Shares rose 6.3% following Alliance Resource Partners’ Q1 2026 report, as record oil & gas royalty volumes and commodity pricing upside outperformed investor expectations and partially offset coal segment headwinds.

• Total revenues were $516 million, down 4.5% year-over-year, mainly due to lower coal pricing and shipment delays, while royalty revenues rose 16.1% year-over-year.
• Adjusted EBITDA reached $155 million (down 3.1% vs. prior year), bolstered by oil & gas royalties segment EBITDA up over 15% year-over-year and sequentially, with record BOE volumes.
• Coal segment margins and volumes faced pressure: average coal sales price per ton fell 6.5% year-over-year; a $37.8 million noncash impairment was recorded at the Mettiki mine amidst ongoing operational uncertainty.
• Segment adjusted EBITDA per ton rose in Illinois Basin (+1.3% y/y), while declining in Appalachia (-10.8% y/y), reflecting mixed operating expense trends following longwall moves.
• Net leverage remained low at 0.69x; $431.2 million total liquidity supports ongoing operational flexibility amid segment transitions.