PITTSBURGH, Jan. 30, 2017 /PRNewswire/ -- CNX Coal
Resources LP (NYSE: CNXC) today reported financial and operating
results for the quarter ended December 31,
2016.
Fourth Quarter 2016 Results
Highlights of the CNXC fourth quarter 2016 results include:
- Cash distribution of $0.5125
per limited partner unit for the fourth quarter
- Record quarterly production and sales volume
- Net income of $11.7
million
- Adjusted EBITDA1 of $25.1
million
- Distribution coverage ratio1 of 1.0x
Management Comments
"I am very excited to report that the CNXC team performed
extremely well on multiple fronts during the fourth quarter of
2016," said Jimmy Brock, Chief
Executive Officer of CNX Coal Resources GP LLC (the "General
Partner"). "The operational team responded to the opportunities
created in the domestic and seaborne markets and produced record
volumes this quarter for the Pennsylvania mining complex (the "PAMC"). Our
marketing team delivered these record production volumes to our
customers as coal regained market share from natural gas and coal
export markets remained strong. From a financial standpoint, these
record shipments helped us achieve a distribution coverage ratio of
1.0x and generated net cash provided by operating activities of
$25.8 million during the
quarter."
"On the safety front, I am pleased to announce that our central
preparation plant delivered another full quarter without any safety
exceptions. This is the seventh consecutive exception-free quarter
for the preparation plant. For the PAMC in its entirety, we
were also successful in reducing the severity of our exceptions
compared to the same period last year. Safety remains our top core
value and we continue to strive for further improvements."
Sales & Marketing
We sold a record 1.8 million tons of coal during the quarter, of
which approximately 8.5% was ultimately delivered to end users in
the high-vol metallurgical coal markets in Asia and South
America. More importantly, we also improved the average
realized price by approximately 2% compared to the previous
quarter. For the full year 2016, we sold 6.2 million tons of coal,
which was above our previously announced guidance range of 5.9-6.1
million tons. The fourth quarter marked our highest quarter for
both sales volume and average revenue per ton during 2016. This was
achieved by shipping more coal to our domestic customers and also
by taking advantage of select export opportunities that opened as a
result of strengthening demand for both thermal and metallurgical
coal. Additionally, record shipments from the complex were enabled
by our experienced logistics team and by strong performance from
our transportation partners, including both eastern railroads and
the coal terminals in Baltimore.
During the fourth quarter, our domestic customers demonstrated a
strong demand for coal driven by higher natural gas prices and coal
inventory restocking following 2016's strong summer burn. We expect
this trend to be sustained heading into 2017 as coal-fired
generation continues to benefit from the onset of winter heating
demand and favorable economics relative to natural gas-fired
generation. Coal stockpiles remain below target levels at several
of our customer power plants as they benefit from these demand
dynamics. According to our internal analysis, our top 15 domestic
power plant customers, which accounted for approximately 82% of our
2016 domestic power plant shipments, operated at a weighted average
capacity factor of 66% during the peak summer demand season of
June-September, which was up from their weighted average capacity
factor of 61% during the same period last year. The U.S. Energy
Information Administration (the "EIA") forecasts that after
reaching a low point in 2016, coal-fired generation will increase
from 2017-2020 as coal recaptures share from natural gas in the
U.S. electric power generation mix. Specifically for 2017, the EIA
projects that coal consumption from the U.S. electric power sector
will improve by 41 million tons compared to 2016, helping to draw
down power plant coal inventories by an additional 16 million tons
from year-end 2016 levels. We believe this stronger coal burn
and continued destocking should sustain improvements in coal
supply-demand fundamentals for the upcoming contracting
periods.
In the export market, the global coking coal benchmark for the
first quarter of 2017 settled at $285/metric ton. However, international spot
prices have since experienced a pullback and spot prices are now in
$170-$180/metric ton range. While
changes to China's policy on
local mining will likely continue to create volatility in seaborne
pricing, we believe the overall value proposition of our product
remains very strong for coke producers. We plan to continue to
secure additional volume in the international high-vol market as
realizations there remain more attractive than in the domestic and
export thermal markets.
During the quarter, we contracted 325 thousand additional tons
for 2017 across all of our markets, bringing our total sold
position to 6.4 million tons or 98% of the estimated total sales
volumes based on the midpoint of our guidance range. In addition to
a strong 2017 sold position, we have a solid position of
approximately 66% sold for 2018, based on 6.5 million tons of total
sales. With our planned coal production in 2017 largely sold out,
our focus now has shifted to maximizing realizations for any
additional production and booking additional sales for contract
years 2018 and 2019. We are currently active in negotiations with
several customers to expand our crossover metallurgical coal
portfolio, and we continue to pursue select domestic customers that
fit with our long-term market strategy.
1"Adjusted
EBITDA" and "Distribution coverage ratio" are non-GAAP financial
measures, which are reconciled to GAAP net income under the caption
Non-GAAP Financial Measures"
|
Quarterly Distribution
During the fourth quarter, CNXC generated net cash provided by
operating activities of $25.8 million
and distributable cash flow2 of $12.6 million, yielding a distribution coverage
ratio of 1.0x. We note that our distribution coverage ratio
calculation is based on the estimated maintenance capital
expenditure of $8.6 million, while
our actual cash maintenance capital expenditure for the fourth
quarter was $3.1 million. Based on
our current outlook for the coal markets and distributable cash
flow generated during the quarter, the Board of Directors of the
general partner, has elected to pay a cash distribution
$0.5125 per unit to all limited
partner unitholders and the holder of the general partner interest.
The Board of Directors has also approved a full cash distribution
of approximately $1.85 million in the
aggregate to the holders of the convertible Class A Preferred
Units. The distribution to all unitholders of the Partnership
will be made on February 15, 2017 to
such holders of record at the close of business on February 9, 2017.
Operations Summary
Our operations team delivered record production for the quarter
despite two longwall moves. With domestic and international demand
remaining strong throughout the quarter, our marketing team was
successful in lining up a record shipment schedule. The operations
team took advantage of this opportunity and mobilized additional
shifts during the weekends and typical holiday shutdown
periods.
We sold 1.8 million tons of coal during the fourth quarter of
2016 compared to 1.2 million tons in the year ago period. The
average realized price declined by 14.3% compared to the year-ago
period, as some higher-priced coal contracts rolled off and were
replaced by lower-priced sales. Our total cost of coal sold
increased to $60.4 million during the
quarter compared to $49.6 million in
the year-ago period driven by higher coal sales volume. However,
the average cost of coal sold3 in the quarter declined
14.6% to $33.90 per ton, compared to
$39.70 per ton in the year-earlier
quarter, primarily driven by various cost reduction 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"
|
|
|
Three Months
Ended
|
|
|
December 31,
2016
|
|
December 31,
2015
|
Coal
Production
|
million
tons
|
1.8
|
|
1.2
|
Coal Sales
|
million
tons
|
1.8
|
|
1.2
|
Average Realized
Price
|
per ton
|
$45.05
|
|
$52.57
|
Average Cost of Coal
Sold
|
per ton
|
$33.90
|
|
$39.70
|
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
Heading into the first quarter of 2017, we expect production and
sales volume to return to a more typical annual run-rate than we
saw in the fourth quarter. We also expect unit margins to increase
compared to the fourth quarter. Based on our current contracted
position, production plans and outlook for the coal markets, we are
re-affirming our previously announced guidance ranges for 2017 as
follows:
- Coal sales of 6.25-6.75 million tons
- Adjusted EBITDA of $90-$110
million4
- Maintenance capital expenditures of $30-$36 million
Fourth Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss the fourth quarter of 2016 financial and operational
results, is scheduled for January 30,
2017 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
|
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 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, distribution coverage
ratio 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, distribution
to the preferred units 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. The distribution coverage ratio is the ratio of
distributable cash flow and expected distribution payments. .
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.
4CNXC is
unable to provide a reconciliation of adjusted EBITDA guidance to
Net Income, the most comparable financial measure calculated in
accordance with GAAP, due to the unknown effect, timing and
potential significance of certain income statement
items.
|
(Dollars in
thousands)
|
|
Three Months
Ended
December 31,
2016
|
Net
Income
|
|
$
|
11,727
|
Plus:
|
|
|
Interest
Expense
|
|
2,442
|
Depreciation,
Depletion and Amortization
|
|
10,662
|
Stock/Unit Based
Compensation
|
|
281
|
Adjusted
EBITDA
|
|
$
|
25,112
|
Less:
|
|
|
Cash
Interest
|
|
2,112
|
Distributions to
Preferred Units
|
|
1,851
|
Estimated Maintenance
Capital Expenditures
|
|
8,583
|
Distributable Cash
Flow
|
|
$
|
12,566
|
|
|
|
Net Cash Provided
by Operating Activities
|
|
$
|
25,775
|
Less:
|
|
|
Interest
Expense
|
|
2,442
|
Other, Including
Working Capital
|
|
(1,779)
|
Adjusted
EBITDA
|
|
$
|
25,112
|
Less:
|
|
|
Cash
Interest
|
|
2,112
|
Distributions to
Preferred Units
|
|
1,851
|
Estimated Maintenance
Capital Expenditures
|
|
8,583
|
Distributable Cash
Flow
|
|
$
|
12,566
|
Distributions Declared
|
|
$
|
12,148
|
Distribution
Coverage
|
|
1.0
|
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.
(Amounts in
thousands, except for per ton)
|
Three Months
Ended
December 31,
|
|
2016
|
|
2015
|
Total
Costs
|
$
|
72,560
|
|
$
|
56,520
|
Freight
Expense
|
(3,130)
|
|
(2,238)
|
Selling, General and
Administrative Expenses
|
(3,391)
|
|
(2,018)
|
Interest
Expense
|
(2,442)
|
|
(1,878)
|
Other Costs
(Non-Production)
|
(2,627)
|
|
(295)
|
Depreciation,
Depletion and Amortization (Non-Production)
|
(549)
|
|
(541)
|
Cost of Coal
Sold
|
$
|
60,421
|
|
$
|
49,550
|
Total Tons
Sold
|
1,782
|
|
1,248
|
Average Cost Per
Ton Sold
|
$
|
33.90
|
|
$
|
39.70
|
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)
|
|
|
|
Three Months Ended December
31,
|
|
Years Ended December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenue:
|
|
|
|
|
|
|
|
Coal
Revenue
|
$
|
80,292
|
|
$
|
65,610
|
|
$
|
266,395
|
|
$
|
322,261
|
Freight
Revenue
|
3,130
|
|
2,238
|
|
11,603
|
|
3,809
|
Other
Income
|
865
|
|
128
|
|
3,119
|
|
941
|
Total Revenue and
Other Income
|
84,287
|
|
67,976
|
|
281,117
|
|
327,011
|
Cost of Coal
Sold:
|
|
|
|
|
|
|
|
Operating
Costs
|
50,308
|
|
40,012
|
|
172,671
|
|
197,224
|
Depreciation,
Depletion and Amortization
|
10,113
|
|
9,538
|
|
38,594
|
|
41,675
|
Total Cost of Coal
Sold
|
60,421
|
|
49,550
|
|
211,265
|
|
238,899
|
Other
Costs:
|
|
|
|
|
|
|
|
Other
Costs
|
2,627
|
|
295
|
|
10,330
|
|
(3,263)
|
Depreciation,
Depletion and Amortization
|
549
|
|
541
|
|
3,400
|
|
2,461
|
Total Other
Costs
|
3,176
|
|
836
|
|
13,730
|
|
(802)
|
Freight
Expense
|
3,130
|
|
2,238
|
|
11,603
|
|
3,809
|
Selling, General
and Administrative Expenses
|
3,391
|
|
2,018
|
|
9,949
|
|
10,931
|
Interest
Expense
|
2,442
|
|
1,878
|
|
8,719
|
|
9,636
|
Total
Costs
|
72,560
|
|
56,520
|
|
255,266
|
|
262,473
|
Net
Income
|
$
|
11,727
|
|
$
|
11,456
|
|
$
|
25,851
|
|
$
|
64,538
|
|
|
|
|
|
|
|
|
Net Income
Allocable to Limited Partner Units - Basic &
Diluted
|
$
|
9,679
|
|
$
|
8,499
|
|
$
|
19,487
|
|
$
|
22,888
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
25,112
|
|
$
|
23,438
|
|
$
|
77,749
|
|
$
|
115,964
|
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
$
|
12,566
|
|
$
|
9,757
|
|
$
|
28,613
|
|
$
|
54,994
|
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.41
|
|
$
|
0.37
|
|
$
|
0.84
|
|
$
|
0.99
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.41
|
|
$
|
0.37
|
|
$
|
0.83
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
December 31,
2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash
|
$
|
9,785
|
|
$
|
6,534
|
Trade
Receivables
|
23,418
|
|
19,398
|
Other
Receivables
|
515
|
|
471
|
Inventories
|
11,491
|
|
12,238
|
Prepaid
Expenses
|
3,512
|
|
5,089
|
Total Current
Assets
|
48,721
|
|
43,730
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
876,690
|
|
865,527
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
442,178
|
|
400,911
|
Total Property,
Plant and Equipment—Net
|
434,512
|
|
464,616
|
Other
Assets:
|
|
|
|
Other
|
21,063
|
|
17,598
|
Total Other
Assets
|
21,063
|
|
17,598
|
TOTAL
ASSETS
|
$
|
504,296
|
|
$
|
525,944
|
|
December 31,
2016
|
|
December 31,
2015
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
18,797
|
|
$
|
17,405
|
Accounts
Payable—Related Party
|
1,666
|
|
4,310
|
Other Accrued
Liabilities
|
44,318
|
|
37,281
|
Total Current
Liabilities
|
64,781
|
|
58,996
|
Long-Term
Debt:
|
|
|
|
Revolver, net of Debt
Issuance and Financing Fees
|
197,843
|
|
180,946
|
Capital Lease
Obligations
|
146
|
|
124
|
Total Long-Term
Debt
|
197,989
|
|
181,070
|
Other
Liabilities:
|
|
|
|
Pneumoconiosis
Benefits
|
2,057
|
|
1,934
|
Workers'
Compensation
|
3,090
|
|
2,929
|
Asset Retirement
Obligations
|
9,346
|
|
8,499
|
Other
|
463
|
|
713
|
Total Other
Liabilities
|
14,956
|
|
14,075
|
TOTAL
LIABILITIES
|
277,726
|
|
254,141
|
Partners'
Capital:
|
|
|
|
Class A Preferred
Units (3,956,496 Units Outstanding at December 31, 2016;
No Units Outstanding at December 31, 2015)
|
69,151
|
|
—
|
Common Units
(11,618,456 Units Outstanding at December 31, 2016; 11,611,067
Units Outstanding at December 31, 2015)
|
140,967
|
|
154,309
|
Subordinated Units
(11,611,067 Units Outstanding at December 31, 2016 and
December 31, 2015)
|
(7,631)
|
|
6,188
|
General Partner
Interest
|
12,274
|
|
13,081
|
Parent Net
Investment
|
—
|
|
87,234
|
Accumulated Other
Comprehensive Income
|
11,809
|
|
10,991
|
Total Partners'
Capital
|
226,570
|
|
271,803
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
504,296
|
|
$
|
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
December 31,
|
|
Years Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net Income
|
$
|
11,727
|
|
$
|
11,456
|
|
$
|
25,851
|
|
$
|
64,538
|
Adjustments to
Reconcile Net Income to Net Cash
Provided By Operating Activities:
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
10,662
|
|
10,079
|
|
41,994
|
|
44,136
|
(Gain) Loss on Sale
of Assets
|
(1)
|
|
(16)
|
|
9
|
|
(61)
|
Unit Based
Compensation
|
281
|
|
25
|
|
1,185
|
|
40
|
Other Adjustments to
Net Income
|
219
|
|
575
|
|
898
|
|
777
|
Changes in Operating
Assets:
|
|
|
|
|
|
|
|
Accounts and Notes
Receivable
|
(2,732)
|
|
9,585
|
|
(4,064)
|
|
(19,389)
|
Inventories
|
89
|
|
3,582
|
|
747
|
|
1,061
|
Prepaid
Expenses
|
1,227
|
|
1,186
|
|
1,577
|
|
(186)
|
Changes in Other
Assets
|
239
|
|
4,751
|
|
(3,465)
|
|
(3,246)
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
|
|
Accounts
Payable
|
500
|
|
(297)
|
|
1,968
|
|
(416)
|
Accounts
Payable—Related Party
|
346
|
|
3,075
|
|
(2,644)
|
|
3,430
|
Other Operating
Liabilities
|
3,134
|
|
(12,620)
|
|
7,010
|
|
(7,244)
|
Changes in Other
Liabilities
|
84
|
|
(1,938)
|
|
2,032
|
|
(6,532)
|
Net Cash Provided by
Operating Activities
|
25,775
|
|
29,443
|
|
73,098
|
|
76,908
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Capital
Expenditures
|
(3,135)
|
|
(8,361)
|
|
(12,704)
|
|
(34,073)
|
PA Mining
Acquisition
|
—
|
|
—
|
|
(21,500)
|
|
—
|
Proceeds from Sales
of Assets
|
1
|
|
1
|
|
23
|
|
71
|
Net Cash Used in
Investing Activities
|
(3,134)
|
|
(8,360)
|
|
(34,181)
|
|
(34,002)
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Payments on
Miscellaneous Borrowings
|
(22)
|
|
(19)
|
|
(79)
|
|
(53)
|
Payments on Related
Party Long-Term Notes
|
—
|
|
—
|
|
—
|
|
(10,951)
|
Proceeds from Related
Party Long-Term Notes
|
—
|
|
—
|
|
—
|
|
16,990
|
Proceeds from
Revolver, Net of Payments
|
(7,000)
|
|
5,000
|
|
16,000
|
|
185,000
|
Proceeds from
Issuance of Common Units, Net of
Offering Costs
|
—
|
|
—
|
|
—
|
|
148,359
|
Distribution of
Proceeds
|
—
|
|
—
|
|
—
|
|
(342,711)
|
Payments for
Unitholder Distributions
|
(12,148)
|
|
(11,353)
|
|
(42,634)
|
|
(11,353)
|
Debt Issuance and
Financing Fees
|
—
|
|
—
|
|
—
|
|
(4,329)
|
Net Change in Parent
Advances
|
—
|
|
(11,184)
|
|
(8,953)
|
|
(17,328)
|
Net Cash Used In
Financing Activities
|
(19,170)
|
|
(17,556)
|
|
(35,666)
|
|
(36,376)
|
Net Increase in
Cash
|
3,471
|
|
3,527
|
|
3,251
|
|
6,530
|
Cash at Beginning of
Period
|
6,314
|
|
3,007
|
|
6,534
|
|
4
|
Cash at End of
Period
|
$
|
9,785
|
|
$
|
6,534
|
|
$
|
9,785
|
|
$
|
6,534
|
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-fourth-quarter-2016-300398917.html
SOURCE CNX Coal Resources LP