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Natural Resource Partners LP Message Board

  • jrad52 jrad52 May 7, 2014 5:01 PM Flag

    OCIR just reported

    OCIR owns 51% of OCI Wyoming and NRP owns the rest. OCIR had a good quarter - most importantly, OCIR had income of $ 10.3 MM and DCF of $ 13.1 MM so NRP's share should also be somewhere around $ 10 MM for GAAP income, and $ 13 MM for DCF. NRP only reports the DCF when OCI Wyoming distributes it to NRP, so there may be some delay in reporting the number but it was a very good quarter for NRP whatever the accounting is.

    In Q1 of last year NRP had zero cash flow from OCI Wyoming because there was no distribution in the Q. I think NRP's share of OCI Wyoming's GAAP income was around $ 7 MM. So Q1 this year was much better all around.

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    • Perhaps I am reading NRP's report wrong, but they seem to be including OCI Wyoming.

      • 3 Replies to dy2
      • I fail to see how NRPs earnings is positive they just barely was able to cover their DCF. All metrics were negative. The only bright spot was OCI and the O&G assets. This is a company going through a very hard time.

      • I just noticed that NRP also filed its 10-Q tonight. If you look at footnote 4, you will see all the detail about NRP's share of things at OCI Wyoming. The difference between NRP's reported share of income and 49% of OCI Wyoming's GAAP income is amortization of purchase price.

      • I don't see that. OCIR consolidates OCI Wyoming (with a carve out at the bottom of the income statement for NRP's interest) and they show $ 116.2 MM of sales and $ 21.6 MM of GAAP net income, and something like $ 26.3 MM for DCF. Actually, when it comes to DCF, OCIR only shows its own piece, so I had to gross that up to get to OCI Wyoming's total.

        NRP shows $ 9.779 of GAAP net income and DCF of $ 11.645 MM from OCI Wyoming, which basically is their 49% share. I think that NRP is amortizing some of its purchase price of the OCI Wyoming interest, which is why GAAP net income is less than 49% of the total.

        So unless I'm missing what you're seeing, NRP seems to be picking up its 49% share, which is correct.

        But there's a few interesting things in the release, some of which may be explained when NRP files its 10-Q. I really wish NRP did earnings calls; it would make life much easier than just guessing about things, which is what I end up doing.

    • Revenue and income met analysts expectations. Not quite enough cash flow to pay the distribution. Good performance! Hope to hear more from you tonight after you have digested results, jrad.

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