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Note 11 - Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

11.    Related Party Transactions

 

Affiliates of our General Partner

 

The Partnership’s general partner does not receive any management fee or other compensation for its management of NRP. However, in accordance with the partnership agreement, the general partner and its affiliates are reimbursed for services provided to the Partnership and for expenses incurred on the Partnership’s behalf. Employees of Quintana Minerals Corporation ("QMC") and Western Pocahontas Properties Limited Partnership ("WPPLP"), affiliates of the Partnership, provide their services to manage the Partnership's business. QMC and WPPLP charge the Partnership the portion of their employee salary and benefits costs related to their employee services provided to NRP. These QMC and WPPLP employee management service costs are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income. NRP also reimburses overhead costs incurred by its affiliates, including Quintana Infrastructure Development ("QID"), to manage the Partnership's business. These overhead costs include certain rent, information technology, administration of employee benefits and other corporate services incurred by or on behalf of the Partnership’s general partner and its affiliates and are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

 

Direct general and administrative expenses charged to the Partnership by QMC, WPPLP and QID are included on the Partnership's Consolidated Statement of Comprehensive Income as follows:

 

  For the Three Months Ended September 30,  For the Nine Months Ended September 30, 

(In thousands)

 

2023

  

2022

  

2023

  

2022

 

Operating and maintenance expenses

 $1,663  $1,687  $5,094  $5,044 

General and administrative expenses

  1,287   1,195   3,860   3,660 

 

The Partnership had accounts payable to QMC of $0.4 million on its Consolidated Balance Sheets at both  September 30, 2023 and December 31, 2022, and $0.3 million and $1.0 million of accounts payable to WPPLP at September 30, 2023 and December 31, 2022, respectively.

 

During the three months ended September 30, 2023 and 2022, the Partnership recognized $1.1 million and $2.2 million, respectively, in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. These amounts were $5.1 million and $6.5 million during the nine months ended September 30, 2023 and 2022, respectively.