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Alliance Resource Partners LP operates coal mines in the Illinois Basin and Appalachia. Coal sales provide most of its revenue, and domestic electric utilities buy the vast majority of its coal to fuel power plants. Most sales are under long-term contracts. Louisville Gas and Electric Company and American Electric Power Company are each significant revenue sources; industrial users and overseas buyers provide smaller outlets.
The company also owns oil and gas mineral interests that it leases to independent operators. It receives lease bonuses and a share of production or sales revenue as royalties, without paying drilling or operating costs. This is a smaller business, and its income depends on whether those operators choose to drill and produce, decisions Alliance largely cannot control.
The coal business depends on utilities continuing to use coal-fired generation, renewing supply contracts, and paying prices that cover mining costs. Natural gas and other energy sources compete with coal, while power-plant emissions rules affect demand. Alliance must also obtain and maintain mining permits and comply with safety, environmental and reclamation requirements that constrain how it operates.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Alliance Resource Partners LP also relies heavily on coal purchases by Louisville Gas and Electric Company, absent from this list but responsible for more than 10% of its 2025 revenue.
Core Natural Resources, Inc. competes with Alliance Resource Partners LP for coal sales to domestic power plants and export customers, with power generation taking most of both companies’ sales tons. Watch Core’s coal sales to electricity producers for a view of the customer demand that matters most to Alliance.
Peabody Energy Corporation and Alliance Resource Partners LP compete directly to sell thermal coal to electricity generators, mostly under long-term supply contracts. Peabody’s contract price reopenings and extensions are worth watching alongside Alliance’s own contract terms.
Hallador Energy Company’s Indiana mines compete with Alliance Resource Partners LP’s Illinois Basin operations for coal orders from Midwestern and Southeastern U.S. power plants. Its coal business, rather than its separate electricity business, is the part to watch when comparing demand from those plants.
American Electric Power Company, Inc. buys coal from Alliance Resource Partners LP for its electricity business and supplied more than 10% of Alliance’s total revenue in 2025. AEP earns money selling and delivering electricity; reductions in its coal purchases or changes to the prices it pays could materially hurt Alliance.
Natural Resource Partners L.P.’s coal mineral interests expose it to coal prices and production, much as Alliance Resource Partners LP’s mines and payments from miners using its coal reserves do. Watch NRP’s mineral-rights income as the closer comparison to Alliance’s coal royalties, rather than its soda ash business.
Alpha Metallurgical Resources, Inc. competes with Alliance Resource Partners LP in coal for steelmaking and some coal for utilities, but depends mainly on steel and coke producers rather than Alliance’s domestic power customers. Its metallurgical coal sales are therefore a comparison for Alliance’s steelmaking coal, not its main electricity-generation market.
Alliance Resource Partners LP earningsThis company
Alliance Resource Partners LP's report will show how coal prices, costs per ton and royalty income combine to shape its profit.
Read coal selling prices alongside cost per ton sold: stable prices with lower costs would show cheaper production and efficiency offsetting pressure as higher-priced contracts roll off; falling prices without cost relief would squeeze mine margins. Then compare oil and gas and coal royalty income with their volumes: rising volumes with steady income would show royalties providing support, while declines in both would leave less of a cushion against coal weakness.
American Electric Power Company, Inc. earningsAEP
American Electric Power's report will show whether its power business continues to support its coal purchases from Alliance Resource Partners LP, a major customer relationship for Alliance.
Look for changes in American Electric Power's generation and coal purchases, and any disclosed purchase volumes or pricing terms. Steady generation and purchases would show a major Alliance customer still supporting coal sales; lower purchases or weaker pricing terms would mean Alliance may struggle to replace that revenue.
