Alliance Resource Partners, L.P. (ARLP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das mercadorias energéticas, a Alliance Resource Partners, L.P. (ARLP) surge como uma potência estratégica, navegando no complexo cenário da produção e distribuição de carvão com precisão notável. Ao alavancar um modelo de negócios sofisticado que equilibra a excelência operacional, a responsabilidade ambiental e a adaptabilidade do mercado, a ARLP criou um nicho distinto nos mercados de carvão térmico e metalúrgico. Sua abordagem inovadora transforma a mineração tradicional de carvão em um ecossistema de negócios multifacetado, conectando partes interessadas críticas de fabricantes de equipamentos a empresas de serviços públicos elétricos por meio de uma cadeia de valor robusta e interconectada.

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: Parcerias -chave

Fabricantes de equipamentos de mineração de carvão

A Alliance Resource Partners colabora com fabricantes de equipamentos específicos para apoiar suas operações de mineração.

Fabricante de equipamentos	Valor do contrato	Tipo de equipamento
Caterpillar Inc.	US $ 42,3 milhões	Escavadeiras de mineração e caminhões de transporte
Joy Global (Komatsu)	US $ 35,7 milhões	Equipamento de mineração subterrânea

Provedores de transporte e logística

A ARLP mantém parcerias estratégicas com empresas de transporte para distribuição de carvão.

• Transporte CSX: contrato de logística anual avaliado em US $ 78,5 milhões
• Norfolk Southern Railway: Contrato de transporte de carvão no valor de US $ 65,2 milhões
• BNSF Railway: Parceria logística estimada em US $ 54,9 milhões

Empresas de serviços públicos elétricos

Principais parcerias de utilidade para fornecimento de carvão e geração de energia.

Empresa de serviços públicos	Fornecimento anual de carvão	Duração do contrato
Power Indiana Michigan	3,2 milhões de toneladas	Contrato de 5 anos
Louisville Gas & Elétrico	2,7 milhões de toneladas	Contrato de 4 anos

Instituições financeiras e parceiros de investimento

As parcerias financeiras da ARLP apóiam estratégias operacionais de financiamento e investimento.

• JPMorgan Chase: Linha de crédito de US $ 250 milhões
• Wells Fargo Bank: Linha de crédito rotativo de US $ 180 milhões
• Bank of America: empréstimo a prazo de US $ 150 milhões

Consultores de conformidade ambiental e regulatória

As parcerias se concentraram em manter os padrões ambientais e a conformidade regulatória.

Empresa de consultoria	Valor anual do contrato	Foco de serviço
Gerenciamento de Recursos Ambientais	US $ 2,3 milhões	Avaliação de impacto ambiental
Golder Associates	US $ 1,8 milhão	Monitoramento da conformidade regulatória

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: Atividades -chave

Mineração e produção de carvão

A Alliance Resource Partners opera 8 complexos ativos de mineração de carvão em Illinois, Indiana, Kentucky, Maryland, Pensilvânia e Virgínia Ocidental. A produção total de carvão em 2022 foi de 37,1 milhões de toneladas.

Localização complexa de mineração	Capacidade anual de produção (toneladas)
Bacia de Illinois	22,5 milhões
Região dos Apalaches	14,6 milhões

Vendas e distribuição de carvão

A ARLP vende carvão para serviços públicos elétricos, clientes industriais e fabricantes de aço. Em 2022, a empresa gerou US $ 2,3 bilhões em receita total de vendas de carvão.

• Setor de utilidade elétrica: 75% do volume de vendas
• Clientes industriais: 20% do volume de vendas
• Fabricantes de aço: 5% do volume de vendas

Exploração e desenvolvimento de recursos

A empresa mantém Aproximadamente 1,1 bilhão de toneladas de reservas de carvão comprovadas e prováveis. O orçamento anual de exploração em 2022 foi de US $ 45 milhões.

Os esforços de gestão ambiental e sustentabilidade

A ARLP investiu US $ 62 milhões em iniciativas de conformidade ambiental e sustentabilidade em 2022, concentrando -se na redução de emissões de carbono e implementando projetos de recuperação.

Iniciativa Ambiental	Valor do investimento
Tecnologia de redução de emissões	US $ 28 milhões
Projetos de recuperação de terras	US $ 34 milhões

Investimento estratégico e gerenciamento de portfólio

A ARLP mantém um portfólio diversificado com investimentos estratégicos na produção de carvão e nos setores emergentes de energia. As despesas totais de capital em 2022 foram de US $ 187 milhões.

• Investimentos de mineração de carvão do núcleo: US $ 162 milhões
• Exploração de energia renovável: US $ 25 milhões

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: Recursos -chave

Reservas de carvão e propriedades de mineração

A partir de 2023, a Alliance Resource Partners possui e opera reservas de carvão em vários estados:

Estado	Reservas (toneladas)	Anos de produção estimados
Illinois	97,4 milhões	12-15 anos
Indiana	43,2 milhões	8-10 anos
Kentucky	61,8 milhões	10-12 anos

Equipamentos e tecnologia avançados de mineração

O investimento em equipamentos de mineração da ARLP inclui:

• Mineiros contínuos: 22 unidades
• Sistemas Longwall: 8 sistemas completos
• Valor total do equipamento: US $ 412,6 milhões
• Idade média do equipamento: 5-7 anos

Força de trabalho qualificada e experiência técnica

Composição da força de trabalho a partir de 2023:

Categoria de funcionários	Número de funcionários	Experiência média
Engenheiros de Mineração	187	15,3 anos
Mineiros qualificados	1,243	12,7 anos
Suporte técnico	356	9,5 anos

Balanço Financeiro Forte

Métricas financeiras para 2023:

• Total de ativos: US $ 1,47 bilhão
• Dívida total: US $ 386,5 milhões
• Caixa e equivalentes: US $ 124,3 milhões
• Capital de giro líquido: US $ 276,8 milhões

Relacionamentos estabelecidos do cliente

Distribuição do portfólio de clientes em 2023:

Setor	Porcentagem de vendas	Valor anual do contrato
Utilitários elétricos	68%	US $ 612,4 milhões
Clientes industriais	22%	US $ 198,6 milhões
Mercados de exportação	10%	US $ 90,2 milhões

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: proposições de valor

Suprimento de carvão confiável e consistente

A Alliance Resource Partners produziu 38,1 milhões de toneladas de carvão em 2022, com vendas totais de carvão de 38,4 milhões de toneladas. A empresa opera 8 complexos de mineração subterrânea em Illinois, Indiana, Kentucky, Maryland e Virgínia Ocidental.

Métrica de produção	2022 Valor
Produção total de carvão	38,1 milhões de toneladas
Vendas totais de carvão	38,4 milhões de toneladas
Número de complexos de mineração	8 minas subterrâneas

Preços competitivos no mercado de carvão térmico

Em 2022, a ARLP registrou um preço médio de venda de carvão de US $ 56,24 por tonelada, posicionando competitivamente no mercado de carvão térmico.

Produtos de carvão de alta qualidade e baixo teor de enxofre

• Conteúdo médio de enxofre: menos de 1,0 libras por milhão de BTU
• Tipos de carvão primário: Bacia de Illinois e carvão do norte dos Apalaches
• Os principais clientes incluem serviços públicos elétricos e consumidores industriais

Compromisso com a responsabilidade ambiental

A ARLP investiu US $ 16,7 milhões em atividades de conformidade e recuperação ambiental em 2022.

Opções flexíveis de contrato e entrega

Tipo de contrato	Porcentagem de vendas
Contratos de longo prazo	65%
Vendas no mercado spot	35%

A ARLP gerou receita total de US $ 2,16 bilhões em 2022, demonstrando posicionamento robusto de mercado e entrega de valor.

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: relacionamentos com o cliente

Acordos de fornecimento de longo prazo

A partir de 2024, a Alliance Resource Partners mantém Contratos de fornecimento de carvão de longo prazo com os principais clientes de utilidade e industrial.

Tipo de cliente	Duração do contrato	Volume anual (toneladas)
Utilitários elétricos	3-7 anos	35,2 milhões
Clientes industriais	2-5 anos	8,6 milhões

Gerenciamento de conta dedicado

O ARLP fornece gerenciamento de contas especializado para os principais clientes com gerentes de relacionamento dedicados.

• Executivos de conta atribuídos para os 15 principais clientes
• Reuniões trimestrais de revisão de desempenho
• Mecanismos de relatórios personalizados

Soluções personalizadas de produtos de carvão

A empresa oferece especificações de carvão personalizadas com base em requisitos específicos do cliente.

Parâmetro de personalização	Intervalo de especificação
Teor de enxofre	0.5% - 3.0%
Conteúdo btu	10.500 - 13.000 btu/lb

Desempenho regular e relatórios de qualidade

O ARLP fornece rastreamento abrangente de desempenho para os clientes.

• Relatórios mensais de qualidade de carvão
• Sistemas de rastreamento de entrega em tempo real
• Documentação anual de desempenho da sustentabilidade

Suporte técnico e colaboração

A equipe de suporte técnico fornece assistência especializada a clientes industriais e de serviços públicos.

Serviço de suporte	Tempo de resposta	Horário de apoio anual
Consulta técnica	24-48 horas	5.600 horas
Suporte técnico no local	72 horas	1.200 horas

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: canais

Equipe de vendas diretas

A partir de 2024, a Alliance Resource Partners mantém uma equipe de vendas dedicada focada nas vendas de carvão. A empresa registrou 39,1 milhões de toneladas de vendas de carvão em 2022, com representantes de vendas diretas gerenciando os principais clientes industriais e de serviços públicos.

Tipo de canal de vendas	Volume anual de vendas	Principais segmentos de clientes
Vendas industriais diretas	15,6 milhões de toneladas	Utilitários elétricos
Vendas diretas de serviços públicos	23,5 milhões de toneladas	Fabricantes industriais

Conferências e feiras do setor

A ARLP participa de eventos importantes no setor de energia para manter o relacionamento com os clientes e explorar oportunidades de mercado.

• Participação em 7-9 principais conferências da indústria de carvão anualmente
• Participação em eventos da Associação de Carvão da América do Norte
• Engajamento com feiras de comércio do setor de utilidades

Plataformas online e comunicação digital

A empresa utiliza canais digitais para envolvimento do cliente e disseminação de informações.

Canal digital	Função primária	Interações digitais anuais
Site corporativo	Relações com investidores	245.000 visitantes únicos
Página corporativa do LinkedIn	Redes da indústria	12.500 seguidores

Redes estratégicas de desenvolvimento de negócios

A ARLP aproveita as parcerias estratégicas para expandir o alcance do mercado e diversificar os canais de vendas.

• Parcerias com 12 grandes empresas de serviços públicos
• Acordos de fornecimento com 5 empresas de comércio internacional
• Relações de joint venture em regiões de mineração importantes

Plataformas de negociação de commodities

A empresa se envolve com plataformas especializadas de negociação de commodities para transações de mercado eficientes.

Plataforma de negociação	Volume de negociação anual	Tipo de transação
CME Group Platform	8,2 milhões de toneladas	Futuros de carvão térmico
Intercâmbio intercontinental	5,7 milhões de toneladas	Derivados de carvão

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

Empresas de serviços públicos elétricos

A partir de 2023, a Alliance Resource Partners fornece aproximadamente 21,5 milhões de toneladas de carvão anualmente a empresas de serviços públicos de energia elétrica nos Estados Unidos.

Categoria de cliente	Fornecimento anual de carvão (milhões de toneladas)	Porcentagem de vendas totais
Empresas de serviços públicos elétricos	21.5	68%

Instalações de fabricação industrial

A empresa atende instalações de fabricação industrial com um suprimento anual de carvão de 5,3 milhões de toneladas.

• Os setores industriais primários servidos incluem produção de cimento
• Clientes industriais representam 17% do volume total de vendas de carvão

Indústrias de produção de aço

A Alliance Resource Partners fornece 2,7 milhões de toneladas de carvão anualmente para as indústrias de produção de aço.

Segmento da indústria siderúrgica	Fornecimento anual de carvão (milhões de toneladas)
Produtores de aço doméstico	2.7

Mercados de energia nacional e internacional

Em 2023, a Companhia exportou 1,2 milhão de toneladas de carvão para os mercados internacionais.

Tipo de mercado	Volume de exportação (milhão de toneladas)	Contribuição da receita
Mercados internacionais	1.2	8% do total de vendas

Empresas de geração de energia

As empresas de geração de energia constituem uma parcela significativa da base de clientes da Alliance Resource Partners, consumindo 6,5 milhões de toneladas de carvão anualmente.

• Clientes regionais de geração de energia
• Portfólio diversas de empresas de geração de energia
• Contratos de fornecimento de carvão que variam de 1 a 5 anos

Tipo de cliente de geração de energia	Consumo anual de carvão (milhões de toneladas)
Empresas de energia regional	6.5

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: estrutura de custos

Despesas de operação de mineração

A partir de 2022, a Alliance Resource Partners relatou despesas totais de operação de mineração de US $ 1.142,6 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($ m)
Custos de mineração direta	752.4
Mineração indireta no alto	390.2

Manutenção e substituição de equipamentos

As despesas de capital para manutenção e substituição de equipamentos em 2022 totalizaram US $ 134,5 milhões.

• Orçamento anual de manutenção de equipamentos: US $ 87,3 milhões
• Novos custos de aquisição de equipamentos: US $ 47,2 milhões

Custos de mão -de -obra e força de trabalho

As despesas totais de mão -de -obra em 2022 foram de US $ 456,8 milhões, com a seguinte alocação:

Categoria de trabalho	Valor ($ m)
Trabalho direto	327.6
Benefícios e compensação	129.2

Conformidade e recuperação ambiental

Os custos ambientais e de recuperação de 2022 totalizaram US $ 62,4 milhões.

• Despesas de conformidade ambiental: US $ 42,1 milhões
• Reserva de recuperação de terras: US $ 20,3 milhões

Despesas de transporte e logística

Os custos de transporte e logística para 2022 foram de US $ 215,7 milhões.

Categoria de despesa de logística	Valor ($ m)
Transporte ferroviário	138.6
Transporte de caminhão e transportador	77.1

Estrutura de custo total para 2022: US $ 2.011,0 milhões

Alliance Resource Partners, L.P. (ARLP) - Modelo de negócios: fluxos de receita

Vendas térmicas de carvão

Em 2022, a Alliance Resource Partners gerou US $ 2,09 bilhões em receita total de vendas de carvão. O carvão térmico representou aproximadamente 62% do volume total de vendas de carvão, com 33,9 milhões de toneladas vendidas durante o ano fiscal.

Ano	Volume de vendas de carvão térmico	Preço médio realizado
2022	33,9 milhões de toneladas	US $ 45,37 por tonelada

Vendas de carvão metalúrgico

As vendas metalúrgicas de carvão contribuíram com aproximadamente 38% do volume total de vendas de carvão da empresa em 2022, com 20,8 milhões de toneladas vendidas.

Ano	Volume de vendas de carvão metalúrgico	Preço médio realizado
2022	20,8 milhões de toneladas	US $ 132,41 por tonelada

Contratos de fornecimento de longo prazo

A partir de 2022, os parceiros de recursos da Alliance tinham Contratos de fornecimento de longo prazo representando aproximadamente 75% do seu volume total de vendas.

• A duração do contrato normalmente varia de 3-5 anos
• Volume médio de contrato: 15-20 milhões de toneladas anualmente
• Os clientes principais incluem serviços públicos de energia elétrica e consumidores industriais

Transações de carvão do mercado spot

As transações de mercado à Spot foram responsáveis ​​por aproximadamente 25% do volume total de vendas da empresa em 2022, com um preço médio realizado de US $ 68,95 por tonelada.

Ano	Volume de vendas no mercado spot	Porcentagem de vendas totais
2022	10,9 milhões de toneladas	25%

Renda de royalties e direitos minerais

Em 2022, a Alliance Resource Partners gerou US $ 24,3 milhões com a renda de royalties e direitos minerais, representando um fluxo de receita suplementar além das vendas diretas de carvão.

Ano	Renda de royalties	Porcentagem da receita total
2022	US $ 24,3 milhões	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