FBR Capital Markets Fall Investor Conference New York, NY December 2, 2008

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<ul><li><p>FBR Capital MarketsFall Investor ConferenceNew York, NYDecember 2, 2008</p></li><li><p>*Forward Looking StatementThe statements made by representatives of Natural Resource Partners L.P. (NRP) during the course of this presentation that are not historical facts are forward-looking statements. Although NRP believes that the assumptions underlying these statements are reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and necessarily involve risks that may affect NRPs business prospects and performance, causing actual results to differ from those discussed during the presentation. </p><p>Such risks and uncertainties include, by way of example and not of limitation: general business and economic conditions; decreases in demand for coal; changes in our lessees operating conditions and costs; changes in the level of costs related to environmental protection and operational safety; unanticipated geologic problems; problems related to force majeure; potential labor relations problems; changes in the legislative or regulatory environment; and lessee production cuts.</p><p>These and other applicable risks and uncertainties have been described more fully in NRPs 2007 Annual Report on Form 10-K. NRP undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.</p></li><li><p>*NRP Investment ConsiderationsA Proxy for the Coal IndustryLandholding companyLease reserves to coal mining companies Receive royalty on production based on a % of the gross selling priceNo operating expensesNominal capital expenditures2.1 billion tons of coal reserves (22% metallurgical and 78% steam)68 lessees produce approximately 5% of U.S. production from NRPs 194 leasesNRPs lessees produce approximately 25% of all U.S. met productionThree major coal producing regions in eleven states2008 estimated production: 59 million tons to 65 million tonsCoal royalty accounts for approximately 78% of NRPs revenue stream</p><p>Continue to Diversify Income StreamInfrastructure and TransportationAggregate RoyaltiesOil and Gas Royalties, Timber, Wheelage and other</p></li><li><p>*Historical PerformanceTotal RevenuesDistributable Cash FlowIncreasing revenue stream provides for growing distributionsIn $millionsIn $millions31% CAGR27% CAGRActualMidpoint of guidance for 2008 less 9/30/08 YTD</p><p>Chart1</p><p>85.503</p><p>121.404</p><p>159.105</p><p>170.706</p><p>21507</p><p>215.869.1</p><p>Sheet1</p><p>030405060708E</p><p>$85.5$121.4$159.1$170.7$215.0$215.8</p><p>69.1</p><p>Chart1</p><p>59.803</p><p>81.504</p><p>112.305</p><p>129.306</p><p>154.807</p><p>146.255.1</p><p>Sheet1</p><p>030405060708E</p><p>$59.8$81.5$112.3$129.3$154.8$146.2</p><p>55.1</p></li><li><p>*Increased distributions last 21 consecutive quarters, 105% overallDistributions105% Distribution IncreaseIncreased Quarterly Distributions</p><p>Chart1</p><p>0.25625</p><p>0.26125</p><p>0.26125</p><p>0.26875</p><p>0.28125</p><p>0.2875</p><p>0.3</p><p>0.31875</p><p>0.33125</p><p>0.34375</p><p>0.35625</p><p>0.36875</p><p>0.38125</p><p>0.395</p><p>0.41</p><p>0.425</p><p>0.44</p><p>0.455</p><p>0.465</p><p>0.475</p><p>0.485</p><p>0.495</p><p>0.515</p><p>0.525</p><p>Qtrly Distribution</p><p>Sheet1</p><p>4Q 021Q 032Q 033Q 034Q 031Q 042Q 043Q 044Q 051Q 052Q 053Q 054Q 051Q 062Q 063Q 064Q 061Q 072Q 073Q 074Q 071Q 082Q 083Q08</p><p>Qtrly Distribution0.256250.261250.261250.268750.281250.287500.300000.318750.331250.343750.356250.368750.381250.395000.410000.425000.440000.455000.465000.4750.485000.495000.515000.52500</p></li><li><p>Current Coal MarketCoal prices increased in 2008 and contracts signed by coal industry in 2008 for 2009 and 2010 are at higher prices than those received in 2008</p><p>U.S. coal pricing with global coal</p><p>World economic indicators point toward increased global steam coal demand over time in spite of slowing economiesSteam demand only modestly affected in 2009 by slowing economies while met demand will be weakerAdditional steam coal plants are being constructed daily in many countries around the worldNew plants under construction could increase global consumption by ~ 1 billion tons per year</p><p>International Energy Agency in its World Energy Outlook 2008 presentation to the press on 11-12-08 projected that coal will account for more than a third of incremental global energy demand to 2030</p><p>Bodes well longer-term for U.S. coal industry and NRP</p><p>*</p></li><li><p>*3Q Announcements Future Coal PricesAlpha, the largest exporter of U.S. metallurgical coal and NRPs largest met producer43% of planned met production has been committed and priced for 2009 at ~ $194 per ton versus $112.90 for met for the first nine months of 2008 (72% increase)94% of planned thermal coal production has been committed and priced for 2009 at ~$70 versus $51.31 per ton for the first nine months of 2008 (36% increase)Patriot CoalMet ProductionTwo-thirds of met production priced at $134 for 2009One-third of met production for 2010 at $166 per tonAppalachia thermal coal $57 for 2009$59 for 2010</p><p>Source: Company reports and industry trade publications</p></li><li><p>*3Q Announcements Future Coal Prices cont.Consol EnergyRecent deals for high-btu, Eastern steam coal and metallurgical coal for 2009 delivery continue to reflect a robust pricing environment.During the quarter they settled at a weighted average price of more than $100 per ton of steam coal .They also contracted metallurgical coal for prices in a range of $285-$310 per short ton at the mine for 2009 delivery.Massey EnergyGuidance for average prices2008 $64 to $65 per ton2009$78 to $82 per ton2010$90 to $130 per ton</p><p>Source: Company reports and industry trade publications</p></li><li><p>Met Coal Outlook2009Steel Demand is weakening due to slowing economiesNeed for low vol (high quality) met coal remains stableAs reported by public coal companies over half of met coal is already contracted for 2009 at higher prices than 2008Year of weaker demand for marginal met coal (high vol crossover coals) likely go back into the steam marketWith weaker demand, unpriced and uncommitted met coal will likely sell at prices higher than the average for 2008, but significantly lower than the peak in 20082010 and BeyondDemand for low vol met coal should remain strongDemand for crossover coals will depend upon recovering economiesLonger-term increased development by developing nations will create strong demand for met coal</p><p>*</p></li><li><p>Summary of the Current MarketsAs reported by public coal companies, significant portion of 2009 coal sales are already contracted at prices in excess of 2008</p><p>Steam coal or thermal coal demand used for generation of electricity should remain relatively unchanged for 2009 and start growing due to worldwide demand in later years</p><p>2009 impact appears to be modest for steam coal and impact on met coal, particularly export, unknown</p><p>Uncertain impact of slowing world wide economies has caused a volatile stock market in spite of a more stable coal market</p><p>NRP is monitoring the situation and will reflect the latest outlook in 2009 guidance to be issued in early 2009 when it has better visibility on the market conditions*</p><p>*****</p></li></ul>