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Section 1: 8-K (8-K)

felp-8k_20180508.htm

 

UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 8, 2018

 

 

FORESIGHT ENERGY LP

(Exact Name of Registrant as Specified in Charter)

 

 

Delaware

 

001-36503

 

80-0778894

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

211 North Broadway, Suite 2600

Saint Louis, MO

 

 

 

63102

(Address of Principal Executive Offices)

 

 

 

(Zip Code)

 

(314) 932-6160

(Registrant’s telephone number, including area code)

 (Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 

 


 

 

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 8, 2018, Foresight Energy LP (the “Partnership”) announced via press release its earnings and operating results for the first quarter 2018.  A copy of the Partnership’s press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K (including the exhibits attached hereto) is being furnished under Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)

Exhibits

 

 

99.1 Press release issued by Foresight Energy LP on May 8, 2018.

 

 

2


 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Foresight Energy LP

 

 

By:

 

Foresight Energy GP LLC,

 

 

its general partner

 

 

By:

 

/s/ Robert D. Moore

 

 

Robert D. Moore

 

 

President and Chief Executive Officer

 

 

Date: May 8, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Section 2: EX-99.1 (EX-99.1)

felp-ex991_6.htm

 

 

Exhibit 99.1

Foresight Energy LP Reports First Quarter 20181 Results

 

First Quarter 2018 Highlights:

 

Coal sales of $238.4 million, an increase of nearly 5% compared to the first quarter 2017, on slightly lower sales volumes of 5.2 million tons.

Adjusted EBITDA of $65.0 million, an increase of $1.0 million compared to first quarter 2017.

Cash flows from operations of $51.7 million.

 

Net loss attributable to limited partner units of $21.6 million, or ($0.12) per common unit and ($0.18) per subordinated unit.  

Declared a $0.0565 per unit distribution from retained excess cash flow generated in 2017, to be paid on May 31, 2018 to unitholders of record as of May 21, 2018.  

 

ST.  LOUIS, Missouri (BUSINESS WIRE) May 8, 2018 — Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE: FELP) today reported financial and operating results for the first quarter ended March 31, 2018.  Foresight generated fiscal year coal sales revenues of $238.4 million on sales volumes of 5.2 million tons resulting in a net loss attributable to limited partner units of $21.6 million, Adjusted EBITDA of $65.0 million and cash flows from operations of $51.7 million.  

 

“The first quarter was another successful period for Foresight, as we realized significant year-over-year improvements in our realized price per ton, and improved netbacks to the mines, on essentially flat year-over-year sales volumes,” said Mr. Robert D. Moore, Chairman, President and Chief Executive Officer.  “Our active mines safely and efficiently produced a company record quarterly volume of nearly 5.7 million tons and retained their position among the most productive and lowest cost underground mines in the country.  Further, we were able to take advantage of a relatively strong export market for our product, which contributed to a slight increase in our Adjusted EBITDA compared to the first quarter of 2017.”

 

Foresight also announced that due to the Partnership’s operating performance during the first 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 May 31, 2018 for unitholders of record on May 21, 2018.  

 

Consolidated Financial Results

 

Quarter Ended March 31, 2018 Compared to Quarter Ended March 31, 2017

 

Coal sales totaled $238.4 million for the first quarter 2018 compared to $227.8 million for the first quarter 2017, representing an increase of $10.6 million, or nearly 5%.  The increase in coal sales revenues was driven by a $2.37 per ton increase in realized price on relatively comparable sales volumes.  The improvement in realized price was principally the result of a larger proportion of tons shipped to the export market at higher realizations in the 2018 period compared to the 2017 period.  

 

Cost of coal produced was $120.6 million, or $23.19 per ton sold, for the first quarter 2018 compared to $117.8 million, or $22.80 per ton sold, for the first quarter 2017.  The increases in cost of coal produced and cost per ton sold were due to slightly higher royalty expense in the 2018 period.  The higher royalty expense is a function of the specific royalty contract being mined during the period and the increase in realized prices.       

 

Transportation costs increased $8.7 million from $37.7 million in the 2017 quarter to $46.4 million in the 2018 quarter.  The increase in 2018 compared to 2017 was due to additional transportation and transloading costs associated with a higher proportion of export sales volumes.  During the first quarter 2018, 33% of coal sales volumes were sold into the export market compared to 24% during the first quarter 2017.      

 

 

1

 

 


 

 

During the quarter ended March 31, 2018, Foresight recognized depreciation, depletion and amortization (“DD&A”) expense of $51.4 million compared to $39.3 million during the quarter ended March 31, 2017.  The increase of $12.1 million is due to the increase in fair market value of assets from the application of pushdown accounting which resulted in higher DD&A versus the 2017 period.  

 

The first quarter 2017 included losses on commodity contracts totaling $1.5 million whereas the first quarter 2018 included no open commodity contracts.  During the first quarter 2018, a $1.4 million benefit was recorded in contract amortization related to the sales and royalty contract assets and liabilities recorded as part of pushdown accounting.  

 

As a result of the March 2017 refinancing transaction, during the first quarter 2017, 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 premiums and other costs required 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.  The first quarter 2018 included no comparative expenses.    

 

During first quarter 2018, Foresight generated operating cash flows of $51.7 million and ended the period with $18.6 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 quarter ended March 31, 2018 totaled $16.5 million compared to $19.9 million for the quarter ended March 31, 2017.  

 

Guidance for 2018

 

Based on Foresight’s remaining contracted position, first quarter performance, and its current outlook on pricing and the coal markets in general, the Partnership is affirming 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 at least 7.0 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 aspossible, 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 Partnerships Annual Report on Form 10-K filed on March 72018.  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 Partnerships 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 Partnerships 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.  

 

2

 

 


 

 

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 Partnerships 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, 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 1.7 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.  Foresight also owns coal interests and mining assets located in southeastern Ohio.

 

 

Contact

 

Gary M.  Broadbent

Director of Investor and Media Relations

740-338-3100

Investor.relations@foresight.com

Media@coalsource.com

 

 

 

 

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”).     

 

3

 

 


 

 

Foresight Energy LP

Unaudited Condensed Consolidated Balance Sheets

(In Thousands)

 

(Successor)

 

 

 

(Successor)

 

 

March 31,

 

 

 

December 31,

 

 

2018

 

 

 

2017

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

18,553

 

 

 

$

2,179

 

Accounts receivable

 

28,611

 

 

 

 

35,158

 

Due from affiliates

 

26,315

 

 

 

 

37,685

 

Financing receivables - affiliate

 

3,200

 

 

 

 

3,138

 

Inventories, net

 

56,557

 

 

 

 

40,539

 

Prepaid royalties

 

1,579

 

 

 

 

4,000

 

Deferred longwall costs

 

19,135

 

 

 

 

9,520

 

Other prepaid expenses and current assets

 

8,579

 

 

 

 

10,844

 

Contract-based intangibles

 

6,145

 

 

 

 

11,268

 

Total current assets

 

168,674

 

 

 

 

154,331

 

Property, plant, equipment and development, net

 

2,340,623

 

 

 

 

2,378,605

 

Due from affiliates

 

 

 

 

 

947

 

Financing receivables - affiliate

 

63,257

 

 

 

 

64,097

 

Prepaid royalties, net

 

1,667

 

 

 

 

1,250

 

Other assets

 

4,432

 

 

 

 

5,358

 

Contract-based intangibles

 

1,721

 

 

 

 

2,052

 

Total assets

$

2,580,374

 

 

 

$

2,606,640

 

Liabilities and partners’ capital

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt and capital lease obligations

$

99,623

 

 

 

$

109,532

 

Current portion of sale-leaseback financing arrangements

 

4,731

 

 

 

 

4,148

 

Accrued interest

 

26,725

 

 

 

 

13,410

 

Accounts payable

 

85,876

 

 

 

 

76,658

 

Accrued expenses and other current liabilities

 

62,684

 

 

 

 

62,442

 

Asset retirement obligations

 

4,416

 

 

 

 

4,416

 

Due to affiliates

 

12,399

 

 

 

 

13,324

 

Contract-based intangibles

 

24,006

 

 

 

 

28,688

 

Total current liabilities

 

320,460

 

 

 

 

312,618

 

Long-term debt and capital lease obligations

 

1,202,956

 

 

 

 

1,205,000

 

Sale-leaseback financing arrangements

 

195,621

 

 

 

 

196,496

 

Asset retirement obligations

 

40,011

 

 

 

 

39,655

 

Other long-term liabilities

 

28,901

 

 

 

 

32,330

 

Contract-based intangibles

 

142,522

 

 

 

 

144,715

 

Total liabilities

 

1,930,471

 

 

 

 

1,930,814

 

Limited partners' capital:

 

 

 

 

 

 

 

 

Common unitholders (79,827 and 77,644 units outstanding as of March 31, 2018 and December 31, 2017, respectively)

 

407,018

 

 

 

 

421,161

 

Subordinated unitholder (64,955 units outstanding as of March 31, 2018 and December 31, 2017)

 

242,885

 

 

 

 

254,665

 

Total partners' capital

 

649,903

 

 

 

 

675,826

 

Total liabilities and partners' capital

$

2,580,374

 

 

 

$

2,606,640

 


 

4

 

 


 

 

Foresight Energy LP

Unaudited Condensed Consolidated Statements of Operations

(In Thousands, Except Per Unit Data)

 

(Successor)

 

 

(Predecessor)

 

 

Three Months Ended

March 31, 2018

 

 

Three Months Ended

March 31, 2017

 

Revenues

 

 

 

 

 

 

 

Coal sales

$

238,387

 

 

$

227,813

 

Other revenues

 

2,339

 

 

 

2,581

 

Total revenues

 

240,726

 

 

 

230,394

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

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

 

120,570

 

 

 

117,762

 

Cost of coal purchased

 

1,751

 

 

 

7,973

 

Transportation

 

46,443

 

 

 

37,726

 

Depreciation, depletion and amortization

 

51,420

 

 

 

39,298

 

Contract amortization

 

(1,420

)

 

 

 

Accretion on asset retirement obligations

 

731

 

 

 

710

 

Selling, general and administrative

 

7,775

 

 

 

6,554

 

Loss on commodity derivative contracts

 

 

 

 

1,492

 

Other operating (income) expense, net

 

(648

)

 

 

451

 

Operating income

 

14,104

 

 

 

18,428

 

Other expenses:

 

 

 

 

 

 

 

Interest expense, net

 

35,673

 

 

 

43,380

 

Change in fair value of warrants

 

 

 

 

(9,278

)

Loss on early extinguishment of debt

 

 

 

 

95,510

 

Net loss

$

(21,569

)

 

$

(111,184

)

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Common unitholders

$

(9,789

)

 

$

(56,259

)

Subordinated unitholder

$

(11,780

)

 

$

(54,925

)

 

 

 

 

 

 

 

 

Net loss per limited partner unit - basic and diluted:

 

 

 

 

 

 

 

Common unitholders

$

(0.12

)

 

$

(0.85

)

Subordinated unitholder

$

(0.18

)

 

$

(0.85

)

 

 

 

 

 

 

 

 

Weighted average limited partner units outstanding - basic and diluted:

 

 

 

 

 

 

 

Common units

 

78,846

 

 

 

66,533

 

Subordinated units

 

64,955

 

 

 

64,955

 

 

 

 

 

 

 

 

 

Distributions declared per limited partner unit

$

0.0565

 

 

$

 


 

5

 

 


 

 

Foresight Energy LP

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)

 

(Successor)

 

 

(Predecessor)

 

 

Three Months Ended

March 31, 2018

 

 

Three Months Ended

March 31, 2017

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(21,569

)

 

$

(111,184

)

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

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

51,420

 

 

 

39,298

 

Amortization of debt discount and deferred issuance costs

 

655

 

 

 

6,365

 

Contract amortization

 

(1,420

)

 

 

 

Equity-based compensation

 

177

 

 

 

318

 

Loss on commodity derivative contracts

 

 

 

 

1,492

 

Settlements of commodity derivative contracts

 

 

 

 

3,724

 

Realized gains on coal derivatives included in investing activities

 

 

 

 

(3,520

)

Change in fair value of warrants

 

 

 

 

(9,278

)

Debt extinguishment expense

 

 

 

 

95,510

 

Other

 

 

 

 

1,321

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

6,547

 

 

 

19,695

 

Due from/to affiliates, net

 

11,392

 

 

 

(13,157

)

Inventories

 

(12,927

)

 

 

(917

)

Prepaid expenses and other assets

 

(6,424

)

 

 

(5,117

)

Prepaid royalties

 

2,004

 

 

 

(241

)

Commodity derivative assets and liabilities

 

 

 

 

(532

)

Accounts payable

 

9,218

 

 

 

7,324

 

Accrued interest

 

13,315

 

 

 

(9,803

)

Accrued expenses and other current liabilities

 

(1,466

)

 

 

(3,430

)

Other

 

784

 

 

 

1,782

 

Net cash provided by operating activities

 

51,706

 

 

 

19,650

 

Cash flows from investing activities

 

 

 

 

 

 

 

Investment in property, plant, equipment and development

 

(16,531

)

 

 

(19,908

)

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

 

778

 

 

 

705

 

Settlement of certain coal derivatives

 

 

 

 

3,520

 

Proceeds from sale of property, plant and equipment

 

 

 

 

1,898

 

Net cash used in investing activities

 

(15,753

)

 

 

(13,785

)

Cash flows from financing activities

 

 

 

 

 

 

 

Net change in borrowings under revolving credit facility

 

 

 

 

(352,500

)

Net change in borrowings under A/R securitization program

 

 

 

 

7,000

 

Proceeds from long-term debt and capital lease obligations

 

 

 

 

1,234,438

 

Payments on long-term debt and capital lease obligations

 

(12,608

)

 

 

(970,721

)

Payments on short-term debt

 

(2,147

)

 

 

 

Proceeds from issuance of common units to Murray Energy (affiliate)

 

 

 

 

60,586

 

Distributions paid

 

(4,510

)

 

 

 

Debt extinguishment costs

 

 

 

 

(57,645

)

Debt issuance costs paid

 

 

 

 

(27,328

)

Other

 

(314

)

 

 

(1,892

)

Net cash used in financing activities

 

(19,579

)

 

 

(108,062

)

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

 

16,374

 

 

 

(102,197

)

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

 

2,179

 

 

 

116,921

 

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

$

18,553

 

 

$

14,724

 


 

6

 

 


 

 

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

 

(Successor)

Three Months Ended

March 31, 2018

 

 

(Predecessor)

Three Months Ended

March 31, 2017

 

 

(Successor)

Three Months Ended

December 31, 2017

 

Net loss

$

(21,569

)

 

$

(111,184

)

 

$

(74,191

)

Interest expense, net

 

35,673

 

 

 

43,380

 

 

 

36,496

 

Depreciation, depletion and amortization

 

51,420

 

 

 

39,298

 

 

 

64,503

 

Long-lived asset impairments

 

 

 

 

 

 

 

42,667

 

Accretion on asset retirement obligations

 

731

 

 

 

710

 

 

 

725

 

Contract amortization

 

(1,420

)

 

 

 

 

 

8,286

 

Equity-based compensation

 

177

 

 

 

318

 

 

 

136

 

Loss on commodity derivative contracts

 

 

 

 

1,492

 

 

 

389

 

Settlements of commodity derivative contracts

 

 

 

 

3,724

 

 

 

(492

)

Change in fair value of warrants

 

 

 

 

(9,278

)

 

 

 

Loss on early extinguishment of debt

 

 

 

 

95,510

 

 

 

 

Adjusted EBITDA

$

65,012

 

 

$

63,970

 

 

$

78,519

 

 

 

Operating Metrics (In Thousands, Except Per Ton Data)

 

 

(Successor)

Three Months Ended

March 31, 2018

 

 

(Predecessor)

Three Months Ended

March 31, 2017

 

 

(Successor)

Three Months Ended

December 31, 2017

 

Produced tons sold

 

5,199

 

 

 

5,165

 

 

 

6,008

 

Purchased tons sold

 

41

 

 

 

118

 

 

 

 

Total tons sold

 

5,240

 

 

 

5,283

 

 

 

6,008

 

 

 

 

 

 

 

 

 

 

 

 

 

Tons produced

 

5,667

 

 

 

5,267

 

 

 

4,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal sales realization per ton sold(1)

$

45.49

 

 

$

43.12

 

 

$

47.01

 

Cash cost per ton sold(2)

$

23.19

 

 

$

22.80

 

 

$

23.17

 

Netback to mine realization per ton sold(3)

$

36.63

 

 

$

35.98

 

 

$

37.34

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

 

 

 

 

 

7

 

 

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