ARLP Sees FY23 Capex at $400M – $460M

2023 Full Year Guidance

Coal Operations

Volumes (Million Short Tons)

Illinois Basin Sales Tons

25.5 — 27.0

Appalachia Sales Tons

10.5 — 11.0

Total Sales Tons

36.0 — 38.0

Committed & Priced Sales Tons

2023 — Domestic/Export/Total

30.1/4.2/34.3

2024 — Domestic/Export/Total

22.4/1.0/23.4

Per Ton Estimates

Coal Sales Price per ton sold (1)

$65.00 — $67.00

Segment Adjusted EBITDA Expense per ton sold (2)

$39.00 — $42.00

Royalties

Oil & Gas Royalties

Oil (000 Barrels)

1,400 — 1,500

Natural gas (000 MCF)

4,750 — 5,250

Liquids (000 Barrels)

565 — 615

Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue)

~ 11.0%

Coal Royalties

Royalty tons sold (Million Short Tons)

20.4 — 22.6

Revenue per royalty ton sold

$3.00 — $3.20

Segment Adjusted EBITDA Expense per royalty ton sold

$1.00 — $1.10

Consolidated (Millions)

Depreciation, depletion and amortization

$290 — $310

General and administrative

$90 — $95

Net interest expense

$31 — $32

Income tax expense

$22 — $24

Total capital expenditures

$400 — $460

Growth capital expenditures

$50 — $60

Maintenance capital expenditures

$350 — $400

Acquisition of oil & gas royalties (3)

$100 — $110