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Aug.19.2019 1USD=7.0312RMB
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CNX Coal Resources LP Announces 2019 Q2 Coal Production Report

http://en.steelhome.cn [SteelHome] 2019-08-07 10:05:18

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Highlights of the CCR Second quarter 2019 results include:

-Cash distribution of $0.5125 per unit;

-Net income of $14.4 million;

-Adjusted EBITDA of $27.6 million;

-Distribution coverage ratio of 1.2x;

-Net leverage ratio of 1.6x; and

-Increased 2020 contracted coal sales volume to 80%.

Operations Summary

CCR achieved a second quarter production of 1.8 million tons, which compares to 1.9 million tons in the second quarter of 2018. The decline in coal production was due to the impact of an additional longwall move in 2Q19 and slower start-up of the longwall after the move. At our Harvey mine, we set a new quarterly production record of 384 thousand tons.

Total costs during the second quarter were $75.3 million compared to $78.7 million in the year-ago quarter. Average cash cost of coal sold per ton was $31.07 compared to $26.99 in the year-ago quarter. The impairment to cost per ton was largely driven by lower fixed cost leverage, higher mine maintenance cost and project expense. Since the fourth quarter of 2017, we have seen inflation in the cost of supplies that contain steel and other commodities. However, with steel prices declining, we expect to see some relief as some of our supply contracts reset. We have been successful in managing these cost pressures and keeping our overall cost increases within our annual guidance range.

Three Months Ended

June 30, 2019

June 30, 2018

Coal Production

million tons

1.8

1.9

Coal Sales

million tons

1.8

2

Average Revenue Per Ton

per ton

$47.53

$47.34

Average Cost of Coal Sold

per ton

$31.07

$26.99

Average Cash Margin Per Ton Sold

per ton

$16.46

$20.35

2019 Guidance and Outlook

Based on our year-to-date results, current contracted position, estimated prices and production plans, please find below our financial and operating performance guidance for 2019.

-Coal sales volumes - 6.70-6.95 million tons

-Average revenue per ton - $47-$48

-Average cash cost of coal sold per ton - $30.40-$31.40

-Adjusted EBITDA - $95-$103 million

-Capital expenditures - $34-$38 million

Related Link: Official Document

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