PEABODY ENERGY CORP
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
BTU$16.03+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001064728-25-000064
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001064728-25-000115
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 178 previous paragraphs and 188 current paragraphs.
105 unchanged; 67 reworded; 16 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Within the seaborne metallurgical coal market, several unplanned outages at non-Peabody mines and wet weather created a spot supply shortage of key grades during the early part of the quarter, with the market trading higher as a result. However, metallurgical coal spot demand slowed toward the end of the quarter, resulting in softened prices. Volatility in global trade policies continued to weigh on steel exports in some Asian markets, while the early onset of monsoonal weather affected coal procurement in India. In China, steel production was adversely impacted by continued softness in the property sector, which saw a decline in floor space under construction in April and May. As a result, lower metallurgical coal import demand in China created a redistribution of coal originally bound for China to other destinations, placing further pressure on metallurgical coal index prices. Emerging evidence of supply curtailment in some regions points to prices intersecting the global cost curve. Looking forward, the seaborne metallurgical coal price may remain volatile based on the pace of growth of the Indian steel industry, changing global trade policies and global supply curtailment actions.
Current report
Labor Relations
Current report
Formal negotiations for a new labor agreement at the Metropolitan Mine have now been concluded with an in-principle agreement between the Company, the Mining and Energy Union and employees. After recent industrial action, employees returned to work on August 1, 2025. Employees will officially vote on the new labor agreement with the voting process opening on August 10, 2025 and concluding on August 13, 2025.
Current report
Corporate and Other. The decrease in segment revenue during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower results from trading activities.
Current report
Seaborne Metallurgical. Segment Adjusted EBITDA decreased during the three months ended June 30, 2025 compared to the same period in the prior year due to the prior year Shoal Creek insurance recovery ($80.8 million), lower realized prices net of sales price sensitive costs ($59.3 million) and unfavorable volumes at the Australian operations ($16.0 million).
Current report
Other U.S. Thermal. Segment Adjusted EBITDA decreased during the three months ended June 30, 2025 compared to the same period in the prior year primarily due to higher costs for materials, services and repairs ($10.5 million), unfavorable volume ($7.8 million) and lower realized prices net of sales price sensitive costs ($5.4 million).
Current report
Corporate and Other Adjusted EBITDA increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral ($8.3 million and $28.4 million, respectively), higher gains on equipment and land sales ($7.2 million and $10.4 million, respectively) and favorable results from the Company’s equity method investment in renewable energy joint ventures ($5.8 million and $8.3 million, respectively). These favorable variances were offset by unfavorable trading results ($5.4 million and $1.9 million, respectively) and unfavorable variances in Middlemount’s results driven by lower sales pricing.
Current report
The following table presents (loss) income from continuing operations, net of income taxes:
Current report
Restructuring Charges. The increase in restructuring charges during the current year is due to the upcoming closure of the Wambo Underground Mine.
Current report
Shoal Creek Insurance Recovery - Property Damage. During June 2024, the Company reached a settlement related to the Shoal Creek losses and recorded a $109.5 million insurance recovery, as discussed in Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements. Of this amount, Adjusted EBITDA excluded an allocated amount applicable to losses recognized at the time of the insurance recovery related to longwall development and equipment deemed inoperable within the affected area of the mine, which consisted of $28.7 million recognized during the year ended December 31, 2023. The remaining $80.8 million, applicable to incremental costs and business interruption recoveries, was included in Adjusted EBITDA for the three and six months ended June 30, 2024.
Current report
Net Income Attributable to Noncontrolling Interests. The decrease in net income attributable to noncontrolling interests during the three and six months ended June 30, 2025 compared to the same periods in the prior year was primarily due to a decline in the financial results of Peabody’s majority-owned Wambo operations in which there is an outside non-controlling interest.
Current report
On June 17, 2025, in accordance with the agency’s earlier announcement, the EPA proposed to repeal all GHG emissions standards for new and existing fossil fuel-fired power plants and, in the alternative, to repeal emission guidelines for existing fossil fuel-fired power plants and requirements for modified coal-fired steam generating to use carbon capture and sequestration technology. In addition, on June 17, 2025, the EPA proposed to repeal parts of a final 2024 MATS rule regarding filterable PM standards and requirements and a revised mercury standard for existing lignite-fired electric generating units.
Current report
Complaints Filed Against “Climate Superfund Laws” and Announced State Actions. On April 30 and May 1, 2025, respectively, the U.S. Department of Justice filed complaints for declaratory and injunctive relief against the states of Michigan and Hawaii regarding alleged liability of fossil fuel companies for past GHG emissions and against New York and Vermont for “climate superfund” laws. These complaints allege that existing litigation and state laws interfere with federal law, including the Clean Air Act, and with interstate and foreign commerce. The Company will monitor this litigation and its potential impact on the U.S. coal mining industry, its mining operations and customers.
Current report
One Big Beautiful Bill Act of 2025. The One Big Beautiful Bill Act of 2025 (OBBBA) was signed into law on July 4, 2025. Several provisions of the legislation could materially affect the Company’s operations, financial condition or cash flows, including a reduction to the federal royalty rate on coal production and the addition of metallurgical coal which is suitable for use in the production of steel to the list of critical minerals eligible for the Section 45X tax credit through 2029 at a rate of 2.5% of production costs. While Peabody currently estimates benefits of approximately $15 million to $20 million in the second half of 2025 related to the federal royalty reduction provisions of the legislation, the Company will continue to evaluate the applicability and effect of the OBBBA as more guidance is issued.
Current report
Capital Expenditures
Current report
Due to the reduction of certain sustaining capital expenditures, the Company revised its expected 2025 capital expenditures from approximately $450 million to $420 million.
Removed paragraphs (6)
Previous report
Within the seaborne metallurgical coal market, metallurgical coal prices softened during the three months ended March 31, 2025. Seasonal steelmaking weakness in China and mixed steelmaking profit margins in other regions generally weighed on metallurgical coal demand. In China, ongoing challenges in the property sector contributed to softer domestic steel demand and to strong rates of steel exports. During the period, Chinese metallurgical coal stocks were reported to be relatively high and Chinese domestic coal prices generally remained below international seaborne prices. Outside of China, Japan experienced falling steel production and metallurgical coal imports due to sluggish domestic demand and weakening exports, while in contrast India’s increased steelmaking capacity supported higher metallurgical coal imports relative to the same period in 2024. Meanwhile, metallurgical coal supply was generally ample to meet spot demand during the period, despite notable wet season disruptions to Australian mining and logistics, as well as lower rates of U.S. and Russian seaborne exports. PCI relativity to coking coal was fairly stable during the three months ended March 31, 2025. Looking forward, the end of the typical Australian wet season may support additional coal supply to global markets, although this effect may be softened by a number of ongoing operational disruptions at prominent metallurgical coal mines globally. Meanwhile, metallurgical coal buyers may take a cautious approach to procurement in the near-term given an increasingly complex international trade environment. Overall, the market for metallurgical coal remains finely balanced and exposed to volatility, influenced by the rate of exports from Australia and Canada, evolving bilateral trade policies and the economic performance in China, India and elsewhere.
Previous report
Corporate and Other. Segment revenue for the three months ended March 31, 2025 was comparable to the same period in the prior year.
Previous report
Corporate and Other Adjusted EBITDA increased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to the favorable impact of foreign currency rate changes ($20.2 million) and lower costs at closed and suspended operations ($7.6 million). These favorable impacts were partially offset by unfavorable variances in Middlemount’s results driven by lower sales pricing and unfavorable production costs.
Previous report
The following table presents income from continuing operations, net of income taxes:
Previous report
Interest Expense, Net of Capitalized Interest. The decrease in expense during the three months ended March 31, 2025 compared to the same period in the prior year was driven by lower interest and fees for financial assurance instruments and the capitalization of interest related to the development of the Centurion Mine.
Previous report
Metropolitan Mine Stormwater Discharge. Significantly high rainfall in New South Wales, including unprecedented rain totals at the Metropolitan Mine site resulted in stormwater being discharged from the mine site on several occasions in 2021 and 2022. On September 6, 2023, the New South Wales Environment Protection Authority commenced a prosecution for five breaches of the Protection of the Environment Operations Act 1997 (the Act) relating to the stormwater discharges. On March 15, 2024, the Metropolitan Collieries Pty Ltd (MCPL) pled guilty to two of the charges related to water pollution and two charges related to a failure to adequately maintain plant and equipment were consolidated into one charge to which the MCPL also pled guilty. The remaining charge was discontinued. A sentencing hearing was held in November 2024 and the judgment was handed down in March 2025. MCPL was convicted of three separate offenses under the Act and fined a total monetary penalty of $0.1 million. MCPL was also ordered to pay costs in the amount of $0.2 million. There are also various publication orders that MCPL must comply with under the judgement.
Reworded paragraphs (67)
Previous wording
When considering these forward-looking statements, you should keep in mind the cautionary statements in this document and in the Company’s other Securities and Exchange Commission (SEC) filings, including, but not limited to, the more detailed discussion of these factors and other factors that could affect its results contained in Item 1A. “Risk Factors” of Part II of this Quarterly Report on Form 10-Q and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. These forward-looking statements speak only as of the date on which such statements were made, and the Company undertakes no obligation to update these statements except as required by federal securities laws.
Current wording
When considering these forward-looking statements, you should keep in mind the cautionary statements in this document and in the Company’s other Securities and Exchange Commission (SEC) filings, including, but not limited to, the more detailed discussion of these factors and other factors that could affect its results contained in Item 1A. “Risk Factors” of Part II of this Quarterly Report on Form 10-Q, Item 1A. “Risk Factors” of Part II of its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 8, 2025 and Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” of Part I of its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. These forward-looking statements speak only as of the date on which such statements were made, and the Company undertakes no obligation to update these statements except as required by federal securities laws.
Previous wording
Spot pricing for premium low-vol hard coking coal (Premium HCC), premium low-vol pulverized coal injection (Premium PCI) coal, Newcastle index thermal coal and API 5 index thermal coal, and prompt month pricing for PRB 8,880 Btu/Lb coal and Illinois Basin 11,500 Btu/Lb coal during the three months ended March 31, 2025 is set forth in the table below.
Current wording
Pricing during the three months ended June 30, 2025 is set forth in the table below.
Previous wording
(1)Prices expressed per metric tonne.
Current wording
(1)Spot pricing expressed per metric tonne.
Previous wording
(2) Prices expressed per short ton.
Current wording
(2) Prompt month pricing expressed per short ton.
Previous wording
The seaborne pricing included in the table below is not necessarily indicative of the pricing the Company realized during the three months ended March 31, 2025 due to quality differentials and a portion of its seaborne sales being executed through annual and multi-year international coal supply agreements that contain provisions requiring both parties to renegotiate pricing periodically, with spot, index and quarterly sales arrangements also utilized. The Company’s typical practice is to negotiate pricing for seaborne metallurgical coal contracts on a quarterly, spot or index basis and seaborne thermal coal contracts on an annual, spot or index basis.
Current wording
The seaborne pricing included in the table above is not necessarily indicative of the pricing the Company realized during the three months ended June 30, 2025 due to quality differentials and a portion of its seaborne sales being executed through annual and multi-year international coal supply agreements that contain provisions requiring both parties to renegotiate pricing periodically, with spot, index and quarterly sales arrangements also utilized. The Company’s typical practice is to negotiate pricing for seaborne metallurgical coal contracts on a quarterly, spot or index basis and seaborne thermal coal contracts on an annual, spot or index basis.
Previous wording
In the U.S., the pricing included in the table below is also not necessarily indicative of the pricing the Company realized during the three months ended March 31, 2025 since the Company generally sells coal under long-term contracts where pricing is determined based on various factors. Such long-term contracts in the U.S. may vary significantly in many respects, including price adjustment features, price reopener terms, coal quality requirements, quantity parameters, permitted sources of supply, treatment of environmental constraints, extension options, force majeure and termination and assignment provisions. Competition from alternative fuels such as natural gas and other fuel sources may also impact the Company’s realized pricing.
Current wording
In the U.S., the pricing included in the table above is also not necessarily indicative of the pricing the Company realized during the three months ended June 30, 2025 since the Company generally sells coal under long-term contracts where pricing is determined based on various factors. Such long-term contracts in the U.S. may vary significantly in many respects, including price adjustment features, price reopener terms, coal quality requirements, quantity parameters, permitted sources of supply, treatment of environmental constraints, extension options, force majeure and termination and assignment provisions. Competition from alternative fuels such as natural gas and other fuel sources may also impact the Company’s realized pricing.
Previous wording
Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent changes to trade policy, including tariff and customs regulations. As future developments related to trade policy, including additional or retaliatory tariffs, delays in implementing previously announced changes or ongoing negotiations between countries, are unknown, the global coal industry data for the three months ended March 31, 2025 presented herein may not be indicative of their ultimate impacts.
Current wording
Within the global coal industry, supply and demand for its products and the supplies used for mining are being impacted by recent changes to trade policy, including tariff and customs regulations. As future developments related to trade policy, including additional or retaliatory tariffs, delays in implementing previously announced changes or ongoing negotiations between countries, are unknown, the global coal industry data for the six months ended June 30, 2025 presented herein may not be indicative of their ultimate impacts.
Previous wording
Within the seaborne thermal coal market, global thermal coal prices softened during the three months ended March 31, 2025, driven by weakening demand conditions and oversupply as seen by higher stockpiles in Asian markets. In China, overall total generation demand has remained relatively flat to start the year, while domestic coal production has been stronger. Combining stronger domestic coal production and relatively stable coal import demand against weaker demand has led to an increase in coal stockpiles in China through the three months ended March 31, 2025. In India, elevated domestic coal production, lower import demand and relatively flat coal generation has led to elevated coal stockpiles. Looking ahead, global thermal coal markets should begin to see stronger demand as summer restocking requirements in the Northern Hemisphere start; in addition, volatile global natural gas markets can impact global thermal coal markets.
Current wording
Within the seaborne thermal coal market, global thermal coal prices continued to soften during the six months ended June 30, 2025, driven by weakening demand conditions and oversupply as seen by higher stockpiles in Asian markets. In China, overall total electricity demand has increased slightly year-over-year through June 30, 2025, however the share of renewables in the generation mix continues to grow, pressuring coal generation. In addition, domestic coal production has been stronger year-over-year, all of which has led to an increase in coal stockpiles in China and weaker coal import demand through the six months ended June 30, 2025. In India, elevated domestic coal production, lower import demand and declining coal generation has led to elevated coal stockpiles. Looking ahead, global thermal coal markets should continue to remain under pressure as elevated stockpiles limit import demand over the next few months. In addition, volatile global natural gas markets can impact global thermal coal markets.
Previous wording
In the U.S., overall electricity demand increased over 3% year-over-year. Through the three months ended March 31, 2025, electricity generation from thermal coal has increased year-over-year, driven by higher natural gas prices and stronger total generation. Coal’s share of electricity generation has increased to approximately 17% for the three months ended March 31, 2025, while wind and solar’s combined generation share is at 19% and the share of natural gas generation has declined to approximately 38%. U.S. coal inventories have declined through March 31, 2025, resulting in stockpiles declining more than 15 million tons below levels seen at the end of 2024.
Current wording
In the U.S., overall electricity demand increased over 2% year-over-year. Through the six months ended June 30, 2025, electricity generation from thermal coal has increased year-over-year, driven by higher natural gas prices and stronger total generation. Coal’s share of electricity generation has increased to approximately 16% for the six months ended June 30, 2025, while wind and solar’s combined generation share is at 20% and the share of natural gas generation has declined to approximately 38%. U.S. coal inventories have declined through June 30, 2025, resulting in stockpiles declining almost 8 million tons below levels seen at the end of 2024.
Previous wording
Peabody’s development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia, continues to advance as planned. Centurion continues to make progress toward full-scale longwall production in the first quarter of 2026. At March 31, 2025, the mine had four continuous miner units in coal production and had shipped its second delivery of development coal. Peabody expects to begin producing continuous miner coal from Centurion North early in the third quarter of 2025, and targets combined production of 500 thousand tons for 2025.
Current wording
Peabody’s development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia, continues to advance as planned, making progress toward full-scale longwall production in February 2026. With over half of the planned headcount hired to-date, the Company intends to start installing longwall shields in the fourth quarter of 2025.
Previous wording
On May 5, 2025, Peabody announced that it had notified Anglo and BUMA of a Material Adverse Change (MAC) impacting Peabody’s planned acquisition. The MAC relates to issues involving the Moranbah North Mine, which remains inactive following what was described as a gas ignition event on March 31, 2025. If the MAC is not resolved to Peabody’s satisfaction in the limited timeframe specified under the Purchase Agreements, Peabody may elect to terminate the Purchase Agreements. See Note 9. “Long-term Debt” and Note 11. “Other Events” for further information.
Current wording
On May 5, 2025, Peabody announced that it had notified Anglo and BUMA of a Material Adverse Change (MAC) impacting Peabody’s planned acquisition, due to issues involving the Moranbah North Mine, which remains inactive following what was described as a gas ignition event on March 31, 2025. As of July 31, 2025, no credible timetable has been given regarding resumption of sustainable longwall production. Peabody’s understanding of the conditions underground, along with the continued passage of time, has further confirmed that a MAC has occurred under the Purchase Agreements. Peabody has not reached a revised agreement with the seller and intends to provide a further update after the 90-day MAC cure period has expired. See Note 9. “Long-term Debt” and Note 11. “Other Events” for further information.
Previous wording
Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
Current wording
Three and Six Months Ended June 30, 2025 Compared to the Three and Six Months Ended June 30, 2024
Previous wording
The decrease in income from continuing operations, net of income taxes for the three months ended March 31, 2025 compared to the same period in the prior year ($7.4 million) was driven by lower revenue primarily due to lower seaborne coal pricing ($46.6 million) and higher depreciation, depletion and amortization expense ($12.3 million). This unfavorable variance was partially offset by lower operating costs and expenses ($44.0 million) and a lower year-over-year provision for taxes ($15.2 million).
Current wording
The decrease in results from continuing operations, net of income taxes for the three and six months ended June 30, 2025 compared to the same periods in the prior year ($236.4 million and $243.8 million, respectively) was driven by lower revenue primarily due to lower seaborne coal pricing ($151.9 million and $198.5 million, respectively) and the prior year insurance recovery at the Shoal Creek Mine ($109.5 million, three and six months). This unfavorable variance was partially offset by lower year-over-year income taxes ($42.1 million and $57.3 million, respectively) and lower operating costs and expenses ($14.5 million and $58.5 million, respectively).
Previous wording
Adjusted EBITDA for the three months ended March 31, 2025 reflected a year-over-year decrease of $16.5 million.
Current wording
Adjusted EBITDA for the three and six months ended June 30, 2025 reflected a year-over-year decrease of $216.4 million and $232.9 million, respectively.
Previous wording
Seaborne Thermal. Segment revenue decreased during the three months ended March 31, 2025 compared to the same period in the prior year due to unfavorable realized prices ($80.6 million), offset by favorable volume and mix variances ($61.8 million).
Current wording
Seaborne Thermal. Segment revenue decreased during the three months ended June 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($69.5 million) and unfavorable export volume ($42.9 million). Segment revenue decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to unfavorable realized prices ($146.9 million), offset by favorable mix variances ($15.7 million).
Previous wording
Seaborne Metallurgical. Segment revenue decreased during the three months ended March 31, 2025 compared to the same period in the prior year due to unfavorable realized prices ($75.2 million), offset by favorable volume ($48.3 million).
Current wording
Seaborne Metallurgical. Segment revenue decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to unfavorable realized prices ($80.4 million and $155.5 million, respectively), offset by favorable volume ($38.3 million and $86.5 million, respectively).
Previous wording
Powder River Basin. Segment revenue increased during the three months ended March 31, 2025 compared to the same period in the prior year due to favorable volume ($17.7 million) and favorable realized prices ($3.8 million).
Current wording
Powder River Basin. Segment revenue increased during the three months ended June 30, 2025 compared to the same period in the prior year due to favorable volume ($56.1 million) driven by increased demand. The increase was offset by unfavorable realized prices ($2.3 million) which reflected the impact of quality adjustments for moisture due to wet weather in the current year. Segment revenue increased during the six months ended June 30, 2025 compared to the same period in the prior year due to favorable volume ($73.9 million) resulting from increased demand and favorable realized prices ($1.4 million).
Previous wording
Other U.S. Thermal. Segment revenue decreased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to decreased revenue from sales contract cancellation settlements ($13.5 million), unfavorable realized prices ($6.5 million) and unfavorable volume ($2.9 million).
Current wording
Other U.S. Thermal. Segment revenue decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to unfavorable volume ($39.6 million and $43.1 million, respectively) resulting from decreased demand and rail performance issues in the Midwest and challenging geological issues at the Twentymile Mine, unfavorable realized prices ($5.6 million and $11.5 million, respectively) and decreased revenue from sales contract cancellation settlements ($1.7 million and $15.2 million, respectively).
Previous wording
Seaborne Thermal. Segment Costs decreased during the three months ended March 31, 2025 compared to the same period in the prior year due to lower costs for labor, repairs and outside services resulting from timing of maintenance and operational improvements ($19.9 million) and favorable commodity pricing ($4.8 million). These decreases were offset by higher variable expense ($19.1 million) due to higher volume (0.4 million tons).
Current wording
Seaborne Thermal. Segment Costs decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to lower costs for labor, repairs and outside services resulting from timing of maintenance and operational improvements ($15.1 million and $35.0 million, respectively), lower sales related costs driven by both lower realized prices and volume ($7.8 million and $5.3 million, respectively), lower variable expense (three months, $6.7 million) resulting from lower volume (three months, 0.5 million tons) and favorable commodity pricing ($2.6 million and $7.4 million, respectively).
Previous wording
Seaborne Metallurgical. Segment Costs increased during the three months ended March 31, 2025 compared to the same period in the prior year due to higher variable operational and sales related costs driven by increased volume (0.4 million tons).
Current wording
Seaborne Metallurgical. Segment Costs increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to higher variable operational and sales related costs driven by increased volumes (0.2 million tons and 0.6 million tons, respectively) and development of the Centurion Mine.
Previous wording
Powder River Basin. Segment Costs increased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to higher sales related costs ($5.5 million) driven by favorable volume (0.9 million tons) and higher leasing costs ($2.8 million). These increases were offset by lower costs for labor, repairs and outside services ($6.2 million) due to mining in areas with less overburden.
Current wording
Powder River Basin. Segment Costs increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to higher sales related costs ($13.6 million and $19.1 million, respectively) driven by favorable volume (4.2 million tons and 5.1 million tons, respectively) and higher costs for repairs and outside services ($9.3 million and $5.1 million, respectively) due in part to unplanned dragline outages and haul truck repairs.
Previous wording
Other U.S. Thermal. The decrease in Segment Costs during the three months ended March 31, 2025 compared to the same period in the prior year was driven by lower volume (0.1 million tons).
Current wording
Other U.S. Thermal. The decrease in Segment Costs during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower volume (0.8 million tons and 0.9 million tons, respectively) and lower costs for labor ($6.2 million and $8.9 million, respectively).
Previous wording
Corporate and Other. Segment Costs decreased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to favorable foreign currency rate changes.
Current wording
Corporate and Other. Segment Costs decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to favorable remeasurement of foreign currency denominated monetary assets, substantially comprised of Australian dollar denominated restricted cash and cash collateral.
Previous wording
Seaborne Thermal. Segment Adjusted EBITDA decreased during the three months ended March 31, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($78.6 million), offset by favorable operational costs ($32.2 million) and favorable volume and mix variances ($28.7 million).
Current wording
Seaborne Thermal. Segment Adjusted EBITDA decreased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to lower realized prices net of sales price sensitive costs ($67.3 million and $143.3 million, respectively) and unfavorable volume (three months, $23.9 million), offset by favorable operational costs ($11.0 million and $43.9 million, respectively) driven by timing of maintenance and operational improvements.
Previous wording
Seaborne Metallurgical. Segment Adjusted EBITDA decreased during the three months ended March 31, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($63.6 million), offset by favorable operational costs ($35.8 million).
Current wording
Segment Adjusted EBITDA decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to lower realized prices net of sales price sensitive costs ($122.5 million) and the prior year Shoal Creek insurance recovery ($80.8 million), offset by favorable operational costs ($11.6 million) driven by favorable volumes.
Previous wording
Powder River Basin. Segment Adjusted EBITDA increased during the three months ended March 31, 2025 compared to the same period in the prior year due to favorable volume ($7.5 million), decreased overburden removal costs ($5.6 million) and lower costs for materials, services, repairs and labor ($4.2 million).
Current wording
Powder River Basin. Segment Adjusted EBITDA increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year due to favorable volume ($30.0 million and $37.8 million, respectively) and decreased overburden removal costs ($6.6 million and $12.0 million, respectively), offset by higher costs for materials, services, repairs and labor ($12.6 million and $8.6 million, respectively).
Previous wording
Other U.S. Thermal. Segment Adjusted EBITDA decreased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to decreased sales contract cancellation settlements ($13.5 million).
Current wording
Segment Adjusted EBITDA decreased during the six months ended June 30, 2025 compared to the same period in the prior year due to decreased sales contract cancellation settlements ($15.2 million), higher costs for materials, services and repairs ($11.2 million), unfavorable volume ($10.2 million) and lower realized prices net of sales price sensitive costs ($8.9 million).
Previous wording
(3)Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in renewable energy joint ventures, costs associated with suspended operations including the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company’s other commercial activities.
Current wording
(3)Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in renewable energy joint ventures, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company’s other commercial activities.
Previous wording
Income From Continuing Operations, Net of Income Taxes
Current wording
(Loss) Income From Continuing Operations, Net of Income Taxes
Previous wording
Depreciation, depletion and amortization expense increased during the three months ended March 31, 2025 compared to the same period in the prior year primarily due to increased depreciation resulting from asset additions and shortened mine lives. The changes in the weighted-average depletion rate per ton for both the Powder River Basin and the Other U.S. Thermal segments during the three months ended March 31, 2025 compared to the same period in the prior year reflect the impact of volume and mix variances across the segments.
Current wording
Depreciation, depletion and amortization expense increased during the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to increased depreciation resulting from asset additions. The changes in the weighted-average depletion rate per ton for both the Seaborne Metallurgical and the Other U.S. Thermal segments during the three and six months ended June 30, 2025 compared to the same periods in the prior year reflect the impact of volume and mix variances across the segments.
Previous wording
Transaction Costs Related to Business Combinations. The charges recorded during the current year period relate to the planned acquisition of multiple metallurgical coal mines from Anglo which was announced during the fourth quarter of 2024. Refer to Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements for further information regarding the planned Anglo acquisition.
Current wording
Transaction Costs Related to Business Combinations. The charges recorded during the current year relate to the planned acquisition of multiple metallurgical coal mines from Anglo which was announced during the fourth quarter of 2024. In additional to typical costs, such as legal and professional fees, the charges for the three and six months ended June 30, 2025 include a $10.4 million duration fee on the bridge loan facility. Refer to Note 11. “Other Events” in the accompanying unaudited condensed consolidated financial statements for further information regarding the planned Anglo acquisition.
Previous wording
Interest Income. The decrease in income during the three months ended March 31, 2025 compared to the same period in the prior year was driven by lower average cash balances during the current period.
Current wording
Interest Income. The decrease in income during the three and six months ended June 30, 2025 compared to the same periods in the prior year was driven by lower average cash balances during the current period.
Previous wording
Income Tax Provision. The decrease in the income tax provision during the three months ended March 31, 2025 compared to the same period in the prior year was primarily due to lower expected pretax income. Refer to Note 8. “Income Taxes” to the accompanying unaudited condensed consolidated financial statements for additional information.
Current wording
Income Tax Benefit (Provision). The decrease in the income taxes during the three and six months ended June 30, 2025 compared to the same periods in the prior year was primarily due to lower expected pretax income. Refer to Note 8. “Income Taxes” to the accompanying unaudited condensed consolidated financial statements for additional information.
Previous wording
Net Income Attributable to Common Stockholders
Current wording
Net (Loss) Income Attributable to Common Stockholders
Previous wording
The following table presents net income attributable to common stockholders:
Current wording
The following table presents net (loss) income attributable to common stockholders:
Previous wording
Diluted EPS is commensurate with the changes in results from continuing operations and discontinued operations during that period. Diluted EPS reflects weighted average diluted common shares outstanding of 138.7 million and 144.9 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Diluted EPS is commensurate with the changes in results from continuing operations and discontinued operations during that period. Diluted EPS reflects weighted average diluted common shares outstanding of 121.7 million and 142.8 million for the three months ended June 30, 2025 and 2024, respectively, and 122.3 million and 143.8 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Adjusted EBITDA is defined as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliations below.
Current wording
Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliations below.
Previous wording
Black Lung Benefits Act Self-Insurance Requirements. The Black Lung Benefits Act requires each coal mine operator to secure the payment of its potential benefits liability by either qualifying as a self-insurer or by purchasing and maintaining a commercial insurance contract. The Department of Labor’s (DOL) Office of Workers’ Compensation Programs (OWCP) is responsible for authorizing coal mine operators to self-insure and for setting the security amounts. As part of its ongoing efforts to reform the self-insurance program to ensure that operators are adequately securing their liabilities, the OWCP finalized a rule on December 12, 2024 to update its regulations for authorizing operators to self-insure and for determining appropriate security amounts. The changed requirements for security posted to self-insure black lung liabilities could result in the Company being required to post additional security for its obligations.
Current wording
Black Lung Benefits Act Self-Insurance Requirements. The Black Lung Benefits Act requires each coal mine operator to secure the payment of its potential benefits liability by either qualifying as a self-insurer or by purchasing and maintaining a commercial insurance contract. The Department of Labor’s Office of Workers’ Compensation Programs (OWCP) is responsible for authorizing coal mine operators to self-insure and for setting the security amounts. As part of its ongoing efforts to reform the self-insurance program to ensure that operators are adequately securing their liabilities, the OWCP finalized a rule on December 12, 2024 to update its regulations for authorizing operators to self-insure and for determining appropriate security amounts. The changed requirements for security posted to self-insure black lung liabilities could result in the Company being required to post additional security for its obligations.
Previous wording
•Regulation of greenhouse gas emissions from new and existing fossil fuel-fired electric generating units (EGUs), commonly known as “Clean Power Plan 2.0,” which could also impact the final 2015 New Source Performance Standards for fossil fuel-fired EGUs;
Current wording
•Regulation of greenhouse gas (GHG) emissions from new and existing fossil fuel-fired electric generating units (EGUs);
Previous wording
•National Ambient Air Quality Standards for fine particulate matter;
Current wording
•National Ambient Air Quality Standards for fine particulate matter (PM);
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