Peabody Energy’s DIP Business Plan Approved

As it continues to move ahead toward emerging from Chapter 11 bankruptcy, Peabody Energy said August 10 that the business plan that will set the basis for its plan of reorganization has been approved by its debtor-in-possession (DIP) lenders. In its plan, Peabody has projected sales volumes of 168 million tons this year. It will rise to between 194 and 197 million tons annually between 2018 and 2021. Revenues will hold stable at $4.4–$4.6 billion.

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NRG Cancels Westmoreland Supply Deal

Westmoreland Coal confirmed it will be converting its Jewett lignite operation in Texas to a reclamation phase after utility NRG Texas Power opted to cancel its supply agreement with the mine two years early. Multiyear reclamation at the 35,000-acre surface operation southeast of Dallas will commence once the deal terminates on December 31. NRG officials told Bloomberg they will be moving to a cleaner burning coal from the Powder River Basin (PRB) in Wyoming.

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CPE Back in the Black

Despite a year-on-year drop in coal shipments, Cloud Peak Energy (CPE), which operates exclusively in Wyoming’s Powder River Basin, reported a respectable $35.3 million net income for the quarter. For the period ended June 30, the company reported total revenue of $174.2 million with 11.9 million tons sold. That is compared to $244.1 million in revenue and 16 million tons sold for the comparable 2015 quarter.

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CONSOL Energy Pays to Exit CAPP

CONSOL Energy will pay Booth Energy a total of $44 million to take over its Miller Creek mining complex and Fola Mining complex subsidiaries in West Virginia. The Miller Creek complex has an active surface mining operation and prep plant, which produced 2.1 million tons in 2015, according to the Mine Safety and Health Administration (MSHA), and two underground mines, which are listed as temporarily idle. The Fola Mining complex is a closed surface mining operation with two idled processing facilities.

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