BRISTOL, Tenn., Aug. 14,
2019 /PRNewswire/ -- Contura Energy, Inc. (NYSE: CTRA), a
leading U.S. coal supplier, today reported results for the second
quarter ending June 30, 2019.
Highlights include:
- Net Income from continuing operations of $24 million for the second quarter 2019 compared
with $8 million in the first quarter
and $75 million in the same period
last year(1)
- Adjusted EBITDA(3) of $141 million for the quarter compared with
$83 million in the first quarter and
$86 million in the same period last
year(1)
- Significant operational cost improvements in each
operating segment compared to the first quarter 2019
- Experienced coal executive David
Stetson appointed as the company's CEO and member of the
board on July 29; elected chairman on
August 12
- Updating 2019 guidance
|
(millions, except per
share)
|
|
Three months
ended
|
|
June 30,
2019(1)
|
March 31,
2019(1)
|
June 30,
2018(1)
|
Net
income(2)
|
$24.3
|
$8.0
|
$74.6
|
Net
income(2) per diluted share
|
$1.25
|
$0.41
|
$7.24
|
Adjusted
EBITDA(3)
|
$140.8
|
$83.4
|
$86.1
|
Operating cash
flow(4)
|
$102.5
|
$14.6
|
$145.9
|
Capital
expenditures
|
$42.8
|
$41.1
|
$18.9
|
Tons of coal
sold
|
6.4
|
5.9
|
4.4
|
|
|
|
|
|
|
|
|
1.
Excludes discontinued operations.
|
2. From
continuing operations.
|
3. These
are non-GAAP financial measures. A reconciliation of Net Income to
Adjusted EBITDA is included in tables accompanying the financial
schedules.
|
4.
Includes discontinued operations.
|
|
"Our strong second quarter performance reflects Contura's upside
potential as the nation's leading metallurgical coal producer, and
I believe that we are well positioned for continued future
success," said chairman and chief executive officer, David Stetson. "While our operations made great
strides in bringing costs down across the board over the past
quarter, we still have work to do and remain acutely focused on
continued cost improvement."
Financial Performance
Contura reported net income from continuing operations of
$24.3 million, or $1.25 per diluted share, for the second quarter
2019. In the first quarter 2019, the company had net income from
continuing operations of $8.0 million
or $0.41 per diluted share. The
company reported a net loss from discontinued operations related to
the Blackjewel bankruptcy proceedings of $138.0 million in the second quarter. The company
reported a net loss from discontinued operations of $1.2 million in the first quarter.
Total adjusted EBITDA was $140.8
million for the second quarter, compared with $83.4 million in the first quarter.
Coal revenues in the second quarter for Central Appalachia - Met
(CAPP - Met) coal were $372.9
million, CAPP - Thermal revenues totaled $73.5 million, and Northern Appalachia (NAPP)
coal revenues totaled $76.2 million.
Comparatively, in the first quarter 2019, CAPP - Met revenues were
$345.8 million, CAPP - Thermal
revenues were $57.3 million, and NAPP
revenues were $70.9 million.
CAPP - Met coal shipments for the second quarter 2019 were 3.1
million tons at an average per-ton realization of $121.85, compared to 2.8 million tons at
$123.68 per ton in the first quarter.
CAPP - Thermal coal shipments totaled 1.2 million tons in the
second quarter, at an average price of $61.83 per ton, up from 1.0 million tons at
$57.78 per ton in the first quarter.
Contura shipped 1.7 million tons of NAPP coal during the second
quarter at an average per-ton realization of $43.64, an increase of 0.1 million tons with an
average price of $42.89 from the
first quarter 2019.
In the Trading & Logistics (T&L) segment, second quarter
coal volumes were similar to first quarter at 0.4 million tons and
the segment generated $11.7 million
of margin during the quarter, compared with $10.4 million in the first quarter.
Cost of coal sales in CAPP - Met for the quarter averaged
$85.02 per ton, down from
$92.90 per ton in the first quarter.
The cost of produced coal sold was $82.38 per ton compared with $87.96 per ton in the first quarter 2019. The
cost of produced coal sold excludes the impact from purchased coal,
coal inventory fair value adjustment and idle costs. Besides
benefiting from increased shipment volume, the primary drivers of
lower CAPP - Met costs were labor & benefits, which improved by
approximately $3.50 per ton; lower
expense associated with purchased coal, which benefited the cost of
coal sales per ton by approximately $2.00; and lower expenses related to mine
supplies and repairs & maintenance, each reducing costs by
approximately $1.00 per ton,
respectively. The cost of coal sales for the CAPP - Met segment
includes idle costs of $0.82 per
ton.
NAPP costs of $31.28 per ton
benefited from increased production volume. NAPP costs include idle
costs of $0.42 per ton. In the first
quarter 2019, NAPP cost of coal sales averaged $40.49 per ton. CAPP - Thermal cost of coal sales
was $51.93 per ton in the second
quarter, down from $65.61 per ton in
the first quarter. The second quarter cost of coal sales for CAPP -
Thermal includes $0.47 of idle costs
per ton. The cost of produced coal sold was $51.34 per ton, excluding the impact from
purchased coal, coal inventory fair value adjustment and idle
costs. CAPP - Thermal cost improvement was largely driven by
improved performance at the Mammoth Slabcamp mine, which was
impacted by infrastructure issues in the first quarter. The
Slabcamp mine resumed full production on April 22.
Selling, general and administrative (SG&A) expenses for the
second quarter 2019 were $14.8
million compared with $21.0
million in the first quarter. The second quarter 2019
SG&A, excluding non-cash stock compensation adjustment, was
$15.9 million. The first
quarter 2019 SG&A included non-cash stock compensation expense
of $3.7 million, one-time expenses of
$0.9 million and a qualified
non-elective 401(k) contribution of $0.7
million, and excluding these items SG&A was $15.7 million. Depreciation, depletion and
amortization was $62.8 million during
the second quarter 2019 compared with $61.3
million in the first quarter 2019.
Liquidity and Capital Resources
Cash provided by operating activities for the second quarter
2019, including discontinued operations, was $102.5 million, and capital expenditures for the
second quarter were $42.8 million.
Working capital was essentially unchanged from the first quarter.
In the prior period, the cash provided by operating activities was
$14.6 million and capital
expenditures were $41.1 million.
At the end of June 2019, Contura
had $249.6 million in unrestricted
cash, an increase of $67.6 million in
the second quarter, and $292.1
million in restricted cash, deposits and long-term
investments. Total long-term debt, including the current portion of
long-term debt as of June 30, 2019,
was approximately $609.4 million.
At the end of the quarter, the company had total liquidity of
$435.1 million, including cash and
cash equivalents of $249.6 million
and $185.5 million of unused
commitments available under the Asset-Based Revolving Credit
Facility. As of June 30, 2019, the
company had no borrowings and $39.5
million in letters of credit outstanding under the
Asset-Based Revolving Credit Facility.
David Stetson Appointed CEO, Elected Board Chair
Subsequent to the quarter end, the company appointed
David Stetson as its CEO and a
member of the board of directors, effective July 29, 2019. On August
12, 2019, he was elected chairman of the board. Mr. Stetson,
who previously served on Contura's board of directors from
November 2018 through April 2019, brings extensive and diverse industry
experience to the role, having most recently served as chairman of
the board of directors and chief executive officer of both ANR,
Inc. and Alpha Natural Resources Holdings, Inc. (together, Alpha)
from July 2016 until Alpha's merger
with Contura in November 2018.
Prior to leading Alpha, Mr. Stetson held a number of executive
leadership positions with various energy companies including
Trinity Coal Corporation, American Resources Offshore, Inc., and
Lexington Coal Company. Concurrent with Mr. Stetson's appointment,
interim co-chief executive officers Andy
Eidson and Mark Manno
returned to their respective, prior roles with the company as
executive vice president and chief financial officer, and as
executive vice president, chief administrative & legal officer
and secretary.
Blackjewel Asset Bid Update
On July 1, 2019, Blackjewel,
L.L.C. (Blackjewel or the debtor) announced that it and certain
affiliated entities had filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of West Virginia.
On July 25, 2019, Contura
announced that one or more of its subsidiaries (together, Contura)
would seek to serve as the stalking horse purchaser for certain
assets offered for sale through Blackjewel's bankruptcy
proceedings. Specifically, Contura would acquire substantially all
of the assets of the Belle Ayr and Eagle Butte thermal coal mines
in the Powder River Basin (PRB) in Campbell County, Wyoming, including related
facilities and equipment (Western Assets), as well as substantially
all of the assets of the S-7 Surface metallurgical coal mine,
(commonly referred to as the Pax Surface mine) in Fayette County, West Virginia, including
related facilities and equipment (Pax Assets). As part of an
auction process, Contura's bid was accepted by the debtor and
subsequently approved by the U.S. Bankruptcy Court on August 6, pending resolution of the U.S.
government's outstanding objection to the sale and the entry of a
final order by the Court. Since that time, Contura has been in
diligent discussions with the debtor and the relevant federal
agencies, though no agreement has yet been reached.
Debt Refinancing
On June 17, 2019, the company
completed a new, 5-year $561.8
million second lien facility to refinance its existing Term
Loan B. The interest rate is LIBOR plus 700bps for the two years
after closing and increasing to LIBOR plus 800 bps thereafter, with
a LIBOR floor of 2.00%. The terms of the new facility offer more
flexibility for Contura to return capital to shareholders by
allowing for an unlimited restricted payments basket while the
company's total leverage is 3.0x or less.
2019 Full-Year Guidance
The company is lowering its total 2019 coal shipments guidance
to a range of 23.9 million to 25.6 million tons, from the
previously announced range of 24.6 million to 26.7 million tons.
CAPP - Met coal guidance is reduced to a range of 11.5 million to
12.0 million tons, from 12.2 million to 12.8 million tons due to
softer market conditions, especially in Europe and South
America. In the T&L segment, as a result of strong first
half shipments we are increasing guidance to a range of 1.3 million
to 1.7 million tons, from 1.0 million to 1.5 million tons. NAPP
shipments are expected to remain between 6.8 million and 7.2
million tons in 2019. The guidance range for CAPP - Thermal
shipments is lowered to 4.3 million to 4.7 million tons, from 4.6
million to 5.2 million tons.
As of August 5, 2019, 72 percent
of the midpoint of anticipated 2019 CAPP - Met shipments were
committed and priced at an average expected per-ton realization of
$124.46, with an additional 22
percent committed and priced based on various indices. There was an
adjustment in the CAPP - Met and CAPP - Thermal mix, which resulted
in CAPP - Met committed and priced average to decline slightly,
while increasing the average committed and priced CAPP - Thermal
realization with no overall revenue impact. Our newly committed and
priced CAPP - Met contracts were at an average of $123.19 per ton from May
7, 2019 to August 5, 2019.
Based on the midpoint of guidance, 100 percent of anticipated 2019
NAPP coal shipments were committed and priced at an average
expected per-ton realization of $43.06. The CAPP - Thermal segment is 98 percent
committed at the midpoint of expected shipments at an average price
of $58.61 per ton.
Contura is maintaining its guidance for 2019 CAPP - Met cost of
coal sales per ton at $83.00 to
$87.00 and CAPP - Thermal costs at
$52.00 and $57.00 per ton. NAPP cost estimates remain in the
range of $34.00 to $37.00 per ton. Costs related to the company's
idle operations are now expected to be between $16 million and $20
million for the full-year 2019 compared with our previous
guidance of $26 million to
$30 million.
The margin from Contura's T&L platform is expected to
average between $8.00 to $12.00 per ton for the full-year 2019, as
previously announced.
Contura's SG&A guidance is increased from a range of
$50 million to $60 million to a range of $60 million to $65
million, excluding one-time and non-recurring items and
stock compensation. The main drivers of the SG&A revision are
higher than expected professional fees and an enhanced
retention program. Capital expenditure guidance is unchanged in the
range of $170 million to $190 million. Depreciation, depletion and
amortization for 2019 is expected to be between $240 million and $270
million. As a result of the recent term loan refinancing,
the company now expects 2019 cash interest expense to be between
$45 million and $49 million.
in millions of
tons
|
Low
|
High
|
CAPP -
Metallurgical
|
11.5
|
|
12.0
|
|
CAPP -
Thermal
|
4.3
|
|
4.7
|
|
NAPP
|
6.8
|
|
7.2
|
|
Total
Production
|
22.6
|
|
23.9
|
|
|
|
|
Contura Trading &
Logistics
|
1.3
|
|
1.7
|
|
|
|
|
Total
Shipments
|
23.9
|
|
25.6
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
CAPP4
- Metallurgical
|
72
|
%
|
$124.46
|
|
CAPP -
Thermal
|
98
|
%
|
$58.61
|
|
NAPP
|
100
|
%
|
$43.06
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
CAPP4
- Metallurgical
|
22
|
%
|
|
CAPP -
Thermal
|
—
|
%
|
|
NAPP
|
—
|
%
|
|
|
|
|
Costs per
ton
|
Low
|
High
|
CAPP -
Metallurgical
|
$83
|
|
$87
|
|
CAPP -
Thermal
|
$52
|
|
$57
|
|
NAPP
|
$34
|
|
$37
|
|
|
|
|
Margin per
ton
|
Low
|
High
|
Contura Trading &
Logistics
|
$8
|
|
$12
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
SG&A5
|
$60
|
|
$65
|
|
Idle Operations
Expense
|
$16
|
|
$20
|
|
Cash Interest
Expense
|
$45
|
|
$49
|
|
DD&A6
|
$240
|
|
$270
|
|
Capital
Expenditures
|
$170
|
|
$190
|
|
Tax Rate
|
0%
|
|
5%
|
|
|
|
|
|
|
Notes:
|
|
1.
|
Based on committed
and priced coal shipments as of August 5, 2019. Committed
percentage based on the midpoint of shipment guidance
range.
|
2.
|
Actual average
per-ton realizations on committed and priced tons recognized in
future periods may vary based on actual freight expense in future
periods relative to assumed freight expense embedded in projected
average per-ton realizations.
|
3.
|
Includes estimates of
future coal shipments based upon contract terms and anticipated
delivery schedules. Actual coal shipments may vary from these
estimates.
|
4.
|
CAPP committed tons
and price information represent captive Contura production and does
not include Trading and Logistics.
|
5.
|
Excludes expenses
related to non-cash stock compensation, merger-related expenses and
non-recurring business development expenses.
|
6.
|
Based on provisional
purchase price allocation.
|
Conference Call
The company plans to hold a conference call regarding its second
quarter 2019 results on August 14,
2019, at 10:00 a.m. EDT. The
conference call will be available live on the investor section of
the company's website at
http://investors.conturaenergy.com/investors. Analysts who would
like to participate in the conference call should dial 877-791-0213
(domestic toll-free) or 647-689-5651 (international) approximately
10 minutes prior to the start of the call.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate
mining operations across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality
reserves and significant port capacity, Contura Energy reliably
supplies both metallurgical coal to produce steel and thermal coal
to generate power. For more information, visit
www.conturaenergy.com.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking
statements. These forward-looking statements are based on
Contura's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Contura's
control. Forward-looking statements in this news release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Contura
to predict these events or how they may affect Contura. Except
as required by law, Contura has no duty to, and does not intend to,
update or revise the forward-looking statements in this news
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this news release may not
occur.
INVESTOR
CONTACT
investorrelations@conturaenergy.com
Alex Rotonen, CFA
423.573.0396
MEDIA
CONTACTS
corporatecommunications@conturaenergy.com
Rick Axthelm
423.573.0304
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Use of Non-GAAP Measures
In addition to the results prepared in accordance with generally
accepted accounting principles in the
United States (GAAP) provided throughout this press release,
Contura has presented the following non-GAAP financial measures:
"Adjusted EBITDA" and "Adjusted Cost of Produced Coal Sold." The
company uses Adjusted EBITDA to measure the
operating performance of its segments and allocate resources
to the segments. This non-GAAP financial measure
excludes various items detailed in the attached reconciliation
tables. Adjusted EBITDA does not purport to be an alternative to
net income (loss) as a measure of operating performance. The
Company uses Adjusted Cost of Produced Coal Sold to distinguish the
cost of captive produced coal from the effects of purchased coal,
idle costs and acquisition accounting requirements. The
presentation of these measures should not be considered in
isolation, or as a substitute for analysis of our results as
reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP
results to provide a more complete understanding of the factors and
trends affecting the business than GAAP results alone. The
definition of these non-GAAP measures may be changed periodically
by management to adjust for significant items important to an
understanding of operating trends. Because not all companies use
identical calculations, the presentations of these measures may not
be comparable to other similarly titled measures of other companies
and can differ significantly from company to company depending on
long-term strategic decisions regarding capital structure, the tax
jurisdictions in which companies operate, and capital
investments.
Included below are reconciliations of non-GAAP financial
measures to GAAP financial measures.
CONTURA ENERGY,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
|
653,828
|
|
|
$
|
525,168
|
|
|
$
|
1,260,788
|
|
|
$
|
1,003,533
|
|
Other
revenues
|
2,378
|
|
|
3,750
|
|
|
4,532
|
|
|
7,717
|
|
Total
revenues
|
656,206
|
|
|
528,918
|
|
|
1,265,320
|
|
|
1,011,250
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown
separately below)
|
496,746
|
|
|
431,304
|
|
|
1,012,440
|
|
|
802,048
|
|
Depreciation,
depletion and amortization
|
62,814
|
|
|
11,222
|
|
|
124,085
|
|
|
22,810
|
|
Accretion on asset
retirement obligations
|
6,847
|
|
|
1,596
|
|
|
13,079
|
|
|
4,056
|
|
Amortization of
acquired intangibles, net
|
(343)
|
|
|
1,104
|
|
|
(7,026)
|
|
|
11,310
|
|
Asset
impairment
|
5,826
|
|
|
—
|
|
|
5,826
|
|
|
—
|
|
Selling, general and
administrative expenses
(exclusive of depreciation, depletion and
amortization shown separately above)
|
14,783
|
|
|
11,951
|
|
|
35,734
|
|
|
31,108
|
|
Merger related
costs
|
156
|
|
|
3,423
|
|
|
987
|
|
|
3,883
|
|
Total other operating
(income) loss:
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related
obligations
|
1,014
|
|
|
—
|
|
|
2,950
|
|
|
—
|
|
Other expenses
(income)
|
1,414
|
|
|
(16,407)
|
|
|
(7,485)
|
|
|
(16,506)
|
|
Total costs and
expenses
|
589,257
|
|
|
444,193
|
|
|
1,180,590
|
|
|
858,709
|
|
Income from
operations
|
66,949
|
|
|
84,725
|
|
|
84,730
|
|
|
152,541
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(16,077)
|
|
|
(8,779)
|
|
|
(31,232)
|
|
|
(17,984)
|
|
Interest
income
|
1,885
|
|
|
191
|
|
|
3,821
|
|
|
322
|
|
Loss on modification
and extinguishment of debt
|
(26,459)
|
|
|
—
|
|
|
(26,459)
|
|
|
—
|
|
Equity loss in
affiliates
|
(2,475)
|
|
|
(1,170)
|
|
|
(2,959)
|
|
|
(1,233)
|
|
Miscellaneous loss,
net
|
(523)
|
|
|
(270)
|
|
|
(1,389)
|
|
|
(583)
|
|
Total other expense,
net
|
(43,649)
|
|
|
(10,028)
|
|
|
(58,218)
|
|
|
(19,478)
|
|
Income from
continuing operations before income taxes
|
23,300
|
|
|
74,697
|
|
|
26,512
|
|
|
133,063
|
|
Income tax benefit
(expense)
|
1,000
|
|
|
(55)
|
|
|
5,778
|
|
|
(121)
|
|
Net income from
continuing operations
|
24,300
|
|
|
74,642
|
|
|
32,290
|
|
|
132,942
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from
discontinued operations before income taxes
|
(163,867)
|
|
|
(854)
|
|
|
(165,457)
|
|
|
(2,213)
|
|
Income tax benefit
from discontinued operations
|
25,906
|
|
|
—
|
|
|
26,321
|
|
|
—
|
|
Loss from
discontinued operations
|
(137,961)
|
|
|
(854)
|
|
|
(139,136)
|
|
|
(2,213)
|
|
Net (loss)
income
|
$
|
(113,661)
|
|
|
$
|
73,788
|
|
|
$
|
(106,846)
|
|
|
$
|
130,729
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per common share:
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
1.27
|
|
|
$
|
7.75
|
|
|
$
|
1.70
|
|
|
$
|
13.87
|
|
Loss from
discontinued operations
|
(7.21)
|
|
|
(0.08)
|
|
|
(7.32)
|
|
|
(0.23)
|
|
Net (loss)
income
|
$
|
(5.94)
|
|
|
$
|
7.67
|
|
|
$
|
(5.62)
|
|
|
$
|
13.64
|
|
|
|
|
|
|
|
|
|
Diluted
income (loss) per common share
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
1.25
|
|
|
$
|
7.24
|
|
|
$
|
1.66
|
|
|
$
|
12.91
|
|
Loss from
discontinued operations
|
(7.10)
|
|
|
(0.08)
|
|
|
(7.14)
|
|
|
(0.22)
|
|
Net (loss)
income
|
$
|
(5.85)
|
|
|
$
|
7.16
|
|
|
$
|
(5.48)
|
|
|
$
|
12.69
|
|
|
|
|
|
|
|
|
|
Weighted average
shares - basic
|
19,123,705
|
|
|
9,625,874
|
|
|
19,009,643
|
|
|
9,587,457
|
|
Weighted average
shares - diluted
|
19,420,471
|
|
|
10,306,043
|
|
|
19,480,183
|
|
|
10,299,539
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
(Amounts in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
249,597
|
|
|
$
|
233,599
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $0 as of June
30,
2019 and December 31, 2018
|
280,025
|
|
|
292,617
|
|
Inventories,
net
|
164,303
|
|
|
121,965
|
|
Prepaid expenses and
other current assets
|
166,702
|
|
|
158,945
|
|
Current assets -
discontinued operations
|
2,059
|
|
|
22,475
|
|
Total current
assets
|
862,686
|
|
|
829,601
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$220,260 and $106,766 as of June 30, 2019 and December 31,
2018
|
630,654
|
|
|
699,990
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$18,769 and $11,390 as of June 30, 2019 and December 31,
2018
|
569,394
|
|
|
528,232
|
|
Goodwill
|
101,019
|
|
|
95,624
|
|
Other acquired
intangibles, net of accumulated amortization of $32,634 and $20,267
as
of June 30, 2019 and December 31, 2018
|
146,554
|
|
|
154,584
|
|
Long-term restricted
cash
|
216,568
|
|
|
227,173
|
|
Deferred income
taxes
|
54,466
|
|
|
27,179
|
|
Other non-current
assets
|
198,449
|
|
|
183,675
|
|
Total
assets
|
$
|
2,779,790
|
|
|
$
|
2,746,058
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
28,885
|
|
|
$
|
42,743
|
|
Acquisition-related
obligations - current
|
33,060
|
|
|
27,334
|
|
Trade accounts
payable
|
89,214
|
|
|
114,568
|
|
Accrued expenses and
other current liabilities
|
157,948
|
|
|
148,699
|
|
Current liabilities -
discontinued operations
|
17,298
|
|
|
21,892
|
|
Total current
liabilities
|
326,405
|
|
|
355,236
|
|
Long-term
debt
|
580,519
|
|
|
545,269
|
|
Acquisition-related
obligations - long-term
|
67,049
|
|
|
72,996
|
|
Workers' compensation
and black lung obligations
|
245,972
|
|
|
249,294
|
|
Pension
obligations
|
180,274
|
|
|
180,802
|
|
Asset retirement
obligations
|
217,830
|
|
|
203,694
|
|
Deferred income
taxes
|
6,908
|
|
|
15,118
|
|
Other non-current
liabilities
|
40,596
|
|
|
52,415
|
|
Non-current
liabilities - discontinued operations
|
147,016
|
|
|
94
|
|
Total
liabilities
|
1,812,569
|
|
|
1,674,918
|
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
Equity
|
|
|
|
Preferred stock - par
value $0.01, 5.0 million shares authorized, none issued
|
—
|
|
|
—
|
|
Common stock - par
value $0.01, 50.0 million shares authorized, 20.4 million
issued and
19.2 million outstanding at June 30, 2019 and 20.2 million issued
and 19.1 million
outstanding at December 31, 2018
|
204
|
|
|
202
|
|
Additional paid-in
capital
|
768,046
|
|
|
761,301
|
|
Accumulated other
comprehensive loss
|
(22,076)
|
|
|
(23,130)
|
|
Treasury stock, at
cost: 1.2 million shares at June 30, 2019 and 1.1 million shares
at
December 31, 2018
|
(75,236)
|
|
|
(70,362)
|
|
Retained
earnings
|
296,283
|
|
|
403,129
|
|
Total stockholders'
equity
|
967,221
|
|
|
1,071,140
|
|
Total liabilities and
stockholders' equity
|
$
|
2,779,790
|
|
|
$
|
2,746,058
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
(Amounts in
thousands)
|
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
Operating
activities:
|
|
|
|
Net (loss)
income
|
$
|
(106,846)
|
|
|
$
|
130,729
|
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating activities:
|
|
|
|
Depreciation,
depletion and amortization
|
269,997
|
|
|
22,810
|
|
Amortization of
acquired intangibles, net
|
(7,026)
|
|
|
11,310
|
|
Accretion of
acquisition-related obligations discount
|
3,220
|
|
|
3,020
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
6,724
|
|
|
1,499
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
2,950
|
|
|
—
|
|
Loss (gain) on
disposal of assets
|
1,372
|
|
|
(16,502)
|
|
Gain on assets
acquired in an exchange transaction
|
(9,083)
|
|
|
—
|
|
Loss on modification
and extinguishment of debt
|
26,459
|
|
|
—
|
|
Asset
impairment
|
22,294
|
|
|
—
|
|
Accretion on asset
retirement obligations
|
13,079
|
|
|
4,056
|
|
Employee benefit
plans, net
|
9,564
|
|
|
5,324
|
|
Deferred income
taxes
|
(33,623)
|
|
|
—
|
|
Stock-based
compensation
|
4,774
|
|
|
7,125
|
|
Equity loss in
affiliates
|
2,959
|
|
|
1,233
|
|
Other, net
|
405
|
|
|
(292)
|
|
Changes in operating
assets and liabilities
|
(90,086)
|
|
|
(54,706)
|
|
Net cash provided
by operating activities
|
117,133
|
|
|
115,606
|
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(83,882)
|
|
|
(38,349)
|
|
Payments on disposal
of assets
|
—
|
|
|
(10,250)
|
|
Proceeds on disposal
of assets
|
1,048
|
|
|
464
|
|
Purchases of
investment securities - held to maturity
|
(9,899)
|
|
|
(1,446)
|
|
Maturity of
investment securities - held to maturity
|
21,316
|
|
|
—
|
|
Capital contributions
to equity affiliates
|
(4,807)
|
|
|
(525)
|
|
Other,
net
|
93
|
|
|
—
|
|
Net cash used in
investing activities
|
(76,131)
|
|
|
(50,106)
|
|
Financing
activities:
|
|
|
|
Proceeds from
borrowings on debt
|
544,946
|
|
|
—
|
|
Principal repayments
of debt
|
(550,000)
|
|
|
(5,323)
|
|
Principal repayments
of notes payable
|
(821)
|
|
|
(2,939)
|
|
Principal repayments
of financing lease obligations
|
(2,100)
|
|
|
(139)
|
|
Debt issuance
costs
|
(5,839)
|
|
|
—
|
|
Common stock
repurchases and related expenses
|
(4,874)
|
|
|
(4,838)
|
|
Other, net
|
914
|
|
|
(49)
|
|
Net cash used in
financing activities
|
(17,774)
|
|
|
(13,288)
|
|
Net increase in cash
and cash equivalents and restricted cash
|
23,228
|
|
|
52,212
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
477,246
|
|
|
193,960
|
|
Cash and cash
equivalents and restricted cash at end of period
|
$
|
500,474
|
|
|
$
|
246,172
|
|
The following table provides a reconciliation of cash and cash
equivalents and restricted cash reported within the Condensed
Consolidated Balance Sheets that sum to the total of the same such
amounts shown in the Condensed Consolidated Statements of Cash
Flows.
|
As of June
30,
|
|
2019
|
|
2018
|
Cash and cash
equivalents
|
$
|
249,597
|
|
|
$
|
199,252
|
|
Short-term restricted
cash (included in Prepaid expenses and other current
assets)
|
34,309
|
|
|
11,680
|
|
Long-term restricted
cash
|
216,568
|
|
|
35,240
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed
Consolidated Statements of Cash Flows
|
$
|
500,474
|
|
|
$
|
246,172
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
|
ADJUSTED EBITDA
RECONCILIATION
|
(Amounts in
thousands)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income from
continuing operations
|
$
|
24,300
|
|
|
$
|
74,642
|
|
|
$
|
32,290
|
|
|
$
|
132,942
|
|
Interest
expense
|
16,077
|
|
|
8,779
|
|
|
31,232
|
|
|
17,984
|
|
Interest
income
|
(1,885)
|
|
|
(191)
|
|
|
(3,821)
|
|
|
(322)
|
|
Income tax (benefit)
expense
|
(1,000)
|
|
|
55
|
|
|
(5,778)
|
|
|
121
|
|
Depreciation,
depletion and amortization
|
62,814
|
|
|
11,222
|
|
|
124,085
|
|
|
22,810
|
|
Merger related
costs
|
156
|
|
|
3,423
|
|
|
987
|
|
|
3,883
|
|
Management
restructuring costs (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,659
|
|
Non-cash stock
compensation expense
|
(546)
|
|
|
1,876
|
|
|
4,725
|
|
|
6,355
|
|
Mark-to-market
adjustment - acquisition-related
obligations
|
1,014
|
|
|
—
|
|
|
2,950
|
|
|
—
|
|
Gain on settlement of
acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(292)
|
|
Gain on sale of
disposal group (2)
|
—
|
|
|
(16,386)
|
|
|
—
|
|
|
(16,386)
|
|
Accretion on asset
retirement obligations
|
6,847
|
|
|
1,596
|
|
|
13,079
|
|
|
4,056
|
|
Loss on modification
and extinguishment of debt
|
26,459
|
|
|
—
|
|
|
26,459
|
|
|
—
|
|
Asset impairment
(3)
|
5,826
|
|
|
—
|
|
|
5,826
|
|
|
—
|
|
Cost impact of coal
inventory fair value adjustment (4)
|
1,033
|
|
|
—
|
|
|
8,209
|
|
|
—
|
|
Gain on assets
acquired in an exchange transaction (5)
|
—
|
|
|
—
|
|
|
(9,083)
|
|
|
—
|
|
Amortization of
acquired intangibles, net
|
(343)
|
|
|
1,104
|
|
|
(7,026)
|
|
|
11,310
|
|
Adjusted
EBITDA
|
$
|
140,752
|
|
|
$
|
86,120
|
|
|
$
|
224,134
|
|
|
$
|
185,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Management restructuring costs are related to severance expense
associated with senior management changes in the six months ended
June 30, 2018.
|
(2) During
the fourth quarter of 2017, the Company entered into an asset
purchase agreement to sell a disposal group (comprised of property,
plant and equipment and associated asset retirement obligations)
within the CAPP - Met segment. From the date the Company entered
into the asset purchase agreement through the transaction close
date, the property, plant and equipment and associated asset
retirement obligations were classified as held for sale in amounts
representing the fair value of the disposal group. Upon permit
transfer, the transaction closed on April 2, 2018. The Company paid
$10,000 in connection with the transaction, which was paid into
escrow on March 27, 2018 and transferred to the buyer at the
transaction close date, and expects to pay a series of additional
cash payments in the aggregate amount of $1,500, per the terms
stated in the agreement, and recorded a gain on sale of $16,386
within other expenses (income) within the Condensed Consolidated
Statements of Operations.
|
(3)
Asset impairment primarily related to the write-off of prepaid
purchased coal from Blackjewel as result of Blackjewel's Chapter 11
bankruptcy filing on July 1, 2019.
|
(4) The
cost impact of the coal inventory fair value adjustment as a result
of the Alpha Merger is expected to have short-term
impact.
|
(5) During
the six months ended June 30, 2019, the Company entered into an
exchange transaction which primarily included the release of the
PRB overriding royalty interest owed to the Company in exchange for
met coal reserves which resulted in a gain of $9,083.
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
|
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except for per ton data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Tons sold:
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
3,060
|
|
|
1,184
|
|
|
5,856
|
|
|
2,138
|
|
CAPP - Thermal
operations
|
1,189
|
|
|
—
|
|
|
2,181
|
|
|
—
|
|
NAPP
operations
|
1,747
|
|
|
1,572
|
|
|
3,399
|
|
|
2,986
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except for per ton data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Coal
revenues:
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
$
|
372,863
|
|
|
$
|
152,154
|
|
|
$
|
718,684
|
|
|
$
|
286,723
|
|
CAPP - Thermal
operations
|
$
|
73,511
|
|
|
$
|
—
|
|
|
$
|
130,826
|
|
|
$
|
—
|
|
NAPP
operations
|
$
|
76,239
|
|
|
$
|
70,708
|
|
|
$
|
147,094
|
|
|
$
|
132,166
|
|
|
|
|
|
|
|
|
|
Coal sales
realization per ton:
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
$
|
121.85
|
|
|
$
|
128.51
|
|
|
$
|
122.73
|
|
|
$
|
134.11
|
|
CAPP - Thermal
operations
|
$
|
61.83
|
|
|
$
|
—
|
|
|
$
|
59.98
|
|
|
$
|
—
|
|
NAPP
operations
|
$
|
43.64
|
|
|
$
|
44.98
|
|
|
$
|
43.28
|
|
|
$
|
44.26
|
|
Average
|
$
|
87.16
|
|
|
$
|
80.86
|
|
|
$
|
87.15
|
|
|
$
|
81.75
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except for per ton data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
$
|
260,174
|
|
|
$
|
89,248
|
|
|
$
|
519,917
|
|
|
$
|
165,996
|
|
CAPP - Thermal
operations
|
$
|
61,742
|
|
|
$
|
—
|
|
|
$
|
126,831
|
|
|
$
|
—
|
|
NAPP
operations
|
$
|
54,639
|
|
|
$
|
63,428
|
|
|
$
|
121,526
|
|
|
$
|
117,234
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
per ton:
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
$
|
85.02
|
|
|
$
|
75.38
|
|
|
$
|
88.78
|
|
|
$
|
77.64
|
|
CAPP - Thermal
operations
|
$
|
51.93
|
|
|
$
|
—
|
|
|
$
|
58.15
|
|
|
$
|
—
|
|
NAPP
operations
|
$
|
31.28
|
|
|
$
|
40.35
|
|
|
$
|
35.75
|
|
|
$
|
39.26
|
|
|
|
|
|
|
|
|
|
Coal margin per ton
(1):
|
|
|
|
|
|
|
|
CAPP - Met
operations
|
$
|
36.83
|
|
|
$
|
53.13
|
|
|
$
|
33.95
|
|
|
$
|
56.47
|
|
CAPP - Thermal
operations
|
$
|
9.90
|
|
|
$
|
—
|
|
|
$
|
1.83
|
|
|
$
|
—
|
|
NAPP
operations
|
$
|
12.36
|
|
|
$
|
4.63
|
|
|
$
|
7.53
|
|
|
$
|
5.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Coal margin per
ton for our coal operations is calculated as coal sales realization
per ton for our coal operations less cost of coal
sales per ton for our coal operations.
|
Trading and
Logistics Segment
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except for per ton data)
|
2019
|
|
2018
(2)
|
|
2019
|
|
2018
(2)
|
|
|
|
|
|
|
|
|
Tons sold
|
369
|
|
|
1,629
|
|
|
816
|
|
|
3,078
|
|
|
|
|
|
|
|
|
|
Coal
revenues
|
$
|
131,215
|
|
|
$
|
302,306
|
|
|
$
|
264,184
|
|
|
$
|
584,644
|
|
Less: cost of coal
sales
|
119,513
|
|
|
278,628
|
|
|
241,988
|
|
|
518,818
|
|
Trading and Logistics
margin (1)
|
$
|
11,702
|
|
|
$
|
23,678
|
|
|
$
|
22,196
|
|
|
65,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Trading and Logistics margin includes
coal trading margin and logistics-related margin.
|
(2)
Prior periods have been modified to
reflect total coal revenues and total cost of coal sales including
freight and handling components formerly stated
separately.
|
Our cost of coal sales includes idle and closed mine costs and
purchased coal costs. Additionally, due to the merger, our cost of
coal sales includes the cost impact of coal inventory fair value
adjustments. In the following tables, we calculate adjusted cost of
produced coal sold as cost of coal sales less idle and closed mine
costs, cost impact of coal inventory fair value adjustments and
purchased coal costs.
|
Three Months Ended
June 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
Cost of produced coal
sold
|
$
|
232,239
|
|
|
$
|
58,738
|
|
|
$
|
53,906
|
|
|
$
|
—
|
|
Cost of purchased
coal sold
|
24,406
|
|
|
2,443
|
|
|
—
|
|
|
—
|
|
Cost impact of coal
inventory fair
value adjustment (1)
|
1,033
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Idle and closed mine
costs
|
2,496
|
|
|
561
|
|
|
733
|
|
|
678
|
|
Total cost of coal
sales
|
$
|
260,174
|
|
|
$
|
61,742
|
|
|
$
|
54,639
|
|
|
$
|
678
|
|
Tons sold
|
3,060
|
|
|
1,189
|
|
|
1,747
|
|
|
—
|
|
Cost of coal sales
per ton
|
$
|
85.02
|
|
|
$
|
51.93
|
|
|
$
|
31.28
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Total cost of coal
sales
|
$
|
260,174
|
|
|
$
|
61,742
|
|
|
$
|
54,639
|
|
|
$
|
678
|
|
Less: cost of
purchased coal sold
|
(24,406)
|
|
|
(2,443)
|
|
|
—
|
|
|
—
|
|
Less: cost impact of
coal inventory
fair value adjustment
|
(1,033)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Less: idle and closed
mine costs
|
(2,496)
|
|
|
(561)
|
|
|
(733)
|
|
|
(678)
|
|
Cost of produced coal
sold
|
$
|
232,239
|
|
|
$
|
58,738
|
|
|
$
|
53,906
|
|
|
$
|
—
|
|
Produced tons
sold
|
2,819
|
|
|
1,144
|
|
|
1,747
|
|
|
—
|
|
Cost of produced coal
sold per ton
|
$
|
82.38
|
|
|
$
|
51.34
|
|
|
$
|
30.86
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The cost impact
of the coal inventory fair value adjustment as a result of the
Alpha Merger is expected to have short-term impact.
|
|
|
Three Months Ended
June 30, 2018
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
Cost of produced coal
sold
|
$
|
79,778
|
|
|
$
|
—
|
|
|
$
|
62,514
|
|
|
$
|
—
|
|
Cost of purchased
coal sold
|
8,420
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Idle and closed mine
costs
|
1,050
|
|
|
—
|
|
|
914
|
|
|
—
|
|
Total cost of coal
sales
|
$
|
89,248
|
|
|
$
|
—
|
|
|
$
|
63,428
|
|
|
$
|
—
|
|
Tons sold
|
1,184
|
|
|
—
|
|
|
1,572
|
|
|
—
|
|
Cost of coal sales
per ton
|
$
|
75.38
|
|
|
$
|
—
|
|
|
$
|
40.35
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Total cost of coal
sales
|
$
|
89,248
|
|
|
$
|
—
|
|
|
$
|
63,428
|
|
|
$
|
—
|
|
Less: cost of
purchased coal sold
|
(8,420)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Less: idle and closed
mine costs
|
(1,050)
|
|
|
—
|
|
|
(914)
|
|
|
—
|
|
Cost of produced coal
sold
|
$
|
79,778
|
|
|
$
|
—
|
|
|
$
|
62,514
|
|
|
$
|
—
|
|
Produced tons
sold
|
1,102
|
|
|
—
|
|
|
1,572
|
|
|
—
|
|
Cost of produced coal
sold per ton
|
$
|
72.39
|
|
|
$
|
—
|
|
|
$
|
39.77
|
|
|
$
|
—
|
|
|
Six Months Ended
June 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
Cost of produced coal
sold
|
$
|
458,276
|
|
|
$
|
117,136
|
|
|
$
|
119,964
|
|
|
$
|
—
|
|
Cost of purchased
coal sold
|
52,763
|
|
|
5,327
|
|
|
—
|
|
|
—
|
|
Cost impact of coal
inventory fair
value adjustment (1)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
Idle and closed mine
costs
|
4,127
|
|
|
910
|
|
|
1,562
|
|
|
2,178
|
|
Total cost of coal
sales
|
$
|
519,917
|
|
|
$
|
126,831
|
|
|
$
|
121,526
|
|
|
$
|
2,178
|
|
Tons sold
|
5,856
|
|
|
2,181
|
|
|
3,399
|
|
|
—
|
|
Cost of coal sales
per ton
|
$
|
88.78
|
|
|
$
|
58.15
|
|
|
$
|
35.75
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Total cost of coal
sales
|
$
|
519,917
|
|
|
$
|
126,831
|
|
|
$
|
121,526
|
|
|
$
|
2,178
|
|
Less: cost of
purchased coal sold
|
(52,763)
|
|
|
(5,327)
|
|
|
—
|
|
|
—
|
|
Less: cost impact of
coal inventory fair
value adjustment
|
(4,751)
|
|
|
(3,458)
|
|
|
—
|
|
|
—
|
|
Less: idle and closed
mine costs
|
(4,127)
|
|
|
(910)
|
|
|
(1,562)
|
|
|
(2,178)
|
|
Cost of produced coal
sold
|
$
|
458,276
|
|
|
$
|
117,136
|
|
|
$
|
119,964
|
|
|
$
|
—
|
|
Produced tons
sold
|
5,390
|
|
|
2,088
|
|
|
3,399
|
|
|
—
|
|
Cost of produced coal
sold per ton
|
$
|
85.02
|
|
|
$
|
56.10
|
|
|
$
|
35.29
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
cost impact of the coal inventory fair value adjustment as a result
of the Alpha Merger is expected to have short-term
impact.
|
|
Six Months Ended
June 30, 2018
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
Cost of coal
sales:
|
|
|
|
|
|
|
|
Cost of produced coal
sold
|
$
|
146,491
|
|
|
$
|
—
|
|
|
$
|
115,518
|
|
|
$
|
—
|
|
Cost of purchased
coal sold
|
17,469
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Idle and closed mine
costs
|
2,036
|
|
|
—
|
|
|
1,716
|
|
|
—
|
|
Total cost of coal
sales
|
$
|
165,996
|
|
|
$
|
—
|
|
|
$
|
117,234
|
|
|
$
|
—
|
|
Tons sold
|
2,138
|
|
|
—
|
|
|
2,986
|
|
|
—
|
|
Cost of coal sales
per ton
|
$
|
77.64
|
|
|
$
|
—
|
|
|
$
|
39.26
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Total cost of coal
sales
|
$
|
165,996
|
|
|
$
|
—
|
|
|
$
|
117,234
|
|
|
$
|
—
|
|
Less: cost of
purchased coal sold
|
(17,469)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Less: idle and closed
mine costs
|
(2,036)
|
|
|
—
|
|
|
(1,716)
|
|
|
—
|
|
Cost of produced coal
sold
|
$
|
146,491
|
|
|
$
|
—
|
|
|
$
|
115,518
|
|
|
$
|
—
|
|
Produced tons
sold
|
1,982
|
|
|
—
|
|
|
2,986
|
|
|
—
|
|
Cost of produced coal
sold per ton
|
$
|
73.91
|
|
|
$
|
—
|
|
|
$
|
38.69
|
|
|
$
|
—
|
|
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SOURCE Contura Energy, Inc.