Tuesday, October 22, 2019

Peabody Energy News

Coal's Uncertain Future and Glencore's Output Cap

File Image: AdobeStock / © Leonid Eremeychuk

It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change.Throw in an executive at a major Indian…

Vitol Invests in Coal-to-oil Venture as Shipping Fuel Rules Loom

© xy / Adobe Stock

Energy trader Vitol and coal miner Peabody Energy are partnering with start-up Arq to turn coal waste into a low-sulphur oil product that could be an alternative fuel for shippers as new U.N. pollution rules loom, the companies said in a statement.Global oil and shipping companies are…

Bankrupt Breitburn Rebuffs $1.8 bln Bid

U.S. oil and gas producer Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings. The offer from Houston-based Lime Rock, which invests in oil-and-gas properties…

Coal's Future Remains Uncertain

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

A year after Donald Trump was elected president on a promise to revive the ailing U.S. coal industry, the sector’s long-term prospects for growth and hiring remain as bleak as ever. A Reuters review of mining data shows an industry that has seen only modest gains in jobs and production…

The Energy Patch: where rights offerings are "sexy" again

Energy businesses that are trying to exit bankruptcy are finding a saviour in some of their own creditors, which have been scooping up newly issued stock from the companies at hefty discounts. More than a dozen so-called rights offerings have raised billions of dollars over the past 18 months…

U.S. Coal Exports Soar, Revived in Part by New Energy Policy

File Image: CREDIT Inland Marine

U.S. coal exports have jumped more than 60 percent this year due to soaring demand from Europe and Asia, according to a Reuters review of government data, allowing President Donald Trump's administration to claim that efforts to revive the battered industry are working. The increased shipments came as the European Union and other U.S.

Aurizon Coal Loss to Feed Coal Prices

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

Aurizon cuts profit guidance after cyclone. Australian coal railway line operator Aurizon Holdings Ltd on Tuesday unveiled a bigger-than-expected estimate for lost coal haulage from Cyclone Debbie, which analysts said will help underpin coal prices in coming weeks. Aurizon's first forecast…

Peabody Makes Fresh U.S. Stock Debut After Bankruptcy Exit

U.S. coal miner Peabody Energy Corp returned to the New York Stock Exchange on Tuesday after emerging from a year-long $8 billion Chapter 11 bankruptcy with far less debt and an industry champion in the White House. Shares in Peabody, the world's largest private-sector coal producer, were trading at $29.80 in late morning…

Peabody Energy Emerges from Bankruptcy

File Image (CREDIT: AdobeStock)

U.S. coal miner Peabody Energy Corp said it had emerged from Chapter 11 protection and was expected to begin trading on the New York Stock Exchange on Tuesday under the ticker symbol BTU. The largest U.S. coal producer filed for bankruptcy protection in April 2016, after a sharp drop in coal prices left it unable to service debt of $10.1 billion.

U.S. Coal Miner Peabody eyes April Bankruptcy Exit

File Image (CREDIT: AdobeStock)

Peabody Energy Corp , the world's largest private sector coal producer, said on Thursday it expects to exit its Chapter 11 bankruptcy in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt. U.S. Bankruptcy Judge Barry Schermer said he was ready…

US Judge to Approve Peabody Ch. 11 Plan, Subject to DOJ Talks

A U.S. bankruptcy judge said on Thursday he would approve a plan by Peabody Energy Corp , the world's largest private sector coal producer, to exit Chapter 11 bankruptcy subject to discussions with the U.S. Department of Justice.   (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)

Trump Seeks US Energy Companies' Input on Paris Climate Pact

Donald Trump (Official Photo)

President Donald Trump's administration has been contacting U.S. energy companies to ask them about their views on the U.N. global climate accord, according to two sources with knowledge of the effort, a sign Trump is reconsidering his 2016 campaign pledge to back out of the deal. The sources…

Coal Shortfall Buoys Miner Bottom Line

File Image (CREDIT: AdobeStock)

Coal prices have surged, topping oil, LNG, copper gains in 2016. Many a swan song has been sung for thermal coal markets as renewable power generation and a push towards using more natural gas have gained traction. Yet a coal price spike last year, driven by a Chinese change in regulation that capped local mining operations…

Peabody, Shareholders Face Off in Bankruptcy Court

Peabody Energy Corp , the world's largest  private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company's $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel. Shareholders led by hedge fund Mangrove Partners hope to prove at a hearing in St.

Shareholders Seek Peabody Energy Reorganization Stakes

Shareholders of bankrupt Peabody Energy Corp will seek this week to be part of a reorganized company whose prospects have brightened after a recent surge in coal prices and its stock, Barron's reported in its Sunday issue. Hedge fund Mangrove Partners said in December that shareholders…

Peabody Extends Financing Deadlines after Creditor Lawsuit

Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process. Last week, Peabody unveiled its plan to eliminate more than $5 billion…

Can Trump Make Coal Great Again?

File Image: a cargo of barged coal  makes its way on the U.S. inland river system (CREDIT: Inland Marine)

Most of the U.S. coal industry doubts Donald Trump can fulfill his promise to make the ailing industry great again in a country awash in dirt-cheap natural gas, a competing fuel. But a small sub-section of the coal sector that mines metallurgical coal - a variety used by steel makers instead of power plants - is gearing up for a Trump-inspired boom.

Battered U.S. Coal Industry Hopes for Trump

Republican presidential nominee Donald Trump has won over the U.S. coal industry by promising to revive the downtrodden sector and scrap regulations if elected. But the industry has a Plan B if the New York businessman loses to his more green-minded Democratic rival Hillary Clinton on Tuesday: carbon capture and storage…

Glencore to Restart Australia Coal Mine as Prices Surge

Glencore said on Tuesday it would restart a coking coal mine in southeastern Australia that was shuttered more than two years ago, with a resurgence in prices for the commodity breathing new life into the sector. Less than a year after the coal industry was declared to be in terminal decline…

Bankrupt Coal Miner Peabody's Business Plan gets Nod

U.S. coal miner Peabody Energy Corp said its business plan was approved by its debtor-in-possession lenders, clearing the first step towards emerging from Chapter 11 bankruptcy. The company said on Wednesday it would also review its assets in Australia to run a "smaller but more profitable" business in the country. Reporting by Amrutha Gayathri