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August 30, 2015 4:34 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Foresight Energy, LP

Company Overview

Foresight Energy LP engages in the development, mining, transportation, and sale of thermal coal primarily in the eastern United States and internationally. It operates four underground mining complexes, including Williamson, Sugar Camp, Hillsboro, and Macoupin in the Illinois Basin. As of February 6, 2015, the company controlled approximately 3 billion tons of coal reserves in the Illinois Basin. Foresight Energy LP sells its coal to electric utility and industrial companies. The company was formerly known as Foresight Energy Partners LP and changed its name to Foresight Energy LP in April 2014. The company was founded in 2006 and is headquartered in St. Louis, Missouri. As of April 16, 201...

One Metropolitan Square

211 North Broadway

Suite 2600

St. Louis, MO 63102

United States

Founded in 2006

Phone:

314-932-6160

Key Executives for Foresight Energy, LP

Chief Financial Officer and Senior Vice President
Age: 45
Total Annual Compensation: $650.0K
Senior Vice President, General Counsel and Corporate Secretary
Age: 46
Total Annual Compensation: $500.0K
Compensation as of Fiscal Year 2014.

Foresight Energy, LP Key Developments

Foresight Energy, LP Temporarily Idles Longwall Mining Operations at Deer Run Mine

Foresight Energy, LP reported that it has temporarily idled longwall mining operations and withdrawn underground mining personnel from its Deer Run Mine due to elevated carbon monoxide readings. Once these levels are reduced and stabilized, Foresight will reenter the mine to complete the current longwall move and fully resume normal longwall mining operations at the Deer Run Mine.

Foresight Energy, LP Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Approves Quarterly Cash Distribution, Payable on August 26, 2015; Provides Earnings Guidance for the Year 2015

Foresight Energy LP reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of $251.22 million compared to $266.68 million a year ago. Operating income was $4.08 million compared to $67.07 million a year ago. Income before income taxes was $548.7 million compared to $656.5 million a year ago. Net loss attributable to limited partner units was $25.40 million or $0.20 per basic and diluted share compared to $4.23 million or $0.03 per basic and diluted share a year ago. Adjusted EBITDA was $103.52 million compared to $104.46 million a year ago. Total capital expenditures were $21.8 million with $3.1 million funding growth capital invested in the Viking longwall. By comparison to this quarter's figure, CapEx in the second quarter of last year was $53.4 million. For the six months, the company reported total revenues of $490.14 million compared to $509.40 million a year ago. Operating income was $74.14 million compared to $128.80 million a year ago. Net income attributable to limited partner units was $16.88 million or $0.13 per basic and diluted share compared to net loss attributable to limited partner units of $4.23 million or $0.03 per basic and diluted share a year ago. Adjusted EBITDA was $204.997 million compared to $189.37 million a year ago. Net cash flows provided by operating activities was $68.88 million compared to $125.59 million a year ago. Investment in property, plant, equipment and development was $55.12 million compared to $118.63 million a year ago. The company provided earnings guidance for the year 2015. For the year, the guidance for sales volumes is reduced to 22.5 to 23.5 million tons from the previous range, which was between 22.8 and 25.2 million tons. The company has current commitments for 21.9 million tons for 2015. As a result of lower expected sales volumes, the company is tightening its adjusted EBITDA guidance to a range of $385 to $400 million from the previous range of $385 to $425 million. As a result of realized and expected synergies with Murray Energy, guidance for total 2015 capital expenditures is being revised downward and is now estimated to be $105 to $110 million, including maintenance capital estimates of $70 to $80 million. The prior outlook estimate was between $115 to $130 million, including a maintenance capital range of $80 to $90 million. The company announced that the Board of Directors of its General Partner approved a quarterly cash distribution of $0.38 per unit, an annualized rate of $1.52 per unit. This distribution represents an increase of 2.7% from the prior distribution and a 12.6% increase over the minimum quarterly distribution of $0.3375 per unit established at the time of its IPO. The distribution is payable on August 26, 2015 for unit holders of record on August 14, 2015.

Foresight Energy Resumes Longwall Mining Operations at Deer Run Mine

Foresight Energy, LP reported that it has resumed longwall mining operations at its Deer Run Mine, under the plan approved by the Federal Mine Safety and Health Administration ("MSHA"), and will continue those mining activates over the next several days, until it reaches a location where the longwall can be safely recovered and relocated to a new longwall district. Upon completion of this longwall move, Foresight will seal the current longwall district and then utilize continuous mining machines to resume development of the next longwall district, in a new area of the mine. Foresight continues to work with regulatory agencies for the purpose of completing this longwall move and fully resuming normal longwall mining operations at the Deer Run Mine.

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