Tuesday, July 28, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second Quarter Financial Results. Compared to the prior year period, second-quarter 2026 revenue increased to $551.6 million from $547.5 million due to strong oil & gas royalty revenues, increased coal sales volumes, and higher other revenues, partially offset by a lower average realized coal sales price per ton. Adjusted EBITDA increased 14.7% to $185.7 million compared to $161.9 million in the second quarter of last year. Adjusted net income attributable to ARLP increased to $79.6 million, or $0.61 per unit, compared to $59.4 million, or $0.46 per unit, during the prior year period. Second quarter financial results were largely in line with our estimates. We had projected total revenue of $553.5 million, adj. EBITDA of $181.2 million, and EPU of $0.62.
Oil & Gas Royalties Remain a Key Growth Driver. The oil & gas royalties segment delivered record quarterly revenue and segment adjusted EBITDA, driven by increased volumes and higher commodity prices. On July 1, ARLP closed the $206.2 million AllDale III and IV acquisition. Crude oil volumes are now expected to be in the range of 1.95 million to 2.05 million barrels, natural gas volumes are expected to be in the range of 10.0 million to 10.5 million MCF, and liquids volumes are expected to be in the range of 1.1 million to 1.2 million barrels.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.