Foresight Energy CFO resigns as part of combination with Murray Energy

Illinois coal producer Foresight Energy LP (NYSE: FELP) announced Oct. 29 that Oscar Martinez, Foresight’s Senior Vice President and Chief Financial Officer, will resign on Nov. 13.

His departure is part of the integration plan that combined the corporate functions of Foresight and Ohio-based coal producer Murray Energy, which is resulting from a partnership formed earlier this year.

“I would like to thank Oscar for his leadership and contributions to our success,” said Chris Cline, founder of Foresight. “He helped maintain our cost leadership and fund our capital investment during a period in which Foresight more than doubled in size.”

Foresight also announced that James Murphy, Chief Accounting Officer, will assume the duties of Principal Financial Officer effective Nov. 6.

“Jim brings a deep level of dedication and knowledge to this role and I look forward to working closely with him and the rest of our finance and accounting team,” said Robert Moore, Foresight’s President and Chief Executive Officer. “I also wish to thank Oscar for his dedication to the integration process and for his commitment to the success of this partnership.”

Foresight is a leading coal producer in the Illinois Basin region of the United States with control of over three billion tons of coal reserves currently supporting four mining complexes. Foresight’s logistics give each of its mining complexes multiple modes of transportation to reach the end-users for its coal, including rail, barge and truck. Foresight serves both the domestic and international markets.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.