Alliance Resources to hold 2Q earnings call next week

 

Tulsa’s Alliance Resource Partners, L.P. the company with major coal mining interests as well as oil production plans to report its second quarter 2020 financial results next week.

The release of the report will be made prior to the opening of markets on Monday, July 27. Management of the company will hold a conference call to discuss the results at 9 a.m. Central Time later in the day.

In May, the company reported a net loss of $144.8 million or $1.14 per basic and diluted limited partner unit for the quarter that ended March 31. The loss included a $157 million non-cash impairment. The nearly $145 million loss compares to net income of $276 million a year or $2.12 per basic unit a year earlier.

“ARLP entered the year anticipating challenging coal market conditions due primarily to low natural gas prices and the overhang of coal supply caused by the collapse of thermal export prices during the back half of 2019,” said Joseph W. Craft III, Chairman, President and Chief Executive Officer. “Mid-way through the 2020 Quarter, it became evident that mild winter weather and natural gas prices falling to twenty-year lows, well below $2.00/mmbtu, were adding to the pressures on coal demand. The unanticipated disruptions created by the COVID-19 pandemic caused global energy demand to plummet, further negatively impacting our results for the 2020 Quarter as well.”

 

ARLP currently produces coal from seven mining complexes it operates in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.

ARLP generates royalty income from mineral interests it owns in premier oil and gas producing regions in the US, primarily the Permian, Anadarko, Williston and Appalachian basins.

Source: BusinessWire