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Name | Symbol | Market | Type |
---|---|---|---|
Contura Energy Inc (PK) | USOTC:CNTWW | OTCMarkets | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 145.14 | 0.00 | 01:00:00 |
(Mark One)
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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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x
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Non-accelerated filer
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¨
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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 effects of the COVID-19 pandemic on our operations and the world economy;
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the financial performance of the company;
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our liquidity, results of operations and financial condition;
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our ability to generate sufficient cash or obtain financing to fund our business operations;
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depressed levels or declines in coal prices;
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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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our ability to obtain financing and other services, and the form and degree of these services available to us, which may be significantly limited by the lending, investment and similar policies of financial institutions and insurance companies regarding carbon energy producers and the environmental impacts of coal combustion;
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our ability to meet collateral requirements;
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the imposition or continuation of barriers to trade, such as tariffs;
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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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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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inherent risks of coal mining beyond our control;
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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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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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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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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-upon contract terms;
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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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attracting and retaining key personnel and other employee workforce factors, such as labor relations;
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funding for and changes in employee benefit obligations;
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any new or increased liabilities, including reclamation obligations, that we may incur in connection with our former mines in Wyoming;
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cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters;
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reclamation and mine closure obligations;
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our assumptions concerning economically recoverable coal reserve estimates;
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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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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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inflationary pressures on supplies and labor and significant or rapid increases in commodity prices;
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railroad, barge, truck and other transportation availability, performance and costs;
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disruption in third-party coal supplies;
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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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our indebtedness and potential future indebtedness;
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our ability to obtain or renew surety bonds on acceptable terms or maintain our current bonding status;
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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 and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2019.
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Three Months Ended March 31,
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2020
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2019
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Revenues:
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Coal revenues
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$
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468,367
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$
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606,960
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Other revenues
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2,093
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2,154
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Total revenues
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470,460
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609,114
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Costs and expenses:
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Cost of coal sales (exclusive of items shown separately below)
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397,860
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515,694
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Depreciation, depletion and amortization
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54,465
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61,271
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|
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Accretion on asset retirement obligations
|
7,375
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6,232
|
|
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Amortization of acquired intangibles, net
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865
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(6,683
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)
|
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Asset impairment
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33,709
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—
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Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
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15,481
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20,951
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Merger-related costs
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—
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831
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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
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(14,997
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)
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1,936
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Other income
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(580
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)
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(8,899
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)
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Total costs and expenses
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494,178
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591,333
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(Loss) income from operations
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(23,718
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)
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17,781
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Other income (expense):
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Interest expense
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(17,605
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)
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(15,155
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)
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Interest income
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978
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1,936
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Equity loss in affiliates
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(743
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)
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(484
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)
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Miscellaneous loss, net
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(908
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)
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(866
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)
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Total other expense, net
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(18,278
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)
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(14,569
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)
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(Loss) income from continuing operations before income taxes
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(41,996
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)
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3,212
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Income tax benefit
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2,188
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4,778
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Net (loss) income from continuing operations
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(39,808
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)
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7,990
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Discontinued operations:
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Loss from discontinued operations before income taxes
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—
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(1,590
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)
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Income tax benefit from discontinued operations
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—
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415
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Loss from discontinued operations
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—
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(1,175
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)
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Net (loss) income
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$
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(39,808
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)
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$
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6,815
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Basic (loss) income per common share:
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(Loss) income from continuing operations
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$
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(2.18
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)
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$
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0.42
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Loss from discontinued operations
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—
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(0.06
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)
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Net (loss) income
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$
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(2.18
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)
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$
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0.36
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Diluted (loss) income per common share
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(Loss) income from continuing operations
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$
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(2.18
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)
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$
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0.41
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Loss from discontinued operations
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—
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(0.06
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)
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Net (loss) income
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$
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(2.18
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)
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$
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0.35
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Weighted average shares - basic
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18,245,911
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18,894,315
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Weighted average shares - diluted
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18,245,911
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19,538,629
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Three Months Ended March 31,
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2020
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2019
|
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Net (loss) income
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$
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(39,808
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)
|
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$
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6,815
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Other comprehensive (loss) income, net of tax:
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Employee benefit plans:
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Amortization of and adjustments to employee benefit costs
|
$
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(4,010
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)
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$
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239
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Income tax expense
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—
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(62
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)
|
||
Total other comprehensive (loss) income, net of tax
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$
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(4,010
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)
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$
|
177
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Total comprehensive (loss) income
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$
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(43,818
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)
|
|
$
|
6,992
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March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
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|
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|
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Current assets:
|
|
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|
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Cash and cash equivalents
|
$
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227,056
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$
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212,793
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Trade accounts receivable, net of allowance for doubtful accounts of $1,213 and $0 as of March 31, 2020 and December 31, 2019
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245,377
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244,666
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Inventories, net
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184,445
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162,659
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Prepaid expenses and other current assets
|
142,151
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91,361
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|
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Total current assets
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799,029
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711,479
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|
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Property, plant, and equipment, net of accumulated depreciation and amortization of $349,444 and $314,276 as of March 31, 2020 and December 31, 2019
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561,836
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583,262
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|
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Owned and leased mineral rights, net of accumulated depletion and amortization of $33,590 and $27,877 as of March 31, 2020 and December 31, 2019
|
501,061
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523,141
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|
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Other acquired intangibles, net of accumulated amortization of $34,631 and $32,686 as of March 31, 2020 and December 31, 2019
|
115,628
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|
|
125,145
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|
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Long-term restricted cash
|
101,815
|
|
|
122,524
|
|
||
Deferred income taxes
|
—
|
|
|
33,065
|
|
||
Other non-current assets
|
212,548
|
|
|
204,207
|
|
||
Total assets
|
$
|
2,291,917
|
|
|
$
|
2,302,823
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
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|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
29,529
|
|
|
$
|
28,485
|
|
Trade accounts payable
|
93,953
|
|
|
98,746
|
|
||
Acquisition-related obligations - current
|
33,211
|
|
|
33,639
|
|
||
Accrued expenses and other current liabilities
|
146,527
|
|
|
154,282
|
|
||
Total current liabilities
|
303,220
|
|
|
315,152
|
|
||
Long-term debt
|
623,474
|
|
|
564,481
|
|
||
Acquisition-related obligations - long-term
|
30,718
|
|
|
46,259
|
|
||
Workers’ compensation and black lung obligations
|
258,712
|
|
|
260,778
|
|
||
Pension obligations
|
204,605
|
|
|
204,086
|
|
||
Asset retirement obligations
|
189,459
|
|
|
184,130
|
|
||
Deferred income taxes
|
317
|
|
|
422
|
|
||
Other non-current liabilities
|
27,577
|
|
|
31,393
|
|
||
Total liabilities
|
1,638,082
|
|
|
1,606,701
|
|
||
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, 20.5 million issued and 18.3 million outstanding at March 31, 2020 and 20.5 million issued and 18.2 million outstanding at December 31, 2019
|
205
|
|
|
205
|
|
||
Additional paid-in capital
|
776,607
|
|
|
775,707
|
|
||
Accumulated other comprehensive loss
|
(62,626
|
)
|
|
(58,616
|
)
|
||
Treasury stock, at cost: 2.3 million shares at March 31, 2020 and December 31, 2019
|
(106,913
|
)
|
|
(107,984
|
)
|
||
Retained earnings
|
46,562
|
|
|
86,810
|
|
||
Total stockholders’ equity
|
653,835
|
|
|
696,122
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,291,917
|
|
|
$
|
2,302,823
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(39,808
|
)
|
|
$
|
6,815
|
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
54,465
|
|
|
61,271
|
|
||
Amortization of acquired intangibles, net
|
865
|
|
|
(6,683
|
)
|
||
Accretion of acquisition-related obligations discount
|
1,092
|
|
|
1,575
|
|
||
Amortization of debt issuance costs and accretion of debt discount
|
3,659
|
|
|
3,262
|
|
||
Mark-to-market adjustment for acquisition-related obligations
|
(14,997
|
)
|
|
1,936
|
|
||
Gain on disposal of assets
|
(745
|
)
|
|
—
|
|
||
Gain on assets acquired in an exchange transaction
|
—
|
|
|
(9,083
|
)
|
||
Asset impairment
|
33,709
|
|
|
—
|
|
||
Accretion on asset retirement obligations
|
7,375
|
|
|
6,232
|
|
||
Employee benefit plans, net
|
5,346
|
|
|
3,926
|
|
||
Deferred income taxes
|
32,960
|
|
|
(5,597
|
)
|
||
Stock-based compensation
|
2,078
|
|
|
5,319
|
|
||
Equity loss in affiliates
|
743
|
|
|
484
|
|
||
Other, net
|
808
|
|
|
(25
|
)
|
||
Changes in operating assets and liabilities
|
(87,610
|
)
|
|
(54,821
|
)
|
||
Net cash (used in) provided by operating activities
|
(60
|
)
|
|
14,611
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(49,559
|
)
|
|
(41,084
|
)
|
||
Proceeds on disposal of assets
|
208
|
|
|
—
|
|
||
Purchases of investment securities
|
(12,435
|
)
|
|
(4,308
|
)
|
||
Maturity of investment securities
|
3,918
|
|
|
3,202
|
|
||
Capital contributions to equity affiliates
|
(915
|
)
|
|
(3,536
|
)
|
||
Other, net
|
12
|
|
|
403
|
|
||
Net cash used in investing activities
|
(58,771
|
)
|
|
(45,323
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from borrowings on debt
|
57,500
|
|
|
—
|
|
||
Principal repayments of debt
|
(1,404
|
)
|
|
(6,875
|
)
|
||
Principal repayments of notes payable
|
(49
|
)
|
|
—
|
|
||
Principal repayments of financing lease obligations
|
(803
|
)
|
|
(635
|
)
|
||
Common stock repurchases and related expenses
|
(108
|
)
|
|
(4,171
|
)
|
||
Other, net
|
—
|
|
|
(105
|
)
|
||
Net cash provided by (used in) financing activities
|
55,136
|
|
|
(11,786
|
)
|
||
Net decrease in cash and cash equivalents and restricted cash
|
(3,695
|
)
|
|
(42,498
|
)
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
347,680
|
|
|
477,246
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
343,985
|
|
|
$
|
434,748
|
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash and cash equivalents
|
$
|
227,056
|
|
|
$
|
181,953
|
|
Short-term restricted cash (included in prepaid expenses and other current assets)
|
15,114
|
|
|
19,307
|
|
||
Long-term restricted cash
|
101,815
|
|
|
233,488
|
|
||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows
|
$
|
343,985
|
|
|
$
|
434,748
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock at Cost
|
|
Retained Earnings
|
|
Total Stockholders’ Equity
|
||||||||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balances, December 31, 2019
|
$
|
205
|
|
|
$
|
775,707
|
|
|
$
|
(58,616
|
)
|
|
$
|
(107,984
|
)
|
|
$
|
86,810
|
|
|
$
|
696,122
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,808
|
)
|
|
(39,808
|
)
|
||||||
Credit losses cumulative-effect adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(440
|
)
|
|
(440
|
)
|
||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
(4,010
|
)
|
|
—
|
|
|
—
|
|
|
(4,010
|
)
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
||||||
Common stock reissuances, repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,071
|
|
|
—
|
|
|
1,071
|
|
||||||
Balances, March 31, 2020
|
$
|
205
|
|
|
$
|
776,607
|
|
|
$
|
(62,626
|
)
|
|
$
|
(106,913
|
)
|
|
$
|
46,562
|
|
|
$
|
653,835
|
|
|
Three Months Ended March 31, 2019
|
||
Revenues:
|
|
||
Total revenues (1)
|
$
|
96
|
|
Costs and expenses:
|
|
||
Selling, general and administrative expenses (2)
|
$
|
24
|
|
Other expenses
|
$
|
1,566
|
|
Other non-major expense (income) items, net
|
$
|
96
|
|
|
Three Months Ended March 31, 2020
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
249,355
|
|
|
$
|
7,383
|
|
|
$
|
256,738
|
|
Domestic coal revenues
|
114,688
|
|
|
96,941
|
|
|
211,629
|
|
|||
Total coal revenues
|
$
|
364,043
|
|
|
$
|
104,324
|
|
|
$
|
468,367
|
|
|
Three Months Ended March 31, 2019
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
334,185
|
|
|
$
|
9,121
|
|
|
$
|
343,306
|
|
Domestic coal revenues
|
136,258
|
|
|
127,396
|
|
|
263,654
|
|
|||
Total coal revenues
|
$
|
470,443
|
|
|
$
|
136,517
|
|
|
$
|
606,960
|
|
|
Remainder of 2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025
|
|
Total
|
||||||||||||||
Estimated coal revenues
|
$
|
324,629
|
|
|
$
|
264,690
|
|
|
$
|
190,644
|
|
|
$
|
130,268
|
|
|
$
|
46,000
|
|
|
$
|
—
|
|
|
$
|
956,231
|
|
|
Balance January 1, 2020
|
|
Other comprehensive income (loss) before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Balance March 31, 2020
|
||||||||
Employee benefit costs
|
$
|
(58,616
|
)
|
|
$
|
(6,004
|
)
|
|
$
|
1,994
|
|
|
$
|
(62,626
|
)
|
|
Balance January 1, 2019
|
|
Other comprehensive income (loss) before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Balance March 31, 2019
|
||||||||
Employee benefit costs
|
$
|
(23,130
|
)
|
|
$
|
—
|
|
|
$
|
177
|
|
|
$
|
(22,953
|
)
|
Details about accumulated other comprehensive (loss) income components
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
Affected line item in the Condensed Consolidated Statements of Operations
|
||||||
Three Months Ended March 31,
|
||||||||
2020
|
|
2019
|
||||||
Employee benefit costs:
|
|
|
|
|
||||
Amortization of actuarial loss (1)
|
$
|
794
|
|
|
$
|
239
|
|
Miscellaneous loss, net
|
Settlement (1)
|
1,200
|
|
|
—
|
|
Miscellaneous loss, net
|
||
Total before income tax
|
$
|
1,994
|
|
|
$
|
239
|
|
|
Income tax expense
|
—
|
|
|
(62
|
)
|
Income tax benefit
|
||
Total, net of income tax
|
$
|
1,994
|
|
|
$
|
177
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net (loss) income
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(39,808
|
)
|
|
$
|
7,990
|
|
Loss from discontinued operations
|
—
|
|
|
(1,175
|
)
|
||
Net (loss) income
|
$
|
(39,808
|
)
|
|
$
|
6,815
|
|
|
|
|
|
||||
Basic
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
18,245,911
|
|
|
18,894,315
|
|
||
|
|
|
|
||||
Basic (loss) income per common share:
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(2.18
|
)
|
|
$
|
0.42
|
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net (loss) income
|
$
|
(2.18
|
)
|
|
$
|
0.36
|
|
|
|
|
|
||||
Diluted
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
18,245,911
|
|
|
18,894,315
|
|
||
Diluted effect of warrants
|
—
|
|
|
216,043
|
|
||
Diluted effect of stock options
|
—
|
|
|
205,634
|
|
||
Diluted effect of restricted share units, restricted stock shares and performance-based restricted share units
|
—
|
|
|
222,637
|
|
||
Weighted average common shares outstanding - diluted
|
18,245,911
|
|
|
19,538,629
|
|
||
|
|
|
|
||||
Diluted (loss) income per common share:
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(2.18
|
)
|
|
$
|
0.41
|
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net (loss) income
|
$
|
(2.18
|
)
|
|
$
|
0.35
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Raw coal
|
$
|
33,016
|
|
|
$
|
30,274
|
|
Saleable coal
|
123,547
|
|
|
105,092
|
|
||
Materials, supplies and other, net
|
27,882
|
|
|
27,293
|
|
||
Total inventories, net
|
$
|
184,445
|
|
|
$
|
162,659
|
|
|
March 31, 2020
|
||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
546
|
|
|
$
|
(3,183
|
)
|
|
$
|
(2,637
|
)
|
Acquired mine permits, net
|
115,082
|
|
|
—
|
|
|
115,082
|
|
|||
Total
|
$
|
115,628
|
|
|
$
|
(3,183
|
)
|
|
$
|
112,445
|
|
|
December 31, 2019
|
||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
917
|
|
|
$
|
(6,018
|
)
|
|
$
|
(5,101
|
)
|
Acquired mine permits, net
|
124,228
|
|
|
—
|
|
|
124,228
|
|
|||
Total
|
$
|
125,145
|
|
|
$
|
(6,018
|
)
|
|
$
|
119,127
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
Balance Sheet Classification
|
|
|
|
||||
Financing lease assets
|
Property, plant, and equipment, net
|
$
|
8,853
|
|
|
$
|
9,718
|
|
Operating lease right-of-use assets
|
Other non-current assets
|
7,255
|
|
|
8,678
|
|
||
Total lease assets
|
|
$
|
16,108
|
|
|
$
|
18,396
|
|
|
|
|
|
|
||||
Liabilities
|
Balance Sheet Classification
|
|
|
|
||||
Financing lease liabilities - current
|
Current portion of long-term debt
|
$
|
3,322
|
|
|
$
|
3,275
|
|
Operating lease liabilities - current
|
Accrued expenses and other current liabilities
|
1,462
|
|
|
1,813
|
|
||
Financing lease liabilities - long-term
|
Long-term debt
|
3,827
|
|
|
4,674
|
|
||
Operating lease liabilities - long-term
|
Other non-current liabilities
|
5,793
|
|
|
6,866
|
|
||
Total lease liabilities
|
|
$
|
14,404
|
|
|
$
|
16,628
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Lease cost (1)
|
|
|
|
||||
Finance lease cost:
|
|
|
|
||||
Amortization of leased assets
|
$
|
870
|
|
|
$
|
640
|
|
Interest on lease liabilities
|
104
|
|
|
44
|
|
||
Operating lease cost
|
579
|
|
|
1,139
|
|
||
Short-term lease cost
|
521
|
|
|
439
|
|
||
Total lease cost
|
$
|
2,074
|
|
|
$
|
2,262
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Other information
|
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
2,009
|
|
|
$
|
2,258
|
|
Operating cash flows from finance leases
|
$
|
106
|
|
|
$
|
44
|
|
Operating cash flows from operating leases
|
$
|
1,100
|
|
|
$
|
1,579
|
|
Financing cash flows from finance leases
|
$
|
803
|
|
|
$
|
635
|
|
Right-of-use assets obtained in exchange for new finance lease liabilities
|
$
|
—
|
|
|
$
|
224
|
|
|
|
|
|
||||
Lease Term and Discount Rate
|
|
|
|
||||
Weighted-average remaining lease term in months - finance leases
|
28.0
|
|
|
48.3
|
|
||
Weighted-average remaining lease term in months - operating leases
|
102.4
|
|
|
80.4
|
|
||
Weighted-average discount rate - finance leases
|
5.4
|
%
|
|
3.2
|
%
|
||
Weighted-average discount rate - operating leases
|
11.3
|
%
|
|
10.5
|
%
|
|
Finance Leases
|
|
Operating Leases
|
||||
Lease cost
|
|
|
|
||||
Remainder of 2020
|
$
|
2,716
|
|
|
$
|
1,520
|
|
2021
|
2,985
|
|
|
1,495
|
|
||
2022
|
1,729
|
|
|
1,372
|
|
||
2023
|
184
|
|
|
1,126
|
|
||
2024
|
—
|
|
|
1,014
|
|
||
Thereafter
|
—
|
|
|
5,029
|
|
||
Total future minimum lease payments
|
$
|
7,614
|
|
|
$
|
11,556
|
|
Imputed interest
|
(465
|
)
|
|
(4,301
|
)
|
||
Present value of future minimum lease payments
|
$
|
7,149
|
|
|
$
|
7,255
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Term Loan Credit Facility - due June 2024
|
$
|
557,587
|
|
|
$
|
558,991
|
|
ABL Facility - due April 2022
|
57,500
|
|
|
—
|
|
||
LCC Note Payable
|
45,000
|
|
|
45,000
|
|
||
LCC Water Treatment Obligation
|
9,375
|
|
|
9,375
|
|
||
Other (1)
|
9,950
|
|
|
9,295
|
|
||
Debt discount and issuance costs
|
(26,409
|
)
|
|
(29,695
|
)
|
||
Total long-term debt
|
653,003
|
|
|
592,966
|
|
||
Less current portion
|
(29,529
|
)
|
|
(28,485
|
)
|
||
Long-term debt, net of current portion
|
$
|
623,474
|
|
|
$
|
564,481
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Contingent Revenue Obligation
|
$
|
37,430
|
|
|
$
|
52,427
|
|
Environmental Settlement Obligations
|
14,241
|
|
|
16,305
|
|
||
Reclamation Funding Liability
|
12,000
|
|
|
12,000
|
|
||
UMWA Funds Settlement Liability
|
4,000
|
|
|
4,000
|
|
||
Discount
|
(3,742
|
)
|
|
(4,834
|
)
|
||
Total acquisition-related obligations
|
63,929
|
|
|
79,898
|
|
||
Less current portion
|
(33,211
|
)
|
|
(33,639
|
)
|
||
Acquisition-related obligations, net of current portion
|
$
|
30,718
|
|
|
$
|
46,259
|
|
Total asset retirement obligations at December 31, 2019
|
$
|
224,704
|
|
Accretion for the period
|
7,375
|
|
|
Sites added during the period
|
328
|
|
|
Revisions in estimated cash flows (1)
|
(1,938
|
)
|
|
Expenditures for the period
|
(4,696
|
)
|
|
Total asset retirement obligations at March 31, 2020
|
225,773
|
|
|
Less current portion
|
(36,314
|
)
|
|
Long-term portion
|
$
|
189,459
|
|
(1)
|
The revisions in estimated cash flows resulted primarily from changes in mine plans.
|
|
March 31, 2020
|
||||||||||||||||||
|
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
|
$
|
539,158
|
|
|
$
|
375,443
|
|
|
$
|
375,443
|
|
|
$
|
—
|
|
|
$
|
—
|
|
ABL Facility - due April 2022
|
57,500
|
|
|
51,695
|
|
|
—
|
|
|
—
|
|
|
51,695
|
|
|||||
LCC Note Payable
|
38,934
|
|
|
31,721
|
|
|
—
|
|
|
—
|
|
|
31,721
|
|
|||||
LCC Water Treatment Obligation
|
7,461
|
|
|
5,599
|
|
|
—
|
|
|
—
|
|
|
5,599
|
|
|||||
Total long-term debt
|
$
|
643,053
|
|
|
$
|
464,458
|
|
|
$
|
375,443
|
|
|
$
|
—
|
|
|
$
|
89,015
|
|
|
December 31, 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
|
$
|
538,765
|
|
|
$
|
461,402
|
|
|
$
|
461,402
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LCC Note Payable
|
37,695
|
|
|
33,884
|
|
|
—
|
|
|
—
|
|
|
33,884
|
|
|||||
LCC Water Treatment Obligation
|
7,211
|
|
|
6,280
|
|
|
—
|
|
|
—
|
|
|
6,280
|
|
|||||
Total long-term debt
|
$
|
583,671
|
|
|
$
|
501,566
|
|
|
$
|
461,402
|
|
|
$
|
—
|
|
|
$
|
40,164
|
|
|
March 31, 2020
|
||||||||||||||||||
|
Carrying
Amount (1)
|
|
Total Fair Value
|
|
Quoted Prices in Active Markets
(Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
UMWA Funds Settlement Liability
|
$
|
3,214
|
|
|
$
|
2,682
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,682
|
|
Reclamation Funding Liability
|
11,318
|
|
|
10,797
|
|
|
—
|
|
|
—
|
|
|
10,797
|
|
|||||
Environmental Settlement Obligations
|
11,966
|
|
|
9,475
|
|
|
—
|
|
|
—
|
|
|
9,475
|
|
|||||
Total acquisition-related obligations
|
$
|
26,498
|
|
|
$
|
22,954
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,954
|
|
|
December 31, 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)
|
||||||||||
UMWA Funds Settlement Liability
|
$
|
3,069
|
|
|
$
|
2,929
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,929
|
|
Reclamation Funding Liability
|
10,808
|
|
|
10,658
|
|
|
—
|
|
|
—
|
|
|
10,658
|
|
|||||
Environmental Settlement Obligations
|
13,594
|
|
|
12,197
|
|
|
—
|
|
|
—
|
|
|
12,197
|
|
|||||
Total acquisition-related obligations
|
$
|
27,471
|
|
|
$
|
25,784
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,784
|
|
|
March 31, 2020
|
||||||||||||||
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Contingent Revenue Obligation
|
$
|
37,430
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,430
|
|
Trading securities
|
$
|
24,924
|
|
|
$
|
17,903
|
|
|
$
|
7,021
|
|
|
$
|
—
|
|
|
December 31, 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
|
$
|
52,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52,427
|
|
Trading securities
|
$
|
13,508
|
|
|
$
|
5,506
|
|
|
$
|
8,002
|
|
|
$
|
—
|
|
|
December 31, 2019
|
|
Payments
|
|
Loss (Gain) Recognized in Earnings (1)
|
|
Transfer In (Out) of Level 3 Fair Value Hierarchy
|
|
March 31, 2020
|
||||||||||
Contingent Revenue Obligation
|
$
|
52,427
|
|
|
$
|
—
|
|
|
$
|
(14,997
|
)
|
|
$
|
—
|
|
|
$
|
37,430
|
|
|
December 31, 2018 |
|
Payments
|
|
Loss (Gain) Recognized in Earnings
|
|
Transfer In (Out) of Level 3 Fair Value Hierarchy
|
|
March 31, 2019
|
||||||||||
Contingent Revenue Obligation
|
$
|
59,880
|
|
|
$
|
—
|
|
|
$
|
1,936
|
|
|
$
|
—
|
|
|
$
|
61,816
|
|
|
March 31, 2020
|
|
December 31, 2019
|
Forecasted future revenue
|
$0.9 - $1.0 billion
|
|
$1.1 - $1.2 billion
|
Stated royalty rate
|
1.0% - 1.5%
|
|
1.0% - 1.5%
|
Annualized volatility
|
12.4% - 39.1% (25.0%)
|
|
9.4% - 28.1% (19.9%)
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Interest cost
|
$
|
4,735
|
|
|
$
|
6,616
|
|
Expected return on plan assets
|
(6,812
|
)
|
|
(7,006
|
)
|
||
Amortization of net actuarial loss
|
469
|
|
|
208
|
|
||
Settlement
|
1,167
|
|
|
—
|
|
||
Net periodic benefit
|
$
|
(441
|
)
|
|
$
|
(182
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Service cost
|
$
|
579
|
|
|
$
|
404
|
|
Interest cost
|
898
|
|
|
910
|
|
||
Expected return on plan assets
|
(13
|
)
|
|
(16
|
)
|
||
Amortization of net actuarial loss
|
331
|
|
|
45
|
|
||
Net periodic expense
|
$
|
1,795
|
|
|
$
|
1,343
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Interest cost
|
$
|
84
|
|
|
$
|
106
|
|
Amortization of net actuarial gain
|
(12
|
)
|
|
(26
|
)
|
||
Net periodic expense
|
$
|
72
|
|
|
$
|
80
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Workers’ compensation
|
$
|
39,097
|
|
|
$
|
38,944
|
|
Black lung
|
12,756
|
|
|
12,706
|
|
||
Reclamation-related obligations
|
46,953
|
|
|
67,868
|
|
||
Financial guarantees and other
|
3,009
|
|
|
3,006
|
|
||
Contingent revenue obligation escrow
|
15,114
|
|
|
12,363
|
|
||
Total restricted cash
|
116,929
|
|
|
134,887
|
|
||
Less current portion (1)
|
(15,114
|
)
|
|
(12,363
|
)
|
||
Restricted cash, net of current portion
|
$
|
101,815
|
|
|
$
|
122,524
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Workers’ compensation
|
$
|
3,100
|
|
|
$
|
3,100
|
|
Reclamation-related obligations
|
27,242
|
|
|
18,786
|
|
||
Total restricted investments (1), (2)
|
$
|
30,342
|
|
|
$
|
21,886
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Reclamation-related obligations
|
$
|
8,607
|
|
|
$
|
8,887
|
|
Other operating agreements
|
1,458
|
|
|
1,836
|
|
||
Total deposits (1)
|
$
|
10,065
|
|
|
$
|
10,723
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Total revenues
|
$
|
362,759
|
|
|
$
|
39,268
|
|
|
$
|
67,557
|
|
|
$
|
876
|
|
|
$
|
470,460
|
|
Depreciation, depletion, and amortization
|
$
|
41,722
|
|
|
$
|
4,849
|
|
|
$
|
6,849
|
|
|
$
|
1,045
|
|
|
$
|
54,465
|
|
Amortization of acquired intangibles, net
|
$
|
2,581
|
|
|
$
|
(2,095
|
)
|
|
$
|
354
|
|
|
$
|
25
|
|
|
$
|
865
|
|
Adjusted EBITDA
|
$
|
69,204
|
|
|
$
|
(2,188
|
)
|
|
$
|
4,359
|
|
|
$
|
(11,135
|
)
|
|
$
|
60,240
|
|
Capital expenditures
|
$
|
33,134
|
|
|
$
|
3,080
|
|
|
$
|
13,296
|
|
|
$
|
49
|
|
|
$
|
49,559
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Total revenues
|
$
|
472,803
|
|
|
$
|
63,231
|
|
|
$
|
72,376
|
|
|
$
|
704
|
|
|
$
|
609,114
|
|
Depreciation, depletion, and amortization
|
$
|
36,673
|
|
|
$
|
14,112
|
|
|
$
|
6,627
|
|
|
$
|
3,859
|
|
|
$
|
61,271
|
|
Amortization of acquired intangibles, net
|
$
|
(2,820
|
)
|
|
$
|
(4,569
|
)
|
|
$
|
706
|
|
|
$
|
—
|
|
|
$
|
(6,683
|
)
|
Adjusted EBITDA
|
$
|
101,632
|
|
|
$
|
(4,283
|
)
|
|
$
|
4,754
|
|
|
$
|
(18,721
|
)
|
|
$
|
83,382
|
|
Capital expenditures
|
$
|
29,586
|
|
|
$
|
2,469
|
|
|
$
|
7,999
|
|
|
$
|
1,030
|
|
|
$
|
41,084
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
(11,464
|
)
|
|
$
|
(8,066
|
)
|
|
$
|
(3,040
|
)
|
|
$
|
(17,238
|
)
|
|
$
|
(39,808
|
)
|
Interest expense
|
(930
|
)
|
|
2
|
|
|
(570
|
)
|
|
19,103
|
|
|
17,605
|
|
|||||
Interest income
|
(58
|
)
|
|
—
|
|
|
(10
|
)
|
|
(910
|
)
|
|
(978
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,188
|
)
|
|
(2,188
|
)
|
|||||
Depreciation, depletion and amortization
|
41,722
|
|
|
4,849
|
|
|
6,849
|
|
|
1,045
|
|
|
54,465
|
|
|||||
Non-cash stock compensation expense
|
399
|
|
|
7
|
|
|
—
|
|
|
1,672
|
|
|
2,078
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,997
|
)
|
|
(14,997
|
)
|
|||||
Accretion on asset retirement obligations
|
3,502
|
|
|
2,352
|
|
|
770
|
|
|
751
|
|
|
7,375
|
|
|||||
Asset impairment (1)
|
32,951
|
|
|
758
|
|
|
—
|
|
|
—
|
|
|
33,709
|
|
|||||
Management restructuring costs (2)
|
501
|
|
|
5
|
|
|
6
|
|
|
435
|
|
|
947
|
|
|||||
Loss on partial settlement of benefit obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
1,167
|
|
|
1,167
|
|
|||||
Amortization of acquired intangibles, net
|
2,581
|
|
|
(2,095
|
)
|
|
354
|
|
|
25
|
|
|
865
|
|
|||||
Adjusted EBITDA
|
$
|
69,204
|
|
|
$
|
(2,188
|
)
|
|
$
|
4,359
|
|
|
$
|
(11,135
|
)
|
|
$
|
60,240
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
70,384
|
|
|
$
|
(19,405
|
)
|
|
$
|
(3,585
|
)
|
|
$
|
(39,404
|
)
|
|
$
|
7,990
|
|
Interest expense
|
28
|
|
|
4
|
|
|
1
|
|
|
15,122
|
|
|
15,155
|
|
|||||
Interest income
|
(4
|
)
|
|
—
|
|
|
(12
|
)
|
|
(1,920
|
)
|
|
(1,936
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,778
|
)
|
|
(4,778
|
)
|
|||||
Depreciation, depletion and amortization
|
36,673
|
|
|
14,112
|
|
|
6,627
|
|
|
3,859
|
|
|
61,271
|
|
|||||
Merger-related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
831
|
|
|
831
|
|
|||||
Non-cash stock compensation expense
|
403
|
|
|
52
|
|
|
—
|
|
|
4,816
|
|
|
5,271
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
1,936
|
|
|
1,936
|
|
|||||
Accretion on asset retirement obligations
|
2,333
|
|
|
2,065
|
|
|
1,017
|
|
|
817
|
|
|
6,232
|
|
|||||
Cost impact of coal inventory fair value adjustment (1)
|
3,718
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
7,176
|
|
|||||
Gain on assets acquired in an exchange transaction (2)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
|||||
Amortization of acquired intangibles, net
|
(2,820
|
)
|
|
(4,569
|
)
|
|
706
|
|
|
—
|
|
|
(6,683
|
)
|
|||||
Adjusted EBITDA
|
$
|
101,632
|
|
|
$
|
(4,283
|
)
|
|
$
|
4,754
|
|
|
$
|
(18,721
|
)
|
|
$
|
83,382
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Total coal revenues
|
$
|
468,367
|
|
|
$
|
606,960
|
|
Export coal revenues (1)
|
$
|
256,738
|
|
|
$
|
343,306
|
|
Export coal revenues as % of total coal revenues
|
55
|
%
|
|
57
|
%
|
•
|
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 March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2020
|
|
2019
|
|
$ or Tons
|
|
%
|
|||||||
Coal revenues
|
$
|
468,367
|
|
|
$
|
606,960
|
|
|
$
|
(138,593
|
)
|
|
(22.8
|
)%
|
Other revenues
|
2,093
|
|
|
2,154
|
|
|
(61
|
)
|
|
(2.8
|
)%
|
|||
Total revenues
|
$
|
470,460
|
|
|
$
|
609,114
|
|
|
$
|
(138,654
|
)
|
|
(22.8
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Tons sold
|
5,457
|
|
|
5,887
|
|
|
(430
|
)
|
|
(7.3
|
)%
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Cost of coal sales (exclusive of items shown separately below)
|
$
|
397,860
|
|
|
$
|
515,694
|
|
|
$
|
(117,834
|
)
|
|
(22.8
|
)%
|
Depreciation, depletion and amortization
|
54,465
|
|
|
61,271
|
|
|
(6,806
|
)
|
|
(11.1
|
)%
|
|||
Accretion on asset retirement obligations
|
7,375
|
|
|
6,232
|
|
|
1,143
|
|
|
18.3
|
%
|
|||
Amortization of acquired intangibles, net
|
865
|
|
|
(6,683
|
)
|
|
7,548
|
|
|
112.9
|
%
|
|||
Asset impairment
|
33,709
|
|
|
—
|
|
|
33,709
|
|
|
100.0
|
%
|
|||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
15,481
|
|
|
20,951
|
|
|
(5,470
|
)
|
|
(26.1
|
)%
|
|||
Merger-related costs
|
—
|
|
|
831
|
|
|
(831
|
)
|
|
(100.0
|
)%
|
|||
Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
|||||
Mark-to-market adjustment for acquisition-related obligations
|
(14,997
|
)
|
|
1,936
|
|
|
(16,933
|
)
|
|
NM
|
|
|||
Other income
|
(580
|
)
|
|
(8,899
|
)
|
|
8,319
|
|
|
93.5
|
%
|
|||
Total costs and expenses
|
$
|
494,178
|
|
|
$
|
591,333
|
|
|
$
|
(97,155
|
)
|
|
(16.4
|
)%
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(17,605
|
)
|
|
$
|
(15,155
|
)
|
|
$
|
(2,450
|
)
|
|
(16.2
|
)%
|
Interest income
|
978
|
|
|
1,936
|
|
|
(958
|
)
|
|
(49.5
|
)%
|
|||
Equity loss in affiliates
|
(743
|
)
|
|
(484
|
)
|
|
(259
|
)
|
|
(53.5
|
)%
|
|||
Miscellaneous loss, net
|
(908
|
)
|
|
(866
|
)
|
|
(42
|
)
|
|
(4.8
|
)%
|
|||
Total other expense, net
|
$
|
(18,278
|
)
|
|
$
|
(14,569
|
)
|
|
$
|
(3,709
|
)
|
|
(25.5
|
)%
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Income tax benefit
|
$
|
2,188
|
|
|
$
|
4,778
|
|
|
$
|
(2,590
|
)
|
|
(54.2
|
)%
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Coal revenues
|
$
|
362,403
|
|
|
$
|
38,743
|
|
|
$
|
66,907
|
|
|
$
|
314
|
|
|
$
|
468,367
|
|
Less: freight and handling fulfillment revenues
|
(53,664
|
)
|
|
(3,743
|
)
|
|
(2,346
|
)
|
|
—
|
|
|
(59,753
|
)
|
|||||
Non-GAAP coal revenues
|
$
|
308,739
|
|
|
$
|
35,000
|
|
|
$
|
64,561
|
|
|
$
|
314
|
|
|
$
|
408,614
|
|
Tons sold
|
3,327
|
|
|
617
|
|
|
1,508
|
|
|
5
|
|
|
5,457
|
|
|||||
Non-GAAP coal sales realization per ton
|
$
|
92.80
|
|
|
$
|
56.73
|
|
|
$
|
42.81
|
|
|
$
|
62.80
|
|
|
$
|
74.88
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of coal sales
|
$
|
292,972
|
|
|
$
|
38,482
|
|
|
$
|
63,013
|
|
|
$
|
3,393
|
|
|
$
|
397,860
|
|
Less: freight and handling costs
|
(53,664
|
)
|
|
(3,743
|
)
|
|
(2,346
|
)
|
|
—
|
|
|
(59,753
|
)
|
|||||
Less: idled and closed mine costs
|
(4,157
|
)
|
|
(1,995
|
)
|
|
(825
|
)
|
|
(3,079
|
)
|
|
(10,056
|
)
|
|||||
Non-GAAP cost of coal sales
|
$
|
235,151
|
|
|
$
|
32,744
|
|
|
$
|
59,842
|
|
|
$
|
314
|
|
|
$
|
328,051
|
|
Tons sold
|
3,327
|
|
|
617
|
|
|
1,508
|
|
|
5
|
|
|
5,457
|
|
|||||
Non-GAAP cost of coal sales per ton
|
$
|
70.68
|
|
|
$
|
53.07
|
|
|
$
|
39.68
|
|
|
$
|
62.80
|
|
|
$
|
60.12
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal margin per ton (1)
|
$
|
20.87
|
|
|
$
|
0.42
|
|
|
$
|
2.58
|
|
|
$
|
(615.80
|
)
|
|
$
|
12.92
|
|
Idled and closed mine costs per ton
|
1.25
|
|
|
3.24
|
|
|
0.55
|
|
|
615.80
|
|
|
1.84
|
|
|||||
Non-GAAP coal margin per ton
|
$
|
22.12
|
|
|
$
|
3.66
|
|
|
$
|
3.13
|
|
|
$
|
—
|
|
|
$
|
14.76
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Coal revenues
|
$
|
472,491
|
|
|
$
|
62,939
|
|
|
$
|
71,530
|
|
|
$
|
—
|
|
|
$
|
606,960
|
|
Less: freight and handling fulfillment revenues
|
(64,901
|
)
|
|
(5,624
|
)
|
|
(675
|
)
|
|
—
|
|
|
(71,200
|
)
|
|||||
Non-GAAP coal revenues
|
$
|
407,590
|
|
|
$
|
57,315
|
|
|
$
|
70,855
|
|
|
$
|
—
|
|
|
$
|
535,760
|
|
Tons sold
|
3,243
|
|
|
992
|
|
|
1,652
|
|
|
—
|
|
|
5,887
|
|
|||||
Non-GAAP coal sales realization per ton
|
$
|
125.68
|
|
|
$
|
57.78
|
|
|
$
|
42.89
|
|
|
$
|
—
|
|
|
$
|
91.01
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of coal sales
|
$
|
375,919
|
|
|
$
|
70,713
|
|
|
$
|
67,562
|
|
|
$
|
1,500
|
|
|
$
|
515,694
|
|
Less: freight and handling costs
|
(64,901
|
)
|
|
(5,624
|
)
|
|
(675
|
)
|
|
—
|
|
|
(71,200
|
)
|
|||||
Less: idled and closed mine costs
|
(1,821
|
)
|
|
(417
|
)
|
|
(829
|
)
|
|
(1,295
|
)
|
|
(4,362
|
)
|
|||||
Less: cost impact of coal inventory fair value adjustment (1)
|
(3,718
|
)
|
|
(3,458
|
)
|
|
—
|
|
|
—
|
|
|
(7,176
|
)
|
|||||
Non-GAAP cost of coal sales
|
$
|
305,479
|
|
|
$
|
61,214
|
|
|
$
|
66,058
|
|
|
$
|
205
|
|
|
$
|
432,956
|
|
Tons sold
|
3,243
|
|
|
992
|
|
|
1,652
|
|
|
—
|
|
|
5,887
|
|
|||||
Non-GAAP cost of coal sales per ton
|
$
|
94.20
|
|
|
$
|
61.71
|
|
|
$
|
39.99
|
|
|
$
|
—
|
|
|
$
|
73.54
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal margin per ton (2)
|
$
|
29.78
|
|
|
$
|
(7.84
|
)
|
|
$
|
2.40
|
|
|
$
|
—
|
|
|
$
|
15.50
|
|
Idled and closed mine costs per ton
|
0.55
|
|
|
0.42
|
|
|
0.50
|
|
|
—
|
|
|
0.75
|
|
|||||
Cost impact of coal inventory fair value adjustment per ton
|
1.15
|
|
|
3.49
|
|
|
—
|
|
|
—
|
|
|
1.22
|
|
|||||
Non-GAAP coal margin per ton
|
$
|
31.48
|
|
|
$
|
(3.93
|
)
|
|
$
|
2.90
|
|
|
$
|
—
|
|
|
$
|
17.47
|
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Tons sold:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
3,327
|
|
|
3,243
|
|
|
84
|
|
|
2.6
|
%
|
|||
CAPP - Thermal operations
|
617
|
|
|
992
|
|
|
(375
|
)
|
|
(37.8
|
)%
|
|||
NAPP operations
|
1,508
|
|
|
1,652
|
|
|
(144
|
)
|
|
(8.7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Non-GAAP coal revenues:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
308,739
|
|
|
$
|
407,590
|
|
|
$
|
(98,851
|
)
|
|
(24.3
|
)%
|
CAPP - Thermal operations
|
$
|
35,000
|
|
|
$
|
57,315
|
|
|
$
|
(22,315
|
)
|
|
(38.9
|
)%
|
NAPP operations
|
$
|
64,561
|
|
|
$
|
70,855
|
|
|
$
|
(6,294
|
)
|
|
(8.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP coal sales realization per ton:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
92.80
|
|
|
$
|
125.68
|
|
|
$
|
(32.88
|
)
|
|
(26.2
|
)%
|
CAPP - Thermal operations
|
$
|
56.73
|
|
|
$
|
57.78
|
|
|
$
|
(1.05
|
)
|
|
(1.8
|
)%
|
NAPP operations
|
$
|
42.81
|
|
|
$
|
42.89
|
|
|
$
|
(0.08
|
)
|
|
(0.2
|
)%
|
Average
|
$
|
74.89
|
|
|
$
|
91.01
|
|
|
$
|
(16.12
|
)
|
|
(17.7
|
)%
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Non-GAPP cost of coal sales:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
235,151
|
|
|
$
|
305,479
|
|
|
$
|
(70,328
|
)
|
|
(23.0
|
)%
|
CAPP - Thermal operations
|
$
|
32,744
|
|
|
$
|
61,214
|
|
|
$
|
(28,470
|
)
|
|
(46.5
|
)%
|
NAPP operations
|
$
|
59,842
|
|
|
$
|
66,058
|
|
|
$
|
(6,216
|
)
|
|
(9.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP cost of coal sales per ton:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
70.68
|
|
|
$
|
94.20
|
|
|
$
|
(23.52
|
)
|
|
(25.0
|
)%
|
CAPP - Thermal operations
|
$
|
53.07
|
|
|
$
|
61.71
|
|
|
$
|
(8.64
|
)
|
|
(14.0
|
)%
|
NAPP operations
|
$
|
39.68
|
|
|
$
|
39.99
|
|
|
$
|
(0.31
|
)
|
|
(0.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP coal margin per ton:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
22.12
|
|
|
$
|
31.48
|
|
|
$
|
(9.36
|
)
|
|
(29.7
|
)%
|
CAPP - Thermal operations
|
$
|
3.66
|
|
|
$
|
(3.93
|
)
|
|
$
|
7.59
|
|
|
193.1
|
%
|
NAPP operations
|
$
|
3.13
|
|
|
$
|
2.90
|
|
|
$
|
0.23
|
|
|
7.9
|
%
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Non-GAAP cost of coal sales
|
$
|
235,151
|
|
|
$
|
32,744
|
|
|
$
|
59,842
|
|
|
$
|
314
|
|
|
$
|
328,051
|
|
Less: cost of purchased coal sold
|
(30,334
|
)
|
|
(893
|
)
|
|
—
|
|
|
—
|
|
|
(31,227
|
)
|
|||||
Adjusted cost of produced coal sold
|
$
|
204,817
|
|
|
$
|
31,851
|
|
|
$
|
59,842
|
|
|
$
|
314
|
|
|
$
|
296,824
|
|
Produced tons sold
|
2,964
|
|
|
604
|
|
|
1,508
|
|
|
5
|
|
|
5,081
|
|
|||||
Adjusted cost of produced coal sold per ton (1)
|
$
|
69.10
|
|
|
$
|
52.73
|
|
|
$
|
39.68
|
|
|
$
|
62.80
|
|
|
$
|
58.42
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Non-GAAP cost of coal sales
|
$
|
305,479
|
|
|
$
|
61,214
|
|
|
$
|
66,058
|
|
|
$
|
205
|
|
|
$
|
432,956
|
|
Less: cost of purchased coal sold
|
(79,539
|
)
|
|
(2,884
|
)
|
|
—
|
|
|
—
|
|
|
(82,423
|
)
|
|||||
Adjusted cost of produced coal sold
|
$
|
225,940
|
|
|
$
|
58,330
|
|
|
$
|
66,058
|
|
|
$
|
205
|
|
|
$
|
350,533
|
|
Produced tons sold
|
2,571
|
|
|
944
|
|
|
1,652
|
|
|
—
|
|
|
5,167
|
|
|||||
Adjusted cost of produced coal sold per ton (1)
|
$
|
87.88
|
|
|
$
|
61.79
|
|
|
$
|
39.99
|
|
|
$
|
—
|
|
|
$
|
67.84
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||
(In thousands)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
(11,464
|
)
|
|
$
|
(8,066
|
)
|
|
$
|
(3,040
|
)
|
|
$
|
(17,238
|
)
|
|
$
|
(39,808
|
)
|
Interest expense
|
(930
|
)
|
|
2
|
|
|
(570
|
)
|
|
19,103
|
|
|
17,605
|
|
|||||
Interest income
|
(58
|
)
|
|
—
|
|
|
(10
|
)
|
|
(910
|
)
|
|
(978
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,188
|
)
|
|
(2,188
|
)
|
|||||
Depreciation, depletion and amortization
|
41,722
|
|
|
4,849
|
|
|
6,849
|
|
|
1,045
|
|
|
54,465
|
|
|||||
Non-cash stock compensation expense
|
399
|
|
|
7
|
|
|
—
|
|
|
1,672
|
|
|
2,078
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,997
|
)
|
|
(14,997
|
)
|
|||||
Accretion on asset retirement obligations
|
3,502
|
|
|
2,352
|
|
|
770
|
|
|
751
|
|
|
7,375
|
|
|||||
Asset impairment (1)
|
32,951
|
|
|
758
|
|
|
—
|
|
|
—
|
|
|
33,709
|
|
|||||
Management restructuring costs (2)
|
501
|
|
|
5
|
|
|
6
|
|
|
435
|
|
|
947
|
|
|||||
Loss on partial settlement of benefit obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
1,167
|
|
|
1,167
|
|
|||||
Amortization of acquired intangibles, net
|
2,581
|
|
|
(2,095
|
)
|
|
354
|
|
|
25
|
|
|
865
|
|
|||||
Adjusted EBITDA
|
$
|
69,204
|
|
|
$
|
(2,188
|
)
|
|
$
|
4,359
|
|
|
$
|
(11,135
|
)
|
|
$
|
60,240
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
(In thousands)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
70,384
|
|
|
$
|
(19,405
|
)
|
|
$
|
(3,585
|
)
|
|
$
|
(39,404
|
)
|
|
$
|
7,990
|
|
Interest expense
|
28
|
|
|
4
|
|
|
1
|
|
|
15,122
|
|
|
15,155
|
|
|||||
Interest income
|
(4
|
)
|
|
—
|
|
|
(12
|
)
|
|
(1,920
|
)
|
|
(1,936
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,778
|
)
|
|
(4,778
|
)
|
|||||
Depreciation, depletion and amortization
|
36,673
|
|
|
14,112
|
|
|
6,627
|
|
|
3,859
|
|
|
61,271
|
|
|||||
Merger-related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
831
|
|
|
831
|
|
|||||
Non-cash stock compensation expense
|
403
|
|
|
52
|
|
|
—
|
|
|
4,816
|
|
|
5,271
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
1,936
|
|
|
1,936
|
|
|||||
Accretion on asset retirement obligations
|
2,333
|
|
|
2,065
|
|
|
1,017
|
|
|
817
|
|
|
6,232
|
|
|||||
Cost impact of coal inventory fair value adjustment (1)
|
3,718
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
7,176
|
|
|||||
Gain on assets acquired in an exchange transaction (2)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
|||||
Amortization of acquired intangibles, net
|
(2,820
|
)
|
|
(4,569
|
)
|
|
706
|
|
|
—
|
|
|
(6,683
|
)
|
|||||
Adjusted EBITDA
|
$
|
101,632
|
|
|
$
|
(4,283
|
)
|
|
$
|
4,754
|
|
|
$
|
(18,721
|
)
|
|
$
|
83,382
|
|
|
Three Months Ended March 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
69,204
|
|
|
$
|
101,632
|
|
|
$
|
(32,428
|
)
|
|
(31.9
|
)%
|
CAPP - Thermal operations
|
(2,188
|
)
|
|
(4,283
|
)
|
|
2,095
|
|
|
48.9
|
%
|
|||
NAPP operations
|
4,359
|
|
|
4,754
|
|
|
(395
|
)
|
|
(8.3
|
)%
|
|||
All Other
|
(11,135
|
)
|
|
(18,721
|
)
|
|
7,586
|
|
|
40.5
|
%
|
|||
Total
|
$
|
60,240
|
|
|
$
|
83,382
|
|
|
$
|
(23,142
|
)
|
|
(27.8
|
)%
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows (in thousands):
|
|
|
|
||||
Net cash (used in) provided by operating activities
|
$
|
(60
|
)
|
|
$
|
14,611
|
|
Net cash used in investing activities
|
(58,771
|
)
|
|
(45,323
|
)
|
||
Net cash provided by (used in) financing activities
|
55,136
|
|
|
(11,786
|
)
|
||
Net decrease in cash and cash equivalents and restricted cash
|
$
|
(3,695
|
)
|
|
$
|
(42,498
|
)
|
•
|
Performing the fiscal year risk assessment at a sufficiently granular level to allow management to adequately assess risks at the appropriate level of precision;
|
•
|
Implementing enhancements to the operation and design of coal inventory;
|
•
|
Perform additional training related to internal control over financial reporting for all personnel to enhance knowledge and understanding of the operation and design of controls within the organization and hiring additional resources as necessary to supplement internal personnel.
|
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share (4)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (2),(3)
|
||||||
January 1, 2020 through January 31, 2020
|
1,908
|
|
|
$
|
8.15
|
|
|
—
|
|
|
$
|
67,552
|
|
February 1, 2020 through February 29, 2020
|
6,545
|
|
|
$
|
6.41
|
|
|
—
|
|
|
$
|
67,552
|
|
March 1, 2020 through March 31, 2020
|
10,898
|
|
|
$
|
4.68
|
|
|
—
|
|
|
$
|
67,552
|
|
|
19,351
|
|
|
|
|
—
|
|
|
$
|
67,522
|
|
|
CONTURA ENERGY, INC.
|
|
Date: May 11, 2020
|
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 Contura Energy (PK) Chart |
1 Month Contura Energy (PK) Chart |
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