Alliance Resource Partners Shows U.S. Coal Resilience Even as Pressure Points Widen

Alliance Resource Partners reported first-quarter 2026 revenue of US$516.0 million and adjusted EBITDA of US$155.0 million, with lower coal sales pricing partly offset by higher coal sales volumes and record oil and gas royalty revenues.

Net income fell sharply year on year to US$9.1 million, reflecting not only pricing pressure but also a non-cash impairment tied to Mettiki.

The most significant point in the update is that the core coal book remains largely intact. Alliance said more than 95 per cent of expected 2026 coal sales volumes were already committed and priced at the midpoint of guidance, giving the partnership a degree of revenue protection that many bulk commodity producers would value in a weaker price environment.

At the same time, weather-related disruptions delayed roughly 200,000 tons of scheduled shipments, showing how operational friction is still shaping quarterly performance.

The pressure point sits at Mettiki. Earlier in the year the partnership issued WARN notices tied to the Mountain View Mine near Tucker County, West Virginia, and in the first-quarter release it booked a US$37.8 million non-cash impairment because of uncertainty around future operations there.

That leaves Alliance leaning more heavily on the stability of its Illinois Basin base, particularly large mines such as River View, while continuing to benefit from growing royalty income outside coal.