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Foresight Energy Ipo Essay

2442 words - 10 pages

Foresight Energy Partners LP 
Company Description
Foresight Energy Partners perceives a bright future in coal mining. Formed in 2012, Foresight Energy owns and operates four underground coal mining complexes in the Illinois Basin. Its complexes, which include the Williamson, Sugar Camp, Hillsboro, and Macoupin, have a combined production capacity of up to 65 million tons of high Btu coal per year and contain an estimated 3 billion tons of coal reserves. The company sells its mined coal to primarily US and overseas electric utilities and industrial companies. Foresight Energy was formed in early 2012; it filed to go public a short time after its formation.
The Company is a low cost ...view middle of the document...

It currently operate one longwall system at Williamson and plan to commence one longwall system at each of Sugar Camp and Hillsboro in the first nine months of 2012, having already invested most of the expansion capital necessary to develop these mines. Longwall mining is a highly-automated, underground mining technique that enables high volume, low cost operations. The company’s approximately 3 billion tons of reserves consist of three large contiguous blocks of coal, each benefiting from thick seams and roof and floor geology favorable for longwall mining. The geology, mine plan, equipment and infrastructure at each of Sugar Camp and Hillsboro are relatively similar to Williamson and we anticipate similar productivity at these complexes.
It sells a significant portion of our coal under long-term agreements with terms of one year or longer. It markets and sells its coal to a diverse customer base including electric utility and industrial companies in the eastern United States, as well as the seaborne thermal coal market. For 2012, 2013 and 2014, we have secured coal sales commitments for approximately 12.8 million tons, 14.0 million tons and 11.7 million tons, respectively, of which all in 2012, approximately 9.2 million tons in 2013 and approximately 5.3 million tons in 2014 are priced. The following table describes our contracted position for 2012, 2013 and 2014 as of January 31, 2012:
 Coal sales commitments for approximately 12.8 million tons, 14.0 million tons and 11.7 million tons, respectively, of which all in 2012, approximately 9.2 million tons in 2013 and approximately 5.3 million tons in 2014 are priced. The following table describes our contracted position for 2012, 2013 and 2014 as of January 31, 2012:
 
| | | | | | | | | | | | | | | | | | | | | | | | |
  |    | 2012 |   |    | 2013 |   |    | 2014 |   |
  |    | Tons |   |    | Price |   |    | Tons |   |    | Price |   |    | Tons |   |    | Price |   |
Committed and priced |    |   | 12.8 |    |    | $ | 58.13 |    |    |   | 9.2 |    |    | $ | 61.08 |    |    |   | 5.3 |    |    | $ | 69.18 |    |
Committed and unpriced |    |   | 0 |    |    | | | |    |   | 4.8 |    |    | | | |    |   | 6.4 |    |    | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

Summary Historical Consolidated Financial and Other Information
The following table sets forth our summary historical consolidated financial and other data, at the dates and for the periods indicated. The summary historical consolidated statements of operations data for the years ended December 31, 2008, 2009 and 2010 and the summary historical consolidated balance sheet data as of December 31, 2009 and 2010 have been derived from Foresight Energy LLC’s audited consolidated financial statements included elsewhere in this prospectus. The summary historical consolidated balance sheet data as of September 30, 2011 and the summary historical...

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