, at times our results have been significantly impacted by price increases affecting many of the components of our operating expenses such as fuel, steel, maintenance expenses and labor.
Any future inflationary or deflationary pressures could adversely affect the results of our operations. For example, at times our results have been significantly impacted by price increases affecting many of the components of our operating expenses such as fuel, steel, maintenance expenses and labor.
Institutional lenders who provide financing to fossil-fuel energy companies also have become more attentive to sustainable lending practices and some of them may elect not to provide funding for fossil-fuel energy companies, although this trend has waned recently and several high-profile banks and institutional investors have withdrawn from various associations that aim to limit financing of industries that emit significant GHG emissions.
Institutional lenders who provide financing to fossil-fuel energy companies have in the past become more attentive to sustainable lending practices and some of them may elect not to provide funding for fossil-fuel energy companies, although this trend has waned recently and several high-profile banks and institutional investors have withdrawn from various associations that aim to limit financing of industries that emit significant GHG emissions.
These activities include increased attention to and demands for action related to climate change, changes in regulation relating to climate change, promoting the use of substitutes to fossil-fuel products, encouraging the divestment of fossil-fuel equities, and pressuring lenders to limit funding to companies engaged in the extraction of fossil- 31 Table of Contents fuel reserves.
These activities include increased attention to and demands for action related to climate change, changes in regulation relating to climate change, promoting the use of substitutes to fossil-fuel products, encouraging the divestment of fossil-fuel equities, and pressuring lenders to limit funding to companies engaged in the extraction of fossil-fuel reserves.
A substantial or extended decline in coal prices could materially and adversely affect us by decreasing our revenues to the extent we are not protected by the terms of existing coal supply agreements. ​ 36 Table of Contents Competition within the coal industry could adversely affect our ability to sell coal.
A substantial or extended decline in coal prices could materially and adversely affect us by decreasing our revenues to the extent we are not protected by the terms of existing coal supply agreements. ​ Competition within the coal industry could adversely affect our ability to sell coal.
Further, far-reaching federal regulations promulgated by the EPA in the last several years, such as CSAPR and MATS, have led to the premature retirement of coal-fired generating units and a significant reduction in the amount of coal-fired generating capacity in the United States.
Further, far-reaching federal regulations promulgated by the EPA in the last several years, such as MATS, have in the past led to the retirement of coal-fired generating units and a significant reduction in the amount of coal-fired generating capacity in the United States.
Increased attention to climate change risk has also resulted in a recent trend of governmental investigations and private litigation by state and local governmental agencies as well as private plaintiffs in an effort to hold energy companies accountable for the alleged effects of climate change.
Increased attention to climate change risk has also resulted in governmental investigations and private litigation by state and local governmental agencies as well as private plaintiffs in an effort to hold energy companies accountable for the alleged effects of climate change.
While the ultimate impact of this tariff is unknown at this time, a portion of our coal production is used by end users to produce steel, and we use a significant amount of steel in our own operations.
While the ultimate impact of these tariffs is unknown at this time, a portion of our coal production is used by end users to produce steel, and we use a significant amount of steel in our own operations.
Subsequently, the TRRC ordered the indefinite suspension of all deep oil & gas-produced water injection wells in the area, effective December 31, 2021.
In addition, the TRRC ordered the indefinite suspension of all deep oil & gas-produced water injection wells in the area, effective December 31, 2021.
Please read “Item 1. Business—Environmental, Health and Safety Regulations.” ​ Federal and state laws addressing mine safety practices impose stringent reporting requirements and civil and criminal penalties for violations. Federal and state regulatory agencies continue to interpret and implement these laws and propose new regulations and standards.
Please read “Item 1. Business—Environmental, Health and Safety Regulations.” ​ 42 Table of Contents Federal and state laws addressing mine safety practices impose stringent reporting requirements and civil and criminal penalties for violations. Federal and state regulatory agencies continue to interpret and implement these laws and propose new regulations and standards.
Further, certain opportunities will depend on technological and other advancements that may not be within our control and may not come to fruition or be economically feasible in the near term, and we may fail to realize the anticipated benefit of our investments.
Further, certain opportunities will depend on technological and other advancements that may not be within our control and may not come to fruition or be economically feasible in the near term, and we may fail to realize, and in some cases have failed to realize, the anticipated benefit of our investments.
Consequently, a low ESG or sustainability score could result in our securities, both debt and equity, being excluded from the portfolios of certain investment funds and investors, restricting our access to capital to fund our continuing operations and growth opportunities.
Consequently, a low sustainability assessment could result in our securities, both debt and equity, being excluded from the portfolios of certain investment funds and investors, restricting our access to insurance or capital to fund our continuing operations and growth opportunities.
Certain regulators, such as the SEC and various state agencies, as well as non-governmental organizations and other private actors have also filed lawsuits under various securities and consumer protection laws alleging that certain ESG-statements, emission reduction claims, approaches to accounting for GHG emissions reductions, or other ESG-related goals, or standards were misleading, false, or otherwise deceptive.
Certain regulators, such as the SEC (particularly under past presidential administrations) and various state agencies, as well as non-governmental organizations and other private actors have also filed lawsuits under various securities and consumer protection laws alleging that certain sustainability statements, emission reduction claims, approaches to accounting for GHG emissions reductions or other sustainability-related goals, or standards were misleading, false, or otherwise deceptive.
If we are unable to finance our growth initiatives as expected, we could be required to seek alternative financing, the terms of which may not be attractive to us, or to revise or cancel our plans. ​ Our indebtedness could limit our ability to borrow additional funds, make distributions to unitholders, or capitalize on business opportunities. ​ We had long-term indebtedness of $490.4 million as of December 31, 2024.
If we are unable to finance our growth initiatives as expected, we could be required to seek alternative financing, the terms of which may not be attractive to us, or to revise or cancel our plans. ​ Our indebtedness could limit our ability to borrow additional funds, make distributions to unitholders, or capitalize on business opportunities. ​ We had long-term indebtedness of $463.5 million as of December 31, 2025.
Business—Environmental, Health and Safety Regulations— Air Emissions ,” “— GHG Emissions ” and “— Hazardous Substances and Wastes .” ​ Our industries are subject to extensive and costly laws and regulations, and such current and future laws and regulations, and uncertainties around the same, could increase current operating costs or otherwise negatively impact our operations. ​ The industries we participate in—coal mining and oil & gas production—are subject to numerous federal, state, and local laws and regulations.
Business—Environmental, Health and Safety Regulations— Air Emissions ,” “— GHG Emissions ” and “— Hazardous Substances and Wastes .” ​ Our industries are subject to extensive and costly laws and regulations, and such current and future laws and regulations, and uncertainties around the same, could increase current operating costs or otherwise negatively impact our operations. ​ The industries we participate in—coal mining and the third-party operations related to our oil & gas mineral interests—are subject to numerous federal, state, and local laws and regulations.
In the event state, local, or municipal legal restrictions are adopted in areas where the operators conduct operations, the operators could incur substantial costs to comply with these requirements, which could be significant in nature, experience delays, or curtailment in the pursuit of exploration, development, or production activities and perhaps even be precluded from the drilling of wells. ​ There has been increasing public controversy regarding hydraulic fracturing about increased risks of induced seismicity, the use of fracturing fluids, impacts on drinking water supplies, use of water, and the potential for impacts to surface water, groundwater, and the environment generally.
In the event state, local, or municipal legal restrictions are adopted in areas where the operators conduct operations, the operators could incur substantial costs to comply with these requirements, which could be significant in nature, experience delays, or curtailment in the pursuit of exploration, development, or production activities and perhaps even be precluded from the drilling of wells. ​ In the past, there was increased public concern regarding hydraulic fracturing around increased risks of induced seismicity, the use of fracturing fluids, impacts on drinking water supplies, use of water, and the potential for impacts to surface water, groundwater, and the environment generally.
Limitations on our ability to conduct our mining operations due to the inability to obtain or renew necessary permits or similar approvals could reduce our production, cash flow, and profitability. Please read “Item 1.
Limitations on our ability to conduct our mining operations due to the inability to obtain or renew necessary permits or similar approvals could reduce our production, cash flow, and 38 Table of Contents profitability. Please read “Item 1.
Complying with these laws and regulations could be 43 Table of Contents costly and time-consuming and could delay the commencement or continuation of exploration or production operations.
Complying with these laws and regulations could be costly and time-consuming and could delay the commencement or continuation of exploration or production operations.
In addition, coal is sold internationally in United States dollars and, as a result, general economic conditions in foreign markets and changes in foreign currency exchange rates could provide our foreign competitors with a competitive advantage.
In addition, we periodically sell our coal internationally in United States dollars and, as a result, general economic conditions in foreign markets and changes in foreign currency exchange rates could provide our foreign competitors with a competitive advantage.
Furthermore, in June 2024, the U.S. Supreme Court issued decisions affecting judicial review of federal agency-related actions that increase judicial scrutiny of agency authority, shift greater responsibility for statutory interpretation to courts, and expand the timeline in which a plaintiff can sue regulators. In particular, in Loper Bright Enterprises v. Raimondo , the U.S.
Supreme Court issued decisions affecting judicial review of federal agency-related actions that increase judicial scrutiny of agency authority, shift greater responsibility for statutory interpretation to courts, and expand the timeline in which a plaintiff can sue regulators. In particular, in Loper Bright Enterprises v. Raimondo , the U.S. Supreme Court overruled its prior ruling in Chevron U.S.A., Inc. v.
Hydraulic fracturing is a common practice that is used to stimulate the production of hydrocarbons from tight formations, including shales. The process involves the injection of water, sand, and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. The Federal Safe Drinking Water Act regulates the underground injection of substances through the UIC program.
Hydraulic fracturing is a common practice that is used to stimulate the production of hydrocarbons from tight formations, including shales. The process involves the injection of water, sand, and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. The SDWA regulates the underground injection of substances through the UIC 43 Table of Contents program.
In response to these concerns, regulators in some states are seeking to impose additional requirements, including requirements in the permitting of produced water disposal wells or otherwise to assess the relationship between seismicity and the use of such wells.
In response to these concerns, regulators in some states have adopted or are considering adopting additional requirements, including requirements in the permitting of produced water disposal wells or otherwise to assess the relationship between seismicity and the use of such wells.
We can make no assurances that we will not experience significant insurance claims in the future that could have a material adverse effect on our business, financial condition, results of operations and ability to purchase property insurance in the future.
We can make no assurances that we will not experience significant insurance claims in the future that could have a material adverse effect on our business, financial condition, results of operations and ability to purchase property insurance in the future. Also, exposures exist for which no insurance may be available and for which we have not reserved.
For example, federal and state regulators are continuing to make financial assurance requirements more stringent and costly with respect to self-insured coal workers’ pneumoconiosis, mine closure and reclamation security amounts. ​ We could have difficulty acquiring or maintaining surety bonds for a variety of reasons, including: ​ ● substantial increases in the amount of bonding required; ● lack of availability, higher expense, or unreasonable terms of new surety bonds, including as a result of external pressures related to fossil-fuel companies; ● the ability of current and future surety bond issuers to increase required collateral, or limitations on the availability of collateral for surety bond issuers due to the terms of our credit agreements; and ● the exercise by third-party surety bondholders of their rights to refuse to renew the surety. ​ Failure to acquire or maintain the required bonds could subject us to fines and penalties, result in the loss of our mining permits, or imperil our ability to self-insure workers compensation and pneumoconiosis obligations, and could have a material adverse effect on us. ​ We depend on unaffiliated operators for all of the exploration, development, and production of the oil & gas properties in which we own mineral interests. ​ Because we depend on unaffiliated third-party operators for all of the exploration, development, and production of our oil & gas properties, we have little to no control over the operations related to our oil & gas properties.
The amount of surety bonding we are required to maintain may be increased by the governmental agencies holding the bond. ​ We could have difficulty acquiring or maintaining surety bonds for a variety of reasons, including: ​ ● substantial increases in the amount of bonding required; ● lack of availability, higher expense, or unreasonable terms of new surety bonds, including as a result of external pressures related to fossil-fuel companies; ● the ability of current and future surety bond issuers to increase required collateral, or limitations on the availability of collateral for surety bond issuers due to the terms of our credit agreements; and ● the exercise by third-party surety bondholders of their rights to refuse to renew the surety. ​ Failure to acquire or maintain the required bonds could subject us to fines and penalties, result in the loss of our mining permits, or imperil our ability to self-insure workers compensation and pneumoconiosis obligations, and could have a material adverse effect on us. ​ We depend on unaffiliated operators for all of the exploration, development, and production of the oil & gas properties in which we own mineral interests. ​ Because we depend on unaffiliated third-party operators for all of the exploration, development, and production of our oil & gas properties, we have little to no control over the operations related to our oil & gas properties.
Concerns about the environmental impacts of such emissions have resulted in a series of regulatory, political, litigation, and financial risks for our business. Global climate issues continue to attract public and scientific attention.
Additionally, our coal mines may release methane to the atmosphere during operations. Concerns about the environmental impacts of such emissions have resulted in a series of regulatory, political, litigation, and financial risks for our business. Global climate issues continue to attract public and scientific attention.
Such physical risks may result in damage to our facilities or the operators’ facilities or otherwise adversely impact operations which could decrease production attributable to our mineral interests. 47 Table of Contents We may not have insurance to cover these risks and the consequences for our or their operations could have a negative impact on the costs and revenues from operations. ​ Some of our operating subsidiaries lease a portion of the surface properties upon which their mining facilities are located. ​ Our operating subsidiaries do not, in all instances, own all of the surface properties upon which their mining facilities have been constructed.
We may not have insurance to cover these risks and the consequences for our or their operations could have a negative impact on the costs and revenues from operations. ​ 45 Table of Contents Some of our operating subsidiaries lease a portion of the surface properties upon which their mining facilities are located. ​ Our operating subsidiaries do not, in all instances, own all of the surface properties upon which their mining facilities have been constructed.
Coli ., measles and COVID-19, may cause disruptions to our business and operations, which may include (i) shortages of employees, (ii) unavailability of contractors or subcontractors, (iii) interruption of supplies from third parties upon which we rely, (iv) restrictions recommended or imposed by government and health authorities, including quarantines, to address an outbreak and (v) restrictions that we and our contractors, subcontractors and our customers impose, including facility shutdowns, to ensure the safety of employees.
The global or national outbreak of an illness or other communicable disease or any other public health crisis may cause disruptions to our business and operations, which may include (i) shortages of employees, (ii) unavailability of contractors or subcontractors, (iii) interruption of supplies from third parties upon which we rely, (iv) restrictions recommended or imposed by government and health authorities, including 33 Table of Contents quarantines, to address an outbreak and (v) restrictions that we and our contractors, subcontractors and our customers impose, including facility shutdowns, to ensure the safety of employees.
Such legislation and enforcement efforts could result in shipment delays and increased 40 Table of Contents costs.
Such legislation and enforcement efforts could result in shipment delays and increased costs.
Although we cannot predict what actions the Trump Administration may take with respect to regulation of the coal mining industry, the possibility exists that new laws or regulations may be adopted, or that judicial interpretations or more stringent enforcement of existing laws and regulations may occur, which could materially affect our mining operations, cash flow, and profitability, either through direct impacts on our mining operations, or indirect impacts that discourage or limit our customers’ use of coal.
The possibility exists that new laws or regulations may be adopted, or that judicial interpretations or more stringent enforcement of existing laws and regulations may occur, which could materially affect our mining operations, cash flow, and profitability, either through direct impacts on our mining operations, or indirect impacts that discourage or limit our customers’ use of coal.
Additionally, to the extent ESG matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations. ​ Certain public statements with respect to ESG matters, such as emission reduction goals, other environmental targets, or other commitments addressing certain social issues, are becoming increasingly subject to heightened scrutiny from public and governmental authorities, as well as other parties, related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential ESG benefits.
Additionally, to the extent sustainability matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations. ​ Certain public statements with respect to sustainability matters have been in the past subject to heightened scrutiny from public and governmental authorities, as well as other parties, related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential sustainability benefits.
Companies that do not adapt or comply with evolving investor or stakeholder expectations and standards, or are perceived to have not responded appropriately to ESG issues, regardless of any legal requirement to do so, may suffer reputational damage and the business, financial condition, and valuation of such companies could be adversely affected.
Companies that did not adapt or comply with evolving 36 Table of Contents investor or stakeholder expectations and standards, or were perceived to have not responded appropriately to sustainability issues, regardless of any legal requirement to do so, might have suffered reputational damage and the business, financial condition, and valuation of such companies could have been adversely affected.
Relatedly, in December 2023, in response to continued seismicity within the area, the TRRC issued a notice to suspend the permits of all deep disposal wells within the Northern Culberson-Reeves Seismic Response Area. ​ The adoption or implementation of any new laws or regulations that restrict the operators’ ability to use hydraulic fracturing or dispose of produced water gathered from drilling and production activities by limiting volumes, disposal rates, 45 Table of Contents disposal well locations, or otherwise, or requiring the operators to shut down or limit the operation of disposal wells, could have a material adverse effect on our business, financial condition and results of operations. ​ Our coal operations, and the third-party operations related to our oil and gas mineral interests, are subject to a series of risks resulting from climate change. ​ Combustion of fossil fuels, such as the coal we produce and the oil & gas produced from our mineral interests, results in the emission of carbon dioxide into the atmosphere.
Most recently, in May 2025, the TRRC released updated guidance for disposal well permits in the Permian Basis that placed new limits on maximum injection pressure and volumes to ensure safety. ​ The adoption or implementation of any new laws or regulations that restrict the operators’ ability to use hydraulic fracturing or dispose of produced water gathered from drilling and production activities by limiting volumes, disposal rates, disposal well locations, or otherwise, or requiring the operators to shut down or limit the operation of disposal wells, could have a material adverse effect on our business, financial condition and results of operations. ​ 44 Table of Contents Our coal operations, and the third-party operations related to our oil and gas mineral interests, are subject to a series of risks resulting from climate change. ​ Combustion of fossil fuels, such as the coal we produce and the oil & gas produced from our mineral interests, results in the emission of carbon dioxide into the atmosphere.
In response to tariffs imposed by the United States, the European Union, Canada, Mexico, and China have imposed tariffs on United States goods and services, including coal.
In response to tariffs imposed by the United States, several countries have imposed tariffs on United States goods and services, including coal.
Recent proposals have provided for the expansion of the qualifying income exception for publicly traded partnerships in certain circumstances and other proposals have provided for the total elimination of the qualifying income exception upon which we rely for our partnership tax treatment.
Recent proposals have provided for the expansion of the qualifying income exception for publicly traded partnerships in certain circumstances and other proposals have provided for the total elimination of the qualifying income exception upon which we rely for our partnership tax treatment. ​ In addition, the Treasury Department has issued, and in the future may issue, regulations interpreting those laws that affect publicly traded partnerships.
Currently, there are no universal standards for such scores or ratings, but consideration of sustainability evaluations has become more broadly accepted by investors.
Currently, there are no universal standards for such scores or ratings, but consideration of sustainability evaluations has become more broadly accepted by some investors in the past. Such assessments were used by some investors to inform their investment decisions.
It is possible that we could be included in similar future lawsuits initiated by state and local governments as well as private claimants or subject to regulatory fines or penalties in the future. ​ Litigation resulting from disputes with our customers could result in substantial costs, liabilities, and loss of revenues. ​ From time to time, we have disputes with our customers over the provisions of coal supply contracts relating to, among other things, coal pricing, quality, quantity, and the existence of specified conditions beyond our or our customers’ control that suspend performance obligations under the particular contract.
We cannot be certain of the impact of such regulatory, legal and other developments on our business. ​ Litigation resulting from disputes with our customers could result in substantial costs, liabilities, and loss of revenues. ​ From time to time, we have disputes with our customers over the provisions of coal supply contracts relating to, among other things, coal pricing, quality, quantity, and the existence of specified conditions beyond our or our customers’ control that suspend performance obligations under the particular contract.
As a result, we may face increased litigation risks from private parties and governmental authorities related to our ESG-related efforts. ​ Risks Related to our Business ​ Global economic conditions or economic conditions in any of the industries in which our customers operate as well as sustained uncertainty in financial markets could have material adverse impacts on our business and financial condition that we currently cannot predict. ​ Weakness in global economic conditions or economic conditions in any of the industries we serve or in the financial markets could materially adversely affect our business and financial condition.
These officers and directors face potential conflicts regarding the allocation of their time, which could adversely affect our business, results of operations, and financial condition. ​ Risks Related to Our Business ​ Global economic conditions or economic conditions in any of the industries in which our customers operate as well as sustained uncertainty in financial markets could have material adverse impacts on our business and financial condition that we currently cannot predict. ​ Weakness in global economic conditions or economic conditions in any of the industries we serve or in the financial markets could materially adversely affect our business and financial condition.
These bonds provide assurance that we will perform our statutorily required obligations and are referred to as “surety” bonds. These bonds are typically renewable on a yearly basis. At December 31, 2024, our total of such bonds was $251.6 million. The amount of surety bonding we are required to maintain may be increased by the governmental agencies holding the bond.
These bonds provide assurance that we will perform our statutorily required obligations and are referred to as “surety” bonds. These bonds are typically renewable on a yearly basis. At December 31, 2025, our total of such bonds was $237.8 million.
We, among others, have been identified by New York as a potentially responsible party under the law but, to date, have not received any cost recovery demands.
We, among others, have been identified by New York as a potentially responsible party under the law but, to date, have not received any cost recovery demands. The law has been challenged by the Department of Justice pursuant to an Executive Order and the litigation remains pending at this time.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAs these threats grow in complexity and scale, the industry’s efforts to prevent, detect, mitigate, and remediate such incidents become progressively more demanding and complex. ​ During 2024 and through the date of this Annual Report on Form 10-K, though the Partnership and our service providers may have experienced cybersecurity incidents, we are not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Partnership, including our business strategy, result of operations, or financial condition.
Biggest changeAs these threats grow in complexity and scale, the industry’s efforts to prevent, detect, mitigate, and remediate such incidents become progressively more demanding and complex. ​ During 2025 and through the date of this Annual Report on Form 10-K, though the Partnership and our service providers may have experienced cybersecurity incidents, we are not aware of any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Partnership, including our business strategy, result of operations, or financial condition.
The CTO reports directly to the CFO and maintains communication with the Audit Committee, the Board of Directors and the Cybersecurity Steering Committee with respect to information security and cybersecurity matters. ​ 59 Table of Contents The CTO holds a Master of Business Administration from the University of Kentucky/University of Louisville’s joint executive program and has an extensive background in information security, risk management, and incident response with over twenty years of varying information technology roles with increasing responsibility at both private and public companies.
The CTO reports directly to the CFO and maintains communication with the Audit Committee, the Board of Directors and the Cybersecurity Steering Committee with respect to information security and cybersecurity matters. ​ 57 Table of Contents The CTO holds a Master of Business Administration from the University of Kentucky/University of Louisville’s joint executive program and has an extensive background in information security, risk management, and incident response with over twenty years of varying information technology roles with increasing responsibility at both private and public companies.
The CTO is supported by a dedicated team of cybersecurity professionals, each bringing diverse expertise in areas such as network security, data protection, and threat intelligence. ​ 60 Table of Contents ​
The CTO is supported by a dedicated team of cybersecurity professionals, each bringing diverse expertise in areas such as network security, data protection, and threat intelligence. ​ 58 Table of Contents ​
The Cybersecurity Steering Committee convenes 58 Table of Contents regularly to review and monitor the Partnership’s programs for the prevention, detection, mitigation, and remediation of cybersecurity incidents.
The Cybersecurity Steering Committee convenes 56 Table of Contents regularly to review and monitor the Partnership’s programs for the prevention, detection, mitigation, and remediation of cybersecurity incidents.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe following table sets forth information regarding production of oil & gas including our equity investment in AllDale III and certain price and cost information for each of the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Production: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (MBbls) ​ ​ 1,543 ​ ​ 1,462 ​ ​ 1,104 ​ Natural gas (MMcf) ​ ​ 6,758 ​ ​ 6,161 ​ ​ 5,226 ​ Natural gas liquids (MBbls) ​ ​ 850 ​ ​ 726 ​ ​ 541 ​ BOE (MBbls) ​ ​ 3,520 ​ ​ 3,215 ​ ​ 2,516 ​ Average Realized Prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (per Bbl) ​ $ 75.03 ​ $ 77.40 ​ $ 94.76 ​ Natural gas (per Mcf) ​ $ 1.43 ​ $ 2.03 ​ $ 6.29 ​ Natural gas liquids (per Bbl) ​ $ 20.44 ​ $ 23.15 ​ $ 38.53 ​ BOE (MBbls) ​ $ 40.58 ​ $ 44.32 ​ $ 62.94 ​ Unit cost per BOE: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production and ad valorem taxes ​ $ 4.29 ​ $ 4.37 ​ $ 5.61 ​ ​ Productive Wells ​ As of December 31, 2024, 17,502 gross productive horizontal wells and 5,772 gross productive vertical wells were located on the acreage in which we have a mineral interest.
Biggest changeThe following table sets forth information regarding production of oil & gas including our equity investment in AllDale III and certain price and cost information for each of the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ 2024 ​ 2023 Production: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (MBbls) ​ ​ 1,677 ​ ​ 1,543 ​ ​ 1,462 ​ Natural gas (MMcf) ​ ​ 7,097 ​ ​ 6,758 ​ ​ 6,161 ​ Natural gas liquids (MBbls) ​ ​ 908 ​ ​ 850 ​ ​ 726 ​ BOE (MBbls) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Basin ​ ​ 3,034 ​ ​ 2,755 ​ ​ 2,496 ​ Anadarko Basin ​ ​ 415 ​ ​ 413 ​ ​ 409 ​ Williston Basin ​ ​ 174 ​ ​ 226 ​ ​ 170 ​ Other ​ ​ 145 ​ ​ 126 ​ ​ 140 ​ Total BOE ​ ​ 3,768 ​ ​ 3,520 ​ ​ 3,215 ​ Average Realized Prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil (per Bbl) ​ $ 64.12 ​ $ 75.03 ​ $ 77.40 ​ Natural gas (per Mcf) ​ $ 2.22 ​ $ 1.43 ​ $ 2.03 ​ Natural gas liquids (per Bbl) ​ $ 21.74 ​ $ 20.44 ​ $ 23.15 ​ BOE (MBbls) ​ $ 37.96 ​ $ 40.58 ​ $ 44.32 ​ Unit cost per BOE: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production and ad valorem taxes ​ $ 3.87 ​ $ 4.29 ​ $ 4.37 ​ ​ Productive Wells ​ As of December 31, 2025, our productive wells were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Productive Wells Horizontal ​ Vertical Oil ​ ​ ​ Gas ​ ​ ​ Oil ​ ​ ​ Gas Gross ​ ​ ​ Net ​ ​ ​ Gross ​ ​ ​ Net ​ ​ ​ Gross ​ ​ ​ Net ​ ​ ​ Gross ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,916 ​ ​ 37 ​ ​ 1,207 ​ ​ 4 ​ ​ 5,272 ​ ​ 21 ​ ​ 534 ​ ​ 2 ​ Productive wells consist of producing wells and wells capable of production, including natural gas wells awaiting pipeline connections to commence deliveries and oil wells awaiting connection to production facilities.
Such changes would reduce the economic viability of our mining operations and could have a material adverse impact on our operations and financial results. ​ Under SEC rules, a mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
Such changes would reduce the economic viability of our mining operations and could have a material adverse impact on our operations and financial results. ​ Under SEC rules, a mineral resource is a concentration or occurrence of a material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.
The complex is composed of the River View and Henderson County mines along with shared preparation, loadout, and other ancillary facilities. The complex is controlled through both fee ownership and leases of the coal. The coal mineral reserves are leased or held for lease to the River View complex almost exclusively by Alliance Resource Properties.
The complex is composed of the River View and Henderson County mines along with shared preparation, loadout, and other ancillary facilities. The mineral is controlled through both fee ownership and leases of the coal. The coal mineral reserves are leased or held for lease to the River View complex almost exclusively by Alliance Resource Properties.
The underlying base coal leases are with private owners and are comprised of a large number of leases originally taken by AMAX Coal Company and Old Ben in the mid to late 1970’s and early, leases acquired by Consolidation Coal Company in the late 1980’s, and subsequent leases taken directly by White Oak Resources, LLC or affiliated companies and/or Alliance WOR Properties.
The underlying base coal leases are with private owners and are comprised of a large number of leases originally taken by AMAX Coal Company and Old Ben in the mid to late 1970’s and early 1980’s, leases acquired by Consolidation Coal Company in the late 1980’s, and subsequent leases taken directly by White Oak Resources, LLC or affiliated companies and/or Alliance WOR Properties.
In addition to state mining and reclamation laws, operators must comply with various federal laws relevant to mining.
In addition to state mining and reclamation laws, operators must comply with various federal laws relevant to mining.
In addition to state mining and reclamation laws, operators must comply with various federal laws relevant to mining.
In addition to state mining and reclamation laws, operators must comply with various federal laws relevant to mining.
The most recent TRSs for our material mining operations are included as exhibits to our Annual Report on Form 10-K. ​ Summary of Coal Mineral Resources and Reserves ​ Coal Mineral Resources ​ Most of our coal properties designated as mineral resources are of thickness, quality, and mineability similar to that of the mineral reserves, and all are proximal to existing infrastructure such as power, water, transportation, facilities, etc.
The most recent TRSs for our material mining operations are included as exhibits to our Annual Report on Form 10-K. ​ Summary of Coal Mineral Resources and Reserves ​ Coal Mineral Resources ​ Most of our coal properties designated as mineral resources are of thickness, quality, and mineability similar to our mineral reserves, and all are proximal to existing infrastructure such as power, water, transportation, facilities, etc.
Local infrastructure is as follows: ​ Major Roads: Interstate 69 and US-60, Railroads: None, Airport: Evansville Regional Airport (EVV), Town: Morganfield, Docks: River View on the Ohio River, Water: Union and Henderson County water districts and mine sources, Electricity: Kentucky Utilities (KU), Personnel: Regional. ​ 66 Table of Contents ​ Description ​ The underground mines are currently in production using room-and-pillar methods utilizing a heavy media, float/sink style preparation plant.
Local infrastructure is as follows: ​ Major Roads: Interstate 69 and US-60, Railroads: None, Airport: Evansville Regional Airport (EVV), Town: Morganfield, Docks: River View on the Ohio River, Water: Union and Henderson County water districts and mine sources, Electricity: Kentucky Utilities (KU), Personnel: Regional. ​ 64 Table of Contents ​ Description ​ The underground mines are currently in production using room-and-pillar methods utilizing a heavy media, float/sink style preparation plant.
Local infrastructure is as follows: ​ Major Roads: Interstate 69 and US-60, Railroads: None, Airport: Evansville Regional Airport (EVV), Town: Morganfield, Docks: River View, Hamilton 1, UC Processing, on the Ohio River, Water: Local municipalities and mine sources, Electricity: Kentucky Utilities (KU), Personnel: Regional. ​ 64 Table of Contents ​ Description ​ The potential underground mine(s) would utilize room-and-pillar methods operating a heavy media, float/sink style preparation plant.
Local infrastructure is as follows: ​ Major Roads: Interstate 69 and US-60, Railroads: None, Airport: Evansville Regional Airport (EVV), Town: Morganfield, Docks: River View, Hamilton 1, UC Processing, on the Ohio River, Water: Local municipalities and mine sources, Electricity: Kentucky Utilities (KU), Personnel: Regional. ​ 62 Table of Contents ​ Description ​ The potential underground mine(s) would utilize room-and-pillar methods operating a heavy media, float/sink style preparation plant.
Local infrastructure is as follows: ​ Major Roads: Interstates 69 and 64, Railroads: CSX and NS, Airport: Evansville Regional Airport (EVV), Town: Princeton, Docks: Mount Vernon on the Ohio River, Water: Gibson Water, Inc. and well water, Electricity: Western Indiana Energy REMC, Personnel: Regional. 70 Table of Contents Description ​ The underground mine is currently in production using room-and-pillar methods utilizing a heavy media, float/sink style preparation plant.
Local infrastructure is as follows: ​ Major Roads: Interstates 69 and 64, Railroads: CSX and NS, Airport: Evansville Regional Airport (EVV), Town: Princeton, Docks: Mount Vernon on the Ohio River, Water: Gibson Water, Inc. and well water, Electricity: Western Indiana Energy REMC, Personnel: Regional. 68 Table of Contents Description ​ The underground mine is currently in production using room-and-pillar methods utilizing a heavy media, float/sink style preparation plant.
These procedures, which are intended to ensure reliability of reserve estimations, include the following: ​ ● review and verification of historical data, which is based on actual production as reported by the operators; ● verification of property ownership by our land department; ● review of all our reported proved reserves semi-annually including the review of all significant reserve changes and proved undeveloped reserves additions by our internal petroleum engineer; ● internally prepared reserve estimates compared to reserves audit by CGA; ● review of changes in reserves semi-annually by our internal petroleum engineer and by senior management; and ● no employee ’ s compensation is tied to the amount of reserves booked. ​ CGA, an independent third-party petroleum engineering firm, does not own an interest in any of our properties and is not employed on a contingent basis.
These procedures, which are intended to ensure reliability of reserve estimations, include the following: ​ ● review and verification of historical data, which is based on actual production as reported by the operators; ● verification of property ownership by our land department; ● review of all our reported proved reserves semi-annually including the review of all significant reserve changes and proved undeveloped reserves additions by our internal petroleum engineer; ● internally prepared reserve estimates compared to reserves audit by CGA; ● review of changes in reserves semi-annually by our internal petroleum engineer and by senior management; and ● no employee ’ s compensation is tied to the amount of reserves booked. ​ 75 Table of Contents CGA, an independent third-party petroleum engineering firm, does not own an interest in any of our properties and is not employed on a contingent basis.
Both the WKY9 and WKY11 seams were mined at these locations. In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market. ​ 67 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain River View complex surface properties and coal leases.
Both the WKY9 and WKY11 seams were mined at these locations. In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market. ​ 65 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain River View complex surface properties and coal leases.
In general, all drilling has shown a highly consistent coal seam of mineable thickness and quality for the high-sulfur domestic thermal utility market and low/medium sulfur export market. ​ 71 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Gibson surface properties, coal leases and owned coal.
In general, all drilling has shown a highly consistent coal seam of mineable thickness and quality for the high-sulfur domestic thermal utility market and low/medium sulfur export market. ​ 69 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Gibson surface properties, coal leases and owned coal.
(2) Natural gas reserve volumes are converted to BOE based on a 6:1 ratio: 6 Mcf of natural gas converts to one BOE. ​ Estimates of reserves as of December 31, 2024 were prepared using product prices equal to the unweighted arithmetic average of the first-day-of-the-month market price for each month in the period from January through December 2024.
(2) Natural gas reserve volumes are converted to BOE based on a 6:1 ratio: 6 Mcf of natural gas converts to one BOE. ​ Estimates of reserves as of December 31, 2025 were prepared using product prices equal to the unweighted arithmetic average of the first-day-of-the-month market price for each month in the period from January through December 2025.
CGA’s audit report with the respect to our proved reserve estimates as of December 31, 2024 is included as an exhibit to this Annual Report on Form 10-K. ​ CGA was founded in 1961 and performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-693.
CGA’s audit report with the respect to our proved reserve estimates as of December 31, 2025 is included as an exhibit to this Annual Report on Form 10-K. ​ CGA was founded in 1961 and performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-693.
In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market for the Herrin and Springfield seams. ​ 69 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Hamilton surface properties, coal leases and owned coal.
In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market for the Herrin and Springfield seams. ​ 67 Table of Contents Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Hamilton surface properties, coal leases and owned coal.
We do not incur any capital expenditures or lease operating expenses in connection with the development of our PUDs, which costs are borne entirely by the operators. As a result, during the year ended December 31, 2024, we did not have any expenditures to convert PUDs to proved developed producing reserves.
We do not incur capital expenditures or lease operating expenses in connection with the development of our PUDs, which costs are borne entirely by the operators. As a result, during the year ended December 31, 2025, we did not have any expenditures to convert PUDs to proved developed producing reserves.
There is no overlap in the resource / reserve estimation. ​ History ​ The Henderson/Union property contains resources in three coal seams, the WKY11, the WKY7, and the WKY6. Island Creek operated mines in the area and controlled a portion of the property. Under a joint venture, Texas Gas Service also controlled a large interest in the mineral rights.
There is no overlap in the resource / reserve estimation. ​ History ​ The Henderson/Union property contains resources in the WKY11, WKY7, and WKY6 seams. Island Creek operated mines in the area and controlled a portion of the property. Under a joint venture, Texas Gas Service also controlled a large interest in the mineral rights.
CGA is satisfied with our methods and procedures used to prepare the December 31, 2024 reserve estimates and future revenue, and noted nothing of an unusual nature that would cause CGA to take exception with the estimates, in the aggregate, prepared by us.
CGA is satisfied with our methods and procedures used to prepare the December 31, 2025 reserve estimates and future revenue, and noted nothing of an unusual nature that would cause CGA to take exception with the estimates, in the aggregate, prepared by us.
The proved reserves for our properties were estimated by performance methods, analogy or a combination of both methods. Performance methods include, but may not be limited to, decline curve analysis, which utilized extrapolations of available historical production data.
The proved reserves for our properties were estimated by performance methods, analogy or a combination of both methods. Performance methods include, but may not be limited to, decline curve analysis, which utilize extrapolations of available historical production data.
The table below summarizes mineral resources as of December 31, 2024, using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Resources Tons (in millions) Thickness (ft) % Ash % Sulfur Btu lbs.
The table below summarizes mineral resources as of December 31, 2025, using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Resources ​ Tons (in millions) ​ Thickness (ft) ​ ​ ​ % Ash ​ ​ ​ % Sulfur ​ ​ ​ Btu ​ ​ ​ lbs.
The table below summarizes mineral reserves as of December 31, 2024 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves Tons (in millions) Thickness (ft) % Ash % Sulfur Btu lbs.
The table below summarizes mineral reserves as of December 31, 2025 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves ​ Tons (in millions) ​ Thickness (ft) ​ ​ ​ % Ash ​ ​ ​ % Sulfur ​ ​ ​ Btu ​ ​ ​ lbs.
The table below summarizes mineral reserves as of December 31, 2024 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves Tons (in millions) Thickness (ft) % Ash % Sulfur Btu lbs.
The table below summarizes mineral reserves as of December 31, 2025 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves ​ Tons (in millions) ​ Thickness (ft) ​ ​ ​ % Ash ​ ​ ​ % Sulfur ​ ​ ​ Btu ​ ​ ​ lbs.
The table below summarizes mineral reserves as of December 31, 2024 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves Tons (in millions) Thickness (ft) % Ash % Sulfur Btu lbs.
The table below summarizes mineral reserves as of December 31, 2025 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves ​ Tons (in millions) ​ Thickness (ft) ​ ​ ​ % Ash ​ ​ ​ % Sulfur ​ ​ ​ Btu ​ ​ ​ lbs.
The table below summarizes mineral reserves as of December 31, 2024 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves Tons (in millions) Thickness (ft) % Ash % Sulfur Btu lbs.
The table below summarizes mineral reserves as of December 31, 2025 using a cut off thickness of 4.00 feet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quality, Washed, Dry Basis ​ % Recovery ​ Reserves ​ Tons (in millions) ​ Thickness (ft) ​ ​ ​ % Ash ​ ​ ​ % Sulfur ​ ​ ​ Btu ​ ​ ​ lbs.
Financial Statements and Supplementary Data — Note 12 – Long-term Debt” for more information on our credit facility. ​ 73 Table of Contents Accounts receivable generated from the sale of coal mined from this property are collateral for our accounts receivable securitization facility, evidenced by financing statements of record in the Office of the County Commission of Ohio County, West Virginia and the Office of the Recorder of Deeds of Washington County, Pennsylvania.
Financial Statements and Supplementary Data — Note 12 – Long-term Debt” for more information on our credit facility. ​ Accounts receivable generated from the sale of coal mined from this property are collateral for our accounts receivable securitization facility, evidenced by financing statements of record in the Office of the County Commission of Ohio County, West Virginia and the Office of the Recorder of Deeds of Washington County, Pennsylvania.
The mine property is controlled through both fee ownership and leases of the coal. The coal mineral reserves and resources are leased or held for lease to Hamilton by Alliance WOR Properties, a subsidiary of Alliance Resource Properties.
The mineral is controlled through both fee ownership and leases of the coal. The coal mineral reserves and resources are leased or held for lease to Hamilton by Alliance WOR Properties, a subsidiary of Alliance Resource Properties.
The property associated with Henderson/Union has no book value as of December 31, 2024 but does have outstanding advanced royalties with WKY CoalPlay or its subsidiaries. See “Item 8.
The property associated with Henderson/Union has no book value as of December 31, 2025 but does have outstanding advanced royalties with WKY CoalPlay or its subsidiaries. See “Item 8.
All reserves are classified as underground mineable in the development or production stage. ​ Mining Operations ​ The following table sets forth production and other data about our mining operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons Produced ​ ​ ​ ​ Operations Location 2024 2023 2022 Transportation Equipment ​ ​ ​ (in millions) ​ ​ ​ ​ ​ Illinois Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrior Kentucky 4.4 4.4 4.1 CSX, NS, PAL, truck, barge CM ​ River View Kentucky 9.3 9.9 10.2 Truck, barge CM ​ Hamilton County Illinois 4.8 5.6 4.7 CSX, EVW, NS, barge LW, CM ​ Gibson South Indiana 5.7 5.3 5.3 CSX, NS, truck, barge CM ​ Region Total ​ ​ 24.2 25.2 24.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MC Mining/Excel Kentucky 0.9 1.2 1.5 CSX, truck, barge CM ​ Mountain View West Virginia 1.1 0.8 1.4 CSX, truck LW, CM ​ Tunnel Ridge West Virginia 6.0 7.7 8.3 CSX, NS, barge LW, CM ​ Region Total ​ ​ 8.0 9.7 11.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL ​ ​ 32.2 34.9 35.5 ​ ​ ​ ​ ​ CSX - CSX Railroad EVW - Evansville Western Railroad NS - Norfolk Southern Railroad PAL - Paducah & Louisville Railroad CM - Continuous Miner LW - Longwall 63 Table of Contents ​ Individual Property Disclosures ​ We consider the following properties to be material based on multiple factors including, but not limited to, the property’s contribution to our overall business and financial condition.
All reserves are classified as underground mineable in the development or production stage. ​ Mining Operations ​ The following table sets forth production and other data about our mining operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons Produced ​ ​ ​ ​ Operations ​ ​ ​ Location ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Transportation ​ ​ ​ Equipment ​ ​ ​ (in millions) ​ ​ ​ ​ ​ Illinois Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrior Kentucky 4.5 4.4 4.4 CSX, NS, PAL, truck, barge CM ​ River View Kentucky 9.6 9.3 9.9 Truck, barge CM ​ Hamilton County Illinois 6.5 4.8 5.6 CSX, EVW, NS, barge LW, CM ​ Gibson South Indiana 5.5 5.7 5.3 CSX, NS, truck, barge CM ​ Region Total ​ ​ 26.1 24.2 25.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MC Mining/Excel Kentucky 0.7 0.9 1.2 CSX, truck, barge CM ​ Mountain View West Virginia 1.2 1.1 0.8 CSX, truck LW, CM ​ Tunnel Ridge West Virginia 5.2 6.0 7.7 CSX, NS, barge LW, CM ​ Region Total ​ ​ 7.1 8.0 9.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL ​ ​ 33.2 32.2 34.9 ​ ​ ​ ​ ​ CSX - CSX Railroad EVW - Evansville Western Railroad NS - Norfolk Southern Railroad PAL - Paducah & Louisville Railroad CM - Continuous Miner LW - Longwall 61 Table of Contents ​ Individual Property Disclosures ​ We consider the following properties to be material based on multiple factors including, but not limited to, the property’s contribution to our overall business and financial condition.
Local infrastructure is as follows: ​ Major Roads: Interstate 64, 68 Table of Contents Railroads: CSX and EVW, Airport: Evansville Regional Airport (EVV), Towns: McLeansboro and Mt.
Local infrastructure is as follows: ​ Major Roads: Interstate 64, 66 Table of Contents Railroads: CSX and EVW, Airport: Evansville Regional Airport (EVV), Towns: McLeansboro and Mt.
Description ​ The underground mine is currently in production using longwall and room-and-pillar methods utilizing a heavy media, float/sink style preparation plant. Exploration continues as needed to fulfill mining and permitting requirements. The mine began production in 2010. All equipment, facilities, infrastructure, and underground development are in good working order and maintained to industry standards.
Description ​ The underground mine is currently in production using longwall and room-and-pillar methods utilizing a heavy media, float/sink style preparation plant. Exploration continues as needed to fulfill mining and permitting requirements. The mine began production in 2010. All equipment, facilities, infrastructure, and underground development are in good working 71 Table of Contents order and maintained to industry standards.
Our geologists and engineers also met with RESPEC periodically during the year to discuss the assumptions and methods used in the coal mineral resource and reserve estimation process. 61 Table of Contents ​ RESPEC, an independent third-party engineering firm, does not have an interest in any of our properties and is not employed on a contingent basis.
Our geologists and engineers also meet with RESPEC periodically during the year to discuss the assumptions and methods used in the coal mineral resource and reserve estimation process. 59 Table of Contents ​ RESPEC, an independent third-party engineering firm, does not have an interest in any of our properties and is not employed on a contingent basis.
These analytical procedures fall into three broad categories or methods: ​ (1) performance-based methods, (2) volumetric-based methods and (3) analogy. ​ These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves.
These analytical procedures fall into three broad categories or methods: ​ (1) performance-based methods, (2) volumetric-based methods and (3) analogy. 74 Table of Contents ​ These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves.
Please read “Item 8. Financial Statements and Supplementary Data — Note 12 – Long-term Debt” for more information on our credit facility. ​ The KYDNR, DMP is responsible for the review and issuance of all permits relative to coal mining and reclamation activities, and financial assurance of comprehensive environmental protection performance standards related to surface and underground coal mining operations.
Financial Statements and Supplementary Data — Note 12 – Long-term Debt” for more information on our credit facility. ​ The KYDNR, DMP is responsible for the review and issuance of all permits relative to coal mining and reclamation activities, and financial assurance of comprehensive environmental protection performance standards related to surface and underground coal mining operations.
The mine property is controlled through both fee ownership and leases of the coal. Leases generally have an initial term with automatic extensions for as long as mining operations are conducted within a described area.
The mineral is controlled through both fee ownership and leases of the coal. Leases generally have an initial term with automatic extensions for as long as mining operations are conducted within a described area.
Local infrastructure is as follows: ​ Major Roads: Interstate 70, Railroads: None, 72 Table of Contents Airport: Pittsburgh International Airport (PIT), Town: Wheeling, Docks: Tunnel Ridge on the Ohio River, Water: Municipal water districts and mine sources, Electricity: American Electric Power (AEP), West Penn Power (WPP), Personnel: Regional.
Local infrastructure is as follows: ​ Major Roads: Interstate 70, Railroads: None, Airport: Pittsburgh International Airport (PIT), Town: Wheeling, Docks: Tunnel Ridge on the Ohio River, Water: Municipal water districts and mine sources, Electricity: American Electric Power (AEP), West Penn Power (WPP), Personnel: Regional.
A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable.
A mineral resource is a reasonable estimate of mineralization, considering relevant factors such as cut-off grade, likely mining dimensions, location or continuity that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable.
Total book value of the property and any associated plant and equipment for Gibson South as of December 31, 2024 was $112.0 million. ​ History ​ In November 1997, pursuant to (a) Assignment of Underground Coal Leases, (b) Partial Assignment of Underground Coal Leases and (c) Special Corporate Warranty Deed, Old Ben conveyed to MAPCO Land & Development Corporation various coal leases and fee coal interests within a large property boundary located in Gibson County, Indiana.
Total book value of the property and any associated plant and equipment for Gibson South as of December 31, 2025 was $108.9 million. ​ History ​ In November 1997, pursuant to (a) Assignment of Underground Coal Leases, (b) Partial Assignment of Underground Coal Leases and (c) Special Corporate Warranty Deed, Old Ben conveyed to MAPCO Land & Development Corporation various coal leases and fee coal interests within a large property boundary located in Gibson County, Indiana.
Total book value of the property and any associated plant and equipment for the River View complex as of December 31, 2024 was $388.8 million. ​ Though there is geographic overlap between the River View complex and the Henderson/Union properties, the reserves and resources of each are associated with different coal seams or, if in the same seam, are separated by existing mine works or geologic features into distinct areas.
Total book value of the property and any associated plant and equipment for the River View complex as of December 31, 2025 was $387.4 million. ​ Though there is geographic overlap between the River View complex and the Henderson/Union properties, the reserves and resources of each are associated with different coal seams or, if in the same seam, are separated by existing mine works or geologic features into distinct areas.
As of December 31, 2024, approximately 10.87% of our total proved reserves were classified as PUDs. ​ Evaluation and Review of Reserves ​ Numerous uncertainties are inherent in estimating reserve volumes and values, and the estimates are subject to change as additional information becomes available.
As of December 31, 2025, approximately 10.26% of our total proved reserves were classified as PUDs. ​ Evaluation and Review of Reserves ​ Numerous uncertainties are inherent in estimating reserve volumes and values, and the estimates are subject to change as additional information becomes available.
If deterministic methods are used, 75 Table of Contents the SEC has defined reasonable certainty for proved reserves as a “high degree of confidence that the quantities will be recovered.” All of our proved reserves as of December 31, 2024 were estimated using a deterministic method. The estimation of reserves involves two distinct determinations.
If deterministic methods are used, the SEC has defined reasonable certainty for proved reserves as a “high degree of confidence that the quantities will be recovered.” All of our proved reserves as of December 31, 2025 were estimated using a deterministic method. The estimation of reserves involves two distinct determinations.
Total book value of the property and any associated plant and equipment for Hamilton as of December 31, 2024 was $371.8 million. ​ History ​ There were no previous operations on the Hamilton reserves property prior to our predecessor, White Oak Resources LLC, who began construction of the mine in 2011.
Total book value of the property and any associated plant and equipment for Hamilton as of December 31, 2025 was $377.3 million. ​ History ​ There were no previous operations on the Hamilton reserves property prior to our predecessor, White Oak Resources LLC, who began construction of the mine in 2011.
All applicable permits for underground mining, coal preparation and related facilities, and other incidental activities have been obtained and remain in good standing. ​ Geology and Reserves ​ The River View complex extracts coal underground from the West Kentucky No. 11 and No. 9 seams with depths ranging from 200 to 500 feet across the reserve.
All applicable permits for underground mining, coal preparation and related facilities, and other incidental activities have been obtained and remain in good standing. ​ Geology and Reserves ​ The River View complex extracts coal underground from the WKY11 and WKY9 seams with depths ranging from 200 to 500 feet across the reserve.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Tunnel Ridge Yearly Reserve Reconciliation (in millions) Tons as of December 31, 2023 118.2 Production ​ (6.0) ​ Normal Course Adjustments ​ (1.2) ​ Tons as of December 31, 2024 ​ 111.0 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ OIL & GAS RESERVES ​ Summary of Oil & Gas Reserves ​ Our mineral interests are primarily located in three basins, which are also our areas of focus for future development.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Tunnel Ridge Yearly Reserve Reconciliation ​ (in millions) ​ Tons as of December 31, 2024 111.0 Production ​ (5.2) ​ Mine Plan Adjustment ​ 3.7 ​ Normal Course Adjustments ​ (0.4) ​ Tons as of December 31, 2025 ​ 109.1 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ OIL & GAS RESERVES ​ Summary of Oil & Gas Reserves ​ Our mineral interests are primarily located in three basins, which also represent our areas of focus for future development.
Tonnages are reported on a clean recoverable basis with average long-term pricing based on available third-party forecasts and historical pricing adjusted for quality at the end of 2024 in a range from approximately $45 to $55 per short ton in the Illinois Basin and from approximately $60 to $116 per short ton in the Appalachian Basin, which are the prices used by RESPEC to estimate the amount of coal mineral resources.
Tonnages are reported on a clean recoverable basis with average long-term pricing based on available third-party forecasts and historical pricing adjusted for quality at the end of 2025 in a range from approximately $46 to $59 per short ton in the Illinois Basin and from approximately $64 to $117 per short ton in the Appalachian Basin, which are the prices used by RESPEC to verify the amount of coal mineral resources.
Tonnages are reported on a clean recoverable basis with average long-term pricing based on available third-party forecasts and historical pricing adjusted for quality at the end of 2024 in a range from approximately $45 to $55 per short ton in the Illinois Basin and from approximately $60 to $116 per short ton in the Appalachian Basin, which are the prices used by RESPEC to estimate the amount of coal mineral reserves.
Tonnages are reported on a clean recoverable basis with average long-term pricing based on available third-party forecasts and historical pricing adjusted for quality at the end of 2025 in a range from approximately $46 to $59 per short ton in the Illinois Basin and from approximately $64 to $117 per short ton in the Appalachian Basin, which are the prices used by RESPEC to verify the amount of coal mineral reserves.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Hamilton County Yearly Reserve Reconciliation (in millions) Tons as of December 31, 2023 119.8 Production ​ (4.8) ​ Mineral Acquisition / Deletion ​ 0.3 ​ Mine Plan Adjustment ​ (1.3) ​ Normal Course Adjustments ​ (0.2) ​ Tons as of December 31, 2024 ​ 113.8 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ Gibson South Mine ​ Gibson South is located in Gibson County, Indiana at 38°18'22"N, 87°42'30"W and currently has approximately 22,350 underground acres permitted.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Hamilton County Yearly Reserve Reconciliation ​ (in millions) ​ Tons as of December 31, 2024 113.8 Production ​ (6.5) ​ Mineral Acquisition / Deletion ​ (3.1) ​ Normal Course Adjustments ​ 0.7 ​ Tons as of December 31, 2025 ​ 104.9 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ Gibson South Mine ​ Gibson South is located in Gibson County, Indiana at 38°18'22"N, 87°42'30"W and currently has approximately 41,640 underground acres permitted.
Total book value of the property and any associated plant and equipment for Tunnel Ridge as of December 31, 2024 was $334.0 million. ​ History ​ Valley Camp Coal Company operated mines on the property prior to Tunnel Ridge’s operations.
Total book value of the property and any associated plant and equipment for Tunnel Ridge as of December 31, 2025 was $330.9 million. ​ History ​ Valley Camp operated mines on the property prior to Tunnel Ridge’s operations.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Gibson South Yearly Reserve Reconciliation (in millions) Tons as of December 31, 2023 45.2 Production ​ (5.7) ​ Mineral Acquisition / Deletion ​ 1.1 ​ Normal Course Adjustments ​ (0.6) ​ Tons as of December 31, 2024 ​ 40.0 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ Tunnel Ridge Mine ​ Tunnel Ridge, located at 40°09'17" N, -80°39'26"W, is an underground longwall mine in the Pittsburgh No. 8 seam of coal, and currently has approximately 22,350 underground acres permitted.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ Gibson South Yearly Reserve Reconciliation ​ (in millions) ​ Tons as of December 31, 2024 40.0 Production ​ (5.5) ​ Mineral Acquisition / Deletion ​ 2.3 ​ Mine Plan Adjustment ​ (4.4) ​ Normal Course Adjustments ​ (0.2) ​ Tons as of December 31, 2025 ​ 32.2 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ 70 Table of Contents Tunnel Ridge Mine ​ Tunnel Ridge, located at 40°09'17" N, -80°39'26"W, is an underground longwall mine in the Pittsburgh No. 8 seam and currently has approximately 23,870 underground acres permitted.
The average realized product prices weighted by production over the remaining lives of the properties are $75.22/Bbl for oil, $0.68/Mcf of natural gas and $17.12 per barrel of NGL. These prices are adjusted for energy content, associated average differential and transportation deducts by producing area to arrive at the net realized prices by product.
The average realized product prices weighted by production over the remaining lives of the properties are $64.89/Bbl for oil, $1.40/Mcf of natural gas and $18.29 per barrel of NGL. These prices are adjusted for energy content, associated average differential and transportation deducts by producing area to arrive at the net realized prices by product.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ River View Complex Yearly Reserve Reconciliation (in millions) Tons as of December 31, 2023 310.4 Production ​ (9.3) ​ Mineral Acquisition / Deletion ​ 2.1 ​ Normal Course Adjustments ​ 0.3 ​ Tons as of December 31, 2024 ​ 303.5 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ Hamilton Mine ​ Hamilton, a longwall mine located in Hamilton County, Illinois at 38°10'12"N, -88°36'47"W, currently has approximately 23,250 underground acres and 1,350 surface acres permitted.
The year over year reconciliation is as follows: ​ ​ ​ ​ ​ River View Complex Yearly Reserve Reconciliation ​ (in millions) ​ Tons as of December 31, 2024 303.5 Production ​ (9.6) ​ Mine Plan Adjustment ​ (5.8) ​ Normal Course Adjustments ​ (0.2) ​ Tons as of December 31, 2025 ​ 287.9 ​ ​ Normal course adjustments are associated with numerous small changes in the geologic/mining model. ​ Hamilton Mine ​ Hamilton, a longwall mine located in Hamilton County, Illinois at 38°10'12"N, -88°36'47"W, currently has approximately 23,270 underground acres permitted.
Accordingly, we do not own any net wells. ​ Drilling Results ​ As a holder of mineral interests, we generally are not provided with information as to whether any wells drilled on the acreage associated with our mineral interests are classified as exploratory or as developmental wells.
We do not own any material working interests in any wells and therefore use our net revenue interest to determine our net wells. ​ Drilling Results ​ As a holder of mineral interests, we generally do not receive information as to whether wells drilled on the acreage associated with our mineral interests are classified as exploratory or as developmental wells.
In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market. ​ Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Henderson/Union surface properties and coal leases. Documentation of such liens is of record in the Offices of the Henderson and Union County Clerks.
No mining has occurred on the property in the WKY7 or WKY6 seams. 63 Table of Contents In general, all drilling has shown highly consistent coal seams of mineable thickness and quality for the high-sulfur thermal utility market. ​ Encumbrances ​ Our credit facility is secured by, among other things, liens against certain Henderson/Union surface properties and coal leases.
SO2 In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Henderson/Union ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measured Mineral Resources 128.3 4.72 7.72 2.88 13,327 4.32 85.72 ​ Indicated Mineral Resources ​ 228.4 ​ 4.62 ​ 8.01 ​ 2.74 ​ 13,306 ​ 4.12 ​ 87.34 ​ Combined Mineral Resources ​ 356.7 ​ 4.66 ​ 7.91 ​ 2.79 ​ 13,314 ​ 4.19 ​ 86.76 ​ Inferred Mineral Resources 57.7 4.47 7.97 2.57 13,350 3.84 90.64 ​ ​ River View Complex ​ The River View complex is located in Union County, Kentucky at 37°45'37"N, -87°56'42"W and currently has approximately 93,200 underground acres permitted.
SO2 ​ ​ ​ In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Henderson/Union ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measured Mineral Resources 128.7 4.72 7.71 2.88 13,328 4.31 85.71 ​ Indicated Mineral Resources ​ 229.5 ​ 4.62 ​ 8.00 ​ 2.74 ​ 13,307 ​ 4.12 ​ 87.34 ​ Combined Mineral Resources ​ 358.2 ​ 4.66 ​ 7.90 ​ 2.79 ​ 13,315 ​ 4.19 ​ 86.75 ​ Inferred Mineral Resources 57.0 4.47 7.96 2.56 13,350 3.83 90.67 ​ ​ River View Complex ​ The River View complex is located in Union County, Kentucky at 37°45'37"N, -87°56'42"W and currently has approximately 93,200 underground acres permitted.
Our engineering team works to ensure the integrity, accuracy, and timeliness of the data used to calculate our estimated proved reserves. Our proved reserve estimates were audited by CGA. Our engineering team met with CGA periodically during the period covered by the above referenced reserve report to discuss the assumptions and methods used in the reserve estimation process.
Our proved reserve estimates, with the exception of AllDale III, which comprise 3.3% of our total proved reserves, were audited by CGA. Our engineering team met with CGA periodically during the period covered by the above referenced reserve report to discuss the assumptions and methods used in the reserve estimation process.
At December 31, 2024, we had 50,755 developed and undeveloped net acres held at a weighted average royalty of 17.1%. 74 Table of Contents Our net acres standardized to 1/8th royalty equates to 69,363 net royalty acres, including 3,964 net royalty acres owned through our equity interest in AllDale III. ​ The following table presents our estimated net proved oil & gas reserves, including our share of reserves attributable to our equity interest in AllDale III, as of December 31, 2024 based on the reserve report prepared by our internal engineering team and reserve information provided by AllDale III.
Our net acres standardized to 1/8th royalty equate to 69,880 net royalty acres, including 3,962 net royalty acres owned through our equity interest in AllDale III. ​ The following table presents our estimated net proved oil & gas reserves, including our share of reserves attributable to our equity interest in AllDale III, as of December 31, 2025 based on the reserve report prepared by our internal engineering team and reserve information provided by AllDale III.
Financial Statements and Supplemental Data - Note 21 – Related-Party Transactions” for additional information on related-party leases. Tunnel Ridge either owns or controls the surface properties upon which its facilities are located, including the preparation plant, refuse areas, mine offices, conveyor systems, shafts and slopes.
Tunnel Ridge either owns or controls the surface properties upon which its facilities are located, including the preparation plant, refuse areas, mine offices, conveyor systems, shafts and slopes.
There is no certainty that all our mineral reserves remain economically viable as fluctuations in pricing and costs occur within the coal industry. ​ 62 Table of Contents The following table sets forth coal mineral reserve information, exclusive of the coal mineral resources above, at December 31, 2024, about our coal operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heat ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Content (Btus ​ Pounds SO2 per MMBtu ​ Classification ​ Ownership ​ ​ ​ Reserves (tons in millions) per pound) 1.2-2.5 >2.5 Proven Probable Owned Leased Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrior (KY) 12,300 — — 45.1 34.9 10.2 11.5 33.6 45.1 ​ River View (KY) 11,400 — — 303.5 169.8 133.7 55.5 ​ 248.0 303.5 ​ Hamilton County (IL) 11,650 — — 113.8 54.9 58.9 8.2 ​ 105.6 113.8 ​ Gibson South (IN) 11,500 0.9 7.6 31.5 32.9 7.1 11.7 28.3 40.0 ​ Region Total ​ ​ 0.9 ​ 7.6 ​ 493.9 ​ 292.5 ​ 209.9 ​ 86.9 ​ 415.5 ​ 502.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MC Mining (KY) 12,800 9.2 0.4 — 8.9 0.7 — 9.6 9.6 ​ Mountain View (WV) 13,200 — 4.7 4.0 8.4 0.3 — 8.7 8.7 ​ Tunnel Ridge (WV) 12,600 — — 111.0 60.4 50.6 11.7 99.3 111.0 ​ Region Total ​ ​ 9.2 ​ 5.1 ​ 115.0 ​ 77.7 ​ 51.6 ​ 11.7 ​ 117.6 ​ 129.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 10.1 ​ 12.7 ​ 608.9 ​ 370.2 ​ 261.5 ​ 98.6 ​ 533.1 ​ 631.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total ​ ​ ​ 1.6% ​ 2.0% ​ 96.4% ​ 58.6% ​ 41.4% ​ 15.6% ​ 84.4% ​ 100.0% ​ ​ On December 31, 2024, we had approximately 631.7 million tons of coal mineral reserves.
There is no certainty that all our mineral reserves remain economically viable as fluctuations in pricing and costs occur within the coal industry. ​ 60 Table of Contents The following table sets forth coal mineral reserve information, exclusive of the coal mineral resources, at December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heat ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Content (Btus ​ Pounds SO2 per MMBtu ​ Classification ​ Ownership ​ ​ ​ Reserves (tons in millions) ​ per pound) ​ ​ ​ ​ ​ ​ 1.2-2.5 ​ ​ ​ >2.5 ​ ​ ​ Proven ​ ​ ​ Probable ​ ​ ​ Owned ​ ​ ​ Leased ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrior (KY) 12,300 — — 36.4 25.6 10.8 7.9 28.5 36.4 ​ River View (KY) 11,400 — — 287.9 173.4 114.5 53.3 ​ 234.6 287.9 ​ Hamilton County (IL) 11,650 — — 104.9 48.7 56.2 7.8 ​ 97.1 104.9 ​ Gibson South (IN) 11,500 0.1 3.9 28.2 25.1 7.1 7.0 25.2 32.2 ​ Region Total ​ ​ 0.1 ​ 3.9 ​ 457.4 ​ 272.8 ​ 188.6 ​ 76.0 ​ 385.4 ​ 461.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MC Mining (KY) 12,800 6.1 1.4 — 6.9 0.6 — 7.5 7.5 ​ Mountain View (WV) 13,200 — 5.9 2.6 8.1 0.4 — 8.5 8.5 ​ Tunnel Ridge (WV) 12,600 — — 109.1 59.9 49.2 12.9 96.2 109.1 ​ Region Total ​ ​ 6.1 ​ 7.3 ​ 111.7 ​ 74.9 ​ 50.2 ​ 12.9 ​ 112.2 ​ 125.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 6.2 ​ 11.2 ​ 569.1 ​ 347.7 ​ 238.8 ​ 88.9 ​ 497.6 ​ 586.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total ​ ​ ​ 1.1% ​ 1.9% ​ 97.0% ​ 59.3% ​ 40.7% ​ 15.2% ​ 84.8% ​ 100.0% ​ ​ On December 31, 2025, we had approximately 586.5 million tons of coal mineral reserves.
There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. ​ The following table sets forth our coal mineral resources, exclusive of coal mineral reserves, at December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heat ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Content (Btus ​ Pounds SO2 per MMBtu ​ Resource Classification ​ Ownership ​ ​ ​ Resources (tons in millions) per pound) 1.2-2.5 >2.5 Measured Indicated Combined Inferred Owned Leased Total ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dotiki (KY) 12,100 — 2.4 73.6 51.2 24.8 76.0 — 27.5 48.5 76.0 ​ Henderson/Union (KY) 11,400 — 3.0 411.4 128.3 228.4 356.7 57.7 74.5 339.9 414.4 ​ River View (KY) 11,400 ​ — ​ — ​ 0.3 ​ — ​ — ​ — ​ 0.3 ​ — ​ 0.3 ​ 0.3 ​ Sebree South (KY) 11,750 — — 43.5 22.1 16.8 38.9 4.6 0.3 43.2 43.5 ​ Gibson South (IN) ​ 11,500 ​ — — 4.3 2.1 ​ 2.2 4.3 — 2.3 2.0 4.3 ​ Hamilton County (IL) 11,650 5.2 36.9 404.4 216.9 226.7 443.6 2.9 45.2 401.3 446.5 ​ Region Total ​ ​ 5.2 ​ 42.3 ​ 937.5 ​ 420.6 ​ 498.9 ​ 919.5 ​ 65.5 ​ 149.8 ​ 835.2 ​ 985.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mountain View (WV) 13,200 — 0.4 8.3 4.1 4.4 8.5 0.2 1.8 6.9 8.7 ​ Tunnel Ridge (WV) ​ 12,600 ​ — — 0.9 — 0.2 0.2 0.7 0.7 0.2 0.9 ​ Penn Ridge (PA) 12,500 — — 78.0 21.9 53.2 75.1 2.9 78.0 — 78.0 ​ Region Total ​ ​ — ​ 0.4 ​ 87.2 ​ 26.0 ​ 57.8 ​ 83.8 ​ 3.8 ​ 80.5 ​ 7.1 ​ 87.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 5.2 ​ 42.7 ​ 1,024.7 ​ 446.6 ​ 556.7 ​ 1,003.3 ​ 69.3 ​ 230.3 ​ 842.3 ​ 1,072.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total ​ ​ ​ 0.5% ​ 4.0% ​ 95.5% ​ 41.6% ​ 51.9% ​ 93.5% ​ 6.5% ​ 21.5% ​ 78.5% ​ 100.0% ​ (1) Combined resources are defined as measured plus indicated resources. ​ At December 31, 2024, we had approximately 1.073 billion tons of coal mineral resources.
There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. ​ The following table sets forth our coal mineral resources, exclusive of coal mineral reserves, at December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heat ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Content (Btus ​ Pounds SO2 per MMBtu ​ Resource Classification ​ Ownership ​ ​ ​ Resources (tons in millions) ​ per pound) ​ ​ ​ ​ ​ ​ 1.2-2.5 ​ ​ ​ >2.5 ​ ​ ​ Measured ​ ​ ​ Indicated ​ ​ ​ Combined ​ ​ ​ Inferred ​ ​ ​ Owned ​ ​ ​ Leased ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dotiki (KY) 12,100 — 2.4 73.6 51.2 24.8 76.0 — 27.5 48.5 76.0 ​ Henderson/Union (KY) (2) 11,400 — 3.0 412.2 128.7 229.5 358.2 57.0 74.7 340.5 415.2 ​ River View (KY) (2) 11,400 ​ — ​ — ​ 0.4 ​ 0.3 ​ — ​ 0.3 ​ 0.1 ​ 0.1 ​ 0.3 ​ 0.4 ​ Sebree South (KY) 11,750 — — 43.0 22.1 16.8 38.9 4.1 0.2 42.8 43.0 ​ Warrior (KY) ​ 12,300 ​ — ​ — ​ 8.2 ​ 6.7 ​ 0.9 ​ 7.6 ​ 0.6 ​ 1.2 ​ 7.0 ​ 8.2 ​ Gibson South (IN) ​ 11,500 ​ — ​ — ​ 4.0 ​ 2.2 ​ 1.8 ​ 4.0 ​ — ​ 2.3 ​ 1.7 ​ 4.0 ​ Hamilton County (IL) ​ 11,650 ​ 4.9 35.4 389.3 212.3 ​ 214.5 426.8 2.8 36.0 393.6 429.6 ​ Region Total ​ ​ 4.9 ​ 40.8 ​ 930.7 ​ 423.5 ​ 488.3 ​ 911.8 ​ 64.6 ​ 142.0 ​ 834.4 ​ 976.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachian Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mountain View (WV) 13,200 — 0.4 8.3 4.1 4.3 8.4 0.3 1.8 6.9 8.7 ​ MC Mining (KY) ​ 12,800 ​ 1.5 ​ — ​ — ​ 1.4 ​ 0.1 ​ 1.5 ​ — ​ — ​ 1.5 ​ 1.5 ​ Tunnel Ridge (WV) ​ 12,600 ​ — — 0.9 — — — 0.9 0.9 — 0.9 ​ Penn Ridge (PA) 12,500 — — 78.0 21.9 53.3 75.2 2.8 78.0 — 78.0 ​ Region Total ​ ​ 1.5 ​ 0.4 ​ 87.2 ​ 27.4 ​ 57.7 ​ 85.1 ​ 4.0 ​ 80.7 ​ 8.4 ​ 89.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 6.4 ​ 41.2 ​ 1,017.9 ​ 450.9 ​ 546.0 ​ 996.9 ​ 68.6 ​ 222.7 ​ 842.8 ​ 1,065.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of Total ​ ​ ​ 0.6% ​ 3.9% ​ 95.5% ​ 42.3% ​ 51.2% ​ 93.6% ​ 6.4% ​ 20.9% ​ 79.1% ​ 100.0% ​ (1) Combined resources are defined as measured plus indicated resources.
SO2 In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ River View Complex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 169.8 4.72 8.11 3.21 13,187 4.86 87.58 ​ Probable Mineral Reserves 133.7 4.57 8.21 3.19 13,145 4.85 87.58 ​ Total Mineral Reserves ​ 303.5 ​ 4.65 8.15 ​ 3.20 ​ 13,168 ​ 4.86 ​ 87.58 ​ ​ Resources associated with the River View complex are included in the Coal Mineral Resources table above. ​ The River View complex had 310.4 million tons of coal mineral reserves at the end of 2023.
SO2 ​ ​ ​ In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ River View Complex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 173.4 4.72 8.17 3.20 13,183 4.86 87.53 ​ Probable Mineral Reserves 114.5 4.54 8.08 3.18 13,164 4.84 86.97 ​ Total Mineral Reserves ​ 287.9 ​ 4.65 8.13 ​ 3.19 ​ 13,175 ​ 4.85 ​ 87.31 ​ ​ Resources associated with the River View complex are included in the Coal Mineral Resources table above. ​ The River View complex had 303.5 million tons of coal mineral reserves at the end of 2024.
The mine property is controlled through both fee ownership and leases of the coal. The coal mined and to be mined by Tunnel Ridge is leased from the Joseph W. Craft III Foundation, the Kathleen S. Craft Foundation, Alliance Resource Properties and third parties. Please read “Item 8.
The mineral is controlled through both fee ownership and leases of the coal. The coal mined and to be mined by Tunnel Ridge is leased from Alliance Resource Properties and third parties. Prior to January 29, 2026, certain of the coal mined and to be mined by Tunnel Ridge had been leased from the Craft Foundations.
SO2 In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton County ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 54.9 6.62 8.06 2.86 13,333 4.29 88.35 ​ Probable Mineral Reserves 58.9 6.63 7.83 2.90 13,360 4.34 88.02 ​ Total Mineral Reserves ​ 113.8 ​ 6.63 7.94 ​ 2.88 ​ 13,347 ​ 4.32 ​ 88.18 ​ ​ Resources associated with Hamilton County are included in the Coal Mineral Resources table above. ​ The Hamilton mine had 119.8 million tons of coal mineral reserves at the end of 2023.
SO2 ​ ​ ​ In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton County ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 48.7 6.67 8.07 2.88 13,386 4.31 87.01 ​ Probable Mineral Reserves 56.2 6.49 7.95 2.89 13,377 4.32 87.32 ​ Total Mineral Reserves ​ 104.9 ​ 6.57 8.01 ​ 2.89 ​ 13,381 ​ 4.32 ​ 87.18 ​ ​ Resources associated with Hamilton County are included in the Coal Mineral Resources table above. ​ The Hamilton mine had 113.8 million tons of coal mineral reserves at the end of 2024.
For 2024, NGL prices averaged approximately 28% of the posted oil prices during the course of the year with an additional $4.25/Bbl deducted for transportation costs. ​ The following table summarizes our changes in proved undeveloped reserves (in MBOE): ​ ​ ​ ​ ​ ​ Beginning balance, January 1, 2024 ​ ​ 3,440 ​ Acquisitions of proved undeveloped reserves ​ ​ — ​ Transfers of PUDs to estimated proved developed ​ ​ (1,740) ​ Extensions and discoveries ​ ​ 1,571 ​ Revisions of previous estimates ​ ​ (439) ​ Ending balance, December 31, 2024 ​ ​ 2,832 ​ ​ As a mineral interest owner we have no transparency into or control over the operators’ investments and operational progress to convert PUDs to proved developed producing reserves.
For 2025, NGL prices averaged approximately 33% of the posted oil prices during the course of the year with an additional $3.38/Bbl deducted for transportation costs. ​ 73 Table of Contents The following table summarizes our changes in proved undeveloped reserves (in MBOE): ​ ​ ​ ​ ​ ​ Beginning balance, January 1, 2025 ​ ​ 2,832 ​ Acquisitions of proved undeveloped reserves ​ ​ 135 ​ Transfers of PUDs to estimated proved developed ​ ​ (815) ​ Extensions and discoveries ​ ​ 1,492 ​ Revisions of previous estimates ​ ​ (553) ​ Ending balance, December 31, 2025 ​ ​ 3,091 ​ ​ During the year ended December 31, 2025, PUD reserves were increased as a result of the acquisition of oil & gas mineral interests during the year primarily from the Elk Range Acquisition discussed in more detail in “Item 8.
We are not aware of any dry holes drilled on the acreage associated with our mineral interests during the relevant period. ​ ​ 77 Table of Contents ​
We are not aware of any dry holes drilled on the acreage associated with our mineral interests during the year ended December 31, 2025. Based on our net revenue interests, 4, 9 and 10 net wells were drilled on our interests during the years ended December 31, 2025, 2024 and 2023, respectively. ​ ​ 77 Table of Contents ​
All of our proved reserves are located in the continental United States. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ Crude Oil Natural Gas Natural Gas Liquids Total ​ (MBbl) (MMcf) (MBbl) (MBOE) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated proved developed reserves ​ ​ 8,301 ​ ​ 51,088 ​ ​ 6,415 ​ ​ 23,231 Estimated proved undeveloped reserves ​ ​ 1,282 ​ ​ 4,932 ​ ​ 728 ​ ​ 2,832 Total estimated proved reserves (1) ​ ​ 9,583 ​ ​ 56,020 ​ ​ 7,143 ​ ​ 26,063 (1) Proved reserves of approximately 1,879 MBOE were attributable to noncontrolling interests as of December 31, 2024.
All of our proved reserves are located in the continental United States. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ Crude Oil ​ ​ ​ Natural Gas ​ ​ ​ Natural Gas Liquids ​ ​ ​ Total ​ ​ ​ ​ (MBbl) ​ ​ ​ (MMcf) ​ ​ ​ (MBbl) ​ ​ ​ (MBOE) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated proved developed reserves ​ ​ 9,159 ​ ​ 60,732 ​ ​ 7,754 ​ ​ 27,034 Estimated proved undeveloped reserves ​ ​ 1,438 ​ ​ 5,324 ​ ​ 766 ​ ​ 3,091 Total estimated proved reserves (1) ​ ​ 10,597 ​ ​ 66,056 ​ ​ 8,520 ​ ​ 30,125 (1) Proved reserves of approximately 2,037 MBOE were attributable to noncontrolling interests as of December 31, 2025.
SO2 In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Gibson South ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 32.9 6.02 7.09 1.96 13,478 2.90 95.01 ​ Probable Mineral Reserves 7.1 5.48 8.31 2.64 13,290 3.97 92.40 ​ Total Mineral Reserves ​ 40.0 ​ 5.92 7.31 ​ 2.08 ​ 13,445 ​ 3.09 ​ 94.55 ​ ​ Resources associated with Gibson South are included in the Coal Mineral Resources table above. ​ The Gibson South mine had 45.2 million tons of coal mineral reserves at the end of 2023.
SO2 ​ ​ ​ In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Gibson South ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 25.1 5.80 7.28 2.15 13,438 3.19 94.39 ​ Probable Mineral Reserves 7.1 5.38 8.41 2.75 13,256 4.16 91.49 ​ Total Mineral Reserves ​ 32.2 ​ 5.71 7.53 ​ 2.28 ​ 13,398 ​ 3.40 ​ 93.75 ​ ​ Resources associated with Gibson South are included in the Coal Mineral Resources table above. ​ The Gibson South mine had 40.0 million tons of coal mineral reserves at the end of 2024.
To establish reasonable certainty with respect to our estimated proved reserves, the technologies and economic data used in the estimation of our proved reserves included production and well test data, downhole completion information, geologic data, electrical logs, and radioactivity logs. ​ Excluding our share of proved reserves held by AllDale III, our 2024 year-end estimate of proved reserves were prepared by our internal engineering team.
To establish reasonable certainty with respect to our estimated proved reserves, the technologies and economic data used in the estimation of our proved reserves included production and well test data, downhole completion information, geologic data, electrical logs, and radioactivity logs. ​ Non-producing reserve estimates, for both developed and undeveloped properties, are based on regional type curve methodologies by reservoir or productive bench.
SO2 In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Tunnel Ridge ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 60.4 7.16 9.03 3.42 13,558 5.05 71.55 ​ Probable Mineral Reserves 50.6 7.30 9.43 3.81 13,472 5.65 71.45 ​ Total Mineral Reserves ​ 111.0 ​ 7.22 9.21 ​ 3.60 ​ 13,519 ​ 5.32 ​ 71.50 ​ ​ Resources associated with Tunnel Ridge are included in the Coal Mineral Resources table above. ​ The Tunnel Ridge mine had 118.2 million tons of coal mineral reserves at the end of 2023.
SO2 ​ ​ ​ In-Seam ​ ​ ​ ​ ​ ​ ​ ​ ​ Tunnel Ridge ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proven Mineral Reserves 59.9 7.28 9.38 3.55 13,546 5.23 68.38 ​ Probable Mineral Reserves 49.2 7.51 9.14 3.39 13,562 4.99 70.88 ​ Total Mineral Reserves ​ 109.1 ​ 7.38 9.27 ​ 3.48 ​ 13,553 ​ 5.12 ​ 69.51 ​ ​ Resources associated with Tunnel Ridge are included in the Coal Mineral Resources table above. ​ 72 Table of Contents The Tunnel Ridge mine had 111.0 million tons of coal mineral reserves at the end of 2024.
Within CGA, the technical person primarily responsible for auditing the estimates meets 76 Table of Contents or exceed the education, training, and experience requirements set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers and is proficient in judiciously applying industry-standard practices to engineering and geoscience evaluations as well as applying SEC and other industry reserves definitions and guidelines. ​ Acreage Concentration ​ Below is a chart reflecting our gross, net mineral and net royalty acreage associated with our mineral interests in each of our primary basins as of December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed Acreage ​ Undeveloped Acreage ​ Gross Net Mineral Net Royalty Gross Net Mineral Net Royalty Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Basin ​ ​ 400,436 ​ ​ 12,058 ​ ​ 16,293 ​ ​ 505,643 ​ ​ 15,226 ​ ​ 20,570 ​ Anadarko Basin ​ ​ 155,637 ​ ​ 5,608 ​ ​ 7,936 ​ ​ 320,348 ​ ​ 11,543 ​ ​ 16,374 ​ Williston Basin ​ ​ 123,877 ​ ​ 2,047 ​ ​ 2,711 ​ ​ 114,013 ​ ​ 1,884 ​ ​ 2,501 ​ Other ​ ​ 22,001 ​ ​ 802 ​ ​ 1,035 ​ ​ 43,536 ​ ​ 1,587 ​ ​ 1,943 ​ Total ​ ​ 701,951 ​ ​ 20,515 ​ ​ 27,975 ​ ​ 983,540 ​ ​ 30,240 ​ ​ 41,388 ​ ​ Oil & Gas Production Prices and Production Costs ​ For the year ended December 31, 2024, 43.9% of our production and 81.1% of our oil & gas revenues were related to oil production and sales, respectively.
Within CGA, the technical person primarily responsible for auditing the estimates meets or exceed the education, training, and experience requirements set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers and is proficient in judiciously applying industry-standard practices to engineering and geoscience evaluations as well as applying SEC and other industry reserves definitions and guidelines. ​ Acreage Concentration ​ Below is a chart reflecting our gross, net mineral and net royalty acreage associated with our mineral interests in each of our primary basins as of December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed Acreage ​ Undeveloped Acreage ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ Net Mineral ​ ​ ​ Net Royalty ​ ​ ​ Gross ​ ​ ​ Net Mineral ​ ​ ​ Net Royalty ​ ​ ​ Basin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Basin ​ ​ 459,462 ​ ​ 13,484 ​ ​ 18,157 ​ ​ 486,516 ​ ​ 14,278 ​ ​ 19,222 ​ Anadarko Basin ​ ​ 153,083 ​ ​ 5,516 ​ ​ 7,813 ​ ​ 322,902 ​ ​ 11,635 ​ ​ 16,497 ​ Williston Basin ​ ​ 129,807 ​ ​ 2,145 ​ ​ 2,841 ​ ​ 108,083 ​ ​ 1,786 ​ ​ 2,371 ​ Other ​ ​ 21,867 ​ ​ 798 ​ ​ 1,030 ​ ​ 43,598 ​ ​ 1,591 ​ ​ 1,949 ​ Total ​ ​ 764,219 ​ ​ 21,943 ​ ​ 29,841 ​ ​ 961,099 ​ ​ 29,290 ​ ​ 40,039 ​ ​ The 51,233 developed and undeveloped net mineral acres in the table above represent the number of acres that are owned for the mineral rights under a given tract of land, whereas the 69,880 developed and undeveloped net royalty acres are our net mineral acres normalized to 1/8th royalty leasing terms.
These include the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) Basins.
These include the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) Basins. At December 31, 2025, we had 51,233 developed and undeveloped net acres held at a weighted average royalty of 17.0%.
Removed
The WKY11 seam was mined at these locations. No mining has occurred on the property in the 65 Table of Contents WKY7 or WKY6 seams.
Added
(2) As with our Henderson County mine, River View (KY) has geographic overlap with Henderson/Union (KY) and there is potential for further development of our resources from the existing facilities. See Individual Property Disclosures for more detail. ​ On December 31, 2025, we had approximately 1.066 billion tons of coal mineral resources.
Removed
Of our productive horizontal wells, 1,079 are considered natural gas wells, while the remaining 10,651 primarily produce oil. Productive wells consist of producing wells and wells capable of production, including natural gas wells awaiting pipeline connections to commence deliveries and oil wells awaiting connection to production facilities. We do not own any material working interests in any wells.
Added
The WKY11 seam was mined at these locations.
Added
Documentation of such liens is of record in the Offices of the Henderson and Union County Clerks. Please read “Item 8.
Added
On January 29, 2026, Alliance Resource Properties purchased all of the ownership interests in these coal reserves together with surface rights from the Craft Foundations. Please read “Item 8. Financial Statements and Supplemental Data— Note 12 – Long-term Debt and —Note 21 – Related-Party Transactions” for additional information on related-party leases and transactions.
Added
Financial Statements and Supplementary Data—Note 4 – Acquisitions.” ​ During the year ended December 31, 2025, PUD reserves were reduced as a result of conversion to proved developed reserves primarily in the Permian and Anadarko basins as the result of well completions during the year. ​ Extensions and discoveries contributed to an increase in PUD reserves during the year ended December 31, 2025 primarily as the result of permitting activities in the Permian Basin. ​ Revisions of previous estimates resulted in a decline due primarily to revisions to quantity estimates. ​ As a mineral interest owner we have no transparency into or control over the operators’ investments and operational progress to convert PUDs to proved developed producing reserves nor do we have insight into the operators’ drilling plans.
Added
Since we do not have insight into the operators’ drilling plans, we use active drilling permits as evidence of economic viability and intention to expend capital to develop reserves within five years as there is generally a statutory two-year timeframe associated with permits.
Added
Because we remove PUDs from proved reserves that have not been developed within two years of initial classification as proved reserves, we have no material PUDs that are not expected to be developed within five years of initial classification as proved reserves. Our average permit to first sales timeframe is 381 days.
Added
For our 2025 reserve reporting, we had scheduled all PUD locations to be drilled within a two year timeframe using the average historical development pacing on our acreage in the individual basins in which we own mineral interests.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Removed
The settlement is subject to and awaiting court approval.
Added
In November 2025, the court approved the parties’ settlement and settlement checks were distributed in December 2025. Following an acceptance period, the parties will file a joint notice of the acceptance period’s conclusion and a notice of voluntary dismissal with prejudice. ​
Removed
If the settlement is not approved by the court, we believe our ultimate exposure, if any should litigation resume, will not be material to our results of operations or financial position; however, if our current belief as to the merit of the claims in these lawsuits is not upheld if litigation were to resume, it is reasonably possible that the ultimate resolution of these matters could result in a potential loss that may be material to our results of operations. ​

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThere were approximately 57,137 record holders of common units at December 31, 2024. ​ Available cash with respect to each quarter may, at the discretion of our general partner, be distributed to the limited partners as of a record date selected by the general partner.
Biggest changeThere were approximately 58,402 record holders of common units at December 31, 2025. ​ Available cash with respect to each quarter may, at the discretion of our general partner, be distributed to the limited partners as of a record date selected by the general partner.
Since the inception of the unit repurchase program, we have repurchased and retired 6,390,446 units at an average unit price of $17.67 for an aggregate purchase price of $112.9 million. The remaining authorized amount for unit repurchases under this program was $80.6 million as of December 31, 2024. ​ ITEM 6. [ Reserved] ​ 79 Table of Contents ​
Since the inception of the unit repurchase program, we have repurchased and retired 6,390,446 units at an average unit price of $17.67 for an aggregate purchase price of $112.9 million. The remaining authorized amount for unit repurchases under this program was $80.6 million as of December 31, 2025. ​ ITEM 6. [ Reserved] ​ 79 Table of Contents ​
The unit repurchase program authorization does not obligate ARLP to repurchase any dollar amount or number of units, and repurchases may be commenced or suspended from time to time without prior notice. ​ During the three months ended December 31, 2024, we did not repurchase and retire any units.
The unit repurchase program authorization does not obligate ARLP to repurchase any dollar amount or number of units, and repurchases may be commenced or suspended from time to time without prior notice. ​ During the three months ended December 31, 2025, we did not repurchase and retire any units.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeProperty, Plant and Equipment ​ 121 ​ ​ 9. Long-Lived Asset Impairments ​ 121 ​ ​ 10. E quity Investments ​ 122 ​ ​ 11. Leases ​ 123 ​ ​ 12. Long-Term Debt ​ 124 ​ ​ 13. Accrued Workers’ Compensation and Pneumoconiosis Benefits ​ 127 ​ ​ 14. Employee Benefit Plans ​ 129 ​ ​ 15.
Biggest changeProperty, Plant and Equipment ​ 119 ​ ​ 9. Long-Lived Asset Impairments ​ 120 ​ ​ 10. Investments ​ 120 ​ ​ 11. Leases ​ 122 ​ ​ 12. Long-Term Debt ​ 123 ​ ​ 13. Accrued Workers’ Compensation and Pneumoconiosis Benefits ​ 126 ​ ​ 14. Employee Benefit Plans ​ 128 ​ ​ 15.
Asset Retirement Obligations ​ 133 ​ ​ 16. Commitments and Contingencies ​ 134 ​ ​ 17. Partners’ Capital ​ 134 ​ ​ 18. Common Unit-Based Compensation Plans ​ 135 ​ ​ 19. Revenue From Contracts With Customers ​ 137 ​ ​ 20. Concentration of Credit Risk and Major Customers ​ 137 ​ ​ 21.
Asset Retirement Obligations ​ 132 ​ ​ 16. Commitments and Contingencies ​ 133 ​ ​ 17. Partners’ Capital ​ 133 ​ ​ 18. Common Unit-Based Compensation Plans ​ 134 ​ ​ 19. Revenue From Contracts With Customers ​ 136 ​ ​ 20. Concentration of Credit Risk and Major Customers ​ 137 ​ ​ 21.
Subsequent Event ​ 146 ​ ​ Supplemental Oil & Gas Reserve Information (Unaudited) ​ 147 ​ ​ Schedule I – Condensed Financial Information of Registrant ​ 152
Subsequent Event ​ 145 ​ ​ Supplemental Oil & Gas Reserve Information (Unaudited) ​ 146 ​ ​ Schedule I – Condensed Financial Information of Registrant ​ 152
Related-Party Transactions ​ 138 ​ ​ 22. Income Taxes ​ 140 ​ ​ 23. Earnings Per Limited Partner Unit ​ 141 ​ ​ 24. Supplemental Cash Flow Information ​ 142 ​ ​ 25. Segment Information ​ 142 ​ ​ 26.
Related-Party Transactions ​ 137 ​ ​ 22. Income Taxes ​ 139 ​ ​ 23. Earnings Per Limited Partner Unit ​ 141 ​ ​ 24. Supplemental Cash Flow Information ​ 142 ​ ​ 25. Segment Information ​ 142 ​ ​ 26.
Organization and Presentation ​ 103 ​ ​ 2. Summary of Significant Accounting Policies ​ 105 ​ ​ 3. Variable Interest Entities ​ 113 ​ ​ 4. Acquisitions ​ 115 ​ ​ 5. Fair Value Measurements ​ 118 ​ ​ 6. Inventories ​ 120 ​ ​ 7. Digital Assets ​ 120 ​ ​ 8.
Organization and Presentation ​ 103 ​ ​ 2. Summary of Significant Accounting Policies ​ 104 ​ ​ 3. Variable Interest Entities ​ 113 ​ ​ 4. Acquisitions ​ 114 ​ ​ 5. Fair Value Measurements ​ 116 ​ ​ 6. Inventories ​ 118 ​ ​ 7. Digital Assets ​ 118 ​ ​ 8.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeFinancial Statements and Supplementary Data—Note 7 – Digital Assets” for more information on our digital assets. ​ Net income attributable to ARLP ​ Net income attributable to ARLP for 2024 was $360.9 million, or $2.77 per basic and diluted limited partner unit, compared to $630.1 million, or $4.81 per basic and diluted limited partner unit, for 2023 as a result of lower revenues, increased operating expenses and a $31.1 million non-cash impairment charge, partially offset by a $22.4 million increase in the fair value of our digital assets. ​ Segment Adjusted EBITDA ​ Our 2024 Segment Adjusted EBITDA decreased $215.7 million, or 21.3%, to $796.5 million from 2023 Segment Adjusted EBITDA of $1.01 billion. ​ 84 Table of Contents Segment Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ Increase (Decrease) ​ (in thousands) ​ Illinois Basin Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 24,787 ​ 24,724 ​ 63 ​ 0.3 % Coal sales ​ $ 1,399,100 ​ $ 1,364,901 ​ $ 34,199 ​ 2.5 % Other revenues ​ $ 11,901 ​ $ 10,505 ​ $ 1,396 ​ 13.3 % Segment Adjusted EBITDA Expense ​ $ 937,083 ​ $ 861,288 ​ $ 75,795 ​ 8.8 % Segment Adjusted EBITDA ​ $ 473,918 ​ $ 514,118 ​ $ (40,200) ​ (7.8) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachia Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 8,532 ​ 9,718 ​ (1,186) ​ (12.2) % Coal sales ​ $ 712,703 ​ $ 845,309 ​ $ (132,606) ​ (15.7) % Other revenues ​ $ 3,091 ​ $ 1,885 ​ $ 1,206 ​ 64.0 % Segment Adjusted EBITDA Expense ​ $ 551,734 ​ $ 516,471 ​ $ 35,263 ​ 6.8 % Segment Adjusted EBITDA ​ $ 164,060 ​ $ 330,723 ​ $ (166,663) ​ (50.4) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil & Gas Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - BOE (1) ​ ​ 3,402 ​ ​ 3,105 ​ 297 ​ 9.6 % Oil & gas royalties ​ $ 138,311 ​ $ 137,751 ​ $ 560 ​ 0.4 % Other revenues ​ $ 825 ​ $ 3,774 ​ $ (2,949) ​ (78.1) % Segment Adjusted EBITDA Expense ​ $ 19,853 ​ $ 16,532 ​ $ 3,321 ​ 20.1 % Segment Adjusted EBITDA ​ $ 116,958 ​ $ 121,508 ​ $ (4,550) ​ (3.7) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - Tons sold (2) ​ ​ 21,085 ​ ​ 20,186 ​ 899 ​ 4.5 % Intercompany coal royalties ​ $ 69,676 ​ $ 65,572 ​ $ 4,104 ​ 6.3 % Other revenues ​ $ 65 ​ $ 42 ​ $ 23 ​ 54.8 % Segment Adjusted EBITDA Expense ​ $ 25,759 ​ $ 24,451 ​ $ 1,308 ​ 5.3 % Segment Adjusted EBITDA ​ $ 43,982 ​ $ 41,163 ​ $ 2,819 ​ 6.8 % (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
Biggest changeFinancial Statements and Supplementary Data—Note 10 – Investments” for more information. ​ Net income attributable to ARLP ​ Net income attributable to ARLP for 2025 was $311.2 million, or $2.40 per basic and diluted limited partner unit, compared to $360.9 million, or $2.77 per basic and diluted limited partner unit, for 2024 as a result of lower revenues and 84 Table of Contents a decrease in the fair value of our digital assets in 2025, partially offset by reduced operating expenses and increased investment income. ​ Segment Adjusted EBITDA ​ Our 2025 Segment Adjusted EBITDA decreased $14.6 million, or 1.8%, to $781.9 million from 2024 Segment Adjusted EBITDA of $796.5 million. ​ Segment Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ Increase (Decrease) ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ Illinois Basin Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 25,769 ​ 24,787 ​ 982 ​ 4.0 % Coal sales ​ $ 1,342,334 ​ $ 1,399,100 ​ $ (56,766) ​ (4.1) % Other revenues ​ $ 8,861 ​ $ 11,901 ​ $ (3,040) ​ (25.5) % Segment Adjusted EBITDA Expense ​ $ 894,521 ​ $ 937,083 ​ $ (42,562) ​ (4.5) % Segment Adjusted EBITDA ​ $ 456,674 ​ $ 473,918 ​ $ (17,244) ​ (3.6) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Appalachia Coal Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ ​ 7,198 ​ 8,532 ​ (1,334) ​ (15.6) % Coal sales ​ $ 590,181 ​ $ 712,703 ​ $ (122,522) ​ (17.2) % Other revenues ​ $ 2,877 ​ $ 3,091 ​ $ (214) ​ (6.9) % Segment Adjusted EBITDA Expense ​ $ 459,351 ​ $ 551,734 ​ $ (92,383) ​ (16.7) % Segment Adjusted EBITDA ​ $ 133,707 ​ $ 164,060 ​ $ (30,353) ​ (18.5) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil & Gas Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - BOE (1) ​ ​ 3,648 ​ ​ 3,402 ​ 246 ​ 7.2 % Oil & gas royalties ​ $ 137,849 ​ $ 138,311 ​ $ (462) ​ (0.3) % Other revenues ​ $ 1,707 ​ $ 825 ​ $ 882 ​ 106.9 % Segment Adjusted EBITDA Expense ​ $ 18,447 ​ $ 19,853 ​ $ (1,406) ​ (7.1) % Segment Adjusted EBITDA ​ $ 117,528 ​ $ 116,958 ​ $ 570 ​ 0.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Royalties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume - Tons sold (2) ​ ​ 24,120 ​ ​ 21,085 ​ 3,035 ​ 14.4 % Intercompany coal royalties ​ $ 80,471 ​ $ 69,676 ​ $ 10,795 ​ 15.5 % Segment Adjusted EBITDA Expense ​ $ 27,612 ​ $ 25,759 ​ $ 1,853 ​ 7.2 % Segment Adjusted EBITDA ​ $ 52,859 ​ $ 43,982 ​ $ 8,877 ​ 20.2 % (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
Financial Statements and Supplementary Data” where you can find more detailed information in “Note 1 – Organization and Presentation” and “Note 2 – Summary of Significant Accounting Policies” regarding the basis of presentation supporting the following financial information. ​ Executive Overview ​ Organization ​ We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in strategic producing regions across the United States.
Financial Statements and Supplementary Data” where you can find more detailed information in “Note 1 – Organization and Presentation” and “Note 2 – Summary of Significant Accounting Policies” regarding the basis of presentation supporting the following financial information. ​ Executive Overview ​ Organization ​ We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in key producing regions across the United States.
Several examples of impairment indicators include: ​ ● A significant decrease in the market price of a long-lived asset; ● A significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; ● A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset, including an adverse action of assessment by a regulator; ● An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; ● A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; or 90 Table of Contents ● A current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
Several examples of impairment indicators include: ​ ● A significant decrease in the market price of a long-lived asset; ● A significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; ● A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset, including an adverse action of assessment by a regulator; ● An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; ● A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; or ● A current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
Our receivables for traumatic injury claims under this policy as of December 31, 2024 and 2023 were $3.7 million and $4.1 million, respectively. ​ Coal mining companies are subject to FMSHA and various state statutes for the payment of medical and disability benefits to eligible recipients related to coal worker’s pneumoconiosis, or black lung.
Our receivables for traumatic injury claims under this policy as of December 31, 2025 and 2024 were $4.1 million and $3.7 million, respectively. ​ Coal mining companies are subject to FMSHA and various state statutes for the payment of medical and disability benefits to eligible recipients related to coal worker’s pneumoconiosis, or black lung.
The term more likely that not refers to a level of likelihood that is more than 50 percent. ​ The above factors are not all inclusive, and management must continually evaluate whether other factors are present that would indicate a long-lived asset may be impaired.
The term more likely that not refers to a level of likelihood that is more than 50 percent. 90 Table of Contents ​ The above factors are not all inclusive, and management must continually evaluate whether other factors are present that would indicate a long-lived asset may be impaired.
The following critical accounting policies are materially impacted by judgments, assumptions and estimates used in the preparation of our consolidated financial statements: ​ Business Combinations ​ We account for business acquisitions using the purchase method of accounting. See “Item 8. Financial Statements and Supplementary Data—Note 4 – Acquisitions” for more information on the Belvedere, Jase and Skyland Acquisitions.
The following critical accounting policies are materially impacted by judgments, assumptions and estimates used in the preparation of our consolidated financial statements: ​ Business Combinations ​ We account for business acquisitions using the purchase method of accounting. See “Item 8. Financial Statements and Supplementary Data—Note 4 – Acquisitions” for more information on the Skyland and Elk Range Acquisitions.
In addition, changes in the price of oil & gas also impact certain costs associated with our expected underlying production and future capital costs. 89 Table of Contents The prices of oil & gas are volatile and change from period to period, thus are expected to impact our estimates.
In addition, changes in the price of oil & gas also impact certain costs associated with our expected underlying production and future capital costs. The prices of oil & gas are volatile and change from period to period, thus are expected to impact our estimates.
The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. ​ For the Belvedere, Jase and Skyland Acquisitions, we determined a fair value for the acquired mineral interests using an income approach consisting of discounted cash flow models.
The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. ​ For the Skyland and Elk Range Acquisitions, we determined a fair value for the acquired mineral interests using an income approach consisting of discounted cash flow models.
The $2.8 million increase was a result of increased royalty tons sold and higher average royalty rates per ton. ​ Analysis of Historical Results of Operations – 2023 Compared with 2022 ​ For discussion and analysis of 2023 compared to 2022, please refer to “Item 7.
The $8.9 million increase was a result of increased royalty tons sold and higher average royalty rates per ton. ​ Analysis of Historical Results of Operations – 2024 Compared with 2023 ​ For discussion and analysis of 2024 compared to 2023, please refer to “Item 7.
Business and Item 2. Properties” for a more detailed discussion of our various businesses. ​ As of December 31, 2024, we had four reportable segments: Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties and Coal Royalties. We also have an “all other” category referred to as Other, Corporate and Elimination.
Properties” for a more detailed discussion of our various businesses. ​ As of December 31, 2025, we had four reportable segments: Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties and Coal Royalties. We also have an “all other” category referred to as Other, Corporate and Elimination.
Examples of these types of costs, common to both types of mining, include, but are not limited to, removing or covering refuse piles and settling ponds, water treatment obligations, and dismantling preparation plants, other facilities and roadway infrastructure. Accrued liabilities of $158.8 million and $150.4 million for these costs are recorded at December 31, 2024 and 2023, respectively.
Examples of these types of costs, common to both types of mining, include, but are not limited to, removing or covering refuse piles and settling ponds, water treatment obligations, and dismantling preparation plants, other facilities and roadway infrastructure. Accrued liabilities of $157.6 million and $158.8 million for these costs are recorded at December 31, 2025 and 2024, respectively.
Adjustments to the liability associated with these assumptions resulted in a decrease of $1.5 million for the year ended December 31, 2023. ​ While the precise amount of these future costs cannot be determined with certainty, we have estimated the costs and timing of future asset retirement obligations escalated for inflation, then discounted and recorded at the present value of those estimates.
Adjustments to the liability associated with these assumptions resulted in an increase of $5.6 million for the year ended December 31, 2024. ​ While the precise amount of these future costs cannot be determined with certainty, we have estimated the costs and timing of future asset retirement obligations escalated for inflation, then discounted and recorded at the present value of those estimates.
Our Coal Royalties reportable segment includes coal mineral reserves and resources owned or leased by Alliance Resource Properties. ​ ● The Illinois Basin Coal Operations reportable segment includes (a) the Gibson mining complex, (b) the Warrior mining complex, (c) the River View mining complex and (d) the Hamilton mining complex. The segment also includes our Mt.
Our Coal Royalties reportable segment includes coal mineral reserves and resources owned or leased by Alliance Resource Properties. ​ 80 Table of Contents ● The Illinois Basin Coal Operations reportable segment includes (a) the Gibson mining complex, (b) the Warrior mining complex, (c) the River View mining complex and (d) the Hamilton mining complex.
We had accrued liabilities of $124.3 million and $132.4 million for the pneumoconiosis benefits at December 31, 2024 and 2023, respectively. A one-percentage-point reduction in the discount rate would have increased the expense recognized for the year ended December 31, 2024 by approximately $2.0 million.
We had accrued liabilities of $105.0 million and $124.3 million for the pneumoconiosis benefits at December 31, 2025 and 2024, respectively. A one-percentage-point reduction in the discount rate would have increased the expense recognized for the year ended December 31, 2025 by approximately $0.8 million.
Significant unfavorable changes in the estimated future commodity prices could result in an impairment of our oil & gas mineral interests. ​ Workers ’ Compensation and Pneumoconiosis (Black Lung) Benefits ​ We provide income replacement and medical treatment for work-related traumatic injury claims as required by applicable state laws. We generally provide for these claims through self-insurance programs.
Significant 89 Table of Contents unfavorable changes in the estimated future commodity prices could result in an impairment of our oil & gas mineral interests. ​ Workers ’ Compensation and Pneumoconiosis (Black Lung) Benefits ​ We provide income replacement and medical treatment for work-related traumatic injury claims as required by applicable state laws.
Risk Factors”. ​ Business Strategy ​ Our primary business strategy is to create sustainable, capital-efficient growth in available cash to maximize unitholder returns by: ​ ● expanding our coal operations by adding and developing mines and coal mineral reserves and resources in existing, adjacent or neighboring properties; ● extending the lives of our mining operations through the acquisition and development of coal mineral reserves and resources using our existing infrastructure; ● continuing to make productivity improvements to remain a low-cost coal producer in each region in which we operate; ● strengthening our position with existing and future customers by offering a broad range of coal qualities, transportation alternatives and customized services; ● developing strategic relationships to take advantage of opportunities within the coal and oil & gas industries and in other industries inside and outside of the Master Limited Partnership sector; ● continuing to make investments in oil & gas mineral interests in various geographic locations within producing basins in the continental United States; ● strengthen and expand our technology company, Matrix Group, as we continue to develop and market industrial, mining and technology products and services worldwide; and ● continuing to identify and make strategic investments in the growth and development of energy and related infrastructure opportunities to leverage our core competencies and build platforms for future lines of business with long-term growth and cash flow generation. ​ How We Evaluate Our Performance ​ We have revised the presentation and format of this section and the following discussion of our results of operations to enhance the readability and usefulness of these sections to investors.
Risk Factors”. ​ Business Strategy ​ Our primary business strategy is to create sustainable, capital-efficient growth in available cash to maximize unitholder returns by: ​ ● expanding our coal operations by adding and developing mines and coal mineral reserves and resources in existing, adjacent or neighboring properties; ● extending the lives of our mining operations through the acquisition and development of coal mineral reserves and resources using our existing infrastructure; ● continuing to make productivity improvements to remain a low-cost coal producer in each region in which we operate; ● strengthening our position with existing and future customers by offering a broad range of coal qualities, transportation alternatives and customized services; ● developing strategic relationships to take advantage of opportunities within the coal and oil & gas industries and in other industries; ● continuing to make investments in oil & gas mineral interests in various geographic locations within producing basins in the continental United States; ● strengthen and expand our technology company, Matrix Group, as we continue to develop and market industrial, mining and technology products and services worldwide; and ● continuing to identify and make strategic investments in the growth and development of energy and related infrastructure opportunities to leverage our core competencies and build platforms for future lines of business with long-term growth and cash flow generation. ​ How We Evaluate Our Performance ​ Our management uses a variety of financial and operational measurements to analyze our performance.
If our assumptions differ from actual experiences, or if changes in the regulatory environment occur, our actual cash expenditures and costs that we incur could be materially different than currently estimated. ​ Related – Party Transactions ​ See “Item 8.
If our assumptions differ from actual experiences, or if changes in the regulatory environment occur, our actual cash expenditures and costs that we incur could be materially different than currently estimated. ​ Related – Party Transactions ​ See “Item 8. Financial Statements and Supplementary Data—Note 21 – Related-Party Transactions” and “Item 13.
Higher BOE volumes during 2024 resulted from increased drilling and completion activities on our properties and additional volumes from oil & gas mineral interest acquisitions. ​ Coal Royalties – Segment Adjusted EBITDA increased 6.8% to $44.0 million for 2024 from $41.2 million in 2023.
Higher BOE volumes during 2025 resulted from increased drilling and completion activities on our properties and additional volumes from oil & gas mineral interest acquisitions. ​ Coal Royalties – Segment Adjusted EBITDA increased 20.2% to $52.9 million for 2025 from $44.0 million in 2024.
Discounting resulted in reducing the accrual for asset retirement obligations by $120.1 million and $116.2 million at December 31, 2024 and 2023. We estimate that the aggregate undiscounted cost of final mine closure is approximately $278.9 million and $266.6 million at December 31, 2024 and 2023, respectively.
Discounting resulted in reducing the accrual for asset retirement obligations by $112.3 million and $120.1 million at December 31, 2025 and 2024, respectively. We estimate that the aggregate undiscounted cost of final mine closure is approximately $269.9 million and $278.9 million at December 31, 2025 and 2024, respectively.
(2) Represents tons sold by our coal operations segments associated with coal reserves leased from our Coal Royalties Segment. ​ Illinois Basin Coal Operations – Segment Adjusted EBITDA decreased 7.8% to $473.9 million in 2024 from $514.1 million in 2023.
(2) Represents tons sold by our coal operations segments associated with coal reserves leased from our Coal Royalties Segment. ​ Illinois Basin Coal Operations – Segment Adjusted EBITDA decreased 3.6% to $456.7 million in 2025 from $473.9 million in 2024.
We believe that existing cash balances, future cash flows from operations and investments, borrowings under credit facilities and cash 86 Table of Contents provided from the issuance of debt or equity will be sufficient to meet our working capital requirements, capital expenditures and additional investments, debt payments, contractual obligations, commitments and distribution payments.
We believe that existing cash balances, consisting of cash and cash equivalents of $71.2 million at December 31, 2025, future cash flows from operations and investments, borrowings under credit facilities and cash provided from the issuance of debt or equity will be sufficient to meet our working capital requirements, capital expenditures and additional investments, debt payments, contractual obligations, commitments and distribution payments.
The decrease was attributable to lower tons sold, which reduced coal sales by $72.1 million, and lower average coal sales prices, which reduced coal sales by $26.3 million.
The decrease was attributable to lower average coal sales prices, which reduced coal sales by $157.0 million and lower tons sold, which reduced coal sales by $22.3 million.
Approximately 63% of the coal sold by our coal operations’ mines was leased from our Coal Royalties entities. ​ ● Other, Corporate and Elimination includes marketing and administrative activities, the Matrix Group , Bitiki, which holds our crypto-mining activities , our investments in Francis, Infinitum, NGP ET IV and Ascend, Wildcat Insurance, which assists the ARLP Partnership with its insurance requirements, AROP Funding and Alliance Resource Finance Corporation (both discussed in “Item 8.
Approximately 73% of the coal sold by our coal operations’ mines was leased from our Coal Royalties entities for the year ended December 31, 2025. ​ ● Other, Corporate and Elimination includes marketing and administrative activities, the Matrix Group , Bitiki (which holds our crypto-mining activities) , our non-oil & gas investments, Wildcat Insurance (which assists the ARLP Partnership with its insurance requirements), and AROP Funding and Alliance Resource Finance Corporation (both discussed in “Item 8.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 23, 2024, and is incorporated by reference herein. ​ Reconciliation of Non-GAAP Financial Measures ​ The following is a reconciliation of net income, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 ​ ​ (in thousands) ​ Net income ​ $ 365,557 ​ $ 636,170 ​ Noncontrolling interest ​ ​ (4,702) ​ ​ (6,052) ​ Net income attributable to ARLP ​ $ 360,855 ​ $ 630,118 ​ General and administrative ​ 82,224 ​ 79,096 ​ Depreciation, depletion and amortization ​ 285,446 ​ 267,982 ​ Asset impairments ​ 31,130 ​ — ​ Interest expense, net ​ 28,007 ​ 26,697 ​ Change in fair value of digital assets ​ ​ (22,395) ​ ​ — ​ Litigation expense accrual ​ ​ 15,250 ​ ​ — ​ Income tax expense ​ 15,937 ​ 8,280 ​ Consolidated Segment Adjusted EBITDA ​ $ 796,454 ​ $ 1,012,173 ​ ​ The following is a reconciliation of operating expenses, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA Expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 ​ ​ (in thousands) ​ Operating expenses (excluding depreciation, depletion and amortization) ​ $ 1,507,398 ​ $ 1,368,787 ​ Litigation expense accrual ​ (15,250) ​ ​ — ​ Outside coal purchases ​ 35,791 ​ 36,149 ​ Other expense (income) ​ ​ 2,062 ​ (218) ​ Segment Adjusted EBITDA Expense ​ $ 1,530,001 ​ $ 1,404,718 ​ ​ ​ Liquidity and Capital Resources ​ Liquidity ​ We have historically satisfied our working capital requirements and funded our capital expenditures, investments, contractual obligations and debt service obligations with cash generated from operations, cash provided by the issuance of debt or equity, borrowings under credit and securitization facilities and other financing transactions.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025, and is incorporated by reference herein. ​ Reconciliation of Non-GAAP Financial Measures ​ The following is a reconciliation of net income, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2025 ​ ​ ​ 2024 ​ ​ (in thousands) ​ Net income ​ $ 317,250 ​ $ 365,557 ​ Noncontrolling interest ​ ​ (6,087) ​ ​ (4,702) ​ Net income attributable to ARLP ​ $ 311,163 ​ $ 360,855 ​ General and administrative ​ 83,119 ​ 82,224 ​ Depreciation, depletion and amortization ​ 299,436 ​ 285,446 ​ Asset impairments ​ — ​ 31,130 ​ Interest expense, net ​ 36,984 ​ 28,007 ​ Change in fair value of digital assets ​ ​ 4,354 ​ ​ (22,395) ​ Impairment loss on investments ​ ​ 28,037 ​ ​ — ​ Litigation expense accrual ​ ​ — ​ ​ 15,250 ​ Income tax expense ​ 18,765 ​ 15,937 ​ Consolidated Segment Adjusted EBITDA ​ $ 781,858 ​ $ 796,454 ​ ​ The following is a reconciliation of operating expenses, the most comparable GAAP financial measure, to consolidated Segment Adjusted EBITDA Expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2025 ​ ​ ​ 2024 ​ ​ (in thousands) ​ Operating expenses (excluding depreciation, depletion and amortization) ​ $ 1,368,521 ​ $ 1,507,398 ​ Litigation expense accrual ​ — ​ ​ (15,250) ​ Outside coal purchases ​ 21,820 ​ 35,791 ​ Other expense ​ ​ 889 ​ 2,062 ​ Consolidated Segment Adjusted EBITDA Expense ​ $ 1,391,230 ​ $ 1,530,001 ​ ​ ​ 86 Table of Contents Liquidity and Capital Resources ​ Liquidity ​ We have historically satisfied our working capital requirements and funded our capital expenditures, investments, contractual obligations and debt service obligations with cash generated from operations, cash provided by the issuance of debt or equity, borrowings under credit and securitization facilities and other financing transactions.
These decreases were partially offset by favorable working capital changes primarily related to trade receivables, inventories, and miscellaneous other changes. ​ Net cash used in investing activities was $440.7 million for 2024 compared to $553.3 million for 2023.
These decreases were partially offset by favorable working capital changes primarily related to accounts payable, other receivables, and accrued payroll and related benefits. ​ Net cash used in investing activities was $331.3 million for 2025 compared to $440.7 million for 2024.
The decrease in cash provided by operating activities was primarily due to the decrease in net income adjusted for non-cash items and 87 Table of Contents unfavorable working capital changes primarily related to accounts payable.
The decrease in cash provided by operating activities was primarily due to the decrease in net income adjusted for non-cash items and unfavorable working capital changes primarily related to trade receivables and other miscellaneous changes.
Adjustments to the liability associated with these assumptions resulted in a increase of $5.6 million for the year ended December 31, 2024.
Adjustments to the liability associated with these assumptions resulted in a decrease of $4.2 million for the year ended December 31, 2025.
Vernon coal-loading terminal in Indiana which operates on the Ohio River, MAC and other support services, and our idled or closed mining complexes. 80 Table of Contents ​ ● The Appalachia Coal Operations reportable segment includes (a) the Mettiki mining complex, (b) the Tunnel Ridge mining complex and (c) the MC Mining mining complex. ​ ● The Oil & Gas Royalties reportable segment includes oil & gas mineral interests held by Alliance Minerals as well as our equity interests in AllDale III. ​ ● The Coal Royalties reportable segment includes substantially all of our coal mineral resources and the majority of our coal mineral reserves owned or leased by Alliance Resource Properties.
The segment also includes activity associated with support services and our non-operating mining complexes. ​ ● The Appalachia Coal Operations reportable segment includes (a) the Mettiki mining complex, (b) the Tunnel Ridge mining complex and (c) the MC Mining mining complex. ​ ● The Oil & Gas Royalties reportable segment includes oil & gas mineral interests held by Alliance Minerals as well as our equity interests in AllDale III. ​ ● The Coal Royalties reportable segment includes substantially all of our coal mineral resources and the majority of our coal mineral reserves owned or leased by Alliance Resource Properties.
(2) For definitions of Segment Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to their respective comparable GAAP financial measures, please see below under “— Reconciliation of Non-GAAP Financial Measures.” ​ Total Revenues ​ Total revenues decreased 4.6% to $2.45 billion in 2024 compared to $2.57 billion in 2023 primarily due to lower coal sales and transportation revenues, partially offset by higher other revenues. ​ ● Coal sales decreased $98.4 million or 4.5% to $2.11 billion for 2024 from $2.21 billion for 2023.
(2) For definitions of Segment Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to their respective comparable GAAP financial measures, please see below under “— Reconciliation of Non-GAAP Financial Measures.” ​ Total Revenues ​ Total revenues decreased 10.4% to $2.19 billion in 2025 compared to $2.45 billion 2024 primarily due to lower coal sales pricing and transportation revenues. ​ ● Coal sales decreased to $1.93 billion in 2025 compared to $2.11 billion in 2024.
In addition, the exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA allows management to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments. ​ Analysis of Historical Results of Operations – 2024 Compared with 2023 ​ Consolidated Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 ​ Increase (Decrease) ​ ​ (in thousands) ​ ​ ​ Consolidated Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ 33,319 ​ 34,442 ​ (1,123) ​ (3.3) % Tons produced ​ ​ 32,206 ​ 34,877 ​ (2,671) ​ (7.7) % Volume - BOE (1) ​ ​ 3,402 ​ ​ 3,105 ​ 297 ​ 9.6 % Coal sales $ 2,111,803 ​ $ 2,210,210 $ (98,407) ​ (4.5) % Oil & gas royalties ​ $ 138,311 ​ $ 137,751 ​ $ 560 ​ 0.4 % Total revenues ​ $ 2,448,708 ​ $ 2,566,701 ​ $ (117,993) ​ (4.6) % Segment Adjusted EBITDA Expense (2) ​ $ 1,530,001 ​ $ 1,404,718 ​ $ 125,283 ​ 8.9 % Net income of ARLP ​ $ 360,855 ​ $ 630,118 ​ $ (269,263) ​ (42.7) % Segment Adjusted EBITDA (2) ​ $ 796,454 ​ $ 1,012,173 ​ $ (215,719) ​ (21.3) % (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
In addition, the exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA allows management to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments. ​ Analysis of Historical Results of Operations – 2025 Compared with 2024 ​ Consolidated Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 ​ Increase (Decrease) ​ ​ ​ (in thousands) ​ ​ ​ ​ Consolidated Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold ​ 32,967 ​ 33,319 ​ (352) ​ (1.1) % ​ Tons produced ​ ​ 33,167 ​ 32,206 ​ 961 ​ 3.0 % ​ Volume - BOE (1) ​ ​ 3,648 ​ ​ 3,402 ​ 246 ​ 7.2 % ​ Coal sales ​ $ 1,932,515 ​ $ 2,111,803 $ (179,288) ​ (8.5) % ​ Oil & gas royalties ​ $ 137,849 ​ $ 138,311 ​ $ (462) ​ (0.3) % ​ Total revenues ​ $ 2,194,811 ​ $ 2,448,708 ​ $ (253,897) ​ (10.4) % ​ Segment Adjusted EBITDA Expense (2) ​ $ 1,391,230 ​ $ 1,530,001 ​ $ (138,771) ​ (9.1) % ​ Net income of ARLP ​ $ 311,163 ​ $ 360,855 ​ $ (49,692) ​ (13.8) % ​ Segment Adjusted EBITDA (2) ​ $ 781,858 ​ $ 796,454 ​ $ (14,596) ​ (1.8) % ​ (1) BOE for natural gas is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
Financial Statements and Supplementary Data—Note 2 – Summary of Significant Accounting Policies” for a discussion of new accounting standards. ​ 92 Table of Contents ​
Certain Relationship and Related Transactions, and Director Independence” for a discussion of our related-party transactions. ​ 91 Table of Contents New Accounting Standards ​ See “Item 8. Financial Statements and Supplementary Data—Note 2 – Summary of Significant Accounting Policies” for a discussion of new accounting standards. ​ 92 Table of Contents ​
We believe that our diverse and rich resource base and strategic investments will allow us to continue to create long-term value for unitholders. ​ We are the second largest coal producer in the eastern United States with seven operating underground mining complexes near many of the major eastern utility generating plants and on major coal hauling railroads in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia, as well as a coal-loading terminal in Indiana.
We believe our diverse resource portfolio and targeted investments will continue to create long-term value for our unitholders. ​ We are the second largest coal producer in the eastern United States and as of December 31, 2025, we operated seven underground mining complexes across Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia and a coal-loading terminal on the Ohio River in Indiana.
However, to the extent operating cash flow or access to and cost of financing sources are materially different than expected, future covenant compliance or liquidity may be adversely affected. Please see “Item 1A.
However, to the extent operating cash flow or access to and cost of financing sources are materially different than expected, future covenant compliance or liquidity may be adversely affected. Please see “Item 1A. Risk Factors.” ​ Unit Repurchase Program ​ We have $80.6 million remaining authorized under our unit repurchase program as of December 31, 2025.
The increase of $1.81 per ton was primarily due to higher direct labor costs at several mines. ​ ● Material and supplies expenses per ton produced increased 13.3% to $15.88 per ton in 2024 from $14.02 per ton in 2023.
The decrease of $0.95 per ton was primarily due to lower direct labor costs at several mines. ​ ● Material and supplies expenses per ton produced decreased 12.2% to $13.95 per ton in 2025 from $15.88 per ton in 2024.
A one-percentage-point reduction in the discount rate would have increased operating expense by approximately $2.1 million for the year ended December 31, 2024. We limit our exposure to traumatic injury claims by purchasing a high deductible insurance policy that starts paying benefits after deductibles for a particular claim year have been met.
We limit our exposure to traumatic injury claims by purchasing a high deductible insurance policy that starts paying benefits after deductibles for a particular claim year have been met.
The decrease of $166.6 million was primarily attributable to lower coal sales, which decreased 15.7% to $712.7 million in 2024 from $845.3 million in 2023, and higher operating expenses. The decrease in coal sales reflects lower sales volumes and prices.
The decrease of $30.4 million was primarily attributable to lower coal sales, which decreased 17.2% to $590.2 million in 2025 from $712.7 million in 2024, partially offset by lower operating expenses. The decrease in coal sales reflects lower coal sales volumes and price realizations.
The decrease in cash used in financing activities was primarily attributable to the issuance of our 8.625% Senior Notes due 2029, borrowings under our February 2024 Equipment Financing and the purchase of units under our repurchase program in 2023.
The increase in cash used in financing activities was primarily attributable to proceeds from the issuance of our 2029 Senior Notes and from an equipment financing in 2024.
Workers’ compensation laws also compensate survivors of workers who suffer employment related deaths. Our liability for traumatic injury claims is the estimated present value of current workers’ compensation benefits, based on our actuary estimates. Our actuarial calculations are based on a blend of actuarial projection methods and numerous assumptions including claim development patterns, mortality, medical costs and interest rates.
We generally provide for these claims through self-insurance programs. Workers’ compensation laws also compensate survivors of workers who suffer employment related deaths. Our liability for traumatic injury claims is the estimated present value of current workers’ compensation benefits, based on our actuary estimates.
The increase of $0.79 per ton produced was primarily a result of higher maintenance costs at several mines. ​ ● Segment Adjusted EBITDA Expense was also higher as a result of an $11.0 million non-cash deferred purchase price adjustment recorded in 2024 related to the 2015 acquisition of our Hamilton mine compared to an adjustment of $1.7 million in 2023. ​ Depreciation, depletion and amortization ​ Depreciation, depletion and amortization expense increased to $285.4 million for 2024 compared to $268.0 million for 2023 primarily due to increased sales of higher depreciation cost tons at our Tunnel Ridge mine as a result of lower production volumes at the mine in 2024. ​ Asset impairments ​ During 2024, we recorded $31.1 million of non-cash asset impairment charges as a result of our decision to reduce production at our MC Mining operation due to market uncertainty, challenging geology and higher costs.
The decrease in outside coal purchases benefited costs per ton in 2025 since the cost of outside coal purchases is generally higher on a per ton basis than our produced coal. ​ Depreciation, depletion and amortization ​ Depreciation, depletion and amortization expense increased to $299.4 million in 2025 compared to $285.4 million in 2024 primarily as a result of recent capital investments at our River View and Tunnel Ridge mines. ​ Asset impairments ​ During 2024, we recorded $31.1 million of non-cash asset impairment charges as a result of our decision to reduce production at our MC Mining operation due to market uncertainty, challenging geology and higher costs.
Segment Adjusted EBITDA Expense per ton increased by 8.5% compared to 2023 resulting from reduced production and higher labor costs at several mines in the region. ​ Appalachia Coal Operations – Segment Adjusted EBITDA decreased 50.4% to $164.1 million for 2024 from $330.7 million in 2023.
Segment Adjusted EBITDA Expense per ton in 2025 decreased by 8.2% compared to 2024 due primarily to increased production and improved recoveries at our River View and Hamilton mines, higher volumes at our Warrior operation, and reduced longwall move days at Hamilton. ​ Appalachia Coal Operations – Segment Adjusted EBITDA decreased 18.5% to $133.7 million in 2025 from $164.1 million in 2024.
Segment Adjusted EBITDA Expense increased 6.8% to $551.7 million in 2024 from $516.5 million in 2023 due to higher operating expenses per ton, partially offset by lower sales volumes.
Segment Adjusted EBITDA Expense decreased 16.7% to $459.4 million in 2025 from $551.7 million in 2024 due to reduced volumes and lower per ton operating expenses.
The decrease of $4.5 million was primarily due to lower average sales price per BOE, which decreased 8.4% to $40.65 per BOE, partially offset by increased volumes in 2024, which increased by 9.6%, and increased expenses.
The increase was primarily due to increased volumes in 2025, which increased by 7.2%, higher other revenues and lower expenses, partially offset by lower average sales price per BOE, which decreased 7.0% to $37.79 per BOE.
Financial Statements and Supplementary Data—Note 12 – Long-Term Debt,” “—Note 11 – Leases,” “—Note 14 – Employee Benefit Plans,” “—Note 15 – Asset Retirement Obligations,” “—Note 13 – Accrued Workers’ Compensation and Pneumoconiosis Benefits” and “—Note 16 – Commitments and Contingencies.” We will continue to have significant cash requirements over the long term, which may require us to incur debt or seek additional equity capital.
Financial Statements and Supplementary Data—Note 12 – Long-Term Debt,” “—Note 11 – Leases,” “—Note 14 – Employee Benefit Plans,” “—Note 15 – Asset Retirement Obligations,” and “—Note 13 – Accrued Workers’ Compensation and Pneumoconiosis Benefits” ​ In addition to the cash outflows discussed above, we have liabilities totaling $164.9 million expected to be paid in 2026 and $55.6 million in years thereafter.
The increase of $1.86 per ton produced primarily reflects increases of $0.64 per ton for environmental and longwall subsidence expense, $0.46 per ton for outside expenses, $0.35 per ton for roof support, and $0.29 per ton for power and fuel. ​ ● Maintenance expenses per ton produced increased 17.1% to $5.41 per ton in 2024 from $4.62 per ton in 2023.
The decrease of $1.93 per ton produced primarily reflects decreases of $0.67 per ton for roof support, $0.33 per ton in longwall subsidence expense, and $0.28 per ton for contract labor used in the mining process. ​ ● Maintenance expenses per ton produced decreased 13.1% to $4.70 per ton in 2025 from $5.41 per ton in 2024.
The availability and cost of additional capital will depend upon prevailing market conditions, the market price of our common units and several other factors over which we have limited control, as well as our financial condition and results of operations. ​ We use a combination of surety bonds and letters of credit to secure our financial obligations for reclamation, workers’ compensation and other obligations as follows as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workers' ​ ​ ​ ​ ​ ​ ​ ​ Reclamation ​ Compensation ​ ​ ​ ​ ​ ​ ​ ​ Obligation ​ Obligation ​ Other ​ Total ​ ​ (in millions) Surety bonds $ 170.1 $ 65.8 $ 15.7 $ 251.6 ​ Letters of credit ​ — ​ 41.0 ​ 19.8 ​ 60.8 ​ ​ Insurance ​ Effective October 1, 2024, we renewed our property and casualty insurance program through September 30, 2025.
Financial Statements and Supplementary Data—Note 16 – Commitments and Contingencies.” ​ Off-Balance-Sheet Arrangements ​ We use a combination of surety bonds and letters of credit to secure our financial obligations for reclamation, workers’ compensation and other obligations as follows as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workers' ​ ​ ​ ​ ​ ​ ​ ​ Reclamation ​ Compensation ​ ​ ​ ​ ​ ​ ​ ​ Obligation ​ Obligation ​ Other ​ Total ​ ​ (in millions) Surety bonds ​ ​ ​ $ 158.0 ​ ​ ​ $ 66.0 ​ ​ ​ $ 13.8 ​ ​ ​ $ 237.8 ​ Letters of credit ​ — ​ 38.5 ​ 19.2 ​ 57.7 ​ ​ Insurance ​ Effective October 1, 2025, we renewed our property and casualty insurance program through September 30, 2026.
Segment Adjusted EBITDA Expense per ton sold for our coal operations increased 11.6% to $45.07 per ton sold in 2024 compared to $40.38 per ton in 2023, primarily due to certain cost increases, which are discussed below by category: ​ ● Labor and benefit expenses per ton produced, excluding workers’ compensation, increased 14.8% to $14.01 per ton in 2024 from $12.20 per ton in 2023.
Segment Adjusted EBITDA Expense per ton sold for our coal operations decreased 8.4% to $41.29 per ton sold in 2025 compared to $45.07 per ton in 2024, primarily due to an increased sales mix of tons from lower cost operations, higher recoveries from several mines and fewer longwall move days at our Hamilton operation as well as the following per ton cost decreases: ​ ● Labor and benefit expenses, excluding workers’ compensation, per ton produced decreased 6.8% to $13.06 per ton in 2025 from $14.01 per ton in 2024.
Coal sales volumes decreased by 12.2% compared to 2023 primarily due to reduced production at our Tunnel Ridge operation as a result of lower demand and challenging mining conditions. Average coal sales prices decreased by 4.0% compared to 2023 as a result of lower export price realizations from our Mettiki and MC Mining operations.
Average coal sales price per ton decreased by 1.8% compared to 2024 primarily due to reduced domestic pricing from our Tunnel Ridge and MC Mining operations and lower export price realizations from MC Mining and Mettiki, partially offset by a greater mix of higher priced sales tons from the MC Mining and Mettiki operations during 2025.
Segment Adjusted EBITDA Expense per ton for 2024 increased by 21.7% compared to 2023 due to reduced production as a result of challenging mining conditions that lowered recoveries and increased costs related to labor, roof control, outside expenses, and maintenance during 2024. ​ 85 Table of Contents Oil & Gas Royalties – Segment Adjusted EBITDA decreased to $117.0 million for 2024 from $121.5 million in 2023.
Segment Adjusted EBITDA Expense per ton for 2025 decreased by 1.3% compared to 2024 due to higher recoveries at the Mettiki and MC Mining operations. ​ Oil & Gas Royalties – Segment Adjusted EBITDA increased slightly to $117.5 million for 2025 from $117.0 million in 2024.
The decrease of $29.7 million was primarily attributable to decreased coal shipments for which we arrange third-party transportation and reduced average third-party transportation rates in 2024. Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. ​ ● Other revenues principally comprised Matrix Design sales, Mt.
The decrease of $76.0 million was primarily attributable to lower third-party transportation rates in 2025 and decreased coal shipments to the international markets for which we arrange third-party transportation.
The increase of $9.5 million was primarily due to increased sales of mining technology products by our Matrix Design subsidiary. ​ 83 Table of Contents Segment Adjusted EBITDA Expense ​ Segment Adjusted EBITDA Expense increased 8.9% to $1.53 billion primarily related to our coal operations which increased 8.0% to $1.50 billion, as a result of higher per ton costs, partially offset by lower coal sales volumes.
Transportation revenues are recognized when title to the coal passes to the customer and recognized in an amount equal to the corresponding transportation expenses. ​ 83 Table of Contents Segment Adjusted EBITDA Expense ​ Segment Adjusted EBITDA Expense decreased 9.1% to $1.39 billion in 2025 primarily related to our coal operations which decreased 9.3% to $1.36 billion, as a result of lower per ton costs and sales volumes.
Coal sales prices decreased by 1.2% primarily as a result of reduced export price realizations from our Appalachian segment. ​ ● Transportation revenues and expenses were $112.6 million and $142.3 million for 2024 and 2023, respectively.
Coal sales prices decreased by 7.5% as a result of lower domestic price realizations at several mines due to the continued roll-off of higher-priced contracts entered into during the energy crisis and reduced export price realizations from our MC Mining and Mettiki mines. ​ ● Transportation revenues and expenses were $36.6 million and $112.6 million in 2025 and 2024, respectively.
Our strategy is to provide our customers with reliable, baseload fuel for electricity generation to meet load expectations. The primary focus of our business is to maximize the value of our existing mineral assets, both in the production of coal from our mining assets and the leasing and development of our coal and oil & gas mineral ownership.
Our core objective is to maximize the value of our mineral asset base—both through coal production from our mining operations and through the leasing and development of our coal and oil & gas mineral interests.
In addition, we continue to position ourselves as a reliable energy provider for the future as we pursue opportunities that support the growth and development of energy and related infrastructure. We intend to pursue strategic investments that leverage our core competencies and relationships with electric utilities, industrial customers, and federal and state governments.
Our strategy is to provide reliable, baseload fuel for electricity generating customers while positioning the Partnership for long-term growth through investments in energy and related infrastructure. Leveraging our relationships with electric utilities, industrial customers, and government partners, we intend to pursue strategic opportunities that complement our operational strengths.
We currently project average estimated annual maintenance capital expenditures over the next five years of approximately $7.28 per ton produced. For additional information on our future cash requirements other than capital expenditures, please see “Item 8.
We project average estimated annual maintenance capital expenditures over the next five years of approximately $7.23 per ton produced. ​ Other Cash Requirements ​ We expect to incur significant future cash outflows for scheduled payments on long-term debt, lease obligations, asset retirement obligation costs and workers’ compensation and pneumoconiosis as follows: ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ December 31, ​ ​ ​ (in thousands) 2026 ​ $ 49,663 ​ 2027 ​ 49,585 ​ 2028 ​ 21,447 ​ 2029 ​ 418,249 ​ 2030 ​ 12,785 ​ Thereafter ​ ​ 543,491 ​ ​ ​ $ 1,095,220 ​ ​ For additional information on our future cash requirements other than capital expenditures, please see “Item 8.
The decrease of $40.2 million was primarily attributable to increased operating expenses, partially offset by higher coal sales, which increased 2.5% to $1.40 billion in 2024 from $1.36 billion in 2023.
The decrease of $17.2 million was primarily attributable to lower coal sales prices, partially offset by higher sales volumes and lower operating expenses. Coal sales price per ton decreased by 7.7% compared to 2024 as a result of lower domestic price realizations across the region.
These decreases were partially offset by the redemption of our remaining 7.5% Senior Notes due 2025 and cash settlement of grants under our deferred compensation plans. ​ Cash Requirements ​ We currently estimate our 2025 annual cash requirements, including capital expenditures, scheduled payments on long-term debt, lease obligations, asset retirement obligation costs and workers’ compensation and pneumoconiosis, to be in a range of $519.0 million to $554.0 million.
These increases were partially offset by reduced payments on long-term debt, reduced distributions paid to partners in 2025 and the payment for cash settlement of grants under deferred compensation plans in 2024. ​ 87 Table of Contents Capital Expenditures ​ For 2026, we are targeting total capital expenditures between $280 million and $300 million.
Coal sales volumes decreased by 3.3% primarily due to reduced tons sold from our River View and Tunnel Ridge mines due to reduced domestic demand, partially offset by increased export sales volumes from our Gibson South operation.
Sales volumes increased by 4.0% compared to 2024 due primarily to increased tons sold from our Hamilton and River View mines. Segment Adjusted EBITDA Expense decreased 4.5% compared to 2024 due to lower operating expenses per ton.
See “Item 8. Financial Statements and Supplementary Data—Note 13 – Accrued Workers’ Compensation and Pneumoconiosis Benefits” for additional discussion. We had accrued liabilities for workers’ compensation of $47.9 million and $48.0 million for these costs at December 31, 2024 and 2023, respectively.
Our actuarial calculations are based on a blend of actuarial projection methods and numerous assumptions including claim development patterns, mortality, medical costs and interest rates. See “Item 8. Financial Statements and Supplementary Data—Note 13 – Accrued Workers’ Compensation and Pneumoconiosis Benefits” for additional discussion.
For additional information on the February 2024 Equipment Financing, please see “Item 1. Financial Statements and Supplementary Data – Note 12 – Long-Term Debt.” ​ Securitization Facility ​ In January 2025, we extended the term of the Securitization Facility to January 2026 and decreased the borrowing availability under the facility to $75.0 million.
Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities” for more information on the unit repurchase program. ​ Securitization Facility ​ In January 2026, we extended the term of our $75.0 million Securitization Facility to January 2027. For additional information on the Securitization Facility please read “Item 8.
Please read “Item 8. Financial Statements and Supplementary Data—Note 9 – Long-Lived Asset Impairments.” ​ Change in fair value of digital assets ​ We recorded a $22.4 million increase in the fair value of our digital assets reflecting the increase in the price of bitcoin during 2024.
The change was primarily due to income attributable to our investments in Gavin Generation and NGP ET IV. ​ Change in fair value of digital assets ​ We recorded a $4.4 million decrease in the fair value of our digital assets in 2025 compared to an increase of $22.4 million during 2024 reflecting the movement in the price of bitcoin during each period. ​ Impairment loss on investments ​ During 2025, we recorded impairments totaling $28.0 million on our equity and debt investments in Ascend.
The decrease in cash used in investing activities was primarily due to acquisitions of oil & gas reserves including the JC Resources Acquisition and purchase of investments in 2023 as well as an increase in accounts payable and accrued liabilities for property, plant and equipment. These decreases were partially offset by increased capital expenditures during 2024. See “Item 8.
This decrease was partially offset by increased contributions to equity method investments, changes in accounts payable and accrued liabilities and the purchase of equity securities during 2025. ​ Net cash used in financing activities was $385.7 million for 2025 compared to $285.3 million for 2024.
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Two of our mines also have loading facilities located on the Ohio River. ​ In addition to our mining operations, Alliance Resource Properties owns or leases substantially all of our coal mineral resources and the majority of our coal mineral reserves in the Illinois and Appalachia Basins that are (a) leased to our internal mining complexes or (b) near our coal mining operations but not yet leased. ​ We currently own minerals interests in approximately 70,000 net royalty acres in premier oil & gas producing regions of the United States, primarily in the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) basins providing us with diversified exposure to industry-leading operators consistent with our general strategy to grow our oil & gas mineral interest business. ​ We have invested in energy and infrastructure opportunities including our investments in Francis, Infinitum, NGP ET IV, and Ascend which are in the businesses of, respectively, electric vehicle charging stations, electric motor manufacturing, private equity investments in renewable energy, the electrification of our economy or the efficient use of energy, and the manufacturing and recycling of sustainable, engineered battery materials for electric vehicles. ​ Please see “Item 1.
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We manage and report our coal operations under two regions, Illinois Basin and Appalachia.
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We have not changed the definitions of previously disclosed, or included any new or discontinued any previously disclosed, financial or operational measures. ​ Our management uses a variety of financial and operational measurements to analyze our performance.
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We market our coal production to major domestic and international utilities and industrial customers. ​ We also own mineral and royalty interests in approximately 70,000 net royalty acres, including approximately 4,000 net royalty acres attributable to our equity interest in AllDale III, in premier oil & gas producing regions in the United States, primarily the Permian, Anadarko, and Williston Basins.
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Vernon transloading revenues, oil & gas lease bonus revenues, and crypto-mining revenues. Other revenues increased to $86.0 million in 2024 from $76.5 million in 2023.
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While we own both oil & gas mineral and royalty interests, we refer to them collectively as mineral interests throughout our discussions of our business as the majority of our holdings are mineral interests. We market our oil & gas mineral interests for lease to operators in those regions and generate royalty income from their development of those mineral interests.
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Effective January 1, 2024, we adopted new accounting guidance which clarifies the accounting and disclosure requirements for certain crypto assets. The new guidance requires us to measure our digital assets at fair value and include the change in net income. Please see “Item 8.
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We expect reserve additions and the related cash flows to grow through further development of our existing mineral interests as well as acquisitions of additional mineral interests. ​ We also hold coal mineral reserves and resources in Illinois, Indiana, Kentucky, Pennsylvania and West Virginia.
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The increase in coal sales primarily reflects higher coal sales price realizations of $56.44 per ton sold in 2024 compared to $55.21 per ton sold in 2023 due to improved domestic pricing. Segment Adjusted EBITDA Expense increased 8.8% to $937.1 million in 2024 from $861.3 million in 2023 as a result of higher operating expenses per ton.
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Substantially all of our coal mineral resources and a majority of our coal mineral reserves are owned or leased by Alliance Resource Properties, which are (a) leased or subleased to our mining complexes or (b) near other internal and external coal mining operations but not yet leased.
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Risk Factors.” ​ Unit Repurchase Program ​ In January 2023, the Board of Directors authorized a $93.5 million increase to the unit repurchase program, which had $6.5 million of available capacity as of December 31, 2022. As a result, we were authorized to repurchase up to a total of $100.0 million of ARLP’s limited partner common units.
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We generate intercompany royalty income through the leasing and development of our coal mineral reserves and resources. ​ Beyond our core mineral platform, we have invested in growth-oriented businesses and energy-related technologies. Our subsidiary, Matrix Group, develops and markets industrial, mining and technology products and services worldwide and our subsidiary, Bitiki, mines bitcoin.
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No units were repurchased during the year ended December 31, 2024. The remaining authorized amount for unit repurchases under this program was $80.6 million at December 31, 2024. Please read “Item 5.
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We have also made investments in emerging energy and infrastructure opportunities, including Infinitum, NGP ET IV and Gavin Generation. ​ Please see “Item 1. Business and Item 2.
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Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities” for more information on the unit repurchase program. ​ February 2024 Equipment Financing ​ On February 28, 2024, Alliance Coal entered into an equipment financing arrangement, wherein Alliance Coal received $54.6 million in exchange for conveying its interest in certain equipment owned indirectly by Alliance Coal and entering into a master lease agreement for that equipment.
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The decrease of $0.71 per ton produced was primarily a result of lower maintenance costs at several mines. ​ ● Outside coal purchases decreased to $21.8 million in 2025 compared to $35.8 million in 2024.
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For additional information on the Securitization Facility please read “Item 8.
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Please read “Item 8. Financial Statements and Supplementary Data—Note 9 – Long-Lived Asset Impairments” for more information. ​ Equity method investment income (loss) ​ We had equity method investment income of $21.0 million in 2025 compared to an equity method investment loss of $5.0 million in 2024.
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Financial Statements and Supplementary Data—Note 12 – Long-Term Debt”. ​ 8.625% Senior Notes due 2029 ​ On June 12, 2024, the Intermediate Partnership and Alliance Finance (as co-issuer) issued an aggregate principal amount of $400 million of senior unsecured notes due 2029 in a private placement to qualified institutional buyers.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeA one 93 Table of Contents percentage point increase in interest rates would result in a decrease of approximately $16.9 million in the estimated fair value of these borrowings. ​ The table below provides information about our market sensitive financial instruments and constitutes a “forward-looking statement.” The fair values of long-term debt are estimated using discounted cash flow analyses, based on our incremental borrowing rates for similar types of borrowing arrangements as of December 31, 2024 and 2023. ​ The carrying amounts and fair values of financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Expected Maturity Dates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, as of December 31, 2024 ​ 2025 ​ ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ 2029 ​ ​ Total ​ ​ 2024 ​ (dollars in thousands) ​ Fixed rate debt ​ $ 12,607 ​ ​ $ 14,240 ​ ​ $ 15,182 ​ ​ $ 2,655 ​ ​ $ 400,000 ​ ​ $ 444,684 ​ ​ $ 477,757 ​ Weighted-average interest rate ​ ​ 8.60 % ​ 8.61 % ​ 8.62 % ​ 8.62 % ​ 8.63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable rate debt ​ $ 14,062 ​ ​ $ 14,063 ​ ​ $ 14,063 ​ ​ $ 3,515 ​ ​ $ — ​ ​ $ 45,703 ​ ​ $ 45,703 ​ Weighted-average interest rate (1) ​ ​ 7.71 % ​ 7.71 % ​ 7.71 % ​ 7.71 % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ Expected Maturity Dates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ as of December 31, 2023 ​ 2024 ​ ​ 2025 ​ ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ Total ​ ​ 2023 ​ ​ ​ (dollars in thousands) ​ Fixed rate debt ​ $ 2,039 ​ ​ $ 284,607 ​ ​ $ — ​ ​ $ — ​ ​ $ — ​ ​ $ 286,646 ​ ​ $ 286,179 ​ Weighted-average interest rate ​ ​ 7.50 % ​ 7.50 % ​ — % ​ — % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable rate debt ​ $ 18,750 ​ ​ $ 18,750 ​ ​ $ 18,750 ​ ​ $ 4,688 ​ ​ $ — ​ ​ $ 60,938 ​ ​ $ 60,938 ​ Weighted-average interest rate (1) ​ ​ 8.50 % ​ ​ 8.50 % ​ 8.50 % ​ 8.50 % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ (1) Interest rate of variable rate debt equal to the rate effective at December 31, 2024 and 2023, held constant for the remaining term of the outstanding borrowing. ​ ​ ​ 94 Table of Contents
Biggest changeA one 93 Table of Contents percentage point increase in interest rates would result in a decrease of approximately $13.3 million in the estimated fair value of these borrowings. ​ The table below provides information about our market sensitive financial instruments and constitutes a “forward-looking statement.” The fair values of long-term debt are estimated using discounted cash flow analyses, based on our incremental borrowing rates for similar types of borrowing arrangements as of December 31, 2025 and 2024. ​ The carrying amounts and fair values of financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Expected Maturity Dates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, as of December 31, 2025 ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ 2029 ​ ​ 2030 ​ ​ Total ​ ​ 2025 ​ (dollars in thousands) ​ Fixed rate debt ​ $ 13,978 ​ ​ $ 15,182 ​ ​ $ 2,655 ​ ​ $ 400,000 ​ ​ $ — ​ ​ $ 431,815 ​ ​ $ 477,203 ​ Weighted-average interest rate ​ ​ 8.61 % ​ 8.62 % ​ 8.62 % ​ 8.63 % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable rate debt ​ $ 14,063 ​ ​ $ 14,063 ​ ​ $ 3,515 ​ ​ $ — ​ ​ $ — ​ ​ $ 31,641 ​ ​ $ 31,641 ​ Weighted-average interest rate (1) ​ ​ 7.71 % ​ 7.71 % ​ 7.71 % ​ — % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ Expected Maturity Dates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ as of December 31, 2024 ​ 2025 ​ ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ 2029 ​ ​ Total ​ ​ 2024 ​ ​ ​ (dollars in thousands) ​ Fixed rate debt ​ $ 12,607 ​ ​ $ 14,240 ​ ​ $ 15,182 ​ ​ $ 2,655 ​ ​ $ 400,000 ​ ​ $ 444,684 ​ ​ $ 477,757 ​ Weighted-average interest rate ​ ​ 8.60 % ​ 8.61 % ​ 8.62 % ​ 8.62 % ​ 8.63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable rate debt ​ $ 14,062 ​ ​ $ 14,063 ​ ​ $ 14,063 ​ ​ $ 3,515 ​ ​ $ — ​ ​ $ 45,703 ​ ​ $ 45,703 ​ Weighted-average interest rate (1) ​ ​ 7.71 % ​ 7.71 % ​ 7.71 % ​ 7.71 % ​ — % ​ ​ ​ ​ ​ ​ ​ ​ (1) Interest rate of variable rate debt equal to the rate effective at December 31, 2025 and 2024, held constant for the remaining term of the outstanding borrowing. ​ ​ ​ 94 Table of Contents
Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues. ​ We have exposure to coal and oil & gas sales prices and price risk for supplies that are used directly or indirectly in the normal course of coal and oil & gas production such as steel, electricity and other supplies.
Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues. ​ We have exposure to coal and oil & gas sales prices and price risk for supplies that are used directly or indirectly in the normal course of coal and oil & gas production such as electricity, steel and other supplies.
Financial Statements and Supplementary Data—Note 12 – Long-Term Debt” for more information on our Securitization Facility. ​ Exchange Rate Risk ​ The vast majority of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
Financial Statements and Supplementary Data—Note 12 – Long-Term Debt” for more information on our Securitization Facility. ​ Exchange Rate Risk ​ The majority of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
We did not have any outstanding borrowings on either the Revolving Credit Facility or the Securitization Facility at December 31, 2024. A one percentage point increase in the interest rates related to the Term Loan would result in an annualized increase in interest expense of $0.5 million, based on borrowing levels at December 31, 2024.
We did not have any outstanding borrowings on either the Revolving Credit Facility or the Securitization Facility at December 31, 2025. A one percentage point increase in the interest rates related to the Term Loan would result in an annualized increase in interest expense of $0.3 million, based on borrowing levels at December 31, 2025.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​ Commodity Price Risk ​ We have significant long-term sales contracts as evidenced by approximately 83.6% of our sales tonnage being sold under long-term sales contracts in 2024.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ​ Commodity Price Risk ​ We have significant long-term sales contracts as evidenced by approximately 84.6% of our sales tonnage being sold under long-term sales contracts in 2025.
Historically, our earnings have not been materially affected by changes in interest rates and we have not utilized interest rate derivative instruments related to our outstanding debt. We had $45.7 million in borrowings under Term Loan at December 31, 2024.
Historically, our earnings have not been materially affected by changes in interest rates and we have not utilized interest rate derivative instruments related to our outstanding debt. We had $31.6 million in borrowings under Term Loan at December 31, 2025.
Historically, we have not utilized any commodity price-hedges or other derivatives related to either our sales price or supply cost risks but may do so in the future. ​ Credit Risk ​ In 2024, approximately 80.3% of our tons sold were purchased by U.S. electric utilities and 17.3% were sold into the international markets through brokered transactions.
Historically, we have not utilized any commodity price-hedges or other derivatives related to either our sales price or supply cost risks but may do so in the future. ​ Credit Risk ​ In 2025, approximately 89.2% of our tons sold were purchased by U.S. electric utilities and 8.6% were sold into the international markets through brokered transactions.
However, because coal is sold internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
However, because we periodically sell our coal internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
With respect to our fixed-rate borrowings, we had $400.0 million in borrowings under our 2029 Senior Notes and $44.7 million in borrowings under our equipment financings at December 31, 2024.
With respect to our fixed-rate borrowings, we had $400.0 million in borrowings under our 2029 Senior Notes and $31.8 million in borrowings under our equipment financings at December 31, 2025.

Other ARLP 10-K year-over-year comparisons