Coterra Energy Inc Stock Price, News & Analysis

Contura Energy (NYSE: CTRA) will officially change its name to Alpha Metallurgical Resources, Inc. on February 1, 2021. The stock will transition to a new ticker symbol, AMR, starting February 4, 2021. This rebranding reflects a strategic focus on metallurgical coal, essential for steel production, following the divestiture of the Cumberland Mine, marking an exit from the thermal coal business. Chairman David Stetson emphasized the historical significance of the Alpha name and the company’s vision to be a premier metallurgical coal producer.

Contura Energy (NYSE: CTRA) has announced significant promotions within its executive team, effective December 14, 2020. Andy Eidson has been promoted to president and chief financial officer, continuing his role as CFO. Roger Nicholson becomes executive vice president and chief administrative officer, while Dan Horn is now executive vice president of sales and a Section 16 officer. These changes are part of a long-term succession planning strategy aimed at ensuring the company's future success and sustainability.

Contura Energy (NYSE: CTRA) has finalized its sale of the Cumberland Mine and related assets to Iron Senergy Holding, LLC, effective December 10, 2020. The transaction included the transfer of multiple subsidiaries and released Contura from approximately $169 million in reclamation obligations. Additionally, Contura provided $20 million in cash to Iron Senergy and retained key metallurgical coal reserves. The divestiture is part of Contura's strategy to focus on metallurgical product production and reduce thermal coal output, with an updated 2021 guidance reflecting these changes.

Contura Energy (NYSE: CTRA) announced the appointment of Michael J. Quillen to its board of directors, effective November 23, 2020. Quillen, an industry veteran with extensive experience in the coal sector, will also serve as lead independent director and chair of the compensation and safety, health, and environmental committees. His previous roles include CEO of Alpha Natural Resources and senior positions at other mining companies. Quillen's expertise is expected to enhance Contura's strategic decision-making and address challenges in the coal industry.

Contura Energy (NYSE: CTRA) announced that John E. Lushefski, Daniel J. Geiger, and Emily S. Medine have resigned from its board of directors effective immediately. Their resignations are not due to any disagreements and aim to facilitate the search for new board members ahead of the 2021 shareholder meeting. Under their leadership, Contura exited the Powder River Basin and achieved its lowest mining costs. The company is focused on transitioning to an exclusively metallurgical producer, planning to divest the Cumberland mine, and continues to seek qualified candidates for the board.

Contura Energy (NYSE: CTRA) announced a definitive agreement to sell its Pennsylvania operations, including the Cumberland Mine, to Iron Senergy Holding, LLC. The transaction is expected to finalize by December 31, 2020, transferring mining operations and associated assets. Iron Senergy plans to continue operating the Cumberland Mine, benefiting local employment and community tax base. The deal allows Contura to focus on becoming a pure-play metallurgical company, significantly reducing its asset retirement obligations. Contura will provide $20 million in cash to Iron Senergy and transfer $30 million in cash collateral for reclamation bonds.

Contura Energy (NYSE: CTRA) announced the receipt of a $66.1 million alternative minimum tax (AMT) credit monetization refund, supplemented by an additional interest payment. This refund boosts Contura's liquidity by $67 million, providing the company with greater flexibility amidst challenging market conditions and ongoing pandemic uncertainties. CFO Andy Eidson expressed satisfaction with the arrival of these funds, which were anticipated as per previous earnings disclosures. Contura Energy remains a key player in the coal supply sector, focusing on metallurgical products for steel manufacturing.

Contura Energy (CTRA) reported a net loss of $68.6 million or $3.75 per diluted share for Q3 2020, an improvement from a loss of $238.3 million in Q2. Adjusted EBITDA increased to $20 million, driven by better margins in CAPP - Thermal and CAPP - Met segments. Despite an 11% decline in CAPP - Met prices, thermal segment revenues rose due to higher realized prices. Operating cash flow was negative at $5.9 million. Capital expenditures decreased to $27.8 million. For 2021, coal shipment guidance is set at 20.4 to 22.2 million tons, with competitive costs anticipated.

Contura Energy (NYSE: CTRA), a prominent U.S. coal supplier, is set to announce its third quarter 2020 financial results before market open on November 9, 2020. A conference call to discuss these results will take place at 10:00 a.m. Eastern time on the same day, featuring key company executives. Interested analysts can join the call via dedicated phone lines or stream it live from the company's investor website. Contura Energy operates across major coal basins in Pennsylvania, Virginia, and West Virginia, providing metallurgical coal for global steel production.