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Mar.29.2024 1USD=7.095RMB
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CNX Coal Resources LP Announces 2019 Q4 Coal Production Report

https://en.steelhome.com [SteelHome] 2020-02-12 15:38:44

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Fourth Quarter 2019 and Full Year 2019 Highlights Include:

-Cash distribution of $0.5125 per limited partner unit for 4Q19;

-Net income of $9.0 million and $45.6 million for 4Q19 and 2019, respectively;

-Adjusted EBITDA of $23.6 million and $99.4 million for 4Q19 and 2019, respectively;

-Distribution coverage ratio of 0.9x for 4Q19 and 1.0x for 2019;

-Net leverage ratio of 1.8x as of December 31, 2019;

-Second strongest sales volume year ever for the Pennsylvania Mining Complex (PAMC); and

-Harvey Mine achieved annual production record.

 

 

Three Months Ended

 

 

December 31, 2019

December 31, 2018

Coal Production

thousand tons

1,680

1,710

Coal Sales

thousand tons

1,680

1,750

Average Revenue Per Ton

per ton

$45.14

$49.81

Average Cash Cost of Coal Sold

per ton

$30.38

$30.54

Average Cash Margin Per Ton Sold

per ton

$14.76

$19.27

Operations Summary

CCR produced 1.68 million tons in the fourth quarter of 2019, which compares to 1.71 million tons in the year-ago quarter. This brings total CCR production to 6.82 million tons in 2019, which is the second highest production year in the PAMC's history. Despite a challenged commodity market, the complex ran at approximately 96% capacity utilization during 2019, highlighting the sustained desirability of our product. Additionally, our Harvey mine set an individual production record during the year of 1.26 million tons, exceeding its previous record set in 2018. This also marks its third consecutive record-setting year.

Our total costs during the fourth quarter of 2019 were $70.8 million compared to $72.7 million in the year-ago period. Average cash cost of coal sold per ton1 for the fourth quarter was $30.38 compared to $30.54 in the year-ago quarter. The decrease was due to reduced maintenance and supply costs and contractor and purchased services costs. For 2019, our total costs were $287.4 million compared to $290.6 million in the prior year. Our 2019 average cash cost of coal sold per ton1 was $30.97 compared to $29.29 for 2018. The increase was primarily driven by additional equipment rebuilds and longwall overhauls due to the timing of longwall moves and panel development. Also, the Partnership faced atypical challenges during the current year, including a roof fall and equipment breakdowns, resulting in higher mine maintenance and project expenses. Subsidence expense also increased in the year-to-year comparison, primarily due to the timing and nature of the properties undermined.

2020 Guidance and Outlook

Based on our current contracted position, estimated prices and production plans, we are providing the following financial and operating performance guidance for 2020.

-Coal sales volumes - 6.1-6.6 million tons

-Coal average revenue per ton - $43.00-$45.00

-Cash cost of coal sold per ton - $30.00-$31.50

-Adjusted EBITDA - $67-$80 million

-Capital expenditures - $25-$30 million

Related Link: Official Document


(To contact the reporter on this story: myron.liu@steelhome.cn or 86-21-50582062)
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