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Folks said the same thing last month and guess what a ton here have made some serious bank.
That is not true at all, Many other factors just as short covering and also buying before news comes out.. Heat wave is small piece of the BIG PIE.
India right now is facing a huge shortage of coal....
Delay in signing coal supply MoUs hurting 6,000 MW capacity
NEW DELHI: Delay in signing of agreements to source coal for short-term usage has left over 6,000 MW power capacity stranded as units await fuel supply.
"14 thermal power units of various thermal power stations in the states including Maharashtra, Andhra Pradesh, Bihar, Jharkhand and Uttar Pradesh do not have coal supplies because MoUs (Memorandum of Understanding) have not been signed," a Central Electricity Authority official told PTI.
http://economictimes.indiatimes.com/news/news-by-industry/energy/power/delay-in-signing-coal-supply-mous-hurting-6000-mw-capacity/articleshow/14743901.cms
Power crisis to get worse as coal stocks plunge
HYDERABAD/VIJAYAWADA: The state has plunged into a deeper power crisis with supplies virtually on the verge of a collapse. Almost all the thermal power stations are running with minimal or nil buffer coal stocks and any breakdown in the supplies is set to push the state into a prolonged dark spell. With diminishing gas supplies, the power generation has taken a further hit, sources in APTransco said.
http://timesofindia.indiatimes.com/city/hyderabad/Power-crisis-to-get-worse-as-coal-stocks-plunge/articleshow/14754136.cms
China coal mine blast kills seven:
* Labour rights groups say actual death toll likely much higher
* Rescue workers pull eight miners out
BEIJING: A gas blast at a coal mine in China’s central province of Hunan killed seven people on Sunday, state media said, the latest in a string of accidents in the country’s dangerous mining industry.
The explosion killed the miners on Sunday morning at the mine in Lianyuan city, though 39 others escaped, the official Xinhua news agency said, quoting the local government.
The latest accident came as rescuers in another part of the same province were racing to find eight coal miners still missing four days after their mine flooded, state media said.
Rescue workers pulled eight miners out of the coal mine in Leiyang city on Sunday, but another eight remained unaccounted for, Xinhua said in a separate report. State television showed in a live broadcast one of the miners rescued grasping his coal-blackened hands together in a show of gratitude as he was carried on a stretcher to a waiting ambulance. Water rushed into the mine on Wednesday evening, trapping 16 miners underground as 24 others managed to escape.
The accident was not reported to the government until the following day, delaying rescue efforts by 12 hours, Xinhua said, adding that the mine’s owner, Liu Yaping, was now in police custody.
Accidents in China’s mines occur frequently.
However, tighter safety standards appear to have been effective according to the latest official figures, which say 1,973 people died in coal mining accidents in 2011, down 19 percent on the previous year. Labour rights groups say the actual death toll is likely much higher, partly due to under-reporting of accidents as mine bosses seek to limit their economic losses and avoid punishment.
China is the world’s biggest consumer of coal, relying on the fossil fuel for 70 percent of its growing energy needs. Eight Chinese miners were rescued Sunday after being trapped underground for more than three days in a flooded coal mine, while seven workers in another mine were killed by a gas explosion.
State broadcaster CCTV said the eight miners were lifted to the ground in Leiyang, a city in central Hunan province. Three other miners were believed to be still alive underground. State television showed rescuers in orange suits and helmets lifting the workers on stretchers while a crowd of miners and others applauded. The survivors were placed in ambulances where nurses treated them before they were driven off to hospitals.
At another coal mine in the same province, a gas explosion killed seven workers Sunday morning in the city of Lianyuan, the official Xinhua News Agency said. Thirty-nine other workers managed to escape and an investigation into the cause of the accident is under way, the report said. The mine owner is under police custody, Xinhua said.
Mine floods usually occur when miners drill through to abandoned shafts that have been allowed to fill with water. Along with gas explosions and cave-ins, they make China’s coal mines the world’s deadliest, although the death rate has fallen. agencies
http://www.dailytimes.com.pk/default.asp?page=2012%5C07%5C09%5Cstory_9-7-2012_pg14_1
Cali is going to get a massive heat wave next week.
Patriot Coal Names New Leadership Team To Improve Its Operating And Financial Structure
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.
No way would a Top notch CEO come in and take the position unless he knew refi deal was a done deal!
http://www.patriotcoal.com/index.php?view=management-team&p=2&s=39
Irl F. Engelhardt
Irl Engelhardt serves as Chairman and Chief Executive Officer of Patriot Coal Corporation. Prior to the spin-off of Patriot from Peabody Energy, Mr. Engelhardt served as Chairman and a director of Peabody. Previously, he held various officer level positions with Peabody and its predecessor companies, including sales, business development and administrative areas.
Irl has previously served as the Chairman of the Federal Reserve Bank of St. Louis, 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. He has also served as a director of The Williams Companies, Inc. and Valero Energy Corporation.
One it was a Friday and it's flippers day. We all know day traders do not hold over the weekend. Also we held up pretty good for all that selling that took place the last 2hrs of the market.
So many loaded the dip and flipped. I am not worried about Fridays close because most sold.
I agree that is why I am in as well, No way in the world would a 30yr top notch vet come in as CEO if the company was
A. Going BK
B. Not getting refi deal done
MATTER OF FACT.
A TOP NOTCH CEO WILL ONLY COME IN
A. refi deal is done and banks wanted him on board
B. Turn company around and look dam well doing it
If they turn this company around the CEO will look like a dam king, No way does Irl Engelhardt come in and want to lead this company to a BK filing.
The writing is on the way folks! Just look real hard and see the timeline between the announcement of the finance news all the way up to the new management that was put in place.
Up 100% agree and guess what the market sees right thru what hes doing. Bashing the stock and saying hes shorting. I bet hes loading his boat.
Looking back at things and most important is the TIMELINE of the finance deal here is what IMO took place.
1st and foremost, Patriot has sued Keystone for breach of contract which imo will result in a settlement 100% because keystone has no defense and it's a clear cut case. I pulled up the doc's and saw the complaint filed by the company.
Here is the timeline that took place based on the SEC doc's.
PCX has notes that are due in 2013, about 1yr from now. They know and so does the industry know that the coal industry was hit hard because of the WARM winter, They need to buy them self's time so the sector can once again pick it's self up. them knowing that if they can get a refi deal done the company can survive at least a few more yrs and get thru the tough times they have been facing.
The banks start the process and issue the commitment letter with all the terms they want the company to meet.
Everything is going good with the refi deal until keystone stops buying coal.
Company refi deal might have hit a snag when keystone stopped buying.
I bet the banks wanted a new CEO in place to lead the company out of the whole.
They bring in a top notch CEO whose has extensive knowledge of the industry and also has ties with china markets.
PCX sues keystone
PCX fires there old CFO and put's in someone that not only is very good at what he does but also has extensive knowledge of the china market.
I really think the banks wanted a new CEO in place, someone they know can get the job done and turn things around.
If the company was going BK they would not have shuffled around their top positions at the company.
Now we wait for news regarding the refi has been done.
PCX
Stock has been upgraded
http://thestreet.marketedge.com/secop/PCX.asp?p=I
Stock has been upgraded
http://thestreet.marketedge.com/secop/PCX.asp?p=I
Would love to see that. Getting married in 2 weeks could use a nice relaxing vacation!
Finance news will make this stock be an atm for a long long time.
I think the market knows better this time around and just like a ton of us here we all waiting for the same piece of news. Time will tell, hek he wouldn't want news? This will shoot to at least $5 with news.
I think the fact that hes disclosing it makes it legal. But hes funny he's always talking smack about PCX the whole crew over there and I do hope they short it once again and get bombed with news and have to cover.
I did not say you did, But you did not include the part where he says hes SHORT on PCX!
Those guys over at SA always putting a negative spin, they cant be trusted.
PCX SA once again putting negative spin on PCX.
http://seekingalpha.com/article/706631-james-river-coal-and-patriot-coal-will-likely-retest-lows
Notice how they are short on the stock, I hope they do short it and burn.
lol, you forget to include the most important part of his article
Disclosure: I am short JRCC, PCX.
THE DUDE IS SHORT ON PCX,That is why hes putting a negative spin on things ONCE AGAIN.
http://seekingalpha.com/article/706631-james-river-coal-and-patriot-coal-will-likely-retest-lows
SA always bashing PCX, I hope this short this all over again they know they are playing with fire.
The guy is short on PCX that is why hes putting a negative spin on things.
http://seekingalpha.com/article/706631-james-river-coal-and-patriot-coal-will-likely-retest-lows
Disclosure: I am short JRCC, PCX.
With finance news yes!
I dont think so because the street knowns news before us and will be buying. But what do I know. I am just trying to make some money! Either way once news hits the pps wont matter as this will take off on it's own. Maybe with finance news the companys bonds can get an upgrade which it's self will make it pop nice.
$1.50 not a chance. You are talking about going from market close of $2.22 to $1.50, Almost a 45% drop based on what? We all want to load the boat again but saying it will drop that much is not even close to being a accurate prediction. We had a fairly nice close on a Friday with all the profit takers. Most of the profit takers sold at the HOD and then the rest bid whacked for 2hrs before the EOD.
Dont think we see $1.50 at all. The market knows good news before any of us little guys. Hek we didn't see any sell off AH either, we had light volume and went up .03.
If we can hold $2+ with positive finance news we will see $5
Yea I am in Los Angeles, and we are expecting a heat wave next week as well. The valleys will get into the 100 which is hot, deserts prob easy 110-115
I have it on auto email if something comes out.
exactly, They have I think 3 or 4 days to report to the SEC regarding any new info. So we should see something soon.
Here what I can tell you, There is no news that it did not go thru so I expect to see news that it did.
Read about the new magement that is in place now.
Management Team
Irl F. Engelhardt
Irl Engelhardt serves as Chairman and Chief Executive Officer of Patriot Coal Corporation. Prior to the spin-off of Patriot from Peabody Energy, Mr. Engelhardt served as Chairman and a director of Peabody. Previously, he held various officer level positions with Peabody and its predecessor companies, including sales, business development and administrative areas.
Irl has previously served as the Chairman of the Federal Reserve Bank of St. Louis, 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. He has also served as a director of The Williams Companies, Inc. and Valero Energy Corporation.
Bennett K. Hatfield
Ben Hatfield is Patriot Coal's President & Chief Operating Officer.
Previously, Ben was President, Chief Executive Officer and Director of International Coal Group, prior to the June 2011 sale of that company. He has held a number of other key executive operating and commercial positions during his 30-plus years in the coal industry, including President, Eastern Operations of Arch Coal, Inc., Executive Vice President and Chief Operating Officer of Massey Energy Company, and Executive Vice President & Chief Commercial Officer of Coastal Coal Company.
Ben is a board member of the West Virginia Coal Association and a past board member of the NMA.
Ben is a Licensed Professional Engineer with a Bachelor of Science degree in mining engineering from Virginia Polytechnic Institute and State University.
Mark N. Schroeder
Mark Schroeder is Senior Vice President & Chief Financial Officer for Patriot Coal.
Previously, Mark held several key management positions with Peabody Energy, most recently serving as President of Peabody China from 2005 to 2007. He also served as Vice President of Materials Management, Vice President of Business Development and as Controller.
Mark has more than 30 years of business experience, including as Chief Financial Officer of Behlmann Automotive Group, Chief Financial Officer of Franklin Equity Leasing Company and financial management positions with McDonnell Douglas Corporation and Ernst & Young, LLP.
Mark is a certified public accountant and holds a Bachelor of Science degree in business administration from Southern Illinois University - Edwardsville.
Joseph W. Bean
Joe Bean is Patriot Coal's Senior Vice President - Law & Administration, General Counsel and Assistant Secretary. Joe has responsibility for all human resources, legal and corporate secretary functions for Patriot.
Previously, Joe served as Vice President & Associate General Counsel and Assistant Secretary for Peabody Energy. During his tenure at Peabody, Joe directed the company's legal and compliance activities related to mergers and acquisitions, corporate governance, corporate finance and securities matters.
Joe has 23 years of corporate law experience, including 19 years as in-house legal counsel. Joe was counsel and assistant corporate secretary for The Quaker Oats Company prior to its acquisition by PepsiCo in 2001 and assistant general counsel for Pet Incorporated prior to its 1995 acquisition by Pillsbury. He also served as a corporate law associate with the law firms of Mayer, Brown & Platt in Chicago and Thompson & Mitchell in St. Louis.
Joe holds a Bachelor of Arts degree from the University of Illinois and a Juris Doctorate from Northwestern University School of Law.
Robert W. Bennett
Bob Bennett is Patriot Coal's Senior Vice President & Chief Marketing Officer.
Previously, Bob served as Patriot's Senior Vice President of Sales and Trading and was responsible for Patriot's thermal coal sales and its brokerage function. Bob has over 22 years of experience in the coal sales, marketing and trading arena, including senior-level positions at Patriot Coal, Magnum Coal, Peabody Energy, and AGIP Coal.
Bob holds a Bachelor of Arts in Finance from Marshall University.
Charles A. Ebetino, Jr.
Chuck Ebetino is Senior Vice President - Global Strategy & Corporate Development.
Most recently, Chuck was Patriot's Senior Vice President & Chief Operating Officer. Previously, Chuck served as Senior Vice President of Corporate Development for Patriot Coal and as Senior Vice President of Business and Resource Development for Peabody Energy. He also served as Senior Vice President of Market Development for Peabody's sales and marketing subsidiary.
Chuck joined Peabody in 2003 after more than 25 years with American Electric Power Company, Inc. (AEP) where he served in a number of management roles in the fuel procurement and supply group, including Senior Vice President of fuel supply and President & Chief Operating Officer of AEP's coal mining and coal-related subsidiaries from 1993 until 2002.
Chuck is a past board member of the National Mining Association (NMA), former Chairman of the NMA Environmental Committee, a former Chairman and Vice Chairman of the Edison Electric Institute's Power Generation Subject Area Committee, a former Chairman of the Inland Waterway Users Board, and a past board member and president of the Western Coal Transportation Association.
Chuck has a Bachelor of Science degree in civil engineering from Rensselaer Polytechnic Institute. He also attended the New York University School of Business for graduate study in finance.
Citigroup sees opportunities in coal sector
Inst Citi the backer of the new refi deal?
http://finance.yahoo.com/news/citigroup-sees-opportunities-coal-sector-135511836.html
Does anyone know why Peabody spun off to create Patriot coal?
With the pps so low why not do a reverse merger?
HEAT WAVE: USA BOILS
PHILADELPHIA — Highways buckled in Illinois and Wisconsin, water use was cut back in Indiana and those who had power in the mid-Atlantic were urged to conserve it, but the heat gripping much of the country was only expected to worsen Saturday.
http://www.huffingtonpost.com/2012/07/07/northeast-heat-wave-tempe_n_1655880.html
Coal Mining in the US Industry Market Research Report Now Available from IBISWorld
The demand for coal is dominated by its use as a fuel for power generation; in particular, metallurgical coal is experiencing a surge in interest and companies are scrambling to meet demand for steel overseas. Emerging economies will increasingly demand metallurgical coal over the next five years to meet their insatiable demand for steel. Electricity consumption will also expand as consumers and businesses increase their energy use and, in turn, demand more energy. For these reasons, industry research firm IBISWorld has added a report on the Coal Mining industry to its growing industry report collection.
Los Angeles, CA (PRWEB) July 06, 2012
The Coal Mining industry has reached for the depths over the five years to 2012, with revenue expected to grow at an average 7.1% annually to $52.2 billion. Higher prices for coal have underpinned this trend as strong demand from steel production abroad and moderate increases in electricity demand push prices up. According to IBISWorld industry analyst Brian Bueno, emerging economies are demanding metallurgical coal (i.e. coal needed for steel production) at accelerating rates as these countries grow rapidly and invest in their infrastructure. As these countries ramp up the steel production needed for these projects, significant upward pressure has been placed on metallurgical coal, positively influencing revenue over the five-year period. In 2012, the price of steaming and metallurgical coal is expected to decline slightly due to global supply growth. As a result, industry revenue is expected to shrink. The search for metallurgical coal has spurred significant merger and acquisition (M&A) activity in the industry as firms try to acquire as much metallurgical coal as they can afford. Players have purchased smaller firms that struggled during the recession and had access to metallurgical coal. As such, larger firms acquired metallurgical coal at a discount, and they are positioned to benefit from accelerating metallurgical demand. Moreover, metallurgical coal in the United States is highly sought after because of its perceived superior quality compared with coal found in most other countries; in turn, industry firms have scrambled to acquire domestic firms to grow quickly.
The four largest firms in the Coal Mining industry are Alpha Natural Resources, CONSOL Energy Inc., Peabody Energy Corporation and Arch Coal Inc. Industry concentration has increased substantially over the past five years as industry operators strive to acquire metallurgical coal to meet surging export demand, thereby resulting in frequent merger and acquisition activity, says Bueno. Although there are considerable economies of scale in coal mining, there are also substantial numbers of small and medium-size operators that generally operate on slimmer profit margins. Typically, these firms mine deposits that are smaller than those sought after by the larger firms. Coal mining firms bought up smaller firms as coal prices soared during 2007 and early 2008. At the same time, firms have been acquiring other firms that produce natural gas and other types of natural resources. Although this has not increased the market share in this industry, it is a telling trend; coal producers are diversifying their holdings to reduce the risk of the increased environmental regulation of coal and falling coal prices.
The next five years will likely be bright for the industry. Higher prices for coal are expected as firming global growth places upward pressure on metallurgical coal and thermal coal prices. Emerging economies will still demand metallurgical coal at increasing rates to meet their insatiable demand for steel. Electricity consumption will expand as well, while consumers and businesses increase their energy use and in turn, demand more energy. Additionally, an upsurge in demand from cheap low-sulfur type coals is expected to compete with attractive natural gas prices among downstream electricity generation firms over the next five years as the impetus for generation firms to switch to natural gas becomes more attractive. As a result of these trends, revenue is anticipated to increase in the five years to 2017. For more information, visit IBISWorld’s Coal Mining in the US industry report page.
Source: redOrbit (http://s.tt/1h755)
Interesting, Love it when insiders buy!... I will do some DD and post what I find. I will take a position on Monday.
Yea the last 2hrs of trading bid got whacked big time, held up nice. looking forward for next week. Hope we can build some good big support and see news soon. Have a good weekend all.
Friday profit takers whacking the crap out of the bid.
Correct I agree, They should be next.
Nice! Bonds up!
http://cxa.gtm.idmanagedsolutions.com/finra/BondCenter/BondDetail.aspx?ID=NzAzMzZUQUM4&Range=5Day&GraphType=Price
PCX - Options = green, Bonds = green
what rumor are you talking about? there is no rumor. The fiance deal is not a rumor.. here you can read some more about it here.
It's pretty long...
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8597318
Here is why I think we will get refi deal done.
The news was announced that the parties entereted into a commitment letter to get it done as long as the company met the lenders conditions.
2 weeks later the CEO and most of the guys at the top where replaced by more experienced guys in the business. I can bet that was something that the banks wanted done. If they are going to refi and lend them 625mil they want someone with experience to turn this company around.
What I like was that the deal as far as the terms are done, AS long as the company meets the conditions the loan docs will be ordered and signed.
WE are waiting on word that the loan docs have been signed by everyone.