(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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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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•
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the financial performance of the company;
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•
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our liquidity, results of operations and financial condition;
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•
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our ability to generate sufficient cash or obtain financing to fund our business operations;
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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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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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•
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our ability to meet collateral requirements;
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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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•
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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-upon 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 our former mines in Wyoming;
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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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•
|
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 obtain or renew surety bonds on acceptable terms or maintain our current bonding status;
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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 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,
|
||||||
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
|
||
Coal revenues
|
$
|
468,367
|
|
|
$
|
606,960
|
|
Other revenues
|
2,093
|
|
|
2,154
|
|
||
Total revenues
|
470,460
|
|
|
609,114
|
|
||
Costs and expenses:
|
|
|
|
|
|
||
Cost of coal sales (exclusive of items shown separately below)
|
397,860
|
|
|
515,694
|
|
||
Depreciation, depletion and amortization
|
54,465
|
|
|
61,271
|
|
||
Accretion on asset retirement obligations
|
7,375
|
|
|
6,232
|
|
||
Amortization of acquired intangibles, net
|
865
|
|
|
(6,683
|
)
|
||
Asset impairment
|
33,709
|
|
|
—
|
|
||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
15,481
|
|
|
20,951
|
|
||
Merger-related costs
|
—
|
|
|
831
|
|
||
Total other operating (income) loss:
|
|
|
|
|
|
||
Mark-to-market adjustment for acquisition-related obligations
|
(14,997
|
)
|
|
1,936
|
|
||
Other income
|
(580
|
)
|
|
(8,899
|
)
|
||
Total costs and expenses
|
494,178
|
|
|
591,333
|
|
||
(Loss) income from operations
|
(23,718
|
)
|
|
17,781
|
|
||
Other income (expense):
|
|
|
|
|
|
||
Interest expense
|
(17,605
|
)
|
|
(15,155
|
)
|
||
Interest income
|
978
|
|
|
1,936
|
|
||
Equity loss in affiliates
|
(743
|
)
|
|
(484
|
)
|
||
Miscellaneous loss, net
|
(908
|
)
|
|
(866
|
)
|
||
Total other expense, net
|
(18,278
|
)
|
|
(14,569
|
)
|
||
(Loss) income from continuing operations before income taxes
|
(41,996
|
)
|
|
3,212
|
|
||
Income tax benefit
|
2,188
|
|
|
4,778
|
|
||
Net (loss) income from continuing operations
|
(39,808
|
)
|
|
7,990
|
|
||
Discontinued operations:
|
|
|
|
|
|
||
Loss from discontinued operations before income taxes
|
—
|
|
|
(1,590
|
)
|
||
Income tax benefit from discontinued operations
|
—
|
|
|
415
|
|
||
Loss from discontinued operations
|
—
|
|
|
(1,175
|
)
|
||
Net (loss) income
|
$
|
(39,808
|
)
|
|
$
|
6,815
|
|
|
|
|
|
|
|
||
Basic (loss) income per common share:
|
|
|
|
|
|
||
(Loss) income from continuing operations
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$
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(2.18
|
)
|
|
$
|
0.42
|
|
Loss from discontinued operations
|
—
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|
(0.06
|
)
|
||
Net (loss) income
|
$
|
(2.18
|
)
|
|
$
|
0.36
|
|
|
|
|
|
|
|
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Diluted (loss) income per common share
|
|
|
|
|
|
||
(Loss) income from continuing operations
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$
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(2.18
|
)
|
|
$
|
0.41
|
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net (loss) income
|
$
|
(2.18
|
)
|
|
$
|
0.35
|
|
|
|
|
|
|
|
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Weighted average shares - basic
|
18,245,911
|
|
|
18,894,315
|
|
||
Weighted average shares - diluted
|
18,245,911
|
|
|
19,538,629
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Net (loss) income
|
$
|
(39,808
|
)
|
|
$
|
6,815
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
||||
Employee benefit plans:
|
|
|
|
||||
Amortization of and adjustments to employee benefit costs
|
$
|
(4,010
|
)
|
|
$
|
239
|
|
Income tax expense
|
—
|
|
|
(62
|
)
|
||
Total other comprehensive (loss) income, net of tax
|
$
|
(4,010
|
)
|
|
$
|
177
|
|
Total comprehensive (loss) income
|
$
|
(43,818
|
)
|
|
$
|
6,992
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
227,056
|
|
|
$
|
212,793
|
|
Trade accounts receivable, net of allowance for doubtful accounts of $1,213 and $0 as of March 31, 2020 and December 31, 2019
|
245,377
|
|
|
244,666
|
|
||
Inventories, net
|
184,445
|
|
|
162,659
|
|
||
Prepaid expenses and other current assets
|
142,151
|
|
|
91,361
|
|
||
Total current assets
|
799,029
|
|
|
711,479
|
|
||
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
|
561,836
|
|
|
583,262
|
|
||
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
|
|
|
523,141
|
|
||
Other acquired intangibles, net of accumulated amortization of $34,631 and $32,686 as of March 31, 2020 and December 31, 2019
|
115,628
|
|
|
125,145
|
|
||
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
|
|
|
|
|
|
||
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
|
|
|
|
|
|
Award Type
|
“Date of Grant”
|
“Target Amount”
|
“Vesting Date”
|
“Performance Period”
|
Time-Based Incentive Award (the “Time-Based Award”)
|
February 18, 2020
|
$[●]
|
February 18, 2023
|
N/A
|
Performance-Based Incentive Award (the “Performance-Based Award”)
|
February 18, 2020
|
$[●]
|
February 18, 2023
|
January 1, 2020 through December 31, 2022
|
CONTURA ENERGY, INC.
|
|
PARTICIPANT
|
|
|
|
|
|
By:
|
|
|
|
|
Name: [●]
|
|
Name: [●]
|
|
Title: [●]
|
|
|
1.
|
GRANT OF INCENTIVE AWARD. The Award has been granted to the Participant as an incentive for the Participant to continue to provide services to the Company or its Affiliate or Subsidiary and to align the Participant’s interests with those of the Company. The Award constitutes a contingent and unsecured promise by the Company to pay to the Participant an amount in cash equal to any vested and earned amount of the Time-Based Award and of the Performance-Based Award in accordance with Section 2 on the payment date as set forth in Section 3.
|
2.
|
VESTING. The Award shall vest as follows:
|
(a)
|
Time-Based Award. The Target Amount of the Time-Based Award shall vest and be earned in full on the Vesting Date, subject to the Participant’s continuous service with the Company or any Affiliate or Subsidiary through the Vesting Date (the “Service Condition”).
|
(b)
|
Performance-Based Award. The Performance-Based Award shall vest and be earned, as set forth in Appendix A, on the Vesting Date, subject to (i) the satisfaction of the Service Condition and (ii) the satisfaction of the performance conditions set forth in Appendix A (the “Performance Conditions”) measured as of December 31, 2022 (the “Measurement Date”).
|
3.
|
PAYMENT. Except as otherwise set forth in the Plan, the amount of the Time-Based Award and Performance-Based Award that is vested and earned in accordance with Section 2 (collectively, the “Earned Award”), shall be paid to the Participant in cash within forty-five (45) days following the Vesting Date.
|
4.
|
NONTRANSFERABILITY. No portion of the Award may be sold, assigned, transferred, encumbered, hypothecated, or pledged by the Participant, other than to the Company as a result of forfeiture of the Award as provided herein, unless and until payment is made in respect of any Earned Award in accordance with the provisions hereof.
|
5.
|
TAX AND WITHHOLDING. The Company and the Participant’s employer shall have the right to withhold from any amount payable in respect of any Earned Award such amounts as are sufficient to satisfy any federal, foreign, state and local tax withholding obligations arising from or in connection with any amounts payable to the Participant in respect of any
|
6.
|
MISCELLANEOUS.
|
(a)
|
No Right To Continued Employment or Service. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate or Subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company or any Affiliate or Subsidiary to modify the terms of or terminate the Participant’s employment or service at any time.
|
(b)
|
No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan. The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
|
(c)
|
Plan to Govern. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.
|
(d)
|
Amendment. Subject to the restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement or the Plan. Subject to the Company’s rights pursuant to Sections 12(b) and 21 of the Plan, no amendment of the Plan or this Agreement may, without the consent of the Participant, adversely affect the rights of the Participant in a material manner with respect to the Award granted pursuant to this Agreement.
|
(e)
|
Severability. In the event that any provision of this Agreement shall he held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.
|
(f)
|
Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the Award granted hereunder and supersede all prior agreements and understandings.
|
(g)
|
Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the Participant’s death, acquire any rights hereunder in accordance with this Agreement or the Plan.
|
(h)
|
Governing Law. To the extent not preempted by federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of the award to the substantive law of another jurisdiction.
|
(i)
|
Compliance with Section 409A of the Internal Revenue Code. The Award is intended to comply with Section 409A of the Code (“Section 409A”) to the extent subject thereto, and shall be interpreted in accordance with Section 409A and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. The Company reserves the right to modify the terms of this Agreement, including, without limitation, the payment provisions applicable to the Award, to the extent necessary or advisable to comply with Section 409A and reserves the right to make any changes to the Award so that it does not become subject to Section 409A or a “specified employee” waiting period (as described below).
|
Award Type
|
“Date of Grant”
|
“Target PSUs”
|
“Vesting Date”
|
“Performance Period”
|
Performance-Based Restricted Stock Units (the “PSUs”)
|
February 18, 2020
|
[●]
|
February 18, 2023
|
January 1, 2020 through December 31, 2022
|
CONTURA ENERGY, INC.
|
|
PARTICIPANT
|
|
|
|
|
|
By:
|
|
|
|
|
Name: [●]
|
|
Name: [●]
|
|
Title: [●]
|
|
|
1.
|
GRANT OF PSUs. The Award has been granted to the Participant as an incentive for the Participant to continue to provide services to the Company or its Affiliate or Subsidiary and to align the Participant’s interests with those of the Company. Each PSU earned under the Award (“Earned PSUs”) will correspond to one Common Share. The Award constitutes a contingent and unsecured promise by the Company to deliver one Common Share on the settlement date for each PSU earned, as set forth in Section 3.
|
2.
|
VESTING. The Award shall vest as to a number of PSUs on the Vesting Date, subject to (i) the Participant’s continuous service with the Company or any Affiliate or Subsidiary through the Vesting Date (the “Service Condition”) and (ii) the satisfaction of the performance conditions set forth in Appendix A (the “Performance Conditions”) measured as of December 31, 2022 (the “Measurement Date”). The PSUs shall, subject to the terms of the Company’s Key Employee Separation Plan, as applicable, be immediately forfeited in their entirety without any delivery of Common Shares or other payment to the Participant upon a termination of Participant’s employment or service with the Company or any Affiliate or Subsidiary for any reason on or prior to the Vesting Date. In the event of a Change in Control, the PSUs will be treated in accordance with the terms of the Plan.
|
3.
|
SETTLEMENT. Except as otherwise set forth in the Plan, any Earned PSUs will be settled in Common Shares, and the Participant shall receive the number of Common Shares that corresponds to the number of Earned PSUs that become vested as of the Vesting Date based on the satisfaction of the Performance Conditions. Common Shares shall be delivered on the date that is no later than forty-five (45) days following the Vesting Date, as determined in the Committee’s sole discretion.
|
4.
|
DIVIDEND EQUIVALENT PAYMENTS. Until the PSUs settle in Common Shares, if the Company pays a dividend on Common Shares during the Performance Period, the Participant will become entitled as of the Vesting Date to a payment in the same amount as the dividend the Participant would have received if he or she held Common Shares in respect of his or her Earned PSUs immediately prior to the record date of the dividend (a “Dividend Equivalent”). No such Dividend Equivalents will be paid to the Participant with respect to any PSU that is cancelled or forfeited prior to the Vesting Date or that is otherwise not earned under the terms of the Award. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in Common Shares, cash or a combination thereof. The Company will pay the Dividend Equivalents within forty-five (45) days of the Vesting Date.
|
5.
|
NONTRANSFERABILITY. No portion of the Award may be sold, assigned, transferred, encumbered, hypothecated, or pledged by the Participant, other than to the Company as a result of forfeiture of the Award as provided herein, unless and until payment is made in respect of any Earned PSUs in accordance with the provisions hereof and the Participant
|
6.
|
TAX AND WITHHOLDING. Pursuant to rules and procedures that the Company establishes, tax or other withholding obligations arising upon vesting and settlement (as applicable) of any Earned PSUs may be satisfied, in the Committee’s sole discretion, by having the Company or the Participant’s employer withhold Common Shares, tendering Common Shares or by having the Company or the Participant’s employer withhold cash if the Company provides for a cash withholding option, in each case in an amount sufficient to satisfy the tax or other withholding obligations. Common Shares withheld or tendered will be valued using the Fair Market Value of the Common Shares on the date the Award settles. In order to comply with applicable accounting standards or the Company's policies in effect from time to time, the Company may limit the amount of Common Shares that the Participant may have withheld or that the Participant may tender. The Participant acknowledges that, if he or she is subject to taxes in more than one jurisdiction, the Company or the Participant’s employer may be required to withhold or account for taxes in more than one jurisdiction.
|
7.
|
RIGHTS AS STOCKHOLDER. Except as set forth herein, the Participant will not have any rights as a stockholder in the Common Shares corresponding to any PSUs prior to settlement of any Earned PSUs.
|
8.
|
SECURITIES LAW COMPLIANCE. The Company may, if it determines it is appropriate, affix any legend to the stock certificates representing Common Shares issued upon settlement of any Earned PSUs and any stock certificates that may subsequently be issued in substitution for the original certificates. The Company may advise the transfer agent to place a stop order against such Common Shares if it determines that such an order is necessary or advisable.
|
9.
|
COMPLIANCE WITH LAW. Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of Common Shares issued upon settlement of any Earned PSUs (whether directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation, or policy of any of the exchanges, associations or other institutions with which the Company has membership or other privileges, and any applicable law, or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body.
|
10.
|
MISCELLANEOUS.
|
(a)
|
No Right To Continued Employment or Service. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate or Subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company or any Affiliate or Subsidiary to modify the terms of or terminate the Participant’s employment or service at any time.
|
(b)
|
No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s
|
(c)
|
Plan to Govern. This Agreement and the rights of the Participant hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.
|
(d)
|
Amendment. Subject to the restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement or the Plan. Subject to the Company’s rights pursuant to Sections 12(b) and 21 of the Plan, no amendment of the Plan or this Agreement may, without the consent of the Participant, adversely affect the rights of the Participant in a material manner with respect to the Award granted pursuant to this Agreement.
|
(e)
|
Severability. In the event that any provision of this Agreement shall he held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.
|
(f)
|
Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the Award granted hereunder and supersede all prior agreements and understandings.
|
(g)
|
Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the Participant’s death, acquire any rights hereunder in accordance with this Agreement or the Plan.
|
(h)
|
Governing Law. To the extent not preempted by federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of the award to the substantive law of another jurisdiction.
|
(i)
|
Compliance with Section 409A of the Internal Revenue Code. The Award is intended to comply with Section 409A of the Code (“Section 409A”) to the extent subject thereto, and shall be interpreted in accordance with Section 409A and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. The Company reserves the right to modify the terms of this Agreement, including, without limitation, the payment provisions applicable to the Award, to the extent necessary or advisable to comply with Section 409A and reserves the right to make any changes to the Award so that it does not become subject to Section 409A or a “specified employee” waiting period (as described below).
|
|
|
|
|
Award Type
|
Date of Grant
|
Number of RSUs
|
Vesting Schedule
|
Restricted Stock Units (the “RSUs”)
|
February 18, 2020
|
[●]
|
[●] on February 18, 2021
[●] on February 18, 2022
[●] on February 18, 2023
|
CONTURA ENERGY, INC.
|
|
PARTICIPANT
|
|
|
|
|
|
By:
|
|
|
|
|
Name: [●]
|
|
Name: [●]
|
|
Title: [●]
|
|
|
1.
|
GRANT OF RSUs. The Company hereby grants to the Employee, as of the Date of Grant set forth above, the number of RSUs specified above. Except as otherwise provided by the Plan, the Employee agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Employee with any protection against potential future dilution of the Employee’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the Shares underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement.
|
2.
|
VESTING. Subject to the provisions of Section 3 hereof, the RSUs shall vest and become non-forfeitable on the first anniversary of the Date of Grant as set forth in the vesting schedule above, subject to the Employee’s continuous service with the Company through the applicable vesting date. All unvested RSUs shall be immediately forfeited upon an Employee’s termination of employment with the Company for any reason, except as otherwise provided in the Company’s Key Employee Separation Plan, if applicable to the Employee.
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3.
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ACCELERATED VESTING. Notwithstanding anything to the contrary contained herein, the RSUs shall fully vest, subject in each case to the Employee’s continuous service with the Company through such date, upon the earliest of (A) a Change in Control and (B) the date immediately prior to an IPO, contingent upon the consummation of the IPO.
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4.
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SETTLEMENT. Except as otherwise set forth in the Plan, the RSUs will be settled in Common Shares, and the Participant shall receive the number of Common Shares that corresponds to the number of RSUs that have become vested as of the applicable vesting date, which Common Shares shall be delivered on the date that is no later than forty-five (45) days following the applicable vesting date, as determined in the Committee’s sole discretion.
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5.
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SECURITIES REPRESENTATIONS. Upon the vesting of the RSUs prior to the registration of any Shares to be issued hereunder pursuant to the Securities Act or other applicable securities laws, the Employee shall be deemed to acknowledge and make the following representations and warranties and as otherwise may be reasonably requested by the Company for compliance with applicable laws, and any issuances of Shares by the Company hereunder shall be made in reliance upon the express representations and warranties of the Employee:
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(a)
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The Employee is acquiring and will hold the Shares to be issued hereunder for investment for the Employee’s account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or other applicable securities laws.
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(b)
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The Employee has been advised that the Shares to be issued hereunder have not been registered under the Securities Act or other applicable securities laws, on the ground that no distribution or public offering of such Shares is to be effected (it being understood, however, that such Shares are being issued and sold in reliance on the exemption provided under Rule 701 under the Securities Act), and that such Shares must be held indefinitely, unless they are subsequently registered under the applicable securities laws or the Employee obtains an opinion of counsel (in form and substance reasonably satisfactory to the Company and its counsel) that registration is not required. In connection with the foregoing, the Company is relying in part on the Employee’s representations set forth in this Section 5. The Employee further acknowledges and understands that the Company is under no obligation hereunder to register the Shares to be issued hereunder.
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(c)
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The Employee is aware of the adoption of Rule 144 by the United States Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions. The Employee acknowledges that the Employee is familiar with the conditions for resale set forth in Rule 144, and acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.
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(d)
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The Employee has been furnished with, and has had access to, such information as the Employee considers necessary or appropriate for deciding whether to invest in the Shares to be issued hereunder, and the Employee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of such Shares.
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(e)
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The Employee is aware that an investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Employee is able, without impairing the Employee’s financial condition, to hold the Shares to be issued hereunder for an indefinite period and to suffer a complete loss of the Employee’s investment in such Shares.
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6.
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NONTRANSFERABILITY. No portion of the RSUs may be sold, assigned, transferred, encumbered, hypothecated, or pledged by the Employee, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Employee has become the holder of record of the vested Shares issuable hereunder.
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7.
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MISCELLANEOUS.
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(a)
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Definitions. Terms used in this Agreement which are defined in the Plan shall have the respective meanings set forth in the Plan.
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(b)
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No Right To Continued Employment. This Agreement shall not confer upon the Employee any right to continue in the employ of the Company or any subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the
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(c)
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Notice. Any notice or other communication required or permitted to be given under this Agreement must be given by personal delivery or by registered or certified mail, return receipt requested and addressed, if to the Committee or the Company, at the principal office of the Company and, if to the Employee, at the Employee’s last known address as set forth in the books and records of the Company.
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(d)
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Plan to Govern. This Agreement and the rights of the Employee hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.
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(e)
|
Amendment. Subject to restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement. No suspension, modification or amendment of this Agreement may, without the consent of the Employee, adversely affect the rights of the Employee with respect to the RSUs granted pursuant to this Agreement.
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(f)
|
Severability. In the event that any provision of this Agreement shall he held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.
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(g)
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Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Employee concerning the RSUs granted hereunder and supersede all prior agreements and understandings.
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(h)
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Counterparts. This Agreement may be executed in counterparts, each of which when signed by the Company and the Employee will be an original and all of which together will be the same Agreement.
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(i)
|
Governing Law. To the extent not preempted by Federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.
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1.
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I have reviewed this Quarterly Report on Form 10-Q (this “Report”) of Contura Energy, Inc. (the “Registrant”);
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2.
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Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined by Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b.
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
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5.
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The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
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Date: May 11, 2020
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By: /s/ David J. Stetson
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David J. Stetson
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Chief Executive Officer
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(Principal Executive Officer)
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Date: May 11, 2020
|
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By: /s/ Charles Andrew Eidson
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Charles Andrew Eidson
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer and Principal Accounting Officer)
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1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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By: /s/ David J. Stetson
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David J. Stetson
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Chief Executive Officer
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(Principal Executive Officer)
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Date: May 11, 2020
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By: /s/ Charles Andrew Eidson
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Charles Andrew Eidson
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Executive Vice President and Chief Financial Officer
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(Principal Financial Officer and Principal Accounting Officer)
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MSHA Mine ID
|
|
Operator
|
|
Significant and
Substantial
Citations Issued
(Section 104 of
the Mine Act)
*Excludes 104(d)
citations/orders
|
|
Failure to Abate
Orders (Section
104(b) of the
Mine Act)
|
|
Unwarrantable
Failure
Citations/
Orders Issued
(Section 104(d)
of the Mine Act)
|
|
Flagrant
Violations
(Section
110(b)(2) of the
Mine Act)
|
|
Imminent
Danger Orders
Issued (Section
107(a) of the
Mine Act)
|
|
Dollar Value of
Proposed Civil
Penalty
Assessments
(in Thousands) (1)
|
|
Mining Related
Fatalities
|
3605018
|
|
Cumberland Contura, LLC
|
|
3
|
|
1
|
|
2
|
|
—
|
|
—
|
|
$26.64
|
|
—
|
3605466
|
|
Emerald Contura, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.62
|
|
—
|
4405270
|
|
Paramont Contura, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.51
|
|
—
|
4405311
|
|
Dickenson-Russell Contura, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.78
|
|
—
|
4407163
|
|
Paramont Contura, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$3.89
|
|
—
|
4407223
|
|
Paramont Contura, LLC
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$14.61
|
|
—
|
4407308
|
|
Paramont Contura, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.35
|
|
—
|
4601544
|
|
Spartan Mining Company, LLC
|
|
18
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$63.39
|
|
—
|
4603317
|
|
Mammoth Coal Co.
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.24
|
|
—
|
4604343
|
|
Kingston Mining Inc.
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.37
|
|
—
|
4605086
|
|
Bandmill Coal, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$1.35
|
|
—
|
4605649
|
|
Delbarton Mining Company, LLC
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
4605992
|
|
Black Castle Mining Company LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.25
|
|
—
|
4606263
|
|
Brooks Run South Mining, LLC
|
|
6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$18.50
|
|
—
|
4606558
|
|
Highland Mining Company
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4606880
|
|
Power Mountain Contura LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4607938
|
|
Black Castle Mining Company, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4608159
|
|
Mammoth Coal Co.
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$1.52
|
|
—
|
4608315
|
|
Marfork Coal Company, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
4608374
|
|
Marfork Coal Company, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.46
|
|
—
|
4608625
|
|
Kingston Mining, Inc.
|
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$40.36
|
|
—
|
4608787
|
|
Nicholas Contura LLC
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$5.44
|
|
—
|
4608801
|
|
Aracoma Coal Company, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$6.48
|
|
—
|
4608802
|
|
Aracoma Coal Company, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4608808
|
|
Spartan Mining Company, LLC
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$8.20
|
|
—
|
4608837
|
|
Marfork Coal Company, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.85
|
|
—
|
4608932
|
|
Kingston Mining, Inc.
|
|
20
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$63.54
|
|
—
|
4608977
|
|
Alex Energy LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4609026
|
|
Republic Energy LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.37
|
|
—
|
4609048
|
|
Marfork Coal Company, LLC
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$18.68
|
|
—
|
4609054
|
|
Republic Energy LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$3.52
|
|
—
|
4609091
|
|
Marfork Coal Company, LLC
|
|
14
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$164.30
|
|
—
|
4609092
|
|
Marfork Coal Company, LLC
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$72.77
|
|
—
|
4609148
|
|
Mammoth Coal Co
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.89
|
|
—
|
4609204
|
|
Highland Mining Company
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.14
|
|
—
|
4609212
|
|
Marfork Coal Company
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$51.71
|
|
—
|
4609221
|
|
Mammoth Coal Co.
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$30.34
|
|
—
|
4609361
|
|
Aracoma Coal Company, LLC
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$8.91
|
|
—
|
4609475
|
|
Republic Energy LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.93
|
|
—
|
4609550
|
|
Marfork Coal Company, LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$9.17
|
|
—
|
4609574
|
|
Aracoma Coal Company
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Mine ID
|
|
Operator Name
|
|
MSHA
Pending
Legal
Actions (as of last
day of
reporting
period) (1)
|
|
New MSHA
Dockets
commenced
during
reporting
period
|
|
MSHA
dockets in
which
final
orders
were
entered
(not
appealed)
during
reporting
period
|
|
Contests of
Citations/
Orders
referenced
in
Subpart B,
29 CFR
Part 2700
|
|
Contests of
Proposed
Penalties
referenced
in
Subpart C,
29 CFR
Part 2700
|
|
Complaints
for
compensation
referenced
in
Subpart D,
29 CFR
Part 2700
|
|
Complaints
for
discharge,
discrimination,or
interference
referenced
in Subpart E,
29 CFR
Part 2700
|
|
Applications
for
temporary
relief
referenced
in
Subpart F
29 CFR
Part 2700
|
|
Appeals of
judges’
decisions
or
orders to
FMSHRC
referenced
in
Subpart H
29 CFR
Part 2700
|
|||||||||
3605018
|
|
Cumberland Contura, LLC
|
|
1
|
|
|
1
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
3605466
|
|
Emerald Contura, LLC
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4407223
|
|
Paramont Contura, LLC
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4601544
|
|
Spartan Mining Company, LLC
|
|
2
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608625
|
|
Kingston Mining, Inc.
|
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608808
|
|
Spartan Mining Company, LLC
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608932
|
|
Kingston Mining, Inc.
|
|
2
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609048
|
|
Marfork Coal Company, LLC
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609091
|
|
Marfork Coal Company, LLC
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3
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2
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5
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—
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3
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—
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—
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—
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—
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4609092
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Marfork Coal Company, LLC
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2
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2
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2
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—
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2
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—
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—
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—
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—
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4609212
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Marfork Coal Company, LLC
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—
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—
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1
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—
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—
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—
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—
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—
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—
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4407308
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Paramont Contura, LLC
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—
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—
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1
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—
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—
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—
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—
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—
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—
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4609550
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Marfork Coal Company, LLC
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—
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—
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1
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—
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—
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—
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—
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—
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—
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