Consol Energy

IEEFA Research

SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

Greenpeace notified the Securities and Exchange Commission (SEC) this week that Consol Energy did not adequately disclose risks, including declining demand for coal, in the initial public offering (IPO) of CNX Coal Resources, a master limited partnership that would manage Consol’s thermal coal operations in Pennsylvania

In a letter to the SEC, Greenpeace warned that Consol Energy “may have provided materially incomplete and misleading disclosures, which if not corrected, may fall out of compliance” with SEC rules. CNX Coal Resources launched the IPO on June 15. Along with the letter to the SEC, Greenpeace submitted a memo by the Institute for […]

June 23, 2015 Read More →
For U.S. Coal, Market Realities Grow Increasingly Harsh

For U.S. Coal, Market Realities Grow Increasingly Harsh

Debt Hurdles, Reclamation and Pension Challenges, Abandonment by Hedge Funds

We 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 […]

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As U.S. Coal Sector Continues to Struggle, the SEC Must Do a Better Job of Policing the Industry

Two Recent Public Filings, by CONSOL Energy and Bowie Resource Partners, Did Not Tell the Full Story

The past few years have been tough, to say the least, on U.S. coal producers. The SNL Coal Stock Index is down 82 percent since 2010. U.S. coal producer Alpha Natural Resources just the other day was delisted from the New York Stock Exchange and filed for Chapter 11 protection. Walter Energy has declared bankruptcy […]

August 6, 2015 Read More →

Warning on Consol IPO: Company’s Upbeat Coal Forecasts May Be Pie in the Sky

From Taylor Kuykendall at SNL: Greenpeace International has filed a letter with the U.S. SEC alleging that CONSOL Energy Inc.’s filings in support of spinning its Pennsylvania thermal coal operations into a master limited partnership may contain “incomplete and misleading disclosures” regarding the risks of investing in the coal market. “Investors that bet on coal […]

June 23, 2015 Read More →
SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

Greenpeace notified the Securities and Exchange Commission (SEC) this week that Consol Energy did not adequately disclose risks, including declining demand for coal, in the initial public offering (IPO) of CNX Coal Resources, a master limited partnership that would manage Consol’s thermal coal operations in Pennsylvania

In a letter to the SEC, Greenpeace warned that Consol Energy “may have provided materially incomplete and misleading disclosures, which if not corrected, may fall out of compliance” with SEC rules. CNX Coal Resources launched the IPO on June 15. Along with the letter to the SEC, Greenpeace submitted a memo by the Institute for […]

June 23, 2015 Read More →

Another Problem for Peabody Energy and Company

A Federal Review of ‘Self-Bonding’ in the Coal Industry Threatens a Long-Standing Subsidy

Today we’re tempted to republish one of the headlines we posted last week: “For U.S. Coal, Market Realities Grow Increasingly Harsh.” Things haven’t changed much—only for the worse, especially for Peabody Energy, which finds itself now in the spotlight of a federal review of its “self-bonding” program. The practice, noncontroversial during the heyday of the […]

For U.S. Coal, Market Realities Grow Increasingly Harsh

For U.S. Coal, Market Realities Grow Increasingly Harsh

Debt Hurdles, Reclamation and Pension Challenges, Abandonment by Hedge Funds

We 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 […]

Within the Coal Industry Itself, Less Reliance on Coal

It’s increasingly evident that if U.S. coal companies are to survive they must diversify. This truth is obvious even to some coal-industry executives, most notably perhaps Bob Murray, the outspoken CEO of Murray Energy who famously said this a few months ago: “We have the absolute destruction of the United States coal industry. It isn’t […]

February 27, 2015 Read More →

‘Coal Industry Looks to 2016 for Relief’

From a coal-industry conference in Miami, SNL’s Darren Epps reports this week that executives aren’t expecting a recovery before next year. Epps’ lead: “Coal industry leaders are conceding that low natural gas prices will likely impact utility requests for coal in 2015, but a pullback in drilling is lifting hopes for a price recovery in […]

February 12, 2015 Read More →