Posted on Leave a comment

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

Posted on Leave a comment

Man shot to death

first_imgBACOLOD City – A man was shot to death in Barangay Rizal, Silay City, Negros Occidental. Resident Napoleon Besonia Jr., 54, sustained four gunshot wounds on the body, police said. Tagged suspect was 49-year-old resident John Jayme – also resident of the village, the police added. The young Jayme then told his father and this prompted the latter to shoot Besonia around 6:45 p.m. on May 28.center_img According to police investigators, Besonia allegedly threatened to shoot the Jayme’s son at the store of Ronie Guartizo. Besonia was rushed to the Teresita Lopez Jalandoni Provincial Hospital in Silay City where the attending physician declared him “dead on arrival.”Jayme, on the other hand, was detained in the lockup facility of the Silay City police station, facing charges./PNlast_img

Posted on Leave a comment

UC Irvine looks for home win vs UCSB

first_imgFor more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com February 28, 2020 SQUAD LEADERS: The Gauchos have been led by Amadou Sow and Max Heidegger. Sow has averaged 14.3 points and 7.1 rebounds while Heidegger has recorded 16 points per game. The Anteaters have been anchored by Collin Welp and Eyassu Worku, who are averaging 13.3 and 12.2 per game, respectively.CLUTCH COLLIN: Welp has connected on 43.2 percent of the 81 3-pointers he’s attempted and has gone 4 for 8 over his last three games. He’s also made 84.9 percent of his free throws this season.WINLESS WHEN: UC Irvine is 0-6 this year when it scores 61 points or fewer and 20-4 when it scores at least 62.STREAK STATS: UC Irvine has won its last eight home games, scoring an average of 81.3 points while giving up 60.9.DID YOU KNOW: The stout UC Irvine defense has held opposing offenses to a field goal percentage of 38.5 percent, the 11th-lowest mark in Division I. UC Santa Barbara has allowed opponents to shoot 45 percent through 28 games (ranking the Gauchos 283rd).___ Share This StoryFacebookTwitteremailPrintLinkedinRedditUC Santa Barbara (19-9, 8-5) vs. UC Irvine (20-10, 12-2)Bren Events Center, Irvine, California; Saturday, 10 p.m. ESTBOTTOM LINE: UC Irvine looks for its fourth straight win over UC Santa Barbara at Bren Events Center. The last victory for the Gauchos at UC Irvine was a 76-60 win on Jan. 30, 2016.center_img Associated Press UC Irvine looks for home win vs UCSBlast_img read more