Foresight Energy LP

CIK:0001540729|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Coal sales	$ 99,142	$ 267,337
Type of revenue	felp:CoalMember	felp:CoalMember
Other revenues	$ 547	$ 1,735
Total revenues	99,689	269,072
Costs and expenses:
Cost of coal produced (excluding depreciation, depletion and amortization)	79,985	133,981
Cost of coal purchased		2,375
Transportation	1,103	58,834
Depreciation, depletion and amortization	36,511	46,548
Contract amortization	(1,456)	(1,686)
Accretion on asset retirement obligations	684	551
Selling, general and administrative	6,582	8,647
Other operating (income) expense, net	(33)	(67)
Operating (loss) income	(23,687)	19,889
Other expenses
Interest expense, net	25,204	30,817
Interest expense, net - sale-leaseback financing arrangements	539	5,893
Reorganization items, net	(85,128)
Net income (loss)	35,698	(16,821)
Net income (loss) available to limited partner units - basic and diluted:
Net loss available to limited partner units	35,698	$ (16,821)
Weighted average limited partner units outstanding - basic and diluted:
Distributions declared per limited partner unit		$ 0.06
Common Units
Net income (loss) available to limited partner units - basic and diluted:
Net loss available to limited partner units	$ 19,811	$ (7,168)
Net loss per limited partner unit - basic and diluted	$ 0.24	$ (0.09)
Weighted average limited partner units outstanding - basic and diluted:
Weighted average limited partner units outstanding - basic and diluted	80,997	80,915
Subordinated Units
Net income (loss) available to limited partner units - basic and diluted:
Net loss available to limited partner units	$ 15,887	$ (9,653)
Net loss per limited partner unit - basic and diluted	$ 0.24	$ (0.15)
Weighted average limited partner units outstanding - basic and diluted:
Weighted average limited partner units outstanding - basic and diluted	64,955	64,955

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income (loss)	$ 35,698	$ (16,821)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	36,511	46,548
Amortization of debt discount	1,025	700
Contract amortization	(1,456)	(1,686)
Accretion on asset retirement obligations	684	551
Equity-based compensation		233
Non-cash reorganization items, net	(97,878)
Changes in operating assets and liabilities:
Accounts receivable	5,952	4,974
Due from/to affiliates, net	4,952	9,519
Inventories	(6,248)	(4,228)
Prepaid expenses and other assets	(6,520)	(9,235)
Prepaid royalties		5
Accounts payable	(5,395)	17,062
Accrued interest	20,945	7,380
Accrued expenses and other current and long-term liabilities	(536)	(6,157)
Other	74	322
Net cash (used in) provided by operating activities	(12,192)	49,167
Cash flows from investing activities
Investment in property, plant, equipment and development	(9,924)	(35,096)
Return of investment on financing arrangements with Murray Energy (affiliate)	297	823
Net cash used in investing activities	(9,627)	(34,273)
Cash flows from financing activities
Borrowings under DIP facility	55,000
Borrowings under revolving credit facility		21,000
Payments on revolving credit facility		(13,000)
Payments on long-term debt and finance lease obligations		(10,709)
Distributions paid		(4,856)
Payment of debt issuance costs	(1,682)
Payments on sale-leaseback and short-term financing arrangements	(4,104)	(4,112)
Net cash provided by (used in) financing activities	49,214	(11,677)
Net increase in cash and cash equivalents	27,395	3,217
Cash and cash equivalents, beginning of period	33,905	269
Cash and cash equivalents, end of period	$ 61,300	$ 3,486

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 61,300	$ 33,905
Accounts receivable	13,289	19,241
Due from affiliates, net of reserve	16,962	23,131
Financing receivables - affiliate		297
Inventories, net	70,506	58,784
Deferred longwall costs	17,232	20,641
Other prepaid expenses and current assets	17,210	13,402
Contract-based intangibles	516	726
Total current assets	197,015	170,127
Property, plant, equipment and development, net	1,891,564	1,923,625
Prepaid royalties, net	11,382	11,382
Other assets	20,106	13,985
Total assets	2,120,067	2,119,119
Current liabilities:
Current portion of long-term debt	53,586	1,317,302
Current portion of sale-leaseback financing arrangements	2,500	12,190
Accrued interest	390	45,885
Accounts payable	11,395	109,909
Accrued expenses and other current liabilities	47,834	58,123
Asset retirement obligations	3,313	3,313
Due to affiliates	2,325	15,836
Contract-based intangibles	5,918	6,268
Total current liabilities	127,261	1,568,826
Sale-leaseback financing arrangements	56,608	147,915
Asset retirement obligations	53,372	55,643
Other long-term liabilities	6,853	14,480
Contract-based intangibles	59,307	60,624
Total liabilities not subject to compromise	303,401	1,847,488
Liabilities subject to compromise	1,509,337
Total liabilities	1,812,738	1,847,488
Limited partners' capital:
Total partners' capital	307,329	271,631
Total liabilities and partners' capital	2,120,067	2,119,119
Common Units
Limited partners' capital:
Total partners' capital	217,397	197,586
Subordinated Units
Limited partners' capital:
Total partners' capital	$ 89,932	$ 74,045