Coal reserve landholder Natural Resource Partners LP (NYSE: NRP) announced Jan. 27 that the Board of Directors of its general partner has approved a 1-for-10 reverse unit split on its common units, effective after the market closes on Feb. 17.
The common units will begin trading on a split-adjusted basis on Feb. 18. Under the reverse unit split, common unitholders will receive one common unit for every 10 common units owned at the close of business on Feb. 17. NRP’s common unit count will be reduced from approximately 122.3 million outstanding common units to approximately 12.2 million outstanding common units post-split. NRP’s common units will continue to trade on the New York Stock Exchange under the symbol “NRP” but will trade under a new CUSIP. The reverse split is intended to increase the market price per unit of NRP’s common units to allow NRP to maintain its exchange listing.
Natural Resource Partners is a master limited partnership headquartered in Houston, Texas. NRP is a diversified natural resource company that owns interests in oil and gas, coal, aggregates and industrial minerals across the United States. A large percentage of NRP’s revenues are generated from royalties and other passive income. In addition, NRP owns an equity investment in Ciner Wyoming, a trona/soda ash operation, owns non-operated working interests in oil and gas properties and owns VantaCore, making NRP one of the top 25 aggregates producers in the United States.