NATURAL RESOURCE PARTNERS LP

Natural Resource Partners L.P. is a master limited partnership that owns, manages, and leases mineral properties across the United States. The company generates revenue primarily through royalty payments on extracted natural resources and ownership of related infrastructure assets. Its portfolio spans coal reserves in major U.S. basins, industrial minerals including soda ash and trona, aggregates, and oil and gas properties in Louisiana. The company also owns and operates transportation and processing infrastructure connected to its coal operations.

The business operates through two reportable segments: Mineral Rights and Soda Ash. The Mineral Rights segment encompasses coal reserves concentrated in the Appalachia Basin, Illinois Basin, and Northern Powder River Basin, along with associated oil and gas properties. This segment generates revenue through leasing arrangements where the company receives royalty payments based on production volumes. The Soda Ash segment includes industrial mineral operations and related processing assets. A portion of the company's reserves are held as owned assets rather than leased, providing direct participation in extraction economics.

Incorporated as a Delaware limited partnership in 2002, Natural Resource Partners is headquartered in Houston, Texas. The company operates assets across multiple U.S. regions with particular concentration in coal-producing basins in Appalachia and the Western United States. As a master limited partnership structured for income generation, the company distributes cash generated from its mineral leasing activities and infrastructure operations to unit holders.