Patriot Coal Q1 2009 Call TranscriptMay. 1, 2009
Patriot Coal Corporation Q2 2008 Earnings Call TranscriptJul. 30, 2008 • 2 Comments
PR Newswire (Dec 18, 2013)
PR Newswire (Dec 17, 2013)
PR Newswire (Nov 12, 2013)
PR Newswire (Nov 6, 2013)
PR Newswire (Oct 24, 2013)
We are a leading producer of thermal coal in the eastern United States (U.S.), with operations and coal reserves in Appalachia and the Illinois Basin. We are also a leading U.S. producer of metallurgical quality coal. Our principal business is the mining, preparation and sale of thermal coal,... More
Tuesday, Dec 172013, 12:52 PM
Tuesday, Dec 172013, 12:52 PM| 5 Comments
- Patriot Coal (PCXCQ) says the U.S. Bankruptcy Court in St. Louis approved its restructuring plan, allowing it to complete a $250M rights offering and close up to $576M in bankruptcy-exit financing in connection with its emergence from Chapter 11, planned for tomorrow.
- The plan also contains two settlements with Arch Coal (ACI) and Peabody Energy (BTU), which spun off the mining units that came to comprise Patriot the deals resolve a long-running battle over who is responsible for the liabilities Patriot took on as a result of the spinoffs.
Tuesday, Dec 102013, 6:50 PM
Tuesday, Dec 102013, 6:50 PM| 19 Comments
- Supreme Court justices today expressed sympathy for the EPA’s approach to air pollution that crosses state lines.
- The rule that would curb emissions from coal-fired power plants in 28 states - struck down by the D.C. Circuit Court of Appeals and being tested by power companies, states and miners - has never taken effect, but it would force companies to either shutter old plants or invest billions of dollars in pollution-control technology.
- The court’s four Democrat appointees, at times joined by Chief Justice Roberts and Justice Kennedy, suggested the EPA had adhered to the language of the Clean Air Act; only Justice Scalia seemed convinced the rule could be unfair to some states.
- ETFs: KOL, XLU, IDU, VPU, RYU, PUI, UPW, FXU, SDP, PSCU, FUTY, UTLT.
- Coal names: PCXCQ, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, ARLP, AHGP, NRP, PVR, PVG, PVA, OXF, CLD, WLB, RNO.
Wednesday, Nov 202013, 6:50 PM
Wednesday, Nov 202013, 6:50 PM| 28 Comments
- Coal (KOL) may become the new tobacco if activist investors have their way; growing numbers of them, concerned about greenhouse gas emissions, are calling to divest holdings in companies that mine and burn coal.
- The U.K. today joined a U.S. commitment to minimize funding of foreign coal-fired power stations and says it will seek wider support for the pledge from other nations and development banks.
- What galls the activists: Global demand for coal is not in retreat. In 2011, coal was used to generate 30.3% of the world’s primary energy, the highest level since 1969, and the share slipped only to 29.9% last year.
- Like tobacco companies, coal producers may move to paying high dividends to attract investors amid an uncertain longer term future for the fuel.
- BTU, ACI, BHP, RIO, GLCNF, GLNCY, AAUKF, AAUKY, PCXCQ.
Thursday, Oct 312013, 2:18 PM
Thursday, Oct 312013, 2:18 PM| 11 Comments
- Patriot Coal (PCXCQ +13%) says it has reached preliminary deals to secure $576M in bankruptcy-exit financing, the last essential component for reorganization plans and the ultimate successful emergence from Chapter 11.
- The financing comes on the heels of two other crucial sources of funding for Patriot's reorganization plans: a $250M rights offering, which hedge fund Knighthead Capital has agreed to backstop, and a $310M settlement with Peabody Energy.
Thursday, Oct 102013, 3:49 AM
Thursday, Oct 102013, 3:49 AM| 12 Comments
- Patriot Coal (PCXCQ.OB) is hoping to emerge from bankruptcy protection by the end of the year after Peabody Energy (BTU) said it would provide $310M to finance the benefits of 3,100 retirees that the latter had agreed to continue covering after it spun off Patriot Coal in October 2007. Peabody had wanted to stop making the payments following Patriot's bankruptcy and a new deal it signed with the United Mine Workers of America (UMWA).
- Peabody will also extend about $140M to Patriot in the form of letters of credit.
- Patriot also reached a settlement with Arch Coal (ACI) in which Arch will provide $5M and the release of a $16M letter of credit posted in its name.
- In addition, Patriot will receive $250M via a rights offering backstopped by Knighthead Capital Management. (PR)
Tuesday, Sep 242013, 11:30 AM
Tuesday, Sep 242013, 11:30 AM| Comment!
- Peabody Energy (BTU -1.1%), which created now-bankrupt Patriot Coal (PCXCQ.OB) through a spinoff, says an offer to settle claims relating to healthcare benefits for ~3,100 Patriot retirees was rejected by the United Mine Workers of America.
- BTU says its August offer to settle all claims with the union could have been used to provide the retirees with lifetime healthcare benefits comparable to those of BTU's active corporate employees.
Friday, Sep 202013, 5:13 AM
Friday, Sep 202013, 5:13 AM| 25 Comments
- The Environmental Protection Agency is scheduled to today unveil restrictions on carbon emissions for new power plants, a key part of President Obama's policy to fight what many see as global warming.
- The EPA will reportedly set CO2 limits at 1,100 pounds per megawatt hour for coal plants and 1,000 pounds for most natural gas plants. To meet those restrictions, coal plants would have to capture and store 20-40% of their CO2 emissions using technology that isn't yet being deployed on a commercial scale. The industry argues that the work would be so expensive that it would preclude the building of new plants.
- More far-reaching limits for existing facilities are due to be proposed in June 2014.
- Companies affected include Patriot Coal (PCXCQ.OB), Alpha Natural Resources (ANR), Arch Coal (ACI), Peabody Energy (BTU), James River (JRCC), Cliffs Natural (CLF), Rhino Resource Partners (RNO), CONSOL Energy (CNX), Oxford Resource Partners (OXF), Walter Energy (WLT) and Natural Resource Partners (NRP).
- ETF - KOL.
Tuesday, Sep 102013, 5:37 PM
Tuesday, Sep 102013, 5:37 PM| 1 Comment
- Patriot Coal (PCXCQ.OB) plans to idle its Logan County thermal coal complex in West Virginia, reducing eastern U.S. thermal coal production by ~2M tons/year.
- Despite progress in the company's reorganization, thermal coal markets are extremely weak and prices have fallen well below production costs at many Central Appalachian mines, Patriot CEO Bennett Hatfield says.
Thursday, Aug 222013, 12:59 PM
Thursday, Aug 222013, 12:59 PM| 9 Comments
- Peabody Energy (BTU +5.3%) and Consol (CNX +4.2%) help push the coal sector (KOL +4.5%) to the top of today's gainers, buoyed by signs of a manufacturing recovery in China.
- Other coal names: PCXCQ.OB +11.2%, YZC +7.7%, WLT +6.5%, ACI +6%, JRCC +5.6%, ANR +5.2%, CLD +3.9%, WLB +2.2%, NRP +1.6%, OXF +0.8%.
Wednesday, Aug 212013, 3:19 PM
Wednesday, Aug 212013, 3:19 PM| 8 Comments
- A federal appeals court keeps Peabody Energy (BTU -1.6%) on the hook for health benefits for ~3,100 retired Patriot Coal (PCXCQ.OB +40.2%) miners, a reversal of the bankruptcy judge's earlier ruling that BTU no longer owed the benefits.
- Patriot praises the ruling, that BTU "should not be permitted to use Patriot's bankruptcy to escape its health care obligations to thousands of retirees."
- Patriot earlier this year gained court permission to abrogate its labor deals for current and retired workers, and recently agreed to new, cost-cutting deals.
Tuesday, Aug 202013, 4:59 PM
Tuesday, Aug 202013, 4:59 PM| 3 Comments
- Patriot Coal (PCXCQ.OB) wins court approval of a hard-fought agreement with the mining company’s union, paving the way toward an exit from bankruptcy this year.
- The new agreement calls for wage changes including raises of $0.50/hour every year during 2015-18 and health care benefits similar to those of non-union employees.
- The bankruptcy judge also grants Patriot’s request to change its loan agreement to avoid a default; the amendment drops an earnings threshold to $101.3M vs. $205M under the previous agreement.
Tuesday, Aug 132013, 3:50 AM
Tuesday, Aug 132013, 3:50 AM| 1 Comment
- Patriot Coal (PCXCQ.OB) and the United Mine Workers of America have reached an agreement that will soften wage and benefit cuts that have been authorized by a bankruptcy judge.
- While details weren't released, the UMWA said the deal includes improvements to wages, healthcare, paid time off and pensions, with retiree healthcare benefits to continue.
- Patriot now needs the approval of the bankruptcy court to enter into the agreement, which will be the subject of a worker vote on Friday.
Monday, Aug 122013, 2:12 PM
Monday, Aug 122013, 2:12 PM| 3 Comments
- Patriot Coal (PCXCQ.OB) and the United Mine Workers say they reached a settlement the union claims eases the severity of wage and benefits cuts a bankruptcy judge had allowed the company to impose.
- Patriot says the deal keeps the company on track for reorganization, not liquidation; the union says its 1,800 active or laid-off members in West Virginia and Kentucky can vote on the deal Friday.
Thursday, Jul 112013, 3:42 AMA WSJ analysis of 11,000 insider trades at 550 publicly traded companies has found that those trades veer heavily towards the sale of stock in the year before a firm files for bankruptcy protection. At A123 Systems (AONEQ.PK), for example, six employees sold a combined 9.1M shares in the 12 months before the battery maker filed for Chapter 11. Other companies mentioned include Patriot Coal (PCXCQ.OB). |Thursday, Jul 112013, 3:42 AM| 3 Comments
Wednesday, Jun 192013, 11:20 AM
Wednesday, Jun 122013, 4:58 PMThe United Mine Workers says Patriot Coal (PCXCQ.OB) broke off negotiations on labor and retiree contracts, leaving open the possibility of a strike. Union officials say concessions approved by a bankruptcy judge last month require too great a sacrifice from their members, and members will be asked to vote on the new terms later this month. |Wednesday, Jun 122013, 4:58 PM| 1 Comment
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