Solid first quarter performance. Alliance reported first quarter net income of $36.7 million, or $0.28 per unit compared to $24.7 million, or $0.19 per unit, during the prior year period. The company generated EBITDA of $152.3 million compared to $94.3 million during the prior year period. Results would have been stronger had it not been for transportation constraints that hindered the company’s ability to ship approximately 1.1 million tons of contracted tonnage during the first quarter. These shipments are expected to be delivered throughout the balance of the year. Additionally, financial results were negatively impacted by a $37.3 million one-time non-cash deferred income tax expense and liability to convert the holding company for ARLP’s oil & gas royalty activities, to a corporate taxable entity. Excluding the one-time tax item, adjusted EPU were $0.58.Updating estimates. We have increased our full year GAAP and adjusted EPU estimates to $3.10 and $3.40, respectively, from $2.85 and $3.15. Our estimates reflect continued strength in commodity prices. We forecast 2022 adjusted EBITDA of $744.6 million and distributable cash flow of $515.1 million. Read More >>