BRISTOL, Tenn., Nov. 9, 2020 /PRNewswire/ -- Contura
Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today
reported results for the third quarter ending September 30, 2020.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
Sept. 30,
2019(2)
|
Net (loss)
income(3)
|
$(68.6)
|
$(238.3)
|
$(43.6)
|
Net (loss)
income(3) per diluted share
|
$(3.75)
|
$(13.02)
|
$(2.29)
|
Adjusted
EBITDA(1)
|
$19.7
|
$16.9
|
$40.0
|
Operating cash
flow(4)
|
$(5.9)
|
$79.0
|
$20.4
|
Capital
expenditures
|
$(27.8)
|
$(41.5)
|
$60.3
|
Tons of coal
sold
|
5.5
|
5.1
|
5.8
|
|
|
|
|
1.
|
These are non-GAAP
financial measures. A reconciliation of Net Income to Adjusted
EBITDA is included in tables accompanying the financial
schedules.
|
2.
|
Excludes discontinued
operations, except as noted.
|
3.
|
From continuing
operations. Second and third quarters 2020 no longer have
discontinued operations.
|
4.
|
Includes discontinued
operations. Second and third quarters 2020 no longer have
discontinued operations.
|
"Our third quarter results continued to highlight the
discipline and safe, strategic performance of our operations team
as we achieved the lowest full-quarter CAPP - Met cost per ton
performance since the formation of our company," said chairman and
chief executive officer, David
Stetson. "As we introduce 2021 guidance, we expect our costs
to remain very competitive at our recent levels while we tackle the
continued softness in the met coal market and the many
uncertainties facing the global economies."
Financial Performance
Contura reported a net loss from continuing operations of
$68.6 million, or $3.75 per diluted share, for the third quarter
2020. In the second quarter 2020, the company had a net loss from
continuing operations of $238.3
million or $13.02 diluted
share, which included a non-cash asset impairment charge of
$161.7 million.
Total Adjusted EBITDA was $20
million for the third quarter, compared with $17 million in the second quarter, primarily due
to improved margins in the CAPP - Thermal and CAPP - Met
segments.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
CAPP -
Met
|
$295.4
|
$316.3
|
CAPP -
Thermal
|
$39.8
|
$36.7
|
NAPP
|
$64.8
|
$57.5
|
|
|
|
CAPP - Met (excl.
f&h)(1)
|
$245.6
|
$261.5
|
CAPP - Thermal
(excl. f&h)(1)
|
$36.8
|
$32.1
|
NAPP (excl.
f&h)(1)
|
$62.8
|
$52.0
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
CAPP -
Met
|
3.3
|
3.2
|
CAPP -
Thermal
|
0.6
|
0.6
|
NAPP
|
1.6
|
1.3
|
|
|
|
1.
|
Represents Non-GAAP
coal revenues which is defined and reconciled under "Non-GAAP
Financial Measures" and "Results of Operations."
|
The CAPP - Met revenue decline in the third quarter was driven
by an approximately $8 per ton
decline in price realizations relative to the second quarter. CAPP
- Thermal revenues increased due to higher realized prices. Third
quarter NAPP revenues increased as a result of higher volumes,
while prices were in line with the prior quarter.
Coal Sales Realization(1)
|
(per ton)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
CAPP -
Met
|
$73.79
|
$81.61
|
CAPP -
Thermal
|
$57.86
|
$49.52
|
NAPP
|
$40.01
|
$40.19
|
|
|
|
|
|
|
1.
|
Represents Non-GAAP
coal sales realization which is defined and reconciled under
"Non-GAAP Financial Measures" and "Results of
Operations."
|
Global metallurgical coal prices experienced continued softening
in the quarter, which resulted in our average CAPP - Met coal sales
realization declining 11 percent against the prior quarter to
$73.79 per ton. While our 2020
domestic business continues to benefit from annual fixed price
contracts, the lower third quarter realizations were primarily
driven by our export business, where prices were soft during most
of the quarter. The CAPP - Thermal segment experienced higher
realization primarily due to improved customer mix.
Cost of Coal Sales
|
(in millions, except
per ton data)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
Cost of Coal
Sales
|
$367.3
|
$383.3
|
Cost of Coal Sales
(excl. f&h/idle)(1)
|
$305.6
|
$310.5
|
|
|
|
(per ton)
|
CAPP -
Met(1)
|
$66.49
|
$74.41
|
CAPP -
Thermal(1)
|
$45.98
|
$45.38
|
NAPP(1)
|
$35.03
|
$32.98
|
|
|
|
1.
|
Represents Non-GAAP
cost of coal sales per ton which is defined and reconciled under
"Non-GAAP Financial Measures" and "Results of
Operations."
|
In the third quarter, the company reported its strongest
full-quarter cost performance in the CAPP - Met segment since the
company's 2016 formation, with CAPP - Met costs averaging
$66.49 per ton in the third quarter.
The second quarter cost of coal sales was $74.41 per ton, and excluding the impact of April
furloughs, incremental one-time COVID-19 mitigation costs, and the
partially offsetting benefit from an annual severance tax
adjustment, the cost per ton was approximately $70 in the second quarter. The continued cost
improvement trend that has been achieved in 2020 is driven by
strong productivity growth, labor cost reductions instituted in the
second quarter, and improved sourcing.
CAPP - Thermal also continued its impressive cost of coal sales
performance, with third quarter cost of $45.98 per ton as compared to $45.38 for the prior quarter. NAPP cost of coal
sales for the quarter was $35.03 per
ton, up from $32.98 per ton in the
second quarter.
Selling, general and administrative (SG&A) and depreciation,
depletion and amortization (DD&A) expenses
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2020
|
June 30,
2020
|
SG&A
|
$14.5
|
$12.0
|
Less: non-cash
stock compensation
and one-time expenses
|
$(1.0)
|
$(1.9)
|
Non-GAAP
SG&A(1)
|
$13.5
|
$10.1
|
|
|
|
DD&A
|
$50.7
|
$49.3
|
|
|
|
1.
|
Represents Non-GAAP
SG&A which is defined under "Non-GAAP Financial
Measures."
|
Contura's third quarter 2020 SG&A expenses were $13.5 million, excluding non-cash stock
compensation expense and one-time expenses of $1.0 million, compared with $10.1 million in the prior quarter.
Liquidity and Capital Resources
"We continue to closely manage our cash priorities as prolonged
pandemic uncertainty has created additional softness in both
end-markets and pricing for our products. As such, we expect fourth
quarter capex to come in around $20
million, and we remain focused on continuing the outstanding
execution on costs that has allowed us to weather adverse market
circumstances," said Andy Eidson,
Contura's chief financial officer. "We continue to expect to
receive the accelerated AMT tax refund of $66 million in the near term. Furthermore, we
have filed an NOL carryback in which we claimed approximately
$70 million in additional tax
refunds. The claim is subject to an IRS audit and we hope to
finalize the audit during 2021. All of these items factor into the
total liquidity picture for the company, and our philosophy remains
one of strategic cash preservation as we close out an unprecedented
year and issue guidance and expectations for 2021."
Cash used by operating activities for the third quarter 2020 was
$5.9 million and capital expenditures
for the third quarter were $27.8
million. In the prior period, the cash provided by operating
activities was $79.0 million and
capital expenditures were $41.5
million. Contura continues to anticipate that capital
expenditures for the full year 2020 will be in the range of
$135 million to $140 million, with 2021 capital expenditures
expected to be materially lower in the range of $80 million to $100
million.
As of September 30, 2020, Contura
had $161.4 million in
unrestricted cash and $180.0 million
in restricted cash, deposits and investments. Total long-term debt,
including the current portion of long-term debt as of September 30, 2020, was $597.5 million, down approximately $31 million from the prior quarter. At the end of
the third quarter, the company had total liquidity of $161.4 million, including cash and cash
equivalents of $161.4 million and no
remaining unused availability under the Asset-Based Revolving
Credit Facility (ABL). The future available capacity under the ABL
is subject to inventory and accounts receivable collateral
requirements and the achievement of certain financial ratios. As of
September 30, 2020, the company had
$18.4 million in borrowings and
$122.4 million in letters of credit
outstanding under the Asset-Based Revolving Credit Facility. In
October, subsequent to the quarter close, the company repaid
$15.0 million of borrowed principal
under the ABL.
2021 Full-Year Guidance
The company is introducing 2021 guidance with coal shipments
guidance range of 20.4 million tons to 22.2 million tons, with
CAPP - Met segment volume expected to be between 13.5 million to
14.5 million tons with pure metallurgical coal shipments of 12.5
million to 13.0 million tons and thermal shipments in this segment
of 1.0 million to 1.5 million tons. CAPP - Thermal segment volume
is anticipated to be between 1.3 million tons to 1.7 million tons.
NAPP volumes are expected to be in the range of 5.6 million tons to
6.0 million tons.
For 2021, Contura has committed and priced approximately 34% of
its metallurgical coal within the CAPP - Met segment at an average
price of $86.41 per ton and 72% of
thermal coal in the CAPP - Met segment at an average expected price
of $52.11 per ton. In the CAPP -
Thermal segment the company is 99% committed and priced at an
average price of $57.17 per ton and
100% committed and priced for NAPP at an average price of
$40.43 per ton.
The company expects our strong cost performance to continue in
2021 with CAPP - Met cost of coal sales per ton anticipated at a
range of $68.00 to $74.00. CAPP - Thermal is expected to be in the
range of $45.00 to $49.00 per ton and NAPP between $33.00 and $37.00
per ton.
For 2021, the company expects its SG&A to be in the range of
$45 million to $50 million, excluding non-recurring items and
stock compensation. In light of our decision to forgo certain
capital expenditures for NAPP, our overall 2021 capital
expenditures guidance at a range of $80
million to $100 million is
near the maintenance capital level. Depreciation, depletion and
amortization is expected to be between $160
million and $175 million and
cash interest expense in the range of $51
million and $55 million.
|
2021
Guidance
|
in millions of
tons
|
Low
|
|
High
|
|
Metallurgical
|
12.5
|
|
13.0
|
|
Thermal
|
1.0
|
|
1.5
|
|
CAPP -
Metallurgical
|
13.5
|
|
14.5
|
|
CAPP -
Thermal
|
1.3
|
|
1.7
|
|
NAPP
|
5.6
|
|
6.0
|
|
Total
Shipments
|
20.4
|
|
22.2
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
|
Average
Price
|
|
Metallurgical
|
34
|
%
|
$86.41
|
|
Thermal
|
72
|
%
|
$52.11
|
|
CAPP -
Metallurgical
|
37
|
%
|
$80.52
|
|
CAPP -
Thermal
|
99
|
%
|
$57.17
|
|
NAPP
|
100
|
%
|
$40.43
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
|
Metallurgical
|
27
|
%
|
|
Thermal
|
21
|
%
|
|
CAPP -
Metallurgical
|
27
|
%
|
|
CAPP -
Thermal
|
1
|
%
|
|
NAPP
|
—
|
%
|
|
|
|
|
Costs per
ton4
|
Low
|
|
High
|
|
CAPP -
Metallurgical
|
$68.00
|
|
$74.00
|
|
CAPP -
Thermal
|
$45.00
|
|
$49.00
|
|
NAPP
|
$33.00
|
|
$37.00
|
|
|
|
|
In millions
(except taxes)
|
Low
|
|
High
|
|
SG&A5
|
$45
|
|
$50
|
|
Idle Operations
Expense
|
$27
|
|
$33
|
|
Cash Interest
Expense
|
$51
|
|
$55
|
|
DD&A
|
$160
|
|
$175
|
|
Capital
Expenditures
|
$80
|
|
$100
|
|
Tax Rate
|
—
|
%
|
5
|
%
|
Notes:
- Based on committed and priced coal shipments as of October 27, 2020. Committed percentage based on
the midpoint of shipment guidance range.
- 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.
- Includes estimates of future coal shipments based upon contract
terms and anticipated delivery schedules. Actual coal shipments may
vary from these estimates.
- Note: The Company is unable to present a quantitative
reconciliation of its forward-looking non-GAAP cost of coal sales
per ton sold financial measures to the most directly comparable
GAAP measures without unreasonable efforts due to the inherent
difficulty in forecasting and quantifying with reasonable accuracy
significant items required for the reconciliation. The most
directly comparable GAAP measure, GAAP cost of sales, is not
accessible without unreasonable efforts on a forward- looking
basis. The reconciling items include freight and handling costs,
which are a component of GAAP cost of sales. Management is unable
to predict without unreasonable efforts freight and handling costs
due to uncertainty as to the end market and FOB point for
uncommitted sales volumes and the final shipping point for export
shipments. These amounts have historically varied and may continue
to vary significantly from quarter to quarter and material changes
to these items could have a significant effect on our future GAAP
results.
- Excludes expenses related to non-cash stock compensation and
non-recurring business development expenses.
Operational and Strategic Update
With regard to the Cumberland Mine in Pennsylvania, the company is in active
negotiations for the divestiture of the Cumberland property with a potential
purchaser. No definitive agreement has been reached at this time,
and there can be no assurances that any transaction will result
from these negotiations or as to the terms, timing or approval of
any such transaction that may be proposed. More information will be
announced if an agreement is reached.
Contura has made significant progress in streamlining the
enterprise portfolio and incrementally adjusting toward a
simplified, more efficient group of mines and plants to better
serve the production and sales needs of the company. "Through
strategic decisions to idle certain thermal properties in the
organization, and by carefully planning how and when to mine out of
properties as they come to the end of their expected tenures, we
have meaningfully improved both costs and operational efficiencies
this year," said Jason Whitehead,
Contura's chief operating officer. "As mines have come offline, we
have been able to realign coal processing into fewer plants,
redeploy equipment to other locations across the company, and plan
for the best utilization of the newer, high-quality mines in our
portfolio. We expect to continue building on this success through
the fourth quarter and into 2021."
Conference Call
The company plans to hold a conference call regarding its third
quarter 2020 results on November 9,
2020, at 10:00 a.m. Eastern
time. The conference call will be available live on the
investor section of the company's website
at https://investors.conturaenergy.com/investors. Analysts who
would like to participate in the conference call should dial
866-270-1533 (domestic toll-free) or 412-317-0797 (international)
approximately 15 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 metallurgical coal to produce steel. 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
423.956.6882
MEDIA
CONTACT
corporatecommunications@conturaenergy.com
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures."
These are financial measures which either exclude or include
amounts that are not excluded or included in the most directly
comparable measures calculated and presented in accordance with
generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP").
Specifically, we make use of the non-GAAP financial measures
"Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal
sales," and "Adjusted cost of produced coal sold." We use Adjusted
EBITDA to measure the operating performance of our segments and
allocate resources to the segments. Adjusted EBITDA does not
purport to be an alternative to net income (loss) as a measure of
operating performance. We use non-GAAP coal revenues to present
coal revenues generated, excluding freight and handling fulfillment
revenues. Non-GAAP coal sales realization per ton for our
operations is calculated as non-GAAP coal revenues divided by tons
sold. We use non-GAAP cost of coal sales to adjust cost of coal
sales to remove freight and handling costs, depreciation, depletion
and amortization - production (excluding the depreciation,
depletion and amortization related to selling, general and
administrative functions), accretion on asset retirement
obligations, amortization of acquired intangibles, net, idled and
closed mine costs and coal inventory acquisition accounting
impacts. Non-GAAP cost of coal sales per ton for our operations is
calculated as non-GAAP cost of coal sales divided by tons sold.
Non-GAAP coal margin per ton for our coal operations is calculated
as non-GAAP coal sales realization per ton for our coal operations
less non-GAAP cost of coal sales per ton for our coal operations.
We also use Adjusted cost of produced coal sold to distinguish the
cost of captive produced coal from the effects of purchased coal.
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 and to adjust for items that may
not reflect the trend of future results by excluding transactions
that are not indicative of our core operating performance.
Furthermore, analogous measures are used by industry analysts to
evaluate the Company's operating performance. 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
|
399,954
|
|
|
$
|
523,987
|
|
|
$
|
1,278,935
|
|
|
$
|
1,784,775
|
|
Other
revenues
|
737
|
|
|
1,877
|
|
|
4,054
|
|
|
6,409
|
|
Total
revenues
|
400,691
|
|
|
525,864
|
|
|
1,282,989
|
|
|
1,791,184
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
367,277
|
|
|
467,658
|
|
|
1,148,416
|
|
|
1,480,098
|
|
Depreciation,
depletion and amortization
|
50,739
|
|
|
60,842
|
|
|
154,466
|
|
|
184,927
|
|
Accretion on asset
retirement obligations
|
9,127
|
|
|
6,846
|
|
|
23,806
|
|
|
19,925
|
|
Amortization of
acquired intangibles, net
|
2,219
|
|
|
2,314
|
|
|
5,180
|
|
|
(4,712)
|
|
Asset impairment and
restructuring
|
3,571
|
|
|
32
|
|
|
221,453
|
|
|
5,858
|
|
Selling, general and
administrative expenses (exclusive of depreciation, depletion and
amortization shown separately above)
|
14,501
|
|
|
17,387
|
|
|
42,010
|
|
|
53,121
|
|
Merger-related
costs
|
—
|
|
|
68
|
|
|
—
|
|
|
1,055
|
|
Total other operating
(income) loss:
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
3,624
|
|
|
(3,238)
|
|
|
(13,425)
|
|
|
(288)
|
|
Other (income)
expense
|
(1,359)
|
|
|
166
|
|
|
(2,063)
|
|
|
(7,319)
|
|
Total costs and
expenses
|
449,699
|
|
|
552,075
|
|
|
1,579,843
|
|
|
1,732,665
|
|
(Loss) income from
operations
|
(49,008)
|
|
|
(26,211)
|
|
|
(296,854)
|
|
|
58,519
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(18,389)
|
|
|
(18,847)
|
|
|
(54,808)
|
|
|
(50,079)
|
|
Interest
income
|
378
|
|
|
1,763
|
|
|
6,889
|
|
|
5,584
|
|
Loss on modification
and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,459)
|
|
Equity loss in
affiliates
|
(1,295)
|
|
|
(1,845)
|
|
|
(3,085)
|
|
|
(4,804)
|
|
Miscellaneous loss,
net
|
(368)
|
|
|
(1,523)
|
|
|
(1,088)
|
|
|
(2,912)
|
|
Total other expense,
net
|
(19,674)
|
|
|
(20,452)
|
|
|
(52,092)
|
|
|
(78,670)
|
|
Loss from continuing
operations before income taxes
|
(68,682)
|
|
|
(46,663)
|
|
|
(348,946)
|
|
|
(20,151)
|
|
Income tax
benefit
|
45
|
|
|
3,102
|
|
|
2,200
|
|
|
8,880
|
|
Net loss from
continuing operations
|
(68,637)
|
|
|
(43,561)
|
|
|
(346,746)
|
|
|
(11,271)
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from discontinued
operations before income taxes
|
—
|
|
|
(11,516)
|
|
|
—
|
|
|
(176,973)
|
|
Income tax (expense)
benefit from discontinued operations
|
—
|
|
|
(13,455)
|
|
|
—
|
|
|
12,866
|
|
Loss from discontinued
operations
|
—
|
|
|
(24,971)
|
|
|
—
|
|
|
(164,107)
|
|
Net loss
|
$
|
(68,637)
|
|
|
$
|
(68,532)
|
|
|
$
|
(346,746)
|
|
|
$
|
(175,378)
|
|
|
|
|
|
|
|
|
|
Basic loss per common
share:
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
$
|
(3.75)
|
|
|
$
|
(2.29)
|
|
|
$
|
(18.96)
|
|
|
$
|
(0.59)
|
|
Loss from discontinued
operations
|
—
|
|
|
(1.31)
|
|
|
—
|
|
|
(8.63)
|
|
Net loss
|
$
|
(3.75)
|
|
|
$
|
(3.60)
|
|
|
$
|
(18.96)
|
|
|
$
|
(9.22)
|
|
|
|
|
|
|
|
|
|
Diluted loss per
common share
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
$
|
(3.75)
|
|
|
$
|
(2.29)
|
|
|
$
|
(18.96)
|
|
|
$
|
(0.59)
|
|
Loss from discontinued
operations
|
—
|
|
|
(1.31)
|
|
|
—
|
|
|
(8.63)
|
|
Net loss
|
$
|
(3.75)
|
|
|
$
|
(3.60)
|
|
|
$
|
(18.96)
|
|
|
$
|
(9.22)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares – basic
|
18,319,947
|
|
|
19,025,462
|
|
|
18,290,346
|
|
|
19,014,974
|
|
Weighted average
shares – diluted
|
18,319,947
|
|
|
19,025,462
|
|
|
18,290,346
|
|
|
19,014,974
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share
data)
|
|
|
September 30,
2020
|
|
December 31,
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
161,434
|
|
|
$
|
212,793
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $432 and $0
as of September 30, 2020 and December 31, 2019
|
179,671
|
|
|
244,666
|
|
Inventories,
net
|
124,245
|
|
|
162,659
|
|
Prepaid expenses and
other current assets
|
120,939
|
|
|
91,361
|
|
Total current
assets
|
586,289
|
|
|
711,479
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$395,397 and $314,276 as of September 30, 2020 and
December 31, 2019
|
401,197
|
|
|
583,262
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization of
$40,623 and $27,877 as of September 30, 2020 and
December 31, 2019
|
489,631
|
|
|
523,141
|
|
Other acquired
intangibles, net of accumulated amortization of $38,806 and $32,686
as of September 30, 2020 and December 31, 2019
|
100,350
|
|
|
125,145
|
|
Long-term restricted
cash
|
124,065
|
|
|
122,524
|
|
Deferred income
taxes
|
—
|
|
|
33,065
|
|
Other non-current
assets
|
221,591
|
|
|
204,207
|
|
Total
assets
|
$
|
1,923,123
|
|
|
$
|
2,302,823
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
44,864
|
|
|
$
|
28,485
|
|
Trade accounts
payable
|
75,836
|
|
|
98,746
|
|
Acquisition-related
obligations – current
|
18,206
|
|
|
33,639
|
|
Accrued expenses and
other current liabilities
|
153,372
|
|
|
154,282
|
|
Total current
liabilities
|
292,278
|
|
|
315,152
|
|
Long-term
debt
|
552,676
|
|
|
564,481
|
|
Acquisition-related
obligations - long-term
|
19,286
|
|
|
46,259
|
|
Workers' compensation
and black lung obligations
|
263,517
|
|
|
260,778
|
|
Pension
obligations
|
186,089
|
|
|
204,086
|
|
Asset retirement
obligations
|
210,998
|
|
|
184,130
|
|
Deferred income
taxes
|
368
|
|
|
422
|
|
Other non-current
liabilities
|
54,943
|
|
|
31,393
|
|
Total
liabilities
|
1,580,155
|
|
|
1,606,701
|
|
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, 20.6 million issued
and 18.3 million outstanding at September 30, 2020 and 20.5
million issued and 18.2 million outstanding at December 31,
2019
|
206
|
|
|
205
|
|
Additional paid-in
capital
|
778,728
|
|
|
775,707
|
|
Accumulated other
comprehensive loss
|
(68,614)
|
|
|
(58,616)
|
|
Treasury stock, at
cost: 2.3 million shares at September 30, 2020 and
December 31, 2019
|
(106,976)
|
|
|
(107,984)
|
|
Retained (deficit)
earnings
|
(260,376)
|
|
|
86,810
|
|
Total stockholders'
equity
|
342,968
|
|
|
696,122
|
|
Total liabilities and
stockholders' equity
|
$
|
1,923,123
|
|
|
$
|
2,302,823
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2020
|
|
2019
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(346,746)
|
|
|
$
|
(175,378)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation, depletion
and amortization
|
154,466
|
|
|
330,840
|
|
Amortization of
acquired intangibles, net
|
5,180
|
|
|
(4,712)
|
|
Accretion of
acquisition-related obligations discount
|
2,882
|
|
|
4,367
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
11,087
|
|
|
10,446
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
(13,425)
|
|
|
(288)
|
|
(Gain) loss on disposal
of assets
|
(2,179)
|
|
|
1,462
|
|
Gain on assets acquired
in an exchange transaction
|
—
|
|
|
(9,083)
|
|
Loss on modification
and extinguishment of debt
|
—
|
|
|
26,459
|
|
Asset impairment and
restructuring
|
221,453
|
|
|
23,020
|
|
Accretion on asset
retirement obligations
|
23,806
|
|
|
24,906
|
|
Employee benefit plans,
net
|
15,135
|
|
|
14,513
|
|
Deferred income
taxes
|
33,011
|
|
|
(22,021)
|
|
Stock-based
compensation
|
4,200
|
|
|
7,512
|
|
Equity loss in
affiliates
|
3,085
|
|
|
4,804
|
|
Other, net
|
(5,356)
|
|
|
351
|
|
Changes in operating
assets and liabilities
|
(33,566)
|
|
|
(99,620)
|
|
Net cash provided by
operating activities
|
73,033
|
|
|
137,578
|
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(118,896)
|
|
|
(144,183)
|
|
Proceeds on disposal of
assets
|
3,131
|
|
|
1,170
|
|
Purchases of investment
securities
|
(18,618)
|
|
|
(65,193)
|
|
Maturity of investment
securities
|
12,678
|
|
|
50,775
|
|
Capital contributions
to equity affiliates
|
(3,196)
|
|
|
(7,600)
|
|
Other, net
|
68
|
|
|
(2,548)
|
|
Net cash used in
investing activities
|
(124,833)
|
|
|
(167,579)
|
|
Financing
activities:
|
|
|
|
Proceeds from
borrowings on debt
|
57,500
|
|
|
544,946
|
|
Principal repayments of
debt
|
(43,364)
|
|
|
(551,405)
|
|
Principal repayments of
notes payable
|
(14,951)
|
|
|
(14,054)
|
|
Principal repayments of
financing lease obligations
|
(2,291)
|
|
|
(2,960)
|
|
Debt issuance
costs
|
—
|
|
|
(6,104)
|
|
Common stock
repurchases and related expenses
|
(171)
|
|
|
(35,485)
|
|
Other, net
|
—
|
|
|
952
|
|
Net cash used in
financing activities
|
(3,277)
|
|
|
(64,110)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
(55,077)
|
|
|
(94,111)
|
|
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
|
$
|
292,603
|
|
|
$
|
383,135
|
|
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 September
30,
|
|
2020
|
|
2019
|
Cash and cash
equivalents
|
$
|
161,434
|
|
|
$
|
152,638
|
|
Short-term restricted
cash (included in prepaid expenses and other current
assets)
|
7,104
|
|
|
21,456
|
|
Long-term restricted
cash
|
124,065
|
|
|
209,041
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed Consolidated
Statements of Cash Flows
|
$
|
292,603
|
|
|
$
|
383,135
|
|
CONTURA ENERGY,
INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
September 30,
|
|
June 30,
2020
|
|
September 30,
2020
|
|
September 30,
2019
|
|
2020
|
|
2019
|
Net loss from
continuing operations
|
$
|
(238,301)
|
|
|
$
|
(68,637)
|
|
|
$
|
(43,561)
|
|
|
$
|
(346,746)
|
|
|
$
|
(11,271)
|
|
Interest
expense
|
18,814
|
|
|
18,389
|
|
|
18,847
|
|
|
54,808
|
|
|
50,079
|
|
Interest
income
|
(5,533)
|
|
|
(378)
|
|
|
(1,763)
|
|
|
(6,889)
|
|
|
(5,584)
|
|
Income tax expense
(benefit)
|
33
|
|
|
(45)
|
|
|
(3,102)
|
|
|
(2,200)
|
|
|
(8,880)
|
|
Depreciation,
depletion and amortization
|
49,262
|
|
|
50,739
|
|
|
60,842
|
|
|
154,466
|
|
|
184,927
|
|
Merger-related
costs
|
—
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
1,055
|
|
Non-cash stock
compensation expense
|
1,044
|
|
|
1,078
|
|
|
2,738
|
|
|
4,200
|
|
|
7,463
|
|
Mark-to-market
adjustment - acquisition-related obligations
|
(2,052)
|
|
|
3,624
|
|
|
(3,238)
|
|
|
(13,425)
|
|
|
(288)
|
|
Accretion on asset
retirement obligations
|
7,304
|
|
|
9,127
|
|
|
6,846
|
|
|
23,806
|
|
|
19,925
|
|
Loss on modification
and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
Asset impairment and
restructuring (1)
|
184,173
|
|
|
3,571
|
|
|
32
|
|
|
221,453
|
|
|
5,858
|
|
Management
restructuring costs (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
947
|
|
|
—
|
|
Cost impact of coal
inventory fair value adjustment (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
Gain on assets
acquired in an exchange transaction (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083)
|
|
Loss on partial
settlement of benefit obligations
|
63
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
—
|
|
Amortization of
acquired intangibles, net
|
2,096
|
|
|
2,219
|
|
|
2,314
|
|
|
5,180
|
|
|
(4,712)
|
|
Adjusted
EBITDA
|
$
|
16,903
|
|
|
$
|
19,687
|
|
|
$
|
40,023
|
|
|
$
|
96,830
|
|
|
$
|
264,157
|
|
(1)
|
Asset impairment and
restructuring for the nine months ended September 30, 2020 includes
long-lived asset impairments of $198,963 and restructuring expense
of $22,490 as a result of weakened coal prices and the strategic
actions with respect to two thermal coal mining complexes announced
during the second quarter of 2020 and capital spending during the
third quarter of 2020 at previously impaired locations requiring
the impairment of certain additional assets not considered
recoverable. Asset impairment for the nine months ended September
30, 2019 primarily related to the write-off of prepaid purchased
coal from Blackjewel as a result of Blackjewel's Chapter 11
bankruptcy filing on July 1, 2019.
|
(2)
|
Management
restructuring costs are related to severance expense associated
with senior management changes during the three months ended March
31, 2020.
|
(3)
|
The cost impact of
the coal inventory fair value adjustment as a result of the Alpha
Merger was completed during the three months ended June 30,
2019.
|
(4)
|
During the nine
months ended September 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, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
316,319
|
|
|
$
|
36,720
|
|
|
$
|
57,499
|
|
|
$
|
76
|
|
|
$
|
410,614
|
|
Less: Freight and
handling fulfillment revenues
|
(54,852)
|
|
|
(4,634)
|
|
|
(5,492)
|
|
|
—
|
|
|
(64,978)
|
|
Non-GAAP Coal
revenues
|
$
|
261,467
|
|
|
$
|
32,086
|
|
|
$
|
52,007
|
|
|
$
|
76
|
|
|
$
|
345,636
|
|
Tons sold
|
3,204
|
|
|
648
|
|
|
1,294
|
|
|
1
|
|
|
5,147
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
81.61
|
|
|
$
|
49.52
|
|
|
$
|
40.19
|
|
|
$
|
76.00
|
|
|
$
|
67.15
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
297,169
|
|
|
$
|
35,709
|
|
|
$
|
48,732
|
|
|
$
|
1,669
|
|
|
$
|
383,279
|
|
Depreciation,
depletion and amortization - production (1)
|
38,800
|
|
|
7,260
|
|
|
2,172
|
|
|
694
|
|
|
48,926
|
|
Accretion on asset
retirement obligations
|
3,517
|
|
|
2,267
|
|
|
769
|
|
|
751
|
|
|
7,304
|
|
Amortization of
acquired intangibles, net
|
2,759
|
|
|
(903)
|
|
|
215
|
|
|
25
|
|
|
2,096
|
|
Total Cost of coal
sales
|
$
|
342,245
|
|
|
$
|
44,333
|
|
|
$
|
51,888
|
|
|
$
|
3,139
|
|
|
$
|
441,605
|
|
Less: Freight and
handling costs
|
(54,852)
|
|
|
(4,634)
|
|
|
(5,492)
|
|
|
—
|
|
|
(64,978)
|
|
Less: Depreciation,
depletion and amortization - production (1)
|
(38,800)
|
|
|
(7,260)
|
|
|
(2,172)
|
|
|
(694)
|
|
|
(48,926)
|
|
Less: Accretion on
asset retirement obligations
|
(3,517)
|
|
|
(2,267)
|
|
|
(769)
|
|
|
(751)
|
|
|
(7,304)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,759)
|
|
|
903
|
|
|
(215)
|
|
|
(25)
|
|
|
(2,096)
|
|
Less: Idled and
closed mine costs
|
(3,906)
|
|
|
(1,670)
|
|
|
(566)
|
|
|
(1,669)
|
|
|
(7,811)
|
|
Non-GAAP Cost of coal
sales
|
$
|
238,411
|
|
|
$
|
29,405
|
|
|
$
|
42,674
|
|
|
$
|
—
|
|
|
$
|
310,490
|
|
Tons sold
|
3,204
|
|
|
648
|
|
|
1,294
|
|
|
1
|
|
|
5,147
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
74.41
|
|
|
$
|
45.38
|
|
|
$
|
32.98
|
|
|
$
|
—
|
|
|
$
|
60.32
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
June 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
316,319
|
|
|
$
|
36,720
|
|
|
$
|
57,499
|
|
|
$
|
76
|
|
|
$
|
410,614
|
|
Less: Total Cost of
coal sales (per table above)
|
(342,245)
|
|
|
(44,333)
|
|
|
(51,888)
|
|
|
(3,139)
|
|
|
(441,605)
|
|
GAAP Coal
margin
|
$
|
(25,926)
|
|
|
$
|
(7,613)
|
|
|
$
|
5,611
|
|
|
$
|
(3,063)
|
|
|
$
|
(30,991)
|
|
Tons sold
|
3,204
|
|
|
648
|
|
|
1,294
|
|
|
1
|
|
|
5,147
|
|
GAAP Coal margin per
ton
|
$
|
(8.09)
|
|
|
$
|
(11.75)
|
|
|
$
|
4.34
|
|
|
$
|
(3,063.00)
|
|
|
$
|
(6.02)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
(25,926)
|
|
|
$
|
(7,613)
|
|
|
$
|
5,611
|
|
|
$
|
(3,063)
|
|
|
$
|
(30,991)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
38,800
|
|
|
7,260
|
|
|
2,172
|
|
|
694
|
|
|
48,926
|
|
Add: Accretion on
asset retirement obligations
|
3,517
|
|
|
2,267
|
|
|
769
|
|
|
751
|
|
|
7,304
|
|
Add: Amortization of
acquired intangibles, net
|
2,759
|
|
|
(903)
|
|
|
215
|
|
|
25
|
|
|
2,096
|
|
Add: Idled and closed
mine costs
|
3,906
|
|
|
1,670
|
|
|
566
|
|
|
1,669
|
|
|
7,811
|
|
Non-GAAP Coal
margin
|
$
|
23,056
|
|
|
$
|
2,681
|
|
|
$
|
9,333
|
|
|
$
|
76
|
|
|
$
|
35,146
|
|
Tons sold
|
3,204
|
|
|
648
|
|
|
1,294
|
|
|
1
|
|
|
5,147
|
|
Non-GAAP Coal margin
per ton
|
$
|
7.20
|
|
|
$
|
4.14
|
|
|
$
|
7.21
|
|
|
$
|
76.00
|
|
|
$
|
6.83
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
295,376
|
|
|
$
|
39,813
|
|
|
$
|
64,765
|
|
|
$
|
—
|
|
|
$
|
399,954
|
|
Less: Freight and
handling fulfillment revenues
|
(49,742)
|
|
|
(3,015)
|
|
|
(1,947)
|
|
|
—
|
|
|
(54,704)
|
|
Non-GAAP Coal
revenues
|
$
|
245,634
|
|
|
$
|
36,798
|
|
|
$
|
62,818
|
|
|
$
|
—
|
|
|
$
|
345,250
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
1,570
|
|
|
—
|
|
|
5,535
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
73.79
|
|
|
$
|
57.86
|
|
|
$
|
40.01
|
|
|
$
|
—
|
|
|
$
|
62.38
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
276,170
|
|
|
$
|
33,999
|
|
|
$
|
57,661
|
|
|
$
|
(553)
|
|
|
$
|
367,277
|
|
Depreciation,
depletion and amortization - production (1)
|
41,177
|
|
|
7,313
|
|
|
1,504
|
|
|
410
|
|
|
50,404
|
|
Accretion on asset
retirement obligations
|
3,767
|
|
|
2,406
|
|
|
2,424
|
|
|
530
|
|
|
9,127
|
|
Amortization of
acquired intangibles, net
|
2,535
|
|
|
(486)
|
|
|
145
|
|
|
25
|
|
|
2,219
|
|
Total Cost of coal
sales
|
$
|
323,649
|
|
|
$
|
43,232
|
|
|
$
|
61,734
|
|
|
$
|
412
|
|
|
$
|
429,027
|
|
Less: Freight and
handling costs
|
(49,742)
|
|
|
(3,015)
|
|
|
(1,947)
|
|
|
—
|
|
|
(54,704)
|
|
Less: Depreciation,
depletion and amortization - production (1)
|
(41,177)
|
|
|
(7,313)
|
|
|
(1,504)
|
|
|
(410)
|
|
|
(50,404)
|
|
Less: Accretion on
asset retirement obligations
|
(3,767)
|
|
|
(2,406)
|
|
|
(2,424)
|
|
|
(530)
|
|
|
(9,127)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,535)
|
|
|
486
|
|
|
(145)
|
|
|
(25)
|
|
|
(2,219)
|
|
Less: Idled and
closed mine costs
|
(5,091)
|
|
|
(1,742)
|
|
|
(713)
|
|
|
546
|
|
|
(7,000)
|
|
Non-GAAP Cost of coal
sales
|
$
|
221,337
|
|
|
$
|
29,242
|
|
|
$
|
55,001
|
|
|
$
|
(7)
|
|
|
$
|
305,573
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
1,570
|
|
|
—
|
|
|
5,535
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
66.49
|
|
|
$
|
45.98
|
|
|
$
|
35.03
|
|
|
$
|
—
|
|
|
$
|
55.21
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
295,376
|
|
|
$
|
39,813
|
|
|
$
|
64,765
|
|
|
$
|
—
|
|
|
$
|
399,954
|
|
Less: Total Cost of
coal sales (per table above)
|
(323,649)
|
|
|
(43,232)
|
|
|
(61,734)
|
|
|
(412)
|
|
|
(429,027)
|
|
GAAP Coal
margin
|
$
|
(28,273)
|
|
|
$
|
(3,419)
|
|
|
$
|
3,031
|
|
|
$
|
(412)
|
|
|
$
|
(29,073)
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
1,570
|
|
|
—
|
|
|
5,535
|
|
GAAP Coal margin per
ton
|
$
|
(8.49)
|
|
|
$
|
(5.38)
|
|
|
$
|
1.93
|
|
|
$
|
—
|
|
|
$
|
(5.25)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
(28,273)
|
|
|
$
|
(3,419)
|
|
|
$
|
3,031
|
|
|
$
|
(412)
|
|
|
$
|
(29,073)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
41,177
|
|
|
7,313
|
|
|
1,504
|
|
|
410
|
|
|
50,404
|
|
Add: Accretion on
asset retirement obligations
|
3,767
|
|
|
2,406
|
|
|
2,424
|
|
|
530
|
|
|
9,127
|
|
Add: Amortization of
acquired intangibles, net
|
2,535
|
|
|
(486)
|
|
|
145
|
|
|
25
|
|
|
2,219
|
|
Add: Idled and closed
mine costs
|
5,091
|
|
|
1,742
|
|
|
713
|
|
|
(546)
|
|
|
7,000
|
|
Non-GAAP Coal
margin
|
$
|
24,297
|
|
|
$
|
7,556
|
|
|
$
|
7,817
|
|
|
$
|
7
|
|
|
$
|
39,677
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
1,570
|
|
|
—
|
|
|
5,535
|
|
Non-GAAP Coal margin
per ton
|
$
|
7.30
|
|
|
$
|
11.88
|
|
|
$
|
4.98
|
|
|
$
|
—
|
|
|
$
|
7.17
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
373,078
|
|
|
$
|
80,174
|
|
|
$
|
70,735
|
|
|
$
|
—
|
|
|
$
|
523,987
|
|
Less: Freight and
handling fulfillment revenues
|
(50,100)
|
|
|
(9,869)
|
|
|
(2,961)
|
|
|
—
|
|
|
(62,930)
|
|
Non-GAAP Coal
revenues
|
$
|
322,978
|
|
|
$
|
70,305
|
|
|
$
|
67,774
|
|
|
$
|
—
|
|
|
$
|
461,057
|
|
Tons sold
|
2,981
|
|
|
1,144
|
|
|
1,640
|
|
|
—
|
|
|
5,765
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
108.35
|
|
|
$
|
61.46
|
|
|
$
|
41.33
|
|
|
$
|
—
|
|
|
$
|
79.98
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
312,369
|
|
|
$
|
78,022
|
|
|
$
|
75,571
|
|
|
$
|
1,696
|
|
|
$
|
467,658
|
|
Depreciation,
depletion and amortization - production (1)
|
38,212
|
|
|
13,972
|
|
|
6,241
|
|
|
2,070
|
|
|
60,495
|
|
Accretion on asset
retirement obligations
|
2,326
|
|
|
2,670
|
|
|
1,017
|
|
|
833
|
|
|
6,846
|
|
Amortization of
acquired intangibles, net
|
4,765
|
|
|
(3,359)
|
|
|
908
|
|
|
—
|
|
|
2,314
|
|
Total Cost of coal
sales
|
$
|
357,672
|
|
|
$
|
91,305
|
|
|
$
|
83,737
|
|
|
$
|
4,599
|
|
|
$
|
537,313
|
|
Less: Freight and
handling costs
|
(50,100)
|
|
|
(9,869)
|
|
|
(2,961)
|
|
|
—
|
|
|
(62,930)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(38,212)
|
|
|
(13,972)
|
|
|
(6,241)
|
|
|
(2,070)
|
|
|
(60,495)
|
|
Less: Accretion on
asset retirement obligations
|
(2,326)
|
|
|
(2,670)
|
|
|
(1,017)
|
|
|
(833)
|
|
|
(6,846)
|
|
Less: Amortization of
acquired intangibles, net
|
(4,765)
|
|
|
3,359
|
|
|
(908)
|
|
|
—
|
|
|
(2,314)
|
|
Less: Idled and
closed mine costs
|
(1,956)
|
|
|
(458)
|
|
|
(659)
|
|
|
(1,696)
|
|
|
(4,769)
|
|
Non-GAAP Cost of coal
sales
|
$
|
260,313
|
|
|
$
|
67,695
|
|
|
$
|
71,951
|
|
|
$
|
—
|
|
|
$
|
399,959
|
|
Tons sold
|
2,981
|
|
|
1,144
|
|
|
1,640
|
|
|
—
|
|
|
5,765
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
87.32
|
|
|
$
|
59.17
|
|
|
$
|
43.87
|
|
|
$
|
—
|
|
|
$
|
69.38
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
373,078
|
|
|
$
|
80,174
|
|
|
$
|
70,735
|
|
|
$
|
—
|
|
|
$
|
523,987
|
|
Less: Total Cost of
coal sales (per table above)
|
(357,672)
|
|
|
(91,305)
|
|
|
(83,737)
|
|
|
(4,599)
|
|
|
(537,313)
|
|
GAAP Coal
margin
|
$
|
15,406
|
|
|
$
|
(11,131)
|
|
|
$
|
(13,002)
|
|
|
$
|
(4,599)
|
|
|
$
|
(13,326)
|
|
Tons sold
|
2,981
|
|
|
1,144
|
|
|
1,640
|
|
|
—
|
|
|
5,765
|
|
GAAP Coal margin per
ton
|
$
|
5.17
|
|
|
$
|
(9.73)
|
|
|
$
|
(7.93)
|
|
|
$
|
—
|
|
|
$
|
(2.31)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
15,406
|
|
|
$
|
(11,131)
|
|
|
$
|
(13,002)
|
|
|
$
|
(4,599)
|
|
|
$
|
(13,326)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
38,212
|
|
|
13,972
|
|
|
6,241
|
|
|
2,070
|
|
|
60,495
|
|
Add: Accretion on
asset retirement obligations
|
2,326
|
|
|
2,670
|
|
|
1,017
|
|
|
833
|
|
|
6,846
|
|
Add: Amortization of
acquired intangibles, net
|
4,765
|
|
|
(3,359)
|
|
|
908
|
|
|
—
|
|
|
2,314
|
|
Add: Idled and closed
mine costs
|
1,956
|
|
|
458
|
|
|
659
|
|
|
1,696
|
|
|
4,769
|
|
Non-GAAP Coal
margin
|
$
|
62,665
|
|
|
$
|
2,610
|
|
|
$
|
(4,177)
|
|
|
$
|
—
|
|
|
$
|
61,098
|
|
Tons sold
|
2,981
|
|
|
1,144
|
|
|
1,640
|
|
|
—
|
|
|
5,765
|
|
Non-GAAP Coal margin
per ton
|
$
|
21.03
|
|
|
$
|
2.29
|
|
|
$
|
(2.54)
|
|
|
$
|
—
|
|
|
$
|
10.60
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
974,098
|
|
|
$
|
115,276
|
|
|
$
|
189,171
|
|
|
$
|
390
|
|
|
$
|
1,278,935
|
|
Less: Freight and
handling fulfillment revenues
|
(158,258)
|
|
|
(11,392)
|
|
|
(9,785)
|
|
|
—
|
|
|
(179,435)
|
|
Non-GAAP Coal
revenues
|
$
|
815,840
|
|
|
$
|
103,884
|
|
|
$
|
179,386
|
|
|
$
|
390
|
|
|
$
|
1,099,500
|
|
Tons sold
|
9,860
|
|
|
1,901
|
|
|
4,372
|
|
|
6
|
|
|
16,139
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
82.74
|
|
|
$
|
54.65
|
|
|
$
|
41.03
|
|
|
$
|
65.00
|
|
|
$
|
68.13
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
866,311
|
|
|
$
|
108,190
|
|
|
$
|
169,406
|
|
|
$
|
4,509
|
|
|
$
|
1,148,416
|
|
Depreciation,
depletion and amortization - production (1)
|
121,699
|
|
|
19,422
|
|
|
10,525
|
|
|
1,795
|
|
|
153,441
|
|
Accretion on asset
retirement obligations
|
10,786
|
|
|
7,025
|
|
|
3,963
|
|
|
2,032
|
|
|
23,806
|
|
Amortization of
acquired intangibles, net
|
7,875
|
|
|
(3,484)
|
|
|
714
|
|
|
75
|
|
|
5,180
|
|
Total Cost of coal
sales
|
$
|
1,006,671
|
|
|
$
|
131,153
|
|
|
$
|
184,608
|
|
|
$
|
8,411
|
|
|
$
|
1,330,843
|
|
Less: Freight and
handling costs
|
(158,258)
|
|
|
(11,392)
|
|
|
(9,785)
|
|
|
—
|
|
|
(179,435)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(121,699)
|
|
|
(19,422)
|
|
|
(10,525)
|
|
|
(1,795)
|
|
|
(153,441)
|
|
Less: Accretion on
asset retirement obligations
|
(10,786)
|
|
|
(7,025)
|
|
|
(3,963)
|
|
|
(2,032)
|
|
|
(23,806)
|
|
Less: Amortization of
acquired intangibles, net
|
(7,875)
|
|
|
3,484
|
|
|
(714)
|
|
|
(75)
|
|
|
(5,180)
|
|
Less: Idled and
closed mine costs
|
(13,191)
|
|
|
(5,432)
|
|
|
(2,104)
|
|
|
(4,202)
|
|
|
(24,929)
|
|
Non-GAAP Cost of coal
sales
|
$
|
694,862
|
|
|
$
|
91,366
|
|
|
$
|
157,517
|
|
|
$
|
307
|
|
|
$
|
944,052
|
|
Tons sold
|
9,860
|
|
|
1,901
|
|
|
4,372
|
|
|
6
|
|
|
16,139
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
70.47
|
|
|
$
|
48.06
|
|
|
$
|
36.03
|
|
|
$
|
51.17
|
|
|
$
|
58.50
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
974,098
|
|
|
$
|
115,276
|
|
|
$
|
189,171
|
|
|
$
|
390
|
|
|
$
|
1,278,935
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,006,671)
|
|
|
(131,153)
|
|
|
(184,608)
|
|
|
(8,411)
|
|
|
(1,330,843)
|
|
GAAP Coal
margin
|
$
|
(32,573)
|
|
|
$
|
(15,877)
|
|
|
$
|
4,563
|
|
|
$
|
(8,021)
|
|
|
$
|
(51,908)
|
|
Tons sold
|
9,860
|
|
|
1,901
|
|
|
4,372
|
|
|
6
|
|
|
16,139
|
|
GAAP Coal margin per
ton
|
$
|
(3.30)
|
|
|
$
|
(8.35)
|
|
|
$
|
1.04
|
|
|
$
|
(1,336.83)
|
|
|
$
|
(3.22)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
(32,573)
|
|
|
$
|
(15,877)
|
|
|
$
|
4,563
|
|
|
$
|
(8,021)
|
|
|
$
|
(51,908)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
121,699
|
|
|
19,422
|
|
|
10,525
|
|
|
1,795
|
|
|
153,441
|
|
Add: Accretion on
asset retirement obligations
|
10,786
|
|
|
7,025
|
|
|
3,963
|
|
|
2,032
|
|
|
23,806
|
|
Add: Amortization of
acquired intangibles, net
|
7,875
|
|
|
(3,484)
|
|
|
714
|
|
|
75
|
|
|
5,180
|
|
Add: Idled and closed
mine costs
|
13,191
|
|
|
5,432
|
|
|
2,104
|
|
|
4,202
|
|
|
24,929
|
|
Non-GAAP Coal
margin
|
$
|
120,978
|
|
|
$
|
12,518
|
|
|
$
|
21,869
|
|
|
$
|
83
|
|
|
$
|
155,448
|
|
Tons sold
|
9,860
|
|
|
1,901
|
|
|
4,372
|
|
|
6
|
|
|
16,139
|
|
Non-GAAP Coal margin
per ton
|
$
|
12.27
|
|
|
$
|
6.59
|
|
|
$
|
5.00
|
|
|
$
|
13.83
|
|
|
$
|
9.63
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Nine Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
1,339,663
|
|
|
$
|
224,814
|
|
|
$
|
220,298
|
|
|
$
|
—
|
|
|
$
|
1,784,775
|
|
Less: Freight and
handling fulfillment revenues
|
(182,729)
|
|
|
(23,683)
|
|
|
(5,430)
|
|
|
—
|
|
|
(211,842)
|
|
Non-GAAP Coal
revenues
|
$
|
1,156,934
|
|
|
$
|
201,131
|
|
|
$
|
214,868
|
|
|
$
|
—
|
|
|
$
|
1,572,933
|
|
Tons sold
|
9,653
|
|
|
3,325
|
|
|
5,039
|
|
|
—
|
|
|
18,017
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
119.85
|
|
|
$
|
60.49
|
|
|
$
|
42.64
|
|
|
$
|
—
|
|
|
$
|
87.30
|
|
|
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
1,057,988
|
|
|
$
|
218,667
|
|
|
$
|
199,566
|
|
|
$
|
3,877
|
|
|
$
|
1,480,098
|
|
Depreciation,
depletion and amortization - production (1)
|
113,714
|
|
|
44,586
|
|
|
19,390
|
|
|
6,190
|
|
|
183,880
|
|
Accretion on asset
retirement obligations
|
6,986
|
|
|
7,401
|
|
|
3,050
|
|
|
2,488
|
|
|
19,925
|
|
Amortization of
acquired intangibles, net
|
5,816
|
|
|
(12,142)
|
|
|
1,614
|
|
|
—
|
|
|
(4,712)
|
|
Total Cost of coal
sales
|
$
|
1,184,504
|
|
|
$
|
258,512
|
|
|
$
|
223,620
|
|
|
$
|
12,555
|
|
|
$
|
1,679,191
|
|
Less: Freight and
handling costs
|
(182,729)
|
|
|
(23,683)
|
|
|
(5,430)
|
|
|
—
|
|
|
(211,842)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(113,714)
|
|
|
(44,586)
|
|
|
(19,390)
|
|
|
(6,190)
|
|
|
(183,880)
|
|
Less: Accretion on
asset retirement obligations
|
(6,986)
|
|
|
(7,401)
|
|
|
(3,050)
|
|
|
(2,488)
|
|
|
(19,925)
|
|
Less: Amortization of
acquired intangibles, net
|
(5,816)
|
|
|
12,142
|
|
|
(1,614)
|
|
|
—
|
|
|
4,712
|
|
Less: Idled and
closed mine costs
|
(5,942)
|
|
|
(1,442)
|
|
|
(2,222)
|
|
|
(3,877)
|
|
|
(13,483)
|
|
Less: Cost impact of
coal inventory fair value adjustment (2)
|
(4,751)
|
|
|
(3,458)
|
|
|
—
|
|
|
—
|
|
|
(8,209)
|
|
Non-GAAP Cost of coal
sales
|
$
|
864,566
|
|
|
$
|
190,084
|
|
|
$
|
191,914
|
|
|
$
|
—
|
|
|
$
|
1,246,564
|
|
Tons sold
|
9,653
|
|
|
3,325
|
|
|
5,039
|
|
|
—
|
|
|
18,017
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
89.56
|
|
|
$
|
57.17
|
|
|
$
|
38.09
|
|
|
$
|
—
|
|
|
$
|
69.19
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
(2)
|
The cost impact of
the coal inventory fair value adjustment as a result of the Alpha
Merger was completed during the three months ended June 30,
2019.
|
|
Nine Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
1,339,663
|
|
|
$
|
224,814
|
|
|
$
|
220,298
|
|
|
$
|
—
|
|
|
$
|
1,784,775
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,184,504)
|
|
|
(258,512)
|
|
|
(223,620)
|
|
|
(12,555)
|
|
|
(1,679,191)
|
|
GAAP Coal
margin
|
$
|
155,159
|
|
|
$
|
(33,698)
|
|
|
$
|
(3,322)
|
|
|
$
|
(12,555)
|
|
|
$
|
105,584
|
|
Tons sold
|
9,653
|
|
|
3,325
|
|
|
5,039
|
|
|
—
|
|
|
18,017
|
|
GAAP Coal margin per
ton
|
$
|
16.07
|
|
|
$
|
(10.13)
|
|
|
$
|
(0.66)
|
|
|
$
|
—
|
|
|
$
|
5.86
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
155,159
|
|
|
$
|
(33,698)
|
|
|
$
|
(3,322)
|
|
|
$
|
(12,555)
|
|
|
$
|
105,584
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
113,714
|
|
|
44,586
|
|
|
19,390
|
|
|
6,190
|
|
|
183,880
|
|
Add: Accretion on
asset retirement obligations
|
6,986
|
|
|
7,401
|
|
|
3,050
|
|
|
2,488
|
|
|
19,925
|
|
Add: Amortization of
acquired intangibles, net
|
5,816
|
|
|
(12,142)
|
|
|
1,614
|
|
|
—
|
|
|
(4,712)
|
|
Add: Idled and closed
mine costs
|
5,942
|
|
|
1,442
|
|
|
2,222
|
|
|
3,877
|
|
|
13,483
|
|
Add: Cost impact of
coal inventory fair value adjustment (2)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
Non-GAAP Coal
margin
|
$
|
292,368
|
|
|
$
|
11,047
|
|
|
$
|
22,954
|
|
|
$
|
—
|
|
|
$
|
326,369
|
|
Tons sold
|
9,653
|
|
|
3,325
|
|
|
5,039
|
|
|
—
|
|
|
18,017
|
|
Non-GAAP Coal margin
per ton
|
$
|
30.29
|
|
|
$
|
3.32
|
|
|
$
|
4.55
|
|
|
$
|
—
|
|
|
$
|
18.11
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
(2)
|
The cost impact of
the coal inventory fair value adjustment as a result of the Alpha
Merger was completed during the three months ended June 30,
2019.
|
|
Three Months Ended
June 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
238,411
|
|
|
$
|
29,405
|
|
|
$
|
42,674
|
|
|
$
|
—
|
|
|
$
|
310,490
|
|
Less: cost of
purchased coal sold
|
(22,932)
|
|
|
(9)
|
|
|
—
|
|
|
—
|
|
|
(22,941)
|
|
Adjusted cost of
produced coal sold
|
$
|
215,479
|
|
|
$
|
29,396
|
|
|
$
|
42,674
|
|
|
$
|
—
|
|
|
$
|
287,549
|
|
Produced tons
sold
|
2,896
|
|
|
647
|
|
|
1,294
|
|
|
1
|
|
|
4,838
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
74.41
|
|
|
$
|
45.43
|
|
|
$
|
32.98
|
|
|
$
|
—
|
|
|
$
|
59.44
|
|
(1)
|
Cost of produced coal
sold per ton for our operations is calculated as non-GAAP cost of
produced coal sold divided by produced tons sold.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
221,337
|
|
|
$
|
29,242
|
|
|
$
|
55,001
|
|
|
$
|
(7)
|
|
|
$
|
305,573
|
|
Less: cost of
purchased coal sold
|
(12,511)
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
(12,441)
|
|
Adjusted cost of
produced coal sold
|
$
|
208,826
|
|
|
$
|
29,312
|
|
|
$
|
55,001
|
|
|
$
|
(7)
|
|
|
$
|
293,132
|
|
Produced tons
sold
|
3,142
|
|
|
636
|
|
|
1,570
|
|
|
—
|
|
|
5,348
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
66.46
|
|
|
$
|
46.09
|
|
|
$
|
35.03
|
|
|
$
|
—
|
|
|
$
|
54.81
|
|
(1)
|
Cost of produced coal
sold per ton for our operations is calculated as non-GAAP cost of
produced coal sold divided by produced tons sold.
|
|
Three Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
260,313
|
|
|
$
|
67,695
|
|
|
$
|
71,951
|
|
|
$
|
—
|
|
|
$
|
399,959
|
|
Less: cost of
purchased coal sold
|
(47,731)
|
|
|
(1,050)
|
|
|
—
|
|
|
—
|
|
|
(48,781)
|
|
Adjusted cost of
produced coal sold
|
$
|
212,582
|
|
|
$
|
66,645
|
|
|
$
|
71,951
|
|
|
$
|
—
|
|
|
$
|
351,178
|
|
Produced tons
sold
|
2,558
|
|
|
1,127
|
|
|
1,640
|
|
|
—
|
|
|
5,325
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
83.10
|
|
|
$
|
59.13
|
|
|
$
|
43.87
|
|
|
$
|
—
|
|
|
$
|
65.95
|
|
(1)
|
Cost of produced coal
sold per ton for our operations is calculated as non-GAAP cost of
produced coal sold divided by produced tons sold.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
694,862
|
|
|
$
|
91,366
|
|
|
$
|
157,517
|
|
|
$
|
307
|
|
|
$
|
944,052
|
|
Less: cost of
purchased coal sold
|
(65,777)
|
|
|
(832)
|
|
|
—
|
|
|
—
|
|
|
(66,609)
|
|
Adjusted cost of
produced coal sold
|
$
|
629,085
|
|
|
$
|
90,534
|
|
|
$
|
157,517
|
|
|
$
|
307
|
|
|
$
|
877,443
|
|
Produced tons
sold
|
9,002
|
|
|
1,887
|
|
|
4,372
|
|
|
6
|
|
|
15,267
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
69.88
|
|
|
$
|
47.98
|
|
|
$
|
36.03
|
|
|
$
|
51.17
|
|
|
$
|
57.47
|
|
(1)
|
Cost of produced coal
sold per ton for our operations is calculated as non-GAAP cost of
produced coal sold divided by produced tons sold.
|
|
Nine Months Ended
September 30, 2019
|
(In thousands,
except for per ton data)
|
CAPP -
Met
|
|
CAPP -
Thermal
|
|
NAPP
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
864,566
|
|
|
$
|
190,084
|
|
|
$
|
191,914
|
|
|
$
|
—
|
|
|
$
|
1,246,564
|
|
Less: cost of
purchased coal sold
|
(194,590)
|
|
|
(6,378)
|
|
|
—
|
|
|
—
|
|
|
(200,968)
|
|
Adjusted cost of
produced coal sold
|
$
|
669,976
|
|
|
$
|
183,706
|
|
|
$
|
191,914
|
|
|
$
|
—
|
|
|
$
|
1,045,596
|
|
Produced tons
sold
|
7,948
|
|
|
3,215
|
|
|
5,039
|
|
|
—
|
|
|
16,202
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
84.29
|
|
|
$
|
57.14
|
|
|
$
|
38.09
|
|
|
$
|
—
|
|
|
$
|
64.53
|
|
(1)
|
Cost of produced coal
sold per ton for our operations is calculated as non-GAAP cost of
produced coal sold divided by produced tons sold.
|
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SOURCE Contura Energy, Inc.