Exhibit 99.1

Foresight Energy LP Reports Second Quarter 20181 Results

 

Second Quarter 2018 Highlights:

 

Coal sales of nearly $270.0 million, an increase of 32% compared to the second quarter 2017, on higher sales volumes of 5.9 million tons and higher sales realization per ton sold.

Adjusted EBITDA of $104.1 million.

Cash flows from operations of $30.6 million.

 

Net loss attributable to limited partner units of $29.2 million, or ($0.18) per common unit and ($0.23) per subordinated unit, which includes a $110.7 million non-cash impairment charge and a $69.1 million non-cash contract benefit related to the previously announced closure of Hillsboro operations.  

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

 

ST.  LOUIS, Missouri (BUSINESS WIRE) August 3, 2018 — Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE: FELP) today reported financial and operating results for the second quarter ended June 30, 2018.  Foresight generated coal sales revenues of nearly $270.0 million on sales volumes of 5.9 million tons resulting in a net loss attributable to limited partner units of $29.2 million, Adjusted EBITDA of $104.1 million, and cash flows from operations of $30.6 million.  Net loss attributable to limited partner units reflects the receipt of $44.1 million of insurance proceeds related to the combustion event at the Partnership’s Hillsboro operation and includes a $110.7 million non-cash impairment charge and a $69.1 million non-cash contract benefit related to the previously announced closure of the Partnership’s Hillsboro operation.

 

“The second quarter was another successful period for Foresight, as we were able to take advantage of a strong export market to realize significant year-over-year improvements in our sales volumes,” said Mr. Robert D. Moore, Chairman, President and Chief Executive Officer.  “Foresight remains well-positioned to continue capitalizing on the strong export market for our product.  Furthermore, with all of our calendar year 2018 longwall moves completed, we expect to continue to improve on our industry-leading cost structure over the remainder of the year.”

 

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

 

Second Quarter Consolidated Financial Results

 

Coal sales totaled nearly $270.0 million for the second quarter 2018 compared to $204.5 million for the second quarter 2017, representing an increase of $65.5 million, or 32%.  The increase in coal sales revenues was due to higher coal sales volumes combined with higher coal sales realization per ton sold.  Coal sales volumes and coal sales realization per ton sold were higher due to increased export sales, which experienced more favorable API2 pricing during 2018.  

 

Cost of coal produced was $137.0 million, or $23.70 per ton sold, for the second quarter 2018 compared to $105.8 million, or $21.88 per ton sold, for the second quarter 2017.  The increase was due to an increase in produced tons sold as well as a higher cash cost per ton sold resulting primarily from increased expenses relating to royalties, subsidence, and two longwall moves during the second quarter.  The higher royalty and subsidence expenses are functions of which coal reserve leases and land parcels that we currently mine.  Royalty expense also increased because of higher coal sales realizations per ton.      

 

Transportation costs increased approximately $30.7 million from the second quarter 2017 to the second quarter 2018 due to a higher percentage of sales going to the export market during the current year period and the additional transportation and transloading costs associated therewith.      

 

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The following information was filed by Foresight Energy Lp (FELP) on Friday, August 3, 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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