Hallador Energy Company filings document the formal disclosures of an operating energy company with electric operations and coal operations in Indiana. The record includes 8-K reports on operating and financial results, material definitive agreements, senior secured credit facilities, and capital-structure terms such as revolving credit, delayed draw term loans, letters of credit, security interests, maturity, and leverage-based interest pricing.
Hallador’s filings also cover proxy governance, executive compensation plans, board appointments, director compensation, shareholder voting matters, and enterprise risk oversight through a board risk committee. Additional disclosures address mine-safety reporting for the Sunrise Coal subsidiary and Oaktown operations, along with risk, compliance, market, financial, operational, and cybersecurity oversight matters.
Hallador Energy Company (HNRG), through wholly owned Hallador Power Company, LLC, entered into six-year capacity and energy agreements with Duke Energy Indiana for deliveries from Merom Generating Station from June 1, 2029, through May 31, 2035; the agreements are effective upon signing and require no regulatory approval. The capacity agreement covers an annual average of 225 MW of accredited capacity for approximately $271 million over the term. The energy agreement has an annual average base quantity of 200 MW and is unit contingent, with estimated revenue of approximately $422 million based on current forward prices.
Deliveries track Merom’s actual output, and Hallador Power has no obligation to buy replacement power when a unit is offline or under required maintenance. Duke Energy Indiana may reduce energy purchases to zero for up to 90 days per contract year, subject to seasonal limitations. Hallador said the agreements bring its segment-level forward sales book to $3 billion; approximately 95% of Merom’s accredited capacity is under contract through 2035.
Hallador Energy Company (HNRG) entered into a new Credit Agreement providing a $600 million senior secured term loan facility for its Turtle Creek Gas project, with $550 million funded at closing and a $50 million delayed draw available for 12 months, plus the ability to add a separate revolving credit facility of up to $75 million. The term loan matures three years after September 15, 2026, with a lender-approved two-year extension option and a required extension fee of 3.0% of outstanding principal. Before commercial operation, interest is 3.5% cash plus SOFR + 4.50% paid in kind (with a 3.5% SOFR floor; after commercial operation, interest is SOFR + 8.00% in cash. Proceeds fund turbine purchases and refurbishment, gas plant expansion, project and transaction costs, repayment of $120 million of existing Texas Capital Bank debt, and general corporate purposes. Key covenants include minimum $10 million unrestricted cash, a minimum 1.15x consolidated debt service coverage ratio, a maximum consolidated leverage ratio starting at 9.00x, a 2.5% commitment fee, a 100% excess cash flow sweep after commercial operation, and a minimum MOIC of 1.35x, rising to 1.50x if extended.
Hallador states that, together with a $2.4 billion contracted forward sales position and expected operating cash flow, this up to $675 million financing package is expected to fund the majority of Turtle Creek’s sub-$800 million estimated project cost.
Hallador Energy Company entered into a Third Amendment to its Credit Agreement with Texas Capital Bank, as administrative agent, and the participating lenders. The amendment changes the definition of EBITDA to allow Hallador to add back to EBITDA certain payments received by the company or its restricted subsidiaries under power purchase agreement exclusivity agreements during the fiscal quarter ended June 30, 2026, in an aggregate amount not to exceed $10,000,000. This modification affects how EBITDA is calculated for purposes of the existing credit facility’s terms and covenants.
Hallador Energy Co shareholder Mark D. Becker filed an amended ownership report showing beneficial ownership of 1,437,573 shares of common stock. This represents 3.0% of Hallador Energy’s common stock, based on 47,143,357 shares outstanding as of August 6, 2026.
The holdings consist of 180,745 shares held by The MDB Irrevocable Trust dated March 24, 2023 and 1,256,828 shares held by The Mark D. Becker Living Trust dated March 29, 2021, for both of which Becker has sole voting and dispositive power. The filing indicates ownership of 5 percent or less of the class.
Hallador Energy Company reported weaker results for the six months ended June 30, 2026, moving from net income of $18.2 million in 2025 to a net loss of $24.6 million, or $(0.52) per basic share. Total sales and operating revenues declined to $206.0 million from $220.5 million, driven mainly by lower Electric Operations revenue and outages at the Merom power plant, partially offset by higher coal pricing and volume.
Electric Operations sales fell to $127.3 million from $145.9 million as delivered energy revenue dropped and cost of purchased power and maintenance expenses rose sharply due to equipment issues and a major outage, producing Segment EBITDA of only $2.2 million versus $41.8 million a year earlier. Coal Operations sales were $97.3 million versus $100.3 million, with higher realized coal prices offset by cost pressure and lower segment EBITDA.
Operating cash flow reversed from an inflow of $49.8 million to an outflow of $3.4 million, while capital expenditures increased to $33.9 million. Liquidity totaled $84.2 million, including $28.98 million of cash and $55.3 million of revolver availability under a new $120 million credit facility. Hallador also entered into a $350.0 million agreement to acquire approximately 460 MW of Siemens turbine equipment, expecting about $100.0 million of additional related costs, and extended Merom’s useful life to 2040, reducing current depreciation expense.
Hallador Energy Company reported second quarter 2026 sales and operating revenue of $101.5 million, roughly flat with $102.8 million a year earlier, but results swung to a net loss of $15.2 million from net income of $8.2 million. Operating cash flow for the quarter was $(23.9) million, compared with $11.4 million in Q2 2025, and Adjusted EBITDA turned negative at $(2.9) million versus $3.4 million.
Management attributed weaker performance to scheduled maintenance at the Merom Generating Station and higher purchased power costs during periods of elevated market prices. For the six months ended June 30, 2026, total revenue was $206.0 million with a net loss of $24.6 million, versus $220.5 million revenue and $18.2 million net income in the prior-year period.
The company highlighted progress on its Merom natural gas project, now named Turtle Creek Gas, expecting total project cost to be below $800 million (about $1,700/kW) and targeting commercial operation in the second half of 2028. Forward contracted sales remain a key pillar, with segment-level contracted revenue of about $2.37 billion through 2040. Cash and cash equivalents increased to $29.0 million as of June 30, 2026, up from $10.1 million at year-end 2025, supported in part by a public equity offering.
BlackRock, Inc. filed a Schedule 13G reporting beneficial ownership of 2,803,323 shares of Hallador Energy Company common stock, representing 5.9% of the outstanding class. These securities are held by certain BlackRock business units whose holdings are aggregated for this report.
BlackRock reports sole voting power over 2,757,343 shares and sole dispositive power over the full 2,803,323 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of Hallador’s outstanding common shares.
Hallador Energy Company director Barbara Ann Sugg reported open-market purchases totaling 5,000 shares of common stock on July 14, 2026. The trades consisted of 1,300 shares at $17.1290 per share and 3,700 shares at $17.1299 per share, all held directly.
HALLADOR ENERGY CO director Daniel Timothy Hudson reported buying common stock in open-market transactions. He purchased a total of 5,000 shares of common stock across two trades at prices between $16.565 and $16.600 per share.
Hallador Energy director Daniel Timothy Hudson bought a total of 10,000 shares of common stock in open-market transactions. He purchased 5,000 shares at about $16.98 per share and another 5,000 shares at about $16.90 per share. Following these buys, he directly owns 15,000 shares.