Press Releases
Peabody Energy
"Peabody continues to deliver positive earnings in the face of the worst global recession in generations," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Emerging Asia holds the world's fastest-growing economies, and those economies are fueled by coal. As the Pacific markets far outpace other major economies, Peabody has the best leverage, and the majority of our focus and investments will be in these key regions. Based on current trends in the Pacific markets, we expect to increase our Australia metallurgical and thermal coal sales in 2010, using existing capacity."
RESULTS FROM CONTINUING OPERATIONS
Second quarter 2009 sales volumes totaled 59.5 million tons and were on par with the year ago quarter, as increased Trading and Brokerage tonnage offset lower production volumes. U.S. volumes reflected lower Powder River Basin production due to planned cuts to match customer demand. Australian production totaled 5.1 million tons versus 5.5 million last year and 4.5 million in the first quarter of 2009. Metallurgical coal sales volumes were below prior year levels due to extended customer negotiations and softer demand. Second quarter metallurgical shipments increased throughout the quarter, reaching 1.0 million tons. Australian metallurgical sales were 1.9 million tons year to date.
Second quarter revenues totaled $1.34 billion. U.S. revenues per ton increased 4 percent over the second quarter of last year, reflecting higher priced Midwestern contracts signed in 2008 as well as a change of mix toward higher-priced Western coal products. Australia revenues per ton reflected lower metallurgical coal volumes and lower annual pricing for both metallurgical and thermal coal contracts that commenced April 1.
EBITDA totaled $323.6 million compared with $446.9 million in the prior year. Trading and Brokerage and Resource Management contributed $41.1 million in EBITDA for the quarter. Operating profit was $211.9 million for the quarter.
Second quarter tax expense totaled $77.2 million, reflecting a $47.7 million increase from the remeasurement of foreign tax liabilities. The currency-driven remeasurement was the result of an 18 percent increase in the Australian dollar versus the U.S. dollar. Including the remeasurement, income from continuing operations totaled $87.7 million, or $0.31 per share, and net income totaled $79.2 million, or $0.29 per share. Excluding the remeasurement of foreign income taxes, adjusted income from continuing operations totaled $135.4 million with adjusted earnings per share of $0.49.
GLOBAL COAL MARKETS AND PEABODY'S POSITION
"The Pacific markets continue to strengthen, with record net coal imports flowing into China and low stockpiles in India," said Peabody President and Chief Commercial Officer Richard A. Navarre. "Global met coal prices have strengthened and the steep forward curve for thermal coal prices implies strong future markets. As a result of higher inventories, U.S. markets will take a longer time to rebound."
International Markets
Global steel production through June has declined 35 percent excluding China, and reductions have been largely matched by announcements of cutbacks in seaborne metallurgical coal output.
Global electricity generation has decreased approximately 2.5 percent year to date, and seaborne thermal coal pricing has remained largely stable in recent months. Three-year forward prices are running 20 to 50 percent above prompt prices for Newcastle and South African thermal coal products.
The strength of the Pacific markets has been driven by continued demand growth in China and India. China has emerged as a prominent metallurgical coal importer in 2009 and the nation is already a 22 million tonne net importer of thermal and met coal.
India continues to expand its coal imports as well, with critically low stockpiles at a number of utilities. India is likely to be the fastest-growing coal importer in coming years, with generation growth targeted at 13,000 megawatts per year and reports that the nation could be short 100 to 200 million tonnes per year within five years.
Metallurgical coal markets are tightening due to limited sourcing, as well as demand increases in the Pacific markets.
Peabody has reached agreement with metallurgical coal customers for 90 percent of 2009 volumes with prices ranging from $129 per tonne for high-quality hard coking coal to the upper $80s for PCI coal and above $100 per tonne for semi-hard coals. In completed negotiations, the company has retained value for hard coking coal commitments carried over from agreements in the fiscal year ended March 31, with much of this value expected to be realized in deliveries from 2009 through the first quarter of 2012, and expects to settle, under similar terms, the remaining volumes. Negotiations are still occurring with some customers regarding 2009 volumes and treatment of 2008 carryover commitments. Peabody expects that more than $100 million in EBITDA related to carryover contracts will be recovered in 2010 through 2012.
During the quarter, Peabody also priced 3.8 million tons of export thermal coal commitments for 2009 from Australian operations, in line with benchmark pricing.
Peabody's second quarter realized revenues for Australia coal sales averaged $62 per ton, including approximately $133 per ton for seaborne metallurgical coal and $66 per ton for seaborne thermal coal.
Peabody continues to target 2009 Australia coal sales of 20 to 23 million tons, including 5.5 to 6.5 million tons of metallurgical coal and 9 to 10 million tons of thermal export coal. Based on current production expectations, Peabody has 5 to 7 million tons of Australia metallurgical coal unpriced for 2010, along with 7 to 8 million tons of unpriced export thermal coal. Unpriced 2010 volumes are primarily planned for deliveries over the last three quarters of 2010.
U.S. Markets
U.S. coal supply-demand fundamentals remain out of balance, with coal generation off more than 9 percent year to date due to reduced economic activity, a 6 percent reduction in cooling degree days so far this summer, and greater nuclear, natural gas and hydro generation.
Lower European demand for U.S. coal has further reduced exports, particularly for Eastern U.S. producers. U.S. customer stockpiles in June reached recent-year highs before beginning to draw down at month's end.
Peabody now projects that demand for U.S. coal is likely to be 115 to 125 million tons below 2008 levels, based on lower U.S. generation and industrial use as well as reduced exports. Second quarter U.S. coal production declined nearly 25 million tons below 2008 levels, which if maintained would imply an annualized rate of nearly 100 million tons of reductions. But with customer stockpiles high, the company believes demand growth or additional supply adjustments will be needed to balance the market.
The company had already entered 2009 with more than 75 percent of its planned 2010 U.S. volume priced, and in the second quarter Peabody priced approximately 20 million tons of planned U.S. production for 2010. Unpriced 2010 U.S. volumes are now just 10 to 20 million tons.
Longer term, approximately 17,000 megawatts of coal plants are under construction in 19 states, representing 70 million tons of annual coal demand, the majority of which would be served by the Powder River and Illinois basins.
The United States has advanced legislation in recent months that encourages clean coal technology development, while the United States and other nations consider long-term carbon management programs and treaties. Following passage of the Energy Improvement & Extension Act of 2008, which provided new tax credits for geologic storage, the American Reinvestment & Recovery Act of 2009 provided $3.4 billion in funding for eligible carbon capture and storage (CCS) projects. Other bills being considered by Congress would also provide CCS projects with additional support in the form of bonus allowances, technology export support, and direct funding through ratepayer-based mechanisms.
PROJECT UPDATE
Peabody continues to target 2009 capital expenditures of $400 to $450 million, including sustaining capital of $1.00 to $1.50 per produced ton. In addition, the Bear Run Mine is now under construction and is expected to incur approximately $100 million of investment this year. Bear Run production is targeted to begin in 2010 with approximately 3 million tons, growing to an 8 million ton-per-year capacity. Bear Run is supported by long-term, baseload customer contracts representing nearly $6 billion in long-term revenues.
Peabody recently completed its acquisition of a 50 percent interest in Peabody-Polo Resources, a joint venture that will advance the company's presence in China and Mongolia. Drilling on exploration licenses is now taking place.
Peabody also entered into an agreement with Shanxi Lu'an Mining Group Company Ltd. to explore joint development and operation of Lu'an's Shaxi Mine in Northwestern China. The thermal coal mine is currently under construction and production is expected to grow to 15 million tonnes per year to serve electricity and industrial customers in Central and Eastern China.
The company is also actively pursuing other opportunities in emerging markets where coal demand is expected to grow the fastest.
OUTLOOK
Peabody is targeting 2009 EBITDA of $1.0 to $1.2 billion, with earnings per share of $1.00 to $1.40, which includes the tax remeasurement to date and assumes stable exchange rates. The company is maintaining its 2009 production estimates of 185 to 190 million tons in the United States and 20 to 23 million tons in Australia, with estimated total sales of 225 to 245 million tons. The company's 2009 results will be subject to a number of factors including the actual deliveries of metallurgical coal from Australia and steam coal in the United States, as well as coal chain logistics and exchange rates.
"Countries and companies with strong balance sheets are using this time to seek out natural resource investment opportunities around the world, and Peabody is very much in this class," said Boyce. "The strength of our balance sheet, our global platform and low-cost operating base allows us to look past the current storms and invest for significant long-term growth when markets rebound."
Peabody Energy
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions that the company believes are reasonable, but they are open to a wide range of uncertainties and business risks that may cause actual results to differ materially from expectations as of July 21, 2009. These factors are difficult to accurately predict and may be beyond the company's control. The company does not undertake to update its forward-looking statements. Factors that could affect the company's results include, but are not limited to: the duration and severity of the global economic downturn and disruptions in the financial markets; ability to renew sales contracts; reductions and/or deferrals of purchases by major customers; credit and performance risks associated with customers, suppliers, trading and banks and other financial counterparties; transportation availability, performance and costs; availability, timing of delivery and costs of key supplies, capital equipment or commodities such as diesel fuel, steel, explosives and tires; geologic, equipment and operational risks inherent to mining; impact of weather on demand, production and transportation; replacement of coal reserves; price volatility and demand, particularly in higher-margin products and in our trading and brokerage businesses; performance of contractors, third-party coal suppliers or major suppliers of mining equipment or supplies; negotiation of labor contracts, employee relations and workforce availability; availability and costs of credit, surety bonds, letters of credit, and insurance; changes in postretirement benefit and pension obligations and funding requirements; availability and access to capital markets on reasonable terms to fund growth and acquisitions; legislative and regulatory developments, including mercury and carbon dioxide-related limitations; the outcome of pending or future litigation; coal and power market conditions; availability and costs of competing energy resources; risks associated with our Btu Conversion or generation development initiatives; global currency exchange and interest rate fluctuation; wars and acts of terrorism or sabotage; political risks, including expropriation; and other risks detailed in the company's reports filed with the Securities and Exchange Commission (SEC).
This information includes certain non-GAAP financial measures as defined by SEC regulations. We have included reconciliations of these measures to the most directly comparable GAAP measures in this release.
EBITDA (also called Adjusted EBITDA) is defined as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expense, and depreciation, depletion and amortization. EBITDA, which is not calculated identically by all companies, is not a substitute for operating income, net income and cash flow as determined in accordance with generally accepted accounting principles. Management uses EBITDA as a key measure of operating performance and also believes it is a useful indicator of its ability to meet debt service and capital expenditure requirements.
Adjusted Income from Continuing Operations and Adjusted EPS are defined as income from continuing operations and diluted earnings per share excluding the impact of the remeasurement of foreign income tax accounts. Management has included these measures because, in management's opinion, excluding such impact is a better indicator of the company's ongoing effective tax rate and earnings per share, and is therefore more useful in comparing the company's results with prior and future periods.
CONTACT:
Vic Svec
(314) 342-7768
Condensed Income Statements (Unaudited)
For the Quarters Ended June 30, 2009, March 31, 2009 and June 30,
2008 and Six Months Ended June 30, 2009 and 2008
(Dollars in Millions, Except Per Share Data)
Quarter Ended Six Months Ended
---------------- ------------------
June March June June June
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Tons Sold (In
Millions) 59.5 59.6 59.6 119.1 120.5
==== ==== ==== ===== =====
Revenues $1,340.9 $1,460.1 $1,526.9 $2,801.0 $2,793.0
Operating Costs
and Expenses 974.5 1,086.7 1,044.2 2,061.2 2,039.9
Depreciation,
Depletion and
Amortization 102.0 97.3 92.8 199.3 184.8
Asset
Retirement
Obligation
Expense 9.7 9.4 9.0 19.1 15.7
Selling and
Administrative
Expenses 46.3 47.2 43.1 93.5 94.0
Other Operating Income:
Net Gain on
Disposal or
Exchange of
Assets (10.1) (3.3) (3.6) (13.4) (63.0)
(Income) Loss
from Equity
Affiliates 6.6 4.1 (3.7) 10.7 (6.4)
--- --- ---- ---- ----
Operating Profit 211.9 218.7 345.1 430.6 528.0
Interest Income (1.2) (2.8) (2.5) (4.0) (3.6)
Interest Expense:
Debt-Related
Interest 46.4 49.4 56.8 95.8 115.0
Surety Bond and
Letter of
Credit Fees 1.8 1.7 1.1 3.5 2.4
--- --- --- --- ---
Income from
Continuing
Operations
Before Income
Taxes 164.9 170.4 289.7 335.3 414.2
Income Tax Provision:
Provision 29.5 30.8 27.8 60.3 58.4
Remeasurement
of Foreign
Income Taxes
47.7 (0.9) 17.6 46.8 33.4
---- ---- ---- ---- ----
Income Tax
Provision 77.2 29.9 45.4 107.1 91.8
---- ---- ---- ----- ----
Income from
Continuing
Operations, Net
of Income Taxes 87.7 140.5 244.3 228.2 322.4
Income (Loss)
from
Discontinued
Operations, Net
of Income Taxes (5.7) 34.7 (8.5) 29.0 (28.7)
---- ---- ---- ---- -----
Net Income 82.0 175.2 235.8 257.2 293.7
Less: Net
Income
Attributable to
the
Noncontrolling
Interest 2.8 5.2 2.5 8.0 3.4
--- --- --- --- ---
Net Income
Attributable to
Common
Stockholders $79.2 $170.0 $233.3 $249.2 $290.3
===== ====== ====== ====== ======
Earnings Per Share:
-------------------
Income (Loss) Attributable to Common Stockholders (1):
Continuing
Operations $0.31 $0.50 $0.88 $0.82 $1.17
Discontinued
Operations (0.02) 0.13 (0.03) 0.11 (0.11)
----- ---- ----- ---- -----
Net Income
Attributable to
Common
Stockholders $0.29 $0.63 $0.85 $0.93 $1.06
===== ===== ===== ===== =====
EBITDA $323.6 $325.4 $446.9 $649.0 $728.5
(1) Weighted average diluted shares outstanding were 267.1 million, 267.3
million, and 271.9 million for the quarters ended June 30, 2009,
March 31, 2009, and June 30, 2008, respectively, and were 267.1
million and 271.7 million for the six months ended June 30, 2009 and
2008, respectively.
Adjusted Earnings Per Share:
----------------------------
Adjusted Income from Continuing Operations(1):
Continuing
Operations $0.31 $0.50 $0.88 $0.82 $1.17
Remeasurement
of Foreign
Income Taxes 0.18 - 0.07 0.18 0.12
---- --- ---- ---- ----
Adjusted
Income
from
Continuing
Operations $0.49 $0.50 $0.95 $1.00 $1.29
===== ===== ===== ===== =====
This information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
Supplemental Financial Data (Unaudited)
For the Quarters Ended June 30, 2009, March 31, 2009 and June 30, 2008
and Six Months Ended June 30, 2009 and 2008
Quarter Ended Six Months Ended
--------------- ------------------
June March June June June
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Revenue Summary (Dollars in Millions)
-------------------------------------
U.S. Mining Operations $975.2 $964.5 $931.3 $1,939.7 $1,783.5
Australian Mining
Operations 311.7 367.4 527.3 679.1 823.7
Trading and Brokerage
Operations 48.4 123.5 61.3 171.9 171.4
Other 5.6 4.7 7.0 10.3 14.4
--- --- --- ---- ----
Total (1) $1,340.9 $1,460.1 $1,526.9 $2,801.0 $2,793.0
======== ======== ======== ======== ========
Tons Sold (In Millions)
-----------------------
Midwestern U.S. Mining
Operations 8.3 7.8 7.8 16.1 15.1
Western U.S. Mining
Operations 38.7 40.8 39.2 79.5 81.5
Australian Mining
Operations 5.1 4.5 5.5 9.6 11.0
Trading and Brokerage
Operations 7.4 6.5 7.1 13.9 12.9
--- --- --- ---- ----
Total 59.5 59.6 59.6 119.1 120.5
==== ==== ==== ===== =====
Revenues per Ton - Mining Operations
------------------------------------
Midwestern U.S. $40.72 $40.02 $37.16 $40.38 $36.29
Western U.S. (2) 16.40 16.03 16.44 16.21 15.16
Total - U.S. (2) 20.71 19.86 19.85 20.28 18.46
Australia 61.81 81.11 94.24 70.94 74.58
Operating Costs per Ton - Mining Operations (3)
-----------------------------------------------
Midwestern U.S. $31.93 $31.38 $31.71 $31.67 $31.04
Western U.S. 12.47 11.54 11.65 11.99 10.97
Total - U.S. 15.92 14.71 14.96 15.31 14.11
Australia 38.15 62.74 51.78 49.78 52.44
Gross Margin per Ton - Mining Operations (3)
--------------------------------------------
Midwestern U.S. $8.79 $8.64 $5.45 $8.71 $5.25
Western U.S. (2) 3.93 4.49 4.79 4.22 4.19
Total - U.S. (2) 4.79 5.15 4.89 4.97 4.35
Australia 23.66 18.37 42.46 21.16 22.14
Operating Profit per Ton $3.56 $3.67 $5.79 $3.62 $4.38
Quarter Ended Six Months Ended
--------------- ------------------
June March June June June
(Dollars in Millions) 2009 2009 2008 2009 2008
--------------------- ---- ---- ---- ---- ----
EBITDA - U.S. Mining
Operations $225.4 $250.3 $229.3 $475.7 $421.0
EBITDA - Australian Mining
Operations 125.1 83.2 237.5 208.3 244.5
EBITDA - Trading and
Brokerage Operations 35.5 65.5 37.9 101.0 129.7
EBITDA - Resource
Management (4) 5.6 4.5 4.1 10.1 63.5
Selling and Administrative
Expenses (46.3) (47.2) (43.1) (93.5) (94.0)
Other Operating Costs,
Net (5) (21.7) (30.9) (18.8) (52.6) (36.2)
EBITDA 323.6 325.4 446.9 649.0 728.5
Depreciation, Depletion and
Amortization (102.0) (97.3) (92.8) (199.3) (184.8)
Asset Retirement Obligation
Expense (9.7) (9.4) (9.0) (19.1) (15.7)
Operating Profit 211.9 218.7 345.1 430.6 528.0
Operating Cash Flows 39.2 190.2 205.4 229.4 264.3
Coal Reserve Lease
Expenditures 63.8 59.8 63.6 123.6 123.4
Capital Expenditures
(Excludes Acquisitions) 58.4 48.3 58.3 106.7 128.4
(1) Metallurgical sales totaled 1.0 million tons, 0.8 million tons, and
2.0 million tons for the three months ended June 30, 2009, March 31,
2009 and June 30, 2008, respectively, and 1.9 million tons and 4.0
million tons for the six months ended June 30, 2009 and 2008,
respectively. Total non-U.S. sales were 9.5 million tons, 8.7
million tons, and 9.6 million tons for the three months ended
June 30, 2009, March 31, 2009 and June 30, 2008, respectively, and
18.1 million tons and 17.9 million tons for the six months ended
June 30, 2009 and 2008, respectively.
(2) The favorable effect of the recovery of postretirement healthcare
and reclamation costs on revenues per ton and gross margin per ton
for the quarter ended June 30, 2008 on the Western U.S. and Total -
U.S. Operations amounted to $1.45 and $1.21, respectively. The
favorable per ton impact for the six months ended June 30, 2008 on
the Western U.S. and Total - U.S. Operations amounted to $0.70 and
$0.59, respectively.
(3) Includes revenue-based production taxes and royalties; excludes
depreciation, depletion and amortization; asset retirement obligation
expense; selling and administrative expenses; and certain other costs
related to post-mining activities.
(4) Includes asset sales, property management costs and revenues, and
coal royalty expense.
(5) Includes generation and Btu Conversion development costs, costs
associated with post-mining activities, and income from an equity
interest in a Venezuelan joint venture.
This information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
Condensed Balance Sheets
June 30, 2009, March 31, 2009 and December 31, 2008
(Dollars in Millions)
(Unaudited) (Unaudited)
June 30, March 31, December 31,
2009 2009 2008
------------- -------------- ------------
Cash and Cash
Equivalents $446.0 $526.7 $449.7
Receivables 319.1 290.6 383.6
Inventories 447.5 327.0 277.7
Assets from Coal Trading
Activities, Net 448.3 570.3 662.8
Deferred Income Taxes - - 1.7
Other Current Assets 197.0 235.1 195.8
----- ----- -----
Total Current Assets 1,857.9 1,949.7 1,971.3
Net Property, Plant,
Equipment and Mine
Development 7,313.3 7,308.7 7,315.2
Investments and Other
Assets (1) 451.9 408.9 409.1
----- ----- -----
Total Assets $9,623.1 $9,667.3 $9,695.6
======== ======== ========
Current Maturities of
Debt $16.4 $16.7 $17.0
Liabilities from Coal Trading
Activities, Net 147.8 206.2 304.2
Deferred Income Taxes 4.0 35.0 -
Accounts Payable and
Accruals 1,143.6 1,387.5 1,535.0
------- ------- -------
Total Current
Liabilities 1,311.8 1,645.4 1,856.2
Long-Term Debt (1) 2,766.2 2,769.4 2,776.6
Deferred Income Taxes (1) 232.1 34.1 21.5
Other Long-Term
Liabilities 1,715.6 1,884.9 1,921.8
------- ------- -------
Total Liabilities 6,025.7 6,333.8 6,576.1
Stockholders'
Equity (1) (2) 3,597.4 3,333.5 3,119.5
------- ------- -------
Total Liabilities
and Stockholders'
Equity $9,623.1 $9,667.3 $9,695.6
======== ======== ========
(1) December 31, 2008 amounts have been adjusted to conform with
accounting guidance related to the company's Convertible Junior
Subordinated Debentures effective January 1, 2009.
(2) In accordance with accounting guidance effective January 1, 2009,
Stockholders' Equity includes amounts related to noncontrolling
interests. December 31, 2008 amounts have been conformed to this
presentation requirement.
This information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
Reconciliation of EBITDA to Income from Continuing Operations, Net of
Income Taxes (Unaudited)
For the Quarters Ended June 30, 2009, March 31, 2009 and June 30, 2008
and Six Months Ended June 30, 2009 and 2008
(Dollars in Millions)
Quarter Ended Six Months Ended
---------------- ----------------
June March June June June
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
EBITDA $323.6 $325.4 $446.9 $649.0 $728.5
Depreciation,
Depletion and
Amortization 102.0 97.3 92.8 199.3 184.8
Asset
Retirement
Obligation
Expense 9.7 9.4 9.0 19.1 15.7
Interest
Income (1.2) (2.8) (2.5) (4.0) (3.6)
Interest
Expense 48.2 51.1 57.9 99.3 117.4
Income Tax
Provision
Before
Remeasurement
of Foreign
Income Taxes 29.5 30.8 27.8 60.3 58.4
---- ---- ---- ---- ----
Adjusted Income
from Continuing
Operations 135.4 139.6 261.9 275.0 355.8
Remeasurement
of Foreign
Income Taxes 47.7 (0.9) 17.6 46.8 33.4
---- ---- ---- ---- ----
Income from
Continuing
Operations, Net
of Income Taxes $87.7 $140.5 $244.3 $228.2 $322.4
===== ====== ====== ====== ======
Reconciliation of EBITDA to Income from Continuing Operations, Net of
Income Taxes - 2009 Targets (Unaudited)
(Dollars in Millions, Except Per Share Data)
Year Ending December 31, 2009
Targeted Results
-------------------
Low High
----- ------
EBITDA $1,000 $1,200
Depreciation,
Depletion and
Amortization 400 424
Asset Retirement
Obligation Expense 41 40
Interest Income (5) (7)
Interest Expense 203 200
Income Tax Provision 84 160
Income Attributable
to Noncontrolling
Interests 9 9
--- ---
Income from Continuing
Operations, Net
of Income Taxes $268 $374
==== ====
Diluted Earnings
Per Share $1.00 $1.40
===== =====
This information is intended to be reviewed in conjunction with the
company's filings with the Securities and Exchange Commission.
First Call Analyst:
FCMN Contact: cmiller@peabodyenergy.com
SOURCE: Peabody Energy
CONTACT: Vic Svec of Peabody Energy, +1-314-342-7768
Web Site: http://www.peabodyenergy.com/