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News For CNX;BTU;ACI From The Last 14 Days
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February 11, 2016
11:30 EDTBTUPeabody sees 2016 as 'trying' year for U.S. coal industry
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11:20 EDTBTUPeabody says current pricing levels 'a strong headwind'
Peabody projects modest seaborne metallurgical coal supply reductions in 2016 as further declines in the U.S. overcome small production increases from other exporting nations. Given ongoing market challenges, says continues to drive cost improvements at all levels. Says company and its advisors are currently in discussions with debt holders to evaluate financial alternatives, including potential debt exchanges, debt buybacks and new financing, to preserve liquidity and delever the balance sheet. Sees lower Q1 results from mining segments. Expects hedge realizations to improve as year proceeds. Sees FY16 CapEx $120M-$140M. Sees FY16 U.S. sales volumes 150M-$160M tons, total sales volumes 195M-210M tons. Says current pricing levels "a strong headwind." Comments taken from the Q4 earnings conference call. Peabody is down 27% to $2.45 in late morning trading.
07:12 EDTBTUPeabody liquidity totaled $902.6M at Feb. 9
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07:10 EDTBTUPeabody lowers 2016 U.S. sales targets by 13% at midpoint
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07:08 EDTBTUPeabody reports Q4 adjusted EPS ($9.27), consensus ($8.68)
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February 10, 2016
18:43 EDTBTUPeabody to draw down remainder of $1.65B credit facility, WSJ says
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10:56 EDTCNX, BTUCoal producers rise after Supreme Court temporarily blocks EPA order
The shares of a number of coal companies are rising after the Supreme Court blocked the Obama administration from implementing a rule that would require a significant cut in power plants' carbon emissions. WHAT'S NEW: In a one page order, the nation's highest court told the administration to refrain from carrying out the rule, which was issued by the Environmental Protection Agency. The court's four liberal justices said that they did not support the court's order, but none of the justices explained the rationale for their decisions. The order will prevent the rule from being implemented until the lawsuit against it is decided by an appeals court and is heard by the Supreme Court. The rule would, by 2030, require a 32% cut in power plants' carbon emissions versus 2005 levels. If implemented, the rule would likely force power plants to use less coal and rely more on cleaner energy sources. PRICE ACTION: In morning trading, CONSOL (CNX) rose 1.4% to $7.63, Peabody Energy (BTU) gained 7% to $3.62 and Cloud Peak Energy (CLD) advanced 6% to $1.56.
09:34 EDTCNXCONSOL spikes higher in early trading
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07:54 EDTCNX, ACI, BTUSupreme Court issues stay of coal emissions regulations, NYT reports
In what was called a "stunning development," the Supreme Court temporarily blocked the Obama administration's proposed regulations for emissions from coal-fired power plants, reported The New York Times. The case is most likely to return to the top court after an appeals court considers an expedited challenge from states, corporations and industry groups opposing the rules, the report noted. Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Alpha Natural (ANR), Arch Coal (ACI), CONSOL (CNX), Cloud Peak (CLD) and Peabody (BTU). Reference Link
February 8, 2016
08:22 EDTCNXCONSOL nominates Lanigan to board, elects Thorndike as chairman
CONSOL Energy announced the nomination of Bernard Lanigan, Jr., Joseph P. Platt and Edwin S. Roberson to its Board of Directors for election at its annual meeting of shareholders scheduled for May 11, 2016. The other nominees include eight current members of the Board.The company also announced the election of William N. Thorndike, Jr. as Chairman of the Board effective immediately upon the conclusion of the annual meeting. J. Brett Harvey, current Chairman of the Board, has elected to retire and not stand for re-election at the annual meeting. The Board has appointed Mr. Harvey as Chairman Emeritus, in recognition of his many years of service to the company, as both Chairman and CEO. Philip W. Baxter and David C. Hardesty, Jr. have also elected to retire and not stand for re-election at the annual meeting. Lanigan founded and has served as Chairman and CEO of Southeast Asset Advisors, Inc., a registered investment advisor and wealth management company, since 1991.
February 5, 2016
06:51 EDTCNXCONSOL announces E&P division proved reserves of 5.6 Tcfe in FY15
During 2015, CONSOL Energy added 934 Bcfe, net to CONSOL, of proved reserves through extensions and discoveries. As of December 31, 2015, total proved reserves were 5.6 Tcfe, which included 583 Bcfe, or 10.3%, of oil, condensate, and liquids. Marcellus Shale reserves account for 369 Bcfe, or 14.4%, of these heavier hydrocarbons. CONSOL Energy replaced 284% of its 2015 production, when considering increases from extensions and discoveries of 934 Bcfe. Production in 2015 was 329 Bcfe. During 2015, drilling and completion costs incurred directly attributable to extensions and discoveries were $618.3M. When divided by the extensions and discoveries of 934 Bcfe, this yields a drill bit finding and development cost of 66c per Mcfe, compared to 76c per Mcfe at year-end 2014. Future development costs for PUD reserves are estimated to be approximately $943M, or 48c per Mcfe.
February 4, 2016
10:01 EDTBTUOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Anglo Platinum (AGPPY) downgraded to Neutral from Overweight at JPMorgan... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at Longbow... (CYOU) downgraded to Neutral from Outperform at Credit Suisse... Enbridge (ENB) downgraded to Neutral from Outperform at Credit Suisse... Esterline (ESL) downgraded to Hold at Drexel Hamilton... Franco-Nevada (FNV) downgraded to Neutral from Outperform at Credit Suisse... GoPro (GPRO) downgraded on results, guidance at Sterne Agee CRT... Heat Biologics (HTBX) downgraded to Speculative Buy from Buy at Cantor... Illumina (ILMN) downgraded to Hold from Buy at Canaccord... Intrawest Resorts (SNOW) downgraded to Neutral from Outperform at Macquarie... Match Group (MTCH) downgraded to Equal Weight from Overweight at Barclays... Memorial Resource (MRD) downgraded to Hold from Accumulate at Tudor Pickering... Pacific Biosciences (PACB) downgraded to Neutral from Overweight at Piper Jaffray... Peabody (BTU) downgraded to Underperform from Market Perform at FBR Capital... Peak Resorts (SKIS) downgraded to Underperform from Neutral at Macquarie... PennyMac Mortgage (PMT) downgraded to Market Perform from Outperform at Wells Fargo... Petrobras (PBR) downgraded to Underweight from Neutral at JPMorgan... Sensata (ST) downgraded to Neutral from Overweight at Atlantic Equities... Shutterfly (SFLY) downgraded to Neutral from Buy at BofA/Merrill... Star Bulk Carriers (SBLK) downgraded to Neutral from Speculative Buy at Seaport Global... Synchronoss (SNCR) downgraded at Stifel... Wabtec (WAB) downgraded to Neutral from Buy at Goldman.
07:26 EDTBTUPeabody downgraded to Underperform from Market Perform at FBR Capital
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January 29, 2016
06:54 EDTCNXCONSOL lowers E&P Division capital budget to about $205M-$325M
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06:52 EDTCNXCONSOL reports Q4 EPS (11c), consensus (9c)
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