Alpha Natural Resources

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  • uploads///inv
    Energy & Utilities

    Natural Gas Inventories Down: Positive for Coal?

    Inventories are a significant driver of commodity prices. In this part of our series, we’ll focus on inventory levels for natural gas.

    By Alexis Tate
  • uploads///inv
    Energy & Utilities

    Natural Gas Inventory Falls: Could Coal Miners Benefit?

    In this series, we’ll examine the natural gas inventory for the week ended November 10, 2017, and its effects on natural gas and coal pricing.

    By Alexis Tate
  • uploads///oilpri
    Energy & Utilities

    Rising Crude Oil Prices Could Impact Coal Miners

    As of November 3, 2017, Brent crude oil prices rose 2.1% on a week-over-week basis. Brent crude oil settled at $62.07 per barrel on November 3, 2017.

    By Alexis Tate
  • uploads///netexp
    Earnings Report

    Westmoreland Coal’s Leverage and Liquidity Position

    Interest expenses for Westmoreland Coal (WLB) have gradually increased since 1Q15. In 3Q17, they were $30.0 million compared to $29.5 million in 3Q16.

    By Alexis Tate
  • uploads///ebitda
    Earnings Report

    Westmoreland Coal Missed 3Q17 Earnings Estimates

    Westmoreland Coal’s Coal-U.S. segment reported adjusted EBITDA of $34.3 million in 3Q17 compared to $38.0 million in 3Q16 and $23.7 million in 2Q17.

    By Alexis Tate
  • uploads///rev
    Earnings Report

    Why Westmoreland Coal’s Revenue Fell in 3Q17

    For 3Q17, Westmoreland Coal reported consolidated revenue of $358 million compared to $371 million in 3Q16. That’s 11% higher than $323 million in 2Q17.

    By Alexis Tate
  • uploads///guidance
    Earnings Report

    Peabody Energy’s Future Earnings: What the Company Expects

    After its 3Q17 earnings release, Peabody Energy (BTU) increased its 2017 US sales guidance to 151 million–158 million short tons, from 148 million–153 million short tons.

    By Alexis Tate
  • uploads///EBITDAR
    Earnings Report

    Could Arch Coal’s Margins Improve in 3Q17?

    Arch Coal’s earnings estimates In 3Q16, Arch Coal’s (ARCH) adjusted EBITDAR (earnings before interest, tax, depreciation, amortization, and restructuring) were about $81.3 million, and its EBITDAR margin was 14.8%. Analysts expect the company to report EBITDAR of about $95 million in 3Q17 and an EBITDAR margin of 17.3%. A higher EBITDAR figure suggests higher income from […]

    By Alexis Tate
  • uploads///rev
    Earnings Report

    Analysts Expect a Marginal Rise in Arch Coal’s Revenue in 3Q17

    Arch Coal’s estimated revenue In 3Q16, Arch Coal (ARCH) reported consolidated revenue of ~$550.3 million. Analysts expect Arch Coal to post revenue of $550.7 million in 3Q17, a marginal increase of 0.06% year-over-year. The expected rise is primarily due to an anticipated increase in metallurgical coal shipments. Arch Coal expects its metallurgical segment to benefit from […]

    By Alexis Tate
  • uploads///rating
    Basic Materials

    Analysts’ Views on Arch Coal Ahead of Its 3Q17 Results

    Analysts’ ratings As of October 27, 2017, of the nine analysts covering Arch Coal (ARCH) stock, eight (89%) recommended “buy” or “strong buy,” and one (11%) recommended “hold.” There were no “sell” or “strong sell” ratings. Arch Coal’s price target Arch Coal’s 12-month target price was $94.88 as of October 27, 2017. The target price indicates an upside […]

    By Alexis Tate
  • uploads///oilpri
    Energy & Utilities

    Will Strong Crude Oil Prices Affect Coal Producers?

    On October 20, 2017, WTI (West Texas Intermediate) crude oil prices closed at $51.47 per barrel.

    By Alexis Tate
  • uploads///Part
    Basic Materials

    Why Most Analysts Rate Peabody Energy a ‘Buy’

    Of the eight analysts covering Peabody Energy (BTU), six (or 75.0%) have given the company a “buy” rating, and two (or 25.0%) have given it a “hold.”

    By Alexis Tate
  • uploads///cop
    Energy & Utilities

    How Crude Oil Indirectly Impacts Coal Prices

    On September 29, 2017, Brent crude oil prices closed at $57.54 per barrel compared to $56.86 the previous week.

    By Alexis Tate
  • uploads///met
    Company & Industry Overviews

    Coal for Steel: ARCH’s Met Coal Operations

    Arch Coal (ARCH) operates five mining complexes in the Appalachian region that produce metallurgical coal. Metallurgical coal is also known as coking coal and is used in steelmaking.

    By Alexis Tate
  • uploads///part
    Basic Materials

    How Arch Coal Emerged from Chapter 11 Bankruptcy

    On October 5, 2016, Arch Coal (ARCH) emerged from bankruptcy through successful financial restructuring.

    By Alexis Tate
  • uploads///dragline
    Company & Industry Overviews

    Westmoreland Coal’s Canadian Operations: An Overview

    Westmoreland’s Canadian operations Westmoreland Coal (WLB) acquired seven surface mines in Alberta and Saskatchewan, a stake in an activated carbon plant, and a char plant in Canada from Sherritt International in 2014. As of January 1, 2016, WLB’s Canadian operations are grouped as one entity, Prairie Mines & Royalty ULC. Its Canadian operations hold total […]

    By Alexis Tate
  • uploads///BM
    Company & Industry Overviews

    How Westmoreland Coal’s Business Model Differs from Peers’

    Business model Westmoreland Coal (WLB) has a different business model than American coal producer (KOL) peer Arch Coal (ARCH), Alpha Natural Resources (ANRZQ), and Peabody Energy (BTU). Contract Westmoreland Coal’s contracts are long term and cost protected. According to company filings, its weighted average contract life (contract life weighted by tonnage) extends to 2022. Low-cost supplier […]

    By Alexis Tate
  • uploads///
    Company & Industry Overviews

    What Happened to Cloud Peak’s Decker Coal?

    In December 2008, when Rio Tinto Energy (RIO) transferred its Western US operations to Cloud Peak Energy, it included a 50% stake in Decker Coal.

    By Alexis Tate
  • uploads///revenue
    Earnings Report

    Why Analysts Expect Arch Coal’s Revenue to Fall in 4Q16

    Arch Coal (ARCH) reported about $563 million in consolidated revenues for 4Q15.

    By Sheldon Krieger
  • uploads///operating perfo
    Earnings Report

    Here’s Why Westmoreland Coal Beat 3Q16 Estimates

    For 3Q16, Westmoreland Coal reported a record high adjusted EBITDA of about $71 million as compared to $48 million in 3Q15.

    By Sheldon Krieger
  • uploads///revenue from segments
    Earnings Report

    San Juan Acquisition Keeps Driving Westmoreland Coal’s Top Line

    Revenue from the company’s coal mining operations in the US came in at about $168.9 million compared to $132.0 million in 3Q15 and $151.4 million in 2Q16.

    By Sheldon Krieger
  • uploads///operating exp
    Earnings Report

    Pulling Back the Curtain on ALRP’s 3Q16 Operating Performance

    Alliance Resource Partners’s (ARLP) 3Q16 adjusted EBITDA came in at $178.4 million against analysts’ expectations of $165.2 million.

    By Sheldon Krieger
  • uploads///guidance
    Earnings Report

    What You Can Expect from Cloud Peak Energy’s Future Earnings

    After its 3Q16 results, Cloud Peak Energy (CLD) revised the low end of its 2016 sales guidance by 2 million tons.

    By Sheldon Krieger
  • uploads///price realized per ton
    Earnings Report

    How Did Cloud Peak Energy’s Coal Pricing Impact Its 3Q16 Results?

    For 3Q16, Cloud Peak Energy (CLD) reported its realized coal price per ton sold at $12.33, as compared to $12.62 during the same period in 2015.

    By Sheldon Krieger
  • uploads///shipments
    Earnings Report

    Why Did Cloud Peak Energy’s Shipments Fall in 3Q16?

    Shipments from Antelope mine were a major revenue driver for Cloud Peak Energy in 3Q16, reaching 8.61 million tons, compared to 9.04 million tons in 3Q15.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    How Analysts Rate ARLP ahead of Its 3Q16 Earnings

    Of the four analysts covering Alliance Resource Partners (ARLP), two (50%) have given the company “buy” ratings, and two (50%) have given it “hold” ratings.

    By Sheldon Krieger
  • uploads///ratings
    Earnings Report

    Why Are Analysts Rating Westmoreland Coal a ‘Buy’?

    Of the three analysts covering Westmoreland Coal (WLB), 100% (three analysts) gave the company a “buy” recommendation.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    Why Most Analysts Still Recommend a ‘Hold’ for Cloud Peak Energy

    Of the six analysts covering Cloud Peak Energy (CLD), one gave the company a “buy” rating, three gave it a “hold” rating, and two gave it a “sell” rating.

    By Sheldon Krieger
  • uploads///interest expense
    Earnings Report

    Looking Closer at Westmoreland’s Leverage and Liquidity Positions

    For 2Q16, Westmoreland’s interest expenses came in at $29.2 million, as compared to $22.7 million in 2Q15 and $27.9 million in 1Q16.

    By Sheldon Krieger
  • uploads///operating income
    Earnings Report

    Westmoreland Coal’s 2Q16 Net Income Missed Analyst Estimates

    The 2Q16 operating income of Westmoreland’s Canadian Coal Mining segment was $4.2 million, as compared to $9.5 million in 2Q15 and $12.4 million in 1Q16.

    By Sheldon Krieger
  • uploads///revenue operating segments
    Earnings Report

    This Segment’s Performance Was Key to Westmoreland’s 2Q16 Earnings

    Revenue from Westmoreland Coal’s US Coal Mining segment came in at about $151 million, as compared to $133 million in 2Q15 and $155 million in 1Q16.

    By Sheldon Krieger
  • uploads///coal pricing
    Earnings Report

    Coal Sales Price Dip Impacts Alliance Resource Partners in Q2

    Alliance Resource Partners (ARLP) saw a nearly 2.0% fall in its average total coal sales price in 2Q16 compared to its reported sales price for 2Q15.

    By Sheldon Krieger
  • uploads///guid
    Earnings Report

    Will Peabody Energy’s Margins Improve in 2Q16?

    Analysts expect Peabody Energy to report $55 million as EBITDA for 2Q16 and 5.1% as EBITDA margin. Lower EBITDA implies lower income from the company’s ongoing operations.

    By Sheldon Krieger
  • uploads///ebitda estimates
    Earnings Report

    Inside Westmoreland Coal’s Margin Estimates

    Analysts expect Westmoreland Coal to report EBITDA of $62.1 million and an EBITDA margin of 17.6%. This implies higher income from its ongoing operations.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    What Are Analysts’ Ratings for Westmoreland Coal?

    Of the four analysts covering Westmoreland Coal (WLB), 100% or four analysts gave the company a “buy” rating. There weren’t any “sell” or “hold” ratings.

    By Sheldon Krieger
  • uploads///liquidity
    Miscellaneous

    Can Peabody Energy Rise from the Ashes?

    As of February 29, 2016, Peabody Energy (BTUUQ) has about $940 million in liquid assets.

    By Sheldon Krieger
  • uploads///power pollutes
    Miscellaneous

    How Regulations and Natural Gas Prices Escalated Peabody’s Troubles

    Coal mining companies such as Peabody Energy (BTUUQ) primarily cater to power utilities and steelmakers.

    By Sheldon Krieger
  • uploads///interest expenses
    Miscellaneous

    What Does Bankruptcy Mean for Peabody Energy’s Investors?

    According to Peabody’s news release on its Chapter 11 filing, the bankruptcy court approved all of the first-day motions related to its Chapter 11 restructuring on April 14, 2016.

    By Sheldon Krieger
  • uploads///debt
    Miscellaneous

    What’s Next for Peabody Energy?

    During the restructuring process, Peabody Energy hopes to continue its normal course of business with cash generated from ongoing operations, existing liquidity, and new financing.

    By Sheldon Krieger
  • uploads///leverage
    Miscellaneous

    What Was Peabody Energy’s Path to Bankruptcy?

    Peabody Energy (BTUUQ) expanded its presence both in the US and internationally through strategic acquisitions.

    By Sheldon Krieger
  • uploads///cost
    Earnings Report

    Why Did Westmoreland Coal Miss Adjusted EBITDA Estimates in 2015?

    Westmoreland Coal (WLB) reported an ~11% increase in average cost of coal sold per ton compared to fiscal 2014. The average cost per ton of coal sold came in at $21.50 compared to $19.30 during fiscal 2014.

    By Sheldon Krieger
  • uploads///cash fig
    Miscellaneous

    Bowie Resource Transaction: How It Impacts Peabody Energy

    According to Peabody Energy’s filings, the proceeds from the transaction with Bowie Resource Partners are crucial for it to meet future financial covenants.

    By Sheldon Krieger
  • uploads///debt structure
    Miscellaneous

    Peabody Energy Delayed Its 10K Filing: What It Means for Investors

    On February 29, Peabody Energy announced in a press release that it wouldn’t be able to file its 10K on time. It has about $6.3 billion in debt on its books.

    By Sheldon Krieger
  • uploads///cash Margin
    Earnings Report

    How Cloud Peak Energy Beat Adjusted EBITDA Estimates in 4Q15

    Cloud Peak Energy reported a marginal increase in cash margins at $2.98 per ton sold in 2015 compared to $2.82 per ton sold in 2014.

    By Sheldon Krieger
  • uploads///gross margins
    Earnings Report

    Why Did Peabody Energy Miss Its 4Q15 Adjusted EBITDA Estimates?

    Peabody Energy’s adjusted EBITDA for 4Q15 came in at $53 million—compared to analysts’ estimates of $116 million. The value fell by nearly 75% on a YoY basis.

    By Sheldon Krieger
  • uploads///short term
    Miscellaneous

    The Stay on the Clean Power Plan: What’s in It for Coal Miners?

    According to EIA projections, the Clean Power Plan will not have a significant impact on the quantity of coal produced or coal prices in the short term, until implementation of the plan.

    By Sheldon Krieger
  • uploads///benefits of CPP
    Miscellaneous

    Supreme Court Stays the Clean Power Plan: What’s the Impact?

    On February 9, 2016, the U.S. Supreme Court issued a stay of the EPA’s Clean Power Plan. As a result, the EPA can’t implement the rule until all legal challenges are resolved.

    By Sheldon Krieger
  • uploads///ANR
    Earnings Report

    Why More Than Half of Analysts Rate Cloud Peak Energy a ‘Hold’

    Of the ten analysts covering Cloud Peak Energy (CLD), two gave it a “buy” rating, six gave it a “hold” rating, and two gave it a “sell” rating.

    By Sheldon Krieger
  • uploads///NAAQS
    Company & Industry Overviews

    How Developments in the Clean Air Act Will Impact Coal Mining

    The Clean Air Act is a national air pollution control policy that regulates the emission of hazardous pollutants from stationary and mobile sources in the United States.

    By Sheldon Krieger
  • uploads///revenue from federal coal leases_A
    Company & Industry Overviews

    How the Federal Leasing Process Affects Miners

    Royalties and various expenditures related to leasing of land form a major portion of cash outflows for companies operating in the Western region.

    By Sheldon Krieger
  • uploads///reclamation bond values
    Company & Industry Overviews

    Key Coal Mining Laws that Investors Should Understand

    Coal mining companies incur significant expenditure in complying with all applicable federal and local laws.

    By Sheldon Krieger
  • uploads///coal consumption in electricity generation
    Company & Industry Overviews

    What Are the Most Important Indicators for Coal Investors to Watch?

    Major demand-side indicators for coal include electricity consumption and steel production.

    By Sheldon Krieger
  • uploads///recoverable low sulphur content coal_Article_Fig
    Company & Industry Overviews

    Where Are the Low Sulphur Content Coal Mines in the US?

    According to the EIA, low sulphur content coal is defined as having less than 0.60 pounds of sulphur per million British thermal units.

    By Sheldon Krieger
  • uploads///regionwise coal production_Article
    Company & Industry Overviews

    How Is Coal Mined from Coal Seams?

    According to the World Coal Association estimates, coal recovery in surface mining in the US is more than 90%.

    By Sheldon Krieger
  • uploads///Room and Pillar Mining_Article
    Company & Industry Overviews

    How Is Coal Mined in the US?

    According to the World Coal Association, there are two main underground mining methods in the US.

    By Sheldon Krieger
  • uploads///DOI_Article
    Company & Industry Overviews

    How Does the Land Ownership Pattern in the US Affect Miners?

    Land ownership in the US can be broadly divided into the following categories: federally owned land, state-owned land, privately owned land, and Native American land.

    By Sheldon Krieger
  • uploads///recoverable Coal_Article
    Macroeconomic Analysis

    Where Are the Key Coal-Producing Regions in the US?

    Peabody Energy (BTU), Arch Coal (ACIIQ), Cloud Peak Energy (CLD), and Alpha Natural Resources (ANRZQ) are the top four coal-producing (KOL) companies in the Unites States.

    By Sheldon Krieger
  • uploads///US Coal Production by Rank
    Company & Industry Overviews

    What Are the Different Types of Coal?

    Coal types differ from each other as a result of the difference in their organic matter content and maturity.

    By Sheldon Krieger
  • uploads///Revenue trend
    Earnings Report

    Can Peabody Post Biggest Fourth-Quarter Earnings Drop in 5 Years?

    Peabody Energy (BTU) reported $1.42 billion as consolidated revenue for 3Q15. Analysts estimate it will report $1.35 billion in 4Q15, almost 5% less on a QoQ basis.

    By Sheldon Krieger
  • uploads///interest expenses
    Miscellaneous

    What Does Bankruptcy Mean for Arch Coal Investors?

    Arch Coal stockholders may not get anything from the restructured business, as the company is already insolvent, according to its latest 10-Q filing.

    By Sheldon Krieger
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