Tulsa’s Alliance Resource Partners has record year in coal production

Ever since President Obama launched his war on coal, the nation expected coal companies to begin dying. Such is not the case for Tulsa-based Alliance Resource Partners, one of the largest Eastern US coal operators which reported this week record full-year 2023 total revenues of $2.6 billion.

Released Monday before the open of markets, the fourth quarter earnings report showed net income of $630.1 million for the 2023 year.

Fourth quarter revenue was $625.4 million and EBITDA was $185.4 million along with net income of $115.4 million. The report also showed Alliance completed $24.8 million in oil and gas mineral acquisitions during the fourth quarter and as a result, the firm had record oil production.

“Our strategic relationships with our long-standing customers were evident in the 2023 Quarter as we contracted an additional 12.0 million tons for domestic deliveries over the 2024 through 2028 time period at attractive, escalating prices, bringing our committed and priced order book for 2024 to over 90% of expected shipments,” commented Joseph W. Craft III, Chairman,
President and Chief Executive Officer.

As for the company’s investments in oil and gas, Craft doesn’t anticipate backing off.

“Our Oil & Gas Royalty business completed $24.8 million in oil & gas mineral interest acquisitions during the 2023 Quarter and $110.9 million for the 2023 Full Year, resulting in record BOE
volumes. We plan to continue allocating capital to grow this business line in 2024. Combining the stability of our heavily contracted coal order book with continued growth in our Oil & Gas Royalty business, we are well-positioned for another record year of revenues in 2024.”

The post Tulsa’s Alliance Resource Partners has record year in coal production first appeared on Oklahoma Energy Today.