PVR and NRP used to be very similar operations - coal royalties, altho NRP was way heavier in met coal. As coal has suffered, NRP expanded into timber, aggregates and soda ash, all with a royalty-type of business model. PVR went big time into midtream oil & gas in the Marcellus.
Anyway, both NRP and PVR recently announced Q4 results, and here I'm focusing entirely on coal, since that's what matters to NRP. NRP's weren't that great, but considering the coal business, they were OK - production way up, royalty rate way down and basically flat revenue.
PVR's results showed production way down, royalty rate way down, and revenues way down.
As I said, PVR has no met coal to speak of. But someone at NRP made the decision years ago to focus on met coal, and whoever made that decision deserves a lot of thanks today. Second, the investments that NRP made in coal properties were designed to move the company from Appalachia to Illinois Basin. PVR didn't do this to the same extent, and as CAPP in particular has tanked for both companies, it has hurt PVR way more than NRP. The coming CAPP problems may have been foreseeable, but it appears only NRP really acted on the forecast. Again, kudos to management.
I guess my real point is that as bad as things look for 2013, they could be worse for NRP. Sort of the prettiest house in a real ugly neighborhood (altho I still like ARLP better and don't own any of these companies right now).