Westmoreland Coal CoNASDAQ
Tue, Nov. 29, 2:00 PM
Mon, Nov. 21, 8:54 AM
- Westmoreland Coal (NASDAQ:WLB) says CFO and Treasurer Jason Veenstra is resigning, effective Dec. 15, and current VP of investor relations Gary Kohn will serve as interim CFO and Treasurer, effective immediately.
- WLB says Veenstra has elected not to relocate to the company’s Denver headquarters as part of its cost savings initiative, which included centralizing the accounting and finance function to Denver.
Wed, Nov. 9, 2:19 PM
Wed, Nov. 9, 12:26 PM
- Coal stocks (KOL +2.5%) are surging, as Trump's election sparks hope that his administration can reverse the fuel’s long decline in the U.S.
- But analysts say the main culprit for coal’s decline is natural gas, which has flooded the market since the rise of fracking, which seems unlikely to change, as Trump also has promised to liberalize fracking; “cheap natural gas will continue to threaten the coal industry," says Andrew Moore of Platts Coal Trader.
- Analysts say it remains unclear whether Trump’s election is a signal to buy coal stocks, but at the least, “this is a sign that coal isn’t going away," Moore says.
- OTCPK:BTUUQ +43.2%, FELP +25.4%, OTCQB:RHNO +20.7%, CLD +16.7%, WLB +17.5%, WMLP +19.4%, ARCH +11.2%, CNX +6%, AHGP +5.8%, ARLP +4.1%.
Fri, Nov. 4, 2:18 PM
Tue, Nov. 1, 2:35 PM
Tue, Nov. 1, 8:04 AM
Mon, Oct. 31, 5:30 PM
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Fri, Oct. 28, 2:48 PM
- Cloud Peak Energy (CLD +12.1%) is surging after reporting a surprise Q3 profit, as shipments rose to average 5.7M tons/month, a big improvement over average H1 shipments of 4.1M tons/month.
- CLD also raises 2016 EBITDA guidance to $90M-$100M from its earlier outlook for $75M-$95M, and trims its 2016 capex guidance to $30M-$40M from $35M-$45M.
- While cautioning against premature excitement, analysts at BMO say Powder River Basin "fundamentals are improving (off a low base), demand is stabilizing, production remains low (for now), and inventories are declining (but still above normal)," and higher global thermal prices have brought CLD’s "historically high-margin exports back into the mix."
- Coal producing peers are higher: CNX +1.5%, WLB +2.9%, ARCH +1%.
Mon, Sep. 26, 2:43 PM
- Westmoreland Coal (WLB -0.6%) says it will close its Jewett mine in Texas, eliminating 250 jobs, after NRG Energy (NRG -1.4%) decided last month to switch to cleaner-burning coal from Wyoming.
- The 31-year-old mine for decades serviced NRG’s Limestone coal plant in Jewett, but NRG is switching from dirtier lignite coal at the mine to low-sulfur coal from Wyoming's Powder River Basin.
- The Jewett mine, one of the largest in Texas, produced ~5.3M short tons/year of coal.
Wed, Aug. 24, 3:54 PM
- Westmoreland Coal (WLB -10%) plunges following news that NRG Energy (NRG -2.8) will terminate its lignite supply agreement at the mine in Jewett, Tex., two years early at year-end 2016, and conduct reclamation work for NRG upon conclusion of the contract.
- NRG says it will instead use “cleaner burning” coal from Wyoming’s Powder River Basin for its Limestone power plant in Jewett, which the company says is an economic decision that also will cut emissions at the plant.
- WLB says the lignite supply contract is a cost plus contract which accounts for ~2% of its 2016 adjusted EBITDA guidance, but the company expects to maintain positive cash flow generation at Jewett during the next several years with the cost plus arrangement continuing through reclamation.
Tue, Aug. 2, 3:33 PM
Tue, Aug. 2, 8:11 AM
Tue, May 10, 8:10 AM
- Westmoreland Coal (NASDAQ:WLB): Q1 EPS of -$0.95 misses by $0.27.
- Revenue of $354.72M (-4.5% Y/Y) misses by $17.98M.
Tue, Mar. 8, 7:16 AM
- Westmoreland Coal (NASDAQ:WLB): FY15 EPS of -$11.36.
- Revenue of $1.41B (+25.9% Y/Y).
Wed, Feb. 10, 9:49 AM
- Coal stocks open with strong gains after yesterday's decision by the U.S. Supreme Court to block proposed regulations of coal fired power plants, likely pushing out a potential hearing after the presidential election: BTU +12.7%, CLD +19.7%, CNX +2.2%, CNXC +5.2%.
- The court’s order is temporary and is not a ruling on the merits, but it indicates the court’s conservative majority has misgivings about the emissions plan, and signals the rules could run into trouble in the courts, which could hurt the Obama administration’s ability to follow through on U.S. commitments in the Paris climate deal.
- FBR Capital says that while it does not foresee any near-term change to its outlook for coal companies, the delay could improve the long-term perception toward coal producers in maintaining meaningful market share as a fuel for domestic electricity generation (Briefing.com).
- FBR believes Westmoreland Coal (WLB -4.4%) and Alliance Resource Partners (ARLP -1.4%) could receive the most sustainable valuation benefit and investor interest following the Supreme Court action.
- ETFs: KOL