PITTSBURGH, July 31, 2017 /PRNewswire/ -- CNX Coal
Resources LP (NYSE: CNXC) today reported financial and operating
results for the quarter ended June 30, 2017.
Second Quarter 2017 Results
Highlights of the CNXC second quarter 2017 results include:
- Cash distribution of $0.5125
per limited partner unit
- Net income of $11.5
million
- Adjusted EBITDA1 improves 50% to $25.0 million, compared to the year-ago
period
- Distribution coverage ratio1 of 1.0x
- Leverage ratio1 improves to 1.9x compared to 2.5x
on December 31, 2016
- Coal sales improve 10% to 1.7 million tons, compared to the
year-ago period
- Average revenue per ton increases by 10%, compared to the
year-ago period
Management Comments
"The second quarter of 2017 was a very strong operational
quarter despite soft demand in most of our markets compared to the
first quarter. This was the third consecutive quarter in which the
Pennsylvania Mining Complex (PAMC) produced above a 27 million ton
(6.75 million tons for CNXC's 25% undivided interest) annualized
run rate. The quarter once again demonstrated our ability to
deliver solid results under changing market conditions."
said Jimmy Brock, Chief Executive Officer of CNX Coal
Resources GP LLC (the "General Partner"). "The second quarter
results continue our track record of delivering strong operational
and sales performance, year-over-year earnings growth, significant
cash generation and continued debt reduction, despite an
inconsistent industry backdrop. With the second quarter results, we
have achieved a leverage ratio below 2.0x, a key financial goal
that we laid out in December 2016 for
year-end 2017."
Sales & Marketing
CNXC had another solid sales quarter, delivering 1.7 million
tons of coal to 42 different end users. During the quarter, we
contracted additional tons for 2018, bringing our total contracted
position to 68% of expected sales volumes for 2018 based on the
midpoint of 2017 sales guidance. With over two-thirds of our 2018
volume contracted, we are very well-positioned heading into the
upcoming utility contracting season, enabling us to be selective in
constructing our portfolio to drive a higher weighted average
realization and capture strategic customer plants. We continue to
proactively work with customers to keep our coal competitive in the
market place.
The CNXC marketing team was also successful in contracting
significant volumes of coal for the 2019-2021 period. These new
sales commitments are for volumes beyond the normal course of
renewing or extending our existing contracts. While much has been
discussed about the shrinking duration of utility contracts, our
marketing team demonstrated our ability to enter into longer term
(3+ years out) commitments with the right partners. Approximately
30% of the PAMC's 2019 planned production is now sold. We have
built a solid base upon which to construct our future sales
book.
As stated in previous releases, PAMC continues to grow its
market share in traditional and non-traditional markets.
During the second quarter, CNXC expanded its sales portfolio by
adding three new international thermal customers and one new
domestic metallurgical customer. These new avenues are a
culmination of the strategic marketing efforts of our team and
improvements in the sulfur content of coal produced by PAMC.
In the international markets, we have taken advantage of more
than 50% year-over-year improvement in spot thermal coal prices
during the second quarter to maintain strong export volumes and
substantially improve our export realizations relative to the
year-ago quarter.
For the remainder of 2017, as mines and railroads return from
their annual maintenance shutdown periods, we expect demand for our
production to increase in the domestic markets. It is also
noteworthy that the U.S. Energy Information Administration's (EIA)
latest inventory report indicated a weaker-than-expected stockpile
build at coal-fired power plants, which is a positive development
for coal producers. Power plant coal inventories ended the month of
May at approximately 165 million tons, the lowest May inventory
level since 2014 and approximately 28 million tons improved from
May 2016 levels. With summer weather
now upon most of the nation, we expect that power demand should
increase coal and gas consumption, which will continue to draw down
stockpiles and potentially improve pricing dynamics for
coal. Looking forward, EIA is projecting that the Henry Hub
spot natural gas price will average $3.10/mmBtu in 2017 and grow to $3.40/mmBtu in 2018. Our coal-fired customer
plants are expected to dispatch well at these natural gas
prices.
Operations Summary
Our operations team continues to deliver strong production
volumes. For the second quarter, CNXC produced 1.7 million tons of
coal, compared to 1.5 million tons in the year-ago quarter. More
importantly, our productivity, as defined by tons per
employee-hour, increased by 7% compared to the year-ago quarter. We
sold 1.7 million tons of coal during the second quarter of 2017
compared to 1.5 million tons during the year-ago period. Our
average realized price improved by 10% compared to the year-ago
period, as the pricing on export shipments improved significantly.
Export shipments accounted for approximately 31% of our total sales
volume.
Our total cost of coal sold increased to $59.0
million during the second quarter, compared to $53.2
million during the year-ago quarter, driven primarily by
higher coal sales volume. The average cost of coal
sold1 in the quarter increased by 1.0%
to $34.79 per ton, compared to $34.46 per ton
in the year-ago quarter. Our average cash margin per ton
sold1 improved by 23.9% compared to the year-ago quarter
due to a higher average realized price.
|
|
Three Months
Ended
|
|
|
June 30,
2017
|
|
June 30,
2016
|
Coal
Production
|
million
tons
|
1.7
|
|
1.5
|
Coal Sales
|
million
tons
|
1.7
|
|
1.5
|
Average Revenue Per
Ton
|
per ton
|
$44.75
|
|
$40.61
|
Average Cost of Coal
Sold
|
per ton
|
$34.79
|
|
$34.46
|
Average Cash Margin
Per Ton Sold
|
per ton
|
$15.67
|
|
$12.65
|
Note: The Partnership has recast the above table to
retrospectively reflect the additional 5% ownership of PAMC
completed September 30, 2016 as if
the additional ownership interest was owned for all periods
presented.
Quarterly Distribution
During the second quarter of 2017, CNXC generated net cash
provided by operating activities of $23.1 million and
distributable cash flow1 of $11.6 million,
yielding a distribution coverage ratio of 1.0x1. Our
distribution coverage ratio calculation is based on the estimated
maintenance capital expenditure of $9.0
million, while our actual cash maintenance capital
expenditure for the second quarter was $3.4 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 of
$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 cash distribution of
approximately $0.4678 per unit to the holder of the
convertible Class A Preferred Units. As previously announced
on July 27, 2017, the distribution to
all unitholders of the Partnership will be made on August 15,
2017 to such holders of record at the close of business on
August 7, 2017.
Guidance and Outlook
Based on our current contracted position, production plans and
outlook for the coal markets, we are maintaining our sales volume
and Adjusted EBITDA outlook for 2017:
- Coal sales of 6.4-6.9 million tons
- Adjusted EBITDA2 of $95-$115
million
- Maintenance capital expenditures of $30-$34 million
Second Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss the second quarter of 2017 financial and operational
results, is scheduled for July 31, 2017 at 5:00 PM
EDT. 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
|
1 "Adjusted EBITDA", "Distribution coverage ratio",
"Distributable cash flow", "Average cost of coal sold", "Average
cash margin per ton sold" and "Leverage ratio" are non-GAAP
financial measures, which are reconciled to GAAP financial measures
under the caption "Reconciliation of Non-GAAP Financial
Measures".
2 CNXC 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.
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
miteshthakkar@cnxlp.com
Media:
Zach Smith, (724) 485-4017
zacherysmith@cnxlp.com
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold on a cost per ton basis.
Our cost of coal sold per ton represents 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. The GAAP measure most directly
comparable to cost of coal sold is total costs.
We define average cash margin per ton as average coal revenue
per ton, net of average cost of coal sold per ton, less
depreciation, depletion and amortization.
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 long-term
incentive awards including phantom units under the CNX Coal
Resources LP 2015 Long-Term Incentive Plan ("Unit Based
Compensation"). The GAAP measure most directly comparable to
adjusted EBITDA is net income.
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 and estimated
maintenance capital expenditures, which is defined as those
forecasted average capital expenditures required to maintain, over
the long-term, the operating capacity of our capital assets.
These estimated capital expenditures do not reflect the actual cash
capital expenditures incurred in the period presented.
Distributable cash flow will not reflect changes in working capital
balances. The GAAP measures most directly comparable to
distributable cash flow are net income and net cash provided by
operating activities.
We define leverage ratio as the ratio of net debt to last twelve
month (LTM) earnings before interest expense, depreciation,
depletion and amortization, adjusted for certain non-cash items,
such as long-term incentive awards, amortization of debt issuance
and capitalized interest.
The following table presents a reconciliation of cost of coal
sold to total costs, the most directly comparable GAAP financial
measure, on a historical basis for each of the periods indicated
(in thousands).
|
Three Months Ended
June 30,
|
|
2017
|
|
2016
|
Total
Costs
|
$
|
70,998
|
|
|
$
|
63,310
|
|
Freight
Expense
|
(4,441)
|
|
|
(2,797)
|
|
Selling, General and
Administrative Expenses
|
(3,652)
|
|
|
(1,969)
|
|
Interest
Expense
|
(2,396)
|
|
|
(2,076)
|
|
Other Costs
(Non-Production)
|
(934)
|
|
|
(2,564)
|
|
Depreciation,
Depletion and Amortization (Non-Production)
|
(550)
|
|
|
(749)
|
|
Cost of Coal
Sold
|
$
|
59,025
|
|
|
$
|
53,155
|
|
The following table presents a reconciliation of average cash
margin per ton for each of the periods indicated (in thousands,
except per ton information).
|
Three Months Ended
June 30,
|
|
2017
|
|
2016
|
Total Coal
Revenue
|
$
|
75,927
|
|
|
$
|
62,640
|
|
Operating and Other
Costs
|
50,232
|
|
|
46,046
|
|
Depreciation,
Depletion and Amortization
|
10,277
|
|
|
10,422
|
|
Less: Other Costs
(Non-Production)
|
(934)
|
|
|
(2,564)
|
|
Less: Depreciation,
Depletion and Amortization (Non-Production)
|
(550)
|
|
|
(749)
|
|
Total Cost of Coal
Sold
|
$
|
59,025
|
|
|
$
|
53,155
|
|
Total Tons
Sold
|
1,697
|
|
|
1,543
|
|
Average Revenue Per
Ton Sold
|
$
|
44.75
|
|
|
$
|
40.61
|
|
Average Cost Per Ton
Sold
|
34.79
|
|
|
34.46
|
|
Average Margin Per
Ton Sold
|
9.96
|
|
|
6.15
|
|
Add: Total
Depreciation, Depletion and Amortization Costs Per Ton
Sold
|
5.71
|
|
|
6.50
|
|
Average Cash
Margin Per Ton Sold
|
$
|
15.67
|
|
|
$
|
12.65
|
|
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 of the periods 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 of the
periods indicated (in thousands).
|
|
Three Months Ended
June 30,
|
|
|
2017
|
|
2016
|
Net
Income
|
|
$
|
11,474
|
|
|
$
|
3,907
|
|
Plus:
|
|
|
|
|
Interest
Expense
|
|
2,396
|
|
|
2,076
|
|
Depreciation,
Depletion and Amortization
|
|
10,277
|
|
|
10,422
|
|
Unit Based
Compensation
|
|
841
|
|
|
307
|
|
Adjusted
EBITDA
|
|
$
|
24,988
|
|
|
$
|
16,712
|
|
Less:
|
|
|
|
|
Cash
Interest
|
|
2,539
|
|
|
1,789
|
|
PA Mining Acquisition
Adjusted EBITDA
|
|
—
|
|
|
3,368
|
|
Distributions to
Preferred Units
|
|
1,851
|
|
|
—
|
|
Estimated Maintenance
Capital Expenditures
|
|
8,976
|
|
|
6,752
|
|
Distributable Cash
Flow
|
|
$
|
11,622
|
|
|
$
|
4,803
|
|
|
|
|
|
|
Net Cash Provided
by Operating Activities
|
|
$
|
23,092
|
|
|
$
|
21,320
|
|
Plus:
|
|
|
|
|
Interest
Expense
|
|
2,396
|
|
|
2,076
|
|
Other, Including
Working Capital
|
|
(500)
|
|
|
(6,684)
|
|
Adjusted
EBITDA
|
|
$
|
24,988
|
|
|
$
|
16,712
|
|
Less:
|
|
|
|
|
Cash
Interest
|
|
2,539
|
|
|
1,789
|
|
PA Mining Acquisition
Adjusted EBITDA
|
|
—
|
|
|
3,368
|
|
Distributions to
Preferred Units
|
|
1,851
|
|
|
—
|
|
Estimated Maintenance
Capital Expenditures
|
|
8,976
|
|
|
6,752
|
|
Distributable Cash
Flow
|
|
$
|
11,622
|
|
|
$
|
4,803
|
|
Distributions
|
|
$
|
12,228
|
|
|
$
|
12,144
|
|
Distribution
Coverage
|
|
1.0
|
|
|
0.4
|
|
Note: The above table reflects the additional 5% ownership of
PAMC completed September 30, 2016 as
if the additional ownership interest was owned for all periods
presented.
The following table presents a reconciliation of leverage ratio
(in thousands, except per ton information).
|
Twelve Months
Ended
|
|
June 30,
2017
|
Net Income
|
$
|
43,668
|
|
Plus:
|
|
Interest
Expense
|
9,518
|
|
Depreciation,
Depletion and Amortization
|
42,053
|
|
Unit Based
Compensation
|
2,277
|
|
Capitalized
Interest
|
264
|
|
Amortization of Debt
Issuance Costs
|
(898)
|
|
EBITDA Per Revolving
Credit Agreement
|
$
|
96,882
|
|
|
|
Borrowings on
Revolving Credit Facility
|
$
|
190,000
|
|
Capitalized
Leases
|
198
|
|
Total Debt
|
190,198
|
|
Less:
|
|
Cash on
Hand
|
6,608
|
|
Net Debt Per
Revolving Credit Agreement
|
$
|
183,590
|
|
|
|
Leverage Ratio
(Net Debt/EBITDA)
|
1.9
|
|
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 2016
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)
|
|
|
For the Three
Months Ended,
|
|
June
30,
|
|
2017
|
|
2016
|
|
Variance
|
Revenue:
|
|
|
|
|
|
Coal
Revenue
|
$
|
75,927
|
|
|
$
|
62,640
|
|
|
$
|
13,287
|
|
Freight
Revenue
|
4,441
|
|
|
2,797
|
|
|
1,644
|
|
Other
Income
|
2,104
|
|
|
1,780
|
|
|
324
|
|
Total Revenue and
Other Income
|
82,472
|
|
|
67,217
|
|
|
15,255
|
|
Cost of Coal
Sold:
|
|
|
|
|
|
Operating
Costs
|
49,298
|
|
|
43,482
|
|
|
5,816
|
|
Depreciation,
Depletion and Amortization
|
9,727
|
|
|
9,673
|
|
|
54
|
|
Total Cost of Coal
Sold
|
59,025
|
|
|
53,155
|
|
|
5,870
|
|
Other
Costs:
|
|
|
|
|
|
Other
Costs
|
934
|
|
|
2,564
|
|
|
(1,630)
|
|
Depreciation,
Depletion and Amortization
|
550
|
|
|
749
|
|
|
(199)
|
|
Total Other
Costs
|
1,484
|
|
|
3,313
|
|
|
(1,829)
|
|
Freight
Expense
|
4,441
|
|
|
2,797
|
|
|
1,644
|
|
Selling, General
and Administrative Expenses
|
3,652
|
|
|
1,969
|
|
|
1,683
|
|
Interest
Expense
|
2,396
|
|
|
2,076
|
|
|
320
|
|
Total
Costs
|
70,998
|
|
|
63,310
|
|
|
7,688
|
|
Net
Income
|
$
|
11,474
|
|
|
$
|
3,907
|
|
|
$
|
7,567
|
|
|
|
|
|
|
|
Limited Partner
Units Outstanding - Basic
|
23,329,702
|
|
|
23,222,134
|
|
|
108
|
|
Limited Partner
Units Outstanding - Diluted
|
23,470,050
|
|
|
23,301,391
|
|
|
169
|
|
|
|
|
|
|
|
Net Income
Allocable to Limited Partner Units
|
$
|
9,431
|
|
|
$
|
2,556
|
|
|
$
|
6,875
|
|
|
|
|
|
|
|
Net Income per
Limited Partner Unit
|
$
|
0.40
|
|
|
$
|
0.11
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
24,988
|
|
|
$
|
16,712
|
|
|
$
|
8,276
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
$
|
11,622
|
|
|
$
|
4,803
|
|
|
$
|
6,819
|
|
|
|
|
|
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
CNX COAL RESOURCES
LP
CONSOLIDATED
BALANCE SHEETS
(Dollars in
thousands)
(unaudited)
|
|
ASSETS
|
June 30,
2017
|
|
December 31,
2016
|
Current
Assets:
|
|
|
|
Cash
|
$
|
6,608
|
|
|
$
|
9,785
|
|
Trade
Receivables
|
26,025
|
|
|
23,418
|
|
Other
Receivables
|
1,152
|
|
|
515
|
|
Inventories
|
14,007
|
|
|
11,491
|
|
Prepaid
Expenses
|
2,680
|
|
|
3,512
|
|
Total Current
Assets
|
50,472
|
|
|
48,721
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
883,343
|
|
|
876,690
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
462,587
|
|
|
442,178
|
|
Total Property,
Plant and Equipment—Net
|
420,756
|
|
|
434,512
|
|
Other
Assets:
|
|
|
|
Other
|
19,107
|
|
|
21,063
|
|
Total Other
Assets
|
19,107
|
|
|
21,063
|
|
TOTAL
ASSETS
|
$
|
490,335
|
|
|
$
|
504,296
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
16,003
|
|
|
$
|
18,797
|
|
Accounts
Payable—Related Party
|
2,196
|
|
|
1,666
|
|
Other Accrued
Liabilities
|
44,403
|
|
|
44,318
|
|
Total Current
Liabilities
|
62,602
|
|
|
64,781
|
|
Long-Term
Debt:
|
|
|
|
Revolver, Net of Debt
Issuance and Financing Fees
|
187,292
|
|
|
197,843
|
|
Capital Lease
Obligations
|
109
|
|
|
146
|
|
Total Long-Term
Debt
|
187,401
|
|
|
197,989
|
|
Other
Liabilities:
|
|
|
|
Pneumoconiosis
Benefits
|
2,613
|
|
|
2,057
|
|
Workers'
Compensation
|
3,131
|
|
|
3,090
|
|
Asset Retirement
Obligations
|
9,320
|
|
|
9,346
|
|
Other
|
437
|
|
|
463
|
|
Total Other
Liabilities
|
15,501
|
|
|
14,956
|
|
TOTAL
LIABILITIES
|
265,504
|
|
|
277,726
|
|
Partners'
Capital:
|
|
|
|
Class A Preferred
Units (3,956,496 Units Outstanding at June 30, 2017 and December
31,
2016)
|
69,151
|
|
|
69,151
|
|
Common Units
(11,718,635 Units Outstanding at June 30, 2017; 11,618,456 Units
Outstanding
at December 31, 2016)
|
140,607
|
|
|
140,967
|
|
Subordinated Units
(11,611,067 Units Outstanding at June 30, 2017 and December 31,
2016)
|
(8,880)
|
|
|
(7,631)
|
|
General Partner
Interest
|
12,223
|
|
|
12,274
|
|
Accumulated Other
Comprehensive Income
|
11,730
|
|
|
11,809
|
|
Total Partners'
Capital
|
224,831
|
|
|
226,570
|
|
TOTAL LIABILITIES
AND PARTNERS' CAPITAL
|
$
|
490,335
|
|
|
$
|
504,296
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
CNX COAL RESOURCES
LP
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in
thousands)
(unaudited)
|
|
|
Three Months Ended
June 30,
|
|
2017
|
|
2016
|
Cash Flows from
Operating Activities:
|
|
|
|
Net Income
|
$
|
11,474
|
|
|
$
|
3,907
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided by Operating
Activities:
|
|
|
|
Depreciation,
Depletion and Amortization
|
10,277
|
|
|
10,422
|
|
Gain on Sale of
Assets
|
(1,403)
|
|
|
(1)
|
|
Unit Based
Compensation
|
841
|
|
|
307
|
|
Other Adjustments to
Net Income
|
225
|
|
|
229
|
|
Changes in Operating
Assets:
|
|
|
|
Accounts and Notes
Receivable
|
(882)
|
|
|
1,596
|
|
Inventories
|
(1,291)
|
|
|
2,510
|
|
Prepaid
Expenses
|
837
|
|
|
1,201
|
|
Changes in Other
Assets
|
58
|
|
|
(1,456)
|
|
Changes in Operating
Liabilities:
|
|
|
|
Accounts
Payable
|
609
|
|
|
(1,399)
|
|
Accounts Payable -
Related Party
|
432
|
|
|
(405)
|
|
Other Operating
Liabilities
|
1,944
|
|
|
2,899
|
|
Changes in Other
Liabilities
|
(29)
|
|
|
1,510
|
|
Net Cash Provided by
Operating Activities
|
23,092
|
|
|
21,320
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Capital
Expenditures
|
(3,442)
|
|
|
(3,276)
|
|
Proceeds from Sales
of Assets
|
1,500
|
|
|
—
|
|
Net Cash Used in
Investing Activities
|
(1,942)
|
|
|
(3,276)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Payments on
Miscellaneous Borrowings
|
(26)
|
|
|
(24)
|
|
Payments on
Revolver
|
(7,000)
|
|
|
(2,000)
|
|
Payments for
Unitholder Distributions
|
(14,050)
|
|
|
(12,144)
|
|
Net Change in Parent
Advances
|
—
|
|
|
(4,047)
|
|
Net Cash Used in
Financing Activities
|
(21,076)
|
|
|
(18,215)
|
|
Net Increase
(Decrease) in Cash
|
74
|
|
|
(171)
|
|
Cash at Beginning of
Period
|
6,534
|
|
|
9,134
|
|
Cash at End of
Period
|
$
|
6,608
|
|
|
$
|
8,963
|
|
Note: The Partnership has recast its consolidated financial
statements to retrospectively reflect the additional 5% ownership
of PAMC completed on September 30,
2016 as if the additional ownership interest was owned for
all periods presented.
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SOURCE CNX Coal Resources LP