CONSOL Coal Resources LP (NYSE:CCR) Q4 2018 Earnings Conference Call Transcript
Feb 07, 2019 • 11:00 am ET
Good morning and welcome to the CEIX and CCR Fourth Quarter 2018 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mitesh Thakkar, Director of Finance and Investor Relations. Please go ahead, sir.
Thank you, Chad; and good morning, everyone. Welcome to CONSOL Energy and CONSOL Coal Resources' Fourth Quarter 2018 Earnings Conference Call.
Any forward-looking statements or comments we make about future expectations, are subject to some risks, which we have laid out for you in our press releases or in our SEC filings. We do not undertake any obligations of updating any forward-looking statements for future events or otherwise.
We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures in the press releases and furnished to the SEC on Form 8-K. You can also find additional information on our websites, consolenergy.com and ccrlp.com.
With me today are Jimmy Brock, our Chief Executive Officer; David Khani, our Chief Financial Officer; and Jim McCaffrey, our Chief Commercial Officer. In his prepared remarks, Jimmy will provide a recap of our key achievements during 2018 and specific insights on marketing and operations. David will then provide an update on our financial results and 2019 guidance. In his closing comments, Jimmy will then layout our key priorities for 2019. During the prepared remarks, we will refer to certain slides that were posted on our website in advance of today's call. After the prepared remarks, we will have Q&A session, in which all three executives will participate.
With that, let me turn it over to our CEO, Jimmy Brock.
James A. Brock
Thank you, Mitesh, and good morning everyone. 2018 was a very significant year for us at CONSOL. And I'm pleased to report that we have delivered on our key goals we set at the beginning of the year. We improved our safety performance, set production and sales volume records at the Pennsylvania Mining Complex and exceeded our financial goals we set at the beginning of the year. We also fulfilled the promises that we made to our shareholders, creditors and other key capital providers at the time of separation from our former parent in November of 2017.
Let me now provide you a brief recap of the year and how it has positioned us for success in 2019. First, on the safety front. 2018 was significantly improved from 2017, which already exceeded the industry average. On a year-over-year basis, we reduced our total recordable incident rate by 13% and reduced our total number of exceptions by 12%. We worked the entire year at our processing plant without a recordable safety incident. At OUR CONSOL Marine Terminal, we had zero recordable safety incidents and a 100% compliance record during 2018. All our employees including the executive management team remain focused on achieving zero life-altering injuries. Our two operating assets, the Pennsylvania Mining Complex and the CONSOL Marine Terminal had record breaking 2018 performances. The Pennsylvania