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NRP on NYSE

NATURAL RESOURCE PARTNERS LP

NATURAL RESOURCE PARTNERS LP is an American bituminous coal and lignite surface mining company based in Houston.2 Its shares trade on NYSE under the symbol NRP.2

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Last updated Oct 21, 2026.

Overview

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  • TickerNRP on NYSE2
  • IndustryBituminous Coal & Lignite Surface Mining2
  • HeadquartersHouston, United States2
  • Incorporated inDE3
  • Business address1415 Louisiana St. Ste 3325, Houston, Tx 770023
  • Filer categoryLarge accelerated filer3
  • Legal formLimited Partnership2
  • Kind of organizationLimited partnership2
  • LEI529900EECJ7CSX1S1S582
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressc/o CAPITOL SERVICES, INC., 1675 S STATE ST STE B, 19901 Houston, United States2
  • Registered withDivision of Corporations, Department of State, 35119072

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

85.7%Operating margin4
79.0%Net margin4
-16.6%Revenue growth, 20245
$248.5MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Other costs21¢$48.7M
  • Profit79¢$183.6M

Out of $232.4M in revenue.54

Where each dollar of operating cash went, fiscal 2024

  • Kept or used elsewhere100¢$248.5M

Out of $248.5M of cash from operations.4

Financial statements

Revenue6785$232.4M in 2024+10% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $210.3M$210.3M20192020: $120.2M$120.2M2020−43%2021: $185.2M$185.2M2021+54%2022: $307.0M$307.0M2022+66%2023: $278.7M$278.7M2023−9%2024: $232.4M$232.4M2024−17%
Operating income67854$199.2M in 2024+288% since 2019
-$100.0M0$100.0M$200.0M$300.0M$400.0M2019: $51.3M$51.3M20192020: -$43.9M-$43.9M20202021: $147.8M$147.8M20212022: $305.2M$305.2M2022+107%2023: $292.5M$292.5M2023−4%2024: $199.2M$199.2M2024−32%
Net income9854$183.6M in 2024
-$100.0M0$100.0M$200.0M$300.0M2019: -$24.5M-$24.5M20192020: -$84.8M-$84.8M2020+247%2021: $108.9M$108.9M20212022: $268.5M$268.5M2022+147%2023: $278.4M$278.4M2023+4%2024: $183.6M$183.6M2024−34%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Equity in earnings of Sisecam Wyoming$3.1M$18.1M$73.4M
Gain on asset sales and disposals$1.9M$4.8M$3.0M
Total revenues and other income$207.3M$268.0M$370.0M
Operating and maintenance expenses$23.9M$28.0M$32.3M
Depreciation, depletion and amortization$15.0M$15.5M$18.5M
General and administrative expenses$24.1M$25.2M$26.1M
Asset impairments$20.0K$87.0K$556.0K
Total operating expenses$62.9M$68.8M$77.5M
Income from operations$144.4M$199.2M$292.5M
Interest expense, net-$8.0M-$15.6M-$14.1M
Net income$136.4M$183.6M$278.4M
Less: income attributable to preferred unitholders$0-$4.2M-$16.7M
Less: redemption of preferred units$0-$24.5M-$60.9M
Net income attributable to common unitholders and the general partner$136.4M$154.9M$200.8M
Net income attributable to common unitholders$133.6M$151.8M$196.8M
Net income attributable to the general partner$2.7M$3.1M$4.0M
Basic (in dollars per share)$10$12$16
Diluted (in dollars per share)$10$11$13
Comprehensive income (loss) from unconsolidated investment and other-$2.3M$1.5M-$21.8M
Comprehensive income$134.0M$185.1M$256.6M

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Corporate structure

NATURAL RESOURCE PARTNERS LP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NATURAL RESOURCE PARTNERS LP

  • NATURAL RESOURCE PARTNERS LP Houston, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NATURAL RESOURCE PARTNERS LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$24.0M4 Dec 31, 2025$24.0M4 Dec 31, 20240%
Operating-lease assets (leased space)$4.1M4 Dec 31, 2025$4.2M4 Dec 31, 2024−2.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$30.1M4 Dec 31, 2025$30.4M4 Dec 31, 2024−1.0%
Stakes in other companies (equity method)$250.2M4 Dec 31, 2025$257.4M4 Dec 31, 2024−2.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$51.4M4 Dec 31, 2025$51.4M4 Dec 31, 20240%
Accumulated amortization-$39.4M4 Dec 31, 2025-$38.4M4 Dec 31, 2024−2.6%
Finite-lived intangibles, net$11.9M4 Dec 31, 2025$12.9M4 Dec 31, 2024−7.9%

Leadership

Who has led NATURAL RESOURCE PARTNERS LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Corbin J. Robertson Jr.2006–2018
  2. Perry W. Donahoo2018

Chair

  1. Corbin J. Robertson Jr.2006–now

President

  1. Nick Carter2006–2014
  2. Wyatt L. Hogan2014–2017
  3. Craig W. Nunez2018–now

Chief financial officer

  1. Dwight L. Dunlap2006–2014
  2. Craig W. Nunez2015–2020
  3. Christopher Zolas2018–now

Chief operating officer

  1. Nick Carter2006–2014
  2. Kevin F. Wall2015
  3. Wyatt L. Hogan2016–2017
  4. Craig W. Nunez2018–now
2010201520202025
Board members and other officers (26)

Timeline

  1. Aug 5, 20268-K Results of operations48
  2. May 6, 20268-K Results of operations49
  3. Feb 27, 20268-K Results of operations50
  4. Nov 4, 20258-K Results of operations51
  5. Aug 6, 20258-K Results of operations52
  6. May 6, 20258-K Results of operations53
  7. Feb 28, 20258-K Results of operations54
  8. Nov 5, 20248-K Results of operations55
  9. Oct 17, 20248-K Entered a material agreement; New debt or obligation56
  10. Sep 6, 20248-K Other events57
  11. Aug 7, 20248-K Results of operations58
  12. May 9, 20248-K Other events59
  13. Feb 14, 2018New chief executive Perry W. Donahoo becomes CEO12
  14. Feb 14, 2006New chief executive Corbin J. Robertson Jr. becomes CEO13

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/202660

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results48
  2. May 6, 2026Reported quarterly or annual results49
  3. Feb 27, 2026Reported quarterly or annual results50
  4. Nov 4, 2025Reported quarterly or annual results51
  5. Aug 6, 2025Reported quarterly or annual results52
  6. May 6, 2025Reported quarterly or annual results53
  7. Feb 28, 2025Reported quarterly or annual results54
  8. Nov 5, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

220 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 40 major events, 132 insider forms, 10 large holders, 17 other. The latest 20:

  1. Aug 28, 2026144 EDGAR
  2. Aug 28, 20264 EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. May 28, 20264 EDGAR
  6. May 12, 2026SCHEDULE 13G/A EDGAR
  7. May 6, 202610-Q EDGAR
  8. May 6, 20268-K EDGAR
  9. Feb 27, 202610-K EDGAR
  10. Feb 27, 20268-K EDGAR
  11. Feb 12, 20264 EDGAR
  12. Feb 12, 20264 EDGAR
  13. Feb 12, 20264 EDGAR
  14. Feb 12, 20264 EDGAR
  15. Feb 12, 20264 EDGAR
  16. Feb 12, 20264 EDGAR
  17. Feb 12, 20264 EDGAR
  18. Feb 12, 20264 EDGAR
  19. Feb 12, 20264 EDGAR
  20. Feb 12, 20264 EDGAR

The 220 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 2 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 28, 2026WOOTEN GREGORY FExecutive Vice PresidentSale2,200$110.89$244.0KForm 4
May 26, 2026Craig Kevin JExecutive Vice PresidentBuy336$102.18$34.3KForm 4
Sep 8, 2025WOOTEN GREGORY FExecutive Vice PresidentSale8,607$100.24$862.8KForm 4
Nov 17, 2023MURPHY PAUL B JRDirectorBuy3,000$74.27$222.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 71. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Morgan Stanley1,074,497$104.2M0.0%+35,582
Goldman Sachs Group Inc608,121$59.0M0.0%−8,633
Corient Private Wealth LP592,072$57.4M0.1%−21,000
UBS Group AG349,152$33.9M0.0%+165,301
Solidarity Wealth, LLC260,480$25.3M4.4%+25,296
Progeny 3, Inc.229,463$22.3M1.1%−83,060
Saber Capital Managment, LLC215,216$20.9M15.0%+5,749
Ing Groep Nv198,400$19.2M0.1%+18,000
Long Corridor Asset Management Ltd120,000$11.6M4.2%+20,000
Bnp Paribas Financial Markets111,014$10.8M0.0%+96,587
Oakcliff Capital Partners, LP102,057$9.9M3.7%No change
Meixler Investment Management, Ltd.97,591$9.5M5.2%+4,399
Mountain Lake Investment Management LLC85,464$8.3M5.2%+8,791
Ballast Asset Management, LP74,806$7.3M2.9%−1,062
Nitor Capital Management LLC65,213$6.3M4.3%+1,004
Horizon Kinetics Asset Management LLC60,951$5.9M0.1%+3,080
Bank Of America Corp /de/58,447$5.7M0.0%−124,579
Natixis44,598$4.3M0.0%−44,000
LPL Financial LLC40,596$3.9M0.0%+3,045
Magnolia Group, LLC37,750$3.7M0.8%New
Pekin Hardy Strauss, Inc.26,740$2.6M0.2%+940
Mizuho Markets Americas LLC25,400$2.5M0.0%No change
Exchange Traded Concepts, LLC24,036$2.3M0.0%−9,978
Verdence Capital Advisors LLC20,756$2.0M0.1%−698
Citadel Advisors LLC18,869$1.8M0.0%+10,063

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NATURAL RESOURCE PARTNERS LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNATURAL RESOURCE PARTNERS LP1
  • CIK0001171486
  • Employer ID (EIN)35-216487565
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company65
  • Incorporated inDelaware65
  • Fiscal year endsDecember 311
  • Industry code (SIC)1221 Bituminous Coal & Lignite Surface Mining1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1415 Louisiana St. Ste 3325, Houston, TX 770021
  • Phone713-751-75071
  • Shares outstanding13,250,412 as of Aug 5, 202611
  • Public float$947.0M as of Jun 30, 202565
  • AuditorErnst & Young LLP, Houston, Texas PCAOB ID 42; it also attests to the company’s internal control over financial reporting65
  • On EDGAR sinceApr 19, 20021
  • Filings1,371 in all: 4 (752), 8-K (255), 10-Q (72), 3 (43), 4/A (28), CORRESP (26), SC 13D/A (25), 10-K (24)1
    All 40 form types

    SC 13G/A (23), UPLOAD (23), EFFECT (8), SC 13D (8), SC 13G (8), 424B3 (7), S-3 (7), S-3/A (7), 424B7 (6), 424B5 (5), S-1/A (5), 10-K/A (4), 3/A (3), 8-K/A (3), S-3ASR (3), S-4 (3), 10-Q/A (2), 144 (2), 424B2 (2), 5 (2), 8-A12B (2), CERTNYS (2), S-4/A (2), 25-NSE (1), 424B1 (1), DEF 14C (1), DEL AM (1), FWP (1), POSASR (1), S-1 (1), S-8 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Units representing limited partner interestsNRPNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).65

Risk factors and legal proceedings

The risks NATURAL RESOURCE PARTNERS LP names in Item 1A of its 10-K filed Feb 27, 2026: 42 risks under these headings, as written.65

  • Risks Related to Our Business
  • Cash distributions are not guaranteed and may fluctuate with our performance and the establishment of financial reserves. In addition, our debt agreements and our partnership agreement place restrictions on our ability to pay, and in some cases raise, the quarterly distribution under certain circumstances.
  • Our leverage and debt service obligations may adversely affect our financial condition, results of operations and business prospects.
  • Global pandemics have in the past and may continue to adversely affect our business.
  • Prices for both metallurgical and thermal coal are volatile and depend on a number of factors beyond our control. Declines in prices could have a material adverse effect on our business and results of operations.
  • Changes to trade regulations, including trade restrictions, sanctions, tariffs, or duties, could significantly harm our results of operations.
  • Prices for soda ash are volatile. Any substantial or extended decline in soda ash prices could have an adverse effect on Sisecam Wyoming’s ability to continue to make distributions to its members and on our results of operations.
  • We derive a large percentage of our revenues and other income from a small number of coal lessees.
  • Bankruptcies in the coal industry, and/or the idling or closure of mines on our properties could have a material adverse effect on our business and results of operations.
  • Mining operations are subject to operating risks that could result in lower revenues to us.
  • The adoption of climate change legislation and regulations restricting emissions of greenhouse gases and other hazardous air pollutants has resulted in changes in fuel consumption patterns by electric power generators and a corresponding decrease in coal production by our lessees and reduced coal-related revenues.
  • Concerns about the environmental impacts of coal combustion, including perceived impacts on global climate issues, are also resulting in unfavorable lending and investment policies by institutions and insurance companies which could significantly affect our ability to raise capital or maintain current insurance levels.
The other 31 risks
  • Increased attention to climate change, environmental, sustainability matters and conservation measures may adversely impact our business.
  • In addition to climate change and other Clean Air Act legislation, our businesses are subject to numerous other federal, state and local laws and regulations that may limit production from our properties and our profitability. Thus, any changes in environmental laws and regulations or reinterpretations of enforcement policies, or in presidential administrations, that result in more stringent or costly obligations could adversely affect our performance.
  • If our lessees do not manage their operations well, their production volumes and our royalty revenues could decrease.
  • We have limited approval rights with respect to the management of our Sisecam Wyoming soda ash joint venture, including with respect to cash distributions and capital expenditures. In addition, we are exposed to operating risks that we do not experience in the royalty business through our soda ash joint venture and through our ownership of certain coal transportation assets.
  • Sisecam Wyoming's mineral reserve and resource data are estimates based on assumptions that may be inaccurate and are based on existing economic and operating conditions that may change in the future, which could materially and adversely affect the quantities and value of Sisecam Wyoming's reserves and resources.
  • Fluctuations in transportation costs and the availability or reliability of transportation could reduce the production of coal, soda ash and other minerals from our properties.
  • Our lessees could satisfy obligations to their customers with minerals from properties other than ours, depriving us of the ability to receive amounts in excess of minimum royalty payments.
  • A lessee may incorrectly report royalty revenues, which might not be identified by our lessee audit process or our mine inspection process or, if identified, might be identified in a subsequent period.
  • Risks Related to Our Structure
  • Unitholders may not be able to remove our general partner even if they wish to do so.
  • We may issue additional common units or other equity securities without common unitholder approval, which could dilute a unitholder’s existing ownership interests.
  • Our general partner has a limited call right that may require unitholders to sell their units at an undesirable time or price.
  • Cost reimbursements due to our general partner may be substantial and will reduce our cash available for distribution to unitholders.
  • Conflicts of interest could arise among our general partner and us or the unitholders.
  • The control of our general partner may be transferred to a third party without unitholder consent. A change of control may result in defaults under certain of our debt instruments and the triggering of payment obligations under compensation arrangements.
  • Unitholders may not have limited liability if a court finds that unitholder actions constitute control of our business.
  • Tax Risks to Our Unitholders
  • Our tax treatment depends on our status as a partnership for U.S. federal income tax purposes as well as our not being subject to a material amount of entity-level taxation by individual states. If the Internal Revenue Service ("IRS") were to treat us as a corporation for U.S. federal income tax purposes or we were to become subject to material additional amounts of entity-level taxation for state tax purposes, then our cash available for distribution to unitholders would be substantially reduced.
  • The tax treatment of publicly traded partnerships or an investment in our units could be subject to potential legislative, judicial or administrative changes or differing interpretations, possibly applied on a retroactive basis.
  • Certain U.S. federal income tax preferences currently available with respect to coal exploration and development may be eliminated as a result of future legislation.
  • Our unitholders are required to pay taxes on their share of our taxable income even if they do not receive any cash distributions from us. Our unitholders' share of our portfolio income may be taxable to them even though they receive other losses from our activities.
  • We may engage in transactions to reduce our indebtedness and manage our liquidity that generate taxable income (including income and gain from the sale of properties and cancellation of indebtedness income) allocable to our unitholders, and income tax liabilities arising therefrom may exceed any distributions made with respect to their units.
  • If the IRS contests the U.S. federal income tax positions we take, the market for our units may be adversely impacted and the cost of any IRS contest will reduce our cash available for distribution to our unitholders.
  • If the IRS makes audit adjustments to our income tax returns, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustments directly from us, in which case our cash available for distribution to our unitholders might be substantially reduced.
  • Tax gain or loss on the disposition of our common units could be more or less than expected.
  • Our unitholders may be subject to limitation on their ability to deduct interest expense incurred by us.
  • Tax-exempt entities face unique tax issues from owning our units that may result in adverse tax consequences to them.
  • Non-U.S. unitholders will be subject to U.S. federal income taxes and withholding from their distributions and sale proceeds with respect to their income and gain from owning our units.
  • We will treat each purchaser of our common units as having the same tax benefits without regard to the actual common units purchased. The IRS may challenge this treatment, which could adversely affect the value of the common units.
  • We have adopted certain valuation methodologies in determining a unitholder's allocations of income, gain, loss and deduction. The IRS may challenge these methodologies or the resulting allocations, and such a challenge could adversely affect the value of our common units.
  • We generally prorate our items of income, gain, loss and deduction between transferors and transferees of our common units each month based upon the ownership of our common units on the first day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among our unitholders.
  • A unitholder whose units are the subject of a securities loan (e.g., a loan to a "short seller" to cover a short sale of units) may be considered as having disposed of those units. If so, such unitholder would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition.
  • As a result of investing in our units, our unitholders are likely subject to state and local taxes and return filing requirements in jurisdictions where we operate or own or acquire property.
  • General Risk Factors

Legal proceedings

We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, management believes these ordinary course matters will not have a material effect on our financial position, liquidity or operations.

The opening of Item 3, Legal Proceedings.65

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