CNX Coal Resources LP Announces Results for the Fourth Quarter 2016
PITTSBURGH, Jan. 30, 2017 /PRNewswire/ -- CNX Coal Resources LP (NYSE: CNXC) today reported financial and operating results for the quarter ended December 31, 2016.
Fourth Quarter 2016 Results
Highlights of the CNXC fourth quarter 2016 results include:
- Cash distribution of $0.5125 per limited partner unit for the fourth quarter
- Record quarterly production and sales volume
- Net income of $11.7 million
- Adjusted EBITDA1 of $25.1 million
- Distribution coverage ratio1 of 1.0x
Management Comments
"I am very excited to report that the CNXC team performed extremely well on multiple fronts during the fourth quarter of 2016," said Jimmy Brock, Chief Executive Officer of CNX Coal Resources GP LLC (the "General Partner"). "The operational team responded to the opportunities created in the domestic and seaborne markets and produced record volumes this quarter for the Pennsylvania mining complex (the "PAMC"). Our marketing team delivered these record production volumes to our customers as coal regained market share from natural gas and coal export markets remained strong. From a financial standpoint, these record shipments helped us achieve a distribution coverage ratio of 1.0x and generated net cash provided by operating activities of $25.8 million during the quarter."
"On the safety front, I am pleased to announce that our central preparation plant delivered another full quarter without any safety exceptions. This is the seventh consecutive exception-free quarter for the preparation plant. For the PAMC in its entirety, we were also successful in reducing the severity of our exceptions compared to the same period last year. Safety remains our top core value and we continue to strive for further improvements."
Sales & Marketing
We sold a record 1.8 million tons of coal during the quarter, of which approximately 8.5% was ultimately delivered to end users in the high-vol metallurgical coal markets in Asia and South America. More importantly, we also improved the average realized price by approximately 2% compared to the previous quarter. For the full year 2016, we sold 6.2 million tons of coal, which was above our previously announced guidance range of 5.9-6.1 million tons. The fourth quarter marked our highest quarter for both sales volume and average revenue per ton during 2016. This was achieved by shipping more coal to our domestic customers and also by taking advantage of select export opportunities that opened as a result of strengthening demand for both thermal and metallurgical coal. Additionally, record shipments from the complex were enabled by our experienced logistics team and by strong performance from our transportation partners, including both eastern railroads and the coal terminals in Baltimore.
During the fourth quarter, our domestic customers demonstrated a strong demand for coal driven by higher natural gas prices and coal inventory restocking following 2016's strong summer burn. We expect this trend to be sustained heading into 2017 as coal-fired generation continues to benefit from the onset of winter heating demand and favorable economics relative to natural gas-fired generation. Coal stockpiles remain below target levels at several of our customer power plants as they benefit from these demand dynamics. According to our internal analysis, our top 15 domestic power plant customers, which accounted for approximately 82% of our 2016 domestic power plant shipments, operated at a weighted average capacity factor of 66% during the peak summer demand season of June-September, which was up from their weighted average capacity factor of 61% during the same period last year. The U.S. Energy Information Administration (the "EIA") forecasts that after reaching a low point in 2016, coal-fired generation will increase from 2017-2020 as coal recaptures share from natural gas in the U.S. electric power generation mix. Specifically for 2017, the EIA projects that coal consumption from the U.S. electric power sector will improve by 41 million tons compared to 2016, helping to draw down power plant coal inventories by an additional 16 million tons from year-end 2016 levels. We believe this stronger coal burn and continued destocking should sustain improvements in coal supply-demand fundamentals for the upcoming contracting periods.
In the export market, the global coking coal benchmark for the first quarter of 2017 settled at $285/metric ton. However, international spot prices have since experienced a pullback and spot prices are now in $170-$180/metric ton range. While changes to China's policy on local mining will likely continue to create volatility in seaborne pricing, we believe the overall value proposition of our product remains very strong for coke producers. We plan to continue to secure additional volume in the international high-vol market as realizations there remain more attractive than in the domestic and export thermal markets.
During the quarter, we contracted 325 thousand additional tons for 2017 across all of our markets, bringing our total sold position to 6.4 million tons or 98% of the estimated total sales volumes based on the midpoint of our guidance range. In addition to a strong 2017 sold position, we have a solid position of approximately 66% sold for 2018, based on 6.5 million tons of total sales. With our planned coal production in 2017 largely sold out, our focus now has shifted to maximizing realizations for any additional production and booking additional sales for contract years 2018 and 2019. We are currently active in negotiations with several customers to expand our crossover metallurgical coal portfolio, and we continue to pursue select domestic customers that fit with our long-term market strategy.
| 1"Adjusted EBITDA" and "Distribution coverage ratio" are non-GAAP financial measures, which are reconciled to GAAP net income under the caption Non-GAAP Financial Measures" |
Quarterly Distribution
During the fourth quarter, CNXC generated net cash provided by operating activities of $25.8 million and distributable cash flow2 of $12.6 million, yielding a distribution coverage ratio of 1.0x. We note that our distribution coverage ratio calculation is based on the estimated maintenance capital expenditure of $8.6 million, while our actual cash maintenance capital expenditure for the fourth quarter was $3.1 million. Based on our current outlook for the coal markets and distributable cash flow generated during the quarter, the Board of Directors of the general partner, has elected to pay a cash distribution $0.5125 per unit to all limited partner unitholders and the holder of the general partner interest. The Board of Directors has also approved a full cash distribution of approximately $1.85 million in the aggregate to the holders of the convertible Class A Preferred Units. The distribution to all unitholders of the Partnership will be made on February 15, 2017 to such holders of record at the close of business on February 9, 2017.
Operations Summary
Our operations team delivered record production for the quarter despite two longwall moves. With domestic and international demand remaining strong throughout the quarter, our marketing team was successful in lining up a record shipment schedule. The operations team took advantage of this opportunity and mobilized additional shifts during the weekends and typical holiday shutdown periods.
We sold 1.8 million tons of coal during the fourth quarter of 2016 compared to 1.2 million tons in the year ago period. The average realized price declined by 14.3% compared to the year-ago period, as some higher-priced coal contracts rolled off and were replaced by lower-priced sales. Our total cost of coal sold increased to $60.4 million during the quarter compared to $49.6 million in the year-ago period driven by higher coal sales volume. However, the average cost of coal sold3 in the quarter declined 14.6% to $33.90 per ton, compared to $39.70 per ton in the year-earlier quarter, primarily driven by various cost reduction measures.
| 2"Distributable Cash Flow" is a non-GAAP financial measure which is reconciled to GAAP net income under the caption "Non-GAAP Financial Measures" |
| Three Months Ended |
||||
| December 31, 2016 |
December 31, 2015 |
|||
| Coal Production |
million tons |
1.8 |
1.2 |
|
| Coal Sales |
million tons |
1.8 |
1.2 |
|
| Average Realized Price |
per ton |
$45.05 |
$52.57 |
|
| Average Cost of Coal Sold |
per ton |
$33.90 |
$39.70 |
|
| Note: The Partnership has recast the above table to retrospectively reflect the additional 5% |
Guidance and Outlook
Heading into the first quarter of 2017, we expect production and sales volume to return to a more typical annual run-rate than we saw in the fourth quarter. We also expect unit margins to increase compared to the fourth quarter. Based on our current contracted position, production plans and outlook for the coal markets, we are re-affirming our previously announced guidance ranges for 2017 as follows:
- Coal sales of 6.25-6.75 million tons
- Adjusted EBITDA of $90-$110 million4
- Maintenance capital expenditures of $30-$36 million
Fourth Quarter Earnings Conference Call
A conference call and webcast, during which management will discuss the fourth quarter of 2016 financial and operational results, is scheduled for January 30, 2017 at 5:00 PM ET. Prepared remarks by members of management will be followed by a question and answer session. Interested parties may listen via webcast on the Events page of our website, www.cnxlp.com. An archive of the webcast will be available for 30 days after the event.
| Participant dial in (toll free) |
1-855-656-0928 |
| Participant international dial in |
1-412-902-4112 |
About CNX Coal Resources LP
CNX Coal Resources is a growth-oriented master limited partnership formed by CONSOL Energy Inc. (NYSE: CNX) to manage and further develop all of CONSOL's active coal operations in Pennsylvania. Its assets include a 25% undivided interest in, and operational control over, CONSOL's Pennsylvania mining complex, which consists of three underground mines and related infrastructure. More information is available on our website www.cnxlp.com.
Contacts:
Investor:
Mitesh Thakkar, (724) 485-3133
[email protected]
Media:
Brian Aiello, (724) 485-3078
[email protected]
Non-GAAP Financial Measures
Adjusted EBITDA, distributable cash flow, distribution coverage ratio and average cost of coal sold are not Generally Accepted Accounting Principles ("GAAP") measures.
We define adjusted EBITDA as (i) net income (loss) before net interest expense, depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as Unit Based Compensation. The GAAP measure most directly comparable to adjusted EBITDA is net income. Management believes that the presentation of adjusted EBITDA in this report provides information useful to investors in assessing our financial condition and results of operations. Adjusted EBITDA should not be considered an alternative to net income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and our presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
We define distributable cash flow as (i) net income (loss) before net interest expense, depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as unit based compensation, less net cash interest paid, distribution to the preferred units and estimated maintenance capital expenditures, to analyze our performance. Distributable cash flow will not reflect changes in working capital balances. Management believes that the presentation of distributable cash flow in this report provides information useful to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to distributable cash flow are net income and net cash provided by operating activities. Distributable cash flow should not be considered an alternative to net income, net cash provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Distributable cash flow excludes some, but not all, items that affect net income or net cash, and our presentation may not be comparable to similarly titled measures of other companies. The distribution coverage ratio is the ratio of distributable cash flow and expected distribution payments. .
We define average cost of coal sold as our costs of coal sold divided by the tons of coal we sell. We define cost of coal sold as operating and other production costs related to produced tons sold, along with changes in coal inventory, both in volumes and carrying values. The cost of coal sold per ton includes items such as direct operating costs, royalty and production taxes, direct administration, and depreciation, depletion and amortization costs. Our costs exclude any indirect costs such as general and administrative costs and other costs not directly attributable to the production of coal. Management believes that the presentation of average cost of coal sold in this report provides information useful to investors in assessing our results of operations. The GAAP measure most directly comparable to cost of coal sold is total costs. Average cost of coal sold should not be considered an alternative to total costs, or any other measure of financial or operational performance presented in accordance with GAAP. Average cost of coal sold excludes some, but not all, items that affect total costs and our presentation of average cost of coal sold may not be comparable to similarly titled measures of other companies
The following table presents a reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP financial measure, on a historical basis for each period indicated. The table also presents a reconciliation of distributable cash flow to net income and net cash provided by operating activities, the most directly comparable GAAP financial measures, on a historical basis for each period indicated.
| 4CNXC is unable to provide a reconciliation of adjusted EBITDA guidance to Net Income, the most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing and potential significance of certain income statement items. |
| (Dollars in thousands) |
Three Months Ended December 31, 2016 |
||
| Net Income |
$ |
11,727 |
|
| Plus: |
|||
| Interest Expense |
2,442 |
||
| Depreciation, Depletion and Amortization |
10,662 |
||
| Stock/Unit Based Compensation |
281 |
||
| Adjusted EBITDA |
$ |
25,112 |
|
| Less: |
|||
| Cash Interest |
2,112 |
||
| Distributions to Preferred Units |
1,851 |
||
| Estimated Maintenance Capital Expenditures |
8,583 |
||
| Distributable Cash Flow |
$ |
12,566 |
|
| Net Cash Provided by Operating Activities |
$ |
25,775 |
|
| Less: |
|||
| Interest Expense |
2,442 |
||
| Other, Including Working Capital |
(1,779) |
||
| Adjusted EBITDA |
$ |
25,112 |
|
| Less: |
|||
| Cash Interest |
2,112 |
||
| Distributions to Preferred Units |
1,851 |
||
| Estimated Maintenance Capital Expenditures |
8,583 |
||
| Distributable Cash Flow |
$ |
12,566 |
|
| Distributions Declared |
$ |
12,148 |
|
| Distribution Coverage |
1.0 |
||
The following table presents a reconciliation of average cost of coal sold to total costs, the most directly comparable GAAP financial measure, on a historical basis for each period indicated.
| (Amounts in thousands, except for per ton) |
Three Months Ended |
||||||
| 2016 |
2015 |
||||||
| Total Costs |
$ |
72,560 |
$ |
56,520 |
|||
| Freight Expense |
(3,130) |
(2,238) |
|||||
| Selling, General and Administrative Expenses |
(3,391) |
(2,018) |
|||||
| Interest Expense |
(2,442) |
(1,878) |
|||||
| Other Costs (Non-Production) |
(2,627) |
(295) |
|||||
| Depreciation, Depletion and Amortization (Non-Production) |
(549) |
(541) |
|||||
| Cost of Coal Sold |
$ |
60,421 |
$ |
49,550 |
|||
| Total Tons Sold |
1,782 |
1,248 |
|||||
| Average Cost Per Ton Sold |
$ |
33.90 |
$ |
39.70 |
|||
| Note: The above table reflects the additional 5% ownership of PAMC completed September 30, 2016 |
Cautionary Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements under federal securities laws including Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following: generation of sufficient distributable cash flow to support the payment of minimum quarterly distributions; changes in coal prices or the costs of mining or transporting coal; uncertainty in estimating economically recoverable coal reserves and replacement of reserves; our ability to develop our existing coal reserves and successfully execute our mining plans; changes in general economic conditions, both domestically and globally; competitive conditions within the coal industry; changes in the consumption patterns of coal-fired power plants and steelmakers and other factors affecting the demand for coal by coal-fired power plants and steelmakers; the availability and price of coal to the consumer compared to the price of alternative and competing fuels; competition from the same and alternative energy sources; energy efficiency and technology trends; our ability to successfully implement our business plan; the price and availability of debt and equity financing; operating hazards and other risks incidental to coal mining; major equipment failures and difficulties in obtaining equipment, parts and raw materials; availability, reliability and costs of transporting coal; adverse or abnormal geologic conditions, which may be unforeseen; natural disasters, weather-related delays, casualty losses and other matters beyond our control; interest rates; labor availability, relations and other workforce factors; defaults by our sponsor under our operating agreement and employee services agreement; changes in availability and cost of capital; changes in our tax status; delays in the receipt of, failure to receive or revocation of necessary governmental permits; defects in title or loss of any leasehold interests with respect to our properties; the effect of existing and future laws and government regulations, including the enforcement and interpretation of environmental laws thereof; the effect of new or expanded greenhouse gas regulations; the effects of litigation; and other factors discussed in our 2015 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
| CNX COAL RESOURCES LP |
|||||||||||||
| EARNINGS SUMMARY |
|||||||||||||
| (Dollars in thousands) |
|||||||||||||
| (unaudited) |
|||||||||||||
| Three Months Ended December 31, |
Years Ended December 31, |
||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||
| Revenue: |
|||||||||||||
| Coal Revenue |
$ |
80,292 |
$ |
65,610 |
$ |
266,395 |
$ |
322,261 |
|||||
| Freight Revenue |
3,130 |
2,238 |
11,603 |
3,809 |
|||||||||
| Other Income |
865 |
128 |
3,119 |
941 |
|||||||||
| Total Revenue and Other Income |
84,287 |
67,976 |
281,117 |
327,011 |
|||||||||
| Cost of Coal Sold: |
|||||||||||||
| Operating Costs |
50,308 |
40,012 |
172,671 |
197,224 |
|||||||||
| Depreciation, Depletion and Amortization |
10,113 |
9,538 |
38,594 |
41,675 |
|||||||||
| Total Cost of Coal Sold |
60,421 |
49,550 |
211,265 |
238,899 |
|||||||||
| Other Costs: |
|||||||||||||
| Other Costs |
2,627 |
295 |
10,330 |
(3,263) |
|||||||||
| Depreciation, Depletion and Amortization |
549 |
541 |
3,400 |
2,461 |
|||||||||
| Total Other Costs |
3,176 |
836 |
13,730 |
(802) |
|||||||||
| Freight Expense |
3,130 |
2,238 |
11,603 |
3,809 |
|||||||||
| Selling, General and Administrative Expenses |
3,391 |
2,018 |
9,949 |
10,931 |
|||||||||
| Interest Expense |
2,442 |
1,878 |
8,719 |
9,636 |
|||||||||
| Total Costs |
72,560 |
56,520 |
255,266 |
262,473 |
|||||||||
| Net Income |
$ |
11,727 |
$ |
11,456 |
$ |
25,851 |
$ |
64,538 |
|||||
| Net Income Allocable to Limited Partner Units - Basic & Diluted |
$ |
9,679 |
$ |
8,499 |
$ |
19,487 |
$ |
22,888 |
|||||
| Adjusted EBITDA |
$ |
25,112 |
$ |
23,438 |
$ |
77,749 |
$ |
115,964 |
|||||
| Distributable Cash Flow |
$ |
12,566 |
$ |
9,757 |
$ |
28,613 |
$ |
54,994 |
|||||
| Net Income per Limited Partner Unit - Basic |
$ |
0.41 |
$ |
0.37 |
$ |
0.84 |
$ |
0.99 |
|||||
| Net Income per Limited Partner Unit - Diluted |
$ |
0.41 |
$ |
0.37 |
$ |
0.83 |
$ |
0.99 |
|||||
| Note: The Partnership has recast its consolidated financial statements to retrospectively reflect the additional 5% ownership of |
| CNX COAL RESOURCES LP |
|||||
| CONSOLIDATED BALANCE SHEETS |
|||||
| (Dollars in thousands) |
|||||
| (unaudited) |
|||||
| December 31, |
December 31, |
||||
| ASSETS |
|||||
| Current Assets: |
|||||
| Cash |
$ |
9,785 |
$ |
6,534 |
|
| Trade Receivables |
23,418 |
19,398 |
|||
| Other Receivables |
515 |
471 |
|||
| Inventories |
11,491 |
12,238 |
|||
| Prepaid Expenses |
3,512 |
5,089 |
|||
| Total Current Assets |
48,721 |
43,730 |
|||
| Property, Plant and Equipment: |
|||||
| Property, Plant and Equipment |
876,690 |
865,527 |
|||
| Less—Accumulated Depreciation, Depletion and Amortization |
442,178 |
400,911 |
|||
| Total Property, Plant and Equipment—Net |
434,512 |
464,616 |
|||
| Other Assets: |
|||||
| Other |
21,063 |
17,598 |
|||
| Total Other Assets |
21,063 |
17,598 |
|||
| TOTAL ASSETS |
$ |
504,296 |
$ |
525,944 |
|
| December 31, |
December 31, |
||||
| LIABILITIES AND EQUITY |
|||||
| Current Liabilities: |
|||||
| Accounts Payable |
$ |
18,797 |
$ |
17,405 |
|
| Accounts Payable—Related Party |
1,666 |
4,310 |
|||
| Other Accrued Liabilities |
44,318 |
37,281 |
|||
| Total Current Liabilities |
64,781 |
58,996 |
|||
| Long-Term Debt: |
|||||
| Revolver, net of Debt Issuance and Financing Fees |
197,843 |
180,946 |
|||
| Capital Lease Obligations |
146 |
124 |
|||
| Total Long-Term Debt |
197,989 |
181,070 |
|||
| Other Liabilities: |
|||||
| Pneumoconiosis Benefits |
2,057 |
1,934 |
|||
| Workers' Compensation |
3,090 |
2,929 |
|||
| Asset Retirement Obligations |
9,346 |
8,499 |
|||
| Other |
463 |
713 |
|||
| Total Other Liabilities |
14,956 |
14,075 |
|||
| TOTAL LIABILITIES |
277,726 |
254,141 |
|||
| Partners' Capital: |
|||||
| Class A Preferred Units (3,956,496 Units Outstanding at December 31, 2016; |
69,151 |
— |
|||
| Common Units (11,618,456 Units Outstanding at December 31, 2016; 11,611,067 |
140,967 |
154,309 |
|||
| Subordinated Units (11,611,067 Units Outstanding at December 31, 2016 and |
(7,631) |
6,188 |
|||
| General Partner Interest |
12,274 |
13,081 |
|||
| Parent Net Investment |
— |
87,234 |
|||
| Accumulated Other Comprehensive Income |
11,809 |
10,991 |
|||
| Total Partners' Capital |
226,570 |
271,803 |
|||
| TOTAL LIABILITIES AND PARTNERS' CAPITAL |
$ |
504,296 |
$ |
525,944 |
|
| Note: The Partnership has recast its consolidated financial statements to retrospectively reflect the additional 5% ownership of |
| CNX COAL RESOURCES LP |
|||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
| (Dollars in thousands) |
|||||||||||
| (unaudited) |
|||||||||||
| Three Months Ended December 31, |
Years Ended December 31, |
||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||
| Cash Flows from Operating Activities: |
|||||||||||
| Net Income |
$ |
11,727 |
$ |
11,456 |
$ |
25,851 |
$ |
64,538 |
|||
| Adjustments to Reconcile Net Income to Net Cash |
|||||||||||
| Depreciation, Depletion and Amortization |
10,662 |
10,079 |
41,994 |
44,136 |
|||||||
| (Gain) Loss on Sale of Assets |
(1) |
(16) |
9 |
(61) |
|||||||
| Unit Based Compensation |
281 |
25 |
1,185 |
40 |
|||||||
| Other Adjustments to Net Income |
219 |
575 |
898 |
777 |
|||||||
| Changes in Operating Assets: |
|||||||||||
| Accounts and Notes Receivable |
(2,732) |
9,585 |
(4,064) |
(19,389) |
|||||||
| Inventories |
89 |
3,582 |
747 |
1,061 |
|||||||
| Prepaid Expenses |
1,227 |
1,186 |
1,577 |
(186) |
|||||||
| Changes in Other Assets |
239 |
4,751 |
(3,465) |
(3,246) |
|||||||
| Changes in Operating Liabilities: |
|||||||||||
| Accounts Payable |
500 |
(297) |
1,968 |
(416) |
|||||||
| Accounts Payable—Related Party |
346 |
3,075 |
(2,644) |
3,430 |
|||||||
| Other Operating Liabilities |
3,134 |
(12,620) |
7,010 |
(7,244) |
|||||||
| Changes in Other Liabilities |
84 |
(1,938) |
2,032 |
(6,532) |
|||||||
| Net Cash Provided by Operating Activities |
25,775 |
29,443 |
73,098 |
76,908 |
|||||||
| Cash Flows from Investing Activities: |
|||||||||||
| Capital Expenditures |
(3,135) |
(8,361) |
(12,704) |
(34,073) |
|||||||
| PA Mining Acquisition |
— |
— |
(21,500) |
— |
|||||||
| Proceeds from Sales of Assets |
1 |
1 |
23 |
71 |
|||||||
| Net Cash Used in Investing Activities |
(3,134) |
(8,360) |
(34,181) |
(34,002) |
|||||||
| Cash Flows from Financing Activities: |
|||||||||||
| Payments on Miscellaneous Borrowings |
(22) |
(19) |
(79) |
(53) |
|||||||
| Payments on Related Party Long-Term Notes |
— |
— |
— |
(10,951) |
|||||||
| Proceeds from Related Party Long-Term Notes |
— |
— |
— |
16,990 |
|||||||
| Proceeds from Revolver, Net of Payments |
(7,000) |
5,000 |
16,000 |
185,000 |
|||||||
| Proceeds from Issuance of Common Units, Net of |
— |
— |
— |
148,359 |
|||||||
| Distribution of Proceeds |
— |
— |
— |
(342,711) |
|||||||
| Payments for Unitholder Distributions |
(12,148) |
(11,353) |
(42,634) |
(11,353) |
|||||||
| Debt Issuance and Financing Fees |
— |
— |
— |
(4,329) |
|||||||
| Net Change in Parent Advances |
— |
(11,184) |
(8,953) |
(17,328) |
|||||||
| Net Cash Used In Financing Activities |
(19,170) |
(17,556) |
(35,666) |
(36,376) |
|||||||
| Net Increase in Cash |
3,471 |
3,527 |
3,251 |
6,530 |
|||||||
| Cash at Beginning of Period |
6,314 |
3,007 |
6,534 |
4 |
|||||||
| Cash at End of Period |
$ |
9,785 |
$ |
6,534 |
$ |
9,785 |
$ |
6,534 |
|||
| Note: The Partnership has recast its consolidated financial statements to retrospectively reflect the additional 5% ownership of |
SOURCE CNX Coal Resources LP
Related Links
http://www.cnxcoalresources.com
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article