2. The statements made by representatives of Natural Resource Partners L.P. (“NRP”) during the course of this
presentation or contained in this presentation that are not historical facts are forward-looking statements.
Although NRP believes that the assumptions contained in this presentation underlying these statements are
reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and
necessarily involve risks that may affect NRP’s business prospects and performance, causing actual results to
differ from those discussed during the presentation.
These risks include, but are not limited to, decreases in demand for coal, aggregates and industrial minerals,
including trona / soda ash, and oil and gas; changes in operating conditions and costs; production cuts by our
lessees; commodity prices; economic and market conditions; unanticipated geologic problems; liquidity and
access to financing sources; changes in the legislative or regulatory environment and other factors detailed in
Natural Resource Partners’ Securities and Exchange Commission filings.
These and other applicable risks and uncertainties have been described more fully in NRP’s most recent Annual
Report on Form 10-K. NRP undertakes no obligation to publicly update any forward-looking statements, whether
as a result of new information or future events.
2
FORWARD LOOKING STATEMENTS
4. • Natural Resource Partners L.P. (“NRP”) is a master limited partnership based in
Houston, Texas
• A diversified natural resource company with interests in oil and gas, coal,
aggregates and industrial minerals across the United States
• 2015 projected revenues of $490 - $535 million1
― Coal: 42%
― Aggregates and Soda Ash: 43%
― Oil and Natural Gas: 12%
― Other: 3%
• Equity market capitalization of approximately $650 million as of April 28, 2015
• Approximately 360 people employed by or providing services to NRP
4
NRP OVERVIEW
1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update
guidance until release of second quarter results.
5. A DIVERSIFIED NATURAL RESOURCES COMPANY
5
• 2.3 billion tons of coal reserves in four coal producing basins, with ~37% of coal revenues
from growing, low-cost Illinois Basin(1)
• Royalty-based business model: Lease reserves to experienced operators under long-term
leases
• Substantially all leases require periodic minimum payments, even if no minerals produced
• Own and lease infrastructure assets including transportation, handling and processing
facilities and receive throughput fees
Coal
Aggregates &
Soda Ash
Oil & Gas
• 792 million tons of aggregates reserves(2)
• One of top 25 aggregates producers in the United States
• Interest in world-class soda ash operation in Green River Basin in Wyoming
• Attractive opportunities for organic growth
• ~4,600 BOEPD net daily production(3)
― ~85% of production from non-operated working interests in the Bakken/Three Forks
― Remaining ~15% from royalty and fee mineral interests primarily located in Oklahoma,
Louisiana and Appalachia
1. Based on 2014 revenues
2. As of 12/31/14
3. Based on 4Q 2014 production from Williston Basin and FY 2014 production from royalty assets
6. Aggressively manage balance sheet to ensure financial strength and
flexibility
• Focus on reducing leverage and improving the balance sheet
― Improve consolidated Debt/Adjusted EBITDA from 4.9x at 12/31/14 to 3.5x by
December 2017(1)
― 75% cut in unitholder distributions commencing May 2015 to free up cash to pay
down debt and enhance liquidity
Will result in cash savings of $130 million on an annualized basis; intended to be
used to repay debt
Plan to reduce debt by $500 million by year-end 2017
─ Enhance liquidity by replacing NRP Operating’s existing revolver due in August 2016
with new facility
• Focus on cost reductions and capital efficiency
• Diversification away from legacy coal business through organic growth of aggregates,
industrial minerals and oil & natural gas assets
6
STRATEGIC PLAN - GOALS AND OBJECTIVES
1. Adjusted EBIDTA is a non-GAAP financial measure. See Appendix for an explanation of
Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income as of December 31,
2014.
9. • North American thermal coal industry in midst of long-term secular decline
(thermal coal accounted for ~66% of NRP coal related revenues during
2014)
― Increasingly stringent environmental regulations
― Lower cost operations, such as those in the Illinois Basin, have
significant advantage over higher cost Appalachian operations
― However, after three years of sub $4.00 natural gas, additional coal-to-
gas switching risk greatly reduced
• North American metallurgical coal industry mired in cyclical trough
(met coal accounted for ~34% of NRP coal related revenues during 2014)
― Excess supply due to weak global growth
― Strong U.S. dollar headwind for U.S. exports
― Cycle will eventually turn
9
CURRENT COAL MARKET
10. NRP’S COAL BUSINESS WELL SUITED FOR MARKET
10
Area Thermal Metallurgical Total
Appalachia 24% 34% 58%
Illinois Basin 37% 0% 37%
PRB & Gulf Coast 5% 0% 5%
Total 66% 34% 100%
• As royalty owner, no direct exposure to
many issues plaguing coal operators
– Labor, pension liabilities, environmental
compliance, capital expenditures, etc.
• Growth in Illinois Basin assets partially
offsetting declines in Appalachia
– Major Illinois lessee Foresight Energy
lowest cost operator in basin
– Recent Foresight/Murray Energy
transaction has potential to increase
production from NRP properties
• Significant minimum royalties with
additional price protection based on floor
royalty structure in most leases
• Metallurgical coal prices appear near
bottom
Coal Related Revenues Allocation - 2014
$207- $221 million Coal Related
Revenues projected for 2015(1)
1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update
guidance until release of second quarter results.
11. FUTURE US ENERGY DEMAND
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Traditional fossil fuels, including coal,
will dominate the future U.S. energy
mix for decades to come
Source: EIA Annual Energy Outlook, 2015
Quadrillion Btu
12. FUTURE U.S. ELECTRICITY GENERATION
12
Source: EIA Annual Energy Outlook, 2015
Trillion Kilowatt hours
14. • Aggregates used primarily in asphalt and concrete
• Demand for aggregates is driven by construction spending, which is tied
to GDP and population growth
• U.S. aggregates production and spending levels have room to grow, as
they are down 30% and 20%, respectively, from their peaks in the mid-
2000s(1)
• NRP aggregates platform provides organic opportunities to grow faster
than broader aggregates market
14
AGGREGATES MARKET
1. Source: USGS annual and quarterly data and U.S. Census Bureau – Construction Put In Place
15. NRP’S AGGREGATES BUSINESS
$163 – $179 million Aggregates
Revenues projected for 2015(1)
Laurel Aggregates – Morgantown, WV
• Serves the energy and construction industries in
southwestern PA, northern WV and eastern OH
• Direct sales from Lake Lynn location and brokered
stone from other 3rd party quarries
Winn Materials/Marine – Clarksville, TN
• Serves four market segments: 1) military; 2)
residential construction; 3) highway and commercial
construction; and 4) industrial and agricultural
manufacturers and suppliers
McIntosh Construction – Clarksville, TN
• Provides base prep, paving and curb construction
services for commercial parking lots, public
highways and other venues
Southern Aggregates – Baton Rouge, LA
• Largest sand and gravel producer in Louisiana with
5 operations / plant facilities that serve: major ready-
mix customers, contractors / utility companies and
specialty sand
Other Aggregates Assets
• NRP owns ~500 million tons of aggregates
reserves, in addition to ORRI, across the U.S. that
generates additional royalty revenue for the
partnership
15
1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update
guidance until release of second quarter results.
16. 16
NRP’S SODA ASH BUSINESS
Steady Free Cash Flow, Significant Growth
Potential and Extensive Reserve Life
• Green River Basin has the world’s largest
deposit of natural trona and supplies over 90% of
the nation’s soda ash
• Soda ash is used in the manufacturing of glass,
detergents, chemicals and other industrial
products
• OCI Wyoming produces trona and refines into
soda ash in Green River Basin of Wyoming
• 60+ year reserve life
• International demand and prices growing
• Expect annual revenues of $49 million to grow
steadily
• Recent comparable transactions imply significant
unlocked value in NRP’s current equity market
valuation (e.g., FMC)
OCI Wyoming LLC Soda Ash Operation
NRP’s 49% ownership interest projected to
generate $47 – $50 million in revenues
for 2015(1)
1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update
guidance until release of second quarter results.
18. NRP’S OIL AND GAS BUSINESS
$56 – $66 million Oil & Gas Revenues projected for 2015 (1)
Diversified Fee Minerals, Royalties & ORRIs
projected to be ~10% of 2015 oil and gas revenues(1)
• ~260,000 leased net mineral and ORRI acres primarily in
Oklahoma, Louisiana and Appalachia
• ~2.4 million unleased net mineral acres
• Net production ~730 BOEPD (80% natural gas) (~15% of
Total)(3)
• Shallow decline legacy production as well as new
development activity targeting unconventional reservoirs
in parts of Appalachia and Mid-Continent
18
Bakken/Three Forks Non-Operated Working
Interests projected to be ~90% of 2015 oil and
gas revenues(1)
• Over 20,000 net acres primarily in the core of the
Bakken/Three Forks, including significant exposure
to the Sanish Field
• Net production ~3,900 BOEPD (~85% of Total)(2)
• Top operators Whiting and EOG operate
approximately 90% of NRP’s oil production(4)
Represents primary area of activity
1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or
update guidance until release of second quarter results.
2. 4Q 2014 average
3. FY 2014 average
4. Based on 4Q 2014 net oil sales
19. NRP – A DIVERSIFIED NATURAL RESOURCE COMPANY
• Diversified natural resource company with interests in long-lived oil and gas,
coal, aggregates and industrial minerals across the United States
• Currently focused on improving the balance sheet and enhancing liquidity
• Distribution cut announced in April will result in cash savings of $130 million on
an annualized basis; intended to be used to reduce debt
• Focus on cost reductions and capital efficiency
• By year-end 2017, balance sheet expected to exhibit strong credit metrics
• Continue to diversify assets through organic growth of aggregates, industrial
minerals and oil and natural gas assets
19
21. NON-GAAP FINANCIAL MEASURE
We refer to Adjusted EBITDA in various places in this presentation. This is a supplemental financial measure that is not required by,
or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”).
Adjusted EBITDA
We define “Adjusted EBITDA” as net income less equity and other unconsolidated investment income; plus distributions from
unconsolidated affiliates, interest expense, gross, depreciation, depletion and amortization, and asset impairments.
Adjusted EBITDA, as used and defined by us, may not be comparable to similarly titled measures employed by other companies and
is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDA should not be considered in isolation or as a
substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other
income or cash flow statement data prepared in accordance with GAAP.
Adjusted EBITDA provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures,
and working capital movement or tax positions. Adjusted EBITDA does not represent funds available for discretionary use because
those funds may be required for debt service, capital expenditures, working capital and other commitments and obligations. Our
management team believes
Adjusted EBITDA is useful in evaluating our financial performance because this measure is widely used by analysts and investors for
comparative purposes. Adjusted EBITDA is a financial measure widely used by investors in the high-yield bond market. There are
significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain
recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of
different companies and the different methods of calculating Adjusted EBITDA reported by different companies.
See next page for a reconciliation of Adjusted EBITDA at December 31, 2014 to net income.
21
22. ADJUSTED EBITDA RECONCILIATION
Fiscal Year
Ending
(millions of dollars) 12/31/2014
Net Income 109
(-) equity and other uncondolidated investment income (41)
(+) distributions from unconsolidated affiliates 47
(+) depreciation, depletion and amortization 80
(+) asset impairments 26
(+) interest expense 80
Adjusted EBITDA 300
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