Natural Resource Partners L.P. (NYSE:NRP) Q4 2023 Earnings Call Transcript

Craig Nunez: What we can tell you is that we have a mix of contracted and spot markets with our lessees. We do not have day-to-day information on that, just so you’ll know. There are — we have more met volumes that are contracted than thermal, we suspect. But again, we don’t know exactly what the mix is and that mix changes from time to time. And the lessees are not obligated to tell us. We typically see after the fact what the prices are on the check stubs that we receive when they pay us the royalties. So I think from your perspective, the way I would think about modeling out our pricing is that I would make assumptions on what you believe the index prices for coal are going to do in the future. And I would assume that those would eventually — those percentage changes in the index would flow through in our pricing, but with a lag, probably a 6-month lag.

Operator: We have no further questions in queue. I’d like to turn the call back over to Craig Nunez for closing remarks.

Craig Nunez: Thank you, operator, and thank you, everyone, for joining the call. Thank you for your continued support of NRP. We’ve come on — we’ve been on a long journey. So far, it has been quite successful, and the outlook looks good and it’s due in large part to all of you. So thank you for your support, and have a great day.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.