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Note 11 - Related Party Transactions
 3 Months Ended
Mar. 31, 2025
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, 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 Three Months Ended March 31,

 

(In thousands)

 

2025

  

2024

 

Operating and maintenance expenses

 $1,793  $1,766 

General and administrative expenses

  1,569   1,303 

 

The Partnership had accounts payable to related parties of $0.5 million on its Consolidated Balance Sheets at March 31, 2025 and $0.6 million at December 31, 2024, respectively. The Partnership had other current assets of $0.1 and $0.2 million on its Consolidated Balance Sheets related to a prepaid expense at  March 31, 2025 and December 31, 2024, respectively. 

 

As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $3.4 million included in other long-term assets, net and other non-current liabilities, respectively on its Consolidated Balance Sheets at both  March 31, 2025 and December 31, 2024.

 

 

During the three months ended March 31, 2025, and 2024, the Partnership recognized $0.1 million and $0.03 million in operating and maintenance expenses, respectively, on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. The Partnership had $0.1 million in accounts payable on its Consolidated Balance Sheets at March 31, 2025 related to this agreement as well as $0.5 million of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement at both March 31, 2025 and December 31, 2024.