PVR PARTNERS LP 
By RADNOR, Pa., Feb. 13, 2014 /PRNewswire/ -- PVR Partners, L.P. (NYSE: PVR) ("PVR") today reported financial and operational results for the three months and the full year ended December 31, 2013.
(Logo: http://photos.prnewswire.com/prnh/20110224/PH54022LOGO)
Full Year 2013 Results
Full year 2013 highlights and results, with comparisons to full year 2012 results, included the following:
-- Adjusted EBITDA of $314.5 million as compared to $239.0 million.
-- Distributable cash flow ("DCF") of $199.5 million as compared to $146.0
million.
-- Average daily natural gas throughput volumes of 1.8 billion cubic feet
per day ("Bcfd") as compared to 1.0 Bcfd.
-- Coal royalty tons of 25.1 million as compared to 30.2 million.
Adjusted EBITDA and distributable cash flow are not Generally Accepted Accounting Principles ("GAAP") measures. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the financial tables which follow.
Fourth Quarter Results
Fourth quarter 2013 highlights and results, with comparisons to fourth quarter 2012 results ("last year") and the third quarter of 2013 ("last quarter"), included the following:
-- Adjusted EBITDA of $82.4 million as compared to $67.8 million last year
and $79.9 million last quarter.
-- DCF of $51.1 million as compared to $40.7 million last year and $49.5
million last quarter.
-- Average daily natural gas throughput volumes of 2.0 Bcfd as compared to
1.4 Bcfd last year and 1.8 Bcfd last quarter.
-- Coal royalty tons of 6.1 million as compared to 6.6 million last year
and 5.7 million last quarter.
Quarterly Distribution
As previously announced, the Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on February 13, 2014 to common unitholders of record at the close of business on February 7, 2014.
Management Comment
"PVR's fourth quarter financial and operating results were in line with our expectations," said Bill Shea, President and CEO of PVR's general partner. "Adjusted EBITDA for the quarter increased by 21.5% from the fourth quarter of 2012, with the gain driven by new business and additional well connections in our Eastern Midstream segment."
Eastern Midstream Segment
The Eastern Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:
-- Adjusted EBITDA of $49.9 million as compared to $33.1 million last year
and $43.5 million last quarter.
-- Quarterly average throughput volumes of 1.6 Bcfd, as compared to 1.0
Bcfd last year and 1.4 Bcfd last quarter. The volume increase reflected
the continuing growth of business on PVR's gathering and trunkline
systems and completion of internal growth projects.
Midcontinent Midstream Segment
The Midcontinent Midstream Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and the third quarter of 2013, as follows:
-- Adjusted EBITDA of $14.7 million as compared to $14.2 million last year
and $17.1 million last quarter.
-- Quarterly average throughput volumes of 361 million cubic feet per day
("MMcfd"), as compared to 421 MMcfd last year and 381 MMcfd last
quarter. Throughput volumes in the fourth quarter of 2013 were
negatively impacted primarily by weather conditions.
Coal and Natural Resource Management Segment
The Coal and Natural Resource Management Segment reported fourth quarter 2013 results, with comparisons to fourth quarter 2012 results and third quarter 2013 results, as follows:
-- Adjusted EBITDA of $17.8 million as compared to $20.5 million last year
and $19.3 million last quarter. The variances were due to both volume
and realized prices received.
-- Coal royalty tons of 6.1 million tons, as compared to 6.6 million tons
last year and 5.7 million tons last quarter.
-- Coal royalties revenue of $21.1 million, or $3.45 per ton, as compared
to $23.0 million, or $3.47 per ton last year and $20.8 million or $3.66
per ton last quarter.
Capital Investment and Resources
We invested $60.5 million on internal growth projects in our midstream businesses during the fourth quarter of 2013, of which $51.2 million was invested in the Eastern Midstream Segment. Full year 2013 internal growth project investment totaled $338.4 million, including $286.2 million in the Eastern Midstream Segment.
In September and October of 2013, we issued a total of 6.1 million common units, including the over allotment exercise by the underwriter, representing limited partner interests in PVR in a registered public offering. Total net proceeds were approximately $138.0 million, after deducting estimated fees and expenses and underwriting discounts and commissions. In December 2013, we redeemed $127.4 million of our 8.375% Senior Notes. As a result of this redemption, we incurred a charge of $13.7 million related to the call premium and the write-off of unamortized debt issuance costs.
As of December 31, 2013, we had borrowings of $562.5 million under our $1.0 billion revolving credit facility.
Fourth Quarter / Full Year 2013 Financial and Operational Results Conference Call
A conference call and webcast, during which management will discuss full year and fourth quarter 2013 financial and operational results, is scheduled for Thursday, February 13, 2014 at 11:00 a.m. Eastern Time. Prepared remarks by members of company management will be followed by a question and answer period. Interested parties may listen via webcast at http://www.videonewswire.com/event.asp?id=98002 or by logging on using the link posted on our website, www.pvrpartners.com. Participants who would like to ask questions may join the conference via phone by dialing 800-860-2442 (international: 412-858-4600) five to ten minutes before the scheduled start of the conference call (reference the PVR Partners' call). An on-demand replay of the webcast will be available on our website shortly after the conclusion of the call. A telephonic replay of the call will be available through February 20 by dialing 877-344-7529 (international: 412-317-0088) and using conference playback number 10040867.
******
PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties. Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers. Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments. More information about PVR is available on our website at www.pvrpartners.com.
******
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
******
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability to complete the proposed merger with Regency Energy Partners L.P., the timing and success of business development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2012 and most recently filed Quarterly Reports on Form 10-Q. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Stephen R. Milbourne
Director - Investor Relations
Phone: 610-975-8204
E-Mail: invest@pvrpartners.com
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - unaudited
(in thousands, except per unit data)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Natural gas $91,396 $99,462 $374,226 $315,242
Natural gas liquids 115,058 108,377 413,621 424,538
Gathering fees 31,640 19,736 105,115 53,831
Trunkline fees 28,704 18,609 98,847 47,002
Coal royalties 21,085 22,983 88,075 114,133
Gain on sale of assets - - - 31,292
Other 3,763 411 37,602 21,716
Total revenues 291,646 269,578 1,117,486 1,007,754
------- ------- --------- ---------
Expenses
Cost of gas purchased 177,133 176,802 666,239 630,345
Operating 17,951 20,786 67,977 68,316
General and administrative 14,149 12,878 54,508 47,452
Merger and acquisition costs 8,138 - 8,138 14,049
Impairments - - - 124,845
Depreciation, depletion and amortization 49,909 43,043 187,941 127,344
Total expenses 267,280 253,509 984,803 1,012,351
------- ------- ------- ---------
Operating income (loss) 24,366 16,069 132,683 (4,597)
Other income (expense)
Interest expense (27,886) (23,157) (106,248) (68,773)
Loss on extinguishment of debt (13,703) - (13,703) -
Derivatives (510) 90 (1,070) 2,291
Interest income and other 94 128 1,332 457
--- --- ----- ---
Net income (loss) $(17,639) $(6,870) $12,994 $(70,622)
======== ======= ======= ========
Earnings (loss) per common unit, basic $(0.35) $(0.30) $(0.83) $(1.43)
Earnings (loss) per common unit, diluted $(0.37) $(0.30) $(0.83) $(1.43)
Weighted average number of common units outstanding, basic 108,268 93,333 99,304 86,222
Weighted average number of common units outstanding, diluted 112,429 93,333 99,304 86,222
Weighted average number of Class B units outstanding 24,094 22,149 23,372 13,630
Weighted average number of Special units outstanding 4,161 10,346 8,787 6,473
Other data by segment:
Eastern Midstream:
Gathered volumes (MMcfd) 776 562 649 389
Trunkline volumes (MMcfd) (1) 820 405 742 197
Midcontinent Midstream:
Daily throughput volumes (MMcfd) 361 421 379 432
Coal and Natural Resource Management:
Coal royalty tons (in thousands) 6,119 6,630 25,142 30,214
(1) Trunkline volumes include a significant portion of gathered volumes.
PVR PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS - unaudited
(in thousands)
December 31, December 31,
2013 2012
---- ----
Assets
Cash and cash
equivalents $7,298 $14,713
Accounts receivable 147,978 133,546
Assets held for sale - 11,450
Other current assets 6,821 5,446
----- -----
Total current assets 162,097 165,155
Property, plant and
equipment, net 2,189,278 1,989,346
Other long-term
assets 774,295 844,208
Total assets $3,125,670 $2,998,709
========== ==========
Liabilities and
Partners' Capital
Accounts payable and
accrued liabilities $142,225 $197,034
Deferred income 6,214 3,788
Total current
liabilities 148,439 200,822
Other long-term
liabilities 30,595 35,468
Senior notes 1,172,600 900,000
Revolving credit
facility 562,500 590,000
Partners' capital 1,211,536 1,272,419
Total liabilities and
partners' capital $3,125,670 $2,998,709
========== ==========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - unaudited
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Cash flows from operating activities
Net income (loss) $(17,639) $(6,870) $12,994 $(70,622)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Loss on extinguishment of debt 13,703 - 13,703 -
Gain on sale of assets - - (14,302) (31,292)
Depreciation, depletion and amortization 49,909 43,043 187,941 127,344
Impairments - - - 124,845
Commodity derivative contracts:
Total derivative losses (gains) included in net income 510 (90) 1,070 (2,291)
Cash receipts (payments) to settle derivatives for the period (453) (1,701) (766) (10,279)
Non-cash interest expense 1,907 1,607 7,306 5,824
Non-cash unit-based compensation 803 (215) 4,159 4,428
Equity earnings, net of distributions received 2,007 11,166 7,642 11,308
Other (101) (103) (3,460) (1,032)
Changes in operating assets and liabilities (26,313) (36,368) (12,841) (12,972)
------- ------- ------- -------
Net cash provided by operating activities 24,333 10,469 203,446 145,261
------ ------ ------- -------
Cash flows from investing activities
Acquisitions - - (2,334) (850,156)
Additions to property, plant and equipment (69,348) (163,926) (413,451) (512,375)
Joint venture capital contributions (5,100) (15,300) (15,800) (37,200)
Proceeds from sale of assets - - 70,592 62,271
Other 412 378 2,530 1,286
Net cash used in investing activities (74,036) (178,848) (358,463) (1,336,174)
------- -------- -------- ----------
Cash flows from financing activities
Distributions to partners (56,140) (47,740) (214,442) (176,256)
Net proceeds from equity offering 13,401 165,705 138,044 743,448
Proceeds from issuance of senior notes - - 400,000 600,000
Payment to extinguish debt (138,070) - (138,070) -
Repayments (proceeds) from borrowings, net 230,000 55,000 (27,500) 49,000
Cash paid for debt issuance costs (77) - (9,772) (19,206)
Other (14) - (658) -
Net cash provided by financing activities 49,100 172,965 147,602 1,196,986
------ ------- ------- ---------
Net increase (decrease) in cash and cash equivalents (603) 4,586 (7,415) 6,073
Cash and cash equivalents - beginning of period 7,901 10,127 14,713 8,640
Cash and cash equivalents - end of period $7,298 $14,713 $7,298 $14,713
====== ======= ====== =======
PVR PARTNERS, L.P.
CERTAIN NON-GAAP FINANCIAL MEASURES - unaudited
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Reconciliation of Non-GAAP "Total Segment Adjusted EBITDA" to GAAP "Net income (loss)":
---------------------------------------------------------------------------------------
Segment Adjusted EBITDA (a):
Eastern Midstream $49,931 $33,104 $169,227 $82,164
Midcontinent Midstream 14,650 14,167 62,383 52,168
Coal and Natural Resource Management 17,832 20,541 82,850 104,717
Total segment adjusted EBITDA $82,413 $67,812 $314,460 $239,049
Adjustments to reconcile total Segment Adjusted EBITDA to Net income (loss)
Depreciation, depletion and amortization (49,909) (43,043) (187,941) (127,344)
Impairments on PP&E and equity investments - (8,700) - (133,545)
Merger and acquisition costs (8,138) - (8,138) (14,049)
Gain on sale of assets - - 14,302 31,292
Interest expense (27,886) (23,157) (106,248) (68,773)
Loss on extinguishment of debt (13,703) - (13,703) -
Derivatives (510) 90 (1,070) 2,291
Other 94 128 1,332 457
Net income (loss) $(17,639) $(6,870) $12,994 $(70,622)
======== ======= ======= ========
Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Distributable cash flow":
---------------------------------------------------------------------------------
Net income (loss) $(17,639) $(6,870) $12,994 $(70,622)
Depreciation, depletion and amortization 49,909 43,043 187,941 127,344
Impairments on PP&E and equity investments - 8,700 - 133,545
Merger and acquisition costs 8,138 - 8,138 14,049
Gain on sale of assets - - (14,302) (31,292)
Loss on extinguishment of debt 13,703 - 13,703 -
Derivative contracts:
Derivative (gains) losses included in net income 510 (90) 1,070 (2,291)
Cash payments to settle derivatives for the period (453) (1,701) (766) (10,279)
Equity earnings from joint ventures, net of distributions 2,007 2,466 7,642 2,608
Maintenance capital expenditures (5,047) (4,821) (16,905) (17,018)
------ ------ ------- -------
Distributable cash flow (b) $51,128 $40,727 $199,515 $146,044
======= ======= ======== ========
Distribution to Partners:
-------------------------
Total cash distribution paid during the period $56,140 $47,740 $214,442 $176,256
======= ======= ======== ========
Reconciliation of GAAP "Net income (loss)" to Non-GAAP "Net income as adjusted":
--------------------------------------------------------------------------------
Net income (loss) $(17,639) $(6,870) $12,994 $(70,622)
Impairments on PP&E and equity investments - 8,700 - 133,545
Acquisition related costs 8,138 - 8,138 14,049
Gain on sale of assets - - (14,302) (31,292)
Loss from extinguishment of debt 13,703 - 13,703 -
Adjustments for derivatives:
Derivative (gains) losses included in net income 510 (90) 1,070 (2,291)
Cash payments to settle derivatives for the period (453) (1,701) (766) (10,279)
Net income, as adjusted (c) $4,259 $39 $20,837 $33,110
====== === ======= =======
(a) Segment Adjusted EBITDA, or earnings
before interest, tax and depreciation,
depletion and amortization ("DD&A"),
represents net income plus DD&A, plus
impairments, plus merger and acquisition
costs, minus gain on sale of assets, plus
interest expense, plus loss on
extinguishment of debt, (plus) minus
derivative (losses) gains and minus other
items included in net income. We believe
EBITDA or a version of Adjusted EBITDA is
commonly used by investors and
professional research analysts in the
valuation, comparison, rating and
investment recommendations of companies
in the natural gas midstream and coal
industries. We use this information for
comparative purposes within the industry.
Adjusted EBITDA is not a measure of
financial performance under GAAP and
should not be considered as a measure of
liquidity or as an alternative to net
income.
(b) Distributable cash flow represents net
income (loss) plus DD&A, plus
impairments, plus merger and acquisition
costs, minus gain on sale of assets, plus
loss on extinguishment of debt, plus
(minus) derivative losses (gains)
included in net income, plus (minus) cash
received (paid) for derivative
settlements, minus equity earnings in
joint ventures, plus cash distributions
from joint ventures, minus maintenance
capital expenditures. At management's
discretion, a fixed amount of $1.8
million per quarter in 2013 and $1.3
million per quarter in 2012 has been
included in maintenance capital for well
connects. Distributable cash flow is also
the quantitative standard used by
investors and professional research
analysts in the valuation, comparison,
rating and investment recommendations of
publicly traded partnerships.
Distributable cash flow is presented
because we believe it is a useful adjunct
to net cash provided by operating
activities under GAAP. Distributable cash
flow is not a measure of financial
performance under GAAP and should not be
considered as an alternative to cash
flows from operating, investing or
financing activities, as an indicator of
cash flows, as a measure of liquidity or
as an alternative to net income. For
comparative purposes, prior year amounts
exclude replacement capital expenditures.
(c) Net income, as adjusted, represents net
income adjusted to exclude the effects of
non-cash impairment charges, one-time
charges related to merger and acquisition
costs, minus gain on sale of assets,
plus loss from extinguishment of debt,
and changes in the fair value of
derivatives. We believe this presentation
is commonly used by investors and
professional research analysts in the
valuation, comparison, rating and
investment recommendations of companies
in the natural gas midstream industry. We
use this information for comparative
purposes within the industry. Net income,
as adjusted, is not a measure of
financial performance under GAAP and
should not be considered as a measure of
liquidity or as an alternative to net
income.
PVR PARTNERS, L.P.
QUARTERLY SEGMENT INFORMATION - unaudited
(in thousands)
Eastern Midstream
-----------------
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Gathering fees $30,999 $18,659 $102,161 $46,975
Trunkline fees 28,704 18,608 98,847 47,002
Other (540) 2,686 (791) 5,373
Total revenues 59,163 39,953 200,217 99,350
------ ------ ------- ------
Expenses
Operating 3,128 3,121 11,173 7,332
General and administrative 6,104 3,728 19,817 9,854
Merger and acquisition costs 2,713 - 2,713 14,049
Depreciation, depletion and amortization 26,512 20,391 97,973 42,713
Total expenses 38,457 27,240 131,676 73,948
------ ------ ------- ------
Operating income $20,706 $12,713 $68,541 $25,402
======= ======= ======= =======
Midcontinent Midstream
----------------------
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Natural gas $91,396 $99,462 $374,226 $315,242
Natural gas liquids 115,058 108,377 413,621 424,538
Gathering fees 641 1,078 2,954 6,856
Gain on sale of plant - - - 31,292
Other (1) 181 (8,247) 16,364 (6,205)
Total revenues 207,276 200,670 807,165 771,723
------- ------- ------- -------
Expenses
Cost of gas purchased 177,133 176,802 666,239 630,345
Operating 10,922 12,567 43,441 44,209
General and administrative 4,571 5,834 20,800 22,409
Merger and acquisition costs 2,713 - 2,713 -
Impairments - - - 124,845
Depreciation, depletion and amortization 16,130 14,609 61,809 51,829
Total expenses 211,469 209,812 795,002 873,637
------- ------- ------- -------
Operating income (loss) $(4,193) $(9,142) $12,163 $(101,914)
======= ======= ======= =========
Coal and Natural Resource Management
------------------------------------
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
Revenues
Coal royalties $21,085 $22,983 $88,075 $114,133
Coal services 146 1,038 2,698 5,621
Timber 1,176 1,620 5,644 5,904
Oil and gas royalties 1,165 691 3,410 2,856
Other 1,635 2,623 10,277 8,167
Total revenues 25,207 28,955 110,104 136,681
------ ------ ------- -------
Expenses
Operating 3,901 5,098 13,363 16,775
General and administrative 3,474 3,316 13,891 15,189
Merger and acquisition costs 2,712 - 2,712 -
Depreciation, depletion and amortization 7,267 8,043 28,159 32,802
Total expenses 17,354 16,457 58,125 64,766
------ ------ ------ ------
Operating income $7,853 $12,498 $51,979 $71,915
====== ======= ======= =======
(1) Includes a $14.3 million third quarter 2013 gain on sale of assets and a $8.7 million impairment charge related to an equity investment in the fourth quarter of 2012.
PVR PARTNERS, L.P.
OPERATING STATISTICS
($ Amounts in 000s)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2013 2012 2013 2012
---- ---- ---- ----
EASTERN MIDSTREAM
-----------------
Volumes (MMcfd)
Lycoming Trunkline 303 200 318 146
Wyoming Trunkline 517 205 424 51
--- --- --- ---
Total Trunkline Volume 820 405 742 197
--- --- --- ---
Lycoming Gathering 286 246 249 170
Wyoming Gathering 308 205 225 154
East Lycoming Gathering 122 92 117 53
Bradford Gathering 52 15 50 9
Preston Gathering 1 - - -
Greene Gathering 7 4 8 3
--- --- --- ---
Total Gathering 776 562 649 389
--- --- --- ---
Total Throughput 1,596 967 1,391 586
===== === ===== ===
Total Trunkline Fees $28,704 $18,608 $98,847 $47,002
Total Gathering Fees $30,999 $18,659 $102,161 $46,975
Trunkline Fees / Mcf $0.38 $0.50 $0.36 $0.65
Gathering Fees / Mcf $0.43 $0.36 $0.43 $0.33
MIDCONTINENT MIDSTREAM
----------------------
Volumes (MMcfd)
Panhandle System 310 369 327 354
Crossroads System (1) - - - 27
Crescent System 29 28 29 25
Hamlin System 6 6 6 7
--- --- --- ---
Total Processing Systems 345 403 362 413
Arkoma System 8 9 9 9
North Texas System 8 9 8 10
--- --- --- ---
Total Gathering Only Systems 16 18 17 19
Total All Systems 361 421 379 432
=== === === ===
Total Gathering and Processing Fees, Net(2) $29,962 $32,115 $124,562 $116,291
Fees Per Mcf $0.90 $0.83 $0.90 $0.74
(1) Crossroads System was sold July 3, 2012
(2) Processing fees include revenues from natural gas, natural gas liquids and gathering fees less cost of gas purchased
COAL PRODUCTION
---------------
Coal royalty tons by region (000s)
Central Appalachia 2,251 2,830 10,261 13,920
Northern Appalachia 938 1,093 3,320 4,004
Illinois Basin 629 782 2,382 3,682
San Juan Basin 2,301 1,925 9,179 8,608
----- ----- ----- -----
Total Tons 6,119 6,630 25,142 30,214
===== ===== ====== ======
Total Coal Royalties $21,085 $22,983 $88,075 $114,133
======= ======= ======= ========
Average Coal Royalty per ton $3.45 $3.47 $3.50 $3.78
SOURCE PVR Partners, L.P.
