Natural Resource Partners Reports Q4 Revenue of $248 Million, Reaffirms Full-Year Guidance

Natural Resource Partners reported fourth-quarter revenue of $248 million, reflecting a 5% increase year-over-year, primarily fueled by higher throughput volumes at its natural gas and crude oil transportation networks. The company’s adjusted EBITDA for the quarter reached $132 million, up 7% compared to the same period in 2025, underscoring operational efficiency and capacity utilization gains. The results were supported by sustained demand from key customer contracts, particularly in the Permian Basin and Gulf Coast regions. NRP highlighted that its asset base achieved an average utilization rate of 94% during Q4, a slight improvement from the prior year’s 92%. The company also completed two minor expansion projects, contributing to incremental revenue streams without material capital expenditures. Management reaffirmed its 2026 full-year guidance, projecting adjusted EBITDA between $520 million and $540 million, with distributable cash flow expected to range from $400 million to $420 million. The outlook assumes stable natural gas prices and continued customer commitment across its fee-based contracts, which make up over 90% of its revenue. The announcement prompted modest positive movement in NRP and NRP.A shares, with both trading up 1.8% and 2.1% respectively in after-hours trading. Analysts noted that the results reinforce NRP’s resilience in a volatile energy environment and its ability to deliver consistent returns to unitholders, particularly within the MLP space where steady cash flow is a key valuation driver.