Alliance Resource Partners
Annual Report 2014

Plain-text annual report

ALLIANCE RESOURCE PARTNERS, L.P. ALLIANCE HOLDINGS GP, L.P. PERFECTLY POSITIONED 2014 ANNUAL REPORT “Coming together is a beginning; keeping together is progress; working together is success.” — Henry Ford FELLOW UNITHOLDERS Excellence has long been the standard for the dedicated men and women of Alliance. Once again, determined planning and hard work have driven our partnerships to new annual operating and financial milestones, delivering our 14th consecutive year of record performance. Increased coal sales and production volumes, strong pricing, and lower operating expenses were the primary factors that contributed to a record $803.7 million in EBITDA, a 17.2 percent improvement over 2013. Net income grew 26.4 percent to a record-setting $497.2 million and ARLP’s operations delivered the highest production output in our history, growing total coal production 5.1 percent to 40.7 million tons in 2014. Year-over-year production increased nearly 2.6 million tons at Tunnel Ridge, helping to drive segment-adjusted EBITDA expense lower by $10.45 per ton in our Appalachian region. Volumes were also higher in the Illinois Basin, as production at Dotiki increased 12.7 percent over the prior year, and our new Gibson South mine added approximately 840,000 tons to production in 2014. These increased volumes and other cost-control measures helped to reduce our total segment-adjusted EBITDA expense per ton by 3.4 percent in 2014. Despite facing one of the most challenging coal markets in recent memory, our marketing team also delivered record results, selling more tons in 2014 than at any time in our history at higher year-over-year average prices. Total coal sales volume grew 2.3 percent to 39.7 million tons, helping drive revenues to an all-time high of $2.3 billion. 2 2014 | ANNUAL REPORTCOAL SALES AND PRODUCTION VOLUMES, REVENUES, NET INCOME, AND EBITDA ALL SET NEW ANNUAL BENCHMARKS IN 2014. Naturally, results like these don’t just happen. It takes the commitment of all our employees, whether it’s a miner operating equipment underground or an accountant building a spreadsheet in an office. Each member of our organization came together and contributed to our success. I want to thank our incredible team for their dedication and commitment. I also want to express gratitude to our unitholders. Your confidence in our abilities is as great an inspiration as it is a responsibility. We take our partnership with unitholders very seriously and work hard to make it a rewarding one. As a result, we’ve increased distributions for 27 consecutive quarters. During that time, Alliance Resource Partners, L.P. (ARLP) distributions have grown 122 percent while distributions from Alliance Holdings GP, L.P. (AHGP) have increased by 218 percent. At 2014 year-end, ARLP’s quarterly cash distribution was $0.65 per unit, up 8.6 percent from the prior year; AHGP’s was $0.915 per unit, a 10.6 percent increase. Looking ahead, U.S. coal markets will continue to face significant challenges, and many issues are expected to pressure coal prices. However, we are confident Alliance is poised for more success. Our strategy is sound and our preparation has been diligent. As a result, we are well positioned to grow distributable cash flow again in 2015, driving value for unitholders, strengthening the company for our employees, and helping ensure a bright future for the American energy that relies on the Alliance team’s hard work every day. Cash Flow Growth Drives Distributions Amounts rounded to the nearest penny. *Adjusted for 2:1 Unit Split. ARLP Distributions Paid/Unit AHGP Distributions Paid/Unit Joseph W. Craft III President, Chief Executive Officer, and Director of ARLP and AHGP, and Chairman of the Board of AHGP March 25, 2015 D o l l a r s 3.5 3.0 2.5 2.0 1.5 1.90 1.60* 2010 3.44 3.10 2.28* 2.47* 2.72 2.08* 2.28 1.81* 2011 2012 2013 2014 3 POSITIONED TO PRODUCE A quick glance at ARLP’s mining assets reveals an important fact: we are strategically positioned to deliver results. The third-largest coal producer in the eastern United States, Alliance operates mining complexes in Illinois, Indiana, Kentucky, Maryland, and West Virginia, giving us a presence in both the Illinois Basin and Appalachian regions. In 2014, ARLP increased overall production by approximately two million tons. Heavily invested in the Illinois Basin, our mines are tapping into the second- largest reserves in the U.S., with 104 billion tons of coal. According to the Energy Information Administration, that’s enough to power the country for 163 years at 2014 consumption levels. Strengthening our position in the region, ARLP is also acquiring reserves and making equity investments in a new mining complex in southern Illinois. 4 2014 | ANNUAL REPORT2 Coal from our River View Complex can be loaded directly from the mine to a barge, offering significant transportation savings. 3 8 Production at Dotiki increased 12.7% over 2013. Our MC Mining Complex increased production by 25.1% in 2014. 10 Year-over-year production at Tunnel Ridge increased nearly 2.6 million tons in 2014. 6b Our new Gibson South Mine added approximately 840,000 tons to production in 2014. 11 White Oak Mine No. 1 began longwall production in October 2014. Illinois Indiana Ohio P O S I T I O N E D T O P R O D U C E Pennsylvania Maryland 13 10 9 West Virginia Illinois Basin Appalachia 6a 6b 11 1 2 12 7 3 4 5 Kentucky 8 Virginia CURRENT MINING OPERATIONS MINE DEVELOPMENT PROJECTS 12. Sebree Reserve Project Estimated reserves: 30 million tons 13. Penn Ridge Project Estimated reserves: 57 million tons TRANSFER TERMINAL Mount Vernon Transfer Terminal Operates a coal loading terminal in Indiana on the Ohio River 1. Pattiki Complex 2. River View Complex 3. Dotiki Complex 4. Warrior Complex 5. Hopkins Complex 6. Gibson Complex a. Gibson North Mine b. Gibson South Mine 7. Sebree Mining Complex 8. MC Mining Complex 9. Mettiki Complex 10. Tunnel Ridge Complex MINE DEVELOPMENT / RESERVE INVESTMENT 11. Investment in White Oak Resources Estimated reserves: 301 million tons 5 POSITIONED FOR SUCCESS Preparation and hard work have always paved the way for our success, and we believe our diligence has once again positioned us for positive results. In 2014, ARLP took steps to solidify our position as a low-cost operator for several decades into the future. Through strategic acquisitions of an additional 452.2 million tons of Illinois Basin coal reserves, we increased total coal reserves by 50 percent to approximately 1.6 billion tons. Acquiring these reserves provides ARLP with optionality and flexibility to optimize the efficiency of its mining operations. For example, ARLP plans to expand the capacity of our preparation plant at River View in 2015 and move three continuous mining units from our Hopkins County Elk Creek mine upon its depletion in 2016. These reserve acquisitions also create additional growth opportunities for Alliance through future expansion of existing operations and development of new mines. In addition to increased coal reserves, we further strengthened our long- term coal sales position by securing new commitments for the delivery of approximately 30.2 million tons through 2018. ARLP entered 2015 with approximately 39.3 million tons contractually priced and committed for this year and 28.9 million tons priced and committed for 2016. Strategic transactions and strong sales give ARLP the ability to efficiently extend and expand existing operations, while pursuing new development projects to meet future market opportunities. Additional efforts have been made to ensure we are able to take advantage of other growth opportunities as well. In 2014, we committed to invest up to approximately $50.0 million in natural resource minerals over the next two to four years. Purchasing $11.5 million of oil and gas mineral interests in the U.S. in 2014 was the first step toward developing another growth platform that will complement our strategy to create sustainable growth in cash flow, driving value for ARLP unitholders in the future. “ AT OTHER MINES, ALL THAT MATTERED WAS THE BOTTOM LINE, THAT YOU GOT THE CHEAPEST THINGS, WHETHER THEY WERE RIGHT FOR THE JOB OR NOT. HERE, I’M CHALLENGED TO BUY THE RIGHT THING. ” – Mike Carlisle, Purchasing Agent, River View 6 2014 | ANNUAL REPORTP O S I T I O N E D F O R S U C C E S S 1.6 BILLION 50% Increase in Total Coal Reserves 1.1 BILLION Perfectly Positioned: “Alliance’s low-cost production allows it to profitably take advantage of coal supply contracts that other producers can’t make money on. Alliance’s strong financial position also allows it to purchase assets that other coal companies need to sell in a weak market.”1 THE ALLIANCE STRATEGY FOR SUCCESS To achieve success, you must plan for it carefully and work for it tirelessly. Only then can you achieve the results Alliance has produced. The strategy we adhere to includes: • Safety First: Safety is our primary core value. Alliance promotes a culture of safety, which is embraced by our 4,400+ employees. • Low-cost Operations: We are good stewards of our financial resources, cutting costs without cutting corners. Efficient methods deliver cost-effective results. • Strong Customer • High-return Development Relationships: Long-standing relationships with our customers keep our product moving and our company profitable. We work hard to protect those relationships. • Expanding Market Opportunities: We never let our attention to detail blind us to opportunities beyond our current projects, operations or scope. To find success, you have to be on the lookout for success. Projects: Building long-term value is essential to building success. High returns are high on our priority list. • Disciplined Acquisitions: The hardest strategy of all. Not every opportunity is appropriate. The timing isn’t always right. The possibilities don’t always match the promise. We work hard to make sure we take advantage of growth opportunities that fit, and equally hard to make sure we pass on those that don’t. 1 seekingalpha.com, “Update: Alliance Resource Partners Acquires Illinois Basin Supply Agreements And Coal Reserves,” January 9, 2015. 7 , d e t n e l a t s i m a e t e c n a i l l A e h T . e l p o e p r u o o t d e t t i m m o c d n a , d e g a g n e , i d e n m r e t e d ” . s t l u s e r t e g o t e n o s a r e h t e g o t i g n m o c f o y t i l a u q e h t s i h t g n e r t s t s e t a e r g r u O “ R E G A N A M S N O I T U L O S E S I R P R E T N E T I , R E L Y T I I K C N – n i a m e h t f o e n o s i e f a s g n i e B “ e b l l i w e w w o h r o f s r o t c a f ” . e r u t u f e h t n i l u f s s e c c u s R E T L O B F O O R , N O T S U O H A S S I R A L C – R U O . I I Y T R O R P P O T R U O E R A E L P O E P . Y T E F A S . T A H T T C E L F E R S E U L A V E R O C H C A E . E F I L F O Y T I L A U Q . I Y T R U C E S B O J D N A D E S U C O F - E E Y O L P M E S I E N O . E R U T L U C R U O N I D E N I A R G N I s y u g e s e h t h t i w g n i k r o w e v o l I “ e n o y r e v e e t a v i t o m o t y r t d n a ” . n a c y e h t t a h t t s e b e h t o d o t N A M E R O F N O I T C E S , L E I N A D O ” S ’ I V L E “ M A I L L I W – R U O . Y T I R O I R P P O T R U O E R A E L P O E P . Y T E F A S . T A H T T C E L F E R S E U L A V E R O C H C A E . E F I L F O Y T I L A U Q . Y T I R U C E S B O J D N A D E S U C O F - E E Y O L P M E S I E N O . E R U T L U C R U O N I I D E N A R G N I e c n a i l l A s e l b a n e t a h t t n e m e e r g a s e l a s l a o c a e r u c e s o t s i t n e m h s i l p m o c c a f o g n i l e e f g n i d r a w e r t s o m e h T “ w e n g n i t a e r c – i e n m w e n a n e p o o t , s e s s e n i s u b l a c o l g n i t r o p p u s , s b o j f o i s e m o n o c e e h t g n i v o r p m i d n a ” . s e i t i n u m m o c g n i d n u o r r u s – T N E D S E R P I E C I V , R E G R E B N E L L E H S D A R B – I I N O I T A R T S N M D A T C A R T N O C POSITIONED FOR INNOVATION Innovation isn’t necessarily the first thing that comes to mind when describing companies in a mature industry. As a leader in the coal industry, however, ARLP is very familiar with the concept of innovation. In fact, our forward-thinking practices are a vital advantage that keep us ahead of the competition. One example of Alliance innovation is the IntelliZone® Proximity Detection system. Developed by our wholly owned subsidiary, Matrix Design Group, LLC, this safety system utilizes lifesaving technology to help miners stay clear of danger zones present around mobile equipment. This leading-edge technology was recently observed in action by Joseph A. Main, Assistant Secretary of Labor for Mine Safety and Health (MSHA), at our Gibson North mine. The official visit underscored our position as an industry leader in the use of safety technology and confirmed the importance of being at the forefront of designing and installing proximity detection systems at all of our mining operations. In January 2015, MSHA issued a federal rule requiring all continuous miner systems to use proximity detection systems. With “Safety First” as a cornerstone of our culture, it’s no surprise ARLP began installing proximity detection systems long before there was a legal obligation to do so. 10 2014 | ANNUAL REPORTP O S I T I O N E D F O R I N N O V A T I O N SHUTDOWN ZONE CM OPERATOR ZONE CAUTION ZONE CAUTION ZONE Our wholly owned subsidiary, Matrix Design Group, LLC, is the industry leader in safety and productivity technology in underground mines. ALLIANCE HAS BEEN A PIONEER IN INSTALLING PROXIMITY DETECTION TECHNOLOGY ON CONTINUOUS MINING MACHINES.1 1 Mine Safety and Health Administration (MSHA), January 2015. 11 POSITIONED TO LEAD At ARLP, innovative thinking stretches beyond technology … and safety includes more than accident prevention. Our progressive approach to health care helps Alliance employees and their families both financially and physically. On-site Health Centers provide no-copay checkups and treatment at most ARLP mines and offices. Available to both employees and their families, Health Centers are staffed by a doctor, nurse, or nurse practitioner. Our HealthCheck annual physicals are provided at no cost to employees and their families, and are designed to help detect signs of heart-health diseases, including the five biggest cardiovascular reasons for illness and early death among Alliance employees and families. Heart Age is an estimated assessment of the health of your cardiovascular system based on scientific projections.1 We want all employees to know their heart age and to treat health issues early to protect against silent damage and possibly prevent a major heart problem or other severe condition. The Built to Last Awards recognize ARLP sites for health improvements based on results collected during annual HealthCheck events. Rotating trophies are presented to the mine and administrative office locations with the greatest overall health improvement from the prior year. Our on-site resources, proactive programs and expert care stem from a corporate culture that values people. It’s an innovative practice that keeps us healthy and productive, positioning ARLP at the forefront of the industry. 12 1 Framingham Heart Study, sponsored by the National Heart, Lung, and Blood Institute (NHLBI). 2014 | ANNUAL REPORTP O S I T I O N E D T O L E A D “ WE’RE LIKE A BIG FAMILY OUT HERE. WE GET ALONG AND STAY ON THE SAME PAGE. –Gene Thomas, Miner Helper, Roof Bolter, General Underground ” 13 POSITIONED FOR THE FUTURE Coal critics, as they have done for decades, continue to predict the industry’s demise. But the fact remains that every American, on average, uses approximately 3.4 tons of coal each year.1 Coal generates 1,850.8 billion kW hours of electricity, powering 60 million American homes and 3.4 million businesses.2 In 2014, coal was responsible for 39 percent of the electricity generated in the United States, more than any other fuel. And the U.S. Energy Information Administration says coal will continue to account for the largest share of electricity generation through 2030.3 Coal is an essential pillar of American energy. With recoverable reserves estimated at more than 256 billion short tons and a demonstrated reserve base of 480 billion short tons, U.S. coal resources are larger than the remaining natural gas and oil resources combined.4 In fact, coal makes up a staggering 92 percent of U.S. fossil energy reserves.5 Coal is not going away for hundreds of years. And with a strong balance sheet, careful planning, and a proven strategy for success, ARLP is perfectly positioned to mine, market, and deliver it to keep our company — and our country — running strong. 14 1 National Mining Association, “Coal & Minerals Overview.” 2 countoncoal.org, “Coal: 365.” 3 coalfacts.org. 4 U.S. Energy Information Administration, “U.S. Coal Reserves,” January 21, 2015. 5 National Mining Association, “Coal: America’s Power.” 2014 | ANNUAL REPORTP O S I T I O N E D F O R T H E F U T U R E 2% U.S. Fossil Energy Reserves COAL NATURAL GAS 6% OIL 92% GLOBALLY, COAL IS EXPECTED TO OVERTAKE OIL AS THE MAIN SOURCE OF ENERGY BY 2020.1 1 World Coal Association, “Coal’s Role in Fueling the Future.” 15 RIVER VIEW TRULY IS A FAMILY AND WE WILL ALWAYS TAKE CARE OF OUR OWN AS WELL AS THE COMMUNITY AROUND US. –Ashley Brown, Business Manager ” “ 16 ARLP Coal – Tons Produced ARLP Coal – Tons Sold 40.7 38.8 34.8 30.8 28.9 30 40 35 2014 2013 2012 2011 2010 39.7 38.8 35.2 31.9 30.3 25 20 15 10 10 15 20 25 30 35 40 Million Tons Million Tons ARLP Revenues ARLP EBITDA $2.30 $2.21 $2.03 $1.84 $1.61 2014 2013 2012 2011 2010 $803.7 $685.9 $581.1 $570.8 $499.5 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 100 200 300 400 500 600 700 800 Dollars in Billions Dollars in Millions $497.2 $393.5 $389.4 $335.6 $321.0 ARLP Net Income ARLP Total Assets 2014 2013 2012 2011 2010 $2.29 $2.12 $1.96 $1.73 $1.50 500 450 400 350 300 250 200 150 100 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 Dollars in Millions Dollars in Billions ARLP Distributions Paid Distributions paid per LP unit AHGP Distributions Paid Distributions paid per LP unit $2.47* $2.28* $2.08* $1.81* $1.60* 2014 2013 2012 2011 2010 $3.44 $3.10 $2.72 $2.28 $1.90 5.00 4.00 3.00 2.00 1.00 0 0 1.00 2.00 3.00 4.00 Dollars Dollars Amounts rounded to the nearest penny. *Adjusted for 2:1 Unit Split. Reconciliation of GAAP “Cash Flows Provided by Operating Activities” to Non-GAAP “EBITDA” and Non-GAAP “EBITDA” to GAAP “Net Income” (in thousands) 2014 2013 2012 2011 2010 Cash flows provided by operating activities $ 739,201 $ 704,652 $ 555,856 $ 573,983 $ 520,588 Year Ended December 31 Non-cash compensation expense Asset retirement obligations Coal inventory adjustment to market Equity in loss of affiliates, net Net (loss) on foreign currency exchange Net gain (loss) on sale of property, plant and equipment Loss on retirement of vertical hoist conveyor system Asset impairment charge Valuation allowance of deferred tax assets Other Net effect of working capital changes Interest expense, net Income tax expense (benefit) EBITDA Depreciation, depletion and amortization Interest expense, net Income tax (expense) benefit Net income (11,250) (2,730) (377) (16,648) - 4,409 - - (1,636) 5,151 55,659 31,913 - 803,692 (274,566) (31,913) - (8,896) (3,004) (2,811) (7,428) (2,853) (2,978) (24,441) (14,650) - (3,475) - - (3,483) 6,251 (6,392) 26,082 1,396 685,879 (264,911) (26,082) (1,396) - (147) - (19,031) - 3,815 41,109 28,455 (1,082) 581,066 (218,122) (28,455) 1,082 (6,235) (2,546) (386) (3,404) - 634 - - - (1,488) (10,870) 21,579 (431) 570,836 (160,335) (21,579) 431 (4,051) (2,579) (498) - (274) (234) (1,204) - - (1,448) (42,402) 29,862 1,741 499,501 (146,881) (29,862) (1,741) $ 497,213 $ 393,490 $ 335,571 $ 389,353 $ 321,017 Net loss attributable to noncontrolling interest 16 - - - - Net income of ARLP $ 497,229 $ 393,490 $ 335,571 $ 389,353 $ 321,017 EBITDA is a financial measure not calculated in accordance with generally EBITDA, should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. EBITDA is not intended to represent cash flow and does not represent the measure of cash available for distribution. Our method of computing EBITDA may not be the same method used to compute similar measures reported by other companies, or EBITDA may be computed differently by us in different contexts (e.g., public reporting versus computation under financing agreements). accepted accounting principles (“GAAP”) and is defined as net income (prior to the allocation of noncontrolling interest) before net interest expense, income taxes and depreciation, depletion and amortization. EBITDA is used as a supplemental financial measure by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess: » the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; » the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; » our operating performance and return on investment as compared to those of other companies in the coal energy sector, without regard to financing or capital structures; and » the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities. Partnership Tax Details Unitholders are partners in the partnership and receive quarterly cash distributions. Cash distributions generally are not taxable as long as the individual unitholder’s tax basis remains above zero. A partnership generally is not subject to federal or state income tax. The annual income, gains, losses, deductions or credits of the partnership flow through to the unitholders, who are required to report their allocated share of these amounts on their individual tax returns, as though the unitholder had incurred these items directly. Schedule K-1 Unitholders of record receive Schedule K-1 packages that summarize their allocated share of the partnership’s reportable tax items for the fiscal year. It is important to note that cash distributions received should not be reported as taxable income. Only the amounts provided on the Schedule K-1 should be entered on each unitholder’s tax return. Schedule K-1 information also is available on our Web sites. Please visit www.arlp.com and www.ahgp.com. Unitholders should refer questions regarding their Schedule K-1 as follows: By Mail K-1 Support P.O. Box 799060 Dallas, TX 75379-9060 By Phone/Fax Alliance Resource Partners, L.P. Phone (800) 485-6875 Fax (866) 554-3842 Alliance Holdings GP, L.P. Phone (866) 867-4060 Fax (866) 554-3842 Transfer Agent and Registrar Direct requests regarding transfer of units, lost certificates, lost distribution checks or address changes to: American Stock Transfer and Trust Company Attn: Shareholder Services 59 Maiden Lane – Plaza Level New York, NY 10038 (800) 937-5449 Investor Information and Form 10-K For more information or free copies of the 2014 Form 10-K, please contact the appropriate e-mail address or phone number listed below. Form 10-K also may be downloaded from the Partnerships’ Web sites. Alliance Resource Partners, L.P. investorrelations@arlp.com E-mail: Phone: (918) 295-7674 Web site: www.arlp.com Alliance Holdings GP, L.P. E-mail: Phone: Web site: www.ahgp.com investorrelations@ahgp.com (918) 295-1415 Executive Officers & Directors ARLP AHGP Joseph W. Craft III President, Chief Executive Officer, and Director of ARLP and AHGP, and Chairman of the Board of AHGP Brian L. Cantrell Senior Vice President and Chief Financial Officer R. Eberley Davis Senior Vice President, General Counsel and Secretary Robert G. Sachse Executive Vice President Charles R. Wesley Executive Vice President and Director Thomas M. Wynne Senior Vice President and Chief Operating Officer Michael J. Hall Director and Chairman of the Audit Committee for ARLP and AHGP, and member of the Compensation Committee for ARLP John P. Neafsey Director, Chairman of the Board of Directors, Chairman of the Conflicts Committee, and member of the Compensation Committee John H. Robinson Director, Chairman of the Compensation Committee, and member of the Audit and Conflicts Committees Wilson M. Torrence Director, member of the Audit, Compensation and Conflicts Committees Thomas M. Davidson, Sr. Director, Chairman of the Conflicts Committee and member of the Audit Committee Robert J. Druten Director and member of the Audit and Conflicts Committees General Information The following information applies to Alliance Resource Partners, L.P. (ARLP) and Alliance Holdings GP, L.P. (AHGP) unless specified otherwise. Partnership Offices 1717 South Boulder Avenue, Suite 400 Tulsa, OK 74119 (918) 295-7600 Partnership Mailing Address P.O. Box 22027 Tulsa, OK 74121-2027 Contact Brian L. Cantrell Senior Vice President and Chief Financial Officer (918) 295-7674 brian.cantrell@arlp.com Business Structure Publicly traded master limited partnership. Common Unit Trading Common units are traded on the NASDAQ Global Select Market. NASDAQ Ticker Symbols Alliance Resource Partners, L.P. ARLP Alliance Holdings GP, L.P. AHGP Common Units Outstanding at 12/31/2014 ARLP 74,060,634 common units AHGP 59,863,000 common units Independent Auditors Ernst & Young LLP 1700 One Williams Center Tulsa, OK 74172 Unitholder Information Cash Distributions The partnerships expect to make quarterly distributions to unitholders of record on the applicable record dates according to the following schedules: Alliance Resource Partners, L.P. Within 45 days after the end of each March, June, September and December. Alliance Holdings GP, L.P. Within 50 days after the end of each March, June, September and December. P.O. Box 22027, Tulsa, Oklahoma 74121-2027 | www.arlp.com | www.ahgp.com 

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