CANONSBURG, Pa., July 25, 2019 /PRNewswire/ -- The Board of Directors of CONSOL Coal Resources GP LLC, the general partner of CONSOL Coal Resources LP (CCR), today announced a cash distribution of $0.5125 per unit to all limited partner unitholders and the related cash distribution to the holder of the general partner interest. The distribution to all unitholders of the Partnership will be made on August 15, 2019 to such holders of record at the close of business on August 8, 2019.
Upon payment of the second-quarter distribution, the financial tests required for conversion of all of the CCR subordinated units, which are owned by CONSOL Energy, Inc., will have been met. Accordingly, the subordinated units will convert into common units on a one-for-one basis effective Aug. 16, 2019, the first business day following the payment of the second-quarter distribution.
About CONSOL Coal Resources LP
CONSOL Coal Resources (CCR) is a master limited partnership formed in 2015 to manage and further develop all of CONSOL Energy Inc.'s (CEIX) active coal operations in Pennsylvania. CCR's assets include a 25% undivided interest in, and operational control over, the Pennsylvania Mining Complex, which consists of three underground mines - Bailey, Enlow Fork and Harvey - and related infrastructure. For its ownership interest, CCR has an effective annual production capacity of 7.1 million tons of high-Btu North Appalachian thermal and crossover metallurgical coal. More information is available on our website www.ccrlp.com.
Certain statements in this press release, including the expected timing of the distribution and the resulting conversion of subordinated units into common units, are "forward-looking statements" within the meaning of the federal securities laws. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. When we use the words "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific risks, contingencies and uncertainties are discussed in more detail in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release and CCR disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
Mitesh Thakkar, (724) 416-8335
Zach Smith, (724) 416-8291
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