Consol Energy

IEEFA Research

SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

Greenpeace notified the Securities and Exchange Commission (SEC) this week that Consol Energy did not adequately disclose risks, including declining demand for coal, in the initial public offering (IPO) of CNX Coal Resources, a master limited partnership that would manage Consol’s thermal coal operations in Pennsylvania

In a letter to the SEC, Greenpeace warned that Consol Energy “may have provided materially incomplete and misleading disclosures, which if not corrected, may fall out of compliance” with SEC rules. CNX Coal Resources launched the IPO on June 15. Along with the letter to the SEC, Greenpeace submitted a memo by the Institute for […]

Read More →

For U.S. Coal, Market Realities Grow Increasingly Harsh

Debt Hurdles, Reclamation and Pension Challenges, Abandonment by Hedge Funds

We distributed a briefing note this week that delves into some of the many pressing difficulties confronting U.S. coal producers. In the note (“Struggling U.S. Coal Companies Face Debt Hurdles, Complications From Reclamation and Pension Obligations, Pressure from Hedge Funds”) we talk about how the cumulative impacts of the industry’s many mounting liabilities—reclamation costs, pension […]

Read More →

More News and Commentary

Resistance, Still, to Acknowledging Climate Risk Among Major Fossil-Fuel Companies

John H. Cushman Jr. for InsideClimate News: A methodical review of the world’s dominant fossil fuel producers has documented their poor performance—in some cases, egregious failure— in taking responsibility for their emissions of greenhouse gases and moving effectively to confront climate change. “None of them has made a clean break from disinformation on climate science […]

Read More →

Peabody Settlement on Climate Risks ‘Just the Tip of the Iceberg’

Taylor Kuykendall for SNL: This is just the tip of the iceberg,” Jamie Henn, a spokesman for fossil fuel divestment promoter 350.org told SNL Energy. “The Peabody settlement is going to kick open the door for a whole new wave of activism and investigations looking at how companies are or aren’t disclosing their climate risk. […]

Read More →

Investors Want More Straight Talk, More Often, From the Coal Industry

While CONSOL and Alliance Discuss Clear Strategies, Peabody Sticks to Its Vague-Optimism Script

Everybody knows coal companies are in bad financial shape. What investors need now is a straight answer on whether the decline is structural or cyclical. Here’s a clue from Nick Deluliis, CEO and president of CONSOL, speaking on the company’s third-quarter earnings call last week: “We’ve see within the United States a significant and a […]

Read More →

More Stark Words and Pictures on Just How Bad Things Have Gotten for U.S. Coal Producers

A Once-Towering Industry Has Become ‘Only a Fraction of Its Former Self’

SNL is out today with an article that explains in stark words and pictures just how bad things are for the U.S. coal industry. The article, by Christopher Coats, starts like this: “In a year that has seen the coal industry’s financing and investment landscape become especially troubling for domestic producers, the market value of U.S. […]

Read More →

As U.S. Coal Sector Continues to Struggle, the SEC Must Do a Better Job of Policing the Industry

Two Recent Public Filings, by CONSOL Energy and Bowie Resource Partners, Did Not Tell the Full Story

The past few years have been tough, to say the least, on U.S. coal producers. The SNL Coal Stock Index is down 82 percent since 2010. U.S. coal producer Alpha Natural Resources just the other day was delisted from the New York Stock Exchange and filed for Chapter 11 protection. Walter Energy has declared bankruptcy […]

Read More →

Warning on Consol IPO: Company’s Upbeat Coal Forecasts May Be Pie in the Sky

From Taylor Kuykendall at SNL: Greenpeace International has filed a letter with the U.S. SEC alleging that CONSOL Energy Inc.’s filings in support of spinning its Pennsylvania thermal coal operations into a master limited partnership may contain “incomplete and misleading disclosures” regarding the risks of investing in the coal market. “Investors that bet on coal […]

Read More →

SEC Warned that Consol Coal IPO Overstates Coal Demand with “Incomplete and Misleading Disclosures”

Greenpeace notified the Securities and Exchange Commission (SEC) this week that Consol Energy did not adequately disclose risks, including declining demand for coal, in the initial public offering (IPO) of CNX Coal Resources, a master limited partnership that would manage Consol’s thermal coal operations in Pennsylvania

In a letter to the SEC, Greenpeace warned that Consol Energy “may have provided materially incomplete and misleading disclosures, which if not corrected, may fall out of compliance” with SEC rules. CNX Coal Resources launched the IPO on June 15. Along with the letter to the SEC, Greenpeace submitted a memo by the Institute for […]

Read More →

Another Problem for Peabody Energy and Company

A Federal Review of ‘Self-Bonding’ in the Coal Industry Threatens a Long-Standing Subsidy

Today we’re tempted to republish one of the headlines we posted last week: “For U.S. Coal, Market Realities Grow Increasingly Harsh.” Things haven’t changed much—only for the worse, especially for Peabody Energy, which finds itself now in the spotlight of a federal review of its “self-bonding” program. The practice, noncontroversial during the heyday of the […]

Read More →

For U.S. Coal, Market Realities Grow Increasingly Harsh

Debt Hurdles, Reclamation and Pension Challenges, Abandonment by Hedge Funds

We distributed a briefing note this week that delves into some of the many pressing difficulties confronting U.S. coal producers. In the note (“Struggling U.S. Coal Companies Face Debt Hurdles, Complications From Reclamation and Pension Obligations, Pressure from Hedge Funds”) we talk about how the cumulative impacts of the industry’s many mounting liabilities—reclamation costs, pension […]

Read More →

Within the Coal Industry Itself, Less Reliance on Coal

It’s increasingly evident that if U.S. coal companies are to survive they must diversify. This truth is obvious even to some coal-industry executives, most notably perhaps Bob Murray, the outspoken CEO of Murray Energy who famously said this a few months ago: “We have the absolute destruction of the United States coal industry. It isn’t […]

Read More →