8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): August 6, 2007

NATURAL RESOURCE PARTNERS L.P.

(Exact name of registrant as specified in its charter)

Delaware	001-31465	35-2164875
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
601 Jefferson, Suite 3600
Houston, Texas		77002
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (713) 751-7507

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 7.01. Regulation FD Disclosure.
	Item 9.01 Financial Statements and Exhibits.
	SIGNATURES
Index To Exhibits
Press Release

Item 2.02. Results of Operations and Financial Condition.

     In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibits referenced therein are being furnished pursuant to Item 2.02 of Form 8-K and are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

     On August 6, 2007, Natural Resource Partners L.P. announced via press release its earnings and operating results for the second quarter of 2007. A copy of NRP’s press release is attached hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

     In accordance with General Instructions B.2. and B.6 of Form 8-K, the following information and the exhibit referenced therein are being furnished under Item 7.01 of Form 8-K and are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

     On August 6, 2007, Natural Resource Partners L.P. announced via press release its guidance for the remainder of 2007. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     99.1   Natural Resource Partners L.P. press release dated as of August 6, 2007.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NATURAL RESOURCE PARTNERS L.P. (Registrant)
By:	NRP (GP) LP its General Partner
By:	GP Natural Resource Partners LLC its General Partner
	/s/ Wyatt L. Hogan
	Wyatt L. Hogan
	Vice President and General Counsel

     Dated: August 6, 2007

Index To Exhibits

     99.1   Natural Resource Partners L.P. press release dated as of August 6, 2007.

EX-99.1

Natural Resource Partners L.P.
601 Jefferson St., Suite 3600, Houston, TX 77002

NEWS RELEASE

Natural Resource Partners L.P.
Reports Second Quarter 2007 Results

Second Quarter Highlights:

• Record distributable cash flow of $43.5 million, up 44% over 2Q06

• Record revenues of $51.1 million, up 25%

• Net income attributable to limited partners of $18.1 million, down 17% to $0.28 per unit

• Increases distribution for sixteenth consecutive quarter to $0.465 per unit

• Lowers distributable cash flow guidance to $135-$150 million for remainder of 2007 due to production delays at three newly acquired operations

HOUSTON, August 6, 2007 – Natural Resource Partners L.P. (NYSE:NRP and NYSE:NSP) today reported record distributable cash flow, a non-GAAP measure, of $43.5 million, up 44% from the $30.2 million reported for the second quarter 2006. Net income attributable to the limited partners decreased to $18.1 million, or $0.28 per unit, for the second quarter of 2007, compared to $21.8 million, or $0.43 per unit, for the second quarter of 2006.

“The performance of the majority of our lessees is at or above forecast and we expect coal prices to continue to improve over the remainder of the year, but our year-end results will be negatively impacted by operational issues associated with properties acquired in two recent transactions,” said Nick Carter, President and Chief Operating Officer. “We expect improvements to occur at these operations over the next year, however, and we remain optimistic about 2008.”

Highlights

	2Q07		1Q07		2Q06
	(in thousands except per ton and per unit)
Coal Production:		13,573		13,510		13,374
Coal Royalty Revenues:	$	40,733	$	40,973	$	36,527
Average coal royalty revenue per ton:	$	3.00	$	3.03	$	2.73
Total revenues:	$	51,097	$	50,207	$	40,982
Net income to limited partners:	$	18,145	$	17,779	$	21,848
Average units outstanding in quarter:		64,886		63,295		50,681
Net income per unit:	$	0.28	$	0.28	$	0.43
Distributable cash flow:	$	43,511	$	28,343	$	30,210

Page 2 of 12

NRP Reports 2nd Quarter 2007 Results

SecondQuarter and Year-to-Date Results

Excluding the properties acquired in the Cline and Dingess-Rum acquisitions, both production and revenues were ahead of NRP’s first half forecast, bolstered by the strong performance of the other assets we acquired during the last year.

Total revenues increased 25% to a record $51.1 million for the second quarter of 2007, compared to $41.0 million reported for the same period last year. Second quarter 2007 coal royalty revenues increased 12% to $40.7 million from $36.5 million last year as the partnership continued to experience increased coal royalty revenues per ton in all regions, with an overall average coal royalty revenue per ton of $3.00. Total production for the partnership in the second quarter was 13.6 million tons compared to 13.4 million tons in 2006.

Total revenues increased 16% over the first six months of 2006 to $101.3 million, while distributable cash flow increased 11% over the same period. Coal royalty revenues increased 8% to $81.7 million, largely the result of improved pricing, as NRP’s total production remained essentially flat over the six month comparative period at approximately 27 million tons.

Aggregate royalties, coal processing fees, and transportation fees, new lines of business for NRP, generated approximately $3.9 million in the second quarter of 2007.

Total expenses increased $9.0 million to $22.0 million in the second quarter. Depreciation, depletion and amortization, a non-cash item, accounted for $5.3 million, or approximately 60% of the increase, primarily as a result of acquisitions during the last year. General and administrative expenses increased by $2.2 million due to accruals under our long term incentive plan and additional staff. Property, franchise and other taxes increased $1.4 million mainly due to taxes on properties acquired since last year, a significant portion of which are offset by reimbursements from our lessees, which are recorded in revenues.

Interest expense increased $3.4 million over second quarter last year to $7.1 million due to additional borrowings associated with acquisitions completed during the last year.

While total revenues for the second quarter increased by $10.1 million, net income attributable to the limited partners decreased $3.7 million to $18.1 million. For the six month period, net income attributable to the limited partners decreased 24% to $35.9 million, or $0.56 per unit. The decreases in net income are mainly due to increases in depreciation, depletion and amortization as well as interest on NRP’s recent acquisitions. In addition, approximately 14.2 million additional units were issued during the time period, and as distributions to all unitholders increase, a larger percentage of the total distributions and net income is allocated to the holders of the incentive distribution rights, including NRP’s general partner.

Page 3 of 12

NRP Reports 2nd Quarter 2007 Results

Discussion of Recently Acquired Properties

The Cline properties we acquired have experienced delays while ramping up to full production. The Gatling operation in Northern Appalachia encountered initial unexpected geologic problems, but as mining has progressed, conditions have improved significantly. In addition, Cline is making operational changes in an effort to achieve the production levels originally anticipated. Those production levels likely will not be reached, however, until sometime in 2008.

At the Williamson operation in Illinois, the mine is currently at full production during the development phase of the longwall, but the delays that occurred in the early mine development will result in the longwall not starting production until early 2008. In addition, because NRP’s royalty is paid when coal is shipped rather than when mined and Cline has been stockpiling coal at the mine as it negotiates sales contracts with utilities, NRP’s revenues from Williamson were lower than expected in the first half. NRP expects to receive significantly higher royalty payments and transportation fees from the Williamson mine in the second half of the year as several contracts were recently finalized.

Similarly, as reported in the first quarter, one of our lessees on the properties acquired from Dingess-Rum encountered difficult operating conditions in its longwall mine and is in the process of changing the mine plan. The change will cause a reduction in production levels and coal royalty revenues in the short term, but NRP anticipates that this mine will return to full operation with the longwall sometime in 2008. The lessee’s surface mines also experienced temporary shut-downs in the second quarter resulting from several factors, including lower shipments, stockpiles at capacity, and the recent judicial decision in West Virginia regarding the permitting of valley fills. Most of the mines have now resumed normal production and are expected to produce for the remainder of 2007.

“We remain confident that these acquisitions will be large positive contributors to revenues when these issues have been resolved,” said Corbin J. Robertson, Jr., Chairman and Chief Executive Officer. “The reserves that we acquired are economically recoverable and should provide significant distributable cash flow in the future.”

Outlook and Updated Guidance

The Williamson mine is now producing at the development rate forecasted and the longwall will be in production in early 2008, which is 3 months later than originally forecasted. Production at the Gatling operation is increasing, and Cline is making the appropriate adjustments to achieve the projected production rate in 2008. The mine change plans at the Dingess-Rum property will occur over the next year and when completed, NRP projects that production will return to the forecasted levels.

“We believe that the right operational decisions are being made by our lessees and we will continue to closely monitor these mines,” said Nick Carter.

Page 4 of 12

NRP Reports 2nd Quarter 2007 Results

Primarily as a result of the production issues at the Gatling, Williamson and Dingess-Rum properties, offset somewhat by improving prices on other operations, NRP is lowering guidance for the remainder of the year. NRP now anticipates 2007 total revenues to range from $205 million to $224 million, with 2007 distributable cash flow between $135 million and $150 million. A table is attached with further guidance on various financial metrics.

Distributions

On July 18, the partnership announced its sixteenth consecutive increase in its quarterly distribution to $0.465 per unit or $1.86 on an annualized basis, a 2.2% increase over the first quarter 2007 distribution and a 13.4% increase over the second quarter distribution last year. The distribution will be paid on August 14, 2007 to unitholders of record on August 1, 2007.

Capital Structure and Acquisitions

In the second quarter, three events affected the capital structure of the partnership: an acquisition, a two-for-one unit split, and a change in the New York Stock Exchange rules. On April 2, 2007, NRP issued an additional 250,000 units and paid $10.2 million in cash for the Mettiki coal reserve acquisition from Western Pocahontas Properties, a partnership controlled by our chairman, Corbin J. Robertson, Jr. On April 18, the partnership completed a two-for-one split on all outstanding units. Finally, as a result of a change in the New York Stock Exchange listing standards on May 22, 2007, the currently outstanding Class B units automatically converted into common units. NRP currently has 53,537,502 common units and 11,353,634 subordinated units outstanding following all the transactions listed above.

In a separate transaction, NRP paid $8.4 million of a total of $16.2 million for a coal preparation plant located in Eckman, WV that is currently under construction.

Company Profile

Natural Resource Partners L.P. is headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is a master limited partnership that is principally engaged in the business of owning and managing coal properties, and coal handling and transportation infrastructure in the three major coal producing regions of the United States: Appalachia, the Illinois Basin and the Powder River Basin. In addition, the partnership also manages aggregate reserves, oil and gas properties and timber assets across the United States. The common units are traded on the New York Stock Exchange (NYSE) under the symbol NRP and the subordinated units are traded on the NYSE under the symbol NSP.

Page 5 of 12

NRP Reports 2nd Quarter 2007 Results

For additional information, please contact Kathy Hager at 713-751-7555 or khager@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Disclosure of Non-GAAP Financial Measures

Distributable cash flow represents cash flow from operations less actual principal payments and cash reserves set aside for scheduled principal payments on the senior notes. Distributable cash flow is a “non-GAAP financial measure” that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP’s ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. A reconciliation of distributable cash flow to net cash provided by operating activities is included in the tables attached to this release. Distributable cash flow may not be calculated the same for NRP as other companies.

Forward Looking Statements

This press release may include “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements include the 2007 outlook. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, decreases in demand for coal; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

07-19                                                                                  -Financial statements follow-

Page 6 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Operating Statistics
(In thousands except per ton data)
(Unaudited)

	Three months ended				For the six months ended
	June 30,				June 30,
	2007		2006		2007		2006
Coal Royalties:
Coal royalty revenues:
Appalachia
Northern	$	4,353	$	2,730	$	7,123	$	6,038
Central		28,339		24,543		58,586		50,385
Southern		4,989		5,133		9,028		10,617
Total Appalachia	$	37,681	$	32,406	$	74,737	$	67,040
Illinois Basin		1,365		1,704		2,479		3,656
Northern Powder River Basin		1,687		2,417		4,490		4,941
Total	$	40,733	$	36,527	$	81,706	$	75,637
Coal royalty production (tons):
Appalachia
Northern		1,901		1,482		3,235		3,214
Central		8,855		7,982		18,095		16,176
Southern		1,297		1,436		2,330		2,862
Total Appalachia		12,053		10,900		23,660		22,252
Illinois Basin		659		977		1,161		2,140
Northern Powder River Basin		861		1,497		2,261		2,998
Total		13,573		13,374		27,082		27,390
Average royalty revenue per ton:
Appalachia
Northern	$	2.29	$	1.84	$	2.20	$	1.88
Central		3.20		3.07		3.24		3.11
Southern		3.85		3.58		3.87		3.71
Total Appalachia		3.13		2.97		3.16		3.01
Illinois Basin		2.07		1.74		2.14		1.71
Northern Powder River Basin		1.96		1.61		1.99		1.65
Combined average royalty revenue per ton	$	3.00	$	2.73	$	3.02	$	2.76
Aggregates:
Royalty revenues	$	1,944		—	$	3,689		—
Production:		1,531		—		2,872		—
Average base royalty per ton:	$	1.27		—	$	1.28		—

Page 7 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Consolidated Statements of Income
(In thousands, except per unit data)

	Three months ended						For the six months ended
	June 30,						June 30,
	2007			2006			2007			2006
	(Unaudited)						(Unaudited)
Revenues:
Coal royalties	$	40,733		$	36,527		$	81,706		$	75,637
Aggregate royalties		1,944			—			3,689			—
Coal processing fees		1,112			—			2,030			—
Transportation fees		845						1,306			—
Oil and gas royalties		1,278			928			2,536			2,647
Property taxes		2,645			1,546			4,873			3,295
Minimums recognized as revenue		331			250			785			621
Override royalties		1,023			181			2,041			484
Other		1,186			1,550			2,338			4,826
Total revenues		51,097			40,982			101,304			87,510
Operating costs and expenses:
Depreciation, depletion and amortization		12,527			7,236			24,279			15,089
General and administrative		5,559			3,420			12,193			7,535
Property, franchise and other taxes		3,524			2,099			6,625			4,344
Transportation costs		27			—			70			—
Coal royalty and override payments		382			263			668			954
Total operating costs and expenses		22,019			13,018			43,835			27,922
Income from operations		29,078			27,964			57,469			59,588
Other income (expense)
Interest expense		(7,133	)		(3,675	)		(14,460	)		(7,293	)
Interest income		686			755			1,503			1,273
Net income	$	22,631		$	25,044		$	44,512		$	53,568
Net income attributable to: (1)
General partner	$	3,074		$	2,253		$	5,893		$	4,348
Holders of incentive distribution rights	$	1,412		$	943		$	2,695		$	1,764
Limited partners	$	18,145		$	21,848		$	35,924		$	47,456
Basic and diluted net income per limited partner unit:
Common	$	0.28		$	0.43		$	0.56		$	0.94
Subordinated	$	0.28		$	0.43		$	0.56		$	0.94
Class B	$	0.28		$	—		$	0.56		$	—
Weighted average number of units outstanding:
Common		52,925			33,651			51,914			33,651
Subordinated		11,354			17,030			11,354			17,030
Class B		607			—			826			—

⁽¹⁾ Net income is allocated among the limited partners, the general partner and holders of the incentive distribution rights (IDRs) based upon their pro rata share of distributions. The IDRs are allocated 65% to the general partner and the remaining 35% to affiliates of the general partner. The IDRs allocated to the general partner are included in the net income attributable to the general partner.

Page 8 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Statements of Cash Flows
(In thousands)

	Three months ended						For the six months ended
	June 30,						June 30,
	2007			2006			2007			2006
	(Unaudited)						(Unaudited)
Cash flows from operating activities:
Net income	$	22,631		$	25,044		$	44,512		$	53,568
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		12,527			7,236			24,279			15,089
Non-cash interest charge		115			91			209			191
Gain from sale of assets		—			(458	)		—			(2,634	)
Change in operating assets and liabilities:
Accounts receivable		1,273			(103	)		(2,799	)		(107	)
Other assets		336			(25	)		557			243
Accounts payable and accrued liabilities		(492	)		(57	)		(294	)		(20	)
Accrued interest		3,031			(689	)		2,597			1,217
Deferred revenue		4,016			1,040			7,917			408
Accrued incentive plan expenses		2,562			1,139			(633	)		1,510
Property, franchise and other taxes payable		(138	)		(708	)		259			(305	)
Net cash provided by operating activities		45,861			32,510			76,604			69,160
Cash flows from investing activities:
Acquisition of land, plant and equipment, coal and other mineral rights		(18,661	)		(16,438	)		(32,633	)		(51,438	)
Current payable assumed in business combination		(1,154	)		—			—			—
Proceeds from sale of timber assets		—			829			—			4,761
Cash placed in restricted accounts		(72	)		—			(6,314	)		—
Net cash used in investing activities		(19,887	)		(15,609	)		(38,947	)		(46,677	)
Cash flows from financing activities:
Proceeds from loans		18,400			—			255,400			50,000
Deferred financing costs		(179	)		—			(1,286	)		—
Repayments of loans		(9,350	)		(9,350	)		(235,542	)		(24,350	)
Distributions to partners		(36,338	)		(22,299	)		(70,464	)		(43,204	)
Contribution by general partner		330			—			2,645			—
Net cash used in financing activities		(27,137	)		(31,649	)		(49,247	)		(17,554	)
Net (decrease) or increase in cash and cash equivalents		(1,163	)		(14,748	)		(11,590	)		4,929
Cash and cash equivalents at beginning of period		55,617			67,368			66,044			47,691
Cash and cash equivalents at end of period	$	54,454		$	52,620		$	54,454		$	52,620
SUPPLEMENTAL INFORMATION:
Cash paid during the period for interest	$	3,979		$	4,261		$	11,627		$	5,861
Non-cash investing activities:
Units issued for assets and liabilities	$	7,119		$	—		$	350,741		$	—
Liability assumed in business combination		39			—			1,989			—

Page 9 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Consolidated Balance Sheets
(In thousands)

	June 30,			December 31,
	2007			2006
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	54,454		$	66,044
Restricted cash		6,314			—
Accounts receivable, net of allowance for doubtful accounts		25,607			23,357
Accounts receivable – affiliate		570			21
Other		514			1,411
Total current assets		87,459			90,833
Land		24,522			17,781
Plant and equipment, net		55,245			29,615
Coal and other mineral rights, net		1,015,616			798,135
Intangible assets		111,511			—
Loan financing costs, net		3,300			2,197
Other assets, net		1,032			932
Total assets	$	1,298,685		$	939,493
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable	$	2,736		$	1,041
Accounts payable – affiliate		105			105
Current portion of long-term debt		9,542			9,542
Accrued incentive plan expenses – current portion		4,127			5,418
Property, franchise and other taxes payable		4,589			4,330
Accrued interest		6,443			3,846
Total current liabilities		27,542			24,282
Deferred revenue		28,571			20,654
Asset retirement obligation		39			—
Accrued incentive plan expenses		5,237			4,579
Long-term debt		474,149			454,291
Partners’ capital:
Common units		667,095			338,912
Subordinated units		79,973			83,772
General partner’s interest		16,412			12,138
Holders of incentive distribution rights		392			1,616
Accumulated other comprehensive loss		(725	)		(751	)
Total partners’ capital		763,147			435,687
Total liabilities and partners’ capital	$	1,298,685		$	939,493

Page 10 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Reconciliation of GAAP “Net cash provided by operating activities"
To Non-GAAP “Distributable cash flow"
(In thousands)
(Unaudited)

	Three months ended						For the six months ended
	June 30,						June 30,
	2007			2006			2007			2006
Cash flow from operations	$	45,861		$	32,510		$	76,604		$	69,160
Less scheduled principal payments		(9,350	)		(9,350	)		(9,350	)		(9,350	)
Less reserves for future principal payments		(2,400	)		(2,350	)		(4,800	)		(4,700	)
Add reserves used for scheduled principal payments		9,400			9,400			9,400			9,400
Distributable cash flow	$	43,511		$	30,210		$	71,854		$	64,510

Page 11 of 12

NRP Reports 2nd Quarter 2007 Results

Natural Resource Partners L.P.
Updated Guidance
August 6, 2007
(dollars and tons in millions except per unit amounts)

	Full Year 2007
			(Range)
Regional Statistics
Coal royalty production (tons)
Northern Appalachia		7.0		—		7.5
Central Appalachia		35.0		—		38.0
Southern Appalachia		4.5		—		5.5
Appalachia		46.5		—		51.0
Illinois Basin		2.5		—		4.0
Northern Powder River Basin		5.0		—		6.0
Total		54.0		—		61.0
Aggregate production (tons)		5.0		—		5.5
Coal royalty revenues
Northern Appalachia	$	15.5		—	$	17.5
Central Appalachia		113.0		—		117.0
Southern Appalachia		20.0		—		22.0
Appalachia	$	148.5		—	$	156.5
Illinois Basin		6.5		—		8.5
Northern Powder River Basin		9.0		—		10.0
Total	$	164.0		—	$	175.0
Revenues
Coal royalty revenues	$	164.0		—		175.0
Aggregate revenues		7.0		—		7.5
Coal processing and transportation fees		10.0		—		15.0
Other revenues (1)		24.0		—		26.0
Total Revenues	$	205.0		—	$	223.5
Expenses
Coal transportation expenses	$	0.2		—	$	0.6
Depreciation, depletion, and amortization		48.0		—		58.0
General and administrative		20.0		—		23.0
Other expenses (2)		12.0		—		14.0
Total operating expenses		80.2				95.6
Interest expense (net)	$	24.0		—	$	26.0
Net income	$	95.0			$	105.0
Net income per unit	$	1.20		—	$	1.35
Principal payments	$	13.4		—	$	13.4
Distributable cash flow (3)	$	135.0		—	$	150.0

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NRP Reports 2nd Quarter 2007 Results

(1)	Other revenues consist of minimums recognized as revenue, oil and gas revenues, property taxes, override royalties, wheelage, rentals and timber.
(2)	Other expenses include property, franchise and other taxes as well as coal royalty and override payments.
(3)	Distributable cash flow represents net income plus depreciation, depletion and amortization minus scheduled and reserved for principal payments on NRP senior notes. Distributable cash flow is a “non-GAAP financial measure” that is presented because management believes it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable cash flow is a significant liquidity metric that is an indicator of NRP’s ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions paid to its partners. Distributable cash flow is also the quantitative standard used throughout the investment community with respect to publicly-traded partnerships. Distributable cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. We believe that “net cash provided by operating activities” would be the most comparable financial measure to distributable cash. However, due to the substantial uncertainties associated with forecasting future changes to operating assets and liabilities, we cannot provide guidance on forward-looking net cash provided by operating activities or provide reconciliations of distributable cash flow to that measure.

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