PITTSBURGH, Oct. 31, 2016 /PRNewswire/ -- CNX Coal
Resources LP (NYSE: CNXC) today reported financial and operating
results for the quarter ended September 30,
2016.
Third Quarter 2016 Results
Highlights of the CNXC third quarter 2016 results include:
- Cash distribution of $0.5125
per each common and subordinated unit for third quarter
- Net income of $6.4
million
- Adjusted EBITDA1 of $19.5
million
- Average realized price increased by 9%, compared to previous
quarter
- Completed the first post-IPO drop-down transaction
representing an expected 25% growth in Adjusted EBITDA
Management Comments
"We reached an important milestone during the third quarter with
the acquisition of an additional 5% undivided interest in the
Pennsylvania mining complex
(PAMC)," said Jimmy Brock, Chief
Executive Officer of CNX Coal Resources GP LLC (the "General
Partner"). "This acquisition is expected to increase our Adjusted
EBITDA by 25% and to also provide significant flexibility from a
balance sheet and liquidity perspective. As we are continuing to
see improvements in the coal markets, we also feel that the timing
of this transaction is very favorable."
"During the quarter, our marketing team improved the average
revenue per ton by shifting focus to the domestic market as we
foreshadowed on our last earnings call. We expect to continue to
see improvements in all three major markets for our coal: domestic
thermal, international thermal and international high-vol
metallurgical coal. This bodes very well for both our current
shipments and our contracting progress in the 2017-19 period."
"On the operational front, we had some challenges with
geological conditions at our Enlow Fork mine, which reduced our
expected shipment volumes in the third quarter. Although we
expected some impact from these conditions and planned accordingly,
the degree and negative impact on productivity was higher than we
had expected. However, our workforce did a tremendous job of
navigating through those conditions and making up some production
volumes through weekend shifts. The geological conditions have now
improved and we are back to normal operating conditions."
"On the safety and compliance side, I am very pleased to
announce that our Bailey mine was awarded the Pennsylvania Coal
Alliance 2016 Keystone Mine Safety Award in the longwall category
for the third consecutive year. Specifically during the quarter, we
were able to reduce the number of exceptions compared to the same
period last year at the PAMC. We remain focused on our core values
of safety and compliance and continue our efforts to improve
further."
Sales & Marketing
The marketing team had another solid quarter, selling 1.5
million tons to 42 different end users. More importantly, we also
improved the average realized price by 9% compared to the second
quarter. This was achieved by selling more coal to our domestic
customers, who have seen their coal stockpiles drawn down as
coal-fired generation improved. During the third quarter, customers
demonstrated a strong demand for coal given higher natural gas
prices and above-normal summer temperatures. This translated
into a boost in thermal coal prices this summer after they had
reached extreme lows in May.
We believe that coal pricing will continue to improve as many
power plants located in PJM and in the southeastern U.S. saw a
notable decrease in their coal stockpiles during the quarter, and
coal supply remains tight. We also noticed meaningful improvement
in the forward market, which allowed us to contract 575 thousand
tons for 2017, including 340 thousand tons of high-vol
metallurgical coal. We improved our sold positions for 2017 and
2018 to 93% and 58%, respectively. We are currently in negotiations
with several customers and expect to expand our high-vol and
thermal coal volumes during a time when supply rationalization,
demand stabilization, and rising Chinese imports are contributing
to an improved pricing environment. We expect demand for our coal
to remain strong, and anticipate continued pricing improvement in
the upcoming year.
Both the domestic and export markets for our coal continued to
strengthen throughout the third quarter and into October. On the
domestic thermal side, hot summer weather drove strong coal burn
and inventory drawdown at coal-fired power plants in our core
markets in the eastern United States. According to our
internal analysis, our top 15 domestic power plant customers
operated at a weighted average capacity factor of 68.7% in July,
which was up from the weighted average capacity factor of 49.7%
during the first half of 2016. This is also higher than their
weighted average capacity factor of 67.2% last July. U.S. Energy
Information Administration (EIA) now anticipates U.S. coal demand
to decline by 9% in 2016 while primary supply is expected to
decline 18% industry-wide. We believe this should continue to help
the destocking process and create better supply-demand fundamentals
for the upcoming contracting periods.
In the export market, international spot prices for
metallurgical coal increased dramatically during the third quarter,
driven by production cuts and increased import demand in
China, coupled with tightening
supply out of Australia. The global coking coal benchmark for
the fourth quarter of 2016 settled at $200/metric ton, up 116% from the third quarter
settlement of $92.50/metric ton.
Prices for a variety of metallurgical coal products, including our
coal, have likewise trended substantially higher. Coal from
the PAMC is sold as a crossover product into the global high-vol
metallurgical market. We have historically sold approximately 10%
of our volume in this market and continue to pursue additional
opportunities to capture pricing and volume upside. Export thermal
pricing has also strengthened recently, with the API2 and API4
indexes for 2017 delivery into Europe and India both improving by about 12% during the
third quarter. Pricing has continued to rally through October.
Operational Update and Outlook
During the quarter, we faced some challenging geological
conditions at the Enlow Fork mine, which resulted in slower retreat
rates for both longwalls in operation at the mine. While this was
anticipated, the degree and negative impact was more than expected.
To offset the production shortfall that resulted from these
conditions, we added extra weekend shifts. On a positive note, the
Bailey and Harvey mines performed very well during the quarter and
offset the cost increases we saw due to the Enlow Fork geological
conditions. Heading into the fourth quarter, geological conditions
have improved at Enlow Fork, and we expect production to increase
from the third quarter level. Accordingly, for the fourth quarter,
we expect coal sales volumes and unit margins to increase compared
to the third quarter.
Quarterly Distribution
During the third quarter, CNXC generated net cash provided by
operating activities of $22.5 million
and distributable cash flow2 of $6.9 million and distribution coverage of 0.56x.
On an actual capital expenditure basis, our coverage ratio during
the third quarter was 0.93x. Based on our current outlook for the
coal markets, net cash provided by operating activities during the
third quarter and expectations of increased net cash from operating
activities and related distributable cash flow from the recently
concluded drop down acquisition, the Board of Directors of the
general partner, has elected to pay distributions to the holders of
the common and subordinated units and the holder of the general
partner interest. Accordingly, a cash distribution of $0.5125 per unit will be paid to all unitholders
of the Partnership on November 15,
2016 to such holders of record at the close of business on
November 10, 2016.
Third Quarter Summary
We sold 1.5 million tons of coal during the third quarter of
2016 compared to 1.4 million tons in the year ago period. The
average realized price declined by 22% compared to the year-ago
period, as some of the higher-priced coal contracts rolled off and
were replaced by lower-priced sales. Our average unit costs for
coal sold3 in the quarter improved to $35.79 per ton, compared to $40.26 per ton in the year-earlier quarter,
primarily driven by various cost reduction measures. During the
quarter, we exported 155 thousand tons of our coal or approximately
10% of our coal sales.
|
|
Three Months
Ended
|
|
|
September 30,
2016
|
|
September 30,
2015
|
Coal
Production
|
million
tons
|
1.5
|
|
1.5
|
Coal Sales
|
million
tons
|
1.5
|
|
1.4
|
Average Realized
Price
|
per ton
|
$44.30
|
|
$56.99
|
Average Cost of Coal
Sold
|
per ton
|
$35.79
|
|
$40.26
|
Note: The Partnership has recast the above table to
retrospectively reflect the additional 5% ownership of PAMC
completed September 30, 2016 as if
the additional ownership interest was owned for all periods
presented.
Guidance and Outlook
Based on the results to date, our expectations for the remainder
of 2016, and to reflect our expanded ownership interest (on a 25%
basis) in the PAMC, we are updating our previously announced
guidance ranges for 2016 as follows:
- Coal sales of 5.9-6.1 million tons
- Adjusted EBITDA of $74-$82
million
- Maintenance capital expenditures of $15-$19 million
Third Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss the third quarter of 2016 financial and operational
results, is scheduled for October 31,
2016 at 5:00 PM ET. Prepared
remarks by members of management will be followed by a question and
answer session. Interested parties may listen via webcast on the
Events page of our website, www.cnxlp.com. An archive of the
webcast will be available for 30 days after the event.
Participant dial in (toll
free) 1-855-656-0928
Participant international dial
in 1-412-902-4112
1 "Adjusted EBITDA" is a non-GAAP financial measures,
which is reconciled to GAAP net income under the caption "Non-GAAP
Financial Measures"
2 "Distributable Cash Flow" is a non-GAAP financial
measure which is reconciled to GAAP net income under the caption
"Non-GAAP Financial Measures"
3 "Average Cost of Coal Sold" is a non-GAAP financial
measures, which is reconciled to GAAP Total Costs under the caption
"Non-GAAP Financial Measures"
About CNX Coal Resources LP
CNX Coal Resources is a growth-oriented master limited
partnership formed by CONSOL Energy Inc. (NYSE: CNX) to manage and
further develop all of CONSOL's active thermal coal operations in
Pennsylvania. Its assets include a 25% undivided interest in,
and operational control over, CONSOL's Pennsylvania mining complex, which consists of
three underground mines and related infrastructure. More
information is available on our website www.cnxlp.com.
Contacts:
Investor:
Mitesh Thakkar, (724) 485-3133
miteshthakkar@cnxlp.com
Media:
Brian Aiello, (724) 485-3078
brianaiello@cnxlp.com
Non-GAAP Financial Measures
Adjusted EBITDA, distributable cash flow and average cost of
coal sold are not Generally Accepted Accounting Principles ("GAAP")
measures.
We define adjusted EBITDA as (i) net income (loss) before net
interest expense, depreciation, depletion and amortization, as
adjusted for (ii) certain non-cash items, such as Unit Based
Compensation. The GAAP measure most directly comparable to
adjusted EBITDA is net income. Management believes that the
presentation of adjusted EBITDA in this report provides information
useful to investors in assessing our financial condition and
results of operations. Adjusted EBITDA should not be considered an
alternative to net income or any other measure of financial
performance or liquidity presented in accordance with GAAP.
Adjusted EBITDA excludes some, but not all, items that affect net
income and our presentation of adjusted EBITDA may not be
comparable to similarly titled measures of other companies.
We define distributable cash flow as (i) net income (loss)
before net interest expense, depreciation, depletion and
amortization, as adjusted for (ii) certain non-cash items, such as
Unit Based Compensation, less net cash interest paid and estimated
maintenance capital expenditures, to analyze our performance.
Distributable cash flow will not reflect changes in working capital
balances. Management believes that the presentation of
distributable cash flow in this report provides information useful
to investors in assessing our financial condition and results of
operations. The GAAP measures most directly comparable to
distributable cash flow are net income and net cash provided by
operating activities. Distributable cash flow should not be
considered an alternative to net income, net cash provided by (used
in) operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP.
Distributable cash flow excludes some, but not all, items that
affect net income or net cash, and our presentation may not be
comparable to similarly titled measures of other companies.
We define average cost of coal sold as our costs of coal sold
divided by the tons of coal we sell. We define cost of coal sold as
operating and other production costs related to produced tons sold,
along with changes in coal inventory, both in volumes and carrying
values. The cost of coal sold per ton includes items such as direct
operating costs, royalty and production taxes, direct
administration, and depreciation, depletion and amortization
costs. Our costs exclude any indirect costs such as general
and administrative costs and other costs not directly attributable
to the production of coal. Management believes that the
presentation of average cost of coal sold in this report provides
information useful to investors in assessing our results of
operations. The GAAP measure most directly comparable to cost of
coal sold is total costs. Average cost of coal sold should not be
considered an alternative to total costs, or any other measure of
financial or operational performance presented in accordance with
GAAP. Average cost of coal sold excludes some, but not all, items
that affect total costs and our presentation of average cost of
coal sold may not be comparable to similarly titled measures of
other companies
The following table presents a reconciliation of adjusted EBITDA
to net income, the most directly comparable GAAP financial measure,
on a historical basis for each period indicated. The table
also presents a reconciliation of distributable cash flow to net
income and net cash provided by operating activities, the most
directly comparable GAAP financial measures, on a historical basis
for each period indicated.
(Dollars in
thousands)
|
|
Three Months
Ended
September 30,
2016
|
Net
Income
|
|
$
|
6,401
|
|
Plus:
|
|
|
Interest
Expense
|
|
2,223
|
|
Depreciation,
Depletion and Amortization
|
|
10,592
|
|
Stock/Unit Based
Compensation
|
|
289
|
|
Adjusted
EBITDA
|
|
$
|
19,505
|
|
Less:
|
|
|
Cash
Interest
|
|
2,181
|
|
PA Mining Acquisition
Adjusted EBITDA
|
|
3,539
|
|
Estimated Maintenance
Capital Expenditures
|
|
6,929
|
|
Distributable Cash
Flow
|
|
$
|
6,856
|
|
|
|
|
Net Cash Provided
by Operating Activities
|
|
$
|
22,489
|
|
Less:
|
|
|
Interest Expense,
Net
|
|
2,223
|
|
Other, Including
Working Capital
|
|
761
|
|
Adjusted
EBITDA
|
|
$
|
19,505
|
|
Less:
|
|
|
Cash
Interest
|
|
2,181
|
|
PA Mining Acquisition
Adjusted EBITDA
|
|
3,539
|
|
Estimated Maintenance
Capital Expenditures
|
|
6,929
|
|
Distributable Cash
Flow
|
|
$
|
6,856
|
|
Distributions Declared
|
|
$
|
12,148
|
|
Distribution
Coverage
|
|
0.56
|
|
Note: The above table reflects the additional 5% ownership of
PAMC completed September 30, 2016 as
if the additional ownership interest was owned for all periods
presented. Distributable cash flow reconciliation excludes the
pre-acquisition EBITDA to reflect distributable cash flow
attributable to unitholders.
The following table presents a reconciliation of average cost of
coal sold to total costs, the most directly comparable GAAP
financial measure, on a historical basis for each period
indicated.
|
Three Months
Ended
September
30,
|
|
2016
|
|
2015
|
Total
Costs
|
$
|
63,413
|
|
|
$
|
62,514
|
|
Freight
Expense
|
(2,407)
|
|
|
(302)
|
|
Selling, General and
Administrative Expenses
|
(2,660)
|
|
|
(2,616)
|
|
Interest
Expense
|
(2,223)
|
|
|
(1,872)
|
|
Other Costs
(Non-Production)
|
(1,508)
|
|
|
(102)
|
|
Depreciation,
Depletion and Amortization (Non-Production)
|
(544)
|
|
|
(547)
|
|
Cost of Coal
Sold
|
$
|
54,071
|
|
|
$
|
57,075
|
|
Total Tons
Sold
|
1,511
|
|
|
1,418
|
|
Average Cost Per
Ton Sold
|
$
|
35.79
|
|
|
$
|
40.26
|
|
Note: The above table reflects the additional 5% ownership of
PAMC completed September 30, 2016 as
if the additional ownership interest was owned for all periods
presented.
Cautionary Statements
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements under federal securities laws including
Section 21E of the Securities Exchange Act of 1934 (the "Exchange
Act") that involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. The forward-looking
statements may include projections and estimates concerning the
timing and success of specific projects and our future production,
revenues, income and capital spending. When we use the words
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project," or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe strategy that involves risks or uncertainties, we are
making forward-looking statements. The forward-looking statements
in this press release speak only as of the date of this press
release; we disclaim any obligation to update these statements. We
have based these forward-looking statements on our current
expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the following:
generation of sufficient distributable cash flow to support the
payment of minimum quarterly distributions; changes in coal prices
or the costs of mining or transporting coal; uncertainty in
estimating economically recoverable coal reserves and replacement
of reserves; our ability to develop our existing coal reserves and
successfully execute our mining plans; changes in general economic
conditions, both domestically and globally; competitive conditions
within the coal industry; changes in the consumption patterns of
coal-fired power plants and steelmakers and other factors affecting
the demand for coal by coal-fired power plants and steelmakers; the
availability and price of coal to the consumer compared to the
price of alternative and competing fuels; competition from the same
and alternative energy sources; energy efficiency and technology
trends; our ability to successfully implement our business plan;
the price and availability of debt and equity financing; operating
hazards and other risks incidental to coal mining; major equipment
failures and difficulties in obtaining equipment, parts and raw
materials; availability, reliability and costs of transporting
coal; adverse or abnormal geologic conditions, which may be
unforeseen; natural disasters, weather-related delays, casualty
losses and other matters beyond our control; interest rates; labor
availability, relations and other workforce factors; defaults by
our sponsor under our operating agreement and employee services
agreement; changes in availability and cost of capital; changes in
our tax status; delays in the receipt of, failure to receive or
revocation of necessary governmental permits; defects in title or
loss of any leasehold interests with respect to our properties; the
effect of existing and future laws and government regulations,
including the enforcement and interpretation of environmental laws
thereof; the effect of new or expanded greenhouse gas regulations;
the effects of litigation; and other factors discussed in our 2015
Form 10-K under "Risk Factors," as updated by any subsequent Form
10-Qs, which are on file at the Securities and Exchange
Commission.
CNX COAL RESOURCES
LP EARNINGS SUMMARY (Dollars in
thousands) (unaudited)
|
|
|
For the Three
Months Ended,
|
|
September
30,
|
|
2016
|
|
2015
|
|
Variance
|
Revenue:
|
|
|
|
|
|
Coal
Revenue
|
$
|
66,922
|
|
|
$
|
80,793
|
|
|
$
|
(13,871)
|
|
Freight
Revenue
|
2,407
|
|
|
302
|
|
|
2,105
|
|
Other
Income
|
485
|
|
|
343
|
|
|
142
|
|
Total Revenue and
Other Income
|
69,814
|
|
|
81,438
|
|
|
(11,624)
|
|
Cost of Coal
Sold:
|
|
|
|
|
|
Operating
Costs
|
44,023
|
|
|
46,834
|
|
|
(2,811)
|
|
Depreciation,
Depletion and Amortization
|
10,048
|
|
|
10,241
|
|
|
(193)
|
|
Total Cost of Coal
Sold
|
54,071
|
|
|
57,075
|
|
|
(3,004)
|
|
Other
Costs:
|
|
|
|
|
|
Other
Costs
|
1,508
|
|
|
102
|
|
|
1,406
|
|
Depreciation,
Depletion and Amortization
|
544
|
|
|
547
|
|
|
(3)
|
|
Total Other
Costs
|
2,052
|
|
|
649
|
|
|
1,403
|
|
Freight
Expense
|
2,407
|
|
|
302
|
|
|
2,105
|
|
Selling, General
and Administrative Expenses
|
2,660
|
|
|
2,616
|
|
|
44
|
|
Interest
Expense
|
2,223
|
|
|
1,872
|
|
|
351
|
|
Total
Costs
|
63,413
|
|
|
62,514
|
|
|
899
|
|
Net
Income
|
$
|
6,401
|
|
|
$
|
18,924
|
|
|
$
|
(12,523)
|
|
|
|
|
|
|
|
Net Income
Allocable to Limited Partner Units - Basic &
Diluted
|
$
|
4,922
|
|
|
$
|
14,389
|
|
|
$
|
(9,467)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
19,505
|
|
|
$
|
30,709
|
|
|
$
|
(11,204)
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
$
|
6,856
|
|
|
$
|
15,374
|
|
|
$
|
(8,518)
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.21
|
|
|
$
|
0.62
|
|
|
$
|
(0.41)
|
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.21
|
|
|
$
|
0.62
|
|
|
$
|
(0.41)
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
CNX COAL RESOURCES
LP CONSOLIDATED BALANCE SHEETS (Dollars in
thousands) (unaudited)
|
|
|
September 30,
2016
|
|
December 31,
2015
|
Current
Assets:
|
|
|
|
Cash
|
$
|
6,314
|
|
|
$
|
6,534
|
|
Trade
Receivables
|
21,001
|
|
|
19,398
|
|
Other
Receivables
|
200
|
|
|
471
|
|
Inventories
|
11,580
|
|
|
12,238
|
|
Prepaid
Expenses
|
4,739
|
|
|
5,089
|
|
Total Current
Assets
|
43,834
|
|
|
43,730
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
873,767
|
|
|
865,527
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
432,106
|
|
|
400,911
|
|
Total Property,
Plant and Equipment—Net
|
441,661
|
|
|
464,616
|
|
Other
Assets:
|
|
|
|
Other
|
21,302
|
|
|
17,598
|
|
Total Other
Assets
|
21,302
|
|
|
17,598
|
|
TOTAL
ASSETS
|
$
|
506,797
|
|
|
$
|
525,944
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
18,095
|
|
|
$
|
17,405
|
|
Accounts
Payable—Related Party
|
1,320
|
|
|
4,310
|
|
Other Accrued
Liabilities
|
41,186
|
|
|
37,281
|
|
Total Current
Liabilities
|
60,601
|
|
|
58,996
|
|
Long-Term
Debt:
|
|
|
|
Revolver, net of debt
issuance and financing fees
|
204,619
|
|
|
180,946
|
|
Capital Lease
Obligations
|
166
|
|
|
124
|
|
Total Long-Term
Debt
|
204,785
|
|
|
181,070
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
Pneumoconiosis
Benefits
|
2,537
|
|
|
1,934
|
|
Workers'
Compensation
|
3,133
|
|
|
2,929
|
|
Asset Retirement
Obligations
|
9,271
|
|
|
8,499
|
|
Other
|
648
|
|
|
713
|
|
Total Deferred
Credits and Other Liabilities
|
15,589
|
|
|
14,075
|
|
TOTAL
LIABILITIES
|
280,975
|
|
|
254,141
|
|
Partners'
Capital:
|
|
|
|
Preferred Units
(3,956,496 units outstanding at September 30, 2016 and no units
outstanding at December 31, 2015)
|
67,300
|
|
|
—
|
|
Common Units
(11,618,456 units outstanding at September 30, 2016 and 11,611,067
units outstanding at December 31, 2015)
|
141,800
|
|
|
154,309
|
|
Subordinated Units
(11,611,067 Units Outstanding at September 30, 2016 and December
31, 2015)
|
(6,518)
|
|
|
6,188
|
|
General Partner
Interest
|
12,319
|
|
|
13,081
|
|
Parent Net
Investment
|
—
|
|
|
87,234
|
|
Accumulated Other
Comprehensive Income
|
10,921
|
|
|
10,991
|
|
Total Partners'
Capital
|
225,822
|
|
|
271,803
|
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
506,797
|
|
|
$
|
525,944
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
CNX COAL RESOURCES
LP CONSOLIDATED STATEMENTS OF CASH
FLOWS (Dollars in
thousands) (unaudited)
|
|
|
Three Months Ended
September 30,
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
Net Income
|
$
|
6,401
|
|
|
$
|
18,924
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By (Used In) Operating
Activities:
|
|
|
|
Depreciation,
Depletion and Amortization
|
10,592
|
|
|
10,788
|
|
Gain on Sale of
Assets
|
(2)
|
|
|
(13)
|
|
Unit Based
Compensation
|
289
|
|
|
15
|
|
Other Adjustments to
Net Income
|
223
|
|
|
265
|
|
Changes in Operating
Assets:
|
|
|
|
Accounts and Notes
Receivable
|
1,599
|
|
|
(27,596)
|
|
Inventories
|
(464)
|
|
|
(978)
|
|
Prepaid
Expenses
|
(1,414)
|
|
|
(1,981)
|
|
Changes in Other
Assets
|
180
|
|
|
(7,545)
|
|
Changes in Operating
Liabilities:
|
|
|
|
Accounts
Payable
|
3,821
|
|
|
6,054
|
|
Accounts Payable -
Related Party
|
85
|
|
|
355
|
|
Other Operating
Liabilities
|
917
|
|
|
480
|
|
Changes in Other
Liabilities
|
262
|
|
|
500
|
|
Other
|
—
|
|
|
23
|
|
Net Cash Provided by
(Used In) Operating Activities
|
22,489
|
|
|
(709)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Capital
Expenditures
|
(3,068)
|
|
|
(8,721)
|
|
PA Mining Complex
Acquisition – Net Purchase Price of Net Assets from CEI
|
(21,500)
|
|
|
—
|
|
Proceeds from Sales
of Assets
|
2
|
|
|
14
|
|
Net Cash Used in
Investing Activities
|
(24,566)
|
|
|
(8,707)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Payments on
Miscellaneous Borrowings
|
(21)
|
|
|
(12)
|
|
Proceeds from
(Payments on) Revolver
|
10,000
|
|
|
180,000
|
|
Proceeds from Initial
Public Offering and Private Placement
|
—
|
|
|
148,359
|
|
Net Change in Parent
Advancements
|
(4,358)
|
|
|
31,112
|
|
Unitholder
Distributions
|
(6,193)
|
|
|
—
|
|
Net Distributions
from Offering to CONSOL Energy
|
—
|
|
|
(342,711)
|
|
Debt Issuance and
Financing Fees
|
—
|
|
|
(4,329)
|
|
Net Cash (Used In)
Provided By Financing Activities
|
(572)
|
|
|
12,419
|
|
Net (Decrease)
Increase in Cash
|
(2,649)
|
|
|
3,003
|
|
Cash at Beginning of
Period
|
8,963
|
|
|
4
|
|
Cash at End of
Period
|
$
|
6,314
|
|
|
$
|
3,007
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cnx-coal-resources-lp-announces-results-for-the-third-quarter-2016-300354201.html
SOURCE CNX Coal Resources LP