<p>自然资源合作伙伴（Natural Resource Partners，NRP）已举行其 2023 年第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>自然资源合作伙伴面临挑战但保持强劲现金流</p>
<p>自然资源合作伙伴（NRP）最新的财报电话会议描绘了公司在充满挑战的环境中航行的情景。会议中表达的情绪是谨慎乐观，因为尽管煤炭和苏打灰市场面临重大阻力，公司仍继续产生可观的自由现金流并减少债务。然而，缺乏近期市场改善的催化剂以及关键领域的持续下滑使得前景谨慎。</p>
<h2>可观的自由现金流生成</h2>
<p>NRP 报告称在 2025 年第三季度产生了 4200 万美元的自由现金流，过去 12 个月共计 1.9 亿美元。尽管面临关键商品的重大挑战，这一成就展示了公司在困难市场条件下维持强劲现金流的能力。</p>
<h2>债务减少进展</h2>
<p>公司在减少债务方面取得了显著进展，过去 12 个月内偿还了近 1.3 亿美元。截至季度末，仅剩 7000 万美元的债务，突显了 NRP 加强财务状况的承诺。</p>
<h2>单位持有者分配</h2>
<p>NRP 宣布 2025 年第二季度和第三季度每个普通单位分配 0.75 美元。这一持续的分配反映了公司在市场挑战中仍然专注于回馈单位持有者的价值。</p>
<h2>Smackover 层的租赁活动</h2>
<p>NRP 正在积极租赁 Smackover 层的土地用于锂生产，这为未来的收入增长提供了潜力。这一战略举措表明公司努力多样化收入来源并抓住新兴机会。</p>
<h2>煤炭市场条件严峻</h2>
<p>由于全球增长放缓、钢铁需求疲软和热煤需求低迷，冶金煤和热煤市场都面临困境。这些因素导致 NRP 的煤炭业务环境严峻。</p>
<h2>苏打灰市场下滑</h2>
<p>苏打灰市场仍然供过于求，国际价格跌破现金生产成本。这种情况导致了一个世代性的熊市，影响了 NRP 在该领域的财务表现。</p>
<h2>苏打灰投资未分配收益</h2>
<p>NRP 在第三季度未从其在 Wyoming 的 Sisecam 投资中获得分配，并预计在市场条件改善之前不会恢复分配。</p>
<h2>CO2 封存租赁减少</h2>
<p>Oxy 和 Exxon 已放弃其 CO2 封存租赁，NRP 的 350 万英亩 CO2 封存孔隙空间没有租赁。这一发展代表了 NRP 在环境倡议方面的挫折。</p>
<h2>矿权和苏打灰部门收入减少</h2>
<p>矿权部门的运营和自由现金流减少了 900 万美元，而苏打灰部门的净收入较去年第三季度减少了 1100 万美元。这些下降归因于冶金煤和苏打灰市场条件疲软。</p>
<h2>前瞻性指导</h2>
<p>展望未来，NRP 计划在明年第三季度增加单位持有者分配，前提是保持强劲的资产负债表。尽管煤炭和苏打灰市场面临持续挑战，公司仍专注于产生自由现金流和减少债务。矿权部门预计将继续对公司的财务表现做出重要贡献。</p>
<p>总之，自然资源合作伙伴正在应对充满挑战的市场环境，专注于保持强劲的现金流和减少债务。尽管煤炭和苏打灰市场面临重大阻力，但公司在减少债务和新租赁活动中潜在的收入增长方面的努力提供了谨慎乐观的前景。投资者应关注 NRP 的战略举措和市场动态，因为公司努力克服这些挑战。</p>

<p>自然资源合作伙伴（Natural Resource Partners，NRP）举行了第三季度财报电话会议，强调了其在本季度产生的强劲现金流，达到了 4200 万美元，过去一年总计 1.9 亿美元，尽管在煤炭和苏打灰市场面临挑战。该公司已将债务减少近 1.3 亿美元，剩余债务为 7000 万美元。NRP 宣布将于 2025 年第二季度和第三季度每个普通单位分配 0.75 美元。然而，煤炭市场的困境和苏打灰的下滑影响了业绩。展望未来，NRP 计划在明年第三季度之前增加分配，重点关注现金流和债务减少</p>

<p>Natural Resource Partners ((NRP)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>自然资源合作伙伴（Natural Resource Partners，NRP）已举行其 2023 年第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>认识您的 ETF 人工智能分析师</h3>
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<li>Explore ETFs TipRanks' users love and see what insights the <strong><em>ETF</em> AI Analyst</strong> reveals about the ones you follow.</li>
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<div class="lb-trans"><ul>
<li>了解 TipRanks 的_ETF_人工智能分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong>_ETF_人工智能分析师</strong> 对您关注的 ETF 所揭示的见解。</li>
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</div><p>Natural Resource Partners Faces Challenges but Maintains Strong Cash Flow</p>
<div class="lb-trans"><p>自然资源合作伙伴面临挑战但保持强劲现金流</p>
</div><p>The latest earnings call from Natural Resource Partners (NRP) paints a picture of a company navigating through a challenging environment. The sentiment expressed during the call was one of cautious optimism, as the company continues to generate substantial free cash flow and reduce debt, despite significant headwinds in the coal and soda ash markets. However, the absence of near-term catalysts for market improvement and ongoing downturns in key segments contribute to a cautious outlook.</p>
<div class="lb-trans"><p>自然资源合作伙伴（NRP）最新的财报电话会议描绘了公司在充满挑战的环境中航行的情景。会议中表达的情绪是谨慎乐观，因为尽管煤炭和苏打灰市场面临重大阻力，公司仍继续产生可观的自由现金流并减少债务。然而，缺乏近期市场改善的催化剂以及关键领域的持续下滑使得前景谨慎。</p>
</div><h2>Substantial Free Cash Flow Generation</h2>
<div class="lb-trans"><h2>可观的自由现金流生成</h2>
</div><p>NRP reported generating $42 million in free cash flow in the third quarter of 2025 and $190 million over the last 12 months. This achievement comes despite facing significant challenges in key commodities, showcasing the company’s ability to maintain robust cash flow even in difficult market conditions.</p>
<div class="lb-trans"><p>NRP 报告称在 2025 年第三季度产生了 4200 万美元的自由现金流，过去 12 个月共计 1.9 亿美元。尽管面临关键商品的重大挑战，这一成就展示了公司在困难市场条件下维持强劲现金流的能力。</p>
</div><h2>Debt Reduction Progress</h2>
<div class="lb-trans"><h2>债务减少进展</h2>
</div><p>The company has made significant strides in reducing its debt, retiring nearly $130 million over the past 12 months. As of the end of the quarter, only $70 million in debt remains, highlighting NRP’s commitment to strengthening its financial position.</p>
<div class="lb-trans"><p>公司在减少债务方面取得了显著进展，过去 12 个月内偿还了近 1.3 亿美元。截至季度末，仅剩 7000 万美元的债务，突显了 NRP 加强财务状况的承诺。</p>
</div><h2>Unit Holder Distributions</h2>
<div class="lb-trans"><h2>单位持有者分配</h2>
</div><p>NRP announced a $0.75 per common unit distribution for both the second and third quarters of 2025. This consistent distribution reflects the company’s focus on returning value to its unit holders, even amid market challenges.</p>
<div class="lb-trans"><p>NRP 宣布 2025 年第二季度和第三季度每个普通单位分配 0.75 美元。这一持续的分配反映了公司在市场挑战中仍然专注于回馈单位持有者的价值。</p>
</div><h2>Leasing Activity in the Smackover Formation</h2>
<div class="lb-trans"><h2>Smackover 层的租赁活动</h2>
</div><p>NRP is actively leasing acreage in the Smackover formation for lithium production, which presents potential for future revenue growth. This strategic move indicates the company’s efforts to diversify its revenue streams and capitalize on emerging opportunities.</p>
<div class="lb-trans"><p>NRP 正在积极租赁 Smackover 层的土地用于锂生产，这为未来的收入增长提供了潜力。这一战略举措表明公司努力多样化收入来源并抓住新兴机会。</p>
</div><h2>Challenging Coal Market Conditions</h2>
<div class="lb-trans"><h2>煤炭市场条件严峻</h2>
</div><p>Both metallurgical and thermal coal markets are struggling due to slowing global growth, soft steel demand, and muted thermal coal demand. These factors contribute to a challenging environment for NRP’s coal operations.</p>
<div class="lb-trans"><p>由于全球增长放缓、钢铁需求疲软和热煤需求低迷，冶金煤和热煤市场都面临困境。这些因素导致 NRP 的煤炭业务环境严峻。</p>
</div><h2>Soda Ash Market Downturn</h2>
<div class="lb-trans"><h2>苏打灰市场下滑</h2>
</div><p>The soda ash market remains oversupplied, with international prices falling below cash production costs. This situation has led to a generational bear market, impacting NRP’s financial performance in this segment.</p>
<div class="lb-trans"><p>苏打灰市场仍然供过于求，国际价格跌破现金生产成本。这种情况导致了一个世代性的熊市，影响了 NRP 在该领域的财务表现。</p>
</div><h2>No Distributions from Soda Ash Investment</h2>
<div class="lb-trans"><h2>苏打灰投资未分配收益</h2>
</div><p>NRP did not receive a distribution from its investment in Sisecam Wyoming during the third quarter and does not anticipate resuming distributions until the market conditions improve.</p>
<div class="lb-trans"><p>NRP 在第三季度未从其在 Wyoming 的 Sisecam 投资中获得分配，并预计在市场条件改善之前不会恢复分配。</p>
</div><h2>CO2 Sequestration Lease Drops</h2>
<div class="lb-trans"><h2>CO2 封存租赁减少</h2>
</div><p>Oxy and Exxon have dropped their CO2 sequestration leases, leaving none of NRP’s 3.5 million acres of CO2 sequestration pore space under lease. This development represents a setback in NRP’s environmental initiatives.</p>
<div class="lb-trans"><p>Oxy 和 Exxon 已放弃其 CO2 封存租赁，NRP 的 350 万英亩 CO2 封存孔隙空间没有租赁。这一发展代表了 NRP 在环境倡议方面的挫折。</p>
</div><h2>Reduced Income from Mineral Rights and Soda Ash Segments</h2>
<div class="lb-trans"><h2>矿权和苏打灰部门收入减少</h2>
</div><p>The Mineral Rights segment experienced a $9 million decrease in operating and free cash flow, while the Soda Ash segment saw an $11 million decrease in net income compared to the prior year third quarter. These declines are attributed to weaker market conditions in metallurgical coal and soda ash.</p>
<div class="lb-trans"><p>矿权部门的运营和自由现金流减少了 900 万美元，而苏打灰部门的净收入较去年第三季度减少了 1100 万美元。这些下降归因于冶金煤和苏打灰市场条件疲软。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, NRP plans to increase unitholder distributions by the third quarter of next year, contingent on maintaining a robust balance sheet. The company remains focused on generating free cash flow and reducing debt, despite ongoing challenges in the coal and soda ash markets. The Mineral Rights segment is expected to continue contributing significantly to the company’s financial performance.</p>
<div class="lb-trans"><p>展望未来，NRP 计划在明年第三季度增加单位持有者分配，前提是保持强劲的资产负债表。尽管煤炭和苏打灰市场面临持续挑战，公司仍专注于产生自由现金流和减少债务。矿权部门预计将继续对公司的财务表现做出重要贡献。</p>
</div><p>In conclusion, Natural Resource Partners is navigating through a challenging market environment with a focus on maintaining strong cash flow and reducing debt. While the coal and soda ash markets present significant headwinds, the company’s efforts in debt reduction and potential revenue growth from new leasing activities offer a cautiously optimistic outlook. Investors should keep an eye on NRP’s strategic initiatives and market developments as the company works to overcome these challenges.</p>
<div class="lb-trans"><p>总之，自然资源合作伙伴正在应对充满挑战的市场环境，专注于保持强劲的现金流和减少债务。尽管煤炭和苏打灰市场面临重大阻力，但公司在减少债务和新租赁活动中潜在的收入增长方面的努力提供了谨慎乐观的前景。投资者应关注 NRP 的战略举措和市场动态，因为公司努力克服这些挑战。</p>
</div>

Natural Resource Partners 的财报电话会议：应对挑战