0001104659-26-086855
SEC filingARLP二季度净利大增33.9%，油气特许权收入创纪录，上调全年指引。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Total Revenue | $551.6M | $547.5M | +0.7% |
| Adjusted EBITDA (Non-GAAP) | $185.7M | $161.9M | +14.7% |
| Net Income Attributable to ARLP | $79.6M | $59.4M | +33.9% |
| Diluted EPS (GAAP) | $0.61 | $0.46 | +32.6% |
| Distributable Cash Flow (Non-GAAP) | $108.2M | $90.7M | +19.3% |
| Distribution Coverage Ratio | 1.39x | 1.00x | +0.39x |
| Coal Sales Tons | 8.558M | 8.382M | +2.1% |
| Coal Sales Price Per Ton | $54.87 | $57.92 | -5.3% |
| Oil & Gas Royalty Revenue | $46.3M | $35.5M | +30.5% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Total Coal Sales Tons | 33.75 — 35.25 百万短吨 | N/A |
| FY2026 | Total Coal Sales Price Per Ton | $54.00 — $56.00 | N/A |
| FY2026 | Total Segment Adjusted EBITDA Expense Per Ton | $37.00 — $39.00 | Non-GAAP |
| FY2026 | Oil & Gas Royalties — Oil Volumes | 1,950 — 2,050 千桶 | N/A |
| FY2026 | Oil & Gas Royalties — Natural Gas Volumes | 10,000 — 10,500 千MCF | N/A |
| FY2026 | Oil & Gas Royalties — Liquids Volumes | 1,100 — 1,200 千桶 | N/A |
| FY2026 | Total Capital Expenditures | $280M — $300M | N/A |
简评
ARLP 2026年第二季度业绩呈现"煤炭稳、油气强"的格局。煤炭业务方面，总销量同比+2.1%至8.558百万短吨，但综合售价同比-5.3%至$54.87/吨，主要受Appalachia分部售价大幅下滑22.9%拖累（因Tunnel Ridge低价销量占比提升及Mettiki售价下降）。成本控制成效显著，煤炭Segment Adjusted EBITDA Expense per ton同比-6.3%至$38.68，其中Appalachia分部同比大幅改善29.7%，推动煤炭分部Segment Adjusted EBITDA同比+6.9%至$151.7M。管理层强调River View和Tunnel Ridge表现优异，Hamilton矿在完成长壁搬迁后已于近期恢复生产，且2027年前无额外长壁搬迁计划，预计下半年产量和现金流将显著提升。
油气特许权业务是本季最大亮点，营收创纪录达$46.3M（同比+30.5%），Segment Adjusted EBITDA达$38.0M（同比+27.2%），主要受平均售价每BOE同比+22.7%至$49.43驱动。7月1日完成的AllDale III & IV收购（$206.2M）新增48,500净特许权英亩，覆盖Permian、Anadarko、Bakken及Haynesville等多个盆地，累计油气特许权投资超$10亿。管理层上调全年油气产量指引以反映该收购自Q3起并表贡献，并强调该收购将立即增厚每股自由现金流。公司同时宣布Q2现金分配$0.60/单位（年化$2.40），DCR达1.39x，环比大幅改善39.0%，显示现金流生成能力强劲。资产负债表方面，总债务及融资租赁$590.2M，净杠杆率0.67x，流动性$424.0M，财务弹性充足。