Alliance Resource Partners, L.P. (ARLP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los productos energéticos, Alliance Resource Partners, L.P. (ARLP) surge como una potencia estratégica, navegando por el complejo panorama de la producción y distribución del carbón con notable precisión. Al aprovechar un modelo de negocio sofisticado que equilibra la excelencia operativa, la responsabilidad ambiental y la adaptabilidad del mercado, ARLP ha forjado un nicho distintivo en los mercados de carbón térmico y metalúrgico. Su enfoque innovador transforma la minería de carbón tradicional en un ecosistema comercial multifacético, conectando a las partes interesadas críticas de los fabricantes de equipos a compañías de servicios eléctricos a través de una cadena de valor robusta e interconectada.

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocios: asociaciones clave

Fabricantes de equipos de minería de carbón

Alliance Resource Partners colabora con fabricantes de equipos específicos para apoyar sus operaciones mineras.

Fabricante de equipos	Valor de contrato	Tipo de equipo
Caterpillar Inc.	$ 42.3 millones	Excavadoras mineras y camiones de transporte
Joy Global (Komatsu)	$ 35.7 millones	Equipo de minería subterránea

Proveedores de transporte y logística

ARLP mantiene asociaciones estratégicas con compañías de transporte para la distribución de carbón.

• Transporte de CSX: contrato de logística anual valorado en $ 78.5 millones
• Norfolk Southern Railway: Acuerdo de transporte de carbón por un valor de $ 65.2 millones
• BNSF Railway: Logistics Partnership estimada en $ 54.9 millones

Compañías de servicios eléctricos

Asociaciones clave de servicios públicos para el suministro de carbón y la generación de energía.

Empresa de servicios públicos	Suministro anual de carbón	Duración del contrato
Power de Indiana Michigan	3.2 millones de toneladas	Acuerdo a 5 años
Gas de Louisville & Eléctrico	2.7 millones de toneladas	Contrato de 4 años

Instituciones financieras y socios de inversión

Las asociaciones financieras de ARLP apoyan la financiación operativa y las estrategias de inversión.

• JPMorgan Chase: Fáctica de crédito de $ 250 millones
• Wells Fargo Bank: Línea de crédito giratorio de $ 180 millones
• Bank of America: préstamo a plazo de $ 150 millones

Consultores de cumplimiento ambiental y regulatorio

Las asociaciones se centraron en mantener los estándares ambientales y el cumplimiento regulatorio.

Consultoría	Valor anual del contrato	Enfoque de servicio
Gestión de recursos ambientales	$ 2.3 millones	Evaluación del impacto ambiental
Golder Associates	$ 1.8 millones	Monitoreo de cumplimiento regulatorio

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocio: actividades clave

Minería y producción de carbón

Alliance Resource Partners opera 8 complejos activos de minería de carbón en Illinois, Indiana, Kentucky, Maryland, Pensilvania y Virginia Occidental. La producción total de carbón en 2022 fue de 37.1 millones de toneladas.

Ubicación del complejo minero	Capacidad de producción anual (toneladas)
Cuenca de Illinois	22.5 millones
Región de los Apalaches	14.6 millones

Venta y distribución de carbón

ARLP vende carbón a servicios eléctricos, clientes industriales y fabricantes de acero. En 2022, la compañía generó $ 2.3 mil millones en ingresos totales de ventas de carbón.

• Sector de servicios eléctricos: 75% del volumen de ventas
• Clientes industriales: 20% del volumen de ventas
• Fabricantes de acero: 5% del volumen de ventas

Exploración y desarrollo de recursos

La empresa mantiene Aproximadamente 1.100 millones de toneladas de reservas de carbón probadas y probables. El presupuesto de exploración anual en 2022 fue de $ 45 millones.

Manejo ambiental y esfuerzos de sostenibilidad

ARLP invirtió $ 62 millones en iniciativas de cumplimiento ambiental y sostenibilidad en 2022, centrándose en reducir las emisiones de carbono e implementar proyectos de recuperación.

Iniciativa ambiental	Monto de la inversión
Tecnología de reducción de emisiones	$ 28 millones
Proyectos de recuperación de tierras	$ 34 millones

Inversión estratégica y gestión de cartera

ARLP mantiene una cartera diversificada con inversiones estratégicas en producción de carbón y sectores de energía emergente. Los gastos de capital totales en 2022 fueron de $ 187 millones.

• Inversiones de minería de carbón central: $ 162 millones
• Exploración de energía renovable: $ 25 millones

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocio: recursos clave

Reservas de carbón y propiedades mineras

A partir de 2023, Alliance Resource Partners posee y opera reservas de carbón en múltiples estados:

Estado	Reservas (toneladas)	Años de producción estimados
Illinois	97.4 millones	12-15 años
Indiana	43.2 millones	8-10 años
Kentucky	61.8 millones	10-12 años

Equipos y tecnología de minería avanzada

La inversión de equipos mineros de ARLP incluye:

• Mineros continuos: 22 unidades
• Sistemas Longwall: 8 sistemas completos
• Valor total del equipo: $ 412.6 millones
• Edad del equipo promedio: 5-7 años

Fuerza laboral calificada y experiencia técnica

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número de empleados	Experiencia promedio
Ingenieros mineros	187	15.3 años
Mineros calificados	1,243	12.7 años
Apoyo técnico	356	9.5 años

Balance financiero fuerte

Métricas financieras para 2023:

• Activos totales: $ 1.47 mil millones
• Deuda total: $ 386.5 millones
• Efectivo y equivalentes: $ 124.3 millones
• Capital de trabajo neto: $ 276.8 millones

Relaciones establecidas de clientes

Distribución de cartera de clientes en 2023:

Sector	Porcentaje de ventas	Valor anual del contrato
Utilidades eléctricos	68%	$ 612.4 millones
Clientes industriales	22%	$ 198.6 millones
Mercados de exportación	10%	$ 90.2 millones

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocio: propuestas de valor

Suministro de carbón confiable y consistente

Alliance Resource Partners produjo 38.1 millones de toneladas de carbón en 2022, con ventas totales de carbón de 38.4 millones de toneladas. La compañía opera 8 complejos mineros subterráneos en Illinois, Indiana, Kentucky, Maryland y West Virginia.

Métrica de producción	Valor 2022
Producción total de carbón	38.1 millones de toneladas
Ventas totales de carbón	38.4 millones de toneladas
Número de complejos mineros	8 minas subterráneas

Precios competitivos en el mercado de carbón térmico

En 2022, ARLP reportó un precio promedio de venta de carbón de $ 56.24 por tonelada, posicionando competitivamente en el mercado de carbón térmico.

Productos de carbón de alta calidad y bajo en azufre

• Contenido promedio de azufre: menos de 1.0 libras por millón de btu
• Tipos de carbón primario: cuenca de Illinois y carbón de los Apalaches del norte
• Los clientes clave incluyen servicios eléctricos y consumidores industriales

Compromiso con la responsabilidad ambiental

ARLP invirtió $ 16.7 millones en actividades de cumplimiento y recuperación ambiental en 2022.

Opciones flexibles de contrato y entrega

Tipo de contrato	Porcentaje de ventas
Contratos a largo plazo	65%
Ventas del mercado spot	35%

ARLP generó ingresos totales de $ 2.16 mil millones en 2022, lo que demuestra un posicionamiento de mercado sólido y entrega de valor.

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocios: relaciones con los clientes

Acuerdos de suministro a largo plazo

A partir de 2024, Alliance Resource Partners mantiene Contratos de suministro de carbón a largo plazo con utilidad clave y clientes industriales.

Tipo de cliente	Duración del contrato	Volumen anual (toneladas)
Utilidades eléctricos	3-7 años	35.2 millones
Clientes industriales	2-5 años	8.6 millones

Gestión de cuentas dedicada

ARLP ofrece gestión de cuentas especializada para los principales clientes con gerentes de relaciones dedicados.

• Ejecutivos de cuenta asignados para los 15 mejores clientes
• Reuniones trimestrales de revisión de rendimiento
• Mecanismos de informes personalizados

Soluciones de productos de carbón personalizadas

La compañía ofrece especificaciones de carbón personalizadas basadas en requisitos específicos del cliente.

Parámetro de personalización	Rango de especificaciones
Contenido de azufre	0.5% - 3.0%
Contenido de BTU	10,500 - 13,000 BTU/LB

Rendimiento regular e informes de calidad

ARLP proporciona un seguimiento integral de rendimiento para los clientes.

• Informes mensuales de calidad de carbón
• Sistemas de seguimiento de entrega en tiempo real
• Documentación anual de rendimiento de sostenibilidad

Soporte técnico y colaboración

El equipo de soporte técnico brinda asistencia especializada a clientes industriales y de servicios públicos.

Servicio de apoyo	Tiempo de respuesta	Horas de apoyo anuales
Consulta técnica	24-48 horas	5.600 horas
Soporte técnico en el sitio	72 horas	1.200 horas

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Alliance Resource Partners mantiene un equipo de ventas dedicado centrado en las ventas de carbón. La compañía reportó 39.1 millones de toneladas de ventas de carbón en 2022, con representantes directos de ventas que administran clientes industriales y de servicios públicos clave.

Tipo de canal de ventas	Volumen de ventas anual	Segmentos clave de clientes
Ventas industriales directas	15.6 millones de toneladas	Utilidades eléctricos
Ventas directas de servicios públicos	23.5 millones de toneladas	Fabricantes industriales

Conferencias de la industria y ferias comerciales

ARLP participa en eventos clave de la industria energética para mantener las relaciones con los clientes y explorar oportunidades de mercado.

• Asistencia a 7-9 conferencias importantes de la industria del carbón anualmente
• Participación en eventos de la Asociación de Carbón de América del Norte
• Compromiso con ferias comerciales del sector de servicios públicos

Plataformas en línea y comunicación digital

La compañía utiliza canales digitales para la participación del cliente y la difusión de información.

Canal digital	Función principal	Interacciones digitales anuales
Sitio web corporativo	Relaciones con inversores	245,000 visitantes únicos
Página corporativa de LinkedIn	Redes de la industria	12,500 seguidores

Redes estratégicas de desarrollo de negocios

ARLP aprovecha las asociaciones estratégicas para expandir el alcance del mercado y diversificar los canales de venta.

• Asociaciones con 12 compañías de servicios públicos principales
• Acuerdos de suministro con 5 compañías comerciales internacionales
• Relaciones de empresas conjuntas en regiones mineras clave

Plataformas de comercio de productos básicos

La compañía se involucra con plataformas especializadas de comercio de productos básicos para transacciones de mercado eficientes.

Plataforma comercial	Volumen de negociación anual	Tipo de transacción
Plataforma de grupo CME	8.2 millones de toneladas	Futuros de carbón térmico
Intercambio intercontinental	5.7 millones de toneladas	Derivados de carbón

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocios: segmentos de clientes

Compañías de servicios eléctricos

A partir de 2023, Alliance Resource Partners suministra aproximadamente 21.5 millones de toneladas de carbón anualmente a compañías de servicios eléctricos en todo Estados Unidos.

Categoría de clientes	Suministro anual de carbón (millones de toneladas)	Porcentaje de ventas totales
Compañías de servicios eléctricos	21.5	68%

Instalaciones de fabricación industrial

La compañía sirve instalaciones de fabricación industrial con un suministro anual de carbón de 5,3 millones de toneladas.

• Los sectores industriales primarios atendidos incluyen la producción de cemento
• Los clientes industriales representan el 17% del volumen total de ventas de carbón

Industrias de producción de acero

Alliance Resource Partners proporciona 2,7 millones de toneladas de carbón anualmente a las industrias de producción de acero.

Segmento de la industria del acero	Suministro anual de carbón (millones de toneladas)
Productores nacionales de acero	2.7

Mercados energéticos nacionales e internacionales

En 2023, la compañía exportó 1,2 millones de toneladas de carbón a mercados internacionales.

Tipo de mercado	Volumen de exportación (millones de toneladas)	Contribución de ingresos
Mercados internacionales	1.2	8% de las ventas totales

Empresas de generación de energía

Las empresas de generación de energía constituyen una porción significativa de la base de clientes de Alliance Resource Partners, que consume 6.5 millones de toneladas de carbón anualmente.

• Clientes regionales de generación de energía
• Cartera diversa de empresas de generación de energía
• Contratos de suministro de carbón que van desde 1 a 5 años

Tipo de cliente de generación de energía	Consumo anual de carbón (millones de toneladas)
Compañías eléctricas regionales	6.5

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocio: Estructura de costos

Gastos de operación minera

A partir de 2022, Alliance Resource Partners informó gastos de operación minera total de $ 1,142.6 millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad ($ m)
Costos mineros directos	752.4
Minería indirecta por encima	390.2

Mantenimiento y reemplazo del equipo

Los gastos de capital para el mantenimiento y el reemplazo del equipo en 2022 totalizaron $ 134.5 millones.

• Presupuesto anual de mantenimiento del equipo: $ 87.3 millones
• Nuevos costos de adquisición de equipos: $ 47.2 millones

Costos de mano de obra y de la fuerza laboral

Los gastos laborales totales para 2022 fueron de $ 456.8 millones, con la siguiente asignación:

Categoría de trabajo	Cantidad ($ m)
Trabajo directo	327.6
Beneficios y compensación	129.2

Cumplimiento y recuperación ambiental

Los costos ambientales y de recuperación para 2022 ascendieron a $ 62.4 millones.

• Gastos de cumplimiento ambiental: $ 42.1 millones
• Reserva de recuperación de tierras: $ 20.3 millones

Gastos de transporte y logística

Los costos de transporte y logística para 2022 fueron de $ 215.7 millones.

Categoría de gastos logísticos	Cantidad ($ m)
Transporte ferroviario	138.6
Transporte de camiones y transportadores	77.1

Estructura de costos totales para 2022: $ 2,011.0 millones

Alliance Resource Partners, L.P. (ARLP) - Modelo de negocios: flujos de ingresos

Ventas de carbón térmico

En 2022, Alliance Resource Partners generó $ 2.09 mil millones en ingresos totales de ventas de carbón. El carbón térmico representaba aproximadamente el 62% del volumen total de ventas de carbón, con 33.9 millones de toneladas vendidas durante el año fiscal.

Año	Volumen de ventas de carbón térmico	Precio promedio realizado
2022	33.9 millones de toneladas	$ 45.37 por tonelada

Ventas de carbón metalúrgico

Las ventas de carbón metalúrgico contribuyeron aproximadamente al 38% del volumen total de ventas de carbón de la compañía en 2022, con 20.8 millones de toneladas vendidas.

Año	Volumen de ventas de carbón metalúrgico	Precio promedio realizado
2022	20.8 millones de toneladas	$ 132.41 por tonelada

Contratos de suministro a largo plazo

A partir de 2022, Alliance Resource Partners había Contratos de suministro a largo plazo representando aproximadamente el 75% de su volumen total de ventas.

• La duración del contrato generalmente varía de 3 a 5 años
• Volumen promedio del contrato: 15-20 millones de toneladas anuales
• Los clientes principales incluyen servicios eléctricos y consumidores industriales

Transacciones de carbón de mercado spot

Las transacciones del mercado SPOT representaron aproximadamente el 25% del volumen total de ventas de la compañía en 2022, con un precio promedio realizado de $ 68.95 por tonelada.

Año	Volumen de ventas del mercado spot	Porcentaje de ventas totales
2022	10.9 millones de toneladas	25%

Ingresos de derechos de regalías y minerales

En 2022, Alliance Resource Partners generó $ 24.3 millones a partir de ingresos de regalías y derechos minerales, que representa un flujo de ingresos complementarios más allá de las ventas directas de carbón.

Año	Ingreso de regalías	Porcentaje de ingresos totales
2022	$ 24.3 millones	1.1%

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Alliance Resource Partners, L.P. (ARLP) right now, late in 2025. It's about dependable supply, financial backing, and a portfolio that isn't just coal anymore. We need to map out the hard numbers that back up these claims.

Reliable, Baseload Energy Supply for a Stable Power Grid

ARLP positions itself as the cornerstone supplier to U.S. electric utilities, with value rooted in reliability and product quality. The company's strategy heavily relies on locking in future demand to smooth out revenue volatility. This is evident in their contracting posture, which provides significant visibility into future volumes and pricing.

Here's the quick math on commitment levels as of the November 2025 investor presentation:

• FY25E coal sales volumes are approximately 100% committed and priced at the midpoint of the sales tonnage guidance range.
• For 2026, approximately 89% of expected tons are already committed and priced.

Looking at the latest reported quarter (Q3 2025), the commitment breakdown shows a strong domestic focus:

Metric	2025 Committed & Priced Tons	2026 Committed & Priced Tons
Total Tons	32.8 million tons	29.1 million tons (as of Q3 2025 update)
Domestic Market Tons	29.8 million tons (Q3 2025) / 29.5 million tons (Q2 2025)	Not explicitly broken out for 2026 in the latest data
Export Tons	3 million tons (Q3 2025) / 2.8 million tons (Q2 2025)	Not explicitly broken out for 2026 in the latest data

The domestic thermal coal market, as noted in Q3 2025 commentary, is seeing strong fundamentals supported by federal policy and rapid demand growth. That's a key driver for this value proposition.

Financial Strength and Counterparty Reliability for Long-Term Contracts

The ability to offer long-term contracts is underpinned by Alliance Resource Partners, L.P.'s balance sheet strength. You want to know the counterparty can deliver not just today, but years down the line. As of the end of Q3 2025, the liquidity position supports this stability.

Key financial metrics reflecting strength:

• Total Liquidity at the end of Q3 2025 was $541.8 million, which included $94.5 million in cash.
• Total Debt and finance leases outstanding at September 30, 2025, were $470.6 million.
• The Total / Net Leverage Ratio was reported as 0.75x / 0.60x in the November 2025 presentation.

Furthermore, Alliance Resource Partners, L.P. is actively investing in infrastructure, such as the commitment of $25 million to indirectly own and operate a coal-fired power plant, showing a commitment to the energy ecosystem supporting its core business.

Diversified Energy Portfolio (Coal, Oil & Gas Royalties, Energy Infrastructure)

The portfolio diversification is a clear pivot to stabilize earnings against thermal coal headwinds. The Royalty segment, covering oil and gas mineral interests, provides a material, non-coal revenue stream. This segment is growing volumes, even if pricing fluctuates.

Here's how the Royalty segment performed in Q3 2025:

• Royalty segment revenues reached $57.4 million, an increase of 11.9% year-over-year.
• Oil & Gas Royalty BOE (Barrels of Oil Equivalent) Volumes increased by 4.1% year-over-year in Q3 2025.

This diversification is strategic; ARLP aims to stabilize EBITDA from these non-thermal operations by 2025. They are also exploring Carbon Capture and Storage (CCS) technologies.

Low-Cost Production Capabilities

Cost discipline, especially in the Illinois Basin, is a major competitive advantage. Lower costs per ton mean better margins when sales prices are under pressure. Management has clearly articulated cost expectations for the full year 2025.

The expected segment adjusted EBITDA expense per ton for the full year 2025 guidance is:

Segment	FY25E Segment Adjusted EBITDA Expense per Ton Guidance
Illinois Basin	$34 to $36 per ton
Appalachia	$60 to $62 per ton

The Illinois Basin cost structure shows continuous improvement; for instance, the Segment Adjusted EBITDA Expense per ton in that region decreased by 6.4% compared to the second quarter of 2024.

Access to Both Domestic Utility and International Export Markets

Alliance Resource Partners, L.P. serves both primary end-markets, though the domestic utility market remains the dominant focus, as reflected in the committed tons data. The ability to pivot tons between these markets based on relative pricing is key.

The Q3 2025 contracted position shows the split:

• 29.8 million tons committed for the domestic market (out of 32.8 million total committed for 2025).
• 3 million tons committed for export (out of 32.8 million total committed for 2025).

This means domestic tons represented approximately 90.9% of the committed 2025 volume as of the Q3 update. The company's FY25E guidance indicated over 90% contracted into domestic markets. That's a lot of eggs in one basket, but it's the basket with the strongest current demand signals.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Customer Relationships

You're looking at how Alliance Resource Partners, L.P. locks in its core business, which is definitely built on long-term supply security for its utility customers. The relationships here are not casual; they are cemented by multi-year agreements that provide significant visibility into future cash flows.

Multi-year contracts are key because they mitigate the impact of pricing volatility and give Alliance a clear line of sight on sales volumes. For instance, as of the third quarter of 2025, Alliance Resource Partners, L.P. had 32.3 million tons of coal committed and priced for the full year 2025. This commitment level shows a strong reliance on these agreements.

Here's a look at the contracted position as reported in late 2025:

Metric	2025 Committed Tons	2026 Committed Tons
Domestic Sales Tons	29.5 million	Data not explicitly broken out for 2026 commitment percentage
Export Sales Tons	2.8 million	Data not explicitly broken out for 2026 commitment percentage
Total Committed & Priced Tons	32.3 million	80% of expected 33.4 million tons

The focus on securing future supply is clear; during the second quarter of 2025, Alliance Resource Partners, L.P. added an incremental 17.4 million committed and priced sales tons for delivery between 2025 to 2029. This brought the total new commitments secured in 2025, up to that point, to 35.1 million tons over the next four and a half years. Honestly, this volume of forward contracting suggests customers are prioritizing stability.

Dedicated commercial teams managing domestic utility solicitations are central to this strategy. You see this activity intensify when the regulatory environment is more favorable, as it was heading into late 2025. Alliance Resource Partners, L.P. reported being active in several domestic utility solicitations for 2026 and beyond, especially since they were mostly sold out for the current year.

The service aspect is high-touch, focusing on tangible customer benefits:

• Value placed on product quality.
• Value placed on reliability of service.
• Value placed on counterparty financial strength.

The relationship shifts when you look at the royalty segments. For oil and gas, the relationship is more transactional, driven by the underlying asset performance rather than long-term supply contracts. In the second quarter of 2025, oil and gas royalty volumes increased 7.7% on a BOE basis year-over-year, though the average sales price per BOE dropped 9.6%. By the third quarter of 2025, oil and gas royalty BOE volumes were up 4.1% year-over-year. The Coal Royalties segment generated Segment Adjusted EBITDA of $17.1 million in the third quarter of 2025. To be fair, Alliance Resource Partners, L.P. is still actively investing in this area, with guidance targeting annual investment in the $100 million range for oil and gas mineral interests, though Q3 2025 saw an investment of approximately $22.1 million in a coal-fired power plant indirect ownership.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Channels

You're looking at how Alliance Resource Partners, L.P. gets its product-primarily thermal and metallurgical coal, plus royalty income-to the customer base, which spans major utilities, industrial users, and oil and gas developers. This is all about logistics and securing future revenue through contracts.

The primary channel for the core coal business is a direct, relationship-driven sales approach, heavily reliant on long-term contract commitments. This provides revenue stability, which is key when you're managing massive fixed assets like mines.

Alliance Resource Partners, L.P. is 97% committed and priced for its 2025 coal sales volume. Furthermore, for the following year, 80% of the expected 2026 volume is already committed in price. This forward-looking commitment structure is a major channel feature.

Here's a breakdown of the committed and priced sales tons, using the latest reported figures from the third quarter of 2025:

Year	Domestic Committed Tons (Millions)	Export Committed Tons (Millions)	Total Committed Tons (Millions)
2025	29.8	3.0	32.8
2026	27.5	1.6	29.1

For domestic delivery, Alliance Resource Partners, L.P. uses its established rail and barge infrastructure. This physical network moves product from its seven underground mining complexes across the Illinois Basin, Central Appalachian, and Northern Appalachian areas to domestic utility and industrial customers. Operational efficiency in this channel is evident; for instance, the Hamilton and River View mines achieved record monthly shipments in June 2025.

The channel for international sales relies on access to export terminals and ports. The commitment figures show this is a material part of the sales mix, with 3.0 million tons committed for export in 2025, based on third-quarter data. For 2026, the commitment stands at 1.6 million tons for export, with an anticipation of an additional 0.3-0.6 million uncommitted metallurgical tons.

A separate, diversifying channel comes from the Royalties segments, which generate income from third-party operators. This is a passive revenue stream derived from Alliance Resource Partners, L.P.'s ownership of mineral interests.

The Oil & Gas Royalties segment generated revenues of $57.4 million in the third quarter of 2025, representing an 11.9% increase year-over-year. This segment utilizes approximately ~70,000 net royalty acres. Oil & Gas Royalty volumes in the third quarter of 2025 increased to 899 MBOE.

The Coal Royalties segment also contributes through mineral resources leased to its own mining operations. The Coal Royalties segment saw its adjusted EBITDA increase to $17.1 million in the third quarter of 2025, up from $11.1 million in the third quarter of 2024.

You should track the volume metrics for the royalty segment, as they reflect the activity of the third-party operators using Alliance Resource Partners, L.P.'s acreage. Oil & Gas Royalty volumes increased 4.1% year-over-year in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Alliance Resource Partners, L.P. (ARLP) as we move through late 2025. This business is fundamentally about supplying reliable energy sources, primarily thermal coal, to large-scale power generators, but the diversification into royalties is a significant piece of the puzzle now.

Major domestic electric utilities (primary revenue driver)

The backbone of Alliance Resource Partners, L.P.'s revenue comes from the power sector. To be clear, this is where the bulk of the thermal coal volume goes. As of the context surrounding the fourth quarter of 2024, approximately 81% of Alliance Resource Partners, L.P.'s production was sold to domestic electric utilities. Alliance Resource Partners, L.P. is the second largest coal producer in the Eastern United States, and its assets are strategically positioned to meet the rising electricity demand, which is being heavily influenced by factors like AI data center growth.

The company's full-year 2025 guidance for total sales tons sits between 32.75 and 34.00 million tons. The US electric power sector's overall coal consumption is expected to reach 371.7 million st in 2025. This customer segment relies on Alliance Resource Partners, L.P.'s low-cost, tier 1 assets.

International metallurgical and industrial coal users

Alliance Resource Partners, L.P. also serves international markets, supplying both metallurgical and industrial users. The company's committed and priced sales tons for the 2025-2029 period totaled 17.4 million tons as of the second quarter of 2025. Looking at the committed tons guidance provided in the third quarter of 2025, the export portion was projected at 3.0 million tons out of a total of 32.8 million committed tons for the period. The global metallurgical coal market itself is projected to grow by USD 99.6 billion between 2025 and 2029.

Industrial users requiring thermal coal for manufacturing processes

Beyond utilities, Alliance Resource Partners, L.P. supplies industrial users who need thermal coal for various manufacturing needs. This customer group is bundled with the utility sales in the primary coal operations segments. The company's average coal sales price per ton for the second quarter of 2025 was $57.92, representing an 11.3% decrease versus the second quarter of 2024. The company is 97% committed for 2025 sales volume.

Here's a look at the committed sales visibility for the coming years, which speaks to the long-term nature of these industrial and utility relationships:

• 2025 Committed & Priced Sales Tons (Total): 32.8 million (midpoint)
• 2026 Committed & Priced Sales Tons (Total): 29.1 million (midpoint, including 0.8 million option tons)
• Total committed and priced sales tons added for the 2025-2029 period: 17.4 million tons.

Oil and gas E&P companies operating on ARLP's mineral acreage

This segment represents Alliance Resource Partners, L.P.'s royalty income stream, derived from mineral interests leased to Exploration & Production (E&P) companies, particularly in areas like the Permian Basin. This business line contributed to about 25% of Alliance Resource Partners, L.P.'s Adjusted EBITDA based on fourth quarter 2024 figures. The Oil & Gas Royalties segment generated an Adjusted EBITDA of $29.9 million in the second quarter of 2025.

The guidance for the full year 2025 for the Oil & Gas Royalties segment shows the expected production volumes from the E&P operators on their acreage:

Metric	Guidance Range (Q3 2025 Update)
Oil (000 Barrels)	1,575 - 1,625
Natural gas (000 MCF)	6,300 - 6,500
Liquids (000 Barrels)	825 - 875
Segment Adjusted EBITDA Expense (% of Revenue)	~ 14.0%

Oil & Gas Royalties BOE volumes increased by 7.7% year-over-year in the second quarter of 2025, despite a 9.6% lower average sales price per BOE. The royalty tons sold for the Coal Royalties sub-segment in Q3 2025 guidance was between 23.50 and 24.50 Million Short Tons.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Cost Structure

The Cost Structure for Alliance Resource Partners, L.P. centers heavily on the direct costs associated with mining and preparing coal for delivery, though certain significant costs are managed through pass-through mechanisms.

Coal mining operating expenses (labor, supplies, maintenance) are captured within the Segment Adjusted EBITDA Expense per ton metric, which management uses to assess segment performance. The company anticipated material improvements in production costs throughout 2025, aiming to offset lower realized pricing. Maintenance capital expenditures for 2025 were expected to return to a normalized level of approximately $7.28 per ton produced.

Segment Adjusted EBITDA Expense per ton sold for the nine-month 2025 Period averaged $41.63 per ton, reflecting a cost discipline that lowered this expense by 5.5% compared to the prior year period.

The projected full-year 2025 Segment Adjusted EBITDA Expense per ton guidance showed a clear difference between operating regions:

Segment	Projected Full-Year 2025 Segment Adjusted EBITDA Expense per Ton
Illinois Basin	$35 to $38 per ton
Appalachia	$53 to $60 per ton

Specific quarterly performance showed cost movement; for the third quarter of 2025, the Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year and 12.1% sequentially. For the first quarter of 2025, the overall Segment Adjusted EBITDA expense per ton sold was reported at $42.75.

Capital expenditures for coal operations reflect strategic investments made in prior years expected to yield benefits in 2025 through lower overall capital spending and increased productivity. Total capital expenditures planned for the full year 2025 were projected to be between $285 million and $320 million. This was broken down into estimated maintenance capital of $280 million to $310 million and growth capital of $5 million to $10 million. For the third quarter of 2025, Alliance Resource Partners, L.P. invested $63.8 million in coal operations. This compares to $65,300,000.0 invested in coal operations during the second quarter of 2025.

Depreciation, depletion, and amortization (DD&A) is a non-cash expense included in the calculation of EBITDA. Net income for the nine-month 2025 Period was negatively impacted by higher depreciation compared to the prior year period. Higher D&A also contributed to the decrease in Earnings Per Share for the second quarter of 2025.

Transportation and logistics costs for coal delivery are explicitly excluded when calculating Segment Adjusted EBITDA Expense because these expenses are passed on to customers, meaning Alliance Resource Partners, L.P. does not realize a margin on the associated transportation revenues. However, lower transportation revenues were a factor in the decrease in total revenues reported for the second quarter of 2025 and the third quarter of 2025.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Revenue Streams

Alliance Resource Partners, L.P.'s revenue streams in late 2025 are anchored in its core coal business, supplemented by significant royalty income and strategic investments.

Total Q3 2025 revenue was $571.4 million. This figure represented a 6.9% decrease from the third quarter of 2024.

Coal sales revenue from domestic and export contracts remains the primary driver, though impacted by lower realized prices per ton.

• Total Coal Sales Volumes for Q3 2025 reached 8.7 million tons, up 3.9% year-over-year.
• The average Coal Sales Price per Ton was $58.78.
• Illinois Basin Coal Operations saw sales volumes increase 10.8% year-over-year to 6.6 million tons.
• Appalachia Coal Operations sales volumes decreased 13.3% to 2.1 million tons.

Oil and gas royalty income contributes to the diversified revenue base.

• Oil and gas royalty BOE volumes increased 4.1% year-over-year in Q3 2025.
• Total Oil & Gas Royalty volumes were 0.899M BOE, with an average price of $35.68/BOE.

Coal royalty income from third-party mining on Alliance Resource Partners, L.P.'s reserves showed strong growth.

• Total royalty revenues were $57.4 million, an 11.9% increase year-over-year.
• Segment Adjusted EBITDA for the Coal Royalties segment increased to $17.1 million in the 2025 Quarter.

Investment income from strategic energy infrastructure and digital assets provides an additional layer of revenue.

• Net income for Q3 2025 included a $3.7 million favorable increase in the fair value of digital assets.
• Investment income from previous growth investments totaled $4.5 million.
• Alliance Resource Partners, L.P. invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly owns and operates a 2.7 gigawatt coal-fired power plant.

Here's a quick look at the key operational and segment revenue figures for Q3 2025:

Revenue/Volume Metric	Value	Period/Comparison
Total Revenue	$571.4 million	Q3 2025
Coal Sales Volume	8.7 million tons	Q3 2025 (up 3.9% YoY)
Average Coal Sales Price per Ton	$58.78	Q3 2025
Oil & Gas Royalty BOE Volume	0.899M BOE	Q3 2025 (up 4.1% YoY)
Coal Royalty Revenue	$57.4 million	Q3 2025 (up 11.9% YoY)
Investment Income (Excl. Digital Assets)	$4.5 million	Q3 2025