Full-Year 2017 Highlights:
- Coal sales of $944.4 million on
sales volumes of 21.4 million tons, respective increases of 9% and
11% compared to prior year.
- Adjusted EBITDA of $293.8
million.
- Cash flows from operations of $144.5
million.
- Net loss attributable to limited
partner units of $215.2 million. Net loss includes $95.5 million of
debt restructuring charges and $42.7 million of asset impairment
charges related to the March 2015 Hillsboro Energy, LLC combustion
event.
- Paid cash distributions to common
unitholders totaling $9.7 million, or $0.1252 per unit, during 2017
and declared a $0.0565 per unit distribution from retained excess
cash flow, to be paid on March 30, 2018 to unitholders of record as
of March 20, 2018.
- Excess Cash Flow Sweep of $55.7
million to be applied to first lien debt in 2018.
Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE:
FELP) today reported financial and operating results for the fourth
quarter and year ended December 31, 2017. Foresight generated
fiscal year coal sales revenues of $944.4 million on sales
volumes of 21.4 million tons resulting in a net loss attributable
to limited partner units of $215.2 million, Adjusted EBITDA of
$293.8 million and cash flows from operations of $144.5 million.
Annual sales volumes for 2017 increased 11% compared to 2016 sales
volumes as more tons were sold into the export market. Overall
results for 2017 were negatively impacted by $95.5 million of
expense related to the early extinguishment of debt resulting from
the March 2017 refinancing transaction. Also negatively impacting
the 2017 results is impairment expense totaling $42.7 million for
certain underground mining equipment that was permanently sealed
within, or deemed to be unrecoverable from, Hillsboro Energy, LLC’s
(“Hillsboro”) Deer Run Mine related to the re-entry plan that was
submitted to MSHA in December 2017. Partially offsetting these
charges were insurance recoveries totaling $16.4 million related to
the 2015 combustion event at the Hillsboro operation. The insurance
recoveries included $12.8 million for business interruption
proceeds, which was recorded in other operating income, and $3.6
million for ongoing mitigations costs, which was recorded as a
reduction in cost of coal sales.
“Financial and operating results for 2017 showed significant
improvement over the prior year driven primarily by a stronger
year-over-year export market. The improvements in tons sold and
revenue allowed Foresight to generate over $293 million of Adjusted
EBITDA and nearly $145 million of cash from operations.
Operationally, we safely and efficiently produced 21.2 million tons
during the year, an increase of 11% compared to the prior year.
Foresight’s operating mines also retained their position among the
most productive and lowest cost underground mines in the country,”
stated Mr. Robert D. Moore, Chairman, President, and Chief
Executive Officer.
Foresight also announced that due to the Partnership’s strong
operating performance during the fourth quarter, the Board of
Directors of its General Partner approved a quarterly cash
distribution of $0.0565 per unit from retained excess cash flow.
The distribution is payable on March 30, 2018 for unitholders
of record on March 20, 2018. In addition, an excess cash flow sweep
payment of $55.7 million will be applied to the Partnership’s first
lien debt in 2018.
Consolidated Financial Results
Year Ended December 31, 2017 Compared to Year Ended December 31,
2016
Coal sales totaled $944.4 million for 2017 compared to $866.6
million for 2016, representing an increase of $77.8 million, or 9%.
The increase in coal sales revenues was driven by a nearly 11%, or
2.1 million, increase in tons sold. Slightly offsetting this
increase was a nearly 2%, or $0.77 per ton, decrease in coal sales
realizations. The improvement in tons sold was principally the
result of an improved export market in 2017 compared to 2016. The
decrease in coal sales realizations per ton was principally driven
by the expiration and repricing of certain higher priced contracts,
which was partially offset by higher realized export prices and
volumes.
Cost of coal produced was $485.6 million, or $22.85 per ton
sold, for 2017 compared to $424.0 million, or $22.32 per ton sold,
for 2016. The increase in cost of coal produced was primarily due
to higher sales volumes during the 2017 year compared to the 2016
year. The slight increase in per ton costs during the current year
was driven largely by an $8.9 million non-cash increase to the fair
value of inventory due to the application of pushdown accounting.
Additionally, results for the 2016 year included the benefit of
$10.5 million of insurance recoveries related to direct mitigation
costs in 2015 and 2016 from the Hillsboro combustion event.
Transportation costs increased $23.8 million from $139.7 million
in 2016 to $163.5 million in 2017. The increase in fiscal year 2017
compared to fiscal year 2016 was due to higher sales volumes and an
increase in the proportion of tons sold to the export market.
During 2017, 27% of coal sales volumes were shipped to the export
market compared to 17% during 2016.
During the year ended December 31, 2017, Foresight recognized
depreciation, depletion and amortization expense of $207.1 million
compared to $164.2 million during the year ended December 31, 2016.
The increase of $42.9 million is due to the increase in fair market
value of assets resulting from the application of pushdown
accounting.
Selling, general and administrative expense increased $4.8
million from $25.3 million in 2016 to $30.1 million in 2017. The
increase is primarily due to increases in the management services
agreement between Foresight and Murray Energy Corporation (“Murray
Energy”) resulting from the March 2017 refinancing transaction and
Murray Energy exercising its option to acquire majority ownership
of Foresight’s general partner.
During the year ended December 31, 2017, Foresight recorded
impairment charges totaling $42.7 million associated with certain
longwall mining equipment that was permanently sealed within, or
deemed to be unrecoverable from Hillsboro’s Deer Run mine. During
the year ended December 31, 2016, Foresight recorded impairment
charges of $74.6 million related to certain prepaid royalty assets
for which recoupment was deemed to be improbable.
The fiscal year 2017 included losses on commodity contracts
totaling $4.1 million compared to losses of $23.8 million for
fiscal year 2016. The decreased loss during the current year was
principally due to a less significant increase in the API2 curve
during 2017 compared to 2016 as well as a year over year decline in
the notional value of the open commodity contracts.
Other operating income during the year ended December 31, 2017,
totaled $13.1 million, a decrease of $9.1 million compared to the
$22.2 million recognized during the year ended December 31, 2016.
The decrease in other operating income is principally the result of
the receipt of $12.8 million in payments during the current year
from insurance companies related to business interruption from the
Hillsboro combustion event compared to $20.0 million in payments
received during the 2016 year period.
Interest expense during fiscal year 2017 increased $2.1 million
compared to interest expense during fiscal year 2016. The increase
was due primarily to higher interest costs resulting from the
August 2016 debt restructuring transaction, as the prior second
lien notes and 2017 Exchangeable PIK Notes outstanding through the
first quarter 2017 carried a substantially higher effective
interest rate than senior notes they replaced.
Associated with the March 2017 refinancing transaction,
Foresight recognized $95.5 million of expense related to the early
extinguishment of debt. Included in this amount was $57.6 million
of expense related to the make-whole/equity-claw premiums and other
costs to retire the prior second lien notes and the early write-off
of $37.9 million of unamortized debt discounts and debt issuance
costs from the retired debt. Comparatively, during 2016 Foresight
recognized $13.2 million of expense related to the early
extinguishment of debt resulting from the August 2016 refinancing
transaction. Also, as part of the August 2016 transaction,
Foresight realized $21.8 million of debt restructuring costs.
During 2017, Foresight generated operating cash flows of $144.5
million and ended the year with $2.2 million in cash and $161.0
million of available borrowing capacity, net of outstanding letters
of credit, under its revolving credit facility. Capital
expenditures for the year ended December 31, 2017 totaled $76.5
million compared $54.6 million for the year ended December 31,
2016. The $21.9 million increase in capital expenditures was
primarily the result of returning to normal maintenance spending
levels following 2016, where capital was conserved through the debt
restructuring process.
Three Months Ended December 31, 2017 Compared to Three Months
Ended December 31, 2016
Coal sales were $282.4 million for the three months ended
December 31, 2017 compared to $251.0 million for the prior year
period. This change was driven by a 0.8 million ton increase in
total tons sold, offset by a $1.45 per ton decrease in sales
realizations per ton. The decrease in coal sales realizations per
ton was principally driven by the expiration and repricing of
certain higher priced contracts, which was partially offset by
higher realized export prices and volumes.
Cost of coal produced for the three months ended December 31,
2017 was $139.2 million compared to $112.4 million for the three
months ended December 31, 2016. The increase in cost of coal
produced was principally driven by a 1.1 million ton increase in
produced tons sold during the quarter.
Guidance for 2018
Based on Foresight’s contracted position, recent performance,
and its current outlook on pricing and the coal markets in general,
the Partnership is providing the following guidance for 2018:
Sales Volumes – Based on current committed position and
expectations for the remainder of 2018, Foresight is projecting
sales volumes to be between 21.5 and 22.8 million tons, with over
5.0 million tons expected to be sold into the international
market.
Adjusted EBITDA – Based on the projected sales volumes and
operating cost structure, Foresight currently expects to generate
Adjusted EBITDA in a range of $280 to $310 million.
Capital Expenditures – Total 2018 capital expenditures are
estimated to be between $70 and $80 million.
Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the federal securities laws. These statements
contain words such as “possible,” “intend,” “will,” “if” and
“expect” and can be impacted by numerous factors, including risks
relating to the securities markets, the impact of adverse market
conditions affecting business of the Partnership, adverse changes
in laws including with respect to tax and regulatory matters and
other risks. There can be no assurance that actual results will not
differ from those expected by management of the Partnership. Known
material factors that could cause actual results to differ from
those in the forward-looking statements are described in Part I,
“Item 1A. Risk Factors” of the Partnership’s Annual Report on Form
10-K filed on March 1, 2017. The Partnership undertakes
no obligation to update or revise such forward-looking statements
to reflect events or circumstances that occur, or which the
Partnership becomes aware of, after the date hereof.
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)
attributable to controlling interests 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, 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.
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 attributable to controlling interests,
please see the table below.
This press release references forward-looking estimates of
Adjusted EBITDA projected to be generated by the Partnership during
the year ending December 31, 2018. A reconciliation of estimated
2018 Adjusted EBITDA to U.S. GAAP net income (loss) is not provided
because U.S. GAAP net income (loss) for the projection period is
not practical to assess due to unknown variables and uncertainty
related to future results. In recent years, the Partnership has
recognized significant asset impairment charges, transition and
reorganization costs, losses on early extinguishment of debt, and
debt restructuring costs. While these items affect U.S. GAAP net
income (loss), they are generally excluded from Adjusted EBITDA.
Therefore these items do not materially impact the Partnership’s
ability to forecast Adjusted EBITDA.
About Foresight Energy LP
Foresight is a leading producer and marketer of thermal coal
controlling over 2 billion tons of coal reserves in the Illinois
Basin. Foresight currently operates two longwall mining complexes
with three longwall mining systems (Williamson (one longwall mining
system) and Sugar Camp (two longwall mining systems)), one
continuous mining operation (Macoupin) and the Sitran river
terminal on the Ohio River. Foresight’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.
____________________________________ 1 Foresight adopted pushdown
accounting as of March 31, 2017 as a result of Murray Energy
obtaining control of its general partner. As required by pushdown
accounting, the Partnership revalued its balance sheet on the
change of control date and therefore certain financial statement
line items are not comparable to prior periods. As such,
operational results prior to March 31, 2017 were recorded on the
predecessor financial statements (the “Predecessor”). Operational
results subsequent to March 31, 2017 were recorded on the successor
financial statements (the “Successor”). References herein to the
“Full-Year 2017”, the “year ended December 31, 2017”, the “fiscal
year 2017”, and similar combine the operational results before and
after March 31, 2017 to enhance the comparability of such
information to the prior year.
Foresight Energy
LP Consolidated Balance Sheets
(In Thousands)
(Successor)
(Predecessor) December 31, December 31,
2017 2016 Assets Current assets: Cash and cash
equivalents $ 2,179 $ 103,690 Accounts receivable 35,158 54,905 Due
from affiliates 37,685 16,891 Financing receivables - affiliate
3,138 2,904 Inventories, net 40,539 43,052 Prepaid royalties 4,000
3,136 Deferred longwall costs 9,520 13,310 Coal derivative assets —
7,650 Other prepaid expenses and current assets 10,844 21,443
Contract-based intangibles 11,268 — Total
current assets 154,331 266,981 Property, plant, equipment, and
development, net 2,378,605 1,318,937 Due from affiliates 947 1,843
Financing receivables - affiliate 64,097 67,235 Prepaid royalties
1,250 13,765 Other assets 5,358 20,250 Contract-based intangibles
2,052 — Total assets $ 2,606,640 $ 1,689,011
Liabilities and partners’ capital (deficit) Current
liabilities: Current portion of long-term debt and capital lease
obligations $ 109,532 $ 368,993 Current portion of sale-leaseback
financing arrangements 4,148 1,372 Accrued interest 13,410 29,760
Accounts payable 76,658 60,971 Accrued expenses and other current
liabilities 62,442 43,592 Asset retirement obligations 4,416 7,273
Due to affiliates 13,324 20,904 Contract-based intangibles
28,688 —
Total current liabilities
312,618 532,865 Long-term debt and capital lease obligations
1,205,000 1,022,070 Sale-leaseback financing arrangements 196,496
190,497 Asset retirement obligations 39,655 37,644 Warrant
liability — 51,169 Other long-term liabilities 32,330 9,359
Contract-based intangibles 144,715 — Total
liabilities 1,930,814 1,843,604 Limited partners' capital
(deficit): Common unitholders (77,644 and 66,105 units outstanding
as of December 31, 2017 and 2016, respectively) 421,161 100,628
Subordinated unitholders (64,955 units outstanding as of December
31, 2017 and 2016) 254,665 (255,221 ) Total limited
partners' capital (deficit) 675,826 (154,593 ) Total
liabilities and partners' capital (deficit) $ 2,606,640 $ 1,689,011
Foresight Energy LP Consolidated
Statements of Operations
(In Thousands, Except Per Unit
Data)
(Unaudited)
(Unaudited)
(Unaudited) (Successor)
(Predecessor) (Successor) (Predecessor)
Combined - (Predecessor)
ThreeMonthsEndedDecember
31,2017
ThreeMonthsEndedDecember
31,2016
Period fromApril 1,
2017throughDecember 31,2017
Period FromJanuary 1,2017
throughMarch 31,2017
Period fromJanuary 1,2017
throughDecember 31,2017
Year EndedDecember
31,2016
Revenues Coal sales $ 282,431 $ 250,966 $ 716,617 $ 227,813 $
944,430 $ 866,628 Other revenues 2,180 1,956
7,527 2,581 10,108
9,204 Total revenues 284,611 252,922 724,144 230,394
954,538 875,832 Costs and expenses Cost of coal produced
(excluding depreciation, depletion and amortization) 139,215
112,437 367,844 117,762 485,606 423,995 Cost of coal purchased —
12,807 — 7,973 7,973 13,541 Transportation 58,100 42,980 125,772
37,726 163,498 139,659 Depreciation, depletion and amortization
64,503 38,691 167,794 39,298 207,092 164,212 Contract amortization
8,286 — 1,408 — 1,408 — Accretion on asset retirement obligations
725 844 2,179 710 2,889 3,376 Selling, general and administrative
8,420 6,618 23,555 6,554 30,109 25,265 Long-lived asset impairments
42,667 74,575 42,667 — 42,667 74,575 Transition and reorganization
costs — — — — — 6,889 Loss on commodity derivative contracts 389
6,482 2,607 1,492 4,099 23,752 Other operating (income) loss, net
1 (20,037 ) (13,537 ) 451
(13,086 ) (22,161 ) Operating (loss) income (37,695 )
(22,475 ) 3,855 18,428 22,283 22,729 Other expenses Interest
expense, net 36,496 43,932 107,904 43,380 151,284 149,201 Debt
restructuring costs — 119 — — — 21,821 Change in fair value of
warrants — 18,576 — (9,278 ) (9,278 ) 17,124 (Gain) Loss on early
extinguishment of debt — (90 ) —
95,510 95,510 13,203 Net
loss (74,191 ) (85,012 ) (104,049 ) (111,184 ) (215,233 ) (178,620
) Less: net income attributable to noncontrolling interests
— — — — —
169 Net loss attributable to limited partner
units $ (74,191 ) $ (85,012 ) $ (104,049 ) $ (111,184 ) $ (215,233
) $ (178,789 ) Net loss available to limited partner
units - basic and diluted: Common unitholders $ (38,256 ) $ (42,881
) $ (52,143 ) $ (56,259 ) $ (108,402 ) $ (90,015 ) Subordinated
unitholders $ (35,935 ) $ (42,131 ) $ (51,906 ) $ (54,925 ) $
(106,831 ) $ (88,774 ) Net loss per limited partner unit -
basic and diluted: Common unitholders $ (0.49 ) $ (0.65 ) $ (0.68 )
$ (0.85 ) n/a $ (1.37 ) Subordinated unitholders $ (0.55 ) $ (0.65
) $ (0.80 ) $ (0.85 ) n/a $ (1.37 ) Weighted average limited
partner units outstanding - basic and diluted: Common units 77,644
66,105 77,145 66,533 n/a 65,829 Subordinated units 64,955 64,955
64,955 64,955 n/a 64,955 Distributions declared per limited
partner unit $ 0.0605 $ — $ 0.1252 $ — $ 0.1252 $ —
Foresight Energy LP Consolidated Statements of Cash
Flows
(In Thousands)
(Successor)
(Predecessor) (Predecessor)
(Predecessor)
Period fromApril 1, 2017
throughDecember 31,2017
Period FromJanuary 1,
2017through March 31,2017
Year EndedDecember
31,2016
Year EndedDecember
31,2015
Cash flows from operating activities Net loss $ (104,049 ) $
(111,184 ) $ (178,620 ) $ (38,684 ) Adjustments to reconcile net
loss to net cash provided by operating activities: Depreciation,
depletion and amortization 167,794 39,298 164,212 195,415
Amortization of debt issuance costs and debt discount 1,927 6,365
12,580 6,878 Contract amortization 1,408 — — — Equity-based
compensation 575 318 5,106 13,704 Loss (gain) on commodity
derivative contracts 2,607 1,492 23,752 (45,691 ) Settlements of
commodity derivative contracts (172 ) 3,724 12,644 61,223 Realized
gains on commodity derivative contracts included in investing
activities — (3,520 ) — (19,073 ) Change in fair value of warrants
— (9,278 ) 17,124 — Long-lived asset impairments 42,667 — 74,575
12,592 Transition and reorganization expenses paid by Foresight
Reserves (affiliate) — — 2,333 10,032 Current period interest
expense converted into debt — — 31,484 — Non-cash debt
extinguishment expense — 95,510 11,124 — Non-cash impact of
recording coal inventory to fair value in pushdown accounting 8,868
— — — Other 245 1,321 4,897 5,208 Changes in operating assets and
liabilities: Accounts receivable 52 19,695 6,420 19,586 Due from/to
affiliates, net (14,321 ) (13,157 ) 12,940 (25,345 ) Inventories
4,788 (917 ) 7,858 27,994 Prepaid expenses and other assets (46 )
(2,375 ) (7,608 ) (250 ) Prepaid royalties 1,368 (241 ) (15,790 )
(18,945 ) Commodity derivative assets and liabilities 633 (532 )
3,938 (1,911 ) Accounts payable 8,363 7,324 5,779 (5,014 ) Accrued
interest 8,961 (9,803 ) 22,905 (562 ) Accrued expenses and other
current liabilities (11,574 ) (3,430 ) 5,537 874 Other 1,963
1,782 2,030 2,381
Net cash provided by operating activities 122,057 22,392 225,220
200,412
Cash flows from investing activities Investment in
property, plant, equipment and development (56,547 ) (19,908 )
(54,584 ) (85,026 ) Investment in financing arrangements with
Murray Energy (affiliate) — — — (75,000 ) Settlement of certain
coal derivatives — 3,520 — 19,073 Return of investment on financing
arrangements with Murray Energy (affiliate) 2,199 705 2,689 2,172
Acquisition of an affiliate — — (100 ) — Proceeds from sale of
equipment — 1,898 4,366
— Net cash used in investing activities (54,348 )
(13,785 ) (47,629 ) (138,781 )
Cash flows from financing
activities Net change in borrowings under revolving credit
facility — (352,500 ) — 33,000 Net change in borrowings under A/R
securitization program (21,200 ) 7,000 (26,800 ) 41,000 Proceeds
from long-term debt and capital lease obligations — 1,234,438 —
59,325 Payments on long-term debt and capital lease obligations
(33,971 ) (970,721 ) (45,692 ) (44,440 ) Payments on short-term
debt (3,631 ) — (739 ) (2,559 ) Proceeds from issuance of common
units to Murray Energy (affiliate) — 60,586 — — Distributions paid
(9,725 ) — (182 ) (152,352 ) Debt extinguishment costs — (57,645 )
— — Debt issuance costs paid — (27,328 ) (15,735 ) (2,751 ) Other
(1,238 ) (1,892 ) (2,291 ) (1,825 ) Net
cash used in financing activities (69,765 ) (108,062
) (91,439 ) (70,602 ) Net increase (decrease) in cash
and cash equivalents (2,056 ) (99,455 ) 86,152 (8,971 ) Cash and
cash equivalents, beginning of period 4,235
103,690 17,538 26,509 Cash and
cash equivalents, end of period $ 2,179 $ 4,235 $
103,690 $ 17,538
Reconciliation of U.S. GAAP Net Loss
Attributable to Controlling Interests to Adjusted EBITDA (In
Thousands)
(Successor)ThreeMonthsEndedDecember31,
2017
(Predecessor)ThreeMonthsEndedDecember31,
2016
(Successor)ThreeMonthsEndedSeptember30,
2017
(Successor)Period
fromApril 1, 2017throughDecember31,
2017
(Predecessor)Period
FromJanuary 1,2017 throughMarch
31,2017
Combined -Period
fromJanuary
1,2017throughDecember31, 2017
(Predecessor)Year
EndedDecember 31,2016
Net loss attributable to controlling interests(1)(2) $
(74,191 ) $ (85,012 ) $ (13,581 ) $ (104,049 ) $ (111,184 ) $
(215,233 ) $ (178,789 ) Interest expense, net 36,496 43,932 35,988
107,904 43,380 151,284 149,201 Depreciation, depletion and
amortization 64,503 38,691 53,754 167,794 39,298 207,092 164,212
Accretion on asset retirement obligations 725 844 726 2,179 710
2,889 3,376 Contract amortization 8,286 — (15,611 ) 1,408 — 1,408 —
Noncash impact of recording coal inventory to fair value in
pushdown accounting — — 4,306 8,868 — 8,868 — Transition and
reorganization costs (excluding amounts included in equity-based
compensation) — — — — — — 2,574 Equity-based compensation(3) 136
395 228 575 318 893 5,106 Long-lived asset impairments 42,667
74,575 — 42,667 — 42,667 74,575 Loss (gain) on commodity derivative
contracts 389 6,482 1,101 2,607 1,492 4,099 23,752 Settlements of
commodity derivative contracts (492 ) (468 ) (124 ) (172 ) 3,724
3,552 12,644 Debt restructuring costs — 119 — — — — 21,821 Change
in fair value of warrants — 18,576 — — (9,278 ) (9,278 ) 17,124
Loss (gain) on early extinguishment of debt —
(90 ) — — 95,510
95,510 13,203
Adjusted EBITDA $ 78,519
$ 98,044 $ 66,787 $ 229,781 $ 63,970
$ 293,751 $ 308,799 (1) - Included in
net loss attributable to controlling interests during the period
from April 1, 2017, through December 31, 2017, were insurance
recoveries for the reimbursement of mitigation costs of $3.6
million, which were recorded in cost of coal sales (excluding
depreciation, depletion and amortization) and business interruption
proceeds of $12.8 million, which were recorded in other operating
income, net. (2) - Included in net loss attributable to controlling
interests during 2016 were insurance recoveries for the
reimbursement of mitigation costs of $10.5 million, which were
recorded in cost of coal sales (excluding depreciation, depletion
and amortization) and business interruption proceeds of $20.0
million, which were recorded in other operating income, net. (3) -
Includes equity-based compensation of $4.3 million for the year
ended December 31, 2016, which was recorded in transition and
reorganization costs in the consolidated statements of operations.
Operating Metrics (In Thousands, Except
Per Ton Data)
(Successor)ThreeMonthsEndedDecember31,
2017
(Predecessor)ThreeMonthsEndedDecember31,
2016
(Successor)ThreeMonthsEndedSeptember30,
2017
(Successor)Period
fromApril 1, 2017throughDecember31,
2017
(Predecessor)Period
FromJanuary 1,2017 throughMarch
31,2017
Combined -Period
fromJanuary
1,2017throughDecember31, 2017
(Predecessor)Year
EndedDecember31, 2016
Produced tons sold 6,008 4,923 5,242 16,085 5,165 21,250
18,992 Purchased tons sold — 256 — —
118 118 278
Total tons sold
6,008 5,179 5,242 16,085 5,283
21,368 19,270 Tons produced 4,955 5,072 5,297 15,912
5,267 21,179 19,040 Coal sales realization per ton sold(1) $
47.01 $ 48.46 $ 43.81 $ 44.55 $ 43.12 $ 44.20 $ 44.97 Cash cost per
ton sold(2) $ 23.17 $ 22.84 $ 23.43 $ 22.87 $ 22.80 $ 22.85 $ 22.32
Netback to mine realization per ton sold(3) $ 37.34 $ 40.16 $ 36.29
$ 36.73 $ 35.98 $ 36.55 $ 37.73 (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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180307005574/en/
Foresight Energy LPGary M. Broadbent, 740-338-3100Director of
Investor and Media
RelationsInvestor.relations@foresight.comMedia@coalsource.com
Foresight Energy Partners (NYSE:FELP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Foresight Energy Partners (NYSE:FELP)
Historical Stock Chart
From Sep 2023 to Sep 2024