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

 

 


The following information was filed by Foresight Energy Lp (FELP) on Tuesday, May 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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