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Note 13 - Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

13.    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, and other related parties, 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.

 

Related party general and administrative expenses included on the Partnership's Consolidated Statement of Comprehensive Income are as follows:

 

  

For the Year Ended December 31,

 

(In thousands)

 

2024

  

2023

  

2022

 

Operating and maintenance expenses

 $7,106  $6,747  $6,694 

General and administrative expenses

  5,420   5,408   4,864 

 

The Partnership had accounts payable to related parties of $0.6 million on its Consolidated Balance Sheets at both  December 31, 2024 and 2023. The Partnership had other current assets of $0.2 million and $0.1 million on its Consolidated Balance Sheets related to a related party prepaid expense at  December 31, 2024 and 2023, respectively.

 

As a result of its office lease with WPPLP, the Partnership had a right-of-use asset and lease liability of $3.4 million and $3.5 million included in other long-term assets, net and other non-current liabilities, on its Consolidated Balance Sheets at December 31, 2024 and 2023, respectively.

 

During the years ended December 31, 2024, 2023 and 2022, the Partnership recognized $0.1 million, $5.1 million and $8.5 million in operating and maintenance expenses, respectively, on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. At December 31, 2024 the Partnership had $0.5 million of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement. This amount was zero for the year ended December 31, 2023.