By Olivia Kalb  

November 14, 2019 - Foresight Energy's coal production and sales dropped in the third quarter, the company's earnings release said Wednesday.

"The impact of depressed demand and pricing in both domestic and international markets has impacted us significantly in recent months," Robert Moore, chairman, president and CEO said in the release. "As a result, we are revising our financial and operating guidance for 2019, and we are actively exploring potential restructuring alternatives that would provide for an improved cash flow profile necessary to manage the current headwinds being encountered."

Foresight produced about 5 million mt in the third quarter, down 19.4% year on year, and they sold about 4.7 million st in Q3, down 23.9%.

The producer's average price was $38.82/st in Q3, down from $47.53/st in the year-ago quarter.

During Q3, Foresight recorded a net loss of $34.1 million, down from a loss of $27.7 million in Q3 2018.

Revenues totaled $183 million in the third quarter, down 37.7% from the year-ago quarter.

Revenue from domestic sales was about $147 million in Q3, down 3%, while export revenue was about $35 million, down 75.3% year on year.

Through September, Foresight produced 16.5 million st, down 4.7% year on year, and sales were at 15.4 million st, down 10.9%.

The average price over nine months was $43.79/st, down from $46.40/st in the same period last year.

Over three quarters, revenue totaled $679 million, down 15.8% year on year, while Foresight's net loss was $84.6 million, compared with $78.5 million in the year-ago period.

The earnings report was released late this quarter after Foresight utilized first a 30-day grace period then a 90-day grace period to pay its Second Lien Senior Secured Notes due 2023 on October 1 and October 23, respectively. The producer also recently announced it would not be having a Q3 earnings call.

Recently, on October 29, the owner of a controlling interest in Foresight, Murray Energy, announced Chapter 11 bankruptcy, and on November 8 Foresight was delisted from the New York Stock Exchange due to "abnormally low" trading price levels, the company filing said.