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VantaCore Drives Natural Resource Partners Increases


Natural Resource Partners L.P. (NRP) reported 2014 revenues and other income of $399.8 million compared to $358.1 million for 2013. Net income attributable to the limited partners for 2014 was $106.7 million, or $0.94 per unit, versus $168.6 million and $1.54 per unit for 2013.

Results for 2014 included a non-cash charge of $26.2 million, or $0.23 per unit, for the impairment of several coal and aggregates properties. Distributable cash flow for 2014 was $217.7 million compared to $309.4 million for 2013. Distributable cash flow in 2013 included a one-time special distribution of $44.8 million from OCI Wyoming and an additional $9.5 million in cash from the sale of assets. NRP also reported adjusted EBITDA of $300.3 million for 2014 versus $340.3 million for 2013.

For the quarter ended Dec. 31, 2014, revenues totaled $137.3 million compared to $94.7 million reported for the same period 2013. The increase in revenues was principally due to contributions from the VantaCore construction aggregates business and producing oil and gas properties in the Sanish Field, both of which were acquired during the fourth quarter.

Net income attributable to the limited partners for the fourth quarter was $8.5 million, or $0.07 per unit, compared to $46.0 million and $0.42 per unit for the fourth quarter 2013. Results for the quarter included a non-cash charge of $20.6 million, or $0.17 per unit, for the impairment of several coal and aggregates properties.

"In this challenging commodity price environment, our 2014 financial and operational results met or exceeded our guidance," said Wyatt Hogan, president of NRP. "Our performance in 2014 is a testament not only to our NRP team and the quality and diversity of our assets, but also to the exceptional efforts of our coal lessees, oil and gas operators, OCI Wyoming soda ash operations and our recently acquired VantaCore construction aggregates business. In 2014, we made two significant acquisitions that have established NRP as a diversified natural resource company. Nevertheless, as we look forward to 2015, the markets for coal and oil and gas remain difficult, and we will continue to manage our business with a long-term perspective through this cycle."