Westmoreland Coal CoNASDAQ
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
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
Thu, Feb. 4, 9:16 AM
- The California State Teachers' Retirement System's (Calstrs) board yesterday voted to liquidate its holdings in four U.S. thermal coal companies: Cloud Peak Energy (NYSE:CLD), Hallador Energy (NASDAQ:HNRG), Peabody Energy (NYSE:BTU) and Westmoreland Coal (NASDAQ:WLB).
- Coal companies make up only ~$40M of the fund's $186B portfolio, but state lawmakers in Sacramento passed a law last year urging Calstrs to dump the investments on the basis that burning coal significantly contributes to global climate change.
Fri, Jan. 15, 10:57 AM
- The Obama administration announces it will place a moratorium on new leases for coal mining on public lands, while the Interior Department studies the environmental impact and conducts a review of leases that could take three years.
- The moratorium is limited to new coal leasing, with exceptions for the metallurgical coal used in steel production, and companies that already hold federal coal leases such as Peabody Energy (BTU -9.2%) can continue to mine those reserves during and after the moratorium.
- Nearly 40% of U.S. coal now comes from federal land, much of it from the Powder River Basin in Wyoming and Montana.
- KOL -4.5%, CLD -7.6%, CNX -6.6%, CLF -6.6%, WLB -5.3%, ARLP -2.5%.
Mon, Jan. 11, 2:49 PM
- Arch Coal (ACI -50.7%) is cut in half following news it has filed Chapter 11 bankruptcy and will be delisted from the NYSE, and the miner says its discussions with customers indicate that even after tumbling domestic coal demand the past eight years, "2016 pricing will remain weaker than previously anticipated."
- ACI's default on $3.2B of debt bring the metals and mining sector’s trailing 12-month default rate to 15% from 11% at the end of December and the default rate for the coal subsector an "unprecedented" 43%, according to Fitch Ratings.
- Analysts say investors should expect more such bankruptcies among commodity companies this year, as a strong dollar and slowing global demand growth should keep downward pressure on commodity prices.
- ACI's bankruptcy helps drag down other mining names today: BTU -19%, CNX -10.8%, YZC -2.3%, NRP -7.2%, CLD -11.4%, WLB -5.1%, ARLP +0.1%, KOL -2.6%.
Fri, Jan. 8, 5:42 PM
Dec. 28, 2015, 12:57 PM
- Much like oil/gas firms (hurt by fresh oil price declines), coal, gold, and silver miners are having a rough day. End-of-year tax and fund selling could be playing a role. Comex gold is down a moderate 0.6%, and Comex silver down 3.2%. The S&P is down 0.5%.
- Notable coal decliners: Peabody Energy (BTU -13.6%), Westmoreland Coal (WLB -6.4%), CONSOL Energy (CNX -9%), and Cloud Peak Energy (CLD -4%).
- Notable gold decliners: Goldcorp (GG -3.5%), Barrick Gold (ABX -3.1%), Newmont Mining (NEM -4%), Kinross Gold (KGC -3.8%), Gold Fields (GFI -6.7%), AngloGold Ashanti (AU -5%), Harmony Gold (HMY -6.5%), and Sibanye Gold (SBGL -4.2%).
- Notable silver decliners: Silver Wheaton (SLW -3.8%), Pan American Silver (PAAS -3.6%), First Majestic Silver (AG -6.9%), Tahoe Resources (TAHO -4.9%), and Coeur Mining (CDE -5.8%).
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, USV, GEUR, UBG, GYEN, TONS, QGLDX
Dec. 14, 2015, 2:25 PM
- Coal stocks sink (KOL -1.7%) as renewable energy stocks rally following this weekend's climate change accord reached in Paris, which could foreshadow tougher worldwide regulations on coal and oil companies.
- The details of implementation will be left to individual nations, with a range of possible policy measures which could include tighter environmental regulations, taxes on carbon, and a shifting of government subsidies; analysts generally believe the net impact will be a further gradual reduction of global oil and coal demand growth over the decades to some, rather than an immediate downward revision.
- Among coal focused stocks: BTU -12.4%, CLD -10.8%, WLB -9.3%, CLF -5.2%, ARLP -4.4%, ACI +1.2%.
Dec. 8, 2015, 7:12 PM
- The Obama administration is concerned that the self-bonding coal mine cleanup program could leave taxpayers with multibillion-dollar liabilities, a U.S. Interior Department official says.
- Self-bond liabilities totaling ~$3.6B could fall to taxpayers and righting the program "is a huge priority," the official says, according to Reuters.
- Alpha Natural Resources (OTCPK:ANRZQ) left behind more than $670M in self-bond liabilities when it filed for bankruptcy in August, and the government has not determined how best to protect taxpayers from the hit.
- Relevant tickers: KOL, BTU, ACI, CLD, WLB, CNX
Nov. 12, 2015, 4:59 PM
- Westmoreland Coal (NASDAQ:WLB) says Kevin Paprzycki will become CEO a month earlier than previously reported, on Dec. 1.
- Keith Alessi will transition from his position as CEO and board member to his new role of CEO Emeritus after being diagnosed with esophageal cancer; he will immediately begin a temporary medical leave of absence.
Oct. 23, 2015, 12:46 PM