Alliance Resource Partners (ARLP) is a publicly traded MLP and the second largest coal producer in the eastern U.S. ARLP mines and sells bituminous coal from seven underground complexes across Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia, organized into two regions: the Illinois Basin (roughly 79% of tons sold) and Appalachia. Coal is sold primarily to domestic electric utilities under long-term supply agreements, which covered approximately 86.5% of tons sold in 2025. Louisville Gas and Electric and American Electric Power each individually accounted for more than 10% of total revenue. ARLP's coal mining economics are driven by the spread between realized price per ton and cost per ton, with profitability influenced by production volume, longwall move scheduling, and geological conditions. Beyond coal, ARLP owns oil and gas mineral interests across approximately 70,000 net royalty acres, primarily in the Permian, Anadarko, and Williston Basins. These interests generate royalty income from third-party operators, requiring no drilling or operating capital from ARLP. Management is actively expanding this segment through acquisitions, targeting reinvestment of over $100M per year in annual royalty cash flow. ARLP also holds a coal royalties segment through its subsidiary Alliance Resource Properties, which owns the underlying mineral reserves leased to ARLP's mining operations. Beyond its core businesses, ARLP has invested in a coal-fired power plant, operates a mining technology subsidiary (Matrix), and mines bitcoin through its Bitiki subsidiary.