Exhibit 99.1

Foresight Energy LP Reports First Quarter 2019 Results

 

First Quarter 2019 Highlights:

 

Coal sales of $267 million on sales volumes of 5.7 million tons.

Adjusted EBITDA of $65.5 million.

Cash flows from operations of $49.2 million.

Net loss of $16.8 million, or ($0.09) per common unit and ($0.15) per subordinated unit.  

 

ST.  LOUIS, Missouri (BUSINESS WIRE) May 8, 2019 — Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE: FELP) today reported financial and operating results for the first quarter ended March 31, 2019.  Foresight generated first quarter coal sales revenues of $267.3 million on sales volumes of nearly 5.7 million tons, resulting in a net loss of $16.8 million, Adjusted EBITDA of $65.5 million, and cash flows from operations of $49.2 million. Production was strong with the mines safely and efficiently producing over 6 million tons during the quarter.  Foresight also announced that the Board of Directors of its General Partner has suspended the quarterly distribution to common unitholders.  

 

“Despite the difficult flooding conditions experienced on the river and at our ports on the Gulf, we exported nearly 2.2 million tons during the quarter and, given our contracted position, we maintained sales realizations even though we continue to see a decline in API2 pricing,” remarked Mr. Robert D. Moore, Chairman, President, and Chief Executive Officer.  These factors, combined with our continued industry-leading cost structure, allowed us to maintain comparable margins quarter-over-quarter.”

 

Mr. Moore further commented, “Regarding the decision to suspend the quarterly cash distribution at this time, the Board considered the current export price environment and challenging logistical conditions, the desire to maintain financial strength and flexibility, and other factors to conclude that our cash resources would be best directed towards other uses including, among other things, liquidity improvement and debt reduction.”      

 

Consolidated Financial Results

 

Quarter Ended March 31, 2019 Compared to Quarter Ended March 31, 2018

 

Coal sales totaled $267.3 million for the first quarter 2019 compared to $238.4 million for the first quarter 2018, representing an increase of $28.9 million, or over 12%.  The increase in coal sales revenues was driven by a nearly 9%, or 456 thousand ton, increase in tons sold combined with an increase in coal sales realizations of over 3%, or $1.44 per ton sold.  The increases in sales volumes and sales realizations per ton were primarily the result of increased export sales.  Although API2 pricing has declined during the first quarter 2019, Foresight’s contracted position allowed it to maintain comparable coal sales realizations on export tons.    

 

Cost of coal produced was $134.0 million for the first quarter 2019 compared to $120.6 million for the first quarter 2018.  The increase in cost of coal produced was primarily due to higher sales volumes during the first quarter 2019, as the cost per ton sold was comparable quarter-over-quarter.       

 

Transportation costs increased approximately $12.4 million from the first quarter 2018 to the first quarter 2019 because of higher sales volumes and a higher percentage of sales going to the export market during the current quarter and the additional transportation and transloading costs associated therewith.      

 

The small increase in selling, general and administrative expense during the first quarter 2019 was primarily due to increased sales and marketing expense associated with increased export sales volumes.  

 

 

1

 

 


The following information was filed by Foresight Energy Lp (FELP) on Wednesday, May 8, 2019 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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