Tuesday, April 28, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter financial results. Alliance Resource Partners reported first-quarter 2026 revenue of $516.0 million, down 4.5 percent year over year due to lower coal pricing, though volumes remained stable, and 2026 expected coal sales volumes are 95% committed and priced at the midpoint of 2026 guidance. Coal operations faced margin pressure, partially offset by a modest increase in tons sold and operational improvements. Net income declined to $9.1 million primarily due to lower margins and noncash charges, including an asset impairment and digital asset valuation changes. ARLP generated adjusted EBITDA of $155.0 million, compared to $159.9 million during the prior year period. and the partnership maintained strong liquidity.
Oil and gas royalties remained a key growth driver. The oil and gas royalty segment exhibited strength, delivering record revenues and volumes driven by increased drilling activity and acquisitions. The segment continues to diversify earnings and promote cash flow stability. ARLP’s updated 2026 guidance included greater oil, natural gas, and liquids volumes.
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