Natural Resource Partners L.P. reported second quarter 2015 revenues and other income of $137.6 million compared to $90.6 million for 2014. Net income attributable to the limited partners for the second quarter of 2015 was $30.7 million, or $0.25 per unit, versus $30.8 million, or $0.28 per unit, for 2014.
“Solid quarters from our aggregates and soda ash businesses offset the continued challenges facing the coal and oil and gas sectors,” said Wyatt Hogan, president and chief operating officer. “We are pleased we have been able to implement the strategic plan announced in April 2015 to use our free cash flow to repay debt and make progress towards our long-term objectives while still making distributions to our unitholders. However, we also acknowledge the headwinds created by the further deterioration of the commodity price environment for coal and oil and gas, as well as the resulting impact on our stakeholders. We will continue to proactively manage the partnership to preserve and enhance long-term value.”
Total revenues and other income in the second quarter increased $47.0 million to $137.6 million from $90.6 million for the same period of 2014. This increase was largely driven by $40.6 million in revenues associated with the VantaCore operations acquired in October 2014, an increase in earnings associated with its soda ash business, and a small asset sale in the second quarter 2015.
Total coal related revenues increased to $60.9 million from $55.4 million for the second quarter of 2014, mainly due to a non-cash reserve swap of $9.3 million and an increase in minimums recognized as revenue of $3.4 million. These offset a drop of $7.3 million in coal royalty revenues mainly resulting from further declines in both prices and production in Central Appalachia and to a lesser extent the Illinois Basin.
Met coal accounted for 29 percent and 43 percent of production and coal royalty revenues, respectively for the second quarter of 2015. Oil and gas revenues declined by $3.0 million for the second quarter of 2015 as compared to the same quarter of 2014, due to the decline in both oil and gas prices in 2015.