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dude I bid whacked those huge bids at 365k 645k 300k... I took out all those huge bids at .032-.0265
No sorry man. I have been involved in BK stocks. You dont understand, You are listening to much to what DRP board is saying. I have played these BK stocks, Go and look at my post history I was involved in wamu for so long. You know why I sold, because I know for a fact shareholders cant put a united front together. The plane has been filed with the court, its on the docket how you think we got them? Dude I am not in no way bashing anyone or the stock. For those that know me knew how many shares I held and knew it took allot for me to sell.
How do you think I knew how to pull of the documents off the pacer site so fast? I used this when WAMU was in BK.
The noteholders have other plans for this stock and it might be a good play when it comes out of BK. For right now I will use my money on other plays that are making me money.
.01. I sold almost 3mil shares at .03 today
Once debt refinancing is done and the S&P upgrades the rating back to B- we could see big money coming back in here.
undervalued, Coal industry goes up and down and economy and weather play a factor. Give us some heat this summer to heat this baby up.
PCX is over 20 Million shares short
http://shortsqueeze.com/?symbol=pcx&submit=Short+Quote%99
there hating on us, We are undervalued at this point compared to other coal stocks... someone doesn't want us to get noticed just yet
Our new CEO looks very promising.. Great experience and background.
PATRIOT COAL NAMES NEW LEADERSHIP TEAM
TO IMPROVE ITS OPERATING AND FINANCIAL STRUCTURE
IRL F. ENGELHARDT ASSUMES DUTIES OF CHAIRMAN AND CEO
BENNETT K. HATFIELD APPOINTED PRESIDENT AND CHIEF OPERATING OFFICER
ST. LOUIS, May 29 – Patriot Coal Corporation (NYSE: PCX), a leading producer and marketer of coal in the eastern United States, today announced a new executive leadership team to improve its operating and financial structure.
The following appointments by the Patriot Board of Directors are effective immediately:
•
Irl F. Engelhardt has been named Chief Executive Officer. He succeeds Richard M. Whiting, who is leaving Patriot after serving as President and CEO since 2007. As CEO, Engelhardt will have overall responsibility for the Company and will focus on corporate strategy, financing activities, corporate development and optimization of the Company’s asset portfolio. Engelhardt will also continue to serve as Chairman of Patriot’s Board of Directors.
•
Bennett K. Hatfield has been named President and will continue to serve as Chief Operating Officer of Patriot. He will be responsible for overseeing the execution of Patriot’s operations, sales and marketing plans. To help ensure that Patriot’s operations anticipate and respond effectively to changing market conditions, the Company’s marketing teams will now report directly to Hatfield.
•
Michael M. Scharf has been named Lead Independent Director of the Patriot Board. He has been a member of the Board since 2007 and currently chairs Patriot’s Nominating & Governance Committee.
Engelhardt said, “Ben and I will immediately focus on improving Patriot’s competitive position as well as its financial structure to enhance value for our shareholders and all other groups who have a stake in the Company’s success. Our team has successfully navigated the inherent cycles in the energy industry in the past, and I am confident Patriot can overcome the industry challenges that we currently face. As we move forward, I could not have a better operating partner than Ben, who has demonstrated outstanding leadership and a deep knowledge of the coal industry in his 30-year career.”
Engelhardt added, “On behalf of the Board and the senior management team, we thank Rick for his contributions, commitment and service to Patriot. As President and CEO, he guided Patriot through a complex spin-off and its emergence as a standalone public company. We wish him well in his future endeavors.”
About Irl F. Engelhardt
With more than 30 years of experience in the coal and energy industries, Mr. Engelhardt, 65, will lead Patriot. He has served as Chairman of the Board of Directors of Patriot since its spin-off from Peabody Energy in 2007, and previously served as Chairman and CEO of Peabody from 1990-2005. During his career, he has served as Chairman of Peabody Resources Ltd. (Australia), Chairman of Citizens Power LLC (a power trading company), Chairman of The Federal Reserve Bank of St. Louis, Co-CEO and executive director of The Energy Group (LSE: TEG), Chairman of Suburban Propane Company and Chairman of Cornerstone Construction & Materials. He also previously served as a member of the Boards of Directors of Valero Energy Corporation and The Williams Companies, Inc. In addition, he served as Chairman of the National Mining Association, the Coal Industry Advisory Board of the International Energy Agency, the Center for Energy and Economic Development, and the Coal Utilization Research Council, as well as Co-Chairman of the Coal Based Generation Stakeholders Group.
Raymond James analyst says coal prices may rebound
NEW YORK - A Raymond James analyst said Monday that while coal companies face "significant challenges," many of the companies' shares are nearing attractive prices.
THE BACKGROUND: Coal producers have struggled this year in the face of weak demand.
Mild winter and spring weather reduced utility company needs for coal to generate electricity. In addition, utilities and some manufacturers have switched from coal to cheaper natural gas for fuel.
The price of natural gas has fallen to record lows this year because booming production has produced a glut, further weakening the attractiveness of coal.
As a result, a number of coal producers have cut back production and shuttered mines to reduce costs.
THE OPINION: Analyst James Rollyson said that barring a major global recession, shares of coal companies may soon be worth buying. He pointed to the continued long-term global growth in coal demand and falling U.S. coal production levels.
In addition, he noted that U.S. thermal coal spot prices are currently below cash cost levels and aren't sustainable, while the global metallurgical coal market appears to be hitting bottom.
Rollyson also predicted that natural gas prices will bottom out this year and begin to recover, possibly reversing the previous shift toward natural gas.
But the analyst acknowledged that coal prices and demand remain heavily affected by the European economic situation, demand from emerging markets like China, India and Brazil and U.S. natural gas prices.
SHARE MOVEMENT: Shares of Alpha Natural Resources fell 38 cents, or 4.2 percent, to $8.45 in late afternoon trading, while Peabody Energy Corp. lost 52 cents, or 2.2 percent, to $23.31. But Arch Coal Inc. shares rose 17 cents, or 2.8 percent, to $6.18 per share.
http://www.cnbc.com/id/47864331
Commitment Termination
Each Commitment Party’s commitment and the other obligations set forth in this Commitment Letter will terminate on the earlier of (A) July 6, 2012 and (B) the date the Loan Documents become effective (such earlier date, the “ Termination Date ”) unless each Commitment Party shall, in its discretion, agree to an extension in writing. Before such date, (i) each Commitment Party may terminate its commitment and other obligations hereunder if any event occurs or information becomes available that, in its reasonable judgment, results in, or is likely to result in, the failure to satisfy the condition set forth in Section 1(d) or 1(f) (insofar as Section 1(f) applies to compliance with the provisions of Section 3 hereof) and (ii) the Borrower may terminate this agreement upon written notice to each Commitment Party.
Once loan docs are signed we will be getting news regarding the financing of the new debt. Huge news.
Hot weather has started to pick up last week in So Cal... Expecting almost 90s this week and upper 110s in the hot valley areas.
PCX uptank... Hot summer is good for coal!
Well we need 2 things to swing our way
Nice warm summer and some news about the refinance talks.
PCX uptank
THE STOCK: Shares of Patriot rose 12 cents, or 5.5 percent, to $2.30 in midday trading. But shares had lost 63 percent of their value in May alone. The stock is worth about 10 percent of its price on this day a year ago — $21.27.
Ouch, Huge up tank possibility here if we can get the debt refinanced. that should send the stock back up to at least the $2.50+ range.
http://www.cnbc.com/id/47536774
Hopefully the warm winter will lead to us to a nice warm summer. End of june and 1st week of july will be telling.
If the summer's hot, the coal industry gets happy
05/18/2012
By BARRY CASSELL
Coal-fired power plants across the country have been backed down lately due to cheap natural gas and a warm winter, with coal producers now counting on a scorching hot summer, with high air conditioning load, to get them out of the hole.
There are a few truisms in the coal business.
At any one time, the industry is mining the “best of what’s left” in terms of coal reserves. That truism is heard a lot particularly in and around Central Appalachia, where coal reserves have been mined hard for about 150 years to fuel an Industrial Revolution and a couple of world wars. Central App coal production is falling like a rock each year, as coal producers work smaller and smaller pockets of ever more marginal coal reserves. That production decline is something that power generators have mentioned a lot lately in earnings calls, etc., as they install SO2 scrubbers and experiment with alternative, high-sulfur coal and coal blends at plants that were in many cases designed to burn Central App low-sulfur coal.
Another truism is that you’re only a really hot summer or a really cold winter away from a good coal market. Though considering the current depressed market, and this cheap gas that may get only marginally more expensive over the next few months, it may take a back-to-back scorcher of a summer and truly frigid winter to make much of a dent.
Domestic thermal coal demand and pricing deteriorated in the first quarter as the mild winter and prolonged low natural gas prices resulted in lower coal burn for electricity generation, said Patriot Coal (NYSE: PCX) in its May 8 earnings statement.
Heating degree days were 21% below normal in the 2012 first quarter, said Patriot, a major producer of coal in West Virginia and western Kentucky. These factors caused inventories at utilities to expand to over 200 million tons at the end of March. Railcar loadings for the first quarter were consequently down 10% year-over-year, and the lowest loadings since early 1994. As a result, U.S. coal producers are closing mines and reducing operating shifts.
Other coal producers, like Arch Coal (NYSE: ACI) and Peabody Energy (NYSE: BTU), are also cutting back production for the same reasons and hoping for a hot summer that will key a market rebound.
A May 17 report on first-quarter developments in the PJM region, prepared by Monitoring Analytics LLC, the Independent Market Monitor for PJM, said: “The results of the market dynamics in the first quarter of 2012 continued to be generally negative for coal fired units. Net revenues declined for coal units in every zone in the first quarter of 2012.”
PJM operates a centrally-dispatched, competitive wholesale power market that includes all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. A lot of those states, like Ohio, Kentucky and West Virginia, are in the heart of coal country and feature a lot of rapidly-aging and environmentally-embattled coal-fired capacity.
In the first quarter of this year in PJM, coal units provided 39.9%, nuclear units 36.3% and gas units 19% of total generation in the region. Compared to the year-ago quarter, generation from coal units decreased 11.6%, generation from nuclear units increased 8.3%, generation from natural gas units increased 66% and generation from oil units increased 54.2%.
Reports of depressed coal burns are myriad.
Duke Energy Ohio purchased 19.6% less coal in 2011 (6,196,415 tons) compared to 2010 (7,708,853 tons) and continued to experience electricity customer switching during 2011 that resulted in it accumulating more coal than required for the lower level of customer demand, said consultant Schumaker & Co. in a recent audit report filed at the Public Utilities Commission of Ohio.
During a 12-month review period ending Feb. 29, in order to minimize fuel costs, Progress Energy Carolinas took advantage of a “dramatic decrease” in natural gas prices and operated its natural gas-fired combustion turbines at much higher capacity factors as compared with prior review periods, said Dewey Roberts II, Manager-Power System Operations at PEC, in May 9 fuel testimony filed at the South Carolina Public Service Commission.
Due to increasingly lower power prices and reduced demand for coal generation, Duke Energy Indiana's coal burn projections for 2012 have been adjusted downward. For example, coal burn for Duke Energy Indiana stations in the December 2011-February 2012 period were about 45% less than the coal burn compared to the same months over the prior five years. If natural and power prices continue to be depressed, there likely will be further downward pressure on Duke Energy Indiana's coal generation. That’s according to Elliott Batson Jr., a fuels official with a Duke Energy Indiana affiliate. He described the coal situation in April 30 fuel testimony filed at the Indiana Utility Regulatory Commission.
Northern Indiana Public Service's Director of Fuel Supply, Kevin Strnatka, said in May 4 fuel adjustment clause testimony filed at the Indiana commission: “The challenge this summer will be to manage the excess coal inventory incurred due to the mild winter and the low natural gas pricing, effectively displacing coal fired generation. Consumption could further decline based on continuing mild weather and persistent low natural gas pricing. NIPSCO will attempt to manage through any excess inventory by working with suppliers to defer tons as allowed in the coal supply agreements, and to redirect coal for consumption from one station to another if necessary, but at the same time attempting to meet the minimum volume commitments in our transportation agreements to forego paying liquidated damage penalties to the railroads.”
scorching hot summer makes me happy.
PCX nice volume and up tank. Lets get her back to $2!
Finance news would be nice, now that a new management is in place and the company activity working on getting on done I would think we would see something in the next few weeks.
All they gotta do is announce new financing is in place and we are off to the races.
Looks like they got the right management in place to get things under wraps again...
Dear Fellow Employee:
I am writing each of you to provide an update on the proactive initiatives we are taking to help ensure Patriot remains strong during these challenging times in our industry.
Across our business, operations are performing well. We are achieving outstanding safety results, and we have taken decisive action to scale our production to match market demand. Our operational excellence and the flexibility of our modular met coal production portfolio are a distinct competitive advantage for our company.
Our management team has acted swiftly to ensure that we are well-positioned in the current operating environment. We have reduced thermal coal production by over four million annual tons, delayed expansions under the Met Build-Out program, and worked closely with our customers to address their changing needs. In addition, we have implemented major cost reduction initiatives, including assuming full operation of several mines and facilities that were previously managed by contractors and adjusting our workforce appropriately.
We are also addressing a number of challenges that current market conditions have created. Last week, we adjusted our forecast for the year to reflect a possible default by a key customer on a contract for Appalachia met coal. We continue to be in discussions with the customer and other potential buyers for this allotment of coal, and we are confident it will ultimately be sold – although not at the original contract price, which was measurably higher than the current spot market. As you know, we and other coal producers have encountered similar business situations in the past and we have successfully achieved satisfactory resolutions.
Earlier this month, we announced that Patriot has entered into a commitment letter for a new revolving credit facility and new term loan facility for a total of $625 million. We are continuing to work with our lenders to strengthen our finances, including the refinancing of our debt obligations that become due in March 2013. We have engaged The Blackstone Group and continue to work with Davis Polk & Wardwell, our long-standing counsel, to achieve an optimal financing package. As we work through these matters, we continue to have access to our current credit facilities.
We believe the actions we are taking will see us through these challenging times and position us for future growth. Despite the current domestic headwinds we are facing, the global market for both thermal and met coal is creating export opportunities for our company. We are aligning our operating portfolio to take advantage of these opportunities.
Please also keep in mind that our industry is inherently cyclical. For that reason, our leadership team has extensive prior experience in managing through variable and difficult markets. You may recall, for instance, that in 2009 we successfully navigated through one of the greatest market dislocations in history. I am confident we will do so again.
A warm winter is not good for coal companies...A nice cold winter will make this stock on fire again.
PCX uptank time.
Yes that is the plan and that is why I sold. you can private email me if you would like to talk off the board.
I am in 40k shares @1.45
I did and its just part of the Bk process that's all.
Here lies the problem BDE and the noteholders will own 80-90% of the company.. They need to take a haircut of 70-75% for us to see something.
Right now it says we get between 0-10% at this point I think the risk is to great and that is why I sold. If the pps drops to .01-.015 It will be worth the risk and more importantly TIME.
I have been thru the WAMU case and let me tell you, its a long process if we get 5% or 3% of the company and try to fight for more.
We dont know what the OS will be nor do we know what the company will do when it comes out of BK. to many unknowns now.
You really need to think about what is going on and stop listening to what DRP is saying. He is full of crap because he needs to cover his ass now that the stock is tanking. I sold for a reason. you want the court docs email me and i will send them to you
nextelchad@yahoo.com
its 0-10% of the new company... Who knows. I dont know.
If BDE and the other creditors take a haircut commons will get 0-10%
Now the only way commons really really see some coin is if they approach the noteholders with proof that they screwd over shareholders and ask for a more % of the company like 20%... kind of what we did in the wamu case where we uncovered insider trading and in return we granted them releases from liability they give us more % of the company.
BDE and the rest of the notholders control the company.. They just bought out the company for $5mil in BK... they are going to control 80-90% of the company class 2 creditors 5-10% and then us class 3 0-10%
So for us to get something BDE will have to get
80%
Class 2 10%
and we will get 10%
Yes it will everyone is trying to play the BK bounce but I sold and I think a few others will sell in the coming days as well.
I stayed up and download and read about 250 pages of court docs, 100% this was a set up by BDE..
Company got a buyout offer for $450,000 which the board rejected. Other then that no one else was interested.
Anyone wants the docs email me and I will send them over
nextelchad@yahoo.com
The blame should go to the CFO Thomas plotts for doing the loan agrement with BDE.
#1 lesson Always listen to the wife
#2 greed kills
#3 Money comes and goes in life
I sold all this morning. Its going to dip lower. commons are going to get 0-10% of the new company.