ALLIANCE RESOURCE PARTNERS LP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

ARLP$24.76+1.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

· · Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	28
Item 1B.	Unresolved Staff Comments	57
Item 1C.	Cybersecurity	57
Item 2.	Properties	60
Item 3.	Legal Proceedings	77
Item 4.	Mine Safety Disclosures	78
	PART II
Item 5.	Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities	79
Item 6.	[Reserved]	80
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	80
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	97
Item 8.	Financial Statements and Supplementary Data	99
	Report of Independent Registered Public Accounting Firm-Grant Thornton LLP (PCAOB ID Number 248)	100
	Consolidated Balance Sheets	102
	Consolidated Statements of Income	103
	Consolidated Statements of Comprehensive Income	104
	Consolidated Statements of Cash Flows	105
	Consolidated Statement of Partners' Capital	106
	Notes to Consolidated Financial Statements	107
	1. Organization and Presentation	107
	2. Summary of Significant Accounting Policies	109
	3. Acquisitions	117
	4. Inventories	120
	5. Property, Plant and Equipment	121
	6. Long-Term Debt	122
	7. Income Taxes	124
	8. Leases	126
	9. Fair Value Measurements	127
	10. Partners' Capital	127
	11. Variable Interest Entities	128
	12. Equity Investments	130
	13. Revenue From Contracts With Customers	131
	14. Earnings Per Limited Partner Unit	132
	15. Employee Benefit Plans	133
	16. Common Unit-Based Compensation Plans	137
	17. Supplemental Cash Flow Information	138
	18. Asset Retirement Obligations	139
	19. Accrued Workers' Compensation and Pneumoconiosis Benefits	140
	20. Related-Party Transactions	142
	21. Commitments and Contingencies	144
	22. Concentration of Credit Risk and Major Customers	144
	23. Segment Information	145
	Supplemental Oil & Gas Reserve Information (Unaudited)	148
	Schedule I – Condensed Financial Information of Registrant	153
Item 9.	Changes in and Disagreements with Accountant on Accounting and Financial Disclosure	155
Item 9A.	Controls and Procedures	155
Item 9B.	Other Information	158
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the General Partner	159
Item 11.	Executive Compensation	164
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters	182
Item 13.	Certain Relationships and Related Transactions, and Director Independence	183
Item 14.	Principal Accountant Fees and Services	184
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	185

GLOSSARY

The following are abbreviations and definitions of certain terms used in this document, some of which are defined by authoritative sources and others reflect those we commonly use in the coal and oil & gas industries:


2020 Grants	Restricted units that were granted in 2020
2022 Registration Statement	In February 2022, we filed with the SEC a universal shelf registration statement which allows us to issue from time to time an indeterminate amount of debt or equity securities.
A&D	Acquisitions and Divestitures
ACE Rule	The Affordable Clean Energy Rule
Acquisition Gain	The $177.0 million non-cash acquisition gain recognized in 2019 related to the acquisition of the remaining interests in AllDale Minerals LP and AllDale Minerals II, LP
AGP	Alliance GP, LLC
AHGP	Our subsidiary, Alliance Holdings GP, L.P.
AllDale I	Our subsidiary, AllDale Minerals, LP
AllDale I & II	Collectively our subsidiaries, AllDale Minerals, LP and AllDale Minerals II, LP
AllDale II	Our subsidiary, AllDale Minerals II, LP
AllDale III	AllDale Minerals III, LP
Alliance Coal	Alliance Coal, LLC, an indirect wholly owned subsidiary of ARLP
Alliance Design	Our subsidiary, Alliance Design Group, LLC
Alliance Finance	Our subsidiary, Alliance Resource Finance Corporation
Alliance Minerals	Alliance Minerals, LLC, an indirect wholly owned subsidiary of ARLP
Alliance Properties	Our subsidiary, Alliance Properties, LLC
Alliance Resource Properties	Alliance Resource Properties, LLC, an indirect wholly owned subsidiary of ARLP
Alliance WOR Properties	Our subsidiary, Alliance WOR Properties, LLC
Allocation Date	That first day of each month in which we prorate our items of income, gain, loss and deduction between transferors and transferees of our units based upon the ownership of our units on that day
AR Midland	Our subsidiary, AR Midland, LP
ARH	Alliance Resource Holdings, Inc.
ARLP	Alliance Resource Partners, L.P., individually as the parent company, and not on a consolidated basis

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ARLP Partnership	The business and operations of Alliance Resource Partners, L.P., the parent company, as well as its consolidated subsidiaries; references to "Partnership", "we", "us" or "our" also refer to the ARLP Partnership
AROP Funding	Our subsidiary, AROP Funding, LLC
ASC	Accounting Standards Codification
Ascend	Ascend Elements, Inc.
ASI	Our subsidiary, Alliance Service, Inc.
Assigned reserves	Reserves that have been designated for mining by a specific operation
ASU	Accounting Standards Update
ASU 2023-07	ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU 2023-09	ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Audit Committee	The audit committee of the Board of Directors
Bankruptcy Code	Title 11 of the United State Code
Basin	A depression in the crust of the Earth, caused by plate tectonic activity and subsidence, in which sediments accumulate. If rich hydrocarbon source rocks occur in combination with appropriate depth and duration of burial, then a petroleum system can develop within the basin. Most basins contain some amount of shale, thus providing opportunities for shale oil & gas exploration and production.
Basis differential	The difference between the spot price of a commodity and the sales price at the delivery point where the commodity is sold
Bbl	Stock tank barrel, or 42 United States gallons liquid volume, used in reference to crude oil or other liquid hydrocarbons
Belvedere	Belvedere Operating, LLC
Belvedere Acquisition	On September 9, 2022, AR Midland acquired approximately 394 net oil & gas royalty acres in the Delaware Basin from Belvedere.
Belvedere Acquisition Date	September 9, 2022
Bituminous coal	Coal used primarily to generate electricity and to make coke for the steel industry with a heat value ranging between 10,500 and 15,500 Btus per pound
BLBA	Federal Black Lung Benefits Act
Bluegrass Minerals	Bluegrass Minerals Management, LLC
Board of Directors	The board of directors of our general partner
BOE	Barrels of oil equivalent, with six Mcf of natural gas being equivalent to one Bbl of crude oil, condensate, or natural gas liquids

Boulders	Boulders Royalty Corp.
Boulders Acquisition	On October 13, 2021, AR Midland acquired approximately 1,480 oil & gas net royalty acres in the Delaware Basin from Boulders.
BSER	Best System of Emission Reduction
Btu	British thermal unit
CAA	Federal Clean Air Act
CAIR	Clean Air Mercury Rule
Cavalier Minerals	Our subsidiary, Cavalier Minerals JV, LLC
CCB	Coal combustion by-products
CCRs	Coal combustion residues
CEO	Chief Executive Officer
CERCLA	Federal Comprehensive Environmental Response, Compensation and Liability Act
CEQ	Council on Environmental Quality
CFO	Chief Financial Officer
CGA	Cawley, Gillespie & Associates, Inc.
Circuit Court	United States Court of Appeals for the District of Columbia
CODM	Chief operating decision maker
Compensation Committee	The compensation committee of the Board of Directors
Compliance coal	Coal which, when burned, emits 1.2 pounds or less of sulfur dioxide per MMBtus, requiring no blending or other sulfur dioxide reduction technologies in order to comply with the requirements of the Federal Clean Air Act
Conflicts Committee	The conflicts committee of the Board of Directors
Continuous miner	A machine used in underground mining to cut coal from the seam and load it onto conveyors or into shuttle cars in a continuous operation
COP26	26th Conference of the Parties
COP27	27th Conference of the Parties
COP28	28th Conference of the Parties
Corps of Engineers	United States Army Corps of Engineers
COSO	Committee of Sponsoring Organizations of the Treadway Commission
CPP	Clean Power Plan
Craft Foundations	Collectively, the Joseph W. Craft III Foundation and the Kathleen S. Craft Foundation


Credit Agreement	The credit agreement entered into by Alliance Coal, as borrower, on January 13, 2023
CSAPR	Cross-State Air Pollution Rule
CSX	CSX Transportation, Inc.
CTO	Chief Technology Officer
CWA	Federal Clean Water Act
DERs	Distribution equivalent rights
Developed acreage	Acreage allocated or assignable to productive wells
Directors’ Deferred Compensation Plan	Alliance Resource Management GP, L.P. Amended & Restated Deferred Compensation Plan for Directors
DMP	Division of Mine Permits
DOL	U.S. Department of Labor
EGUs	Electric generating units
ELG	Effluent Limitations Guidelines and Standards
EPA	United States Environmental Protection Agency
EPU	Earnings per limited partner unit
ESA	Endangered Species Act
EV	Electric vehicle
Excel	Excel Mining, LLC
Exchange Act	Securities Exchange Act of 1934
FASB	Financial Accounting Standards Board
FIPs	Federal Implementation Plans
FMSHA	Federal Mine Health and Safety Act of 1977, as amended by the Federal Mine Improvement and New Emergency Response Act of 2006
Francis	Francis Renewable Energy, LLC
GAAP	Generally Accepted Accounting Principles
GFANZ	Glasgow Financial Alliance for Net Zero
GHG	Greenhouse gas
Gibson	Our subsidiary, Gibson County Coal, LLC
Gibson South	Our subsidiary, Gibson County Coal (South), LLC

Grant Thornton	Grant Thornton LLP
Gross Acres	The total acres in a specified tract in which an owner has a real property interest. For example, an owner who has a 25 percent interest in 100 acres has an ownership interest in 100 gross acres.
Hamilton	Our subsidiary, Hamilton County Coal, LLC
Haymaker	Haymaker Minerals & Royalties II, LLC
High-sulfur coal	Based on market expectations, our classification of coal with a sulfur content of greater than 3%
HLBV	Hypothetical liquidation at book value
Indicated mineral resource (coal)	That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.
Inferred mineral resource (coal)	That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.
Infinitum	Infinitum Electric, Inc.
Intermediate Partnership	Alliance Resource Operating Partners, L.P., the intermediate partnership of Alliance Resource Partners, L.P.
IRAs	Individual retirement accounts
IRS	Internal Revenue Service
Island Creek	Island Creek Coal Company
Jase	Jase Minerals, LP
Jase Acquisition	On October 26, 2022, AR Midland acquired approximately 3,928 net oil & gas royalty acres in the Permian Basin from Jase.
Jase Acquisition Date	October 26, 2022
JC Land	JC Land LLC
JC Resources	JC Resources LP
JC Resources Acquisition	On February 22, 2023, we acquired approximately 2,682 oil & gas net royalty acres in the Delaware Basin from JC Resources LP.

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KYDNR	Kentucky Department of Natural Resources
Long-term contracts	Contracts having a term of one year or greater
Longwall mining	One of two major underground coal mining methods, utilizing specialized equipment to remove nearly all of a coal seam over a very large area.
Low-sulfur coal	Based on market expectations, we classify coal with a sulfur content of less than 1.5%
LTIP	Amended and Restated Alliance Coal, LLC 2000 Long-Term Incentive Plan
MAC	Our subsidiary, Mid-America Carbonates, LLC
Matrix Design	Our subsidiary, Matrix Design Group, LLC
Matrix Group	Collectively our subsidiaries, Alliance Design, ASI and its subsidiary, Matrix Design and its subsidiaries Matrix Design International, LLC, Matrix Design Africa (PTY) LTD, and Matrix Design (Australia) PTY, LTD
MATS	Mercury and Air Toxics Standards
MBbls	Thousand barrels of crude oil or other liquid hydrocarbons
MBOE	One thousand barrels of crude oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate, or natural gas liquids
MC Mining	Our subsidiary, MC Mining, LLC
Mcf	Thousand cubic feet of natural gas
Measured mineral resource (coal)	That part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.
Medium-sulfur coal	Based on market expectations, our classification of coal with a sulfur content of 1.5% to 3%
Metallurgical coal	Coal primarily used in the production of steel
Mettiki	Mettiki Complex, including the Mountain View mine operated by our subsidiary, Mettiki (WV) and the preparation plant operated by our subsidiary, Mettiki (MD)
Mettiki (MD)	Our subsidiary, Mettiki Coal, LLC
Mettiki (WV)	Our subsidiary, Mettiki Coal (WV), LLC
MGP	Alliance Resource Management GP, L.P., ARLP’s general partner
MINER Act	Federal Mine Improvement and New Emergency Response Act of 2006

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Mineral Interest	Mineral interests are real-property interests that are typically perpetual and grant ownership to the oil & gas under a tract of land or the rights to explore for, develop, and produce oil & gas on that land or to lease those exploration and development rights to a third party
Mineral reserve (coal)	An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.
Mineral resource (coal)	A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
MMBtus	Million British thermal units
MMcf	Million cubic feet of natural gas
Mr. Craft	Joseph W. Craft III, the Chairman, President and Chief Executive Officer of MGP
MSHA	Mine Safety and Health Administration
Mt. Vernon	Our subsidiary, Mt. Vernon Transfer Terminal, LLC
NAAQS	National Ambient Air Quality Standards
Named Executive Officers	Our Chairman, President and CEO (our principal executive officer), the Senior Vice President and Chief Financial Officer (our principal financial officer) and the three most highly compensated executive officers in 2023
NEPA	National Environmental Policy Act
Net acres	The actual ownership interest within a specified tract expressed in acres. For example, an owner who has a 50 percent interest in 100 acres owns 50 net acres.
Net royalty acres	Mineral ownership standardized to a 12.5%, or 1/8th, royalty interest
NGFS	Network for Greening the Financial System
NGLs	Natural gas liquids are components of natural gas that are liquid at the surface in field facilities or gas-processing plants. Natural gas liquids can be classified according to their vapor pressures as low (condensate), intermediate (natural gasoline), and high (liquefied petroleum gas) vapor pressure. Natural gas liquids include propane, butane, pentane, hexane, and heptane, but not methane and ethane since these hydrocarbons need refrigeration to be liquefied. The term is commonly abbreviated as NGL.
NGP	NGP Energy Capital Management, LLC
NGP ET IV	NGP Energy Transition, L.P.
NS	Norfolk Southern Railway Company

NSPS	New Source Performance Standards
NSR	New source review
Oil & gas	Crude oil, natural gas, and natural gas liquids
Old Ben	Old Ben Coal Company
Old Ben Leases	Leases originally taken by AMAX Coal Company and Old Ben Coal Company in the mid to late 1970’s and early 1980’s
Operator	The individual or company responsible for the exploration and/or production of a Mineral Interest which, with respect to our Mineral Interests, are unaffiliated third-parties
OSMOWCP	Federal Office of Surface MiningOffice of Workers’ Compensation Programs
PADEP	Pennsylvania Department of Environmental Protection
PAL	Paducah & Louisville Railway, Inc.
Patriot	Patriot Coal Corporation
PCAOB	Public Company Accounting Oversight Board
Peabody	Peabody Energy Corporation
Pension Plan	Alliance Coal, LLC and Affiliates Pension Plan for Coal Employees
PM	Fine particulate matter
Preparation plant	A facility used for crushing, sizing, and washing coal to remove impurities and to prepare it for use by a particular customer
Probable mineral reserve (coal)	The economically mineable part of an indicated and, in some cases, a measured mineral resource
Productive well	A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes
Proved developed reserves (oil & gas)	Proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods
Proved reserves or properties (oil & gas)	Proved reserves are those quantities of oil & gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
Proved undeveloped reserves (oil & gas)	Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion

Proven mineral reserve (coal)	The economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource
PSSP	Profit sharing and savings plan
PUDs	Proved undeveloped reserves
RCRA	Federal Resource Conservation and Recovery Act
Reclamation	The restoration of land and environmental standards to a mining site after the coal is extracted, including returning the land to its approximate original appearance, restoring topsoil, and planting native grass and ground covers
Reserves (oil & gas)	Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market, and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible.
RESPEC	RESPEC Company, LLC
Revolving Credit Facility	The Credit Agreement provides for a $425 million revolving credit facility, which includes a sublimit of $15.0 million for swingline borrowings and permits the issuance of letters of credit up to the full amount of $425 million
RGGI	Regional Greenhouse Gas Initiative agreement
River View	Our subsidiary, River View Coal, LLC
Room-and-pillar mining	One of two major underground coal mining methods, utilizing continuous miners creating a network of "rooms" within a coal seam, leaving behind "pillars" of coal used to support the roof of a mine
Royalty interest	An interest that gives the owner the right to receive a portion of the resources or revenues without having to carry any costs of development or operations
Sebree	Our subsidiary, Sebree Mining, LLC
SEC	United States Securities and Exchange Commission
Securities Act	Securities Act of 1933
Securitization Facility	Certain direct and indirect wholly owned subsidiaries of our Intermediate Partnership are party to a $90.0 million accounts receivable securitization facility.
Senior Notes	An aggregate original principal amount of $400.0 million of senior unsecured notes due 2025 issued on April 24, 2017 by the Intermediate Partnership and Alliance Finance.
SERP	Alliance Coal, LLC Supplemental Executive Retirement Plan
SIPs	State implementation plans
Skyland	Skyland Minerals, L.P.


Skyland Acquisition	On December 7, 2023, we acquired approximately 2,372 oil & gas net royalty acres predominantly in the Anadarko Basin, along with acreage in the Williston and Delaware Basins from Skyland Minerals, L.P. and Haymaker Minerals & Royalties II, LLC.
Skyland Acquisition Date	December 7, 2023
SMCRA	Federal Surface Mining Control and Reclamation Act of 1977
STIP	Alliance Resource Management GP, LLC Short-Term Incentive Plan
Subsidiary Guarantors	Certain subsidiaries of ARLP, including the Intermediate Partnership and most of the direct and indirect subsidiaries of Alliance Coal, guaranteeing the Credit Agreement.
Tax Election	On March 15, 2022, Alliance Minerals changed its federal income tax status from a pass-through entity to a taxable entity via a "check the box" election.
Term Loan	The Credit Agreement provides for a term loan in an aggregate principal amount of $75 million.
Thermal coal	Coal used primarily in the generation of electricity
TMDL	Total Maximum Daily Load
TRRC	Texas Railroad Commission
TRS	Technical Report Summary
Tunnel Ridge	Our subsidiary, Tunnel Ridge, LLC
UIC	Underground Injection Control
Unassigned reserves (coal)	Reserves that have not yet been designated for mining by a specific operation
Undeveloped acreage (oil & gas)	Acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil & gas regardless of whether such acreage contains proved reserves
Unproved reserves or properties (oil & gas)	Properties with no proved reserves. We also consider unproved reserves or properties to be defined as the estimated quantities of oil & gas determined based on geological and engineering data similar to that used in estimates of proved reserves; but technical, contractual, economic, or regulatory uncertainties preclude such reserves from being classified as proved.
USEA	United States Energy Association
USFWS	United States Fish and Wildlife Service
USGA	United States Geological Survey
Valley Camp	Valley Camp Coal Company
VIE	Variable interest entity
VOC	Volatile organic compound
Warrior	Our subsidiary, Warrior Coal, LLC

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Webster	Our subsidiary, Webster County Coal, LLC
Wildcat Insurance	Our subsidiary, Wildcat Insurance, LLC
WKY CoalPlay	WKY CoalPlay, LLC
WKY11	West Kentucky No. 11
WKY6	West Kentucky No. 6
WKY7	West Kentucky No. 7
WKY9	West Kentucky No. 9
WOTUS	Waters of the United States
WVDEP	West Virginia Department of Environmental Protection

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FORWARD-LOOKING STATEMENTS

Certain statements and information in this Annual Report on Form 10-K, and certain oral statements made from time to time by our representatives, constitute "forward-looking statements." These statements are based on our beliefs as well as assumptions made by, and information currently available to, us. When used in this document, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "foresee," "may," "outlook," "plan," "project," "potential," "should," "will," "would," and similar expressions identify forward-looking statements. Without limiting the foregoing, all statements relating to our future outlook, anticipated capital expenditures, future cash flows and borrowings, and sources of funding are forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and reflect our current views with respect to future events and are subject to numerous assumptions that we believe are reasonable, but are open to a wide range of uncertainties and business risks, and actual results could differ materially from those discussed in these statements. Among the factors that could cause actual results to differ from those in the forward-looking statements are:

●

decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.;

●	changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position;

●	changes in global economic and geo-political conditions or changes in industries in which our customers operate;

●	changes in commodity prices, demand and availability which could affect our operating results and cash flows;

●	the outcome or escalation of current hostilities in Ukraine and the Israel-Gaza conflict;

●

the severity, magnitude, and duration of any future pandemics and impacts of such pandemics and of businesses' and governments' responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and Operators, available liquidity and capital sources and broader economic disruptions;

●	actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests;

●	changes in competition in domestic and international coal markets and our ability to respond to such changes;

●	potential shut-ins of production by the Operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity;

●	risks associated with the expansion of our operations and properties;

●	our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom;

●	our ability to identify and invest in new energy and infrastructure transition ventures;

●	the success of our development plans for Matrix Group, and our investments in emerging infrastructure and technology companies;

●	dependence on significant customer contracts, including renewing existing contracts upon expiration;

●	adjustments made in price, volume, or terms to existing coal supply agreements;

●	the effects of and changes in trade, monetary and fiscal policies and laws central bank policy actions including interest rates, bank failures, and associated liquidity risks;

●	the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments;

●	legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care;

●	deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions;

●	investors' and other stakeholders' increasing attention to environmental, social, and governance matters;

●	liquidity constraints, including those resulting from any future unavailability of financing;

●	customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform;

●	customer delays, failure to take coal under contracts or defaults in making payments;

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●	our productivity levels and margins earned on our coal sales;

●	disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests;

●	changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures;

●	changes in our ability to recruit, hire and maintain labor;

●	our ability to maintain satisfactory relations with our employees;

●	increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with workers' compensation claims;

●	increases in transportation costs and risk of transportation delays or interruptions;

●	operational interruptions due to geologic, permitting, labor, weather, supply chain shortage of equipment or mine supplies, or other factors;

●	risks associated with major mine-related accidents, mine fires, mine floods, or other interruptions;

●	results of litigation, including claims not yet asserted;

●	foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad;

●	difficulty maintaining our surety bonds for mine reclamation as well as workers' compensation and black lung benefits;

●	difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities;

●	uncertainties in estimating and replacing our coal mineral reserves and resources;

●	uncertainties in estimating and replacing our oil & gas reserves;

●	uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties;

●	uncertainties in the future of the electric vehicle industry and the market for EV charging stations;

●	the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits;

●	difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program;

●

evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber- or phishing attacks, ransomware, malware, social engineering, physical breaches, or other actions;

●	difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control; and

●	other factors, including those discussed in "Item 1A. Risk Factors" and "Item 3. Legal Proceedings."

If one or more of these or other risks or uncertainties materialize, or should our underlying assumptions prove incorrect, our actual results could differ materially from those described in any forward-looking statement. When considering forward-looking statements, you should also keep in mind our risk factors and legal proceedings. Known material factors that could cause our actual results to differ from those in the forward-looking statements are described in "Item 1A. Risk Factors" and "Item 3. Legal Proceedings." We disclaim any obligation to update or revise any forward-looking statements or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments unless required by law.

You should consider the information above when reading any forward-looking statements contained in this Annual Report on Form 10-K; other reports filed by us with the SEC; our press releases; our websitewww.arlp.com; and written or oral statements made by us or any of our officers or other authorized persons acting on our behalf.

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