Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - Texas Pacific Land (TPL) is highlighted as a top investment due to its revenue generation from oil and gas royalties [2] Group 2 - The article emphasizes the importance of land as a valuable investment, referencing the saying "Buy land, because they're not making any more of it" [2]

Group 1 - The Conservative Income Portfolio focuses on value stocks with high margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Texas Pacific Land Corporation's valuation has been highlighted as absurd due to demand from the drilling boom, data center hype, and its addition to the S&P 500 [2] Group 2 - Trapping Value consists of a team with over 40 years of combined experience in generating options income while emphasizing capital preservation [3] - The Conservative Income Portfolio is run in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [3] - The Covered Calls Portfolio aims to provide lower volatility income investing with a focus on capital preservation [2]

Company Overview - PrairieSky is a royalty-focused company that generates royalty revenues from petroleum and natural gas production on its properties [3] - The company has a diverse portfolio of properties with a long history of generating free cash flow, representing the largest and most concentrated independently-owned fee simple mineral title position in Canada [3] Upcoming Financial Results - PrairieSky will release its Q2 2025 results on July 14, 2025, after markets close, which will include operating and financial information [1] - Financial statements and management's discussion and analysis will be available on PrairieSky's website and SEDAR+ [1] Conference Call Details - A conference call to discuss the Q2 2025 results will be held on July 15, 2025, at 6:30 am MT (8:30 am ET) for the investment community [2] - Participants are required to register for the conference call, with details provided upon registration [2]

Core Insights - Freehold Royalties Ltd. reported record production levels in Q1-2025, achieving 16,248 boe/d, marking a 10% increase year-over-year [3][11] - The company generated $91 million in revenue and $68 million in funds from operations, translating to $0.42 per share [9][11] - The U.S. operations contributed significantly, with 54% of revenue and 43% of production, driven by premium pricing and higher liquids weighting [3][4] Financial Performance - Revenue for Q1-2025 was $91 million, an 18% increase from the previous quarter and a 23% increase year-over-year [11] - Funds from operations totaled $68 million, up from $61 million in Q4-2024 and $54 million in Q1-2024 [9][11] - The average realized price was $59.29/boe, reflecting a 9% increase from Q4-2024 and an 8% increase from Q1-2024 [11][29] Production and Operations - Total liquids production reached 10,635 bbls/d, an 8% increase from the previous quarter and a 15% increase year-over-year [9][11] - The company maintained its production guidance for 2025 at 15,800 to 17,000 boe/d [6] - A total of 322 gross wells were drilled in Q1-2025, a 12% increase from the previous quarter, with 71% of drilling focused in the U.S. [12][17] Leasing and Acquisitions - Freehold signed 25 new leases in Q1-2025, generating $3.9 million in revenue, with a record $3.3 million from U.S. leases [9][19] - The company completed $13.8 million in land purchases, including $11 million in high-quality undeveloped mineral title lands [11] Dividend and Capital Management - The board declared a monthly dividend of $0.09 per share, with a payout ratio of 65% for Q1-2025 [7][21] - Net debt at the end of Q1-2025 was $272.2 million, reduced by $10.1 million compared to year-end 2024 [21][9] - The company plans to implement a Normal Course Issuer Bid (NCIB) to acquire up to 10% of its issued shares [22][24]

Financial Data and Key Metrics Changes - Net income for the first quarter was $15.9 million with adjusted EBITDA of $82.2 million, maintaining a quarterly distribution of $0.0375 per unit [6][5] - Distributable cash flow for the quarter was $73.7 million, representing a coverage ratio of 0.93 times [6] Business Line Data and Key Metrics Changes - Mineral and royalty production was 34,200 BOE per day, while total production volumes were 35,500 BOE per day, both in line with the previous quarter [6] - In East Texas, Aethon operated three rigs and turned to sales 11 gross wells in 2025, with another 17 expected for the remainder of the year [7][8] Market Data and Key Metrics Changes - The company is encouraged by the strength in natural gas prices, which is expected to drive additional near-term gas-weighted activity [5][11] - The Louisiana Haynesville area saw two incremental high-interest wells turned to sales in March, bringing the total to four under accelerated drilling agreements [8] Company Strategy and Development Direction - The company continues to focus on high-interest acreage in both oil and gas regions, with ongoing development activity expected to benefit from recent acquisitions [6][14] - The acquisition strategy remains focused on the Shelby Trough area, with over $160 million in minerals acquired since September 2023 [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy and outlook across assets, emphasizing the ability to generate long-term value for shareholders [9] - The company is closely monitoring commodity environments and activity trends, indicating a proactive approach to potential market changes [7] Other Important Information - The company has made a seismic license purchase to enhance subsurface evaluation in the expanded Shelby Trough area [6] Q&A Session Summary Question: Activity in the Haynesville given the rerate in natural gas prices - Management is encouraged by the strength in natural gas prices and anticipates increased activity levels across the basin, with ongoing developments expected this year [11][12] Question: Current opportunity set for acquisitions and impact of oil price decrease - The company sees long-term growth opportunities in its acquisition strategy, particularly in natural gas, while remaining open to evaluating other opportunities as they arise [13][14]

Financial Data and Key Metrics Changes - For the full year 2024, total revenues were $2.4 billion, adjusted EBITDA was $714.2 million, net income was $360.9 million, and earnings per unit were $2.77 [5] - Q4 2024 total revenues were $590.1 million, down from $625.4 million in Q4 2023, primarily due to lower coal and oil and gas prices, reduced coal sales volumes, and lower transportation revenues [5][6] - Net income for Q4 2024 was $16.3 million compared to $115.4 million in Q4 2023, reflecting lower coal sales volumes and realized prices [11] Business Line Data and Key Metrics Changes - Total coal production in Q4 2024 was 6.9 million tons, a decrease of 12.4% compared to Q4 2023, while coal sales volumes decreased by 2.3% to 8.4 million tons [7][8] - In the Illinois Basin, coal sales volumes increased by 2.8% compared to Q4 2023 due to increased volumes from specific mines [7] - Royalty segment revenues in Q4 2024 were $48.5 million, down 8.6% compared to Q4 2023, reflecting lower realized oil and gas commodity pricing [9] Market Data and Key Metrics Changes - The average coal sales price per ton for the full year 2024 was $63.38, close to the record level of $64.17 achieved in 2023 [6] - The total coal sales price per ton in Q4 2024 was $59.97, a decrease of 1% year-over-year and 5.7% sequentially [7] - The company anticipates coal sales volumes in 2025 to be in the range of 32.25 to 34.25 million tons, with over 78% of these volumes committed and priced [14] Company Strategy and Development Direction - The company plans to run two production units at MC Mining for all of 2025 to reduce operating costs [8] - Strategic capital improvements were executed at several mines, and the company remains committed to investing in its oil and gas minerals business [12][19] - The company expects improved coal production costs to counterbalance lower market prices, maintaining coal segment margins near 2024 levels [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about gradually improving market fundamentals and the potential for increased domestic sales in 2025 [15][21] - The company highlighted the importance of coal in meeting growing electricity demand and the strategic need for grid reliability [21][22] - Management noted that the new administration's policies are expected to support the continued operation of coal generation assets [23] Other Important Information - The company generated free cash flow of $383.5 million in 2024 after investing $410.9 million in coal operations [12] - The company declared a quarterly distribution of $0.70 per unit for Q4 2024, unchanged from the previous quarter [13] - The fair value of the company's digital assets was approximately $45 million at year-end 2024, positively impacting net income [24] Q&A Session Summary Question: Impact of recent tariffs on ARLP's business - Management indicated uncertainty regarding the impact of tariffs, suggesting that recent announcements appear to be more about negotiation than creating a tariff war [28][30] Question: Confidence in reaching domestic shipment goals - Management expressed confidence in reaching the 30 million ton goal for domestic shipments, with ongoing conversations expected to conclude soon [32][33] Question: Pricing expectations for 2024 - Management noted that pricing is influenced by supply and demand dynamics, with potential upside if weather conditions are favorable [61][62] Question: Changes in the oil and gas segment - Management acknowledged increased competition for acquiring new properties but remains focused on opportunities in the Permian Basin [84][85]