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Westmoreland Resource Partners' losses widen YOY in 2018

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Westmoreland Resource Partners' losses widen YOY in 2018

Westmoreland Resource Partners LP on March 18 reported full-year 2018 net loss of $139.2 million, or $6.08 per unit, down from a net loss of $31.8 million, or $1.34 per unit, in 2017.

Westmoreland Resource Partners is the master limited partnership of Westmoreland Coal Co., which emerged from bankruptcy March 15. The partnership owns the Kemmerer mine in Wyoming and remains in Chapter 11. Its assets were not acquired by Westmoreland Mining. The sale of the Kemmerer assets is scheduled to close April 15.

The partnership's operating loss totaled $96.8 million in 2018, against an operating income of $9.8 million a year ago. Revenues amounted to $271.0 million, a decrease from $315.6 million in the previous year.

The partnership reported adjusted EBITDA of $32.7 million, falling from $68.7 million in 2017. Distributable cash flow was a loss of $22.4 million, from an income of $17.3 million a year ago.

Westmoreland Resource Partners sold 6.0 million tons of coal in 2018, dropping from 7.4 million tons in the prior period.