Exhibit 99.1

Foresight Energy LP Reports Full-Year1 and Fourth Quarter 2017 Results

 

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.

 

ST.  LOUIS, Missouri (BUSINESS WIRE) March 7, 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

 

1

 

 


The following information was filed by Foresight Energy Lp (FELP) on Wednesday, March 7, 2018 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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