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Alliance CEO Craft sees need for consolidation in U.S. coal industry

first_imgAlliance CEO Craft sees need for consolidation in U.S. coal industry FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):The U.S. coal industry “needs” to consolidate in the face of difficult market conditions and sinking coal demand because of the coronavirus pandemic, Alliance Resource Partners LP CEO Joe Craft said on a May 8 earnings call.“Consolidation is needed in the coal space, and we’re a consolidator,” Craft said, commenting on options available to the Oklahoma-based coal producer to survive the uncertainty in the U.S. economy and among fossil fuel industries in particular. “Nothing [is] currently being done but it needs to happen,” he said. “Whether it does or not, I can’t predict. But that needs to happen. And we are a willing participant in that.”Craft did not specify transactions that could occur in the future. In prepared remarks at the beginning of the call, he said the company believes 2020 “will provide a new foundation for future growth of our partnership” and that “we are committed to continuing this strategy.”The drop in electricity demand created by stay-at-home orders and other social distancing efforts in the U.S. appears set to accelerate the decline of the coal industry as energy markets fundamentally transform in the wake of the crisis. Though the pandemic has yet to push U.S.-based coal-fired power plants toward earlier retirements, a Trump administration official recently told virtual attendees of a fuel buyers conference the industry may perform worse than the U.S. government’s already-grim predictions and that coal plants may retire early.Sustainability-focused think tank Institute for Energy Economics and Financial Analysis concluded in a March report the U.S. coal sector would face pressure to consolidate, with the pandemic expected to exacerbate negative market conditions. Current coal production capacity in the U.S. is “unsustainable,” the think tank stated, and 2020 “will very likely see the beginning of a long-overdue rethinking of production capacity in the U.S.”For Alliance, the pandemic has meant withdrawing its full-year 2020 production guidance in late March and temporarily idling its coal mines in the Illinois Basin while reducing production at other mines. The company is now targeting coal sales and production for 2020 of approximately 28 million tonnes and 27 million tonnes, respectively, or 25%-30% lower than originally guided, with plans to draw down inventories in the second quarter and produce in the back half of the year to meet existing contractual obligations, Craft said. In line with losses expected for major coal producers, Alliance recorded a first-quarter attributable net loss of $144.8 million, falling year over year from a net income of $276.4 million.[Jacob Holzman]More: U.S. coal industry needs to consolidate in light of pandemic, Alliance CEO sayslast_img read more

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EPL clubs keen to finish season by June 30 despite COVID-19 crisis

first_imgA growing number of Premier League clubs will today push for the season to be finished by June 30. Chiefs from the 20 sides will hold a video conference for the latest coronavirus crisis talks — including the first official discussions of a definitive end-date being put in place. Premier League players are threatening legal action over a proposed pay cut Some clubs fear a delayed campaign into July could lead to legal mayhem over player contracts, with the only alternative being to declare the season null and void. One insider said: “Clubs are starting to take the view that if we go beyond June 30 – when player contracts end – we will be in chaos territory. “Fifa say clubs and players have the ability to extend contracts but there is nothing hard and fast legally to make that happen. “Everybody wants to see the season played out, of course we do. Liverpool fans will be praying they can enjoy winning the Premier League this seasonAdvertisement “But how do you demand that players who are actually out of contract, who might be considering moves to teams they are going to be playing against, give everything? “You can’t. If the games aren’t finished by the end of June the sporting integrity of the competition could go out of the window.” There is a split between the clubs who believe that every step must be taken to play out the campaign to its conclusion and a growing number who argue the timetable makes that impossible. Any discussion of terminating the season would be met with fierce push-back from League bosses and some clubs, especially table-topping Liverpool who could be denied their first championship crown since 1990. The Premier League season is still under suspension due to COVID-19 Read Also: Osimhen dreams Premier League move, consults Ighalo So far boardroom voices in favour of writing off the season have been dismissed as a minority view, with the majority of clubs concerned about the financial hit if broadcasters demand their cash back. Prem bosses have modelled detailed scenarios which envisage a resumption behind closed doors from a number of starting points in June, July and even August. FacebookTwitterWhatsAppEmail分享 Promoted ContentWho Is The Most Powerful Woman On Earth?Birds Enjoy Living In A Gallery Space Created For ThemThese Films Were Sued For The Weirdest Reasons11 Most Immersive Game To Play On Your Table TopSuper Recognizable Outfits That Actors Wore In The Famous MoviesWhich Country Is The Most Romantic In The World?6 Ridiculous Health Myths That Are Actually TrueYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime6 Most Breathtaking Bridges In The WorldWhat Is A Black Hole In Simple Terms?6 Interesting Ways To Make Money With A Drone5 Of The World’s Most Unique Theme Parkscenter_img Loading… last_img read more

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Men’s basketball off to lackluster start

first_imgIt’s hard to believe there was a part of the season when the USC men’s basketball team held a No. 10 rank.Andy Enfield expects a better performance from his players during his fifth season as the head coach of the USC men’s basketball team. Photo by Will Alpert | Daily TrojanSince the start of the season, the team has fallen to 11-6, taking losses to ranked and unranked opponents and is on its way out of the top 25. To be fair, it’s been a wild season of NCAA basketball so far, with teams like Kansas and Kentucky tumbling into double-digit rankings after dropping major losses both at home and on the road. Last week alone, three of the top five teams fell to unranked opponents, completely shifting the rankings yet again. While it might be a topsy turvy season for the country as a whole, the Trojans have themselves to blame for their sudden and furious descent out of the national rankings. The team entered the season with a full return of a talented crop of starters bolstered by several fresh faces. Before the first tip-off of the season, it appeared that the Trojans’ NCAA run of last season might continue and expand this year. Months later, even head coach Andy Enfield, who is known for standing by his players, seems at a loss.“I usually take the blame for losses, and obviously every game goes on my record as a head coach,” Enfield said after an 81-88 loss to Washington. “But tonight, I was very disappointed in some of our upperclassmen, defensively. You can blame me for not motivating them or getting them to play up to their capability. They have to go home and look in the mirror and come back and play better basketball if we’re going to have a chance to win games in this league.”The easiest way to analyze any team’s failures is to study its losses. Most often, the Trojans struggle when they dig themselves into a hole by allowing their opponents to build up a lead, often failing to reclaim it. In four of its six losses this season, USC entered the half with a deficit, launching a valiant comeback attempt only to fall slightly short. Win or lose, the Trojans typically score less frequently in the first half than in the second, a habit that isn’t uncommon for any team, given that defense is best played with fresh legs. However, the team’s underperformance in the first half has been a consistent issue. Even in victories over teams such as New Mexico State, USC often enters the second half with a tie or a razor-thin lead.Part of this deficit can be attributed to shooting. The Trojans are currently shooting below 50 percent from the field, but they have especially struggled against ranked opponents, highlighted by a dismal 28 percent performance against Texas A&M. Despite averaging 14 trips to the line per game, the Trojans have struggled similarly with free throws, failing to deliver in close-game situations. The team missed 10 of its 21 free throws in a loss against Cal. At first, they weren’t necessarily bad losses. Dropping to now-No. 11 Texas A&M is not necessarily worth mourning, and falling to wonderkid Trae Young and now-No. 7 Oklahoma is a similarly manageable loss. But the meltdown against Princeton, which resulted in a 10-point overtime loss at home to an unranked Ivy League team, followed by a home loss to Washington burst the bubble that USC belonged at the top of the NCAA. This weekend’s heartbreaker against Stanford reflected the truth — the Trojans just don’t have it this season. “We should’ve taken care of business,” senior guard Jordan McLaughlin said after the team blew a 15-point deficit to lose to Stanford. The captain repeatedly described the loss as “tough,” emphasizing how difficult it was to lose on a buzzer-beater shot. Yet he didn’t seem to have an answer for why the Trojans still haven’t learned to hang onto a lead.The main issue with this team lies in the fact that even though the Trojans are winning games, they aren’t winning by enough to convince anyone of their dominance. Four of the team’s 11 victories have ended with single-digit leads. Winning by 5-point margins over teams such as Middle Tennessee and New Mexico State simply won’t cut it. Although the Pac-12 isn’t the power conference it hoped to be at the start of the season, boasting only two top-25 teams, it will still provide consistent competition for the Trojans as they attempt to rebuild and salvage this could-have-been season. With a 2-2 record, the team sits in the dead center of the conference rankings. However, no Pac-12 team is undefeated in conference play even this early in the season, and no team in this conference is unbeatable in any way.Perhaps the brightest light of this season so far has been McLaughlin, who averages 12.9 points and 7.8 assists per game. Although McLaughlin isn’t the team’s leader in points or steals, he remains the heartbeat of the Trojans on both offense and defense, and in big-game situations, he’s the leader that the team desperately needs. Whether it’s notching 19 assists against UC Santa Barbara or putting up the would-be game-winner against Stanford, McLaughlin has proven his worth as the senior captain of the squad. And this is his team to turn around as the Trojans continue into conference play.Their Final Four dreams might be distant, but for now, a conference title is a promising and achievable goal for the Trojans.last_img read more