CANONSBURG, Pa., Oct. 26, 2015 /PRNewswire/ -- CNX Coal
Resources LP (NYSE: CNXC) today reported its financial and
operating results for the quarter ended September 30, 2015.
Third Quarter 2015 Results
Highlights of the CNXC third quarter 2015 results include:
- Cash distribution of $0.4791
per unit (prorated for quarterly distribution of $0.5125 per unit)
- Net income of $14.7
million
- Distributable cash flow1 of $15.4 million
- Adjusted EBITDA1 of $24.3
million
- Coal sales of 1.1 million tons
- 2016 contracted sales position improves to 74%
Management Comments
"CNXC delivered a very strong operational and financial third
quarter despite the ongoing challenges in the coal markets," said
Jimmy Brock, Chief Executive Officer
of CNX Coal Resources GP LLC (the "General Partner"). "Our
operations team did an excellent job during the quarter in
controlling costs to offset some of the pricing pressure, while
adhering to our core values of safety and compliance. At the
Pennsylvania mining complex, the
overall safety performance has improved year on year with the
number of exceptions being reduced by 26% and severity of incidents
reduced by 75%."
"Although the commodity price environment has deteriorated
further since our initial public offering, we remain focused on
generating significant distributable cash flow as demonstrated
during the quarter. We believe that we have significant dropdown
opportunities at the Pennsylvania
mining complex due to the strong commitment from our sponsor. Our
solid balance sheet and strong cash flow generating assets also
provide us significant financial flexibility."
"Our marketing team has made substantial progress on the thermal
coal marketing front during the quarter. CNXC has increased its
contracted coal sales position for 2016 to 74% of the projected
sales. For 2017 and 2018, the average contracted sales position has
improved to an average of 43%. These commitments have secured CNXC
as the anchor supplier to the largest, most efficient, and most
environmentally compliant coal power plants in our core markets.
Furthermore, we have secured multi-year commitments with key power
plants in the upper Midwest and Southeast, which has historically
been thought of as the domain of other coal basins. The solid
contracting book helps us reduce volume volatility and attain
economies of scale to run the mines more efficiently."
1 The terms "distributable cash flow" and "adjusted
EBITDA" are non-GAAP financial measures, which are defined and
reconciled to the GAAP net income below, under the caption
"Non-GAAP Financial Measures."
Quarterly Distribution
The Board of Directors of our General Partner announced our
first cash distribution of $0.4791
per unit with respect to the period commencing on July 7, 2015 (the closing date of the
Partnership's initial public offering) through September 30, 2015. The prorated amount
corresponds to the Partnership's quarterly distribution of
$0.5125 per unit, or $2.05 per unit on an annualized basis. The
distribution will be made on November 13,
2015 to unitholders of record on November 06, 2015.
Operational Summary
For our 20% undivided interest in the Pennsylvania mining complex, we sold 1.13
million tons of coal during the third quarter 2015, which exceeded
our guidance of 1.08-1.12 million tons. Total production declined
to 1.16 million tons compared to 1.27 million tons produced in the
same quarter of 2014 as we aligned our production to market
conditions. As previously announced, the mines are currently
running on a four-day work week compared to a normal five-day work
week. We expect this schedule to continue through the remainder of
2015. Our total unit costs for coal sold in the quarter were
$40.38 per ton, compared to
$47.32 per ton in the year-earlier
quarter. The improved cost performance was driven by solid longwall
performance, consistent shipment rates, reduced workforce and other
cost reduction efforts.
|
|
Three Months
Ended
|
|
|
September 30,
2015
|
|
September 30,
2014
|
Coal
Production
|
000 tons
|
1,162
|
|
1,273
|
Coal Sales
|
000 tons
|
1,134
|
|
1,238
|
Average Realized
Price
|
Per ton
|
$56.99
|
|
$61.35
|
Average Cost of Coal
Sold
|
Per ton
|
$40.38
|
|
$47.32
|
Guidance and Outlook
Based on management's current expectations, we are providing the
following updated guidance for 2015 and 2016. In addition, we also
expect our average cost of coal sold to be between $40-$43 per ton for 2015.
|
|
2015
|
|
2016
|
Estimated Coal
Sales
|
million
tons
|
4.6-4.7
|
|
5.0-5.4
|
Committed
|
million
tons
|
4.5
|
|
3.8
|
Estimated Price
(Committed Tons)
|
Per ton
|
$56.50-$58.50
|
|
$50.00-$55.00
|
Note: Committed tons are tons that are both committed to be
purchased and priced. Committed tons exclude collared tons and tons
that are sold but not yet priced. There are no collared tons in
2015. Collared tons in 2016 are 0.1 million tons, with a ceiling of
$62.00 per ton and a floor of
$57.00 per ton. Committed contracts
with certain customers permit the customer to carry a portion of
their contracted tons into the following year and/or to take gas
instead of coal. For purposes of this table, the estimated price of
each committed contract includes the base price stated in the
contract and an estimate of the future adjustments to the
contracted base price as set forth in such contract. The adjustment
mechanisms reflect (i) variances in the quality characteristics of
coal delivered to the customer beyond threshold quality
characteristics specified in the applicable sales contract, (ii)
the actual calorific value of coal delivered to the customer,
and/or (iii) changes in electric power prices in the markets in
which our customers operate, as adjusted for any factors set forth
in the applicable contract. Each customer contract is different and
not all contracts contain adjustments described in the preceding
sentence. The estimated prices set forth in the table above were
based in part on certain assumptions made by management. With
respect to clause (i) quality characteristics, we based our
assumption on our average monthly estimated quality numbers
generated with our production forecast, created using pre-mining
geology and analytical work, to determine the likely penalties and
premiums associated with each contract using the average mine
quality for tons estimated to be shipped during the time period.
With respect to clause (ii) actual calorific value, we based our
assumption on our average monthly estimated quality numbers
generated with our production forecast, created using pre-mining
geology and analytical work, to determine the likely penalties and
premiums associated with each contract using the average mine
quality for tons estimated to be shipped during the time period.
With respect to clause (iii), the electric power price-related
adjustments, if any, result only in positive monthly adjustments to
the contracted base price that we receive for our coal. These
adjustments to contracted base prices were estimated using publicly
available regional power generation information applicable to the
markets in which our customers operate and other internally
estimated information regarding contract specific factors that
impact pricing. The key assumptions used for the estimated electric
power price-related adjustments were derived using PJM Western Hub
Day-Ahead Calendar Month (Peak and Off-Peak) prices adjusted using
management's judgment and historical results. These derived
assumptions were held constant in 2015 and 2016. While management
considers the expectations and assumptions regarding estimated
prices, including with respect to estimated electric power
price-related adjustments, to be reasonable, they are inherently
subject to business, economic, competitive, regulatory, and other
risks and uncertainties, most of which are beyond our control.
Third Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss third quarter 2015 financial and operational results, is
scheduled for October 26, 2015 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)
|
1-877-870-4263
|
Participant
international dial
in
|
1-412-317-0790
|
About CNX Coal Resources LP
CNX Coal Resources is a growth-oriented master limited
partnership recently formed by CONSOL Energy Inc. (NYSE: CNX) to
manage and further develop all of CONSOL's active thermal coal
operations in Pennsylvania. Its initial assets include a 20%
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 and distributable cash flow are not Generally
Accepted Accounting Principles ("GAAP") measures. Adjusted EBITDA
is defined as (i) net income (loss) before net interest expense,
depreciation, depletion and amortization, as adjusted for (ii)
material nonrecurring and other items which may not reflect the
trend of our future results. 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. The GAAP measure most directly
comparable to adjusted EBITDA is net income. 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 vary from that presented by other companies. As a
result, adjusted EBITDA as presented below may not be comparable to
similarly titled measures of other companies. Distributable
cash flow is defined as adjusted EBITDA less net cash interest paid
and estimated maintenance capital expenditures. 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 vary from the presentations of other
companies. As a result, our distributable cash flow 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 operating cash flows, the most directly comparable GAAP
financial measures, on a historical basis for each period
indicated.
|
|
Three Months
Ended
September 30, 2015
|
Net Income
|
|
$
|
14,665
|
|
Interest
Expense
|
|
1,888
|
|
Depreciation,
Depletion and Amortization
|
|
8,431
|
|
OPEB Plan
Change
|
|
(712)
|
|
Unit Based
Compensation
|
|
15
|
|
Adjusted
EBITDA
|
|
$
|
24,287
|
|
Less:
|
|
|
Cash
Interest
|
|
1,475
|
|
Estimated Maintenance
Capital Expenditures
|
|
7,438
|
|
Distributable Cash
Flow
|
|
$
|
15,374
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
8,496
|
|
Less: Interest
Expense, Net
|
|
1,888
|
|
Less: Other,
Including Working Capital
|
|
(17,679)
|
|
Adjusted
EBITDA
|
|
$
|
24,287
|
|
Less:
|
|
|
Cash
Interest
|
|
1,475
|
|
Estimated Maintenance
Capital Expenditures
|
|
7,438
|
|
Distributable Cash
Flow
|
|
$
|
15,374
|
|
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, if any, 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; estimated adjusted
EBITDA and distributable cash flow are subject to various inherent
uncertainties; our acquiring additional undivided interests in the
Pennsylvania mining complex or
other assets from our sponsor may not occur; uncertainties exist in
estimating our economically recoverable coal reserves; our ability
to acquire additional coal reserves that are economically
recoverable; deterioration in the global economic conditions in any
of the industries in which our customers operate, a worldwide
financial downturn or negative credit market conditions; decreases
in demand for electricity and changes in coal consumption patterns
of U.S. electric power generators; a substantial or extended
decline in prices we receive for our coal due to volatility,
oversupply, weather, availability of alternative fuels or other
factors; increased competition within the coal industry, a loss of
our competitive position or foreign currency fluctuations affecting
the competitiveness of our coal abroad; the risks inherent in coal
operations, including the occurrence of unexpected disruptions,
geological conditions, environmental hazards, equipment failure,
fires, explosions, accidents, security breaches or terroristic acts
and weather conditions and we may not be insured or fully insured
against such the losses from events; our mines being part of a
single mining complex and located in a single geographic area; the
delay or disruption of rail services transporting our coal or
increased transportation costs for our coal; the occurrence of
significant downtime of our major pieces of mining equipment
including our preparation plant; our customers extending existing
contracts or entering into new long-term contracts for coal; the
loss of or significant reduction in purchases by our largest
customers; provisions in our multi-year sales contracts may provide
limited protection to us during adverse economic conditions, may
result in economic penalties to us or permit customer termination
of these contracts; our inability to collect payments from
customers if their creditworthiness declines; our ability to raise
on satisfactory terms the capital or financing needed for our
portion of the substantial capital expenditures associated with our
mines; our inability to obtain equipment, parts and raw materials
in timely manner, in sufficient quantities or at reasonable costs
in our coal mining and transportation operations; our
inability to integrate future acquisitions and achieve anticipated
benefits; restrictions in our revolving credit facility could
adversely affect our business, financial condition, results of
operation and ability to make quarterly cash distributions; future
debt we incur may limit our flexibility to obtain financing and
pursue other business opportunities; increases in interest rates;
our ability to make distributions depends upon our cash flow; we
may have to coordinate our mining operations with oil and natural
gas drillers; we may incur additional costs and delays
associated with perfecting title for our coal rights; we rely upon
our general partner and employees of our sponsor for management;
our mines are operated by a work force that is employed exclusively
by our sponsor and our sponsors employees could unionize; we depend
upon cash flow generated by our subsidiaries; terrorist attacks or
cyber incidents could result in information theft, data corruption
and/or financial loss; the impact of potential, as well as any
adopted regulations, relating to greenhouse gas emissions on the
market for coal, on our operating costs and on the value of our
coal assets; electric power generators and other coal users
switching to alternative fuels in order to comply with various
environmental standards related to coal combustion emissions or due
to various incentives to generate electricity from renewable energy
sources; our costs could increase and our coal operations could be
restricted by the effects of existing and future government
environmental regulation; the potential for liabilities arising
from environmental contamination or alleged environmental
contamination in connection with our past or current coal
operations; our obtaining and renewing governmental permits and
approvals for our coal operations; the effects of stringent federal
and state employee health and safety regulations of our mines,
including the ability of regulators to shut down a mine; the
effects of our mine closing and reclamation obligations; any
termination of our tax treatment as a partnership including as a
result of a sale of 50% or more of our capital and profits
interests during any 12 month period; our tax positions; the
elimination of current U.S. federal income tax preferences
available for coal exploration and development; and other factors
discussed in the "Risk Factors" section of the prospectus
included in our registration statement on Form S-1, in the form
last filed with the SEC, as well as any periodic report on Form
10-Q that we file with the SEC.
CNX COAL RESOURCES
LP
COMBINED
STATEMENTS OF OPERATIONS
(Dollars in
thousands, except per unit data)
(unaudited)
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Coal
Revenue
|
$
|
64,635
|
|
|
$
|
75,928
|
|
|
$
|
205,321
|
|
|
$
|
245,333
|
|
Freight
Revenue
|
242
|
|
|
156
|
|
|
1,257
|
|
|
2,986
|
|
Miscellaneous Other
Income
|
264
|
|
|
58
|
|
|
615
|
|
|
7,269
|
|
Gain on Sale of
Assets
|
11
|
|
|
3
|
|
|
36
|
|
|
120
|
|
Total Revenue and
Other Income
|
65,152
|
|
|
76,145
|
|
|
207,229
|
|
|
255,708
|
|
|
|
|
|
|
|
|
|
Operating and Other
Costs 1
|
34,167
|
|
|
45,628
|
|
|
111,783
|
|
|
130,544
|
|
Royalties and
Production Taxes
|
2,554
|
|
|
3,227
|
|
|
8,296
|
|
|
10,955
|
|
Selling and Direct
Administrative Expenses 2
|
1,236
|
|
|
1,583
|
|
|
3,848
|
|
|
5,012
|
|
Depreciation,
Depletion and Amortization
|
8,431
|
|
|
8,913
|
|
|
26,696
|
|
|
24,873
|
|
Freight
Expense
|
242
|
|
|
156
|
|
|
1,257
|
|
|
2,986
|
|
General and
Administrative Expenses3
|
1,969
|
|
|
2,623
|
|
|
6,762
|
|
|
9,595
|
|
Interest Expense
4
|
1,888
|
|
|
2,190
|
|
|
6,597
|
|
|
4,709
|
|
Total
Costs
|
50,487
|
|
|
64,320
|
|
|
165,239
|
|
|
188,674
|
|
Net
Income
|
$
|
14,665
|
|
|
$
|
11,825
|
|
|
$
|
41,990
|
|
|
$
|
67,034
|
|
|
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income:
|
|
|
|
|
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CNX Coal Resources
|
$
|
14,683
|
|
|
N/A
|
|
$
|
14,683
|
|
|
N/A
|
Less: General Partner
Interest in Net Income
|
294
|
|
|
N/A
|
|
294
|
|
|
N/A
|
Limited Partner
Interest in Net Income
|
$
|
14,389
|
|
|
N/A
|
|
$
|
14,389
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.62
|
|
|
N/A
|
|
$
|
0.62
|
|
|
N/A
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.62
|
|
|
N/A
|
|
$
|
0.62
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Limited Partner Units
Outstanding - Basic
|
23,222,134
|
|
|
N/A
|
|
23,222,134
|
|
|
N/A
|
Limited Partner Units
Outstanding - Diluted
|
23,222,592
|
|
|
N/A
|
|
23,222,592
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Cash Distributions
Declared per Unit
|
0.4791
|
|
|
N/A
|
|
0.4791
|
|
|
N/A
|
1
|
Related Party of
$1,680 and $3,321 for the three months ended and $3,468 and $10,357
for the nine months ended September 30, 2015 and
September 30, 2014, respectively.
|
2
|
Related Party of
$1,034 and $1,411 for the three months ended and $3,297 and $4,530
for the nine months ended September 30, 2015 and
September 30, 2014, respectively.
|
3
|
Related Party of
$2,027 and $2,718 for the three months ended and $6,747 and $9,595
for the nine months ended September 30, 2015 and
September 30, 2014, respectively.
|
4
|
Related Party of
$2,424 for the three months ended September 30, 2014 and
$4,840 and $7,111 for the nine months ended September 30, 2015
and September 30, 2014, respectively.
|
CNX COAL RESOURCES
LP
COMBINED BALANCE
SHEETS
(Dollars in
thousands)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
September 30,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash
|
$
|
3,004
|
|
|
$
|
3
|
|
Trade
|
23,151
|
|
|
—
|
|
Other
Receivables
|
412
|
|
|
384
|
|
Inventories
|
12,656
|
|
|
10,639
|
|
Prepaid
Expenses
|
5,028
|
|
|
3,922
|
|
Total Current
Assets
|
44,251
|
|
|
14,948
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
687,775
|
|
|
686,593
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
312,576
|
|
|
287,707
|
|
Total Property,
Plant and Equipment—Net
|
375,199
|
|
|
398,886
|
|
Other
Assets:
|
|
|
|
Other
|
11,394
|
|
|
4,977
|
|
Total Other
Assets
|
11,394
|
|
|
4,977
|
|
TOTAL
ASSETS
|
$
|
430,844
|
|
|
$
|
418,811
|
|
CNX COAL RESOURCES
LP
COMBINED BALANCE
SHEETS
(Dollars in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
September 30,
2015
|
|
December 31,
2014
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
15,302
|
|
|
$
|
15,782
|
|
Accounts
Payable—Related Party
|
1,188
|
|
|
—
|
|
Current Portion of
Long Term Notes—Related Party
|
—
|
|
|
17,931
|
|
Current Portion of
Long Term Debt—Other
|
344
|
|
|
330
|
|
Other Accrued
Liabilities
|
39,981
|
|
|
35,502
|
|
Total Current
Liabilities
|
56,815
|
|
|
69,545
|
|
Long-Term
Debt:
|
|
|
|
Revolver, net of debt
issuance and financing fees (Note 9)
|
175,873
|
|
|
—
|
|
Long-Term Notes
Payable—Related Party
|
—
|
|
|
160,831
|
|
Advanced Royalty
Commitments
|
278
|
|
|
278
|
|
Capital Lease
Obligations
|
85
|
|
|
51
|
|
Total Long-Term
Debt
|
176,236
|
|
|
161,160
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
Postretirement
Benefits Other Than Pensions
|
—
|
|
|
5,279
|
|
Pneumoconiosis
Benefits
|
1,422
|
|
|
1,250
|
|
Asset Retirement
Obligations
|
3,219
|
|
|
2,381
|
|
Workers'
Compensation
|
7,450
|
|
|
7,961
|
|
Other
|
605
|
|
|
609
|
|
Total Deferred
Credits and Other Liabilities
|
12,696
|
|
|
17,480
|
|
TOTAL
LIABILITIES
|
245,747
|
|
|
248,185
|
|
Partner's
Capital:
|
|
|
|
Common Units
(11,067,067 Units Outstanding at September 30, 2015)
|
155,596
|
|
|
—
|
|
Subordinated Units
(11,067,067 Units Outstanding at September 30, 2015)
|
7,502
|
|
|
—
|
|
General Partner
Interest
|
13,135
|
|
|
—
|
|
Parent Net
Investment
|
—
|
|
|
139,259
|
|
Accumulated Other
Comprehensive Income
|
8,864
|
|
|
31,367
|
|
Total Invested
Equity
|
185,097
|
|
|
170,626
|
|
TOTAL LIABILITIES
AND INVESTED EQUITY
|
$
|
430,844
|
|
|
$
|
418,811
|
|
CNX COAL RESOURCES
LP
COMBINED
STATEMENTS OF CASH FLOWS
(Dollars in
thousands)
(unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net Income
|
$
|
14,665
|
|
|
$
|
11,825
|
|
|
$
|
41,990
|
|
|
$
|
67,034
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
8,431
|
|
|
8,913
|
|
|
26,696
|
|
|
24,873
|
|
Gain on Sale of
Assets
|
(11)
|
|
|
(3)
|
|
|
(36)
|
|
|
(120)
|
|
Unit Based
Compensation
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
Amortization of
Mineral Leases
|
142
|
|
|
31
|
|
|
305
|
|
|
229
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
|
|
Accounts and Notes
Receivable
|
(22,077)
|
|
|
6,730
|
|
|
(23,179)
|
|
|
(85)
|
|
Inventories
|
(783)
|
|
|
(1,608)
|
|
|
(2,017)
|
|
|
(591)
|
|
Prepaid
Expenses
|
(1,594)
|
|
|
(1,231)
|
|
|
(1,106)
|
|
|
(61)
|
|
Changes in Other
Assets
|
448
|
|
|
(177)
|
|
|
88
|
|
|
(1,075)
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
|
|
Accounts
Payable
|
3,988
|
|
|
(3,594)
|
|
|
(951)
|
|
|
(4,704)
|
|
Accounts Payable -
Related Party
|
1,188
|
|
|
—
|
|
|
1,188
|
|
|
—
|
|
Other Operating
Liabilities
|
562
|
|
|
2,452
|
|
|
4,479
|
|
|
2,974
|
|
Changes in Other
Liabilities
|
3,444
|
|
|
1,437
|
|
|
(631)
|
|
|
238
|
|
Other
|
78
|
|
|
99
|
|
|
193
|
|
|
255
|
|
Net Cash Provided by
Operating Activities
|
8,496
|
|
|
24,874
|
|
|
47,034
|
|
|
88,967
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Capital
Expenditures
|
(6,995)
|
|
|
(11,491)
|
|
|
(20,588)
|
|
|
(57,300)
|
|
Proceeds from Sales
of Assets
|
11
|
|
|
4
|
|
|
56
|
|
|
15,204
|
|
Net Cash Used in
Investing Activities
|
(6,984)
|
|
|
(11,487)
|
|
|
(20,532)
|
|
|
(42,096)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from
(Payments on) Miscellaneous Borrowings
|
(10)
|
|
|
16
|
|
|
4,804
|
|
|
4,686
|
|
Proceeds from
(Payments on) Revolver
|
180,000
|
|
|
—
|
|
|
180,000
|
|
|
—
|
|
Proceeds from
Issuance of Common Units, Net of Offering Costs
|
148,359
|
|
|
—
|
|
|
148,359
|
|
|
—
|
|
Distribution of
Proceeds
|
(342,711)
|
|
|
—
|
|
|
(342,711)
|
|
|
—
|
|
Debt Issuance and
Financing Fees
|
(4,329)
|
|
|
—
|
|
|
(4,329)
|
|
|
—
|
|
Net Change in Parent
Advances
|
20,180
|
|
|
(13,401)
|
|
|
(9,624)
|
|
|
(51,555)
|
|
Net Cash Used In
Financing Activities
|
1,489
|
|
|
(13,385)
|
|
|
(23,501)
|
|
|
(46,869)
|
|
Net Increase in
Cash
|
3,001
|
|
|
2
|
|
|
3,001
|
|
|
2
|
|
Cash at Beginning of
Period
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
Cash at End of
Period
|
$
|
3,004
|
|
|
$
|
5
|
|
|
$
|
3,004
|
|
|
$
|
5
|
|
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SOURCE CNX Coal Resources LP