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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CONSOL Coal Resources LP | NYSE:CCR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.73 | 0 | 01:00:00 |
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
47-3445032
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Units representing limited partner interests
|
CCR
|
New York Stock Exchange
|
|
|
|
Page
|
|
Part I. Financial Information
|
|
|
|
|
Item 1.
|
Financial Statements
|
|
|
Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019
|
|
|
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019
|
|
|
Consolidated Balance Sheets at March 31, 2020 and December 31, 2019
|
|
|
Consolidated Statement of Partners’ Capital for the three months ended March 31, 2020 and 2019
|
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019
|
|
|
Notes to the Consolidated Financial Statements
|
|
|
|
|
Item 2.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
Part II. Other Information
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 4.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
•
|
“CONSOL Coal Resources LP,” the “Partnership,” “we,” “our,” “us” and similar terms refer to CONSOL Coal Resources LP, a Delaware limited partnership, and its subsidiaries, with common units listed for trading on the New York Stock Exchange under the ticker “CCR”;
|
•
|
“Affiliated Company Credit Agreement” refers to an agreement entered into on November 28, 2017 among the Partnership and certain of its subsidiaries (collectively, the “Credit Parties”), CONSOL Energy, as lender and administrative agent, and PNC Bank, National Association, as collateral agent (“PNC”), as amended by Amendment No. 1 to Affiliated Company Credit Agreement, dated March 28, 2019. The Affiliated Company Credit Agreement provides for a revolving credit facility in an aggregate principal amount of up to $275 million to be provided by CONSOL Energy, as lender;
|
•
|
“common units” refer to the limited partner interests in CONSOL Coal Resources LP. The holders of common units are entitled to participate in partnership distributions and are entitled to exercise the rights or privileges of limited partners under the Partnership Agreement. The common units are listed on the New York Stock Exchange under the symbol “CCR”;
|
•
|
“CONSOL Coal Finance” refers to CONSOL Coal Finance Corporation, a Delaware corporation and a direct, wholly owned subsidiary of the Partnership;
|
•
|
“CONSOL Energy” and our “sponsor” refer to CONSOL Energy Inc., a Delaware corporation and the parent of our general partner, and its subsidiaries other than our general partner, us and our subsidiaries;
|
•
|
“CONSOL Operating” refers to CONSOL Operating LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Partnership;
|
•
|
“CONSOL Thermal Holdings” refers to CONSOL Thermal Holdings LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of CONSOL Operating; CONSOL Thermal Holdings owns a 25% undivided interest in the assets, liabilities, revenues and expenses comprising the Pennsylvania Mining Complex;
|
•
|
“CPCC” refers to CONSOL Pennsylvania Coal Company LLC, a Delaware limited liability company and a wholly owned subsidiary of CONSOL Energy;
|
•
|
“general partner” refers to CONSOL Coal Resources GP LLC, a Delaware limited liability company and our general partner;
|
•
|
“Omnibus Agreement” refers to the Omnibus Agreement dated July 7, 2015, as replaced by the First Amended and Restated Omnibus Agreement dated as of September 30, 2016, and as amended by the First Amendment to the First Amended and Restated Omnibus Agreement, dated November 28, 2017;
|
•
|
“Partnership Agreement” refers to the Third Amended and Restated Partnership Agreement dated as of November 28, 2017;
|
•
|
“Pennsylvania Mining Complex” refers to the Bailey, Enlow Fork, and Harvey coal mines, coal reserves and related assets and operations, located primarily in southwestern Pennsylvania. The Pennsylvania Mining Complex is owned 75% by our sponsor and its subsidiaries and 25% by CONSOL Thermal Holdings;
|
•
|
“SEC” refers to the United States Securities and Exchange Commission; and
|
•
|
“subordinated units” refer to limited partner interests in CONSOL Coal Resources LP having the rights and obligations specified with respect to subordinated units in the Partnership Agreement. On August 16, 2019, all 11,611,067 subordinated units, which were owned entirely by CONSOL Energy Inc., were converted into common units on a one-for-one basis. As of the date of this Quarterly Report on Form 10-Q, there are no outstanding subordinated units.
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Coal Revenue
|
$
|
63,863
|
|
|
$
|
83,126
|
|
Freight Revenue
|
787
|
|
|
1,665
|
|
||
Other Income
|
2,718
|
|
|
1,316
|
|
||
Total Revenue and Other Income
|
67,368
|
|
|
86,107
|
|
||
|
|
|
|
||||
Operating and Other Costs 1
|
48,288
|
|
|
52,094
|
|
||
Depreciation, Depletion and Amortization
|
11,928
|
|
|
11,217
|
|
||
Freight Expense
|
787
|
|
|
1,665
|
|
||
Selling, General and Administrative Expenses 2
|
4,046
|
|
|
4,560
|
|
||
Interest Expense, Net 3
|
2,155
|
|
|
1,351
|
|
||
Total Costs
|
67,204
|
|
|
70,887
|
|
||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
|
|
|
|
|
|
||
Less: General Partner Interest in Net Income
|
3
|
|
|
257
|
|
||
Limited Partner Interest in Net Income
|
$
|
161
|
|
|
$
|
14,963
|
|
|
|
|
|
||||
Net Income per Limited Partner Unit - Basic
|
$
|
0.01
|
|
|
$
|
0.54
|
|
Net Income per Limited Partner Unit - Diluted
|
$
|
0.01
|
|
|
$
|
0.54
|
|
|
|
|
|
||||
Limited Partner Units Outstanding - Basic
|
27,665,008
|
|
|
27,589,172
|
|
||
Limited Partner Units Outstanding - Diluted
|
27,685,284
|
|
|
27,645,697
|
|
||
|
|
|
|
||||
Cash Distributions Declared per Unit 4
|
$
|
—
|
|
|
$
|
0.5125
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
|
|
|
|
||||
Recognized Net Actuarial Loss (Gain)
|
39
|
|
|
(3
|
)
|
||
Other Comprehensive Income (Loss)
|
39
|
|
|
(3
|
)
|
||
|
|
|
|
||||
Comprehensive Income
|
$
|
203
|
|
|
$
|
15,217
|
|
|
(unaudited)
|
|
|
||||
|
March 31,
2020 |
|
December 31,
2019 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash
|
$
|
223
|
|
|
$
|
543
|
|
Trade Receivables, net of allowance
|
28,145
|
|
|
32,769
|
|
||
Other Receivables
|
2,224
|
|
|
1,572
|
|
||
Inventories
|
13,786
|
|
|
12,653
|
|
||
Prepaid Expenses
|
4,371
|
|
|
5,746
|
|
||
Total Current Assets
|
48,749
|
|
|
53,283
|
|
||
Property, Plant and Equipment:
|
|
|
|
||||
Property, Plant and Equipment
|
993,820
|
|
|
984,898
|
|
||
Less—Accumulated Depreciation, Depletion and Amortization
|
582,942
|
|
|
571,238
|
|
||
Total Property, Plant and Equipment—Net
|
410,878
|
|
|
413,660
|
|
||
Other Assets:
|
|
|
|
||||
Right of Use Asset—Operating Leases
|
14,519
|
|
|
15,695
|
|
||
Other Assets
|
13,441
|
|
|
13,456
|
|
||
Total Other Assets
|
27,960
|
|
|
29,151
|
|
||
TOTAL ASSETS
|
$
|
487,587
|
|
|
$
|
496,094
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts Payable
|
$
|
19,172
|
|
|
$
|
22,805
|
|
Accounts Payable—Related Party
|
4,279
|
|
|
1,419
|
|
||
Current Portion of Long-Term Debt
|
8,912
|
|
|
5,252
|
|
||
Other Accrued Liabilities
|
39,584
|
|
|
39,455
|
|
||
Total Current Liabilities
|
71,947
|
|
|
68,931
|
|
||
Long-Term Debt:
|
|
|
|
||||
Affiliated Company Credit Agreement—Related Party
|
180,600
|
|
|
180,925
|
|
||
Finance Lease Obligations
|
5,075
|
|
|
1,645
|
|
||
Total Long-Term Debt
|
185,675
|
|
|
182,570
|
|
||
Other Liabilities:
|
|
|
|
||||
Pneumoconiosis Benefits
|
6,269
|
|
|
6,028
|
|
||
Workers’ Compensation
|
3,648
|
|
|
3,611
|
|
||
Asset Retirement Obligations
|
10,968
|
|
|
10,801
|
|
||
Operating Lease Liability
|
10,936
|
|
|
11,507
|
|
||
Other
|
823
|
|
|
785
|
|
||
Total Other Liabilities
|
32,644
|
|
|
32,732
|
|
||
TOTAL LIABILITIES
|
290,266
|
|
|
284,233
|
|
||
Partners’ Capital:
|
|
|
|
||||
Common Units (27,690,251 Units Outstanding at March 31, 2020; 27,632,824 Units Outstanding at December 31, 2019)
|
175,032
|
|
|
189,367
|
|
||
General Partner Interest
|
11,671
|
|
|
11,915
|
|
||
Accumulated Other Comprehensive Income
|
10,618
|
|
|
10,579
|
|
||
Total Partners’ Capital
|
197,321
|
|
|
211,861
|
|
||
TOTAL LIABILITIES AND PARTNERS’ CAPITAL
|
$
|
487,587
|
|
|
$
|
496,094
|
|
|
Limited Partners
|
|
|
|
|
|
|
||||||||||||
|
Common
|
|
Subordinated
|
|
General Partner
|
|
Accumulated Other Comprehensive Income
|
|
Total
|
||||||||||
Balance at December 31, 2019
|
$
|
189,367
|
|
|
$
|
—
|
|
|
$
|
11,915
|
|
|
$
|
10,579
|
|
|
$
|
211,861
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income
|
161
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
164
|
|
|||||
Unitholder Distributions
|
(14,191
|
)
|
|
—
|
|
|
(243
|
)
|
|
—
|
|
|
(14,434
|
)
|
|||||
Unit-Based Compensation
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
159
|
|
|||||
Units Withheld for Taxes
|
(217
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(217
|
)
|
|||||
Adoption of ASU 2016-013
|
(247
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(251
|
)
|
|||||
Actuarially Determined Long-Term Liability Adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
|||||
Balance at March 31, 2020
|
$
|
175,032
|
|
|
$
|
—
|
|
|
$
|
11,671
|
|
|
$
|
10,618
|
|
|
$
|
197,321
|
|
|
Limited Partners
|
|
|
|
|
|
|
||||||||||||
|
Common
|
|
Subordinated
|
|
General Partner
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||
Balance at December 31, 2018
|
$
|
212,122
|
|
|
$
|
(11,421
|
)
|
|
$
|
12,119
|
|
|
$
|
11,920
|
|
|
$
|
224,740
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income
|
8,676
|
|
|
6,287
|
|
|
257
|
|
|
—
|
|
|
15,220
|
|
|||||
Unitholder Distributions
|
(8,211
|
)
|
|
(5,951
|
)
|
|
(243
|
)
|
|
—
|
|
|
(14,405
|
)
|
|||||
Unit-Based Compensation
|
397
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
397
|
|
|||||
Units Withheld for Taxes
|
(880
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(880
|
)
|
|||||
Actuarially Determined Long-Term Liability Adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||
Balance at March 31, 2019
|
$
|
212,104
|
|
|
$
|
(11,085
|
)
|
|
$
|
12,133
|
|
|
$
|
11,917
|
|
|
$
|
225,069
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
||||
Depreciation, Depletion and Amortization
|
11,928
|
|
|
11,217
|
|
||
Gain on Sale of Assets
|
—
|
|
|
(5
|
)
|
||
Unit-Based Compensation
|
159
|
|
|
397
|
|
||
Changes in Operating Assets:
|
|
|
|
||||
Trade and Other Receivables
|
3,721
|
|
|
(6,588
|
)
|
||
Inventories
|
(1,133
|
)
|
|
(1,579
|
)
|
||
Prepaid Expenses
|
1,375
|
|
|
476
|
|
||
Changes in Other Assets
|
15
|
|
|
718
|
|
||
Changes in Operating Liabilities:
|
|
|
|
||||
Accounts Payable
|
(3,343
|
)
|
|
185
|
|
||
Accounts Payable—Related Party
|
2,860
|
|
|
2,171
|
|
||
Other Operating Liabilities
|
1,876
|
|
|
2,811
|
|
||
Changes in Other Liabilities
|
(845
|
)
|
|
195
|
|
||
Net Cash Provided by Operating Activities
|
16,777
|
|
|
25,218
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Capital Expenditures
|
(5,173
|
)
|
|
(8,093
|
)
|
||
Net Cash Used in Investing Activities
|
(5,173
|
)
|
|
(8,093
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from Finance Lease Obligations
|
4,073
|
|
|
—
|
|
||
Payments on Finance Lease Obligations
|
(1,021
|
)
|
|
(938
|
)
|
||
Net Payments on Related Party Long-Term Notes
|
(325
|
)
|
|
(1,500
|
)
|
||
Payments for Unitholder Distributions
|
(14,434
|
)
|
|
(14,405
|
)
|
||
Units Withheld for Taxes
|
(217
|
)
|
|
(880
|
)
|
||
Net Cash Used in Financing Activities
|
(11,924
|
)
|
|
(17,723
|
)
|
||
Net Decrease in Cash
|
(320
|
)
|
|
(598
|
)
|
||
Cash at Beginning of Period
|
543
|
|
|
1,003
|
|
||
Cash at End of Period
|
$
|
223
|
|
|
$
|
405
|
|
|
|
|
|
||||
Non-Cash Investing and Financing Activities:
|
|
|
|
||||
Finance Lease
|
$
|
1,756
|
|
|
$
|
—
|
|
Longwall Shield Rebuild
|
$
|
2,282
|
|
|
$
|
—
|
|
|
Three Months Ended March 31, 2020
|
|
Three Months Ended March 31, 2019
|
||||
Coal Revenue
|
$
|
63,863
|
|
|
$
|
83,126
|
|
Freight Revenue
|
787
|
|
|
1,665
|
|
||
Total Revenue from Contracts with Customers
|
$
|
64,650
|
|
|
$
|
84,791
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
Less: General Partner Interest in Net Income
|
3
|
|
|
257
|
|
||
Net Income Allocable to Limited Partner Units
|
$
|
161
|
|
|
$
|
14,963
|
|
|
|
|
|
||||
Limited Partner Interest in Net Income - Common Units
|
$
|
161
|
|
|
$
|
8,676
|
|
Limited Partner Interest in Net Income - Subordinated Units
|
—
|
|
|
6,287
|
|
||
Limited Partner Interest in Net Income - Basic & Diluted
|
$
|
161
|
|
|
$
|
14,963
|
|
|
|
|
|
||||
Weighted Average Limited Partner Units Outstanding - Basic
|
27,665,008
|
|
|
27,589,172
|
|
||
|
|
|
|
||||
Weighted Average Limited Partner Units Outstanding - Diluted
|
27,685,284
|
|
|
27,645,697
|
|
||
|
|
|
|
||||
Net Income Per Limited Partner Unit - Basic
|
|
|
|
||||
Common Units
|
$
|
0.01
|
|
|
$
|
0.54
|
|
Subordinated Units
|
$
|
—
|
|
|
$
|
0.54
|
|
Net Income Per Limited Partner Unit - Basic
|
$
|
0.01
|
|
|
$
|
0.54
|
|
|
|
|
|
||||
Net Income Per Limited Partner Unit - Diluted
|
|
|
|
||||
Common Units
|
$
|
0.01
|
|
|
$
|
0.54
|
|
Subordinated Units
|
$
|
—
|
|
|
$
|
0.54
|
|
Net Income Per Limited Partner Unit - Diluted
|
$
|
0.01
|
|
|
$
|
0.54
|
|
|
January 1, 2020
|
||||||||||
|
As Reported Under ASC 326
|
|
Pre-ASC 326 Adoption
|
|
Impact of ASC 326 Adoption
|
||||||
|
|
|
|
|
|
||||||
Trade Receivables
|
$
|
763
|
|
|
$
|
525
|
|
|
$
|
238
|
|
Other Receivables
|
32
|
|
|
19
|
|
|
13
|
|
|||
Allowance for Credit Losses on Receivables
|
$
|
795
|
|
|
$
|
544
|
|
|
$
|
251
|
|
|
Trade Receivables
|
|
Other Receivables
|
||||
|
|
|
|
||||
Beginning Balance, January 1, 2020
|
$
|
525
|
|
|
$
|
19
|
|
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings
|
238
|
|
|
13
|
|
||
Provision for expected credit losses
|
(161
|
)
|
|
2
|
|
||
Ending Balance, March 31, 2020
|
$
|
602
|
|
|
$
|
34
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Coal
|
$
|
1,155
|
|
|
$
|
621
|
|
Supplies
|
12,631
|
|
|
12,032
|
|
||
Total Inventories
|
$
|
13,786
|
|
|
$
|
12,653
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Coal and Other Plant and Equipment
|
$
|
673,652
|
|
|
$
|
666,560
|
|
Coal Properties and Surface Lands
|
126,465
|
|
|
126,294
|
|
||
Airshafts
|
108,399
|
|
|
106,750
|
|
||
Mine Development
|
81,538
|
|
|
81,538
|
|
||
Advance Mining Royalties
|
3,766
|
|
|
3,756
|
|
||
Total Property, Plant and Equipment
|
993,820
|
|
|
984,898
|
|
||
Less: Accumulated Depreciation, Depletion and Amortization
|
582,942
|
|
|
571,238
|
|
||
Total Property, Plant and Equipment, Net
|
$
|
410,878
|
|
|
$
|
413,660
|
|
|
March 31,
2020 |
|
December 31, 2019
|
||||
Subsidence Liability
|
$
|
24,006
|
|
|
$
|
22,661
|
|
Accrued Payroll and Benefits
|
3,242
|
|
|
4,460
|
|
||
Accrued Interest (Related Party)
|
2,674
|
|
|
2,541
|
|
||
Accrued Other Taxes
|
1,137
|
|
|
921
|
|
||
Other
|
1,337
|
|
|
1,383
|
|
||
Current Portion of Long-Term Liabilities:
|
|
|
|
||||
Operating Lease Liability
|
4,442
|
|
|
4,753
|
|
||
Workers’ Compensation
|
1,430
|
|
|
1,423
|
|
||
Asset Retirement Obligations
|
954
|
|
|
954
|
|
||
Pneumoconiosis Benefits
|
207
|
|
|
201
|
|
||
Long-Term Disability
|
155
|
|
|
158
|
|
||
Total Other Accrued Liabilities
|
$
|
39,584
|
|
|
$
|
39,455
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Affiliated Company Credit Agreement (4.00% interest rate at March 31, 2020 and December 31, 2019)
|
$
|
180,600
|
|
|
$
|
180,925
|
|
Other Asset-Backed Financing Maturing in December 2020, 5.83% and 5.96% Weighted Average Interest Rate at March 31, 2020 and December 31, 2019, respectively
|
3,725
|
|
|
1,443
|
|
||
|
184,325
|
|
|
182,368
|
|
||
Less: Amounts Due in One Year*
|
3,725
|
|
|
1,443
|
|
||
Long-Term Debt
|
$
|
180,600
|
|
|
$
|
180,925
|
|
|
CWP
|
|
Workers’ Compensation
|
||||||||||||
|
Three Months Ended
March 31, |
|
Three Months Ended
March 31, |
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Service Cost
|
$
|
254
|
|
|
$
|
200
|
|
|
$
|
386
|
|
|
$
|
349
|
|
Interest Cost
|
45
|
|
|
49
|
|
|
32
|
|
|
41
|
|
||||
Amortization of Actuarial Loss (Gain)
|
41
|
|
|
6
|
|
|
(9
|
)
|
|
(12
|
)
|
||||
State Administrative Fees and Insurance Bond Premiums
|
—
|
|
|
—
|
|
|
48
|
|
|
51
|
|
||||
Net Periodic Benefit Cost
|
$
|
340
|
|
|
$
|
255
|
|
|
$
|
457
|
|
|
$
|
429
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Affiliated Company Credit Agreement—Related Party
|
$
|
180,600
|
|
|
$
|
180,600
|
|
|
$
|
180,925
|
|
|
$
|
180,925
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Operating and Other Costs
|
$
|
853
|
|
|
$
|
763
|
|
Selling, General and Administrative Expenses
|
2,793
|
|
|
3,056
|
|
||
Total Services from CONSOL Energy
|
$
|
3,646
|
|
|
$
|
3,819
|
|
|
Number of Units
|
|
Weighted Average Grant Date Fair Value per Unit
|
|||
Nonvested at December 31, 2019
|
78,345
|
|
|
$
|
18.62
|
|
Granted
|
33,705
|
|
|
$
|
8.90
|
|
Vested
|
(78,173
|
)
|
|
$
|
18.62
|
|
Forfeited
|
(172
|
)
|
|
$
|
18.95
|
|
Nonvested at March 31, 2020
|
33,705
|
|
|
$
|
8.90
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Total Costs
|
$
|
67,204
|
|
|
$
|
70,887
|
|
Freight Expense
|
(787
|
)
|
|
(1,665
|
)
|
||
Selling, General and Administrative Expenses
|
(4,046
|
)
|
|
(4,560
|
)
|
||
Interest Expense, Net
|
(2,155
|
)
|
|
(1,351
|
)
|
||
Other Costs (Non-Production)
|
(440
|
)
|
|
(2,264
|
)
|
||
Depreciation, Depletion and Amortization (Non-Production)
|
(533
|
)
|
|
(577
|
)
|
||
Cost of Coal Sold
|
$
|
59,243
|
|
|
$
|
60,470
|
|
Depreciation, Depletion and Amortization (Production)
|
(11,395
|
)
|
|
(10,640
|
)
|
||
Cash Cost of Coal Sold
|
$
|
47,848
|
|
|
$
|
49,830
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Total Coal Revenue
|
$
|
63,863
|
|
|
$
|
83,126
|
|
Operating and Other Costs
|
48,288
|
|
|
52,094
|
|
||
Less: Other Costs (Non-Production)
|
(440
|
)
|
|
(2,264
|
)
|
||
Cash Cost of Coal Sold
|
47,848
|
|
|
49,830
|
|
||
Add: Depreciation, Depletion and Amortization
|
11,928
|
|
|
11,217
|
|
||
Less: Depreciation, Depletion and Amortization (Non-Production)
|
(533
|
)
|
|
(577
|
)
|
||
Cost of Coal Sold
|
$
|
59,243
|
|
|
$
|
60,470
|
|
Total Tons Sold
|
1,480
|
|
|
1,683
|
|
||
Average Revenue per Ton Sold
|
$
|
43.16
|
|
|
$
|
49.38
|
|
Average Cash Cost of Coal Sold per Ton
|
32.41
|
|
|
29.71
|
|
||
Add: Depreciation, Depletion and Amortization Costs per Ton Sold
|
7.63
|
|
|
6.21
|
|
||
Average Cost of Coal Sold per Ton
|
$
|
40.04
|
|
|
$
|
35.92
|
|
Average Margin per Ton Sold
|
3.12
|
|
|
13.46
|
|
||
Add: Total Depreciation, Depletion and Amortization Costs per Ton Sold
|
7.63
|
|
|
6.21
|
|
||
Average Cash Margin per Ton Sold
|
$
|
10.75
|
|
|
$
|
19.67
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
Plus:
|
|
|
|
||||
Interest Expense, Net
|
2,155
|
|
|
1,351
|
|
||
Depreciation, Depletion and Amortization
|
11,928
|
|
|
11,217
|
|
||
Unit-Based Compensation
|
159
|
|
|
397
|
|
||
Adjusted EBITDA
|
$
|
14,406
|
|
|
$
|
28,185
|
|
Less:
|
|
|
|
||||
Cash Interest
|
2,046
|
|
|
1,875
|
|
||
Estimated Maintenance Capital Expenditures
|
8,872
|
|
|
8,981
|
|
||
Distributable Cash Flow
|
$
|
3,488
|
|
|
$
|
17,329
|
|
|
|
|
|
||||
Net Cash Provided by Operating Activities
|
$
|
16,777
|
|
|
$
|
25,218
|
|
Plus:
|
|
|
|
||||
Interest Expense, Net
|
2,155
|
|
|
1,351
|
|
||
Other, Including Working Capital
|
(4,526
|
)
|
|
1,616
|
|
||
Adjusted EBITDA
|
$
|
14,406
|
|
|
$
|
28,185
|
|
Less:
|
|
|
|
||||
Cash Interest
|
2,046
|
|
|
1,875
|
|
||
Estimated Maintenance Capital Expenditures
|
8,872
|
|
|
8,981
|
|
||
Distributable Cash Flow
|
$
|
3,488
|
|
|
$
|
17,329
|
|
Minimum Quarterly Distributions
|
$
|
14,434
|
|
|
$
|
14,405
|
|
Distribution Coverage Ratio
|
0.2
|
|
|
1.2
|
|
|
For the Three Months Ended
|
||||||||||
|
March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Variance
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Coal Revenue
|
$
|
63,863
|
|
|
$
|
83,126
|
|
|
$
|
(19,263
|
)
|
Freight Revenue
|
787
|
|
|
1,665
|
|
|
(878
|
)
|
|||
Other Income
|
2,718
|
|
|
1,316
|
|
|
1,402
|
|
|||
Total Revenue and Other Income
|
67,368
|
|
|
86,107
|
|
|
(18,739
|
)
|
|||
Cost of Coal Sold:
|
|
|
|
|
|
||||||
Operating Costs
|
47,848
|
|
|
49,830
|
|
|
(1,982
|
)
|
|||
Depreciation, Depletion and Amortization
|
11,395
|
|
|
10,640
|
|
|
755
|
|
|||
Total Cost of Coal Sold
|
59,243
|
|
|
60,470
|
|
|
(1,227
|
)
|
|||
Other Costs:
|
|
|
|
|
|
||||||
Other Costs
|
440
|
|
|
2,264
|
|
|
(1,824
|
)
|
|||
Depreciation, Depletion and Amortization
|
533
|
|
|
577
|
|
|
(44
|
)
|
|||
Total Other Costs
|
973
|
|
|
2,841
|
|
|
(1,868
|
)
|
|||
Freight Expense
|
787
|
|
|
1,665
|
|
|
(878
|
)
|
|||
Selling, General and Administrative Expenses
|
4,046
|
|
|
4,560
|
|
|
(514
|
)
|
|||
Interest Expense, Net
|
2,155
|
|
|
1,351
|
|
|
804
|
|
|||
Total Costs
|
67,204
|
|
|
70,887
|
|
|
(3,683
|
)
|
|||
Net Income
|
$
|
164
|
|
|
$
|
15,220
|
|
|
$
|
(15,056
|
)
|
Adjusted EBITDA
|
$
|
14,406
|
|
|
$
|
28,185
|
|
|
$
|
(13,779
|
)
|
Distributable Cash Flow
|
$
|
3,488
|
|
|
$
|
17,329
|
|
|
$
|
(13,841
|
)
|
Distribution Coverage Ratio
|
0.2
|
|
|
1.2
|
|
|
(1.0
|
)
|
|
|
Three Months Ended March 31,
|
|||||||
Mine
|
|
2020
|
|
2019
|
|
Variance
|
|||
Bailey
|
|
701
|
|
|
737
|
|
|
(36
|
)
|
Enlow Fork
|
|
594
|
|
|
707
|
|
|
(113
|
)
|
Harvey
|
|
198
|
|
|
268
|
|
|
(70
|
)
|
Total
|
|
1,493
|
|
|
1,712
|
|
|
(219
|
)
|
|
Three Months Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Variance
|
||||||
Total Tons Sold
|
1,480
|
|
|
1,683
|
|
|
(203
|
)
|
|||
Average Revenue per Ton Sold
|
$
|
43.16
|
|
|
$
|
49.38
|
|
|
$
|
(6.22
|
)
|
|
|
|
|
|
|
|
|||||
Average Cash Cost of Coal Sold per Ton (1)
|
$
|
32.41
|
|
|
$
|
29.71
|
|
|
$
|
2.70
|
|
Depreciation, Depletion and Amortization per Ton Sold (Non-Cash Cost)
|
7.63
|
|
|
6.21
|
|
|
1.42
|
|
|||
Average Cost of Coal Sold per Ton
|
$
|
40.04
|
|
|
$
|
35.92
|
|
|
$
|
4.12
|
|
Average Margin per Ton Sold
|
$
|
3.12
|
|
|
$
|
13.46
|
|
|
$
|
(10.34
|
)
|
Add: Depreciation, Depletion and Amortization Costs per Ton Sold
|
7.63
|
|
|
6.21
|
|
|
1.42
|
|
|||
Average Cash Margin per Ton Sold (1)
|
$
|
10.75
|
|
|
$
|
19.67
|
|
|
$
|
(8.92
|
)
|
|
Three Months Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Variance
|
||||||
Cash flows provided by operating activities
|
$
|
16,777
|
|
|
$
|
25,218
|
|
|
$
|
(8,441
|
)
|
Cash used in investing activities
|
$
|
(5,173
|
)
|
|
$
|
(8,093
|
)
|
|
$
|
2,920
|
|
Cash used in financing activities
|
$
|
(11,924
|
)
|
|
$
|
(17,723
|
)
|
|
$
|
5,799
|
|
|
Three Months Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Variance
|
||||||
Building and Infrastructure
|
$
|
2,827
|
|
|
$
|
3,692
|
|
|
$
|
(865
|
)
|
Equipment Purchases and Rebuilds
|
1,326
|
|
|
1,761
|
|
|
(435
|
)
|
|||
Refuse Storage Area
|
821
|
|
|
1,670
|
|
|
(849
|
)
|
|||
Other
|
199
|
|
|
970
|
|
|
(771
|
)
|
|||
Total Capital Expenditures
|
$
|
5,173
|
|
|
$
|
8,093
|
|
|
$
|
(2,920
|
)
|
•
|
the effects the COVID-19 pandemic has on our business and results of operations and the global economy;
|
•
|
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, acquire additional reserves and successfully execute our mining plans;
|
•
|
defects in title or loss of any leasehold interests with respect to our properties;
|
•
|
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;
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operating in a single geographic area;
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our reliance on a few major customers;
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labor availability, relations and other workforce factors;
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defaults by CONSOL Energy under our operating agreement, employee services agreement and Affiliated Company Credit Agreement;
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restrictions in our Affiliated Company Credit Agreement that may adversely affect our business;
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changes in our tax status;
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delays in the receipt of, failure to receive or revocation of necessary governmental permits;
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the effect of existing and future laws and government regulations, including the enforcement and interpretation of environmental laws thereof;
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the effect of new or expanded greenhouse gas regulations;
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coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions;
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the impact of potential, as well as many adopted, regulations to address climate change, including any relating to greenhouse gas emissions on our operating costs as well as on the market for coal;
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the effects of litigation;
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adverse effect of cybersecurity threats;
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failure to maintain effective internal controls over financial reporting;
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recent action and the possibility of future action on trade by U.S. and foreign governments;
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conflicts of interest that may cause our general partner or CONSOL Energy to favor their own interest to our detriment;
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the requirement that we distribute all of our available cash; and
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other factors discussed in our 2019 Annual Report on Form 10-K under “Risk Factors,” as updated by any subsequent Quarterly Reports on Forms 10-Q, which are on file at the SEC.
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Exhibits
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Description
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Method of Filing
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Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
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Filed herewith
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Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Filed herewith
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Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Filed herewith
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Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Filed herewith
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Mine Safety and Health Administration Safety Data.
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Filed herewith
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101
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Interactive Data File (Form 10-Q for the quarterly period ended March 31, 2020, furnished in XBRL).
|
Filed herewith
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|
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104
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Cover Page Interactive Data File (formatted as Inline XBRL)
|
Contained in Exhibit 101
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CONSOL Coal Resources LP
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||
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By:
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CONSOL Coal Resources GP LLC, its general partner
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By:
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/s/ JAMES A. BROCK
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James A. Brock
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Chief Executive Officer, Chairman of the Board and Director
(Principal Executive Officer)
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By:
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CONSOL Coal Resources GP LLC, its general partner
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By:
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/s/ MITESHKUMAR B. THAKKAR
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Miteshkumar B. Thakkar
|
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Interim Chief Financial Officer
(Principal Financial Officer)
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|
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By:
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CONSOL Coal Resources GP LLC, its general partner
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By:
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/s/ JOHN M. ROTHKA
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John M. Rothka
|
|
|
|
Chief Accounting Officer
(Principal Accounting Officer) |
1 Year CONSOL Coal Resources Chart |
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