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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coterra Energy Inc | NYSE:CTRA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.91 | 3.38% | 27.82 | 27.305 | 26.87 | 27.05 | 6,295,814 | 23:53:04 |
(Mark One)
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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81-3015061
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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340 Martin Luther King Jr. Blvd.
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Bristol, Tennessee 37620
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(Address of principal executive offices, zip code)
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(423) 573-0300
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(Registrant’s telephone number, including area code)
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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x
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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CTRA
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New York Stock Exchange
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TABLE OF CONTENTS
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•
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the financial performance of the company following the Merger with Alpha Natural Resources Holdings, Inc. and ANR, Inc. (the “Merger” or the “Alpha Merger”);
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•
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our liquidity, results of operations and financial condition;
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•
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depressed levels or declines in coal prices;
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•
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worldwide market demand for coal, steel, and electricity, including demand for U.S. coal exports, and competition in coal markets;
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•
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the imposition or continuation of barriers to trade, such as tariffs;
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•
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utilities switching to alternative energy sources such as natural gas, renewables and coal from basins where we do not operate;
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•
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reductions or increases in customer coal inventories and the timing of those changes;
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our production capabilities and costs;
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•
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inherent risks of coal mining beyond our control;
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•
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changes in, interpretations of, or implementations of domestic or international tax or other laws and regulations, including the Tax Cuts and Jobs Act and its related regulations;
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•
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changes in domestic or international environmental laws and regulations, and court decisions, including those directly affecting our coal mining and production, and those affecting our customers’ coal usage, including potential climate change initiatives;
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•
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our relationships with, and other conditions affecting, our customers, including the inability to collect payments from our customers if their creditworthiness declines;
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•
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changes in, renewal or acquisition of, terms of and performance of customers under coal supply arrangements and the refusal by our customers to receive coal under agreed contract terms;
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•
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our ability to obtain, maintain or renew any necessary permits or rights, and our ability to mine properties due to defects in title on leasehold interests;
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•
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attracting and retaining key personnel and other employee workforce factors, such as labor relations;
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•
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funding for and changes in employee benefit obligations;
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•
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any new or increased liabilities, including reclamation obligations, that we may incur in connection with the recent Chapter 11 bankruptcy filing by Blackjewel L.L.C.;
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•
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cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters;
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•
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reclamation and mine closure obligations;
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•
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our assumptions concerning economically recoverable coal reserve estimates;
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•
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our ability to negotiate new United Mine Workers of America wage agreements on terms acceptable to us, increased unionization of our workforce in the future, and any strikes by our workforce;
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•
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disruptions in delivery or changes in pricing from third party vendors of key equipment and materials that are necessary for our operations, such as diesel fuel, steel products, explosives, tires and purchased coal;
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•
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inflationary pressures on supplies and labor and significant or rapid increases in commodity prices;
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•
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railroad, barge, truck and other transportation availability, performance and costs;
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•
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disruption in third party coal supplies;
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•
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the consummation of financing or refinancing transactions, acquisitions or dispositions and the related effects on our business and financial position;
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•
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our indebtedness and potential future indebtedness;
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•
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our ability to generate sufficient cash or obtain financing to fund our business operations; and
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•
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our ability to obtain or renew surety bonds on acceptable terms or maintain our current bonding status; and
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•
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other factors, including the other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of this Report and the “
Management’s Discussion
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Three Months Ended June 30,
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Six Months Ended June 30,
|
||||||||||||
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2019
|
|
2018
|
|
2019
|
|
2018
|
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Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
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Coal revenues
|
$
|
653,828
|
|
|
$
|
525,168
|
|
|
$
|
1,260,788
|
|
|
$
|
1,003,533
|
|
Other revenues
|
2,378
|
|
|
3,750
|
|
|
4,532
|
|
|
7,717
|
|
||||
Total revenues
|
656,206
|
|
|
528,918
|
|
|
1,265,320
|
|
|
1,011,250
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of coal sales (exclusive of items shown separately below)
|
496,746
|
|
|
431,304
|
|
|
1,012,440
|
|
|
802,048
|
|
||||
Depreciation, depletion and amortization
|
62,814
|
|
|
11,222
|
|
|
124,085
|
|
|
22,810
|
|
||||
Accretion on asset retirement obligations
|
6,847
|
|
|
1,596
|
|
|
13,079
|
|
|
4,056
|
|
||||
Amortization of acquired intangibles, net
|
(343
|
)
|
|
1,104
|
|
|
(7,026
|
)
|
|
11,310
|
|
||||
Asset impairment
|
5,826
|
|
|
—
|
|
|
5,826
|
|
|
—
|
|
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Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
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14,783
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|
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11,951
|
|
|
35,734
|
|
|
31,108
|
|
||||
Merger related costs
|
156
|
|
|
3,423
|
|
|
987
|
|
|
3,883
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|
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Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
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Mark-to-market adjustment for acquisition-related obligations
|
1,014
|
|
|
—
|
|
|
2,950
|
|
|
—
|
|
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Other expenses (income)
|
1,414
|
|
|
(16,407
|
)
|
|
(7,485
|
)
|
|
(16,506
|
)
|
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Total costs and expenses
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589,257
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|
444,193
|
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|
1,180,590
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|
|
858,709
|
|
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Income from operations
|
66,949
|
|
|
84,725
|
|
|
84,730
|
|
|
152,541
|
|
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Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense
|
(16,077
|
)
|
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(8,779
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)
|
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(31,232
|
)
|
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(17,984
|
)
|
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Interest income
|
1,885
|
|
|
191
|
|
|
3,821
|
|
|
322
|
|
||||
Loss on modification and extinguishment of debt
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(26,459
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)
|
|
—
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|
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(26,459
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)
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—
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|
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Equity loss in affiliates
|
(2,475
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)
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(1,170
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)
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(2,959
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)
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(1,233
|
)
|
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Miscellaneous loss, net
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(523
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)
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(270
|
)
|
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(1,389
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)
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(583
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)
|
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Total other expense, net
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(43,649
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)
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(10,028
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)
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(58,218
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)
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(19,478
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)
|
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Income from continuing operations before income taxes
|
23,300
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74,697
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26,512
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|
133,063
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|
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Income tax benefit (expense)
|
1,000
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|
|
(55
|
)
|
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5,778
|
|
|
(121
|
)
|
||||
Net income from continuing operations
|
24,300
|
|
|
74,642
|
|
|
32,290
|
|
|
132,942
|
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||
Loss from discontinued operations before income taxes
|
(163,867
|
)
|
|
(854
|
)
|
|
(165,457
|
)
|
|
(2,213
|
)
|
||||
Income tax benefit from discontinued operations
|
25,906
|
|
|
—
|
|
|
26,321
|
|
|
—
|
|
||||
Loss from discontinued operations
|
(137,961
|
)
|
|
(854
|
)
|
|
(139,136
|
)
|
|
(2,213
|
)
|
||||
Net (loss) income
|
$
|
(113,661
|
)
|
|
$
|
73,788
|
|
|
$
|
(106,846
|
)
|
|
$
|
130,729
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.27
|
|
|
$
|
7.75
|
|
|
$
|
1.70
|
|
|
$
|
13.87
|
|
Loss from discontinued operations
|
(7.21
|
)
|
|
(0.08
|
)
|
|
(7.32
|
)
|
|
(0.23
|
)
|
Net (loss) income
|
$
|
(5.94
|
)
|
|
$
|
7.67
|
|
|
$
|
(5.62
|
)
|
|
$
|
13.64
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted income (loss) per common share
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
$
|
1.25
|
|
|
$
|
7.24
|
|
|
$
|
1.66
|
|
|
$
|
12.91
|
|
Loss from discontinued operations
|
(7.10
|
)
|
|
(0.08
|
)
|
|
(7.14
|
)
|
|
(0.22
|
)
|
||||
Net (loss) income
|
$
|
(5.85
|
)
|
|
$
|
7.16
|
|
|
$
|
(5.48
|
)
|
|
$
|
12.69
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares - basic
|
19,123,705
|
|
|
9,625,874
|
|
|
19,009,643
|
|
|
9,587,457
|
|
||||
Weighted average shares - diluted
|
19,420,471
|
|
|
10,306,043
|
|
|
19,480,183
|
|
|
10,299,539
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (loss) income
|
$
|
(113,661
|
)
|
|
$
|
73,788
|
|
|
$
|
(106,846
|
)
|
|
$
|
130,729
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Employee benefit plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of and adjustments to employee benefit costs
|
$
|
1,187
|
|
|
$
|
(87
|
)
|
|
$
|
1,426
|
|
|
$
|
(50
|
)
|
Income tax expense
|
(310
|
)
|
|
—
|
|
|
(372
|
)
|
|
—
|
|
||||
Total other comprehensive income (loss), net of tax
|
$
|
877
|
|
|
$
|
(87
|
)
|
|
$
|
1,054
|
|
|
$
|
(50
|
)
|
Total comprehensive (loss) income
|
$
|
(112,784
|
)
|
|
$
|
73,701
|
|
|
$
|
(105,792
|
)
|
|
$
|
130,679
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
249,597
|
|
|
$
|
233,599
|
|
Trade accounts receivable, net of allowance for doubtful accounts of $0 as of June 30, 2019 and December 31, 2018
|
280,025
|
|
|
292,617
|
|
||
Inventories, net
|
164,303
|
|
|
121,965
|
|
||
Prepaid expenses and other current assets
|
166,702
|
|
|
158,945
|
|
||
Current assets - discontinued operations
|
2,059
|
|
|
22,475
|
|
||
Total current assets
|
862,686
|
|
|
829,601
|
|
||
Property, plant, and equipment, net of accumulated depreciation and amortization of $220,260 and $106,766 as of June 30, 2019 and December 31, 2018
|
630,654
|
|
|
699,990
|
|
||
Owned and leased mineral rights, net of accumulated depletion and amortization of $18,769 and $11,390 as of June 30, 2019 and December 31, 2018
|
569,394
|
|
|
528,232
|
|
||
Goodwill
|
101,019
|
|
|
95,624
|
|
||
Other acquired intangibles, net of accumulated amortization of $32,634 and $20,267 as of June 30, 2019 and December 31, 2018
|
146,554
|
|
|
154,584
|
|
||
Long-term restricted cash
|
216,568
|
|
|
227,173
|
|
||
Deferred income taxes
|
54,466
|
|
|
27,179
|
|
||
Other non-current assets
|
198,449
|
|
|
183,675
|
|
||
Total assets
|
$
|
2,779,790
|
|
|
$
|
2,746,058
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
28,885
|
|
|
$
|
42,743
|
|
Acquisition-related obligations - current
|
33,060
|
|
|
27,334
|
|
||
Trade accounts payable
|
89,214
|
|
|
114,568
|
|
||
Accrued expenses and other current liabilities
|
157,948
|
|
|
148,699
|
|
||
Current liabilities - discontinued operations
|
17,298
|
|
|
21,892
|
|
||
Total current liabilities
|
326,405
|
|
|
355,236
|
|
||
Long-term debt
|
580,519
|
|
|
545,269
|
|
||
Acquisition-related obligations - long-term
|
67,049
|
|
|
72,996
|
|
||
Workers’ compensation and black lung obligations
|
245,972
|
|
|
249,294
|
|
||
Pension obligations
|
180,274
|
|
|
180,802
|
|
||
Asset retirement obligations
|
217,830
|
|
|
203,694
|
|
||
Deferred income taxes
|
6,908
|
|
|
15,118
|
|
||
Other non-current liabilities
|
40,596
|
|
|
52,415
|
|
||
Non-current liabilities - discontinued operations
|
147,016
|
|
|
94
|
|
||
Total liabilities
|
1,812,569
|
|
|
1,674,918
|
|
||
Commitments and Contingencies (Note 17)
|
|
|
|
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued
|
—
|
|
|
—
|
|
||
Common stock - par value $0.01, 50.0 million shares authorized, 20.4 million issued and 19.2 million outstanding at June 30, 2019 and 20.2 million issued and 19.1 million outstanding at December 31, 2018
|
204
|
|
|
202
|
|
||
Additional paid-in capital
|
768,046
|
|
|
761,301
|
|
||
Accumulated other comprehensive loss
|
(22,076
|
)
|
|
(23,130
|
)
|
Treasury stock, at cost: 1.2 million shares at June 30, 2019 and 1.1 million shares at December 31, 2018
|
(75,236
|
)
|
|
(70,362
|
)
|
||
Retained earnings
|
296,283
|
|
|
403,129
|
|
||
Total stockholders’ equity
|
967,221
|
|
|
1,071,140
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,779,790
|
|
|
$
|
2,746,058
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(106,846
|
)
|
|
$
|
130,729
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
269,997
|
|
|
22,810
|
|
||
Amortization of acquired intangibles, net
|
(7,026
|
)
|
|
11,310
|
|
||
Accretion of acquisition-related obligations discount
|
3,220
|
|
|
3,020
|
|
||
Amortization of debt issuance costs and accretion of debt discount
|
6,724
|
|
|
1,499
|
|
||
Mark-to-market adjustment for acquisition-related obligations
|
2,950
|
|
|
—
|
|
||
Loss (gain) on disposal of assets
|
1,372
|
|
|
(16,502
|
)
|
||
Gain on assets acquired in an exchange transaction
|
(9,083
|
)
|
|
—
|
|
||
Loss on modification and extinguishment of debt
|
26,459
|
|
|
—
|
|
||
Asset impairment
|
22,294
|
|
|
—
|
|
||
Accretion on asset retirement obligations
|
13,079
|
|
|
4,056
|
|
||
Employee benefit plans, net
|
9,564
|
|
|
5,324
|
|
||
Deferred income taxes
|
(33,623
|
)
|
|
—
|
|
||
Stock-based compensation
|
4,774
|
|
|
7,125
|
|
||
Equity loss in affiliates
|
2,959
|
|
|
1,233
|
|
||
Other, net
|
405
|
|
|
(292
|
)
|
||
Changes in operating assets and liabilities
|
(90,086
|
)
|
|
(54,706
|
)
|
||
Net cash provided by operating activities
|
117,133
|
|
|
115,606
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(83,882
|
)
|
|
(38,349
|
)
|
||
Payments on disposal of assets
|
—
|
|
|
(10,250
|
)
|
||
Proceeds on disposal of assets
|
1,048
|
|
|
464
|
|
||
Purchases of investment securities - held to maturity
|
(9,899
|
)
|
|
(1,446
|
)
|
||
Maturity of investment securities - held to maturity
|
21,316
|
|
|
—
|
|
||
Capital contributions to equity affiliates
|
(4,807
|
)
|
|
(525
|
)
|
||
Other, net
|
93
|
|
|
—
|
|
||
Net cash used in investing activities
|
(76,131
|
)
|
|
(50,106
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from borrowings on debt
|
544,946
|
|
|
—
|
|
||
Principal repayments of debt
|
(550,000
|
)
|
|
(5,323
|
)
|
||
Principal repayments of notes payable
|
(821
|
)
|
|
(2,939
|
)
|
||
Principal repayments of financing lease obligations
|
(2,100
|
)
|
|
(139
|
)
|
||
Debt issuance costs
|
(5,839
|
)
|
|
—
|
|
||
Common stock repurchases and related expenses
|
(4,874
|
)
|
|
(4,838
|
)
|
||
Other, net
|
914
|
|
|
(49
|
)
|
||
Net cash used in financing activities
|
(17,774
|
)
|
|
(13,288
|
)
|
||
Net increase in cash and cash equivalents and restricted cash
|
23,228
|
|
|
52,212
|
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
477,246
|
|
|
193,960
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
500,474
|
|
|
$
|
246,172
|
|
|
As of June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
249,597
|
|
|
$
|
199,252
|
|
Short-term restricted cash (included in Prepaid expenses and other current assets)
|
34,309
|
|
|
11,680
|
|
||
Long-term restricted cash
|
216,568
|
|
|
35,240
|
|
||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows
|
$
|
500,474
|
|
|
$
|
246,172
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock at Cost
|
|
Retained Earnings
|
|
Total Stockholders’ Equity
|
||||||||||||
Balances, December 31, 2017
|
$
|
108
|
|
|
$
|
40,616
|
|
|
$
|
(1,948
|
)
|
|
$
|
(50,092
|
)
|
|
$
|
103,964
|
|
|
$
|
92,648
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,941
|
|
|
56,941
|
|
||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
4,479
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,479
|
|
||||||
Common stock repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,835
|
)
|
|
—
|
|
|
(4,835
|
)
|
||||||
Balances, March 31, 2018
|
$
|
108
|
|
|
$
|
45,095
|
|
|
$
|
(1,911
|
)
|
|
$
|
(54,927
|
)
|
|
$
|
160,905
|
|
|
$
|
149,270
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,788
|
|
|
73,788
|
|
||||||
Other comprehensive loss, net
|
—
|
|
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
2,114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,114
|
|
||||||
Exercise of stock options
|
—
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
||||||
Warrant exercises
|
—
|
|
|
2
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Balances, June 30, 2018
|
$
|
108
|
|
|
$
|
47,273
|
|
|
$
|
(1,998
|
)
|
|
$
|
(54,930
|
)
|
|
$
|
234,693
|
|
|
$
|
225,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances, December 31, 2018
|
$
|
202
|
|
|
$
|
761,301
|
|
|
$
|
(23,130
|
)
|
|
$
|
(70,362
|
)
|
|
$
|
403,129
|
|
|
$
|
1,071,140
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,815
|
|
|
6,815
|
|
||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
177
|
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
6,377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,377
|
|
||||||
Exercise of stock options
|
1
|
|
|
305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
306
|
|
||||||
Common stock repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,171
|
)
|
|
—
|
|
|
(4,171
|
)
|
||||||
Balances, March 31, 2019
|
$
|
203
|
|
|
$
|
767,983
|
|
|
$
|
(22,953
|
)
|
|
$
|
(74,533
|
)
|
|
$
|
409,944
|
|
|
$
|
1,080,644
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113,661
|
)
|
|
(113,661
|
)
|
||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
877
|
|
|
—
|
|
|
—
|
|
|
877
|
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
(545
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(545
|
)
|
||||||
Exercise of stock options
|
1
|
|
|
589
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
590
|
|
||||||
Common stock repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(703
|
)
|
|
—
|
|
|
(703
|
)
|
||||||
Warrant exercises
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
||||||
Balances, June 30, 2019
|
$
|
204
|
|
|
$
|
768,046
|
|
|
$
|
(22,076
|
)
|
|
$
|
(75,236
|
)
|
|
$
|
296,283
|
|
|
$
|
967,221
|
|
|
|
Balance at December 31, 2018
(1)
|
|
Adjustments
|
|
Balance at January 1, 2019
|
||||||
Assets
|
Balance Sheet Classification
|
|
|
|
|
|
|
|||||
Operating lease right-of-use assets
|
Other non-current assets
|
$
|
—
|
|
|
$
|
11,845
|
|
|
$
|
11,845
|
|
Financing lease assets
|
Property, plant, and equipment, net
|
9,786
|
|
|
—
|
|
|
9,786
|
|
|||
Total lease assets
|
|
$
|
9,786
|
|
|
$
|
11,845
|
|
|
$
|
21,631
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
Balance Sheet Classification
|
|
|
|
|
|
||||||
Operating lease liabilities - current
|
Accrued expenses and other current liabilities
|
$
|
—
|
|
|
$
|
3,624
|
|
|
$
|
3,624
|
|
Financing lease liabilities - current
|
Current portion of long-term debt
|
2,110
|
|
|
—
|
|
|
2,110
|
|
|||
Operating lease liabilities - long-term
|
Other non-current liabilities
|
—
|
|
|
8,221
|
|
|
8,221
|
|
|||
Financing lease liabilities - long-term
|
Long-term debt
|
4,313
|
|
|
—
|
|
|
4,313
|
|
|||
Total lease liabilities
|
|
$
|
6,423
|
|
|
$
|
11,845
|
|
|
$
|
18,268
|
|
|
Provisional as of December 31, 2018
|
|
Adjustments
|
|
Provisional as of June 30, 2019
|
||||||
Cash and cash equivalents
|
$
|
29,939
|
|
|
$
|
—
|
|
|
$
|
29,939
|
|
Trade and other receivables
|
60,714
|
|
|
—
|
|
|
60,714
|
|
|||
Inventories
|
85,635
|
|
|
—
|
|
|
85,635
|
|
|||
Short-term restricted cash
|
10,592
|
|
|
—
|
|
|
10,592
|
|
|||
Other current assets
|
38,495
|
|
|
7,929
|
|
|
46,424
|
|
|||
Property, plant, and equipment
|
504,852
|
|
|
(33,930
|
)
|
|
470,922
|
|
|||
Owned and leased mineral rights
|
516,201
|
|
|
39,031
|
|
|
555,232
|
|
|||
Other intangible assets
|
154,041
|
|
|
4,453
|
|
|
158,494
|
|
|||
Long-term restricted cash
|
182,049
|
|
|
—
|
|
|
182,049
|
|
|||
Long-term restricted investments
|
28,809
|
|
|
—
|
|
|
28,809
|
|
|||
Other non-current assets
|
68,022
|
|
|
(3,915
|
)
|
|
64,107
|
|
|||
Total assets
|
$
|
1,679,349
|
|
|
$
|
13,568
|
|
|
$
|
1,692,917
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
69,049
|
|
|
$
|
(2,711
|
)
|
|
$
|
66,338
|
|
Accrued expenses and other current liabilities
|
76,774
|
|
|
2,139
|
|
|
78,913
|
|
|||
Long-term debt, including current portion
|
144,832
|
|
|
3,618
|
|
|
148,450
|
|
|||
Acquisition related obligations
|
74,346
|
|
|
5,738
|
|
|
80,084
|
|
|||
Pension obligations
|
158,005
|
|
|
3,596
|
|
|
161,601
|
|
|||
Asset retirement obligation, including current portion
|
163,636
|
|
|
12,718
|
|
|
176,354
|
|
|||
Deferred income taxes, including current portion
|
134,924
|
|
|
(2,246
|
)
|
|
132,678
|
|
|||
Other intangible liabilities
|
57,219
|
|
|
—
|
|
|
57,219
|
|
|||
Other non-current liabilities
|
207,654
|
|
|
(3,889
|
)
|
|
203,765
|
|
|||
Total liabilities
|
$
|
1,086,439
|
|
|
$
|
18,963
|
|
|
$
|
1,105,402
|
|
|
|
|
|
|
|
||||||
Goodwill
|
$
|
95,624
|
|
|
$
|
5,395
|
|
|
$
|
101,019
|
|
|
|
|
|
|
|
||||||
Allocation of purchase price
|
$
|
688,534
|
|
|
$
|
—
|
|
|
$
|
688,534
|
|
|
Provisional as of June 30, 2019
|
|
Weighted-Average Amortization Period
( In Years ) |
||
Mining permits
|
$
|
157,645
|
|
|
12.62
|
Above-market coal supply agreements
|
849
|
|
|
1.03
|
|
Below-market coal supply agreements
|
(57,219
|
)
|
|
2.10
|
|
Total acquired intangibles:
|
$
|
101,275
|
|
|
10.46
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
||||||||||||
|
As reported
|
|
Pro forma
|
|
As reported
|
|
Pro forma
|
||||||||
Total revenues
|
$
|
528,918
|
|
|
$
|
712,204
|
|
|
$
|
1,011,250
|
|
|
$
|
1,338,953
|
|
Income from continuing operations
|
$
|
74,642
|
|
|
$
|
105,117
|
|
|
$
|
132,942
|
|
|
$
|
179,646
|
|
|
|
|
|
|
|
|
|
||||||||
Basic income per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
7.75
|
|
|
$
|
5.53
|
|
|
$
|
13.87
|
|
|
$
|
9.47
|
|
Diluted income per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
7.24
|
|
|
$
|
5.34
|
|
|
$
|
12.91
|
|
|
$
|
9.13
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares - basic
|
9,625,874
|
|
|
19,004,073
|
|
|
9,587,457
|
|
|
18,965,656
|
|
||||
Weighted average shares - diluted
|
10,306,043
|
|
|
19,684,242
|
|
|
10,299,539
|
|
|
19,677,738
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Total revenues
(1)
|
$
|
52
|
|
|
$
|
182
|
|
|
$
|
148
|
|
|
$
|
1,115
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization
(2)
|
$
|
145,913
|
|
|
$
|
—
|
|
|
$
|
145,913
|
|
|
$
|
—
|
|
Asset impairment
(3)
|
$
|
16,468
|
|
|
$
|
—
|
|
|
$
|
16,468
|
|
|
$
|
—
|
|
Other expenses
|
$
|
1,349
|
|
|
$
|
1,104
|
|
|
$
|
2,939
|
|
|
$
|
2,402
|
|
Other non-major expense (income) items, net
|
$
|
189
|
|
|
$
|
(68
|
)
|
|
$
|
285
|
|
|
$
|
926
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Assets:
|
|
|
|
|
|
||
Accounts receivable, net
|
$
|
1,060
|
|
|
$
|
5
|
|
Prepaid expenses and other current assets
|
$
|
999
|
|
|
$
|
22,470
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
||
Trade accounts payable, accrued expenses and other current liabilities
(1)
|
$
|
17,298
|
|
|
$
|
21,892
|
|
Asset retirement obligations
(2)
|
$
|
146,921
|
|
|
$
|
—
|
|
Other non-current liabilities
|
$
|
95
|
|
|
$
|
94
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Other significant operating non-cash items related to discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization
|
$
|
145,913
|
|
|
$
|
—
|
|
|
$
|
145,913
|
|
|
$
|
—
|
|
|
Three Months Ended June 30, 2019
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
345,576
|
|
|
$
|
17,262
|
|
|
$
|
362,838
|
|
Domestic coal revenues
|
156,053
|
|
|
134,937
|
|
|
290,990
|
|
|||
Total coal revenues
|
$
|
501,629
|
|
|
$
|
152,199
|
|
|
$
|
653,828
|
|
|
Three Months Ended June 30, 2018
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
453,581
|
|
|
$
|
7,909
|
|
|
$
|
461,490
|
|
Domestic coal revenues
|
14,940
|
|
|
48,738
|
|
|
63,678
|
|
|||
Total coal revenues
|
$
|
468,521
|
|
|
$
|
56,647
|
|
|
$
|
525,168
|
|
|
Six Months Ended June 30, 2019
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
679,762
|
|
|
$
|
26,382
|
|
|
$
|
706,144
|
|
Domestic coal revenues
|
292,311
|
|
|
262,333
|
|
|
554,644
|
|
|||
Total coal revenues
|
$
|
972,073
|
|
|
$
|
288,715
|
|
|
$
|
1,260,788
|
|
|
Six Months Ended June 30, 2018
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
867,259
|
|
|
$
|
15,786
|
|
|
$
|
883,045
|
|
Domestic coal revenues
|
22,864
|
|
|
97,624
|
|
|
120,488
|
|
|||
Total coal revenues
|
$
|
890,123
|
|
|
$
|
113,410
|
|
|
$
|
1,003,533
|
|
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Total
|
||||||||||||
Estimated coal revenues
|
$
|
129,558
|
|
|
$
|
269,340
|
|
|
$
|
117,590
|
|
|
$
|
69,943
|
|
|
$
|
84,268
|
|
|
$
|
670,699
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Contract assets
(1)
|
$
|
2,204
|
|
|
$
|
950
|
|
|
Balance January 1, 2019
|
|
Other comprehensive income (loss) before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
Balance June 30, 2019
|
||||||||
Employee benefit costs
|
$
|
(23,130
|
)
|
|
$
|
713
|
|
|
$
|
341
|
|
|
$
|
(22,076
|
)
|
|
Balance January 1, 2018
|
|
Other comprehensive income (loss) before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
Balance June 30, 2018
|
||||||||
Employee benefit costs
|
$
|
(1,948
|
)
|
|
$
|
(128
|
)
|
|
$
|
78
|
|
|
$
|
(1,998
|
)
|
Details about accumulated other comprehensive income (loss) components
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
Affected line item in the Condensed Consolidated Statements of Operations
|
||||||||||||||
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Employee benefit costs:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of actuarial loss
|
$
|
222
|
|
|
$
|
41
|
|
|
$
|
461
|
|
|
$
|
78
|
|
(1)
Miscellaneous loss, net
|
Income tax expense
|
(58
|
)
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
Income tax benefit (expense)
|
||||
Total, net of income tax
|
$
|
164
|
|
|
$
|
41
|
|
|
$
|
341
|
|
|
$
|
78
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
24,300
|
|
|
$
|
74,642
|
|
|
$
|
32,290
|
|
|
$
|
132,942
|
|
Loss from discontinued operations
|
(137,961
|
)
|
|
(854
|
)
|
|
(139,136
|
)
|
|
(2,213
|
)
|
||||
Net (loss) income
|
$
|
(113,661
|
)
|
|
$
|
73,788
|
|
|
$
|
(106,846
|
)
|
|
$
|
130,729
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
19,123,705
|
|
|
9,625,874
|
|
|
19,009,643
|
|
|
9,587,457
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
1.27
|
|
|
$
|
7.75
|
|
|
$
|
1.70
|
|
|
$
|
13.87
|
|
Loss from discontinued operations
|
(7.21
|
)
|
|
(0.08
|
)
|
|
(7.32
|
)
|
|
(0.23
|
)
|
||||
Net (loss) income
|
$
|
(5.94
|
)
|
|
$
|
7.67
|
|
|
$
|
(5.62
|
)
|
|
$
|
13.64
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
19,123,705
|
|
|
9,625,874
|
|
|
19,009,643
|
|
|
9,587,457
|
|
||||
Diluted effect of warrants
|
143,571
|
|
|
260,919
|
|
|
179,807
|
|
|
253,795
|
|
||||
Diluted effect of stock options
|
74,278
|
|
|
261,849
|
|
|
139,956
|
|
|
268,364
|
|
||||
Diluted effect of restricted share units, restricted stock shares and performance-based restricted share units
|
78,917
|
|
|
157,401
|
|
|
150,777
|
|
|
189,923
|
|
||||
Weighted average common shares outstanding - diluted
|
19,420,471
|
|
|
10,306,043
|
|
|
19,480,183
|
|
|
10,299,539
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
1.25
|
|
|
$
|
7.24
|
|
|
$
|
1.66
|
|
|
$
|
12.91
|
|
Loss from discontinued operations
|
(7.10
|
)
|
|
(0.08
|
)
|
|
(7.14
|
)
|
|
(0.22
|
)
|
||||
Net (loss) income
|
$
|
(5.85
|
)
|
|
$
|
7.16
|
|
|
$
|
(5.48
|
)
|
|
$
|
12.69
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Raw coal
|
$
|
34,288
|
|
|
$
|
33,607
|
|
Saleable coal
|
104,141
|
|
|
63,767
|
|
||
Materials, supplies and other, net
|
25,874
|
|
|
24,591
|
|
||
Total inventories, net
|
$
|
164,303
|
|
|
$
|
121,965
|
|
|
June 30, 2019
|
||||||||||
|
Assets
(1)
|
|
Liabilities
(2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
3,923
|
|
|
$
|
(14,402
|
)
|
|
$
|
(10,479
|
)
|
Acquired mine permits, net
|
142,631
|
|
|
—
|
|
|
142,631
|
|
|||
Total
|
$
|
146,554
|
|
|
$
|
(14,402
|
)
|
|
$
|
132,152
|
|
|
December 31, 2018
|
||||||||||
|
Assets
(1)
|
|
Liabilities
(2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
4,687
|
|
|
$
|
(33,912
|
)
|
|
$
|
(29,225
|
)
|
Acquired mine permits, net
|
149,897
|
|
|
—
|
|
|
149,897
|
|
|||
Total
|
$
|
154,584
|
|
|
$
|
(33,912
|
)
|
|
$
|
120,672
|
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Lease cost
(1)
|
|
|
|
||||
Finance lease cost:
|
|
|
|
||||
Amortization of leased assets
|
$
|
1,013
|
|
|
$
|
1,653
|
|
Interest on lease liabilities
|
214
|
|
|
258
|
|
||
Operating lease cost
|
191
|
|
|
1,330
|
|
||
Short-term lease cost
|
541
|
|
|
980
|
|
||
Total lease cost
|
$
|
1,959
|
|
|
$
|
4,221
|
|
|
Six Months Ended June 30, 2019
|
||
Other information
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
4,154
|
|
Operating cash flows from finance leases
|
$
|
258
|
|
Operating cash flows from operating leases
|
$
|
2,310
|
|
Financing cash flows from finance leases
|
$
|
1,586
|
|
Right-of-use assets obtained in exchange for new finance lease liabilities
|
$
|
750
|
|
|
|
||
Lease Term and Discount Rate
|
|
||
Weighted-average remaining lease term in months - finance leases
|
35.0
|
|
|
Weighted-average remaining lease term in months - operating leases
|
95.9
|
|
|
Weighted-average discount rate - finance leases
|
4.9
|
%
|
|
Weighted-average discount rate - operating leases
|
10.9
|
%
|
|
Finance Leases
|
|
Operating Leases
|
||||
Lease cost
|
|
|
|
||||
Remainder of 2019
|
$
|
1,722
|
|
|
$
|
1,784
|
|
2020
|
3,339
|
|
|
2,534
|
|
||
2021
|
2,702
|
|
|
1,885
|
|
||
2022
|
1,477
|
|
|
1,604
|
|
||
2023
|
62
|
|
|
1,155
|
|
||
Thereafter
|
—
|
|
|
6,216
|
|
||
Total future minimum lease payments
|
$
|
9,302
|
|
|
$
|
15,178
|
|
Imputed interest
|
(615
|
)
|
|
(5,653
|
)
|
||
Present value of future minimum lease payments
|
$
|
8,687
|
|
|
$
|
9,525
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Term Loan Credit Facility - due November 2025
|
$
|
—
|
|
|
$
|
550,000
|
|
Term Loan Credit Facility - due June 2024
|
561,800
|
|
|
—
|
|
||
LCC Note Payable
|
62,500
|
|
|
62,500
|
|
||
LCC Water Treatment Obligation
|
11,250
|
|
|
11,875
|
|
||
Other
|
10,150
|
|
|
8,395
|
|
||
Debt discount and issuance costs
|
(36,296
|
)
|
|
(44,758
|
)
|
||
Total long-term debt
|
609,404
|
|
|
588,012
|
|
||
Less current portion
|
(28,885
|
)
|
|
(42,743
|
)
|
||
Long-term debt, net of current portion
|
$
|
580,519
|
|
|
$
|
545,269
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Contingent Revenue Obligation
|
$
|
58,941
|
|
|
$
|
59,880
|
|
Environmental Settlement Obligations
|
19,305
|
|
|
19,306
|
|
||
Reclamation Funding Liability
|
22,000
|
|
|
22,000
|
|
||
Retiree Committee VEBA Funding Settlement Liability
|
1,000
|
|
|
3,500
|
|
||
UMWA Funds Settlement Liability
|
6,000
|
|
|
6,000
|
|
||
Discount
|
(7,137
|
)
|
|
(10,356
|
)
|
||
Total acquisition-related obligations - long-term
|
100,109
|
|
|
100,330
|
|
||
Less current portion
|
(33,060
|
)
|
|
(27,334
|
)
|
||
Acquisition-related obligations, net of current portion
|
$
|
67,049
|
|
|
$
|
72,996
|
|
Total asset retirement obligations at December 31, 2018
|
$
|
228,448
|
|
Measurement-period adjustments
(1)
|
12,718
|
|
|
Accretion for the period
|
13,065
|
|
|
Revisions in estimated cash flows
|
(43
|
)
|
|
Expenditures for the period
|
(11,114
|
)
|
|
Total asset retirement obligations at June 30, 2019
|
243,074
|
|
|
Less current portion
|
(25,244
|
)
|
|
Long-term portion
|
$
|
217,830
|
|
|
June 30, 2019
|
||||||||||||||||||
|
Carrying
Amount
(1)
|
|
Total Fair
Value
|
|
Quoted Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Term Loan Credit Facility - due June 2024
|
$
|
538,070
|
|
|
$
|
560,396
|
|
|
$
|
560,396
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LCC Note Payable
|
52,641
|
|
|
52,029
|
|
|
—
|
|
|
—
|
|
|
52,029
|
|
|||||
LCC Water Treatment Obligation
|
8,543
|
|
|
8,475
|
|
|
—
|
|
|
—
|
|
|
8,475
|
|
|||||
Total long-term debt
|
$
|
599,254
|
|
|
$
|
620,900
|
|
|
$
|
560,396
|
|
|
$
|
—
|
|
|
$
|
60,504
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying
Amount
(1)
|
|
Total Fair
Value
|
|
Quoted Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Term Loan Credit Facility - due November 2025
|
$
|
521,667
|
|
|
$
|
540,375
|
|
|
$
|
540,375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LCC Note Payable
|
49,361
|
|
|
50,606
|
|
|
—
|
|
|
—
|
|
|
50,606
|
|
|||||
LCC Water Treatment Obligation
|
8,589
|
|
|
8,827
|
|
|
—
|
|
|
—
|
|
|
8,827
|
|
|||||
Total long-term debt
|
$
|
579,617
|
|
|
$
|
599,808
|
|
|
$
|
540,375
|
|
|
$
|
—
|
|
|
$
|
59,433
|
|
|
June 30, 2019
|
||||||||||||||||||
|
Carrying
Amount
(1)
|
|
Total Fair
Value |
|
Quoted Prices
in Active Markets (Level 1) |
|
Significant
Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||||
Retiree Committee VEBA Funding
Settlement Liability |
$
|
915
|
|
|
$
|
933
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
933
|
|
UMWA Funds Settlement Liability
|
4,649
|
|
|
4,900
|
|
|
—
|
|
|
—
|
|
|
4,900
|
|
|||||
Reclamation Funding Liability
|
19,856
|
|
|
20,260
|
|
|
—
|
|
|
—
|
|
|
20,260
|
|
|||||
Environmental Settlement Obligations
|
15,748
|
|
|
15,528
|
|
|
—
|
|
|
—
|
|
|
15,528
|
|
|||||
Total acquisition-related obligations
|
$
|
41,168
|
|
|
$
|
41,621
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,621
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying
Amount
(1)
|
|
Total Fair
Value |
|
Quoted Prices
in Active Markets (Level 1) |
|
Significant
Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||||
Retiree Committee VEBA Funding
Settlement Liability |
$
|
3,337
|
|
|
$
|
3,391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,391
|
|
UMWA Funds Settlement Liability
|
4,239
|
|
|
4,729
|
|
|
—
|
|
|
—
|
|
|
4,729
|
|
|||||
Reclamation Funding Liability
|
18,106
|
|
|
19,362
|
|
|
—
|
|
|
—
|
|
|
19,362
|
|
|||||
Environmental Settlement Obligations
|
14,768
|
|
|
14,936
|
|
|
—
|
|
|
—
|
|
|
14,936
|
|
|||||
Total acquisition-related obligations
|
$
|
40,450
|
|
|
$
|
42,418
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42,418
|
|
|
June 30, 2019
|
||||||||||||||
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant
Other Observable Inputs (Level 2) |
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Contingent Revenue Obligation
|
$
|
58,941
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,941
|
|
|
December 31, 2018
|
||||||||||||||
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant
Other Observable Inputs (Level 2) |
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Contingent Revenue Obligation
|
$
|
59,880
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,880
|
|
|
December 31, 2018 |
|
Payments
|
|
Measurement Period Adjustments
(1)
|
|
Loss Recognized in Earnings
|
|
Transfer In (Out) of Level 3 Fair Value Hierarchy
|
|
June 30, 2019
|
||||||||||||
Contingent Revenue Obligation
|
$
|
59,880
|
|
|
$
|
(9,627
|
)
|
|
$
|
5,738
|
|
|
$
|
2,950
|
|
|
$
|
—
|
|
|
$
|
58,941
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2019
|
||||
Interest cost
|
$
|
6,677
|
|
|
$
|
13,293
|
|
Expected return on plan assets
|
(7,015
|
)
|
|
(14,021
|
)
|
||
Amortization of net actuarial loss
|
190
|
|
|
398
|
|
||
Net periodic benefit
|
$
|
(148
|
)
|
|
$
|
(330
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
$
|
403
|
|
|
$
|
192
|
|
|
$
|
807
|
|
|
$
|
388
|
|
Interest cost
|
909
|
|
|
175
|
|
|
1,819
|
|
|
347
|
|
||||
Expected return on plan assets
|
(16
|
)
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
||||
Amortization of net actuarial loss
|
45
|
|
|
52
|
|
|
90
|
|
|
100
|
|
||||
Net periodic expense
|
$
|
1,341
|
|
|
$
|
419
|
|
|
$
|
2,684
|
|
|
$
|
835
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost
|
$
|
106
|
|
|
$
|
97
|
|
|
$
|
212
|
|
|
$
|
194
|
|
Amortization of net actuarial gain
|
(26
|
)
|
|
(11
|
)
|
|
(52
|
)
|
|
(22
|
)
|
||||
Net periodic expense
|
$
|
80
|
|
|
$
|
86
|
|
|
$
|
160
|
|
|
$
|
172
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Total revenues
|
$
|
373,470
|
|
|
$
|
73,845
|
|
|
$
|
77,134
|
|
|
$
|
131,039
|
|
|
$
|
718
|
|
|
$
|
656,206
|
|
Depreciation, depletion, and amortization
|
$
|
38,507
|
|
|
$
|
16,502
|
|
|
$
|
6,522
|
|
|
$
|
322
|
|
|
$
|
961
|
|
|
$
|
62,814
|
|
Amortization of acquired intangibles, net
|
$
|
4,915
|
|
|
$
|
749
|
|
|
$
|
—
|
|
|
$
|
(6,007
|
)
|
|
$
|
—
|
|
|
$
|
(343
|
)
|
Adjusted EBITDA
|
$
|
113,742
|
|
|
$
|
11,033
|
|
|
$
|
21,298
|
|
|
$
|
9,310
|
|
|
$
|
(14,631
|
)
|
|
$
|
140,752
|
|
Capital expenditures
|
$
|
28,106
|
|
|
$
|
5,190
|
|
|
$
|
8,204
|
|
|
$
|
—
|
|
|
$
|
1,298
|
|
|
$
|
42,798
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Total revenues
|
$
|
152,707
|
|
|
$
|
—
|
|
|
$
|
72,092
|
|
|
$
|
303,226
|
|
|
$
|
893
|
|
|
$
|
528,918
|
|
Depreciation, depletion, and amortization
|
$
|
5,742
|
|
|
$
|
—
|
|
|
$
|
5,295
|
|
|
$
|
—
|
|
|
$
|
185
|
|
|
$
|
11,222
|
|
Amortization of acquired intangibles, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,104
|
|
|
$
|
—
|
|
|
$
|
1,104
|
|
Adjusted EBITDA
|
$
|
63,148
|
|
|
$
|
—
|
|
|
$
|
8,899
|
|
|
$
|
23,428
|
|
|
$
|
(9,355
|
)
|
|
$
|
86,120
|
|
Capital expenditures
|
$
|
8,173
|
|
|
$
|
—
|
|
|
$
|
10,572
|
|
|
$
|
—
|
|
|
$
|
163
|
|
|
$
|
18,908
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Total revenues
|
$
|
719,969
|
|
|
$
|
131,452
|
|
|
$
|
148,835
|
|
|
$
|
263,642
|
|
|
$
|
1,422
|
|
|
$
|
1,265,320
|
|
Depreciation, depletion, and amortization
|
$
|
75,180
|
|
|
$
|
30,614
|
|
|
$
|
13,149
|
|
|
$
|
322
|
|
|
$
|
4,820
|
|
|
$
|
124,085
|
|
Amortization of acquired intangibles, net
|
$
|
9,701
|
|
|
$
|
1,904
|
|
|
$
|
—
|
|
|
$
|
(18,631
|
)
|
|
$
|
—
|
|
|
$
|
(7,026
|
)
|
Adjusted EBITDA
|
$
|
205,445
|
|
|
$
|
6,750
|
|
|
$
|
26,052
|
|
|
$
|
19,239
|
|
|
$
|
(33,352
|
)
|
|
$
|
224,134
|
|
Capital expenditures
|
$
|
57,692
|
|
|
$
|
7,659
|
|
|
$
|
16,203
|
|
|
$
|
—
|
|
|
$
|
2,328
|
|
|
$
|
83,882
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Total revenues
|
$
|
287,543
|
|
|
$
|
—
|
|
|
$
|
135,229
|
|
|
$
|
586,245
|
|
|
$
|
2,233
|
|
|
$
|
1,011,250
|
|
Depreciation, depletion, and amortization
|
$
|
11,978
|
|
|
$
|
—
|
|
|
$
|
10,463
|
|
|
$
|
—
|
|
|
$
|
369
|
|
|
$
|
22,810
|
|
Amortization of acquired intangibles, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,310
|
|
|
$
|
—
|
|
|
$
|
11,310
|
|
Adjusted EBITDA
|
$
|
121,068
|
|
|
$
|
—
|
|
|
$
|
18,189
|
|
|
$
|
66,186
|
|
|
$
|
(20,323
|
)
|
|
$
|
185,120
|
|
Capital expenditures
|
$
|
15,845
|
|
|
$
|
—
|
|
|
$
|
22,341
|
|
|
$
|
—
|
|
|
$
|
163
|
|
|
$
|
38,349
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
60,890
|
|
|
$
|
(8,895
|
)
|
|
$
|
13,771
|
|
|
$
|
14,673
|
|
|
$
|
(56,139
|
)
|
|
$
|
24,300
|
|
Interest expense
|
194
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
15,877
|
|
|
16,077
|
|
||||||
Interest income
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(1,870
|
)
|
|
(1,885
|
)
|
||||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
||||||
Depreciation, depletion and amortization
|
38,507
|
|
|
16,502
|
|
|
6,522
|
|
|
322
|
|
|
961
|
|
|
62,814
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
||||||
Non-cash stock compensation expense
|
54
|
|
|
5
|
|
|
—
|
|
|
322
|
|
|
(927
|
)
|
|
(546
|
)
|
||||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,014
|
|
|
1,014
|
|
||||||
Accretion on asset retirement obligations
|
2,327
|
|
|
2,666
|
|
|
1,016
|
|
|
—
|
|
|
838
|
|
|
6,847
|
|
||||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
||||||
Asset impairment
(1)
|
5,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,826
|
|
||||||
Cost impact of coal inventory fair value adjustment
(2)
|
1,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,033
|
|
||||||
Amortization of acquired intangibles, net
|
4,915
|
|
|
749
|
|
|
—
|
|
|
(6,007
|
)
|
|
—
|
|
|
(343
|
)
|
||||||
Adjusted EBITDA
|
$
|
113,742
|
|
|
$
|
11,033
|
|
|
$
|
21,298
|
|
|
$
|
9,310
|
|
|
$
|
(14,631
|
)
|
|
$
|
140,752
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
73,140
|
|
|
$
|
—
|
|
|
$
|
3,090
|
|
|
$
|
22,342
|
|
|
$
|
(23,930
|
)
|
|
$
|
74,642
|
|
Interest expense
|
3
|
|
|
—
|
|
|
(417
|
)
|
|
—
|
|
|
9,193
|
|
|
8,779
|
|
||||||
Interest income
|
(6
|
)
|
|
—
|
|
|
(10
|
)
|
|
(18
|
)
|
|
(157
|
)
|
|
(191
|
)
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
||||||
Depreciation, depletion and amortization
|
5,742
|
|
|
—
|
|
|
5,295
|
|
|
—
|
|
|
185
|
|
|
11,222
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,423
|
|
|
3,423
|
|
||||||
Non-cash stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,876
|
|
|
1,876
|
|
||||||
Gain on sale of disposal group
(1)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
||||||
Accretion on asset retirement obligations
|
655
|
|
|
—
|
|
|
941
|
|
|
—
|
|
|
—
|
|
|
1,596
|
|
||||||
Amortization of acquired intangibles, net
|
—
|
|
|
—
|
|
|
—
|
|
|
1,104
|
|
|
—
|
|
|
1,104
|
|
||||||
Adjusted EBITDA
|
$
|
63,148
|
|
|
$
|
—
|
|
|
$
|
8,899
|
|
|
$
|
23,428
|
|
|
$
|
(9,355
|
)
|
|
$
|
86,120
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
114,025
|
|
|
$
|
(34,024
|
)
|
|
$
|
10,892
|
|
|
$
|
36,940
|
|
|
$
|
(95,543
|
)
|
|
$
|
32,290
|
|
Interest expense
|
222
|
|
|
10
|
|
|
1
|
|
|
—
|
|
|
30,999
|
|
|
31,232
|
|
||||||
Interest income
|
(8
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(3,790
|
)
|
|
(3,821
|
)
|
||||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,778
|
)
|
|
(5,778
|
)
|
||||||
Depreciation, depletion and amortization
|
75,180
|
|
|
30,614
|
|
|
13,149
|
|
|
322
|
|
|
4,820
|
|
|
124,085
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
987
|
|
|
987
|
|
||||||
Non-cash stock compensation expense
|
171
|
|
|
57
|
|
|
—
|
|
|
608
|
|
|
3,889
|
|
|
4,725
|
|
||||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,950
|
|
|
2,950
|
|
||||||
Accretion on asset retirement obligations
|
4,660
|
|
|
4,731
|
|
|
2,033
|
|
|
—
|
|
|
1,655
|
|
|
13,079
|
|
||||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
||||||
Asset impairment
(1)
|
5,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,826
|
|
||||||
Cost impact of coal inventory fair value adjustment
(2)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
||||||
Gain on assets acquired in an exchange transaction
(3)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
||||||
Amortization of acquired intangibles, net
|
9,701
|
|
|
1,904
|
|
|
—
|
|
|
(18,631
|
)
|
|
—
|
|
|
(7,026
|
)
|
||||||
Adjusted EBITDA
|
$
|
205,445
|
|
|
$
|
6,750
|
|
|
$
|
26,052
|
|
|
$
|
19,239
|
|
|
$
|
(33,352
|
)
|
|
$
|
224,134
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
123,000
|
|
|
$
|
—
|
|
|
$
|
6,205
|
|
|
$
|
54,894
|
|
|
$
|
(51,157
|
)
|
|
$
|
132,942
|
|
Interest expense
|
312
|
|
|
—
|
|
|
(349
|
)
|
|
—
|
|
|
18,021
|
|
|
17,984
|
|
||||||
Interest income
|
(10
|
)
|
|
—
|
|
|
(12
|
)
|
|
(18
|
)
|
|
(282
|
)
|
|
(322
|
)
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
121
|
|
||||||
Depreciation, depletion and amortization
|
11,978
|
|
|
—
|
|
|
10,463
|
|
|
—
|
|
|
369
|
|
|
22,810
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,883
|
|
|
3,883
|
|
||||||
Management restructuring costs
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,659
|
|
|
2,659
|
|
||||||
Non-cash stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,355
|
|
|
6,355
|
|
||||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
(292
|
)
|
||||||
Gain on sale of disposal group
(2)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
||||||
Accretion on asset retirement obligations
|
2,174
|
|
|
—
|
|
|
1,882
|
|
|
—
|
|
|
—
|
|
|
4,056
|
|
||||||
Amortization of acquired intangibles, net
|
—
|
|
|
—
|
|
|
—
|
|
|
11,310
|
|
|
—
|
|
|
11,310
|
|
||||||
Adjusted EBITDA
|
$
|
121,068
|
|
|
$
|
—
|
|
|
$
|
18,189
|
|
|
$
|
66,186
|
|
|
$
|
(20,323
|
)
|
|
$
|
185,120
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total coal revenues
|
$
|
653,828
|
|
|
$
|
525,168
|
|
|
$
|
1,260,788
|
|
|
$
|
1,003,533
|
|
Export coal revenues
(1)
|
$
|
362,838
|
|
|
$
|
461,490
|
|
|
$
|
706,144
|
|
|
$
|
883,045
|
|
Export coal revenues as % of total coal revenues
|
55
|
%
|
|
88
|
%
|
|
56
|
%
|
|
88
|
%
|
•
|
Coal Quality.
The energy content or heat value of thermal coal is a significant factor influencing coal prices as higher energy coal is more desirable to consumers and typically commands a higher price in the market. The heat value of coal is commonly measured in British thermal units or the amount of heat needed to raise the temperature of one pound of water by one degree Fahrenheit. Coal from the eastern and midwest regions of the United States tends to have a higher heat value than coal found in the western United States. Coal volatility is a significant factor influencing met coal pricing as coal with a lower volatility has historically been more highly valued and typically commands a higher price in the market. The volatility refers to the loss in mass, less moisture, when coal is heated in the absence of air. The volatility of met coal determines the percentage of feed coal that actually becomes coke, known as coke yield, with lower volatility producing a higher coke yield.
|
•
|
Market Conventions.
Coal sales contracts are priced according to conventions specific to the market into which such coal is to be sold. Our domestic sales contracts are typically priced free on board (“FOB”) at our mines and on a short ton basis. Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis. Accordingly, for international sales contracts, we typically bear the cost of transportation from our mines to the applicable outbound shipping port, and our coal sales realization per ton calculation reflects the conversion of such tonnage from metric tons into short tons, as well as the elimination of the freight and handling fulfillment component of coal sales revenue. In addition, for domestic sales contracts, as customers typically bear the cost of transportation from our mines, our operations located further away from the end user of the coal may command lower prices.
|
•
|
Regional Supply and Demand.
Our realized price per ton is influenced by market forces of the regional market into which such coal is to be sold. Market pricing may vary according to region and lead to different discounts or premiums to the most directly comparable benchmark price for such coal product.
|
|
Three Months Ended June 30, 2019
|
||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
||||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
||||||||
Cost of produced coal sold
|
$
|
232,239
|
|
|
$
|
58,738
|
|
|
$
|
53,906
|
|
|
$
|
—
|
|
Cost of purchased coal sold
|
24,406
|
|
|
2,443
|
|
|
—
|
|
|
—
|
|
||||
Cost impact of coal inventory fair value adjustment
(1)
|
1,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Idle and closed mine costs
|
2,496
|
|
|
561
|
|
|
733
|
|
|
678
|
|
||||
Total cost of coal sales
|
$
|
260,174
|
|
|
$
|
61,742
|
|
|
$
|
54,639
|
|
|
$
|
678
|
|
Tons sold
|
3,060
|
|
|
1,189
|
|
|
1,747
|
|
|
—
|
|
||||
Cost of coal sales per ton
|
$
|
85.02
|
|
|
$
|
51.93
|
|
|
$
|
31.28
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Total cost of coal sales
|
$
|
260,174
|
|
|
$
|
61,742
|
|
|
$
|
54,639
|
|
|
$
|
678
|
|
Less: cost of purchased coal sold
|
(24,406
|
)
|
|
(2,443
|
)
|
|
—
|
|
|
—
|
|
||||
Less: cost impact of coal inventory fair value adjustment
|
(1,033
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Less: idle and closed mine costs
|
(2,496
|
)
|
|
(561
|
)
|
|
(733
|
)
|
|
(678
|
)
|
||||
Cost of produced coal sold
|
$
|
232,239
|
|
|
$
|
58,738
|
|
|
$
|
53,906
|
|
|
$
|
—
|
|
Produced tons sold
|
2,819
|
|
|
1,144
|
|
|
1,747
|
|
|
—
|
|
||||
Cost of produced coal sold per ton
|
$
|
82.38
|
|
|
$
|
51.34
|
|
|
$
|
30.86
|
|
|
$
|
—
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
||||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
||||||||
Cost of produced coal sold
|
$
|
79,778
|
|
|
$
|
—
|
|
|
$
|
62,514
|
|
|
$
|
—
|
|
Cost of purchased coal sold
|
8,420
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Idle and closed mine costs
|
1,050
|
|
|
—
|
|
|
914
|
|
|
—
|
|
||||
Total cost of coal sales
|
$
|
89,248
|
|
|
$
|
—
|
|
|
$
|
63,428
|
|
|
$
|
—
|
|
Tons sold
|
1,184
|
|
|
—
|
|
|
1,572
|
|
|
—
|
|
||||
Cost of coal sales per ton
|
$
|
75.38
|
|
|
$
|
—
|
|
|
$
|
40.35
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Total cost of coal sales
|
$
|
89,248
|
|
|
$
|
—
|
|
|
$
|
63,428
|
|
|
$
|
—
|
|
Less: cost of purchased coal sold
|
(8,420
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Less: idle and closed mine costs
|
(1,050
|
)
|
|
—
|
|
|
(914
|
)
|
|
—
|
|
||||
Cost of produced coal sold
|
$
|
79,778
|
|
|
$
|
—
|
|
|
$
|
62,514
|
|
|
$
|
—
|
|
Produced tons sold
|
1,102
|
|
|
—
|
|
|
1,572
|
|
|
—
|
|
||||
Cost of produced coal sold per ton
|
$
|
72.39
|
|
|
$
|
—
|
|
|
$
|
39.77
|
|
|
$
|
—
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
||||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
||||||||
Cost of produced coal sold
|
$
|
458,276
|
|
|
$
|
117,136
|
|
|
$
|
119,964
|
|
|
$
|
—
|
|
Cost of purchased coal sold
|
52,763
|
|
|
5,327
|
|
|
—
|
|
|
—
|
|
||||
Cost impact of coal inventory fair value adjustment
(1)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
||||
Idle and closed mine costs
|
4,127
|
|
|
910
|
|
|
1,562
|
|
|
2,178
|
|
||||
Total cost of coal sales
|
$
|
519,917
|
|
|
$
|
126,831
|
|
|
$
|
121,526
|
|
|
$
|
2,178
|
|
Tons sold
|
5,856
|
|
|
2,181
|
|
|
3,399
|
|
|
—
|
|
||||
Cost of coal sales per ton
|
$
|
88.78
|
|
|
$
|
58.15
|
|
|
$
|
35.75
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Total cost of coal sales
|
$
|
519,917
|
|
|
$
|
126,831
|
|
|
$
|
121,526
|
|
|
$
|
2,178
|
|
Less: cost of purchased coal sold
|
(52,763
|
)
|
|
(5,327
|
)
|
|
—
|
|
|
—
|
|
||||
Less: cost impact of coal inventory fair value adjustment
|
(4,751
|
)
|
|
(3,458
|
)
|
|
—
|
|
|
—
|
|
||||
Less: idle and closed mine costs
|
(4,127
|
)
|
|
(910
|
)
|
|
(1,562
|
)
|
|
(2,178
|
)
|
||||
Cost of produced coal sold
|
$
|
458,276
|
|
|
$
|
117,136
|
|
|
$
|
119,964
|
|
|
$
|
—
|
|
Produced tons sold
|
5,390
|
|
|
2,088
|
|
|
3,399
|
|
|
—
|
|
||||
Cost of produced coal sold per ton
|
$
|
85.02
|
|
|
$
|
56.10
|
|
|
$
|
35.29
|
|
|
$
|
—
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
||||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
||||||||
Cost of produced coal sold
|
$
|
146,491
|
|
|
$
|
—
|
|
|
$
|
115,518
|
|
|
$
|
—
|
|
Cost of purchased coal sold
|
17,469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Idle and closed mine costs
|
2,036
|
|
|
—
|
|
|
1,716
|
|
|
—
|
|
||||
Total cost of coal sales
|
$
|
165,996
|
|
|
$
|
—
|
|
|
$
|
117,234
|
|
|
$
|
—
|
|
Tons sold
|
2,138
|
|
|
—
|
|
|
2,986
|
|
|
—
|
|
||||
Cost of coal sales per ton
|
$
|
77.64
|
|
|
$
|
—
|
|
|
$
|
39.26
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Total cost of coal sales
|
$
|
165,996
|
|
|
$
|
—
|
|
|
$
|
117,234
|
|
|
$
|
—
|
|
Less: cost of purchased coal sold
|
(17,469
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Less: idle and closed mine costs
|
(2,036
|
)
|
|
—
|
|
|
(1,716
|
)
|
|
—
|
|
||||
Cost of produced coal sold
|
$
|
146,491
|
|
|
$
|
—
|
|
|
$
|
115,518
|
|
|
$
|
—
|
|
Produced tons sold
|
1,982
|
|
|
—
|
|
|
2,986
|
|
|
—
|
|
||||
Cost of produced coal sold per ton
|
$
|
73.91
|
|
|
$
|
—
|
|
|
$
|
38.69
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$ or Tons
|
|
%
|
|||||||
Coal revenues
|
$
|
653,828
|
|
|
$
|
525,168
|
|
|
$
|
128,660
|
|
|
24.5
|
%
|
Other revenues
|
2,378
|
|
|
3,750
|
|
|
(1,372
|
)
|
|
(36.6
|
)%
|
|||
Total revenues
|
$
|
656,206
|
|
|
$
|
528,918
|
|
|
$
|
127,288
|
|
|
24.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
Tons sold
|
6,365
|
|
|
4,385
|
|
|
1,980
|
|
|
45.2
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Cost of coal sales (exclusive of items shown separately below)
|
$
|
496,746
|
|
|
$
|
431,304
|
|
|
$
|
65,442
|
|
|
15.2
|
%
|
Depreciation, depletion and amortization
|
62,814
|
|
|
11,222
|
|
|
51,592
|
|
|
459.7
|
%
|
|||
Accretion on asset retirement obligations
|
6,847
|
|
|
1,596
|
|
|
5,251
|
|
|
329.0
|
%
|
|||
Amortization of acquired intangibles, net
|
(343
|
)
|
|
1,104
|
|
|
(1,447
|
)
|
|
(131.1
|
)%
|
|||
Asset impairment
|
5,826
|
|
|
—
|
|
|
5,826
|
|
|
100.0
|
%
|
|||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
14,783
|
|
|
11,951
|
|
|
2,832
|
|
|
23.7
|
%
|
|||
Merger related costs
|
156
|
|
|
3,423
|
|
|
(3,267
|
)
|
|
(95.4
|
)%
|
|||
Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
|||||
Mark-to-market adjustment for acquisition-related obligations
|
1,014
|
|
|
—
|
|
|
1,014
|
|
|
100.0
|
%
|
|||
Other expenses (income)
|
1,414
|
|
|
(16,407
|
)
|
|
17,821
|
|
|
108.6
|
%
|
|||
Total costs and expenses
|
$
|
589,257
|
|
|
$
|
444,193
|
|
|
$
|
145,064
|
|
|
32.7
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(16,077
|
)
|
|
$
|
(8,779
|
)
|
|
$
|
(7,298
|
)
|
|
(83.1
|
)%
|
Interest income
|
1,885
|
|
|
191
|
|
|
1,694
|
|
|
886.9
|
%
|
|||
Loss on modification and extinguishment of debt
|
(26,459
|
)
|
|
—
|
|
|
(26,459
|
)
|
|
(100.0
|
)%
|
|||
Equity loss in affiliates
|
(2,475
|
)
|
|
(1,170
|
)
|
|
(1,305
|
)
|
|
(111.5
|
)%
|
|||
Miscellaneous loss, net
|
(523
|
)
|
|
(270
|
)
|
|
(253
|
)
|
|
(93.7
|
)%
|
|||
Total other expense, net
|
$
|
(43,649
|
)
|
|
$
|
(10,028
|
)
|
|
$
|
(33,621
|
)
|
|
(335.3
|
)%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Income tax benefit (expense)
|
$
|
1,000
|
|
|
$
|
(55
|
)
|
|
$
|
1,055
|
|
|
1,918.2
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
Tons
|
|
%
|
||||
Tons sold:
|
|
|
|
|
|
|
|
||||
CAPP - Met operations
|
3,060
|
|
|
1,184
|
|
|
1,876
|
|
|
158.4
|
%
|
CAPP - Thermal operations
|
1,189
|
|
|
—
|
|
|
1,189
|
|
|
100.0
|
%
|
NAPP operations
|
1,747
|
|
|
1,572
|
|
|
175
|
|
|
11.1
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Coal revenues:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
372,863
|
|
|
$
|
152,154
|
|
|
$
|
220,709
|
|
|
145.1
|
%
|
CAPP - Thermal operations
|
$
|
73,511
|
|
|
$
|
—
|
|
|
$
|
73,511
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
76,239
|
|
|
$
|
70,708
|
|
|
$
|
5,531
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|||||||
Coal sales realization per ton:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
121.85
|
|
|
$
|
128.51
|
|
|
$
|
(6.66
|
)
|
|
(5.2
|
)%
|
CAPP - Thermal operations
|
$
|
61.83
|
|
|
$
|
—
|
|
|
$
|
61.83
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
43.64
|
|
|
$
|
44.98
|
|
|
$
|
(1.34
|
)
|
|
(3.0
|
)%
|
Average
|
$
|
87.16
|
|
|
$
|
80.86
|
|
|
$
|
6.30
|
|
|
7.8
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
260,174
|
|
|
$
|
89,248
|
|
|
$
|
170,926
|
|
|
191.5
|
%
|
CAPP - Thermal operations
|
$
|
61,742
|
|
|
$
|
—
|
|
|
$
|
61,742
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
54,639
|
|
|
$
|
63,428
|
|
|
$
|
(8,789
|
)
|
|
(13.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of coal sales per ton:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
85.02
|
|
|
$
|
75.38
|
|
|
$
|
9.64
|
|
|
12.8
|
%
|
CAPP - Thermal operations
|
$
|
51.93
|
|
|
$
|
—
|
|
|
$
|
51.93
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
31.28
|
|
|
$
|
40.35
|
|
|
$
|
(9.07
|
)
|
|
(22.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Coal margin per ton
(1)
:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
36.83
|
|
|
$
|
53.13
|
|
|
$
|
(16.30
|
)
|
|
(30.7
|
)%
|
CAPP - Thermal operations
|
$
|
9.90
|
|
|
$
|
—
|
|
|
$
|
9.90
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
12.36
|
|
|
$
|
4.63
|
|
|
$
|
7.73
|
|
|
167.0
|
%
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
(2)
|
|
$ or Tons
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Tons sold
|
369
|
|
|
1,629
|
|
|
(1,260
|
)
|
|
(77.3
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal revenues
|
$
|
131,215
|
|
|
$
|
302,306
|
|
|
$
|
(171,091
|
)
|
|
(56.6
|
)%
|
Less: cost of coal sales
|
119,513
|
|
|
278,628
|
|
|
(159,115
|
)
|
|
(57.1
|
)%
|
|||
Trading and Logistics margin
(1)
|
$
|
11,702
|
|
|
$
|
23,678
|
|
|
$
|
(11,976
|
)
|
|
(50.6
|
)%
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
60,890
|
|
|
$
|
(8,895
|
)
|
|
$
|
13,771
|
|
|
$
|
14,673
|
|
|
$
|
(56,139
|
)
|
|
$
|
24,300
|
|
Interest expense
|
194
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
15,877
|
|
|
16,077
|
|
||||||
Interest income
|
(4
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(1,870
|
)
|
|
(1,885
|
)
|
||||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
||||||
Depreciation, depletion and amortization
|
38,507
|
|
|
16,502
|
|
|
6,522
|
|
|
322
|
|
|
961
|
|
|
62,814
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
156
|
|
||||||
Non-cash stock compensation expense
|
54
|
|
|
5
|
|
|
—
|
|
|
322
|
|
|
(927
|
)
|
|
(546
|
)
|
||||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,014
|
|
|
1,014
|
|
||||||
Accretion on asset retirement obligations
|
2,327
|
|
|
2,666
|
|
|
1,016
|
|
|
—
|
|
|
838
|
|
|
6,847
|
|
||||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
||||||
Asset impairment
(1)
|
5,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,826
|
|
||||||
Cost impact of coal inventory fair value adjustment
(2)
|
1,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,033
|
|
||||||
Amortization of acquired intangibles, net
|
4,915
|
|
|
749
|
|
|
—
|
|
|
(6,007
|
)
|
|
—
|
|
|
(343
|
)
|
||||||
Adjusted EBITDA
|
$
|
113,742
|
|
|
$
|
11,033
|
|
|
$
|
21,298
|
|
|
$
|
9,310
|
|
|
$
|
(14,631
|
)
|
|
$
|
140,752
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
73,140
|
|
|
$
|
—
|
|
|
$
|
3,090
|
|
|
$
|
22,342
|
|
|
$
|
(23,930
|
)
|
|
$
|
74,642
|
|
Interest expense
|
3
|
|
|
—
|
|
|
(417
|
)
|
|
—
|
|
|
9,193
|
|
|
8,779
|
|
||||||
Interest income
|
(6
|
)
|
|
—
|
|
|
(10
|
)
|
|
(18
|
)
|
|
(157
|
)
|
|
(191
|
)
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
55
|
|
||||||
Depreciation, depletion and amortization
|
5,742
|
|
|
—
|
|
|
5,295
|
|
|
—
|
|
|
185
|
|
|
11,222
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,423
|
|
|
3,423
|
|
||||||
Non-cash stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,876
|
|
|
1,876
|
|
||||||
Gain on sale of disposal group
(1)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
||||||
Accretion on asset retirement obligations
|
655
|
|
|
—
|
|
|
941
|
|
|
—
|
|
|
—
|
|
|
1,596
|
|
||||||
Amortization of acquired intangibles, net
|
—
|
|
|
—
|
|
|
—
|
|
|
1,104
|
|
|
—
|
|
|
1,104
|
|
||||||
Adjusted EBITDA
|
$
|
63,148
|
|
|
$
|
—
|
|
|
$
|
8,899
|
|
|
$
|
23,428
|
|
|
$
|
(9,355
|
)
|
|
$
|
86,120
|
|
|
Three Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
113,742
|
|
|
$
|
63,148
|
|
|
$
|
50,594
|
|
|
80.1
|
%
|
CAPP - Thermal operations
|
11,033
|
|
|
—
|
|
|
11,033
|
|
|
100.0
|
%
|
|||
NAPP operations
|
21,298
|
|
|
8,899
|
|
|
12,399
|
|
|
139.3
|
%
|
|||
Trading and Logistics operations
|
9,310
|
|
|
23,428
|
|
|
(14,118
|
)
|
|
(60.3
|
)%
|
|||
All Other
|
(14,631
|
)
|
|
(9,355
|
)
|
|
(5,276
|
)
|
|
(56.4
|
)%
|
|||
Total
|
$
|
140,752
|
|
|
$
|
86,120
|
|
|
$
|
54,632
|
|
|
63.4
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$ or Tons
|
|
%
|
|||||||
Coal revenues
|
$
|
1,260,788
|
|
|
$
|
1,003,533
|
|
|
$
|
257,255
|
|
|
25.6
|
%
|
Other revenues
|
4,532
|
|
|
7,717
|
|
|
(3,185
|
)
|
|
(41.3
|
)%
|
|||
Total revenues
|
$
|
1,265,320
|
|
|
$
|
1,011,250
|
|
|
$
|
254,070
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|||||||
Tons sold
|
12,252
|
|
|
8,202
|
|
|
4,050
|
|
|
49.4
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Cost of coal sales (exclusive of items shown separately below)
|
$
|
1,012,440
|
|
|
$
|
802,048
|
|
|
$
|
210,392
|
|
|
26.2
|
%
|
Depreciation, depletion and amortization
|
124,085
|
|
|
22,810
|
|
|
101,275
|
|
|
444.0
|
%
|
|||
Accretion on asset retirement obligations
|
13,079
|
|
|
4,056
|
|
|
9,023
|
|
|
222.5
|
%
|
|||
Amortization of acquired intangibles, net
|
(7,026
|
)
|
|
11,310
|
|
|
(18,336
|
)
|
|
(162.1
|
)%
|
|||
Asset impairment
|
5,826
|
|
|
—
|
|
|
5,826
|
|
|
100.0
|
%
|
|||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
35,734
|
|
|
31,108
|
|
|
4,626
|
|
|
14.9
|
%
|
|||
Merger related costs
|
987
|
|
|
3,883
|
|
|
(2,896
|
)
|
|
(74.6
|
)%
|
|||
Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
|||||
Mark-to-market adjustment for acquisition-related obligations
|
2,950
|
|
|
—
|
|
|
2,950
|
|
|
100.0
|
%
|
|||
Other income
|
(7,485
|
)
|
|
(16,506
|
)
|
|
9,021
|
|
|
54.7
|
%
|
|||
Total costs and expenses
|
$
|
1,180,590
|
|
|
$
|
858,709
|
|
|
$
|
321,881
|
|
|
37.5
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(31,232
|
)
|
|
$
|
(17,984
|
)
|
|
$
|
(13,248
|
)
|
|
(73.7
|
)%
|
Interest income
|
3,821
|
|
|
322
|
|
|
3,499
|
|
|
1,086.6
|
%
|
|||
Loss on modification and extinguishment of debt
|
(26,459
|
)
|
|
—
|
|
|
(26,459
|
)
|
|
(100.0
|
)%
|
|||
Equity loss in affiliates
|
(2,959
|
)
|
|
(1,233
|
)
|
|
(1,726
|
)
|
|
(140.0
|
)%
|
|||
Miscellaneous loss, net
|
(1,389
|
)
|
|
(583
|
)
|
|
(806
|
)
|
|
(138.3
|
)%
|
|||
Total other expense, net
|
$
|
(58,218
|
)
|
|
$
|
(19,478
|
)
|
|
$
|
(38,740
|
)
|
|
(198.9
|
)%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Income tax benefit (expense)
|
$
|
5,778
|
|
|
$
|
(121
|
)
|
|
$
|
5,899
|
|
|
4,875.2
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
Tons
|
|
%
|
||||
Tons sold:
|
|
|
|
|
|
|
|
||||
CAPP - Met operations
|
5,856
|
|
|
2,138
|
|
|
3,718
|
|
|
173.9
|
%
|
CAPP - Thermal operations
|
2,181
|
|
|
—
|
|
|
2,181
|
|
|
100.0
|
%
|
NAPP operations
|
3,399
|
|
|
2,986
|
|
|
413
|
|
|
13.8
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Coal revenues:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
718,684
|
|
|
$
|
286,723
|
|
|
$
|
431,961
|
|
|
150.7
|
%
|
CAPP - Thermal operations
|
$
|
130,826
|
|
|
$
|
—
|
|
|
$
|
130,826
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
147,094
|
|
|
$
|
132,166
|
|
|
$
|
14,928
|
|
|
11.3
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Coal sales realization per ton:
|
|
|
|
|
|
|
|
|
||||||
CAPP - Met operations
|
$
|
122.73
|
|
|
$
|
134.11
|
|
|
$
|
(11.38
|
)
|
|
(8.5
|
)%
|
CAPP - Thermal operations
|
$
|
59.98
|
|
|
$
|
—
|
|
|
$
|
59.98
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
43.28
|
|
|
$
|
44.26
|
|
|
$
|
(0.98
|
)
|
|
(2.2
|
)%
|
Average
|
$
|
87.15
|
|
|
$
|
81.75
|
|
|
$
|
5.40
|
|
|
6.6
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Cost of coal sales:
|
|
|
|
|
|
|
|
|
||||||
CAPP - Met operations
|
$
|
519,917
|
|
|
$
|
165,996
|
|
|
$
|
353,921
|
|
|
213.2
|
%
|
CAPP - Thermal operations
|
$
|
126,831
|
|
|
$
|
—
|
|
|
$
|
126,831
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
121,526
|
|
|
$
|
117,234
|
|
|
$
|
4,292
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Cost of coal sales per ton:
|
|
|
|
|
|
|
|
|
||||||
CAPP - Met operations
|
$
|
88.78
|
|
|
$
|
77.64
|
|
|
$
|
11.14
|
|
|
14.3
|
%
|
CAPP - Thermal operations
|
$
|
58.15
|
|
|
$
|
—
|
|
|
$
|
58.15
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
35.75
|
|
|
$
|
39.26
|
|
|
$
|
(3.51
|
)
|
|
(8.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Coal margin per ton
(1)
:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
33.95
|
|
|
$
|
56.47
|
|
|
$
|
(22.52
|
)
|
|
(39.9
|
)%
|
CAPP - Thermal operations
|
$
|
1.83
|
|
|
$
|
—
|
|
|
$
|
1.83
|
|
|
100.0
|
%
|
NAPP operations
|
$
|
7.53
|
|
|
$
|
5.00
|
|
|
$
|
2.53
|
|
|
50.6
|
%
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
(2)
|
|
$ or Tons
|
|
%
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Tons sold
|
816
|
|
|
3,078
|
|
|
(2,262
|
)
|
|
(73.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Coal revenues
|
$
|
264,184
|
|
|
$
|
584,644
|
|
|
$
|
(320,460
|
)
|
|
(54.8
|
)%
|
Less: cost of coal sales
|
241,988
|
|
|
518,818
|
|
|
(276,830
|
)
|
|
(53.4
|
)%
|
|||
Trading and Logistics margin
(1)
|
$
|
22,196
|
|
|
$
|
65,826
|
|
|
$
|
(43,630
|
)
|
|
(66.3
|
)%
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
114,025
|
|
|
$
|
(34,024
|
)
|
|
$
|
10,892
|
|
|
$
|
36,940
|
|
|
$
|
(95,543
|
)
|
|
$
|
32,290
|
|
Interest expense
|
222
|
|
|
10
|
|
|
1
|
|
|
—
|
|
|
30,999
|
|
|
31,232
|
|
||||||
Interest income
|
(8
|
)
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(3,790
|
)
|
|
(3,821
|
)
|
||||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,778
|
)
|
|
(5,778
|
)
|
||||||
Depreciation, depletion and amortization
|
75,180
|
|
|
30,614
|
|
|
13,149
|
|
|
322
|
|
|
4,820
|
|
|
124,085
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
987
|
|
|
987
|
|
||||||
Non-cash stock compensation expense
|
171
|
|
|
57
|
|
|
—
|
|
|
608
|
|
|
3,889
|
|
|
4,725
|
|
||||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,950
|
|
|
2,950
|
|
||||||
Accretion on asset retirement obligations
|
4,660
|
|
|
4,731
|
|
|
2,033
|
|
|
—
|
|
|
1,655
|
|
|
13,079
|
|
||||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
||||||
Asset impairment
(1)
|
5,826
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,826
|
|
||||||
Cost impact of coal inventory fair value adjustment
(2)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
||||||
Gain on assets acquired in an exchange transaction
(3)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
||||||
Amortization of acquired intangibles, net
|
9,701
|
|
|
1,904
|
|
|
—
|
|
|
(18,631
|
)
|
|
—
|
|
|
(7,026
|
)
|
||||||
Adjusted EBITDA
|
$
|
205,445
|
|
|
$
|
6,750
|
|
|
$
|
26,052
|
|
|
$
|
19,239
|
|
|
$
|
(33,352
|
)
|
|
$
|
224,134
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
Trading and Logistics
|
|
All Other
|
|
Consolidated
|
||||||||||||
Net income (loss) from continuing operations
|
$
|
123,000
|
|
|
$
|
—
|
|
|
$
|
6,205
|
|
|
$
|
54,894
|
|
|
$
|
(51,157
|
)
|
|
$
|
132,942
|
|
Interest expense
|
312
|
|
|
—
|
|
|
(349
|
)
|
|
—
|
|
|
18,021
|
|
|
17,984
|
|
||||||
Interest income
|
(10
|
)
|
|
—
|
|
|
(12
|
)
|
|
(18
|
)
|
|
(282
|
)
|
|
(322
|
)
|
||||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
121
|
|
||||||
Depreciation, depletion and amortization
|
11,978
|
|
|
—
|
|
|
10,463
|
|
|
—
|
|
|
369
|
|
|
22,810
|
|
||||||
Merger related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,883
|
|
|
3,883
|
|
||||||
Management restructuring costs
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,659
|
|
|
2,659
|
|
||||||
Non-cash stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,355
|
|
|
6,355
|
|
||||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
(292
|
)
|
||||||
Gain on sale of disposal group
(2)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
||||||
Accretion on asset retirement obligations
|
2,174
|
|
|
—
|
|
|
1,882
|
|
|
—
|
|
|
—
|
|
|
4,056
|
|
||||||
Amortization of acquired intangibles, net
|
—
|
|
|
—
|
|
|
—
|
|
|
11,310
|
|
|
—
|
|
|
11,310
|
|
||||||
Adjusted EBITDA
|
$
|
121,068
|
|
|
$
|
—
|
|
|
$
|
18,189
|
|
|
$
|
66,186
|
|
|
$
|
(20,323
|
)
|
|
$
|
185,120
|
|
|
Six Months Ended June 30,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
205,445
|
|
|
$
|
121,068
|
|
|
$
|
84,377
|
|
|
69.7
|
%
|
CAPP - Thermal operations
|
6,750
|
|
|
—
|
|
|
6,750
|
|
|
100.0
|
%
|
|||
NAPP operations
|
26,052
|
|
|
18,189
|
|
|
7,863
|
|
|
43.2
|
%
|
|||
Trading and Logistics operations
|
19,239
|
|
|
66,186
|
|
|
(46,947
|
)
|
|
(70.9
|
)%
|
|||
All Other
|
(33,352
|
)
|
|
(20,323
|
)
|
|
(13,029
|
)
|
|
(64.1
|
)%
|
|||
Total
|
$
|
224,134
|
|
|
$
|
185,120
|
|
|
$
|
39,014
|
|
|
21.1
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows (in thousands):
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
117,133
|
|
|
$
|
115,606
|
|
Net cash used in investing activities
|
(76,131
|
)
|
|
(50,106
|
)
|
||
Net cash used in financing activities
|
(17,774
|
)
|
|
(13,288
|
)
|
||
Net increase in cash and cash equivalents and restricted cash
|
$
|
23,228
|
|
|
$
|
52,212
|
|
(in thousands)
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
After 2023
|
|
Total
|
||||||||||||||
Contingent revenue obligation
|
$
|
—
|
|
|
$
|
16,029
|
|
|
$
|
16,915
|
|
|
$
|
17,054
|
|
|
$
|
16,182
|
|
|
$
|
—
|
|
|
$
|
66,180
|
|
(in thousands)
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
After 2023
|
|
Total
|
||||||||||||||
Asset retirement obligation
|
$
|
15,716
|
|
|
$
|
24,674
|
|
|
$
|
75,686
|
|
|
$
|
80,417
|
|
|
$
|
66,394
|
|
|
$
|
663,323
|
|
|
$
|
926,210
|
|
|
Total Number
of Shares
Purchased
(1)
|
|
Average Price
Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Programs
|
|
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Programs
|
||||||
April 1, 2019 through April 30, 2019
|
11,959
|
|
|
$
|
58.79
|
|
|
—
|
|
|
$
|
—
|
|
May 1, 2019 through May 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
June 1, 2019 through June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
11,959
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
CONTURA ENERGY, INC.
|
|
Date: August 14, 2019
|
By:
|
/s/ Charles Andrew Eidson
|
|
Name:
|
Charles Andrew Eidson
|
|
Title:
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Exhibit No.
|
Description of Exhibit
|
3.1
|
|
3.2
|
|
10.1
|
|
10.2
|
|
10.3
|
|
31*
|
|
32*
|
|
95*
|
|
101.INS*
|
XBRL instance document
|
101.SCH*
|
XBRL taxonomy extension schema
|
101.CAL*
|
XBRL taxonomy extension calculation linkbase
|
101.DEF*
|
XBRL taxonomy extension definition linkbase
|
101.LAB*
|
XBRL taxonomy extension label linkbase
|
101.PRE*
|
XBRL taxonomy extension presentation linkbase
|
1 Year Coterra Energy Chart |
1 Month Coterra Energy Chart |
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