Alliance Resource Partners (ARLP) 31 Jan 222021 Q4 Earnings call transcript

Greetings. Welcome to Alliance Resource Partners, L.P. Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Brian Cantrell, Senior Vice President and Chief Financial Officer. you. Thank

begin. may You

these and its Earlier end fourth results and now and Sherry perspective as Resource market on XXXX morning, Partners operating conditions discuss will we released quarter and as welcome you, well this our everyone. outlook. Alliance financial results Thank and year

open Following will to questions. the prepared our we your call remarks,

assumptions in a Before include forward-looking may filings we remarks variety risks, to the our of today time begin, contained press also a Commission Securities of reminder in that uncertainties time from and release. and subject this morning’s our and that to are reflected some with statements, are Exchange

the materialize statements one underlying providing assumptions or or to are to forward-looking as update forward-looking revise may In any information these on expected. do prove us, new or future incorrect, has these of actual or remarks, publicly to by currently no law materially or unless required projected these if of result we results from information, those whether available uncertainties obligation statement if While so. more partnership vary a our otherwise, based or events risks

to has these will posted the measures of non-GAAP and certain Finally, the SEC at been website be the Form measures the contained furnished most are on press financial financial Definitions which differences on ARLP’s measures. also we directly release, discussing comparable financial X-K. between non-GAAP and reconciliations GAAP of and end our

Craft, and Officer, the comments. call and of and turn With way, to will his the our Joe the I review with results begin preliminaries for our for year Chief required a quarter the President out then Executive Chairman, over of

to strong key this XXXX metrics in the morning, and As compared quarter quarter XXXX Alliance release financial we and year. and increases year our to reported for the operating outlined

XXXX and coal and board gas production For sales volumes increased XX.X% across sales oil respectively XX.X% quarter, all for royalty increased X.X% as X.X% as the ARLP and posted to and the volumes respectively quarter. increased the and coal and XXXX volumes compared

sales saw sales to price per per during XX.X% jumping higher XXXX coal gas We leading X%, per EBITDA quarter, XX.X% net million. during $XXX.X XX% revenues tons, prices and by volumes ARLP’s higher and Higher ARLP’s combined XXXX. XXXX commodity volumes results and income the XXXX our Coal $X.XX higher respectively XXXX XX.X% million XXXX XX.X% X.X were gas billion. increased also coal prices respectively full price up and quarter coal during climbing revenue by Reflecting the revenue also quarter. sales year-over-year ton year royalty compared drive royalties up XX.X% total tons, increase million X. significantly and with higher a and oil and revenues oil realizations, million production BOE sales X.X%, up X.X rose to to increasing with over the revenues, sales ton. Similarly, and coal increasing $XX.X in XXXX

rose XXXX, XX.X% the million. of net charges year, Excluding EBITDA million of $XXX.X for income million in the $XXX.X to impairment $XXX impact non-cash million increased and to XXXX $XXX.X

take this and million during XXXX flow, million the to reduced disruptions million During net a by million, XXXX, by We our cash $XX.X in total to ARLP’s at These $X.X factors rail free At transit in $X.X leverage labor manage and to experienced by impacted Alliance quarter. lower $XX.X million. transportation reduced revenues look I’d of scheduling XXX,XXX of barge our several related due total and through performance and XXXX. the coal the tons during point, leases $XXX.X struggle the end million delays like and challenges generated by closer delays companies cash XXXX resulting quarter to results EBITDA distributions, $XXX.X during that to at financing our debt quarter. million returned X.XXx liquidity $XXX.X unitholders to shortage increased as income COVID-XX, coal by to of

We quarter, XXXX our expect be in these benefiting delivered results. the will first tons

also to an last in coal release operating for price. increased contract morning noted that were of mines a enabled XXX,XXX this million impacted XXXX per that approximately tons our Cost expenses during quarter. higher earlier experienced quarter the our We coal buyout ton at the $XX.X by a us sell

over quarter, production will quarter of to shipped export tons. tons costs Increased mix cost also during realized. an higher the of be the increased was at in fully pricing the out we XXXX higher increased buy this expensed While half is as obtained contract operating reflect cost the XXXX first and those margins sales metallurgical

each we year, adjust as In reviews addition, for such various actuarial of the compensation. approval and to workers’ other perform end at liabilities,

potential operating quarter. these in the For surprisingly, in higher costs, resulted steel-related saw roof such of on made that we from vendors. Not million also XXXX $X.X to reflected we lubricants are ensure freight increased cash non-cash with quarter, being $X.X response businesses, as continuing costs purchases comparison, actuarial million unfavorable a by higher supply to petroleum-related items, wages, portion both that like to bolts for of and have and expenses increases in diesel In as and XXXX mines materials and materials fuel particularly pressures well accrual In hand. passed environment, reviews mitigate supply economic mesh wire and our a our chain supplies accrual to adjustments and as cost favorable adequate concerns, through adjustment. felt the of especially future this most advanced where inflationary respect critical possible, supplies

likely Joe? ARLP. initial call persist his by full in resulting increasing per over pressures segment to to currently outlook the markets to anticipate near-term, will XX% in that, ton and Joe year are I we turn comments XX% EBITDA on adjusted With his inflationary expense guidance, the As in over approximately levels. for our XXXX the XXXX reflected for

everyone. morning good and Brian you, Thank

these we energy coal early adjust have the regulators, remains million earnings just and the continuing been to gas guidance is gas robust uncertainty resulting institutions, continue initial over higher just in cogeneration XXXX already market to In previously, concerned supply of about today supply international transportation volumes to XX% world of all Ukraine and the supply and and are around coal for oil, reasons investment. prices, had to market dramatically coal Reflecting mentioned factors domestic need side, international X% fell gas The prices as XXXX the ARLP operations and transportation and steep coal continued both disruptions rising shortages this side, world domestic ton XX% intact, tons benefit inventory Export markets governments, and for demand, our woefully the markets I end Similarly, primarily LNG we demand customers coal year, to in higher surge prices, through persists supply/demand and shipped to the in experiencing international prices January With I disruptions. power XXXX the tripling coal favorable XX% production in increase the weather Absent that companies levels beneficial significant are even disruptive this supply COVID-XX from affecting shortfall limited realizations, ARLP’s economic growing contributing supply low in on demand. growth prices as for and demand from pressures generation. at and approximately fundamentals inventories because to with the power call, the near-term. for levels. tons around as risen and turn preserving as many of than fuel from million last primary make to expect critically U.S. nearly increased response been destruction importantly, supply climbed gas and high and sales demand our our of reporting continue anticipating into stockpiles. per of along remained activists export the prices coal natural attractive fossil labor any not international committed our of on and fuel natural XXXX, conditions economies towards of gas in utilities to to intentions Russia’s and markets, keeping the would mean, coal cost global outlined at we as coal has with coal the coal to more our conditions markets the continued less Omicron priced natural chose XX% elevated by reflects the or utilities positive combination coal world, point downturn Europe. X days and outlook low fossil chains power volumes began the from supply favorable natural higher commitments, the why pricing, short coal XXXX XX industry-wide remain XXXX. that, several if natural XX.X variant natural into LNG to to of to for demand, XXXX, caused These levels. ESG During XXXX, sales XXXX restock during favorable have year-over-year utilities crisis compared to gas financial The to price pandemic bridged production shortages due unwilling even which and restricting levels.

will increased approximately this year, which ARLP’s that expect by coal to higher operating segment in buoyed EBITDA Brian per also believe expenses we as compared still Although margin anticipate mentioned, ton XX% per increase now should ton by XXXX are sold XXXX. prices, adjusted we we

fundamentals in royalty XXXX. delivered record royalty Our and our XXXX further expect support in results financial in favorable growth market segments we segments will

support sold X% increase sales X.X% will segment, per benefit price and oil, revenue will Anticipated coal our sales total increases operations price and increase volumes prices forward compared higher curve For XX% likely to higher NGLs Royalties should realizations a to and BOE Oil Royalties and mining also ARLP’s gas modestly most tons natural Gas to royalty royalty ton, our for expected XXXX. & segment, believe volumes XXXX. from in in with we Coal approximately favorable

the our attractive by is beyond, increasing flow unitholder well-positioned approximately this returns I our before XX% cash sequential our needs this unitholders remaining and growth supply customers of our to shortages market We concludes in favorable from during benefit morning pleased year free conditions. That results challenges and from growth XXXX with operator and our support am employees cash targeting elected tirelessly to that will Alliance distribution ever chain exceptional over COVID, As to to deliver quarter. for of guidance and to Through prepared indicated ongoing efforts favorable XX% unitholders. the the the meet positioned is dedication, And the committed and than entire time fundamentals XXXX, cash proud by of distributions the questions. worked their are critical to to I stronger remain investments comments. board facing the ask open and organization we the by solid ARLP our for this to disruptions, to is annualized call that commitment allowed market and ARLP’s of of deliver now for ARLP extremely well future. ARLP enjoyed

you. Instructions] Please Martin from is first Benchmark question Thank Nathan the Company. proceed. Our [Operator with

Joe, good Brian. Thanks my morning, taking Hey, for questions.

Good morning, Nate.

Good morning.

the side. start year midpoint remarks? come the the is on is from? Can on any the shipment Is of commentary. that hiring your your in know range? you new X% front, side demand touched of where mostly high looks labor domestic on I XX% on I sales thoughts ‘XX both, COVID. increase increased Maybe And the us briefly guys your situation, the to both give kind towards full prior you Thanks. current that guidance like up in production on end how effects of the It and to front maybe is from your going prepared along your export will

Sure. both internationally. is robust and Yes, domestically the demand

that you being sales this workforce believe to have the this gets we as suggested, come we COVID to high would the given So, add to our plan it and with will the that one level. the for total us range main interruptions in target – hire production unit at higher end issue we that of the year

latter successful XXXX to in of the units. two half people have add been We hiring

quarter, that us So continue run we production which is hire fourth the and sustainable that’s people at will to that rate to grow – we meet the as run you higher level. to believe allowed saw in

the range far. So that will to the there those labor so we can primarily or be successful We been is hire feel people. cannot but but really hire tight, we whether able comfortable people, we’ve is for

we the we could be at have end high we range here. So – full if we we of sooner the to get staffing that anticipate, than would definitely then

So it’s see. not a ability for opportunities our we find to the the It’s definitely demand issue. market attract and workers

year, would touched labor their The ranges I add, been as other variant struggling that COVID the as for look end Joe rails manage it and sales us at impact to our most well. Omicron in Yes. has tight this have mentioned as as from we’ve we situations managing been Nate, has on companies. it barges

So a can get Joe as tons actually of, tons the customers we those then we the sell it’s question people and can – and indicated, – as scheduled. noted in We hire produced had meaningful year. for in impact timing to a our were results this our Hopefully, the tons that’s about a quarter just fourth quarter, XXX,XXX of issue. that we that on had transit move last

cognizant hit the XXXX very those deliver to could as well. quarter, this us all through move transportation are expect as but We will we that fact delays we we tons of –

I million operations. XXXX, market, If loaded tons got to export now, I that in on we million. then of to that think delivered basically the our X.X responsive, barge aren’t score, more is And shipped will the we’ve X rails mean, off the which export push committed us market. right

Great was question, next And it. my color going be there, Brian, transportation. Joe, to guys. appreciate about that I

is, So thoughts could have think would only hope I sequentially all have any the on that normalize? or you improved ask that, thing at when guys do or you seen you transportation I mean

customer on dependent really mine. It’s and

example. have it’s we still the predictable have it have definitely as to to an It’s not evident and some seen as to customers able mines capacity of of that’s some year. the improvement still where want wanted at still But railcars end be, of at we not and spotty. that number the we be It’s So the tons we it as be. in to by had transit our

working Yes. Everybody closely. is

it down with impact a communication customers. forward, the and moving if the will on but the remains We’re Hopefully, slows get challenge daily back today. providers things in our transport variant schedule,

it. guess $XXX shifting around million expected increase? us Spending Got what’s maybe an idea give Can XXXX to it. guys CapEx behind guidance. Thanks. to Got Makes over that up it’s sense. looks of like year-over-year. I be you

of Yes. expectations. volume it’s the due A to lot

forecasting our initial increases You that in see the we’re guidance.

per think ton per capital last average I year, our maintenance cost $XXX was for ton. X-year about

will the one everything our release Our impact at look I $X.XX and to reconciliation XXXX. in our spend amount of X and believe check. per to our we their back worked hard very years, ops in ton And are have as aggregate be costs the increased on tables, disposal to possible actually dropping keep about have fact, you very, an towards per volumes next the efficient ton as our but definitely CapEx use that in of over if

bringing additional Okay. things as it, spending Brian. and just Got guys was if equipment was any on wondering like I there that are multiple… you on

down result but in higher schedules, etcetera. come to costs costs. of ton Yes. expected It our volumes it’s gets increased the to capital rebuild timing But per gratifying that are see into do

by increased that units a for couple spoke of. you There just be that some growth adding production will capital of

Yes.

be will But in our and be taken growing it’s that excess for the from capital cash a But numbers. growth large flow company. not the

Gas XX%, standpoint? Joe. are Thanks, it. capital Obviously, before allocation can And Thanks, you post flow side get know your kind priorities paying I consider access Do any you your to do the a and be from but opportunities just of whether are you point Royalties next what there Brian. Oil capital. house the raise on I guys finally, variable again, investment on thoughts asked & every still coal with it free target or focusing there by considering, to then your or your growth. at quarter, of or plan a maybe XX% of expect in giving this distribution we Got just question in cash on just that target maybe down out revisit debt, consistent

your appreciate would there? Thanks. thoughts I Just

evaluate XX% that segment. distribution continue for is have still we invest we’re To variable will plan the your we Right question, mentioned, flow on future? our as I we do opportunities. cash maintaining And growth and to to answer free to Minerals remain in think that We committed consider as now, we So yes. we of segment, the distributions. our focused targeted in

that, non-fossil to don’t at opportunities. we in on do ideas We’re looking several report We but anything have have several sight. our

company. capital I forward, the the think current we the And that as capital that as investments, about going to when growing expires. is issue we main revolver on would relative kind or access think work to continue fuel be to is capacity type invest what of financial available in non-fossil our to what we

conversations our pressures. been love what who love our management lenders we’re feeling are ESG to we’ve team, able do, love our So they they with credit, having and but they

to but totally time, trying we’re totally on put can’t allow coal so support acquisitions operations at leverage that through So defined. same work that’s will not our decades, construct for us we the capital

level growth on that’s down our not If primary that’s can’t present an company And opportunities deploy our growing on we that further to the ability this find these is in that we have can so is cash opportunities and to as we’re grow what free we miss the to able one so where we’re be cautious we still to pay distribution to those company, debt. themselves. find reason what do opportunities, focus hoping the flow But future. opportunity for

Thank luck XXXX. the guys going forward you, time for color, of in best that the Joe. and Appreciate

you, Thank Nate.

Value. Scott proceed. [Operator Instructions] Our Ferguson Pacific with Please next question from is

Joe. Brian. Hi, Hi,

Scott. morning, Good

I So questions. two have

One predominantly on balance got answered sheet. the of them

you you as do far talked cash you you see a months? have us looking this about XX at debt investments balance potential where do where as the you see But where it Do or sheet? it So out guys year, want year.

mean if we’ve Yes. flow COVID in at to look there during you generation the cash the and progress in balance Strong again XXXX. strengthen sheet flow made year. some be if year, you we will since I guidance, at significant cash what our done this look recent hit, generation back XXXX most

our revolver. on undrawn We’re

undrawn on We’re our securitization. AR

are leases outstanding. we bonds to We continuing and have equipment amortizing – amortize some the

Joe and capital determine that contact access priced. and markets what be our could – how what the with are be might capital mentioned, advisers to our we As in to

understand is we but deal As near-term you we opportunities don’t those. are address to time maturities fortunate, it and know, to any when have we’re our with, want definitely options to what

look, – company. energy company want have grow an looking appropriate we several energy be next real I and we’re for future we’re the the So looking our decades. mean, been focus unit holders at to growing but to return is organization to company an on to level, I we’re – the an today, cash for the and our

just as trying the level proper think access add, would can do I to said, we’re confident determine And the we’re Brian a is capital at And what I we that markets. have other we just reasonable hopefully, have will year, possibly we pricing have point as what opportunities into next and year. said is I then than we invest this go we things, many to what earlier to more will the

– more capacity ability that would financed to could and form financing bring I the to some So of table. have to those expect be

in where the plan. we feel really I have balance So are all sheet be to aspects good we our manage strategic flexibility of and able to about our

you prefer the at we And past said historically. levered recall, in we well. as one-time that have operating as do I may a

and gross a debt you on look on the cash when on net a basis even at today basis. We’re sheet, the that balance that than below is better that

and maintain of with very with we’ve it. very, question believe where be access have agree will balance I’m to But we It’s I been pleased comfortable So that to are, we cost how the sheet. able Joe. the how might with around structured capital. a just absolutely

grade. at coal look the country. company highest-rated in And investment We’re metrics, our worthiness the financial credit if we you are alone,

and So to core to I capital grow should have second the that need our Joe’s our maintain comments businesses business that the today. we we access

Alright, thanks.

that’s so far say does XX%, How for to years? tonnage, as As compare forecast that prior ‘XX about XX%.

I believe, right were XX-something that. the something at we million, on Pre-COVID,

people, – year. will rate the run we And so of by at back hire if we be we the the that end can

XX% And yes, so yes, Is – got like that years already typical so XX%, past? pretty that, so presold. you’ve far as to as the about X.X out,

It’s been level some at time. for that

previously, talked utilities continue take As view. we’ve relatively short-term to a

been shorter continuing in look Joe We mentioned closing customers type his term have etcetera. business. on comments, are in as successful a term at many this some arrangements, to basis, But X-year

bit very are So where the have today, we we little been it better past. a probably is recent in than

As you burn. some if to nat – stockpiles where minimum. gas are are And need strong a They their those see at continue know, is, low. pricing replenish it stays coal very should to you utilities

move to I’m that team as be marketing So book – will the confident able forward. our out secure fully the we contracts

guys. Thanks, Alright.

Thank you, Scott.

Our B. is Lucas proceed. question Securities. next from Please Riley with Pipes

kind much gentlemen. the these morning voice of labor question. follow-up to my in work hear additional it give able Thank good your remarks, to material? maybe be and mix, taking much appreciated. bit cost all a there addressed fronts. Any to side. you but Good the drivers Great of a for And very between wanted on you. Thank you would would first on breakdown prepared and I rough you very be color the

terms – are assuming you of able thermal. to a I mix and in should similar talking am We and have Yes. be met about

cost thinking assume Yes, versus too. kind maybe there change of operations, lower of cost was I is a there, I higher

Currently, is challenges, much. our particular with where have where very, mean longwalls at variant Not the we – well had I has our and we are production, impact our the operations. pillar been as very increasing at lower-cost operations. it room of and running Omicron are we in

over depending products. the that I talked XXXX around slight You met The real related thermal generally petroleum issues we factors on may mentioned, and XXXX as about earlier. on are have see mix inflation, the some steel and between in in difference

supplies of on Our good a job sufficient hand making mines doing today. materials are really sure that also and we have

the we probably materials issues. $X.X also around making quickly, sure very needs In impacts So, men fourth to are range, the it was of teams, stockpiles how are quantify, customers, the if it so $X.X we X% that advanced in And but given our consumed specifically those you we acquiring which and quarter, just have impact our women making purchases. worked and address all hand. Productivity, do million we at They sufficient on million those get to look but to difficult or our of impacted costs, hit stepped shifts, probably costs. during overtime, which really quarter. Omicron etcetera, talking were by operational to productivity up, extra the

So, we know we a us, bit looking impact that and to critical out may and hopefully it going It’s But that have vendors XXXX our to inflation individual account. is specifically difficult that our when all taken for us we are here. forward. how planned little beyond, predict into at specifically as business

for met very to coal And side. Thank helpful. you perspective. on wanted the much I Very ask

secondly, prices First, on to in screen And what driving it view we a particular. are those tons seeing extent you. to able on the be then met, take I has the prices advantage you from shifting are thermal those what remarkable. you Thank be wondered have been etcetera? might to And if of

Yes.

economy income as supply issue. general the what So, is drive well as the obviously

far Our international things COVID as are facing we the are concerned. is same producers facing as

lot on others, And the of impacted countries a which stricter production. those more been some supply have has than

the very to impact suppliers, willing – just they some have the the even economy the metallurgical the by support community is So, in was there impacted ago, Asian somewhat countries investments. spine, is A too had it’s stronger. Then financing back ESG. to but year global

pricing to very expect to and very constructive. we be So, strong continue

to So, were in we XX% would expect we by but – we increasing XXXX. an of have met our not double opportunity that quite sales where double,

it’s are Olympics. into but impacted because now. the we conversation printed about Chinese being we at met prices very talking been that. quarters over has but for very, think I the first by two that are not unpredictable, guidance, but think in and sure baked right for hopeful market be So, And totally to that – It’s I quarter next the our the the the our from marketplace, you supportive expect the

and of like of MC in so out it. market. we Virginia one and West advantage our product And to would attractive, it’s the into very have the we only But of our goes met met mine operation Mining take some

that are we to in forward looking marketplace. So, participating

perspective Thank and of for you very your much best luck.

Thank you, Lucas.

next Arthur from Capital. Calavritinos Our question ANC Please proceed. from is

Okay. Thank you. Hi guys.

questions. Just of a couple

the your opening sentence Russian you mentioned in in it remarks. cramping With and the

cargoes. by Asian So, direct gone all guys said, as the thinking other been, approached supplies was really it Asian little administration about like thinking And the them if Have it we think and our industry asking and better – must coal you high-level back it. countries, you you to for in think them some the am I of administration And question Europe, can LNG, thing Europe. natural from I gas, would get somebody you must even and Philippines, Europe.” all you the been must ships the has be “We see countries want LNG you more to to future. kick a if one supply don’t to to mix about the you way coal about Vietnam me these if down the has I to – is, at the thinking of give ask are or and you you it, And these got got you is

thoughts I know well. so because get your that. just on I want the you know to business Just

is crazy. produce, Answer no, in prices first LNG contrary. of not what to do. government trying that’s do they sort Energy is is us the they the are And to to of the But supply, Difficulty] why contacted question, not the short your supply prefer quite increase coal our But which has high. [Technical so can

to increase talking capacity though is no are real it. cater try there to they problem think even I is Specifically, supply. their receive to The

– side, two so look are any last – think they because to all Europe Europe. I the policy. if energy supply prices I change they whether that weeks expect at on into opportunity sources the And would that are be I there have is there their going just very dramatically has and within will grown provide forward, coal coal mean, to

nations You would would. think the that NATO

February their We they we governments suspended coal while allow France, and limit I to through to to seeing go so the a And we the had temporarily they would for to elevated times with they prices energy world on reassessment many COX be that going allow large you proper investments the and how supply supply. stimulating be the be that committed that would would because think burned transition that this should targets. that there they confidence to politics coal there pretty and some be have be any are allow have on example, far, bring stubbornly prices that carbon time, a make that, would be could a at balance would generation. to more If same ESG, more and seeing result, what climate tons. not for are for of as high the out and so to But are think But demand.

what there So, are more I production is. definitely but And just driven of still that right am that’s like market not are because we we demand I it’s now market-driven – going than it’s confident sort for our the us. it is doing supply we the mean why are incrementally,

these to is do from got we benefit can higher so the try we find to people prices. all So,

Thank the normal the low premier And life. their ESG a the which where story it’s with you. not and coverage interfere about sentences China there was ambitions talking are carbon two whatnot. said must And last Yes. funny see at you

quarters that’s three let starting get to other and I and and or he something quarters of these questions, was guys $XX last – any wondering going again, on that because one something been thing, I what’s in it starting thought take think that. on am something close me changed. to in was seems might has gas not bite. – an two going two going doing oil on it it’s M&A to it. prices am you I of a but sort that take just I are to pushback, thought ago, deal. just it everything going environment or I is And what’s that, terms and think happen I in were I to have So an or And – oil space, was transactions, royalty like sure in like like

the be an that to in October. Permian we may you in acquisition closed referring Yes,

don’t close I were – it but I that I was am thought another But thought one. – for sorry, go ahead. was know you another I whatever to one.

sure Not space, it okay. that to That’s there. in are picked exactly referring has the terms up. what in you of activity But

could to be definitely it. how opportunities available numerous we increase activity the are markets economic in there. are bit have evaluating want us. begun Disciplined our to RBL bank are appropriate, to our transactions flow, but approach definitely And the opportunities a sure significant We open make is back underwriting deal there We routinely. in up to

we generating nice we necessary, So, business, could our activities finance there if out are cash as of flow that part of well.

So hopefully, continue out of business. part growth will to our we see that of

Alright. very Thank much. Got it. Okay. you

Arthur. Thanks

Our from [indiscernible] is final question Please Investor. Private proceed.

open-minded be chance by any non-fossil mining. Hello. you investments, fuel mentioned I you would guys non-fossil noticed as fuel some that about

solar and your being for glass very used company. possible of for so Yes, in that across that Is your from green trona example, that experience be might I in mines panels the by Tata minds and a India of might thing anything one sale there. as that’s like help guys’ up financing for Wyoming So, Bloomberg, that with this for whole kind for mining read the on.

a obviously, core competency Mining, of ours. Right. is

we So, specific have can share that that evaluating. a is don’t definitely Again, vertical with are I I anything you.

concrete a layout of areas produce enough competency evaluating on other We is could and that. are are definitely discussion we we use set. to ours, and products core the mining where our advanced skill strategic But of not real

you. Thank Excellent.

you. Thank

like our the turn the would comments. to over reached I closing session. back Brian for have end to of call question-and-answer We

Sherry. you, well everyone’s appreciate as continued Thank We support time morning this and Alliance. interest in your as

for first today. to Our in and This our Thanks discuss expected next us time. and XXXX to hope support call to join results currently everyone that early your concludes ARLP. and for is May, operating of we at will occur our participation you call continued financial quarter again

today’s Thank concludes This you. conference.

your lines thank and at this you your disconnect You for time may participation.