Financial Data and Key Metrics Changes - The company generated 35millionoffreecashflowinQ12025and214 million over the last twelve months [5] - The current debt stands at 118million,withexpectationsofsignificantincreasesinunitholderdistributionsasdebtispaidoffnextyear[5][6]−NetincomeforthemineralrightssegmentinQ12025was45 million, with operating cash flow at 43millionandfreecashflowat44 million, showing a decrease compared to the prior year's first quarter [11] Business Line Data and Key Metrics Changes - The mineral rights business generated 44millionoffreecashflowinQ12025,butnetincomedecreasedby15 million compared to the previous year due to weaker steel demand [6][12] - The soda ash segment saw a significant decline, with cash distributions from Shisha Jam Wyoming dropping 80% to 3million,attributedtolowsalespricesandhighinventories[7][8]−Thecorporateandfinancingsegmentperformancewasrelativelyflat,withslightimprovementsinoperatingcashflowandfreecashflowduetolowerinterestpayments[13]MarketDataandKeyMetricsChanges−Pricesformetallurgicalcoal,thermalcoal,andsodaashhavedeclinedsignificantly,impactingoverallperformance[5][6]−Thesodaashmarketiscurrentlyexperiencingabearmarket,withpricestradingbelowproductioncostsformanyproducers[8][12]−Internationalsodaashpricinghasdecreasedsignificantlyfromrecordhighsin2023,primarilyduetoweakeneddemandfromtheconstructionandautomobilemarkets[12]CompanyStrategyandDevelopmentDirection−Thecompanyisfocusedondebtreductionandmaintainingasolidcapitalstructure,withcashflowprioritiesincludingliquidityandbalancesheetstrength[18]−Thereisnocurrentplantosellassets,asthecompanypreferstobealong−termholderofitsmineralrights[23]−Thecompanyismonitoringlegislativedevelopmentsbutdoesnotanticipatesignificantimpactsonitsbusinessfromthenewadministration[40]Management′sCommentsonOperatingEnvironmentandFutureOutlook−Managementexpectsweakpricesforkeycommoditiestopersist,whichwillcontinuetoaffectperformance[5][6]−Despitecurrentmarketheadwinds,theoutlookforequityholdersisconsideredbrighterthaninthepastdecade[44]−Thecompanyisoptimisticaboutlong−termopportunitiesincarbonneutralinitiatives,despitecurrentmarketchallenges[10]OtherImportantInformation−Thecompanypaidafourthquarter2024distributionof0.75 per common unit and announced a similar distribution for Q1 2025 [13][14] - The company is making small-scale progress in geothermal, solar, and lithium initiatives [10] Q&A Session Summary Question: Anticipation of future dividends - Management does not have an anticipation for dividends one year from now but prioritizes distributions as cash flow allows [16][17] Question: Opportunities for asset monetization - The company does not plan to sell assets but would consider monetizing if opportunities arise at favorable valuations [23] Question: Future of M&A and coal industry sentiment - Management is focused on executing their current strategy and is not actively pursuing acquisitions at this time [24] Question: Volumes in the Illinois Basin and met coal production - The uptick in volumes is expected to persist, but management acknowledges that prices are at or below marginal costs for many operators, which may lead to production reductions [30][32]