ST. LOUIS, Nov. 9, 2020 /PRNewswire/ -- Peabody (NYSE:
BTU) today announced its third quarter 2020 operating results,
including revenues of $671.0 million;
loss from continuing operations, net of income taxes of
$64.8 million; net loss attributable
to common stockholders of $67.2
million; diluted loss per share from continuing operations
of $0.66; and Adjusted
EBITDA1 of $95.4
million.
"Peabody drove strong cost performance within our thermal
segments during the third quarter, including record-low PRB costs
per ton," said President and Chief Executive Officer Glenn Kellow. "We have had a number of
achievements across the portfolio and look to further build upon
our progress as we tackle structural improvements within the
seaborne met segment. In addition to our ongoing portfolio
enhancements, we have been working to achieve specific financing
objectives. While we have made progress, there is still more
to do. Together, these actions are intended to provide a solid
base to strengthen our financial and operating
performance."
Third Quarter 2020 Results
Third quarter revenues declined 39 percent from the prior year
to $671.0 million due to lower
volumes, mix changes and weaker seaborne pricing. U.S.
thermal revenues declined $215.4
million, including $82.6
million from Kayenta's closure in the third quarter of
2019.
Operating costs and expenses also fell by 39 percent, reflecting
the benefit of cost saving initiatives taken to date, as well as
lower volumes. These initiatives included further headcount
reductions, which resulted in a restructuring charge of
$8.1 million in the third
quarter.
The company also modified its approach to its non-represented
retiree medical coverage to better align with evolving business
conditions and industry benchmarks. Given this change, the
company's postretirement benefit obligation was adjusted to fair
value, utilizing lower discount rates, which resulted in a
$13.0 million loss in the quarter and
a $174.5 million reduction in the
liability. Peabody ended the third quarter with $814.6 million of cash and cash equivalents and
$860.1 million of available
liquidity.
Segment Performance
During the quarter, the seaborne thermal segment shipped 4.6
million tons, with 2.7 million tons exported at an average realized
price of $45.86 per short
ton. The remaining 1.9 million tons were sold under a
long-term domestic contract.
Seaborne thermal segment costs per ton of $27.59 improved 22 percent compared to the prior
year due to strong cost performance from the Wambo surface mine and
Wilpinjong. Lower ratio and improved geology contributed to
significantly lower year-over-year costs at the surface
operations.
In the quarter, the seaborne met segment shipped 1.1 million
tons at an average realized price of $71.88 per short ton. Compared to the prior
year, third quarter 2020 realized pricing was impacted by lower
pricing and a higher mix of PCI sales.
Seaborne met costs per ton, excluding prior year North Goonyella
equipment and development costs, improved 15 percent from the prior
year to $96.87. Lower costs per
ton were driven by ongoing actions to improve the cost structure at
Metropolitan, Coppabella and Moorvale. Year-to-date 2020 met
costs per ton included an approximately $5 per ton impact related to an adjustment to
record certain mines' inventory at net realizable
value.
Peabody's U.S. thermal mines delivered strong cost performance
driven by optimizing the company's maintenance program through use
of condition-based monitoring. These benefits largely offset
the impacts of lower demand.
Third quarter PRB Adjusted EBITDA of $78.3 million increased $7.6 million from the prior year on record low
PRB costs per ton of $7.93, despite a
22 percent decline in shipments. Third quarter PRB costs
benefited from lower maintenance spending, and fuel and sales
related costs associated with reduced volumes, including a one-time
benefit of $0.35 per
ton.
The other U.S. thermal segment earned $51.6 million of Adjusted EBITDA in the quarter
on continued strong cost performance. Costs per ton declined
22 percent from the prior year to $26.52 due to reduced maintenance spending,
favorable mix impacts, and lower personnel costs, among other
items.
Financing Update
As part of the company's comprehensive process to explore
financing alternatives, the company engaged with its surety bond
providers to reach a mutual agreement to support Peabody's
continued reclamation efforts. In early November, Peabody reached a
standstill agreement with its surety bond providers for the
company's $1.6 billion surety program
to resolve approximately $800 million
of collateral requests made in the third quarter and limit future
collateral requirements.
"We are grateful for the tremendous collaboration with our
surety providers to reach a first-of-its-kind solution that offers
a greater line of sight into Peabody's future collateral
requirements," said Executive Vice President and Chief Financial
Officer Mark Spurbeck. "The
agreement lays the foundation for stability and provides the
necessary support for our longstanding commitment to
reclamation. We are now focused on continuing to work with our
2022 noteholders and revolving credit lenders to effectuate a
holistic transaction that provides for maturity extensions and
covenant relief, while maintaining sufficient operating liquidity
and financial flexibility."
Providers of 99 percent of the company's surety bond portfolio
have agreed to the following terms and conditions:
- Under the terms of the transaction support agreement, Peabody
will post $75 million of collateral
and provide second liens on $200
million of certain mining equipment for the benefit of the
surety providers.
- In addition, Peabody will post an additional $25 million of collateral per year through 2025
for the benefit of the surety providers. The collateral postings
will also further increase to the extent the company generates more
than $100 million of free cash flow
(as defined in the transaction support agreement) in any
twelve-month period or has asset sales in excess of $10 million.
- Surety providers have agreed to a standstill through the
earlier of December 2025 or the
maturity date of the company's credit agreement (as amended or
refinanced). During which time, surety bond providers agree not to
demand any additional collateral; draw on letters of credit posted
for the benefit of themselves; or cancel, or attempt to cancel, any
existing surety bond.
Based on the company's current outlook, it is probable that
Peabody's fourth quarter 2020 results will not be sufficient to
meet the minimum required net leverage ratio as defined under the
revolving credit agreement. Peabody has been engaged in discussions
with its revolving credit lenders and an ad hoc group of 2022
noteholders. While no agreement has been reached with these
parties to date, Peabody expects to continue to have discussions
with all or certain of these constituencies in the future. The
surety standstill outlined above is contingent upon the company
ultimately completing a deal with its revolving credit lenders and
2022 noteholders by Dec. 31, 2020,
which can be extended at the company's discretion to Jan. 29, 2021 for purposes of increasing
participation.
The additional collateral demands and probable financial
covenant noncompliance under the revolving credit facility,
requires that the company's debt be reported as current on its
balance sheet as of Sept. 30,
2020. Upon completion of a comprehensive resolution with its
revolving credit lenders and 2022 noteholders, Peabody would expect
its debt to be classified as current or non-current based upon the
timing of its stated maturity.
Operational/Portfolio Update
The company has benefited from a comprehensive improvement
program with board oversight across operational and functional
aspects of the business, and continues to drive structural changes
throughout the organization.
Actions recently taken include:
- Further scaled back production and the workforce at Wambo
Underground, including temporarily suspending production for 59
days during the third quarter in response to challenging demand
conditions. The mine is focused on enhancing its competitive
position to enable continued mining in the current district
post-2021.
- Temporarily idled Shoal Creek in early October to reset the
cost structure of the mine. Costs per ton in 2020 have been
elevated due to a combination of weak demand, lower productivity
rates, and poor geological conditions in the final H-panel.
Production is expected to be suspended for the next several months.
Idle costs are anticipated to average approximately $4 million per month.
- Idling an excavator fleet at Moorvale in November in light of
elevated inventory levels and weak pricing.
Other initiatives, including the following, are also underway
across the portfolio:
- Resetting Metropolitan's cost structure by improving
development rates and scaling the mine to reduce longwall output in
periods of weak market conditions. In addition, the mine is in
discussions with its customers and workforce to reach agreements
that best serve the needs of all stakeholders and enable the mine
to continue to operate during challenging market conditions.
- Middlemount is beginning to see the benefits of a recent change
in management earlier this year, along with recognizing cost
improvement initiatives. Fourth quarter Middlemount volumes are
fully committed amid improving customer demand.
- Sharing of production at the United Wambo joint venture is
anticipated to begin later this year. While production will be
lower in the near term, Peabody will benefit from lower strip
ratios and access to otherwise stratified reserves, enabling
continued production of a high-quality seaborne thermal
product.
- The North Goonyella commercial process and review of strategic
alternatives is ongoing.
- In the U.S., Peabody intends to continue to adjust to changing
demand profiles and enhance its competitiveness against natural gas
and subsidized renewables following the termination of its
PRB/Colorado joint venture
agreement with Arch. In September, the court issued its decision to
support the FTC's efforts to block the transaction.
Market Update
The global economy is showing a marked improvement in industrial
production, even as the timing of a recovery varies across
countries and sectors. Seaborne coal pricing remains muted and
below pre-pandemic levels and rising COVID-19 cases worldwide
continue to pose a threat to commodity pricing.
Steel industry fundamentals are improving in most regions
relative to COVID-driven lows earlier in the year, although
seaborne met coal demand has yet to recover to pre-pandemic
levels. While China is leading the steel production recovery,
met coal imports have been muted given unofficial import controls.
In addition, year to date through September, India's met imports fell 8 million tonnes
compared to the prior year. Looking ahead, Peabody projects
global seaborne met coal demand to show consistent, albeit modest,
growth over the next several years. During this time,
India is expected to account for
the vast majority of overall demand growth amid significant steel
capacity additions and lack of domestic reserves. ASEAN
countries are also projected to be a notable contributor to growth
as demand in Japan and Korea
remains largely stable. Australia is projected to continue to
account for more than 50 percent of seaborne supply.
Within seaborne thermal, weak demand continues to pressure
prices. India imports have
declined 24 million tonnes due to inventory overhangs and higher
domestic production, while China
imports are down 9 million tonnes year to date through September.
ASEAN countries are the only major importing regions showing
sizable year-over-year growth, with imports up 9 million tonnes
year to date through September. Longer term, coal is expected
to maintain a leading position in the electricity generation
mix. In absolute terms, coal is expected to grow while its
share of overall generation is expected to decline. ASEAN
countries and India are expected
to be drivers for seaborne coal demand growth due to increased
electrification and economic gains. This growth is anticipated to
more than offset sharp declines in global coal use from developed
economies, including the U.S. and Western Europe. From a
supply-side perspective, year-to-date thermal exports for every
major exporting country are down relative to the prior
year. Indonesia leads the decline with thermal exports down 34
million tonnes, followed by Colombia and the
United States. In fact, Colombia exports marked an all-time low in
September.
In the U.S., the impacts of COVID-19 have accelerated a
multi-year decline in coal demand. Year-to-date through
September, coal generation is down 24 percent and represents 19
percent of the overall generation mix. While still at elevated
levels, strong summer draws have lowered U.S. utility coal
inventories to just under 130 million tons, or approximately 56
days based on maximum usage. Current natural gas forwards are
above $3.00 for the remainder of the
year and into 2021.
Outlook
Based on current estimates, fourth quarter seaborne volumes are
expected to improve modestly, while U.S. thermal volumes are
expected to decline slightly compared to the third
quarter. Seaborne met costs are anticipated to rise primarily
due to a planned longwall move at Metropolitan and changes in
product mix, while seaborne thermal costs are expected to be
largely in line with the third quarter. Current fourth quarter
2020 priced and committed sales are as follows:
- 23 million tons of PRB sales at an average realized price of
$11.28 per ton
- 5 million tons of other U.S. thermal sales at an average
realized price of $36 per ton
- 2 million tons of seaborne thermal export sales at an average
realized price of $47 per short
ton
- 0.7 million tons of seaborne met sales at an average realized
price of $88 per short ton
In addition, 2020 full year capital expenditures and SG&A
have been reduced to approximately $185
million and $105 million,
respectively.
Current 2021 market expectations reflect improvement in seaborne
coal demand as economies continue to recover from COVID-19.
In addition, modestly higher forward natural gas prices are
expected to offset the impact of additional retirements within the
U.S. thermal market. Other factors that will determine
Peabody's 2021 sales volume include the anticipated resumption of
production at Shoal Creek in early 2021 as well as lower production
due to the United Wambo joint venture transition.
Today's earnings call is scheduled for 10
a.m. CT and can be accessed via the company's website at
PeabodyEnergy.com.
Peabody (NYSE: BTU) is a leading coal producer, serving
customers in more than 25 countries on six continents. We
provide essential products to fuel baseload electricity for
emerging and developed countries and create the steel needed to
build foundational infrastructure. Our commitment to
sustainability underpins our activities today and helps to shape
our strategy for the future. For further information, visit
PeabodyEnergy.com.
Contact:
Julie
Gates
314.342.4336
___________________________________
|
1 Adjusted EBITDA is a non-GAAP
financial measure. Revenues per ton, costs per ton, Adjusted
EBITDA margin per ton and percent are non-GAAP
operating/statistical measures. Adjusted EBITDA margin is
equal to segment Adjusted EBITDA divided by segment revenues.
Please refer to the tables and related notes in this press release
for a reconciliation and definition of non-GAAP financial
measures.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
For the Quarters
and Nine Months Ended Sept. 30, 2020 and 2019
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Tons Sold
|
34.7
|
|
|
44.8
|
|
|
98.6
|
|
|
124.7
|
|
|
Revenues
|
$
|
671.0
|
|
|
$
|
1,106.4
|
|
|
$
|
2,143.9
|
|
|
$
|
3,506.0
|
|
Operating Costs and
Expenses (1)
|
550.9
|
|
|
905.5
|
|
|
1,886.7
|
|
|
2,711.5
|
|
Depreciation,
Depletion and Amortization
|
72.2
|
|
|
141.5
|
|
|
266.5
|
|
|
479.4
|
|
Asset Retirement
Obligation Expenses
|
14.3
|
|
|
15.5
|
|
|
46.0
|
|
|
44.6
|
|
Selling and
Administrative Expenses
|
27.2
|
|
|
32.2
|
|
|
77.3
|
|
|
107.8
|
|
Restructuring
Charges
|
8.1
|
|
|
0.7
|
|
|
31.1
|
|
|
1.3
|
|
Transaction Costs
Related to Joint Ventures
|
6.0
|
|
|
8.2
|
|
|
23.1
|
|
|
9.8
|
|
Other Operating Loss
(Income):
|
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(2.5)
|
|
|
(1.1)
|
|
|
(10.4)
|
|
|
(2.8)
|
|
Asset
Impairment
|
—
|
|
|
20.0
|
|
|
1,418.1
|
|
|
20.0
|
|
Provision for North
Goonyella Equipment Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
24.7
|
|
North Goonyella
Insurance Recovery
|
—
|
|
|
—
|
|
|
—
|
|
|
(125.0)
|
|
Loss from Equity
Affiliates
|
10.6
|
|
|
20.7
|
|
|
25.7
|
|
|
7.5
|
|
Operating (Loss)
Profit
|
(15.8)
|
|
|
(36.8)
|
|
|
(1,620.2)
|
|
|
227.2
|
|
Interest
Expense
|
34.9
|
|
|
35.4
|
|
|
102.3
|
|
|
107.2
|
|
Interest
Income
|
(1.6)
|
|
|
(7.0)
|
|
|
(7.1)
|
|
|
(22.5)
|
|
Net Periodic Benefit
Costs, Excluding Service Cost
|
2.8
|
|
|
4.9
|
|
|
8.3
|
|
|
14.6
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
13.0
|
|
|
—
|
|
|
13.0
|
|
|
—
|
|
(Loss) Income from
Continuing Operations Before Income Taxes
|
(64.9)
|
|
|
(70.1)
|
|
|
(1,736.7)
|
|
|
127.9
|
|
Income Tax (Benefit)
Provision
|
(0.1)
|
|
|
4.2
|
|
|
2.7
|
|
|
26.0
|
|
(Loss) Income from
Continuing Operations, Net of Income Taxes
|
(64.8)
|
|
|
(74.3)
|
|
|
(1,739.4)
|
|
|
101.9
|
|
Loss from
Discontinued Operations, Net of Income Taxes
|
(2.3)
|
|
|
(3.8)
|
|
|
(6.8)
|
|
|
(10.6)
|
|
Net (Loss)
Income
|
(67.1)
|
|
|
(78.1)
|
|
|
(1,746.2)
|
|
|
91.3
|
|
Less: Net Income
(Loss) Attributable to Noncontrolling Interests
|
0.1
|
|
|
4.7
|
|
|
(5.1)
|
|
|
12.8
|
|
Net (Loss) Income
Attributable to Common Stockholders
|
$
|
(67.2)
|
|
|
$
|
(82.8)
|
|
|
$
|
(1,741.1)
|
|
|
$
|
78.5
|
|
|
Adjusted EBITDA
(2)
|
$
|
95.4
|
|
|
$
|
159.2
|
|
|
$
|
155.6
|
|
|
$
|
643.3
|
|
|
Diluted EPS - (Loss)
Income from Continuing Operations (3)(4)
|
$
|
(0.66)
|
|
|
$
|
(0.77)
|
|
|
$
|
(17.76)
|
|
|
$
|
0.83
|
|
|
Diluted EPS - Net
(Loss) Income Attributable to Common
Stockholders
(3)
|
$
|
(0.69)
|
|
|
$
|
(0.81)
|
|
|
$
|
(17.83)
|
|
|
$
|
0.73
|
|
|
(1)
|
Excludes items shown
separately.
|
(2)
|
Adjusted EBITDA is a
non-GAAP financial measure. Refer to the "Reconciliation of
Non-GAAP Financial Measures" section in this document for
definitions and reconciliations to the most comparable measures
under U.S. GAAP.
|
(3)
|
During the quarters
ended September 30, 2020 and 2019, weighted average diluted shares
outstanding were 97.9 million and 102.2 million, respectively.
During the nine months ended September 30, 2020 and 2019, weighted
average diluted shares outstanding were 97.6 million and 107.4
million, respectively.
|
(4)
|
Reflects (loss)
income from continuing operations, net of income taxes less net
income (loss) attributable to noncontrolling interests.
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Supplemental
Financial Data (Unaudited)
|
|
For the Quarters
and Nine Months Ended Sept. 30, 2020 and 2019
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Tons Sold (In
Millions)
|
|
|
|
|
|
|
|
Seaborne Thermal
Mining Operations
|
4.6
|
|
|
4.9
|
|
|
13.8
|
|
|
14.1
|
|
Seaborne
Metallurgical Mining Operations
|
1.1
|
|
|
1.8
|
|
|
4.2
|
|
|
6.2
|
|
Powder River Basin
Mining Operations
|
23.6
|
|
|
30.2
|
|
|
65.0
|
|
|
80.5
|
|
Other U.S. Thermal
Mining Operations (1)
|
4.8
|
|
|
7.2
|
|
|
13.5
|
|
|
22.3
|
|
Total U.S. Thermal
Mining Operations
|
28.4
|
|
|
37.4
|
|
|
78.5
|
|
|
102.8
|
|
Corporate and
Other
|
0.6
|
|
|
0.7
|
|
|
2.1
|
|
|
1.6
|
|
Total
|
34.7
|
|
|
44.8
|
|
|
98.6
|
|
|
124.7
|
|
|
|
|
|
|
|
|
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
|
Seaborne Thermal
Mining Operations
|
$
|
163.0
|
|
|
$
|
249.5
|
|
|
$
|
526.1
|
|
|
$
|
720.7
|
|
Seaborne
Metallurgical Mining Operations
|
78.8
|
|
|
216.3
|
|
|
363.6
|
|
|
831.7
|
|
Powder River Basin
Mining Operations
|
264.8
|
|
|
333.6
|
|
|
737.2
|
|
|
903.5
|
|
Other U.S. Thermal
Mining Operations (1)
|
179.8
|
|
|
326.4
|
|
|
524.1
|
|
|
970.8
|
|
Total U.S. Thermal
Mining Operations
|
444.6
|
|
|
660.0
|
|
|
1,261.3
|
|
|
1,874.3
|
|
Corporate and
Other
|
(15.4)
|
|
|
(19.4)
|
|
|
(7.1)
|
|
|
79.3
|
|
Total
|
$
|
671.0
|
|
|
$
|
1,106.4
|
|
|
$
|
2,143.9
|
|
|
$
|
3,506.0
|
|
|
|
|
|
|
|
|
|
|
Total Reporting
Segment Costs Summary (In Millions) (2)
|
|
|
|
|
|
|
|
Seaborne Thermal
Mining Operations
|
$
|
127.7
|
|
|
$
|
172.7
|
|
|
$
|
408.0
|
|
|
$
|
474.8
|
|
Seaborne
Metallurgical Mining Operations
|
106.1
|
|
|
232.5
|
|
|
459.7
|
|
|
704.7
|
|
North Goonyella
Equipment & Development Costs (3)
|
—
|
|
|
29.3
|
|
|
—
|
|
|
60.7
|
|
Seaborne Metallurgical
Mining Operations, Excluding North Goonyella
Equipment & Development
Costs
|
106.1
|
|
|
203.2
|
|
|
459.7
|
|
|
644.0
|
|
Powder River Basin
Mining Operations
|
186.5
|
|
|
262.9
|
|
|
594.2
|
|
|
756.2
|
|
Other U.S. Thermal
Mining Operations (1)
|
128.2
|
|
|
244.1
|
|
|
401.1
|
|
|
729.5
|
|
Total U.S. Thermal
Mining Operations
|
314.7
|
|
|
507.0
|
|
|
995.3
|
|
|
1,485.7
|
|
Corporate and
Other
|
7.4
|
|
|
1.2
|
|
|
42.4
|
|
|
41.1
|
|
Total
|
$
|
555.9
|
|
|
$
|
913.4
|
|
|
$
|
1,905.4
|
|
|
$
|
2,706.3
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal Mining Operations
|
$
|
35.3
|
|
|
$
|
76.8
|
|
|
$
|
118.1
|
|
|
$
|
245.9
|
|
Adjusted EBITDA -
Seaborne Metallurgical Mining Operations
|
(27.3)
|
|
|
(16.2)
|
|
|
(96.1)
|
|
|
127.0
|
|
North Goonyella
Equipment & Development Costs (3)
|
—
|
|
|
29.3
|
|
|
—
|
|
|
60.7
|
|
Adjusted EBITDA -
Seaborne Metallurgical Mining Operations,
Excluding North Goonyella Equipment
& Development Costs
|
(27.3)
|
|
|
13.1
|
|
|
(96.1)
|
|
|
187.7
|
|
Adjusted EBITDA -
Powder River Basin Mining Operations
|
78.3
|
|
|
70.7
|
|
|
143.0
|
|
|
147.3
|
|
Adjusted EBITDA - Other
U.S. Thermal Mining Operations (1)
|
51.6
|
|
|
82.3
|
|
|
123.0
|
|
|
241.3
|
|
Adjusted EBITDA -
Total U.S. Thermal Mining Operations
|
129.9
|
|
|
153.0
|
|
|
266.0
|
|
|
388.6
|
|
Middlemount
(4)
|
(11.1)
|
|
|
(18.8)
|
|
|
(27.2)
|
|
|
(4.9)
|
|
Resource Management
Results (5)
|
1.0
|
|
|
2.3
|
|
|
9.8
|
|
|
6.0
|
|
Selling and
Administrative Expenses
|
(27.2)
|
|
|
(32.2)
|
|
|
(77.3)
|
|
|
(107.8)
|
|
Other Operating
Costs, Net (6)
|
(5.2)
|
|
|
(5.7)
|
|
|
(37.7)
|
|
|
(11.5)
|
|
Adjusted EBITDA
(2)
|
$
|
95.4
|
|
|
$
|
159.2
|
|
|
$
|
155.6
|
|
|
$
|
643.3
|
|
|
|
|
|
|
|
|
|
|
Note:
See footnote explanations on following page
|
Supplemental
Financial Data (Unaudited)
|
For the Quarters
and Nine Months Ended Sept. 30, 2020 and 2019
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
2020
|
|
Sept.
2019
|
|
Sept.
2020
|
|
Sept.
2019
|
Revenues per Ton -
Mining Operations (7)
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
|
35.28
|
|
|
$
|
51.06
|
|
|
$
|
38.14
|
|
|
$
|
51.14
|
|
Seaborne
Metallurgical
|
71.88
|
|
|
120.94
|
|
|
87.16
|
|
|
134.80
|
|
Powder River
Basin
|
11.26
|
|
|
11.02
|
|
|
11.35
|
|
|
11.22
|
|
Other U.S. Thermal
(1)
|
37.20
|
|
|
45.45
|
|
|
38.67
|
|
|
43.52
|
|
Total U.S.
Thermal
|
15.68
|
|
|
17.62
|
|
|
16.07
|
|
|
18.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs per Ton -
Mining Operations (7)(8)
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
|
27.59
|
|
|
$
|
35.33
|
|
|
$
|
29.58
|
|
|
$
|
33.69
|
|
Seaborne
Metallurgical
|
96.87
|
|
|
130.01
|
|
|
110.20
|
|
|
114.22
|
|
North Goonyella
Equipment & Development Costs (3)
|
—
|
|
|
16.38
|
|
|
—
|
|
|
9.84
|
|
Seaborne Metallurgical,
Excluding North Goonyella Equipment &
Development Costs
|
96.87
|
|
|
113.63
|
|
|
110.20
|
|
|
104.38
|
|
Powder River
Basin
|
7.93
|
|
|
8.69
|
|
|
9.15
|
|
|
9.39
|
|
Other U.S. Thermal
(1)
|
26.52
|
|
|
34.00
|
|
|
29.60
|
|
|
32.70
|
|
Total U.S.
Thermal
|
11.10
|
|
|
13.54
|
|
|
12.68
|
|
|
14.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin per Ton - Mining Operations (7)(8)
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
|
7.69
|
|
|
$
|
15.73
|
|
|
$
|
8.56
|
|
|
$
|
17.45
|
|
Seaborne
Metallurgical
|
(24.99)
|
|
|
(9.07)
|
|
|
(23.04)
|
|
|
20.58
|
|
North Goonyella
Equipment & Development Costs (3)
|
—
|
|
|
16.38
|
|
|
—
|
|
|
9.84
|
|
Seaborne Metallurgical,
Excluding North Goonyella Equipment &
Development Costs
|
(24.99)
|
|
|
7.31
|
|
|
(23.04)
|
|
|
30.42
|
|
Powder River
Basin
|
3.33
|
|
|
2.33
|
|
|
2.20
|
|
|
1.83
|
|
Other U.S. Thermal
(1)
|
10.68
|
|
|
11.45
|
|
|
9.07
|
|
|
10.82
|
|
Total U.S.
Thermal
|
4.58
|
|
|
4.08
|
|
|
3.39
|
|
|
3.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Beginning Q1 2020, we
have combined the Midwestern U.S. Mining segment with the
Western U.S. Mining segment to reflect the manner in which our
chief operating decision maker now views our businesses for
purposes of reviewing performance, allocating resources and
assessing future prospects and strategic execution. All periods
presented have been recast for comparability.
|
(2)
|
Total Reporting
Segment Costs and Adjusted EBITDA are non-GAAP financial measures.
Refer to the "Reconciliation of Non-GAAP Financial Measures"
section in this document for definitions and reconciliations to the
most comparable measures under U.S. GAAP.
|
(3)
|
Costs incurred from
January 1, 2020 forward are included within Other Operating
Costs, Net. Costs incurred prior to January 1, 2020 remain
within the Seaborne Metallurgical segment.
|
(4)
|
We account for our
50% equity interest in Middlemount Coal Pty Ltd. (Middlemount),
which owns the Middlemount Mine, under the equity method.
Middlemount's standalone results exclude the impact of related
changes in deferred tax asset valuation allowance and reserves and
amortization of basis difference recorded by the company in
applying the equity method. Middlemount's standalone results
include (on a 50% attributable basis):
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(In
Millions)
|
Tons sold
|
0.4
|
|
|
0.2
|
|
|
1.2
|
|
|
1.2
|
|
Depreciation,
depletion and amortization and asset
retirement obligation
expenses
|
$
|
9.2
|
|
|
$
|
8.2
|
|
|
$
|
23.5
|
|
|
$
|
15.3
|
|
Net interest
expense
|
4.1
|
|
|
2.4
|
|
|
10.0
|
|
|
6.4
|
|
Income tax
benefit
|
(4.7)
|
|
|
(7.5)
|
|
|
(11.7)
|
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Includes gains
(losses) on certain surplus coal reserve and surface land sales and
property management costs and revenues.
|
(6)
|
Includes trading and
brokerage activities, costs associated with post-mining activities,
minimum charges on certain transportation-related contracts and
costs associated with suspended operations including the North
Goonyella Mine.
|
(7)
|
Revenues per Ton,
Costs per Ton and Adjusted EBITDA Margin per Ton are metrics used
by management to measure each of our mining segment's operating
performance. Revenues per Ton and Adjusted EBITDA Margin per Ton
are equal to revenues by segment and Adjusted EBITDA by segment,
respectively, divided by segment tons sold. Costs per Ton is equal
to Revenues per Ton less Adjusted EBITDA Margin per Ton. Management
believes Costs per Ton and Adjusted EBITDA Margin per Ton best
reflect controllable costs and operating results at the mining
segment level. We consider all measures reported on a per ton basis
to be operating/statistical measures; however, we include
reconciliations of the related non-GAAP financial measures
(Adjusted EBITDA and Total Reporting Segment Costs) in the
"Reconciliation of Non-GAAP Financial Measures" section in this
document.
|
(8)
|
Includes
revenue-based production taxes and royalties; excludes
depreciation, depletion and amortization; asset retirement
obligation expenses; selling and administrative expenses;
restructuring charges; asset impairment; provision for North
Goonyella equipment loss and related insurance recovery;
amortization of take-or-pay contract-based intangibles; and certain
other costs related to post-mining activities.
|
|
|
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Condensed
Consolidated Balance Sheets
|
|
As of Sept. 30,
2020 and Dec. 31, 2019
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Sept. 30,
2020
|
|
Dec. 31,
2019
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
814.6
|
|
|
$
|
732.2
|
|
Accounts Receivable,
Net
|
192.9
|
|
|
329.5
|
|
Inventories
|
319.7
|
|
|
331.5
|
|
Other Current
Assets
|
209.2
|
|
|
220.7
|
|
Total Current
Assets
|
1,536.4
|
|
|
1,613.9
|
|
Property, Plant,
Equipment and Mine Development, Net
|
3,152.3
|
|
|
4,679.1
|
|
Operating Lease
Right-of-Use Assets
|
44.9
|
|
|
82.4
|
|
Investments and Other
Assets
|
122.4
|
|
|
139.1
|
|
Deferred Income
Taxes
|
4.9
|
|
|
28.3
|
|
Total
Assets
|
$
|
4,860.9
|
|
|
$
|
6,542.8
|
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
|
1,600.1
|
|
|
$
|
18.3
|
|
Accounts Payable and
Accrued Expenses
|
774.3
|
|
|
957.0
|
|
Total Current
Liabilities
|
2,374.4
|
|
|
975.3
|
|
Long-Term Debt, Less
Current Portion
|
—
|
|
|
1,292.5
|
|
Deferred Income
Taxes
|
28.9
|
|
|
28.8
|
|
Asset Retirement
Obligations
|
671.2
|
|
|
654.1
|
|
Accrued
Postretirement Benefit Costs
|
419.6
|
|
|
593.4
|
|
Operating Lease
Liabilities, Less Current Portion
|
7.1
|
|
|
52.8
|
|
Other Noncurrent
Liabilities
|
258.9
|
|
|
273.4
|
|
Total
Liabilities
|
3,760.1
|
|
|
3,870.3
|
|
|
|
|
|
|
Common
Stock
|
1.4
|
|
|
1.4
|
|
Additional Paid-in
Capital
|
3,361.0
|
|
|
3,351.1
|
|
Treasury
Stock
|
(1,368.9)
|
|
|
(1,367.3)
|
|
(Accumulated Deficit)
Retained Earnings
|
(1,144.1)
|
|
|
597.0
|
|
Accumulated Other
Comprehensive Income
|
201.3
|
|
|
31.6
|
|
Peabody Energy
Corporation Stockholders' Equity
|
1,050.7
|
|
|
2,613.8
|
|
Noncontrolling
Interests
|
50.1
|
|
|
58.7
|
|
Total Stockholders'
Equity
|
1,100.8
|
|
|
2,672.5
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
4,860.9
|
|
|
$
|
6,542.8
|
|
|
|
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
For the Quarters
and Nine Months Ended Sept. 30, 2020 and 2019
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
Net Cash Provided
By (Used In) Continuing Operations
|
$
|
23.0
|
|
|
$
|
179.2
|
|
|
$
|
(9.7)
|
|
|
$
|
577.8
|
|
Net Cash Used in
Discontinued Operations
|
(2.0)
|
|
|
(3.6)
|
|
|
(22.4)
|
|
|
(25.2)
|
|
Net Cash Provided
By (Used In) Operating Activities
|
21.0
|
|
|
175.6
|
|
|
(32.1)
|
|
|
552.6
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
Additions to
Property, Plant, Equipment and Mine Development
|
(46.1)
|
|
|
(86.0)
|
|
|
(131.9)
|
|
|
(182.8)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
(0.6)
|
|
|
(5.8)
|
|
|
(14.9)
|
|
|
(5.6)
|
|
Insurance Proceeds
Attributable to North Goonyella Equipment Losses
|
—
|
|
|
—
|
|
|
—
|
|
|
23.2
|
|
Proceeds from
Disposal of Assets, Net of Receivables
|
3.4
|
|
|
11.8
|
|
|
15.4
|
|
|
27.6
|
|
Amount Attributable
to Acquisition of Shoal Creek Mine
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.4)
|
|
Contributions to
Joint Ventures
|
(83.2)
|
|
|
(106.8)
|
|
|
(275.2)
|
|
|
(326.4)
|
|
Distributions from
Joint Ventures
|
82.8
|
|
|
111.2
|
|
|
271.0
|
|
|
316.7
|
|
Advances to Related
Parties
|
—
|
|
|
(8.0)
|
|
|
(23.1)
|
|
|
(12.5)
|
|
Cash Receipts from
Middlemount Coal Pty Ltd
|
—
|
|
|
—
|
|
|
—
|
|
|
14.7
|
|
Other, Net
|
(0.1)
|
|
|
—
|
|
|
(0.7)
|
|
|
(0.1)
|
|
Net Cash Used In
Investing Activities
|
(43.8)
|
|
|
(83.6)
|
|
|
(159.4)
|
|
|
(147.6)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from
Long-Term Debt
|
60.0
|
|
|
—
|
|
|
360.0
|
|
|
—
|
|
Repayments of
Long-Term Debt
|
(71.1)
|
|
|
(6.4)
|
|
|
(81.0)
|
|
|
(23.9)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
—
|
|
|
(5.6)
|
|
|
—
|
|
|
(6.4)
|
|
Common Stock
Repurchases
|
—
|
|
|
(144.2)
|
|
|
—
|
|
|
(300.2)
|
|
Repurchase of
Employee Common Stock Relinquished for Tax
Withholding
|
—
|
|
|
—
|
|
|
(1.6)
|
|
|
(12.3)
|
|
Dividends
Paid
|
—
|
|
|
(14.6)
|
|
|
—
|
|
|
(243.9)
|
|
Distributions to
Noncontrolling Interests
|
—
|
|
|
(9.0)
|
|
|
(3.5)
|
|
|
(23.4)
|
|
Other, Net
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
Net Cash (Used In)
Provided By Financing Activities
|
(11.1)
|
|
|
(179.7)
|
|
|
273.9
|
|
|
(610.0)
|
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
(33.9)
|
|
|
(87.7)
|
|
|
82.4
|
|
|
(205.0)
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
848.5
|
|
|
900.1
|
|
|
732.2
|
|
|
1,017.4
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
|
814.6
|
|
|
$
|
812.4
|
|
|
$
|
814.6
|
|
|
$
|
812.4
|
|
|
|
|
|
|
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
For the Quarters
and Nine Months Ended Sept. 30, 2020 and 2019
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Management believes that non-GAAP performance measures are used by
investors to measure our operating performance and lenders to
measure our ability to incur and service debt. These measures are
not intended to serve as alternatives to U.S. GAAP measures of
performance and may not be comparable to similarly-titled measures
presented by other companies.
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
Continuing Operations, Net of Income Taxes
|
$
|
(64.8)
|
|
|
$
|
(74.3)
|
|
|
$
|
(1,739.4)
|
|
|
$
|
101.9
|
|
Depreciation,
Depletion and Amortization
|
72.2
|
|
|
141.5
|
|
|
266.5
|
|
|
479.4
|
|
Asset Retirement
Obligation Expenses
|
14.3
|
|
|
15.5
|
|
|
46.0
|
|
|
44.6
|
|
Restructuring
Charges
|
8.1
|
|
|
0.7
|
|
|
31.1
|
|
|
1.3
|
|
Transaction Costs
Related to Joint Ventures
|
6.0
|
|
|
8.2
|
|
|
23.1
|
|
|
9.8
|
|
Asset
Impairment
|
—
|
|
|
20.0
|
|
|
1,418.1
|
|
|
20.0
|
|
Provision for North
Goonyella Equipment Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
24.7
|
|
North Goonyella
Insurance Recovery - Equipment (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(91.1)
|
|
Changes in Deferred
Tax Asset Valuation Allowance and Reserves
and Amortization of Basis Difference
Related to Equity Affiliates
|
(0.5)
|
|
|
—
|
|
|
(1.6)
|
|
|
0.3
|
|
Interest
Expense
|
34.9
|
|
|
35.4
|
|
|
102.3
|
|
|
107.2
|
|
Interest
Income
|
(1.6)
|
|
|
(7.0)
|
|
|
(7.1)
|
|
|
(22.5)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
13.0
|
|
|
—
|
|
|
13.0
|
|
|
—
|
|
Unrealized Losses
(Gains) on Economic Hedges
|
16.1
|
|
|
18.0
|
|
|
11.3
|
|
|
(44.2)
|
|
Unrealized Gains on
Non-Coal Trading Derivative Contracts
|
(0.7)
|
|
|
(0.3)
|
|
|
(3.6)
|
|
|
(0.2)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(1.5)
|
|
|
(2.7)
|
|
|
(6.8)
|
|
|
(13.9)
|
|
Income Tax (Benefit)
Provision
|
(0.1)
|
|
|
4.2
|
|
|
2.7
|
|
|
26.0
|
|
Adjusted EBITDA
(2)
|
$
|
95.4
|
|
|
$
|
159.2
|
|
|
$
|
155.6
|
|
|
$
|
643.3
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
|
550.9
|
|
|
$
|
905.5
|
|
|
$
|
1,886.7
|
|
|
$
|
2,711.5
|
|
Unrealized Gains on
Non-Coal Trading Derivative Contracts
|
0.7
|
|
|
0.3
|
|
|
3.6
|
|
|
0.2
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
1.5
|
|
|
2.7
|
|
|
6.8
|
|
|
13.9
|
|
North Goonyella
Insurance Recovery - Cost Recovery and Business
Interruption
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.9)
|
|
Net Periodic Benefit
Costs, Excluding Service Cost
|
2.8
|
|
|
4.9
|
|
|
8.3
|
|
|
14.6
|
|
Total Reporting
Segment Costs (3)
|
$
|
555.9
|
|
|
$
|
913.4
|
|
|
$
|
1,905.4
|
|
|
$
|
2,706.3
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
(Used In) Operating Activities
|
$
|
21.0
|
|
|
$
|
175.6
|
|
|
$
|
(32.1)
|
|
|
$
|
552.6
|
|
Net Cash Used In
Investing Activities
|
(43.8)
|
|
|
(83.6)
|
|
|
(159.4)
|
|
|
(147.6)
|
|
Add Back: Amount
Attributable to Acquisition of Shoal Creek Mine
|
—
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
Free Cash Flow
(4)
|
$
|
(22.8)
|
|
|
$
|
92.0
|
|
|
$
|
(191.5)
|
|
|
$
|
407.4
|
|
|
(1)
|
We recorded a $125.0
million insurance recovery during the nine months ended
September 30, 2019 related to losses incurred at our North
Goonyella Mine. Of this amount, Adjusted EBITDA excludes an
allocated amount applicable to total equipment losses recognized at
the time of the insurance recovery settlement, which consisted of
$24.7 million and $66.4 million recognized during the nine months
ended September 30, 2019 and the year ended December 31,
2018, respectively. The remaining $33.9 million, applicable to
incremental costs and business interruption losses, is included in
Adjusted EBITDA for the nine months ended September 30,
2019.
|
(2)
|
Adjusted EBITDA is
defined as (loss) income from continuing operations before
deducting net interest expense, income taxes, asset retirement
obligation expenses and depreciation, depletion and amortization.
Adjusted EBITDA is also adjusted for the discrete items that
management excluded in analyzing each of our segment's operating
performance as displayed in the reconciliation above. Adjusted
EBITDA is used by management as the primary metric to measure each
of our segment's operating performance. We have retrospectively
modified our calculation of Adjusted EBITDA to exclude
restructuring charges and transaction costs related to joint
ventures as management does not view these items as part of our
normal operations.
|
(3)
|
Total Reporting
Segment Costs is defined as operating costs and expenses adjusted
for the discrete items that management excluded in analyzing each
of our segment's operating performance as displayed in the
reconciliation above. Total Reporting Segment Costs is used by
management as a metric to measure each of our segment's operating
performance. We have retrospectively modified our calculation of
Total Reporting Segment Costs to exclude restructuring charges as
management does not view this item as part of our normal
operations.
|
(4)
|
Free Cash Flow is
defined as net cash provided by (used in) operating activities less
net cash used in investing activities and excludes cash outflows
related to business combinations. Free Cash Flow is used by
management as a measure of our financial performance and our
ability to generate excess cash flow from our business
operations.
|
|
|
|
|
|
|
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
|
As of Sept. 30,
2020 and Dec. 31, 2019
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
Note:
Management believes that non-GAAP performance measures are used by
investors to measure our operating performance and lenders to
measure our ability to incur and service debt. These measures are
not intended to serve as alternatives to U.S. GAAP measures of
performance and may not be comparable to similarly-titled measures
presented by other companies.
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
Sept. 30,
2020
|
|
Dec. 31,
2019
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
|
1,600.1
|
|
|
$
|
18.3
|
|
Long-Term Debt, Less
Current Portion
|
—
|
|
|
1,292.5
|
|
Less: Cash and Cash
Equivalents
|
(814.6)
|
|
|
(732.2)
|
|
Net Debt
(1)
|
$
|
785.5
|
|
|
$
|
578.6
|
|
(1)
|
Net Debt is defined
as current portion of long-term debt plus long-term debt, less
current portion less cash and cash equivalents. Net Debt is
reviewed by management as an indicator of our overall financial
flexibility, capital structure and leverage.
|
|
|
|
|
|
This information
is intended to be reviewed in conjunction with the company's
filings with the SEC.
|
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the securities laws. Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words or variation
of words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts,"
"targets," "would," "will," "should," "goal," "could" or "may" or
other similar expressions. Forward-looking statements provide
management's current expectations or predictions of future
conditions, events or results. All statements that address
operating performance, events, or developments that Peabody expects
will occur in the future are forward-looking statements. They may
include estimates of sales targets, cost savings, capital
expenditures, other expense items, actions relating to strategic
initiatives, demand for the company's products, liquidity, capital
structure, market share, industry volume, other financial items,
descriptions of management's plans or objectives for future
operations and descriptions of assumptions underlying any of the
above. All forward-looking statements speak only as of the date
they are made and reflect Peabody's good faith beliefs, assumptions
and expectations, but they are not guarantees of future performance
or events. Furthermore, Peabody disclaims any obligation to
publicly update or revise any forward-looking statement, except as
required by law. By their nature, forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. Factors that might cause such differences include, but
are not limited to, a variety of economic, competitive and
regulatory factors, many of which are beyond Peabody's control,
including the ongoing impact of the COVID-19 pandemic and factors
that are described in Peabody's Annual Report on Form 10-K for the
fiscal year ended Dec. 31, 2019, and
other factors that Peabody may describe from time to time in other
filings with the SEC. You may get such filings for free at
Peabody's website at www.peabodyenergy.com. You should understand
that it is not possible to predict or identify all such factors
and, consequently, you should not consider any such list to be a
complete set of all potential risks or uncertainties.
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SOURCE Peabody