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August 5, 2014
05:26 EDTBTUPeabody reduces production at Burton Mine in Australia
Peabody Energy announced that it is reducing metallurgical coal production by approximately 1.5M tons per year from the Burton Mine in Queensland, Australia. The Burton Mine is Peabody's highest unit-cost operation, and production levels are not sustainable in the current market environment. Following negotiations with the contractor operator, production levels are expected to be reduced to approximately 1M tons per year, as the operation targets lower-cost reserves using reduced fleets of equipment. Peabody also reduced its annual average Australian cost estimate to the low $70 per ton range while raising Q3 financial targets. The company is reducing 2014 targeted metallurgical coal sales from the Australian platform by 1M tons to 15M-16M tons, with new Australian sales targets of 34M-36M tons.
News For BTU From The Last 14 Days
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February 12, 2016
15:04 EDTBTUFitch downgrades Peabody Energy IDR to 'CC'
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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 EDTBTUCoal 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.
07:54 EDTBTUSupreme 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 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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