Foresight Energy LP Reports Full-Year and Fourth Quarter 2019 Results

ST. LOUIS--()--Foresight Energy LP (“Foresight” or the “Partnership”) (OTC Pink: FELPQ) today reported financial and operating results for the fourth quarter and year ended December 31, 2019. Foresight generated fiscal year coal sales revenues of $834 million on sales volumes of 19.7 million tons, resulting in a net loss of $320 million, and Adjusted EBITDA of $185 million. Foresight mines safely and efficiently produced nearly 19.9 million tons during the year.

In March 2020, Foresight resumed longwall mining production at its Hillsboro complex and idled continuous mining production at its Macoupin complex.

Filing Under Chapter 11 of the United States Bankruptcy Code

On March 10, 2020, Foresight filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Foresight Chapter 11 Cases”) in the United States Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy Court”). For additional information on the Foresight Chapter 11 Cases, refer to Foresight’s amended Current Reports on Form 8-K filed with the Securities and Exchange Commission on March 10, 2020.

Consolidated Financial Results

Year Ended December 31, 2019 Compared to Year Ended December 31, 2018

Coal sales totaled $834.4 million for 2019 compared to $1.097 billion for 2018, representing a decrease of nearly $263.0 million, or 24%. The decrease in coal sales revenue from the prior year was due to lower coal sales volumes combined with lower coal sales realization per ton sold. Coal sales volumes for the current year were lower as compared to the prior year due primarily to lower sales volumes placed into the export market. Declining API2 pricing on export volumes resulted in lower overall coal sales realizations.

Cost of coal produced was $468.7 million for 2019 compared to nearly $527.0 million for 2018. The decrease in cost of coal produced from the prior year was due to an overall decrease in produced tons sold, offset by a higher cash cost per ton sold. The increase in cash cost per ton sold resulted primarily from reduced production at our Williamson complex during the fourth quarter in response to challenging export market conditions.

Transportation costs decreased $52.5 million as compared to the year ended December 31, 2018 due to a decrease in produced tons sold and a larger percentage of our sales going to the export market during the prior year, which have higher associated transportation and transloading costs. These decreases were slightly offset by additional transloading-related costs in the current year due to high river levels at the export facilities near New Orleans.

The decrease in selling, general and administrative expense for the year ended December 31, 2019 as compared to the year ended December 31, 2018 was primarily due to decreased sales and marketing expenses resulting from lower export sales volumes and legal expenses incurred in the prior year associated with the Hillsboro and Macoupin litigation matters settled in October of 2018.

During the year ended December 31, 2019, we recognized an aggregate impairment charge of $143.6 million related to certain long-lived assets and mineral reserves associated with our Macoupin complex. During the year ended December 31, 2018, we recognized an aggregate impairment charge of $110.7 million related to certain long-lived assets and mineral reserves associated with our Hillsboro complex.

During the year ended December 31, 2019, we recorded a reserve of $60.4 million on our financing receivables as a result of uncertainty in collection due to the Chapter 11 bankruptcy filing of Murray Energy Corporation.

In 2019, other operating (income) expense, net consisted primarily of $25.4 million in payments from insurance companies related to the final settlement of claims associated with the Hillsboro combustion event. In 2018, other operating (income) expense, net consisted of $43.0 million in payments from insurance companies offset by $25.0 million for the settlement of litigation related to the Hillsboro and Macoupin matters.

Interest expense, net for the current year was comparable to the prior year primarily as a result of lower overall outstanding principal balances on our long-term debt and longwall financing arrangements, offset by additional outstanding borrowings on our revolving credit facility.

The $7.7 million of debt restructuring costs consist of legal and financial advisor fees related to our debt restructuring efforts and the Foresight Chapter 11 Cases. We expect debt restructuring costs to continue to be substantial until such time that these issues are remediated, if at all.

Adjusted EBITDA was $185.0 million for 2019 compared to $313.6 million for 2018. The decrease in Adjusted EBITDA was due primarily to the overall decreased sales volumes and lower coal sales realization per ton in the current year.

During 2019, Foresight generated $74.8 million in cash flows from operations, had capital expenditures totaling $90.7 million, and had cash provided from financing activities of $46.1 million, consisting of additional borrowings on the Partnership’s revolving credit facility offset by the regularly scheduled final installments on the Partnership’s longwall financing arrangements and finance lease obligations.

Three Months Ended December 31, 2019 Compared to Three Months Ended December 31, 2018

Coal sales were $161.1 million for the three months ended December 31, 2019 compared to $297.0 million for the three months ended December 31, 2018. The decrease in coal sales revenue from the prior period was due decreased coal sales volumes combined with lower coal sales realization per ton sold. Coal sales volumes for the fourth quarter 2019 were lower as compared to the fourth quarter 2018 due primarily to lower sales volumes placed into the export market. Declining API2 pricing on export volumes resulted in lower overall coal sales realizations.

Cost of coal produced for the three months ended December 31, 2019 was $118.8 million compared to $135.8 million for the three months ended December 31, 2018. The decrease in cost of coal produced resulted from an overall decrease in produced tons sold during the fourth quarter 2019, offset by a higher cash cost per ton sold. The increase in cash cost per ton sold resulted primarily from reduced production at the Williamson complex during the fourth quarter 2019 in response to challenging export market conditions.

Guidance for 2020

Based on the Foresight Chapter 11 Cases and the uncertainty, social and economic, surrounding the domestic and global impact the coronavirus disease (COVID – 19) pandemic will have on our coal markets, the Partnership is not providing guidance for 2020 at this time.

Cautionary Statement Regarding Forward-Looking Statements

This press release, and certain oral statements made by our representatives from time to time, may contain “forward-looking” statements within the meaning of the federal securities laws. The words “propose,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “outlook,” “estimate,” “potential,” “continues,” “may,” “will,” “seek,” “approximately,” “predict,” “anticipate,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Forward-looking statements also include statements about our liquidity, our capital structure and expected results of operations. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that the future developments affecting us will be those that we anticipate.

We continue to experience substantial financial, business, operational and reputational risks that threaten our ability to continue as a going concern and could materially affect our present expectations and projections. For additional information regarding known material factors that could cause our actual results to differ from those contained in or implied by forward-looking statements, please see the section entitled “Risk Factors” in the Partnership’s: (i) Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 27, 2019, (ii) subsequently filed Quarterly Reports on Form 10-Q, and (iii) subsequently filed Current Reports on Form 8-K.

You are cautioned not to place undue reliance on forward-looking statements, which are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP supplemental financial measure that management and external users of the Partnership’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

  • the Partnership’s operating performance as compared to other publicly traded partnerships, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;
  • the Partnership’s ability to incur and service debt and fund capital expenditures; and 
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various expansion and growth opportunities.

The Partnership defines Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation, depletion, amortization and accretion. Adjusted EBITDA is also adjusted for equity-based compensation, losses/gains on commodity derivative contracts, settlements of derivative contracts, contract amortization and write-off, a change in the fair value of the warrant liability and material nonrecurring or other items, which may not reflect the trend of future results. As it relates to commodity derivative contracts, the Adjusted EBITDA calculation removes the total impact of derivative gains/losses on net income (loss) during the period and then adds/deducts to Adjusted EBITDA the amount of aggregate settlements during the period. Adjusted EBITDA also includes any insurance recoveries received, regardless of whether they relate to the recovery of mitigation costs, the receipt of business interruption proceeds, or the recovery of losses on machinery and equipment.

The Partnership believes the presentation of Adjusted EBITDA provides useful information to investors in assessing the Partnership’s financial condition and results of operations. Adjusted EBITDA should not be considered an alternative to net (loss) income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with U.S. GAAP, nor should Adjusted EBITDA be considered an alternative to operating surplus, adjusted operating surplus or other definitions in the Partnership’s partnership agreement. Adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, of the items that affects net (loss) income. Additionally, because Adjusted EBITDA may be defined differently by other companies in the industry, and the Partnership’s definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, the utility of such a measure is diminished. For a reconciliation of Adjusted EBITDA to net (loss) income, please see the table below.

About Foresight Energy LP

Foresight Energy is a leading producer and marketer of thermal coal controlling nearly 2.1 billion tons of coal reserves in the Illinois Basin. Foresight Energy operates three longwall mining complexes with four longwall mining systems (Williamson (one longwall mining system), Sugar Camp (two longwall mining systems), and Hillsboro (one longwall mining system), which has fully resumed longwall mining operations in March 2020), and the Sitran river terminal on the Ohio River. With the resumption of longwall mining at Hillsboro, Foresight Energy has temporarily idled continuous miner production at its Macoupin complex. Foresight Energy’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets.

 

Foresight Energy LP

Unaudited Consolidated Balance Sheets

(In Thousands)

 

 

 

 

 

 

 

 

December 31,

 

 

 

December 31,

 

 

2019

 

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

33,905

 

 

 

$

269

 

Accounts receivable

 

19,241

 

 

 

 

32,248

 

Due from affiliates

 

23,131

 

 

 

 

49,613

 

Financing receivables - affiliate

 

297

 

 

 

 

3,392

 

Inventories, net

 

58,784

 

 

 

 

56,524

 

Prepaid royalties

 

 

 

 

 

2,000

 

Deferred longwall costs

 

20,641

 

 

 

 

14,940

 

Other prepaid expenses and current assets

 

13,402

 

 

 

 

10,872

 

Contract-based intangibles

 

726

 

 

 

 

1,326

 

Total current assets

 

170,127

 

 

 

 

171,184

 

Property, plant, equipment, and development, net

 

1,923,625

 

 

 

 

2,148,569

 

Financing receivables - affiliate

 

 

 

 

 

60,705

 

Prepaid royalties

 

11,382

 

 

 

 

2,678

 

Other assets

 

13,985

 

 

 

 

4,311

 

Contract-based intangibles

 

 

 

 

 

726

 

Total assets

$

2,119,119

 

 

 

$

2,388,173

 

Liabilities and partners’ capital

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and finance lease obligations

$

1,317,302

 

 

 

$

53,709

 

Current portion of sale-leaseback financing arrangements

 

12,190

 

 

 

 

6,629

 

Accrued interest

 

45,885

 

 

 

 

24,304

 

Accounts payable

 

109,909

 

 

 

 

99,735

 

Accrued expenses and other current liabilities

 

58,123

 

 

 

 

67,466

 

Asset retirement obligations

 

3,313

 

 

 

 

6,578

 

Due to affiliates

 

15,836

 

 

 

 

17,740

 

Contract-based intangibles

 

6,268

 

 

 

 

8,820

 

Total current liabilities

 

1,568,826

 

 

 

 

284,981

 

Long-term debt and finance lease obligations

 

 

 

 

 

1,194,394

 

Sale-leaseback financing arrangements

 

147,915

 

 

 

 

189,855

 

Asset retirement obligations

 

55,643

 

 

 

 

38,966

 

Other long-term liabilities

 

14,480

 

 

 

 

16,428

 

Contract-based intangibles

 

60,624

 

 

 

 

66,834

 

Total liabilities

 

1,847,488

 

 

 

 

1,791,458

 

Limited partners' capital:

 

 

 

 

 

 

 

 

Common unitholders (80,997 and 80,844 units outstanding as of December 31, 2019 and 2018, respectively)

 

197,586

 

 

 

 

377,880

 

Subordinated unitholders (64,955 units outstanding as of December 31, 2019 and 2018)

 

74,045

 

 

 

 

218,835

 

Total limited partners' capital

 

271,631

 

 

 

 

596,715

 

Total liabilities and partners' capital

$

2,119,119

$

2,388,173

 

Foresight Energy LP

Unaudited Consolidated Statement of Operations

(In Thousands, Except Per Unit Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended
December 31,
2019

 

 

Three Months
Ended
December 31,
2018

 

 

Three Months
Ended
September 30,
2019

 

 

Year Ended
December 31,
2019

 

 

Year Ended
December 31,
2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal sales

$

161,095

 

 

$

297,000

 

 

$

181,455

 

 

$

834,375

 

 

$

1,097,366

 

Other revenues

 

1,352

 

 

 

1,907

 

 

 

1,627

 

 

 

7,142

 

 

 

7,625

 

Total revenues

 

162,447

 

 

 

298,907

 

 

 

183,082

 

 

 

841,517

 

 

 

1,104,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of coal produced (excluding depreciation, depletion and amortization)

 

118,821

 

 

 

135,762

 

 

 

93,655

 

 

 

468,673

 

 

 

526,984

 

Cost of coal purchased

 

1,818

 

 

 

2,603

 

 

 

1,990

 

 

 

8,273

 

 

 

14,572

 

Transportation

 

34,773

 

 

 

63,336

 

 

 

34,106

 

 

 

177,503

 

 

 

230,052

 

Depreciation, depletion and amortization

 

50,330

 

 

 

53,128

 

 

 

43,850

 

 

 

183,972

 

 

 

212,640

 

Contract amortization and write-off

 

(1,880

)

 

 

(9,782

)

 

 

(2,034

)

 

 

(7,436

)

 

 

(86,481

)

Accretion and changes in estimates on asset retirement obligations

 

552

 

 

 

(10,364

)

 

 

551

 

 

 

2,206

 

 

 

(8,516

)

Selling, general and administrative

 

6,462

 

 

 

10,794

 

 

 

6,724

 

 

 

29,841

 

 

 

39,568

 

Long-lived asset impairments

 

143,587

 

 

 

 

 

 

 

 

 

143,587

 

 

 

110,689

 

Reserve on financing receivables - affiliate

 

60,408

 

 

 

 

 

 

 

 

 

60,408

 

 

 

 

Other operating (income) expense, net

 

(27,410

)

 

 

(258

)

 

 

(55

)

 

 

(27,626

)

 

 

(19,040

)

Operating (loss) income

 

(225,014

)

 

 

53,688

 

 

 

4,295

 

 

 

(197,884

)

 

 

84,523

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

30,819

 

 

 

31,049

 

 

 

31,723

 

 

 

124,526

 

 

 

122,676

 

Interest (benefit) expense, net - sale-leaseback financing arrangements

 

(26,517

)

 

 

5,760

 

 

 

5,502

 

 

 

(9,671

)

 

 

23,460

 

Debt restructuring costs

 

6,533

 

 

 

 

 

 

1,176

 

 

 

7,709

 

 

 

 

Net (loss) income

$

(235,849

)

 

$

16,879

 

 

$

(34,106

)

 

$

(320,448

)

 

$

(61,613

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income available to limited partner units - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

$

(130,886

)

 

$

11,394

 

 

$

(18,923

)

 

$

(175,658

)

 

$

(25,783

)

Subordinated unitholders

$

(104,963

)

 

$

5,485

 

 

$

(15,183

)

 

$

(144,790

)

 

$

(35,830

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per limited partner unit - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

$

(1.62

)

 

$

0.14

 

 

$

(0.23

)

 

$

(2.17

)

 

$

(0.32

)

Subordinated unitholders

$

(1.62

)

 

$

0.08

 

 

$

(0.23

)

 

$

(2.23

)

 

$

(0.55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per limited partner unit - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

$

(1.62

)

 

$

0.14

 

 

$

(0.23

)

 

$

(2.17

)

 

$

(0.32

)

Subordinated unitholders

$

(1.62

)

 

$

0.08

 

 

$

(0.23

)

 

$

(2.23

)

 

$

(0.55

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average limited partner units outstanding - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

80,997

 

 

 

80,844

 

 

 

80,959

 

 

 

80,953

 

 

 

80,016

 

Subordinated units

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average limited partner units outstanding - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

80,997

 

 

 

81,650

 

 

 

90,959

 

 

 

80,016

 

 

 

80,016

 

Subordinated units

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

64,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared per limited partner unit

$

$

0.0565

$

$

0.0600

$

0.2260

 

Foresight Energy LP

Unaudited Consolidated Statements of Cash Flows

(In Thousands)

 

Year Ended
December 31, 2019

 

 

Year Ended
December 31, 2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(320,448

)

 

$

(61,613

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

183,972

 

 

 

212,640

 

Amortization of debt issuance costs, debt discount, and change in sale-leaseback assumptions

 

(23,742

)

 

 

2,716

 

Contract amortization and write-off

 

(7,436

)

 

 

(86,481

)

Accretion and changes in estimates on asset retirement obligations

 

2,206

 

 

 

(8,516

)

Equity-based compensation

 

162

 

 

 

729

 

Insurance proceeds included in investing activities

 

 

 

 

(42,947

)

Long-lived asset impairments

 

143,587

 

 

 

110,689

 

Reserve on financing receivables - affiliate

 

60,408

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

13,007

 

 

 

2,910

 

Due from/to affiliates, net

 

24,578

 

 

 

(6,565

)

Inventories

 

(287

)

 

 

(13,712

)

Prepaid expenses and other assets

 

(12,339

)

 

 

974

 

Prepaid royalties

 

(6,704

)

 

 

572

 

Accounts payable

 

10,174

 

 

 

23,077

 

Accrued interest

 

21,581

 

 

 

10,894

 

Accrued expenses and other current liabilities

 

(11,906

)

 

 

(12,276

)

Other

 

(1,966

)

 

 

276

 

Net cash provided by operating activities

 

74,847

 

 

 

133,367

 

Cash flows from investing activities

 

 

 

 

 

 

 

Investment in property, plant, equipment and development

 

(90,684

)

 

 

(84,147

)

Insurance proceeds included in investing activities

 

 

 

 

42,947

 

Return of investment on financing arrangements with Murray Energy (affiliate)

 

3,392

 

 

 

3,138

 

Net cash used in investing activities

 

(87,292

)

 

 

(38,062

)

Cash flows from financing activities

 

 

 

 

 

 

 

Borrowings under revolving credit facility

 

136,000

 

 

 

61,000

 

Payments on revolving credit facility

 

(16,000

)

 

 

(24,000

)

Payments on long-term debt and finance lease obligations

 

(53,359

)

 

 

(106,146

)

Distributions paid

 

(4,856

)

 

 

(18,142

)

Payments on sale-leaseback and short-term financing arrangements

 

(15,704

)

 

 

(9,927

)

Net cash provided by (used in) financing activities

 

46,081

 

 

 

(97,215

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

33,636

 

 

 

(1,910

)

Cash, cash equivalents, and restricted cash, beginning of period

 

269

 

 

 

2,179

 

Cash, cash equivalents, and restricted cash, end of period

$

33,905

 

 

$

269

 

 

 

Reconciliation of U.S. GAAP Net Loss Attributable to Controlling Interests to Adjusted EBITDA (In Thousands)

 

Three Months
Ended
December 31,
2019

 

 

Three Months
Ended
December 31,
2018

 

 

Three Months
Ended
September 30,
2019

 

 

Year Ended
December 31,
2019

 

 

Year Ended
December 31,
2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(235,849

)

 

$

16,879

 

 

$

(34,106

)

 

$

(320,448

)

 

$

(61,613

)

Interest expense, net

 

30,819

 

 

 

31,049

 

 

 

31,723

 

 

 

124,526

 

 

 

122,676

 

Interest (benefit) expense, net - sale-leaseback financing arrangements

 

(26,517

)

 

 

5,760

 

 

 

5,502

 

 

 

(9,671

)

 

 

23,460

 

Depreciation, depletion and amortization

 

50,330

 

 

 

53,128

 

 

 

43,850

 

 

 

183,972

 

 

 

212,640

 

Accretion and changes in estimates on asset retirement obligations

 

552

 

 

 

(10,364

)

 

 

551

 

 

 

2,206

 

 

 

(8,516

)

Contract amortization and write-off

 

(1,880

)

 

 

(9,782

)

 

 

(2,034

)

 

 

(7,436

)

 

 

(86,481

)

Equity-based compensation

 

(538

)

 

 

199

 

 

 

233

 

 

 

162

 

 

 

729

 

Long-lived asset impairments

 

143,587

 

 

 

 

 

 

 

 

 

143,587

 

 

 

110,689

 

Reserve on financing receivables - affiliate

 

60,408

 

 

 

 

 

 

 

 

 

60,408

 

 

 

 

Debt restructuring costs

 

6,533

 

 

 

 

 

 

1,176

 

 

 

7,709

 

 

 

 

Adjusted EBITDA

$

27,445

 

 

$

86,869

 

 

$

46,895

 

 

$

185,015

 

 

$

313,584

 

 

Operating Metrics (In Thousands, Except Per Ton Data)

 

Three Months
Ended
December 31,
2019

 

 

Three Months
Ended
December 31,
2018

 

 

Three Months
Ended
September 30,
2019

 

 

Year Ended
December 31,
2019

 

 

Year Ended
December 31,
2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Produced tons sold

 

4,332

 

 

 

6,087

 

 

 

4,632

 

 

 

19,570

 

 

 

23,065

 

Purchased tons sold

 

38

 

 

 

58

 

 

 

42

 

 

 

175

 

 

 

330

 

Total tons sold

 

4,370

 

 

 

6,145

 

 

 

4,674

 

 

 

19,745

 

 

 

23,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons produced

 

3,477

 

 

 

6,061

 

 

 

4,968

 

 

 

19,926

 

 

 

23,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal sales realization per ton sold(1)

$

36.86

 

 

$

48.33

 

 

$

38.82

 

 

$

42.26

 

 

$

46.91

 

Cash cost per ton sold(2)

$

27.43

 

 

$

22.30

 

 

$

20.22

 

 

$

23.95

 

 

$

22.85

 

Netback to mine realization per ton sold(3)

$

28.91

 

 

$

38.03

 

 

$

31.53

 

 

$

33.27

 

 

$

37.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) - Coal sales realization per ton sold is defined as coal sales divided by total tons sold.

 

(2) - Cash cost per ton sold is defined as cost of coal produced (excluding depreciation, depletion and amortization) divided by produced tons sold.

 

(3) - Netback to mine realization per ton sold is defined as coal sales less transportation expense divided by tons sold.

 

 

Contacts

Cody E. Nett
Corporate Secretary
740-338-3100
Investor.relations@foresight.com
Cody.Nett@coalsource.com

Release Summary

Foresight Energy LP Reports Full-Year and Fourth Quarter 2019 Results

Contacts

Cody E. Nett
Corporate Secretary
740-338-3100
Investor.relations@foresight.com
Cody.Nett@coalsource.com