Exhibit 99.1

 

Foresight Energy LP Announces Full-Year and Fourth Quarter 2014 Results

 

Full-Year 2014 Highlights:

 

·

Record coal production of 22.5 million tons

 

·

Record sales volumes of 22.0 million tons

 

·

Record coal sales revenue of $1.1 billion

 

·

Record Adjusted EBITDA of $404.5 million

 

·

Increase in quarterly cash distribution to $0.36 per unit

 

ST. LOUIS, Missouri—(BUSINESS WIRE)—February 6, 2015—Foresight Energy LP (NYSE: FELP), today reported financial and operating results for the year ended December 31, 2014, setting new records for coal production, sales volumes, coal sales revenue and Adjusted EBITDA.  Coal sales revenue for the year grew to $1.1 billion, up 16% from 2013, contributing to record Adjusted EBITDA of $404.5 million and record net income attributable to controlling interests of $135.2 million, or $1.04 per Full-Year Earnings per Unit. FELP’s full-year results were negatively impacted by a fourth quarter prepaid royalty impairment charge of $34.7 million, or $0.27 per Full-Year Earnings per Unit, but benefited by $57.1 million, or $0.44 per Full-Year Earnings per Unit, in unrealized gains on coal derivative contracts.

For the quarter ended December 31, 2014, FELP also set records for coal sales revenue and Adjusted EBITDA.  The increased production from FELP’s second longwall mine at its Sugar Camp complex drove record coal sales revenue of $300.0 million and Adjusted EBITDA of $112.5 million, an increase over the prior year fourth quarter of 12% and 13%, respectively.  FELP reported net income attributable to controlling interests of $29.1 million, or $0.22 per unit, for the fourth quarter 2014, which was impacted by the aforementioned $34.7 million, or $0.27 per unit, prepaid royalty impairment and $23.4 million, or $0.18 per unit, in unrealized gains on coal derivative contracts.

FELP also announced that the Board of Directors of its general partner approved a quarterly cash distribution for the fourth quarter 2014 of $0.36 per unit, (an annualized rate of $1.44 per unit).  The distribution represents an increase of 2.9% from the third quarter 2014 distribution of $0.35 per unit.  The distribution is payable on February 27, 2015 for unitholders of record on February 16, 2015.  

“We are pleased to report record results for 2014, including new records for coal production, sales volumes, coal sales revenue and Adjusted EBITDA,” said Michael Beyer, President and Chief Executive Officer.  “The results reflect the continued strong operating performance of our mining operations, which includes the three most productive underground coal mines in the United States in 2014, as reported by MSHA and measured by clean tons produced per man hour worked.  Our teams at the mines and throughout the organization continue to perform at the highest levels driving exceptional results and growth in a very challenging market.  We thank them for their effort and dedication.”

 

Consolidated Financial Results

 

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

The start-up of the second longwall at our Sugar Camp complex in June 2014 and a higher committed sales position drove record coal sales revenue and record sales volumes during the year ended December 31, 2014.  The increase in coal sales revenue of $152.0 million from the prior year was offset by a $1.17 per ton, or 2%, decrease in coal sales realization per ton caused by a lower mix of international shipments as well as a small decline in the average realization per ton on both international and domestic sales.

 

Our cost of coal produced increased $89.0 million, or 25% from the prior year, due to higher sales volumes as noted above, as well as a $1.34 increase in the cost per ton.  The increase in our cost per ton was driven by increased production costs at our Sugar Camp and Hillsboro operations.  The impact at our Sugar Camp complex during this period was due to the introduction of additional continuous

1

 


The following information was filed by Foresight Energy Lp (FELP) on Friday, February 6, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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