A U.S. Coal Miner Made More From Oil, Gas Royalties Than Coal
- Royalties provided 62% of income after January acquisition
- Company is ‘actively working’ to evaluate more oil, gas deals
Photographer: Luke Sharrett/Bloomberg
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Alliance Resource Partners LP, the biggest coal producer in the Illinois Basin, made most of its money in the first quarter from oil and natural gas royalties.
The company reported $171.8 million in income from oil and gas in the first quarter, accounting for 62 percent of its earnings, according to a statement Monday. It comes after Alliance increased its stake in AllDale Minerals, giving it control of about 43,000 acres in the some of the biggest U.S. oil and gas regions -- including the Permian and Appalachian basins -- where it earns royalties from drilling companies.