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Reuters: New York state’s top pension fund official said it was reviewing whether to divest from 27 coal companies and could make decisions on $98 million in holdings within two months. The reviews by the third-largest U.S. state pension system, with $211 billion under management, could set the tone for other retirement plans facing public […]
Seth Feaster and Clark Williams-Derry
Industry continues to struggle against increasingly competitive market forces
Some energy pundits have spoken in recent times of an impending U.S. coal renaissance. The Heritage Foundation trumpeted coal’s “Colossal Comeback” in 2017, and a Wall Street Journal reporter in 2018 wrote of its global “resilience.” Industry executives three years ago credited the newly-elected Trump administration with paving the way for fresh investments in new […]
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S&P Global Market Intelligence ($): “Flat is the new up,” one analyst said as coal companies reported another brutal quarter for investors in the space while domestic markets continued on a path of secular decline and export markets took a turn for the worse. For the last five years, the S&P 500 has consistently outperformed […]
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S&P Global Market Intelligence ($): At least one analyst believes that more U.S. metallurgical coal mines are likely to shut down in the coming weeks and months following Murray Energy Corp.’s announcement that it is shutting down its Maple Eagle coal mine West Virginia. Due to soft demand for steelmaking coal around the world, Murray’s […]
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SNL: CONSOL Energy Inc. said efforts to sell its coal mining master limited partnership “did not produce compelling results” so the company will focus 100% on preparing a spinoff transaction to be ready before 2017 ends. CONSOL, which is increasingly focused on its natural gas exploration and production operations, launched a process that would separate […]
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Bloomberg News: Consol Energy Inc. said it has hired advisers to help push ahead with plans to divest its coal business in a transaction that, people familiar with the matter say, could be worth $2.8 billion or more. The energy company is working with Credit Suisse Group AG and Bank of America Corp. to reach […]
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John H. Cushman Jr. for InsideClimate News: A methodical review of the world’s dominant fossil fuel producers has documented their poor performance—in some cases, egregious failure— in taking responsibility for their emissions of greenhouse gases and moving effectively to confront climate change. “None of them has made a clean break from disinformation on climate science […]
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Taylor Kuykendall for SNL: This is just the tip of the iceberg,” Jamie Henn, a spokesman for fossil fuel divestment promoter 350.org told SNL Energy. “The Peabody settlement is going to kick open the door for a whole new wave of activism and investigations looking at how companies are or aren’t disclosing their climate risk. […]
Tom Sanzillo
While CONSOL and Alliance Discuss Clear Strategies, Peabody Sticks to Its Vague-Optimism Script
Everybody knows coal companies are in bad financial shape. What investors need now is a straight answer on whether the decline is structural or cyclical. Here’s a clue from Nick Deluliis, CEO and president of CONSOL, speaking on the company’s third-quarter earnings call last week: “We’ve see within the United States a significant and a […]
Tom Sanzillo
A Once-Towering Industry Has Become ‘Only a Fraction of Its Former Self’
SNL is out today with an article that explains in stark words and pictures just how bad things are for the U.S. coal industry. The article, by Christopher Coats, starts like this: “In a year that has seen the coal industry’s financing and investment landscape become especially troubling for domestic producers, the market value of U.S. […]
For U.S. Coal, Market Realities Grow Increasingly Harsh
Debt Hurdles, Reclamation and Pension Challenges, Abandonment by Hedge FundsWe distributed a briefing note this week that delves into some of the many pressing difficulties confronting U.S. coal producers. In the note (“Struggling U.S. Coal Companies Face Debt Hurdles, Complications From Reclamation and Pension Obligations, Pressure from Hedge Funds”) we talk about how the cumulative impacts of the industry’s many mounting liabilities—reclamation costs, pension […]