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Contura Announces Third Quarter 2020 Results

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BRISTOL, Tenn., Nov. 9, 2020 /PRNewswire/ -- Contura Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today reported results for the third quarter ending September 30, 2020.


(millions, except per share)


Three months ended


Sept. 30, 2020

June 30, 2020

Sept. 30, 2019(2)

Net (loss) income(3)

$(68.6)

$(238.3)

$(43.6)

Net (loss) income(3) per diluted share

$(3.75)

$(13.02)

$(2.29)

Adjusted EBITDA(1)

$19.7

$16.9

$40.0

Operating cash flow(4)

$(5.9)

$79.0

$20.4

Capital expenditures

$(27.8)

$(41.5)

$60.3

Tons of coal sold

5.5

5.1

5.8






1.

These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.

2.

Excludes discontinued operations, except as noted.

3.

From continuing operations. Second and third quarters 2020 no longer have discontinued operations.

4.

Includes discontinued operations. Second and third quarters 2020 no longer have discontinued operations.

"Our third quarter results continued to highlight the discipline and safe, strategic performance of our operations team as we achieved the lowest full-quarter CAPP - Met cost per ton performance since the formation of our company," said chairman and chief executive officer, David Stetson. "As we introduce 2021 guidance, we expect our costs to remain very competitive at our recent levels while we tackle the continued softness in the met coal market and the many uncertainties facing the global economies."

Financial Performance

Contura reported a net loss from continuing operations of $68.6 million, or $3.75 per diluted share, for the third quarter 2020. In the second quarter 2020, the company had a net loss from continuing operations of $238.3 million or $13.02 diluted share, which included a non-cash asset impairment charge of $161.7 million.

Total Adjusted EBITDA was $20 million for the third quarter, compared with $17 million in the second quarter, primarily due to improved margins in the CAPP - Thermal and CAPP - Met segments.

Coal Revenues


(millions)


Three months ended


Sept. 30, 2020

June 30, 2020

CAPP - Met

$295.4

$316.3

CAPP - Thermal

$39.8

$36.7

NAPP

$64.8

$57.5




CAPP - Met (excl. f&h)(1)

$245.6

$261.5

CAPP - Thermal (excl. f&h)(1)

$36.8

$32.1

NAPP (excl. f&h)(1)

$62.8

$52.0



Tons Sold

(millions)


Three months ended


Sept. 30, 2020

June 30, 2020

CAPP - Met

3.3

3.2

CAPP - Thermal

0.6

0.6

NAPP

1.6

1.3





1.

Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

The CAPP - Met revenue decline in the third quarter was driven by an approximately $8 per ton decline in price realizations relative to the second quarter. CAPP - Thermal revenues increased due to higher realized prices. Third quarter NAPP revenues increased as a result of higher volumes, while prices were in line with the prior quarter.

Coal Sales Realization(1)


(per ton)


Three months ended


Sept. 30, 2020

June 30, 2020

CAPP - Met

$73.79

$81.61

CAPP - Thermal

$57.86

$49.52

NAPP

$40.01

$40.19








1.

Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Global metallurgical coal prices experienced continued softening in the quarter, which resulted in our average CAPP - Met coal sales realization declining 11 percent against the prior quarter to $73.79 per ton. While our 2020 domestic business continues to benefit from annual fixed price contracts, the lower third quarter realizations were primarily driven by our export business, where prices were soft during most of the quarter. The CAPP - Thermal segment experienced higher realization primarily due to improved customer mix.

Cost of Coal Sales


(in millions, except per ton data)


Three months ended


Sept. 30, 2020

June 30, 2020

Cost of Coal Sales

$367.3

$383.3

Cost of Coal Sales (excl. f&h/idle)(1)

$305.6

$310.5




(per ton)

CAPP - Met(1)

$66.49

$74.41

CAPP - Thermal(1)

$45.98

$45.38

NAPP(1)

$35.03

$32.98





1.

Represents Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

In the third quarter, the company reported its strongest full-quarter cost performance in the CAPP - Met segment since the company's 2016 formation, with CAPP - Met costs averaging $66.49 per ton in the third quarter. The second quarter cost of coal sales was $74.41 per ton, and excluding the impact of April furloughs, incremental one-time COVID-19 mitigation costs, and the partially offsetting benefit from an annual severance tax adjustment, the cost per ton was approximately $70 in the second quarter. The continued cost improvement trend that has been achieved in 2020 is driven by strong productivity growth, labor cost reductions instituted in the second quarter, and improved sourcing.

CAPP - Thermal also continued its impressive cost of coal sales performance, with third quarter cost of $45.98 per ton as compared to $45.38 for the prior quarter. NAPP cost of coal sales for the quarter was $35.03 per ton, up from $32.98 per ton in the second quarter.

Selling, general and administrative (SG&A) and depreciation, depletion and amortization (DD&A) expenses


(millions)


Three months ended


Sept. 30, 2020

June 30, 2020

SG&A

$14.5

$12.0

Less: non-cash stock compensation
and one-time expenses

$(1.0)

$(1.9)

Non-GAAP SG&A(1)

$13.5

$10.1




DD&A

$50.7

$49.3





1.

Represents Non-GAAP SG&A which is defined under "Non-GAAP Financial Measures."

Contura's third quarter 2020 SG&A expenses were $13.5 million, excluding non-cash stock compensation expense and one-time expenses of $1.0 million, compared with $10.1 million in the prior quarter. 

Liquidity and Capital Resources

"We continue to closely manage our cash priorities as prolonged pandemic uncertainty has created additional softness in both end-markets and pricing for our products. As such, we expect fourth quarter capex to come in around $20 million, and we remain focused on continuing the outstanding execution on costs that has allowed us to weather adverse market circumstances," said Andy Eidson, Contura's chief financial officer. "We continue to expect to receive the accelerated AMT tax refund of $66 million in the near term. Furthermore, we have filed an NOL carryback in which we claimed approximately $70 million in additional tax refunds. The claim is subject to an IRS audit and we hope to finalize the audit during 2021. All of these items factor into the total liquidity picture for the company, and our philosophy remains one of strategic cash preservation as we close out an unprecedented year and issue guidance and expectations for 2021."

Cash used by operating activities for the third quarter 2020 was $5.9 million and capital expenditures for the third quarter were $27.8 million. In the prior period, the cash provided by operating activities was $79.0 million and capital expenditures were $41.5 million. Contura continues to anticipate that capital expenditures for the full year 2020 will be in the range of $135 million to $140 million, with 2021 capital expenditures expected to be materially lower in the range of $80 million to $100 million.

As of September 30, 2020, Contura had $161.4 million in unrestricted cash and $180.0 million in restricted cash, deposits and investments. Total long-term debt, including the current portion of long-term debt as of September 30, 2020, was $597.5 million, down approximately $31 million from the prior quarter. At the end of the third quarter, the company had total liquidity of $161.4 million, including cash and cash equivalents of $161.4 million and no remaining unused availability under the Asset-Based Revolving Credit Facility (ABL). The future available capacity under the ABL is subject to inventory and accounts receivable collateral requirements and the achievement of certain financial ratios. As of September 30, 2020, the company had $18.4 million in borrowings and $122.4 million in letters of credit outstanding under the Asset-Based Revolving Credit Facility. In October, subsequent to the quarter close, the company repaid $15.0 million of borrowed principal under the ABL.

2021 Full-Year Guidance

The company is introducing 2021 guidance with coal shipments guidance range of 20.4 million tons to 22.2 million tons, with CAPP - Met segment volume expected to be between 13.5 million to 14.5 million tons with pure metallurgical coal shipments of 12.5 million to 13.0 million tons and thermal shipments in this segment of 1.0 million to 1.5 million tons. CAPP - Thermal segment volume is anticipated to be between 1.3 million tons to 1.7 million tons. NAPP volumes are expected to be in the range of 5.6 million tons to 6.0 million tons.

For 2021, Contura has committed and priced approximately 34% of its metallurgical coal within the CAPP - Met segment at an average price of $86.41 per ton and 72% of thermal coal in the CAPP - Met segment at an average expected price of $52.11 per ton. In the CAPP - Thermal segment the company is 99% committed and priced at an average price of $57.17 per ton and 100% committed and priced for NAPP at an average price of $40.43 per ton.

The company expects our strong cost performance to continue in 2021 with CAPP - Met cost of coal sales per ton anticipated at a range of $68.00 to $74.00. CAPP - Thermal is expected to be in the range of $45.00 to $49.00 per ton and NAPP between $33.00 and $37.00 per ton.

For 2021, the company expects its SG&A to be in the range of $45 million to $50 million, excluding non-recurring items and stock compensation. In light of our decision to forgo certain capital expenditures for NAPP, our overall 2021 capital expenditures guidance at a range of $80 million to $100 million is near the maintenance capital level. Depreciation, depletion and amortization is expected to be between $160 million and $175 million and cash interest expense in the range of $51 million and $55 million.


2021 Guidance

in millions of tons

Low


High


Metallurgical

12.5


13.0


Thermal

1.0


1.5


CAPP - Metallurgical

13.5


14.5


CAPP - Thermal

1.3


1.7


NAPP

5.6


6.0


Total Shipments

20.4


22.2





Committed/Priced1,2,3

Committed


Average Price


Metallurgical

34

%

$86.41


Thermal

72

%

$52.11


CAPP - Metallurgical

37

%

$80.52


CAPP - Thermal

99

%

$57.17


NAPP

100

%

$40.43





Committed/Unpriced1,3

Committed



Metallurgical

27

%


Thermal

21

%


CAPP - Metallurgical

27

%


CAPP - Thermal

1

%


NAPP

%





Costs per ton4

Low


High


CAPP - Metallurgical

$68.00


$74.00


CAPP - Thermal

$45.00


$49.00


NAPP

$33.00


$37.00





In millions (except taxes)

Low


High


SG&A5

$45


$50


Idle Operations Expense

$27


$33


Cash Interest Expense

$51


$55


DD&A

$160


$175


Capital Expenditures

$80


$100


Tax Rate

%

5

%

Notes: 

  1. Based on committed and priced coal shipments as of October 27, 2020. Committed percentage based on the midpoint of shipment guidance range.
  2. Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
  3. Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
  4. Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward- looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have historically varied and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.
  5. Excludes expenses related to non-cash stock compensation and non-recurring business development expenses.

Operational and Strategic Update

With regard to the Cumberland Mine in Pennsylvania, the company is in active negotiations for the divestiture of the Cumberland property with a potential purchaser. No definitive agreement has been reached at this time, and there can be no assurances that any transaction will result from these negotiations or as to the terms, timing or approval of any such transaction that may be proposed. More information will be announced if an agreement is reached.

Contura has made significant progress in streamlining the enterprise portfolio and incrementally adjusting toward a simplified, more efficient group of mines and plants to better serve the production and sales needs of the company. "Through strategic decisions to idle certain thermal properties in the organization, and by carefully planning how and when to mine out of properties as they come to the end of their expected tenures, we have meaningfully improved both costs and operational efficiencies this year," said Jason Whitehead, Contura's chief operating officer. "As mines have come offline, we have been able to realign coal processing into fewer plants, redeploy equipment to other locations across the company, and plan for the best utilization of the newer, high-quality mines in our portfolio. We expect to continue building on this success through the fourth quarter and into 2021."

Conference Call

The company plans to hold a conference call regarding its third quarter 2020 results on November 9, 2020, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://investors.conturaenergy.com/investors. Analysts who would like to participate in the conference call should dial 866-270-1533 (domestic toll-free) or 412-317-0797 (international) approximately 15 minutes prior to the start of the call.

ABOUT CONTURA ENERGY

Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies metallurgical coal to produce steel. For more information, visit www.conturaenergy.com.

FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect Contura. Except as required by law, Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. 

INVESTOR CONTACT
investorrelations@conturaenergy.com

Alex Rotonen, CFA
423.956.6882

MEDIA CONTACT
corporatecommunications@conturaenergy.com

Emily O'Quinn
423.573.0369

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains "non-GAAP financial measures." These are financial measures which either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal sales," and "Adjusted cost of produced coal sold." We use Adjusted EBITDA to measure the operating performance of our segments and allocate resources to the segments. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, idled and closed mine costs and coal inventory acquisition accounting impacts. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. We also use Adjusted cost of produced coal sold to distinguish the cost of captive produced coal from the effects of purchased coal. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company's operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, and capital investments.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

 

CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in thousands, except share and per share data)



Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019

Revenues:








Coal revenues

$

399,954



$

523,987



$

1,278,935



$

1,784,775


Other revenues

737



1,877



4,054



6,409


Total revenues

400,691



525,864



1,282,989



1,791,184


Costs and expenses:








Cost of coal sales (exclusive of items shown separately below)

367,277



467,658



1,148,416



1,480,098


Depreciation, depletion and amortization

50,739



60,842



154,466



184,927


Accretion on asset retirement obligations

9,127



6,846



23,806



19,925


Amortization of acquired intangibles, net

2,219



2,314



5,180



(4,712)


Asset impairment and restructuring

3,571



32



221,453



5,858


Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

14,501



17,387



42,010



53,121


Merger-related costs



68





1,055


Total other operating (income) loss:








Mark-to-market adjustment for acquisition-related obligations

3,624



(3,238)



(13,425)



(288)


Other (income) expense

(1,359)



166



(2,063)



(7,319)


Total costs and expenses

449,699



552,075



1,579,843



1,732,665


(Loss) income from operations

(49,008)



(26,211)



(296,854)



58,519


Other income (expense):








Interest expense

(18,389)



(18,847)



(54,808)



(50,079)


Interest income

378



1,763



6,889



5,584


Loss on modification and extinguishment of debt







(26,459)


Equity loss in affiliates

(1,295)



(1,845)



(3,085)



(4,804)


Miscellaneous loss, net

(368)



(1,523)



(1,088)



(2,912)


Total other expense, net

(19,674)



(20,452)



(52,092)



(78,670)


Loss from continuing operations before income taxes

(68,682)



(46,663)



(348,946)



(20,151)


Income tax benefit

45



3,102



2,200



8,880


Net loss from continuing operations

(68,637)



(43,561)



(346,746)



(11,271)


Discontinued operations:








Loss from discontinued operations before income taxes



(11,516)





(176,973)


Income tax (expense) benefit from discontinued operations



(13,455)





12,866


Loss from discontinued operations



(24,971)





(164,107)


Net loss

$

(68,637)



$

(68,532)



$

(346,746)



$

(175,378)










Basic loss per common share:








Loss from continuing operations

$

(3.75)



$

(2.29)



$

(18.96)



$

(0.59)


Loss from discontinued operations



(1.31)





(8.63)


Net loss

$

(3.75)



$

(3.60)



$

(18.96)



$

(9.22)










Diluted loss per common share








Loss from continuing operations

$

(3.75)



$

(2.29)



$

(18.96)



$

(0.59)


Loss from discontinued operations



(1.31)





(8.63)


Net loss

$

(3.75)



$

(3.60)



$

(18.96)



$

(9.22)










Weighted average shares – basic

18,319,947



19,025,462



18,290,346



19,014,974


Weighted average shares – diluted

18,319,947



19,025,462



18,290,346



19,014,974


 

CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share data)



September 30, 2020


December 31, 2019

Assets




Current assets:




Cash and cash equivalents

$

161,434



$

212,793


Trade accounts receivable, net of allowance for doubtful accounts of $432 and $0 as of September 30, 2020 and December 31, 2019

179,671



244,666


Inventories, net

124,245



162,659


Prepaid expenses and other current assets

120,939



91,361


Total current assets

586,289



711,479


Property, plant, and equipment, net of accumulated depreciation and amortization of $395,397 and $314,276 as of September 30, 2020 and December 31, 2019

401,197



583,262


Owned and leased mineral rights, net of accumulated depletion and amortization of $40,623 and $27,877 as of September 30, 2020 and December 31, 2019

489,631



523,141


Other acquired intangibles, net of accumulated amortization of $38,806 and $32,686 as of September 30, 2020 and December 31, 2019

100,350



125,145


Long-term restricted cash

124,065



122,524


Deferred income taxes



33,065


Other non-current assets

221,591



204,207


Total assets

$

1,923,123



$

2,302,823


Liabilities and Stockholders' Equity




Current liabilities:




Current portion of long-term debt

$

44,864



$

28,485


Trade accounts payable

75,836



98,746


Acquisition-related obligations – current

18,206



33,639


Accrued expenses and other current liabilities

153,372



154,282


Total current liabilities

292,278



315,152


Long-term debt

552,676



564,481


Acquisition-related obligations - long-term

19,286



46,259


Workers' compensation and black lung obligations

263,517



260,778


Pension obligations

186,089



204,086


Asset retirement obligations

210,998



184,130


Deferred income taxes

368



422


Other non-current liabilities

54,943



31,393


Total liabilities

1,580,155



1,606,701


Commitments and Contingencies




Stockholders' Equity




Preferred stock - par value $0.01, 5.0 million shares authorized, none issued




Common stock - par value $0.01, 50.0 million shares authorized, 20.6 million issued and 18.3 million outstanding at September 30, 2020 and 20.5 million issued and 18.2 million outstanding at December 31, 2019

206



205


Additional paid-in capital

778,728



775,707


Accumulated other comprehensive loss

(68,614)



(58,616)


Treasury stock, at cost: 2.3 million shares at September 30, 2020 and December 31, 2019

(106,976)



(107,984)


Retained (deficit) earnings

(260,376)



86,810


Total stockholders' equity

342,968



696,122


Total liabilities and stockholders' equity

$

1,923,123



$

2,302,823


 

CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in thousands)



Nine Months Ended September 30,


2020


2019

Operating activities:




Net loss

$

(346,746)



$

(175,378)


Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation, depletion and amortization

154,466



330,840


Amortization of acquired intangibles, net

5,180



(4,712)


Accretion of acquisition-related obligations discount

2,882



4,367


Amortization of debt issuance costs and accretion of debt discount

11,087



10,446


Mark-to-market adjustment for acquisition-related obligations

(13,425)



(288)


(Gain) loss on disposal of assets

(2,179)



1,462


Gain on assets acquired in an exchange transaction



(9,083)


Loss on modification and extinguishment of debt



26,459


Asset impairment and restructuring

221,453



23,020


Accretion on asset retirement obligations

23,806



24,906


Employee benefit plans, net

15,135



14,513


Deferred income taxes

33,011



(22,021)


Stock-based compensation

4,200



7,512


Equity loss in affiliates

3,085



4,804


Other, net

(5,356)



351


Changes in operating assets and liabilities

(33,566)



(99,620)


Net cash provided by operating activities

73,033



137,578


Investing activities:




Capital expenditures

(118,896)



(144,183)


Proceeds on disposal of assets

3,131



1,170


Purchases of investment securities

(18,618)



(65,193)


Maturity of investment securities

12,678



50,775


Capital contributions to equity affiliates

(3,196)



(7,600)


Other, net

68



(2,548)


Net cash used in investing activities

(124,833)



(167,579)


Financing activities:




Proceeds from borrowings on debt

57,500



544,946


Principal repayments of debt

(43,364)



(551,405)


Principal repayments of notes payable

(14,951)



(14,054)


Principal repayments of financing lease obligations

(2,291)



(2,960)


Debt issuance costs



(6,104)


Common stock repurchases and related expenses

(171)



(35,485)


Other, net



952


Net cash used in financing activities

(3,277)



(64,110)


Net decrease in cash and cash equivalents and restricted cash

(55,077)



(94,111)


Cash and cash equivalents and restricted cash at beginning of period

347,680



477,246


Cash and cash equivalents and restricted cash at end of period

$

292,603



$

383,135


The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.


As of September 30,


2020


2019

Cash and cash equivalents

$

161,434



$

152,638


Short-term restricted cash (included in prepaid expenses and other current assets)

7,104



21,456


Long-term restricted cash

124,065



209,041


Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows

$

292,603



$

383,135


 

CONTURA ENERGY, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)



Three Months Ended


Nine Months Ended  
September 30,


June 30, 2020


September 30,
2020


September 30,
2019


2020


2019

Net loss from continuing operations

$

(238,301)



$

(68,637)



$

(43,561)



$

(346,746)



$

(11,271)


Interest expense

18,814



18,389



18,847



54,808



50,079


Interest income

(5,533)



(378)



(1,763)



(6,889)



(5,584)


Income tax expense (benefit)

33



(45)



(3,102)



(2,200)



(8,880)


Depreciation, depletion and amortization

49,262



50,739



60,842



154,466



184,927


Merger-related costs





68





1,055


Non-cash stock compensation expense

1,044



1,078



2,738



4,200



7,463


Mark-to-market adjustment - acquisition-related obligations

(2,052)



3,624



(3,238)



(13,425)



(288)


Accretion on asset retirement obligations

7,304



9,127



6,846



23,806



19,925


Loss on modification and extinguishment of debt









26,459


Asset impairment and restructuring (1)

184,173



3,571



32



221,453



5,858


Management restructuring costs (2)







947




Cost impact of coal inventory fair value adjustment (3)









8,209


Gain on assets acquired in an exchange transaction (4)









(9,083)


Loss on partial settlement of benefit obligations

63







1,230




Amortization of acquired intangibles, net

2,096



2,219



2,314



5,180



(4,712)


Adjusted EBITDA

$

16,903



$

19,687



$

40,023



$

96,830



$

264,157



(1) 

Asset impairment and restructuring for the nine months ended September 30, 2020 includes long-lived asset impairments of $198,963 and restructuring expense of $22,490 as a result of weakened coal prices and the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020 and capital spending during the third quarter of 2020 at previously impaired locations requiring the impairment of certain additional assets not considered recoverable. Asset impairment for the nine months ended September 30, 2019 primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel's Chapter 11 bankruptcy filing on July 1, 2019.

(2) 

Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020.

(3) 

The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.

(4) 

During the nine months ended September 30, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083.

 

CONTURA ENERGY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS



Three Months Ended June 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

316,319



$

36,720



$

57,499



$

76



$

410,614


Less: Freight and handling fulfillment revenues

(54,852)



(4,634)



(5,492)





(64,978)


Non-GAAP Coal revenues

$

261,467



$

32,086



$

52,007



$

76



$

345,636


Tons sold

3,204



648



1,294



1



5,147


Non-GAAP Coal sales realization per ton

$

81.61



$

49.52



$

40.19



$

76.00



$

67.15












Cost of coal sales (exclusive of items shown separately below)

$

297,169



$

35,709



$

48,732



$

1,669



$

383,279


Depreciation, depletion and amortization - production (1)

38,800



7,260



2,172



694



48,926


Accretion on asset retirement obligations

3,517



2,267



769



751



7,304


Amortization of acquired intangibles, net

2,759



(903)



215



25



2,096


Total Cost of coal sales

$

342,245



$

44,333



$

51,888



$

3,139



$

441,605


Less: Freight and handling costs

(54,852)



(4,634)



(5,492)





(64,978)


Less: Depreciation, depletion and amortization - production (1)

(38,800)



(7,260)



(2,172)



(694)



(48,926)


Less: Accretion on asset retirement obligations

(3,517)



(2,267)



(769)



(751)



(7,304)


Less: Amortization of acquired intangibles, net

(2,759)



903



(215)



(25)



(2,096)


Less: Idled and closed mine costs

(3,906)



(1,670)



(566)



(1,669)



(7,811)


Non-GAAP Cost of coal sales

$

238,411



$

29,405



$

42,674



$



$

310,490


Tons sold

3,204



648



1,294



1



5,147


Non-GAAP Cost of coal sales per ton

$

74.41



$

45.38



$

32.98



$



$

60.32



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended June 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

316,319



$

36,720



$

57,499



$

76



$

410,614


Less: Total Cost of coal sales (per table above)

(342,245)



(44,333)



(51,888)



(3,139)



(441,605)


GAAP Coal margin

$

(25,926)



$

(7,613)



$

5,611



$

(3,063)



$

(30,991)


Tons sold

3,204



648



1,294



1



5,147


GAAP Coal margin per ton

$

(8.09)



$

(11.75)



$

4.34



$

(3,063.00)



$

(6.02)












GAAP Coal margin

$

(25,926)



$

(7,613)



$

5,611



$

(3,063)



$

(30,991)


Add: Depreciation, depletion and amortization - production (1)

38,800



7,260



2,172



694



48,926


Add: Accretion on asset retirement obligations

3,517



2,267



769



751



7,304


Add: Amortization of acquired intangibles, net

2,759



(903)



215



25



2,096


Add: Idled and closed mine costs

3,906



1,670



566



1,669



7,811


Non-GAAP Coal margin

$

23,056



$

2,681



$

9,333



$

76



$

35,146


Tons sold

3,204



648



1,294



1



5,147


Non-GAAP Coal margin per ton

$

7.20



$

4.14



$

7.21



$

76.00



$

6.83



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

295,376



$

39,813



$

64,765



$



$

399,954


Less: Freight and handling fulfillment revenues

(49,742)



(3,015)



(1,947)





(54,704)


Non-GAAP Coal revenues

$

245,634



$

36,798



$

62,818



$



$

345,250


Tons sold

3,329



636



1,570





5,535


Non-GAAP Coal sales realization per ton

$

73.79



$

57.86



$

40.01



$



$

62.38












Cost of coal sales (exclusive of items shown separately below)

$

276,170



$

33,999



$

57,661



$

(553)



$

367,277


Depreciation, depletion and amortization - production (1)

41,177



7,313



1,504



410



50,404


Accretion on asset retirement obligations

3,767



2,406



2,424



530



9,127


Amortization of acquired intangibles, net

2,535



(486)



145



25



2,219


Total Cost of coal sales

$

323,649



$

43,232



$

61,734



$

412



$

429,027


Less: Freight and handling costs

(49,742)



(3,015)



(1,947)





(54,704)


Less: Depreciation, depletion and amortization - production (1)

(41,177)



(7,313)



(1,504)



(410)



(50,404)


Less: Accretion on asset retirement obligations

(3,767)



(2,406)



(2,424)



(530)



(9,127)


Less: Amortization of acquired intangibles, net

(2,535)



486



(145)



(25)



(2,219)


Less: Idled and closed mine costs

(5,091)



(1,742)



(713)



546



(7,000)


Non-GAAP Cost of coal sales

$

221,337



$

29,242



$

55,001



$

(7)



$

305,573


Tons sold

3,329



636



1,570





5,535


Non-GAAP Cost of coal sales per ton

$

66.49



$

45.98



$

35.03



$



$

55.21



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

295,376



$

39,813



$

64,765



$



$

399,954


Less: Total Cost of coal sales (per table above)

(323,649)



(43,232)



(61,734)



(412)



(429,027)


GAAP Coal margin

$

(28,273)



$

(3,419)



$

3,031



$

(412)



$

(29,073)


Tons sold

3,329



636



1,570





5,535


GAAP Coal margin per ton

$

(8.49)



$

(5.38)



$

1.93



$



$

(5.25)












GAAP Coal margin

$

(28,273)



$

(3,419)



$

3,031



$

(412)



$

(29,073)


Add: Depreciation, depletion and amortization - production (1)

41,177



7,313



1,504



410



50,404


Add: Accretion on asset retirement obligations

3,767



2,406



2,424



530



9,127


Add: Amortization of acquired intangibles, net

2,535



(486)



145



25



2,219


Add: Idled and closed mine costs

5,091



1,742



713



(546)



7,000


Non-GAAP Coal margin

$

24,297



$

7,556



$

7,817



$

7



$

39,677


Tons sold

3,329



636



1,570





5,535


Non-GAAP Coal margin per ton

$

7.30



$

11.88



$

4.98



$



$

7.17



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

373,078



$

80,174



$

70,735



$



$

523,987


Less: Freight and handling fulfillment revenues

(50,100)



(9,869)



(2,961)





(62,930)


Non-GAAP Coal revenues

$

322,978



$

70,305



$

67,774



$



$

461,057


Tons sold

2,981



1,144



1,640





5,765


Non-GAAP Coal sales realization per ton

$

108.35



$

61.46



$

41.33



$



$

79.98












Cost of coal sales (exclusive of items shown separately below)

$

312,369



$

78,022



$

75,571



$

1,696



$

467,658


Depreciation, depletion and amortization - production (1)

38,212



13,972



6,241



2,070



60,495


Accretion on asset retirement obligations

2,326



2,670



1,017



833



6,846


Amortization of acquired intangibles, net

4,765



(3,359)



908





2,314


Total Cost of coal sales

$

357,672



$

91,305



$

83,737



$

4,599



$

537,313


Less: Freight and handling costs

(50,100)



(9,869)



(2,961)





(62,930)


Less:  Depreciation, depletion and amortization - production (1)

(38,212)



(13,972)



(6,241)



(2,070)



(60,495)


Less: Accretion on asset retirement obligations

(2,326)



(2,670)



(1,017)



(833)



(6,846)


Less: Amortization of acquired intangibles, net

(4,765)



3,359



(908)





(2,314)


Less: Idled and closed mine costs

(1,956)



(458)



(659)



(1,696)



(4,769)


Non-GAAP Cost of coal sales

$

260,313



$

67,695



$

71,951



$



$

399,959


Tons sold

2,981



1,144



1,640





5,765


Non-GAAP Cost of coal sales per ton

$

87.32



$

59.17



$

43.87



$



$

69.38



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

373,078



$

80,174



$

70,735



$



$

523,987


Less: Total Cost of coal sales (per table above)

(357,672)



(91,305)



(83,737)



(4,599)



(537,313)


GAAP Coal margin

$

15,406



$

(11,131)



$

(13,002)



$

(4,599)



$

(13,326)


Tons sold

2,981



1,144



1,640





5,765


GAAP Coal margin per ton

$

5.17



$

(9.73)



$

(7.93)



$



$

(2.31)












GAAP Coal margin

$

15,406



$

(11,131)



$

(13,002)



$

(4,599)



$

(13,326)


Add: Depreciation, depletion and amortization - production (1)

38,212



13,972



6,241



2,070



60,495


Add: Accretion on asset retirement obligations

2,326



2,670



1,017



833



6,846


Add: Amortization of acquired intangibles, net

4,765



(3,359)



908





2,314


Add: Idled and closed mine costs

1,956



458



659



1,696



4,769


Non-GAAP Coal margin

$

62,665



$

2,610



$

(4,177)



$



$

61,098


Tons sold

2,981



1,144



1,640





5,765


Non-GAAP Coal margin per ton

$

21.03



$

2.29



$

(2.54)



$



$

10.60



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Nine Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

974,098



$

115,276



$

189,171



$

390



$

1,278,935


Less: Freight and handling fulfillment revenues

(158,258)



(11,392)



(9,785)





(179,435)


Non-GAAP Coal revenues

$

815,840



$

103,884



$

179,386



$

390



$

1,099,500


Tons sold

9,860



1,901



4,372



6



16,139


Non-GAAP Coal sales realization per ton

$

82.74



$

54.65



$

41.03



$

65.00



$

68.13












Cost of coal sales (exclusive of items shown separately below)

$

866,311



$

108,190



$

169,406



$

4,509



$

1,148,416


Depreciation, depletion and amortization - production (1)

121,699



19,422



10,525



1,795



153,441


Accretion on asset retirement obligations

10,786



7,025



3,963



2,032



23,806


Amortization of acquired intangibles, net

7,875



(3,484)



714



75



5,180


Total Cost of coal sales

$

1,006,671



$

131,153



$

184,608



$

8,411



$

1,330,843


Less: Freight and handling costs

(158,258)



(11,392)



(9,785)





(179,435)


Less:  Depreciation, depletion and amortization - production (1)

(121,699)



(19,422)



(10,525)



(1,795)



(153,441)


Less: Accretion on asset retirement obligations

(10,786)



(7,025)



(3,963)



(2,032)



(23,806)


Less: Amortization of acquired intangibles, net

(7,875)



3,484



(714)



(75)



(5,180)


Less: Idled and closed mine costs

(13,191)



(5,432)



(2,104)



(4,202)



(24,929)


Non-GAAP Cost of coal sales

$

694,862



$

91,366



$

157,517



$

307



$

944,052


Tons sold

9,860



1,901



4,372



6



16,139


Non-GAAP Cost of coal sales per ton

$

70.47



$

48.06



$

36.03



$

51.17



$

58.50



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Nine Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

974,098



$

115,276



$

189,171



$

390



$

1,278,935


Less: Total Cost of coal sales (per table above)

(1,006,671)



(131,153)



(184,608)



(8,411)



(1,330,843)


GAAP Coal margin

$

(32,573)



$

(15,877)



$

4,563



$

(8,021)



$

(51,908)


Tons sold

9,860



1,901



4,372



6



16,139


GAAP Coal margin per ton

$

(3.30)



$

(8.35)



$

1.04



$

(1,336.83)



$

(3.22)












GAAP Coal margin

$

(32,573)



$

(15,877)



$

4,563



$

(8,021)



$

(51,908)


Add: Depreciation, depletion and amortization - production (1)

121,699



19,422



10,525



1,795



153,441


Add: Accretion on asset retirement obligations

10,786



7,025



3,963



2,032



23,806


Add: Amortization of acquired intangibles, net

7,875



(3,484)



714



75



5,180


Add: Idled and closed mine costs

13,191



5,432



2,104



4,202



24,929


Non-GAAP Coal margin

$

120,978



$

12,518



$

21,869



$

83



$

155,448


Tons sold

9,860



1,901



4,372



6



16,139


Non-GAAP Coal margin per ton

$

12.27



$

6.59



$

5.00



$

13.83



$

9.63



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Nine Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

1,339,663



$

224,814



$

220,298



$



$

1,784,775


Less: Freight and handling fulfillment revenues

(182,729)



(23,683)



(5,430)





(211,842)


Non-GAAP Coal revenues

$

1,156,934



$

201,131



$

214,868



$



$

1,572,933


Tons sold

9,653



3,325



5,039





18,017


Non-GAAP Coal sales realization per ton

$

119.85



$

60.49



$

42.64



$



$

87.30












Cost of coal sales (exclusive of items shown separately below)

$

1,057,988



$

218,667



$

199,566



$

3,877



$

1,480,098


Depreciation, depletion and amortization - production (1)

113,714



44,586



19,390



6,190



183,880


Accretion on asset retirement obligations

6,986



7,401



3,050



2,488



19,925


Amortization of acquired intangibles, net

5,816



(12,142)



1,614





(4,712)


Total Cost of coal sales

$

1,184,504



$

258,512



$

223,620



$

12,555



$

1,679,191


Less: Freight and handling costs

(182,729)



(23,683)



(5,430)





(211,842)


Less:  Depreciation, depletion and amortization - production (1)

(113,714)



(44,586)



(19,390)



(6,190)



(183,880)


Less: Accretion on asset retirement obligations

(6,986)



(7,401)



(3,050)



(2,488)



(19,925)


Less: Amortization of acquired intangibles, net

(5,816)



12,142



(1,614)





4,712


Less: Idled and closed mine costs

(5,942)



(1,442)



(2,222)



(3,877)



(13,483)


Less: Cost impact of coal inventory fair value adjustment (2)

(4,751)



(3,458)







(8,209)


Non-GAAP Cost of coal sales

$

864,566



$

190,084



$

191,914



$



$

1,246,564


Tons sold

9,653



3,325



5,039





18,017


Non-GAAP Cost of coal sales per ton

$

89.56



$

57.17



$

38.09



$



$

69.19



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

(2) 

The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.

 


Nine Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Coal revenues

$

1,339,663



$

224,814



$

220,298



$



$

1,784,775


Less: Total Cost of coal sales (per table above)

(1,184,504)



(258,512)



(223,620)



(12,555)



(1,679,191)


GAAP Coal margin

$

155,159



$

(33,698)



$

(3,322)



$

(12,555)



$

105,584


Tons sold

9,653



3,325



5,039





18,017


GAAP Coal margin per ton

$

16.07



$

(10.13)



$

(0.66)



$



$

5.86












GAAP Coal margin

$

155,159



$

(33,698)



$

(3,322)



$

(12,555)



$

105,584


Add: Depreciation, depletion and amortization - production (1)

113,714



44,586



19,390



6,190



183,880


Add: Accretion on asset retirement obligations

6,986



7,401



3,050



2,488



19,925


Add: Amortization of acquired intangibles, net

5,816



(12,142)



1,614





(4,712)


Add: Idled and closed mine costs

5,942



1,442



2,222



3,877



13,483


Add: Cost impact of coal inventory fair value adjustment (2)

4,751



3,458







8,209


Non-GAAP Coal margin

$

292,368



$

11,047



$

22,954



$



$

326,369


Tons sold

9,653



3,325



5,039





18,017


Non-GAAP Coal margin per ton

$

30.29



$

3.32



$

4.55



$



$

18.11



(1) 

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

(2) 

The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.

 


Three Months Ended June 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Non-GAAP Cost of coal sales

$

238,411



$

29,405



$

42,674



$



$

310,490


Less: cost of purchased coal sold

(22,932)



(9)







(22,941)


Adjusted cost of produced coal sold

$

215,479



$

29,396



$

42,674



$



$

287,549


Produced tons sold

2,896



647



1,294



1



4,838


Adjusted cost of produced coal sold per ton (1)

$

74.41



$

45.43



$

32.98



$



$

59.44



(1) 

Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Three Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Non-GAAP Cost of coal sales

$

221,337



$

29,242



$

55,001



$

(7)



$

305,573


Less: cost of purchased coal sold

(12,511)



70







(12,441)


Adjusted cost of produced coal sold

$

208,826



$

29,312



$

55,001



$

(7)



$

293,132


Produced tons sold

3,142



636



1,570





5,348


Adjusted cost of produced coal sold per ton (1)

$

66.46



$

46.09



$

35.03



$



$

54.81



(1) 

Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Three Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Non-GAAP Cost of coal sales

$

260,313



$

67,695



$

71,951



$



$

399,959


Less: cost of purchased coal sold

(47,731)



(1,050)







(48,781)


Adjusted cost of produced coal sold

$

212,582



$

66,645



$

71,951



$



$

351,178


Produced tons sold

2,558



1,127



1,640





5,325


Adjusted cost of produced coal sold per ton (1)

$

83.10



$

59.13



$

43.87



$



$

65.95



(1) 

Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Nine Months Ended September 30, 2020

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Non-GAAP Cost of coal sales

$

694,862



$

91,366



$

157,517



$

307



$

944,052


Less: cost of purchased coal sold

(65,777)



(832)







(66,609)


Adjusted cost of produced coal sold

$

629,085



$

90,534



$

157,517



$

307



$

877,443


Produced tons sold

9,002



1,887



4,372



6



15,267


Adjusted cost of produced coal sold per ton (1)

$

69.88



$

47.98



$

36.03



$

51.17



$

57.47



(1) 

Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Nine Months Ended September 30, 2019

(In thousands, except for per ton data)

CAPP - Met


CAPP -
Thermal


NAPP


All Other


Consolidated

Non-GAAP Cost of coal sales

$

864,566



$

190,084



$

191,914



$



$

1,246,564


Less: cost of purchased coal sold

(194,590)



(6,378)







(200,968)


Adjusted cost of produced coal sold

$

669,976



$

183,706



$

191,914



$



$

1,045,596


Produced tons sold

7,948



3,215



5,039





16,202


Adjusted cost of produced coal sold per ton (1)

$

84.29



$

57.14



$

38.09



$



$

64.53



(1) 

Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/contura-announces-third-quarter-2020-results-301168308.html

SOURCE Contura Energy, Inc.

Coterra Energy Inc

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About CTRA

cimarex energy, co. (nyse: xec) is a denver-based independent exploration and production company with operations in oklahoma, texas, new mexico and kansas. the majority of our activity is currently in the permian basin and the cana–woodford shale play in western oklahoma. we pride ourselves on a strong technical team. the cornerstone to the cimarex approach is detailed pre- and post-drill economic evaluation of after-tax rate of return on invested capital for every well drilled. we continually strive to maximize cash flow from producing properties for reinvestment in drill-bit driven growth opportunities. we rely heavily on our geoscientists to generate drilling prospects. we have decentralized exploration teams who are experts in their regions. a cornerstone to our approach is detailed evaluation of each drilling decision based on its risk-adjusted discounted cash flow rate of return on investment. our analysis includes estimates and assessments of potential reserve size, geologic and