Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Westmoreland Resource Partners, LP | c11198e8vk.htm |
Exhibit 99.1
Partnership Contact:
Brian Meilton
(614) 643-0314
ir@oxfordresources.com
Brian Meilton
(614) 643-0314
ir@oxfordresources.com
Oxford Resource Partners, LP Announces Fourth Quarter Distribution,
to Report Fourth Quarter 2010 Financial Results on February 24, 2011
to Report Fourth Quarter 2010 Financial Results on February 24, 2011
COLUMBUS, Ohio, January 21, 2011 — Oxford Resource Partners, LP (NYSE: OXF) (the
“Partnership” or “Oxford”) declared a cash distribution of $0.4375 per unit for the quarter ended
December 31, 2010. The distribution will be paid on February 14, 2011 to all unitholders of record
as of the close of business on February 1, 2011.
Oxford also announced today that it will report fourth quarter 2010 financial results before the
market opens on Thursday, February 24, 2011. A conference call to review the results is scheduled
to follow at 10:00 a.m. Eastern Time.
Participants may access the call by dialing (866) 356-4281 or (617) 597-5395 for international
callers and providing passcode 11965302. The call will also be webcast live on the Internet in the
Investor Relations section of Oxford’s website at www.oxfordresources.com.
An audio replay of the conference call will be available for seven days beginning at 1:00 p.m.
Eastern Time on February 24, 2011 and can be accessed at (888) 286-8010 or (617) 801-6888 for
international callers. The replay passcode is 80949258. The webcast will also be archived on the
Company’s website at www.oxfordresources.com for 30 days following the call.
About Oxford Resource Partners, LP
Oxford Resource Partners, LP is a low cost producer of high value steam coal in Northern Appalachia
and the Illinois Basin. Oxford markets its coal primarily to large electric utilities with
coal-fired, base-load scrubbed power plants under long-term coal sales contracts. As of December
31, 2009, Oxford controlled 91.6 million tons of proven and probable coal reserves, and it
currently operates 18 active mines that are managed as eight mining complexes. Oxford is
headquartered in Columbus, Ohio.
For more information about Oxford Resource Partners, LP (NYSE: OXF), please visit
www.oxfordresources.com. Financial and other information about us is routinely posted on
and accessible at www.oxfordresources.com.
This announcement is intended to be a qualified notice under Treasury Regulation Section
1.1446-4(b), with 100% of Oxford’s distributions to foreign investors attributable to income that
is effectively connected with a United States trade or business. Accordingly, Oxford’s
distributions to foreign investors are subject to federal income tax withholding at the highest
applicable tax rate.
FORWARD-LOOKING STATEMENTS: Except for historical information, statements made in this press
release are “forward-looking statements.” All statements, other than statements of historical
facts, included in this press release that address activities, events or developments that the
Partnership expects, believes or anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made by the Partnership based on its
management’s experience and perception of historical trends, current conditions, expected future
developments and other factors the Partnership’s management believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the Partnership’s control, which may cause actual results to differ
materially from those implied or expressed by the forward-looking statements. These risks,
uncertainties and contingencies include, but are not limited to, the following: productivity
levels, margins earned and the level of operating costs; weakness in global economic conditions or
in customers’ industries; changes in governmental regulation of the mining industry or the electric
power industry and the increased costs of complying with those changes; decreases in demand for
electricity and changes in coal consumption patterns of U.S. electric power generators; the
Partnership’s dependence on a limited number of customers; the Partnership’s inability to enter
into new long-term coal sales contracts at attractive prices and the renewal and other risks
associated with the Partnership’s existing long-term coal sales contracts, including risks related
to adjustments to price, volume or other terms of those contracts; difficulties in collecting the
Partnership’s receivables because of credit or financial problems of major customers, and customer
bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; the
Partnership’s ability to acquire additional coal reserves; the Partnership’s ability to respond to
increased competition within the coal industry; fluctuations in coal demand, prices and
availability due to labor and transportation costs and disruptions, equipment availability or
governmental regulations; significant costs imposed on the Partnership’s mining operations by
extensive environmental laws and regulations, and greater than expected environmental regulation,
costs and liabilities; legislation and regulatory and related court decisions and interpretations
including issues related to climate change and miner health and safety; a variety of operational,
geologic, permitting, labor and weather-related factors; limitations in the cash distributions the
Partnership receives from Harrison Resources, LLC, and the ability of Harrison Resources, LLC to
acquire additional reserves on economical terms from CONSOL Energy, Inc. in the future; the
potential for inaccuracies in estimates of the Partnership’s coal reserves; the accuracy of the
assumptions underlying the Partnership’s reclamation and mine closure obligations; liquidity
constraints; risks associated with major mine-related accidents; results of litigation; the
Partnership’s ability to attract and retain key management personnel; greater than expected
shortage of skilled labor; the Partnership’s ability to maintain satisfactory relations with
employees; and failure to obtain, maintain or renew security arrangements. The Partnership
undertakes no obligation to publicly update or revise any forward-looking statements. Further
information on risks and uncertainties is available in the Partnership’s filings with the U.S.
Securities and Exchange Commission, which are incorporated by reference.