PITTSBURGH, Jan. 28, 2016 /PRNewswire/ -- CNX Coal
Resources LP (NYSE: CNXC) today reported financial and operating
results for the quarter ended December 31,
2015.
Fourth Quarter 2015 Results
Highlights of the CNXC fourth quarter 2015 results include:
- Cash distribution of $0.5125
per unit
- Net income of $8.7
million
- Distributable cash flow1 of $9.8 million
- Adjusted EBITDA1 of $18.7
million
- Coal sales of 1.0 million tons
- 2016 contracted sales position at 4.8 million tons
Management Comments
"Overall, the fourth quarter was very challenging for CNXC, as
an unusually warm start to winter and low natural gas prices
reduced the demand for coal generation and resulted in significant
inventory overbuild at coal plants. While we worked with our
customers to manage the inventory levels, it impacted our fourth
quarter shipments and plans for coal sales in the first quarter of
2016," said Jimmy Brock, Chief
Executive Officer of CNX Coal Resources GP LLC (the "General
Partner"). "Our operations team continues to manage through these
challenging coal markets by making necessary adjustments at the
mines to control costs and offset some of the pricing pressure.
"I am very pleased to report that during the fourth quarter of
2015, the company's Bailey mine was awarded the 2015 Keystone Mine
Safety Award for the second consecutive year in the longwall mine
category. Furthermore, for the year ended December 31, 2015, recordable accidents and
severity of incidents were reduced by 33% and 75%, respectively
compared to the year earlier period at the Pennsylvania mining complex."
1"Adjusted EBITDA" and "Distributable Cash Flow" are
non-GAAP financial measures, which are reconciled to GAAP net
income and net cash provided by operating activities, under the
caption "Non-GAAP Financial Measures"
Sales & Marketing
During the fourth quarter of 2015, CNXC sold 1.0 million tons to
40 different customers, mostly through term contracts of varying
length. Despite the currently depressed coal and gas market
conditions, CNXC has been able to gain market share in both
traditional and non-traditional markets, improving its 2016
contract position to the previously announced level of 4.8 million
tons, or 100% of its sales based on the midpoint of guidance range.
However, unprecedented warm December weather has increased the
volatility in energy markets. This volatility could result in
shipping delays and may affect average realizations based upon
changes in customer mix and the timing of shipments. While
CNXC has adjusted its guidance range to reflect these realities, it
expects its customers to fulfill their contractual obligations.
Furthermore, CNXC continues to seek additional sales to help offset
delays. Finally, CNXC continues to target power plants that it
expects to provide base load generation in the future energy
markets with potential to grow their coal consumption. To that
extent, CNXC has solid contractual sales positions for 2017 and
2018 of 61% and 49%, respectively.
Operational Adjustments
Consistent with our January 6,
2016 announcement, CNXC continues to expect coal sales of
approximately 4.4-5.2 million tons in 2016 as it realigns its
operational plan with the adjusted shipment schedule. Based on the
current plan, CNXC expects shipments to remain soft through the
first quarter of 2016 as its customers work through their inventory
levels and gradually ramp up shipments through the year.
Accordingly, CNXC temporarily idled one of its longwalls at the
Pennsylvania mining complex to
optimize the operating schedule and offset any increases in costs
associated with the reduced shipments in the first quarter. The
Pennsylvania mining complex is
built for this type of optionality and affords much flexibility
related to which longwalls it operates.
Quarterly Distribution
The Board of Directors of our General Partner declared a cash
distribution of $0.5125 per unit for
the fourth quarter of 2015. The distribution will be made on
February 15, 2016 to unitholders of
record on February 08, 2016. Since
the initial public offering, CNXC generated distributable cash flow
of $25.6 million and a distribution
coverage of 1.05x.
Fourth Quarter Summary
For its 20% undivided interest in the Pennsylvania mining complex, CNXC sold 1.0
million tons of coal during the fourth quarter 2015. Total
production declined to 0.9 million tons compared to 1.3 million
tons produced in the same quarter of 2014 as CNXC aligned
production with market conditions. As previously announced, the
sales were impacted by weak winter burn and reduced coal generation
weighing on the timing of shipments. Our total unit costs for coal
sold in the quarter were $39.84 per
ton, compared to $42.77 per ton in
the year-earlier quarter. The improved cost performance was driven
by reduced expenses related to the Pennsylvania streams subsidence, partially
offset by lower production due to inconsistent shipment
schedules.
|
|
Three Months
Ended
|
|
|
December 31,
2015
|
|
December 31,
2014
|
Coal
Production
|
million
tons
|
0.9
|
|
1.3
|
Coal Sales
|
million
tons
|
1.0
|
|
1.3
|
Average Realized
Price
|
Per ton
|
$52.57
|
|
$60.10
|
Average Cost of Coal
Sold
|
Per ton
|
$39.84
|
|
$42.77
|
Guidance and Outlook
Based on the 2016 outlook for coal sales and maintenance capital
expenditures provided on January 6,
2016, CNXC is providing the following guidance for 2016.
- Coal sales of 4.4-5.2 million tons
- Adjusted EBITDA of $57-$67
million
- Maintenance capital expenditures of $24.5-$27.5 million
Fourth Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss fourth quarter 2015 financial and operational results, is
scheduled for January 28, 2015 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 recently formed by CONSOL Energy Inc. (NYSE: CNX) to
manage and further develop all of CONSOL's active thermal coal
operations in Pennsylvania. Its initial assets include a 20%
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
miteshthakkar@cnxlp.com
Media:
Brian Aiello, (724) 485-3078
brianaiello@cnxlp.com
Non-GAAP Financial Measures
Adjusted EBITDA and distributable cash flow are not Generally
Accepted Accounting Principles ("GAAP") measures. Adjusted EBITDA
is defined as (i) net income (loss) before net interest expense,
depreciation, depletion and amortization, as adjusted for (ii)
material nonrecurring and other items which may not reflect the
trend of our future results. 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. The GAAP measure most directly
comparable to adjusted EBITDA is net income. 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 vary from that presented by other companies. As a
result, adjusted EBITDA as presented below may not be comparable to
similarly titled measures of other companies. Distributable
cash flow is defined as adjusted EBITDA less net cash interest paid
and estimated maintenance capital expenditures. 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 vary from the presentations of other
companies. As a result, our distributable cash flow 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 operating cash flows, the most directly comparable GAAP
financial measures, on a historical basis for each period
indicated.
|
|
Three Months
Ended
December 31,
2015
|
Net Income
|
|
$
|
8,673
|
|
Interest
Expense
|
|
1,898
|
|
Depreciation,
Depletion and Amortization
|
|
8,063
|
|
Unit Based
Compensation
|
|
25
|
|
Adjusted
EBITDA
|
|
$
|
18,659
|
|
Less:
|
|
|
Cash
Interest
|
|
1,583
|
|
Estimated Maintenance
Capital Expenditures
|
|
7,319
|
|
Distributable Cash
Flow
|
|
$
|
9,757
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
16,562
|
|
Less: Interest
Expense, Net
|
|
1,898
|
|
Less: Other,
Including Working Capital
|
|
199
|
|
Adjusted
EBITDA
|
|
$
|
18,659
|
|
Less:
|
|
|
Cash
Interest
|
|
1,583
|
|
Estimated Maintenance
Capital Expenditures
|
|
7,319
|
|
Distributable Cash
Flow
|
|
$
|
9,757
|
|
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, if any, 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; estimated adjusted
EBITDA and distributable cash flow are subject to various inherent
uncertainties; our acquiring additional undivided interests in the
Pennsylvania mining complex or
other assets from our sponsor may not occur; uncertainties exist in
estimating our economically recoverable coal reserves; our ability
to acquire additional coal reserves that are economically
recoverable; deterioration in the global economic conditions in any
of the industries in which our customers operate, a worldwide
financial downturn or negative credit market conditions; decreases
in demand for electricity and changes in coal consumption patterns
of U.S. electric power generators; a substantial or extended
decline in prices we receive for our coal due to volatility,
oversupply, weather, availability of alternative fuels or other
factors; increased competition within the coal industry, a loss of
our competitive position or foreign currency fluctuations affecting
the competitiveness of our coal abroad; the risks inherent in coal
operations, including the occurrence of unexpected disruptions,
geological conditions, environmental hazards, equipment failure,
fires, explosions, accidents, security breaches or terroristic acts
and weather conditions and we may not be insured or fully insured
against such the losses from events; our mines being part of a
single mining complex and located in a single geographic area; the
delay or disruption of rail services transporting our coal or
increased transportation costs for our coal; the occurrence of
significant downtime of our major pieces of mining equipment
including our preparation plant; our customers extending existing
contracts or entering into new long-term contracts for coal; the
loss of or significant reduction in purchases by our largest
customers; provisions in our multi-year sales contracts may provide
limited protection to us during adverse economic conditions, may
result in economic penalties to us or permit customer termination
of these contracts; our inability to collect payments from
customers if their creditworthiness declines; our ability to raise
on satisfactory terms the capital or financing needed for our
portion of the substantial capital expenditures associated with our
mines; our inability to obtain equipment, parts and raw materials
in timely manner, in sufficient quantities or at reasonable costs
in our coal mining and transportation operations; our inability to
integrate future acquisitions and achieve anticipated benefits;
restrictions in our revolving credit facility could adversely
affect our business, financial condition, results of operation and
ability to make quarterly cash distributions; future debt we incur
may limit our flexibility to obtain financing and pursue other
business opportunities; increases in interest rates; our ability to
make distributions depends upon our cash flow; we may have to
coordinate our mining operations with oil and natural gas
drillers; we may incur additional costs and delays associated
with perfecting title for our coal rights; we rely upon our general
partner and employees of our sponsor for management; our mines are
operated by a work force that is employed exclusively by our
sponsor and our sponsors employees could unionize; we depend upon
cash flow generated by our subsidiaries; terrorist attacks or cyber
incidents could result in information theft, data corruption and/or
financial loss; the impact of potential, as well as any adopted
regulations, relating to greenhouse gas emissions on the market for
coal, on our operating costs and on the value of our coal assets;
electric power generators and other coal users switching to
alternative fuels in order to comply with various environmental
standards related to coal combustion emissions or due to various
incentives to generate electricity from renewable energy sources;
our costs could increase and our coal operations could be
restricted by the effects of existing and future government
environmental regulation; the potential for liabilities arising
from environmental contamination or alleged environmental
contamination in connection with our past or current coal
operations; our obtaining and renewing governmental permits and
approvals for our coal operations; the effects of stringent federal
and state employee health and safety regulations of our mines,
including the ability of regulators to shut down a mine; the
effects of our mine closing and reclamation obligations; any
termination of our tax treatment as a partnership including as a
result of a sale of 50% or more of our capital and profits
interests during any 12 month period; our tax positions; the
elimination of current U.S. federal income tax preferences
available for coal exploration and development; and other factors
discussed in the "Risk Factors" section of the prospectus
included in our registration statement on Form S-1, in the form
last filed with the SEC, as well as any periodic report on Form
10-Q that we file with the SEC.
CNX COAL RESOURCES
LP COMBINED STATEMENTS OF OPERATIONS (Dollars
in thousands, except per unit
data) (unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Coal
Revenue
|
$
|
52,488
|
|
|
$
|
78,065
|
|
|
$
|
257,809
|
|
|
$
|
323,398
|
|
Freight
Revenue
|
1,790
|
|
|
367
|
|
|
3,047
|
|
|
3,353
|
|
Miscellaneous Other
Income
|
89
|
|
|
311
|
|
|
704
|
|
|
7,580
|
|
Gain on Sale of
Assets
|
13
|
|
|
28
|
|
|
49
|
|
|
148
|
|
Total Revenue and
Other Income
|
54,380
|
|
|
78,771
|
|
|
261,609
|
|
|
334,479
|
|
|
|
|
|
|
|
|
|
Operating and Other
Costs
|
29,183
|
|
|
41,988
|
|
|
140,415
|
|
|
171,993
|
|
Royalties and
Production Taxes
|
1,975
|
|
|
3,156
|
|
|
10,271
|
|
|
14,111
|
|
Selling and Direct
Administrative Expenses
|
1,236
|
|
|
1,432
|
|
|
5,085
|
|
|
6,444
|
|
Depreciation,
Depletion and Amortization
|
8,063
|
|
|
9,259
|
|
|
35,309
|
|
|
34,671
|
|
Freight
Expense
|
1,790
|
|
|
367
|
|
|
3,047
|
|
|
3,353
|
|
General and
Administrative Expenses
|
1,562
|
|
|
3,467
|
|
|
8,324
|
|
|
13,062
|
|
Interest
Expense
|
1,898
|
|
|
2,237
|
|
|
8,495
|
|
|
6,946
|
|
Total
Costs
|
45,707
|
|
|
61,906
|
|
|
210,946
|
|
|
250,580
|
|
Net
Income
|
$
|
8,673
|
|
|
$
|
16,865
|
|
|
$
|
50,663
|
|
|
$
|
83,899
|
|
|
|
|
|
|
|
|
|
Calculation of
Limited Partner Interest in Net Income:
|
|
|
|
|
|
|
|
Net Income
Attributable to General and Limited Partner Ownership Interest in
CNX Coal Resources
|
$
|
8,673
|
|
|
N/A
|
|
$
|
23,356
|
|
|
N/A
|
Less: General Partner
Interest in Net Income
|
173
|
|
|
N/A
|
|
468
|
|
|
N/A
|
Limited Partner
Interest in Net Income
|
$
|
8,500
|
|
|
N/A
|
|
$
|
22,888
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit - Basic
|
$
|
0.37
|
|
|
N/A
|
|
$
|
0.99
|
|
|
N/A
|
Net Income per
Limited Partner Unit - Diluted
|
$
|
0.37
|
|
|
N/A
|
|
$
|
0.99
|
|
|
N/A
|
|
|
|
|
|
|
|
|
Limited Partner Units
Outstanding - Basic
|
23,222,134
|
|
|
N/A
|
|
23,222,134
|
|
|
N/A
|
Limited Partner Units
Outstanding - Diluted
|
23,222,948
|
|
|
N/A
|
|
23,223,045
|
|
|
N/A
|
CNX COAL RESOURCES
LP COMBINED BALANCE SHEETS (Dollars in
thousands)
|
|
|
December 31,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash
|
$
|
6,531
|
|
|
$
|
3
|
|
Trade
Receivables
|
15,518
|
|
|
—
|
|
Other
Receivables
|
377
|
|
|
384
|
|
Inventories
|
9,791
|
|
|
10,639
|
|
Prepaid
Expenses
|
4,080
|
|
|
3,922
|
|
Total Current
Assets
|
36,297
|
|
|
14,948
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
692,482
|
|
|
686,593
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
320,729
|
|
|
287,707
|
|
Total Property,
Plant and Equipment—Net
|
371,753
|
|
|
398,886
|
|
Other
Assets:
|
|
|
|
Other
|
14,079
|
|
|
4,977
|
|
Total Other
Assets
|
14,079
|
|
|
4,977
|
|
TOTAL
ASSETS
|
$
|
422,129
|
|
|
$
|
418,811
|
|
CNX COAL RESOURCES
LP COMBINED BALANCE SHEETS (Dollars in
thousands)
|
|
|
December 31,
2015
|
|
December 31,
2014
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
14,023
|
|
|
$
|
15,713
|
|
Accounts
Payable—Related Party
|
3,452
|
|
|
—
|
|
Current Portion of
Long Term Notes—Related Party
|
—
|
|
|
17,931
|
|
Current Portion of
Long Term Debt—Other
|
49
|
|
|
330
|
|
Other Accrued
Liabilities
|
29,929
|
|
|
35,571
|
|
Total Current
Liabilities
|
47,453
|
|
|
69,545
|
|
Long-Term
Debt:
|
|
|
|
Revolver, net of debt
issuance and financing fees
|
180,946
|
|
|
—
|
|
Long-Term Notes
Payable—Related Party
|
—
|
|
|
160,831
|
|
Advanced Royalty
Commitments
|
—
|
|
|
278
|
|
Capital Lease
Obligations
|
100
|
|
|
51
|
|
Total Long-Term
Debt
|
181,046
|
|
|
161,160
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
Postretirement
Benefits Other Than Pensions
|
—
|
|
|
5,279
|
|
Pneumoconiosis
Benefits
|
1,547
|
|
|
1,250
|
|
Workers'
Compensation
|
2,343
|
|
|
2,381
|
|
Asset Retirement
Obligations
|
6,799
|
|
|
7,961
|
|
Other
|
571
|
|
|
609
|
|
Total Deferred
Credits and Other Liabilities
|
11,260
|
|
|
17,480
|
|
TOTAL
LIABILITIES
|
239,759
|
|
|
248,185
|
|
Partners'
Capital:
|
|
|
|
Common Units
(11,611,067 Units Outstanding at December 31, 2015)
|
154,309
|
|
|
—
|
|
Subordinated Units
(11,611,067 Units Outstanding at December 31, 2015)
|
6,188
|
|
|
—
|
|
General Partner
Interest
|
13,081
|
|
|
—
|
|
Parent Net
Investment
|
—
|
|
|
139,259
|
|
Accumulated Other
Comprehensive Income
|
8,792
|
|
|
31,367
|
|
Total Partners'
Capital
|
182,370
|
|
|
170,626
|
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
422,129
|
|
|
$
|
418,811
|
|
CNX COAL RESOURCES
LP COMBINED STATEMENTS OF CASH FLOWS (Dollars
in thousands) (unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net Income
|
$
|
8,673
|
|
|
$
|
16,865
|
|
|
$
|
50,663
|
|
|
$
|
83,899
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Operating
Activities:
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
8,063
|
|
|
9,259
|
|
|
35,309
|
|
|
34,671
|
|
(Gain) Loss on Sale
of Assets
|
(13)
|
|
|
(28)
|
|
|
(49)
|
|
|
(148)
|
|
Unit Based
Compensation
|
25
|
|
|
—
|
|
|
40
|
|
|
—
|
|
Other Adjustments to
Net Income
|
234
|
|
|
—
|
|
|
677
|
|
|
229
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
|
|
Accounts and Notes
Receivable
|
7,668
|
|
|
(180)
|
|
|
(15,511)
|
|
|
(265)
|
|
Inventories
|
2,865
|
|
|
884
|
|
|
848
|
|
|
293
|
|
Prepaid
Expenses
|
948
|
|
|
(142)
|
|
|
(158)
|
|
|
(203)
|
|
Changes in Other
Assets
|
(2,685)
|
|
|
(199)
|
|
|
(2,597)
|
|
|
(1,274)
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
|
|
Accounts
Payable
|
(117)
|
|
|
2,884
|
|
|
(1,068)
|
|
|
(1,820)
|
|
Accounts
Payable—Related Party
|
2,264
|
|
|
—
|
|
|
3,452
|
|
|
—
|
|
Other Operating
Liabilities
|
(10,052)
|
|
|
(1,980)
|
|
|
(5,573)
|
|
|
994
|
|
Changes in Other
Liabilities
|
(1,311)
|
|
|
(2,219)
|
|
|
(5,238)
|
|
|
(2,267)
|
|
Net Cash Provided by
Operating Activities
|
16,562
|
|
|
25,144
|
|
|
60,795
|
|
|
114,109
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Capital
Expenditures
|
(6,669)
|
|
|
(10,761)
|
|
|
(27,257)
|
|
|
(68,061)
|
|
Proceeds from Sales
of Assets
|
—
|
|
|
33
|
|
|
56
|
|
|
15,237
|
|
Net Cash Used in
Investing Activities
|
(6,669)
|
|
|
(10,728)
|
|
|
(27,201)
|
|
|
(52,824)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from
(Payments on) Miscellaneous Borrowings
|
(13)
|
|
|
(4,667)
|
|
|
(40)
|
|
|
(19)
|
|
Payments on Related
Party Long-Term Notes
|
—
|
|
|
(1,849)
|
|
|
(8,761)
|
|
|
(1,849)
|
|
Proceeds from Related
Party Long-Term Notes
|
—
|
|
|
11,371
|
|
|
13,592
|
|
|
11,371
|
|
Proceeds from
Revolver, Net of Payments
|
5,000
|
|
|
—
|
|
|
185,000
|
|
|
—
|
|
Proceeds from
Issuance of Common Units, Net of Offering Costs
|
—
|
|
|
—
|
|
|
148,359
|
|
|
—
|
|
Distribution of
Proceeds
|
—
|
|
|
—
|
|
|
(342,711)
|
|
|
—
|
|
Payments on
Unitholder Distributions
|
(11,353)
|
|
|
—
|
|
|
(11,353)
|
|
|
—
|
|
Debt Issuance and
Financing Fees
|
—
|
|
|
—
|
|
|
(4,329)
|
|
|
—
|
|
Net Change in Parent
Advances
|
—
|
|
|
(19,271)
|
|
|
(6,823)
|
|
|
(70,788)
|
|
Net Cash Used In
Financing Activities
|
(6,366)
|
|
|
(14,416)
|
|
|
(27,066)
|
|
|
(61,285)
|
|
Net Increase in
Cash
|
3,527
|
|
|
—
|
|
|
6,528
|
|
|
—
|
|
Cash at Beginning of
Period
|
3,004
|
|
|
3
|
|
|
3
|
|
|
3
|
|
Cash at End of
Period
|
$
|
6,531
|
|
|
$
|
3
|
|
|
$
|
6,531
|
|
|
$
|
3
|
|
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SOURCE CNX Coal Resources LP