Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HALLADOR ENERGY COMPANY | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 29,059,271 | |
Amendment Flag | false | |
Entity Central Index Key | 788,965 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HNRG |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 19,503 | $ 13,469 |
Marketable securities | 1,427 | 1,656 |
Accounts receivable | 26,124 | 27,297 |
Income tax receivable | 4,835 | 5,791 |
Coal inventory | 10,704 | 19,722 |
Parts and supply inventory | 12,982 | 14,919 |
Other | 1,467 | 1,555 |
Total current assets | 77,042 | 84,409 |
Coal properties, at cost: | ||
Land and mineral rights | 115,963 | 116,025 |
Buildings and equipment | 346,493 | 323,758 |
Mine development | 127,745 | 124,435 |
Total coal properities, at cost | 590,201 | 564,218 |
Less - accumulated DD&A | (138,949) | (106,608) |
Total coal properties, net | 451,252 | 457,610 |
Other assets (Note 5) | 16,472 | 18,849 |
Total assets | 563,398 | 579,585 |
Current liabilities: | ||
Current portion of bank debt | 26,250 | 21,875 |
Accounts payable and accrued liabilities | 28,922 | 28,105 |
Total current liabilities | 55,172 | 49,980 |
Long-term liabilities: | ||
Bank debt | 239,783 | 284,470 |
Deferred income taxes | 46,883 | 41,581 |
Asset retirement obligations | 12,103 | 12,074 |
Other | 2,110 | 1,605 |
Total long-term liabilities | 300,879 | 339,730 |
Total liabilities | $ 356,051 | $ 389,710 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.10 par value, 10,000 shares authorized; none issued | ||
Common stock, $.01 par value, 100,000 shares authorized; 29,058 and 28,962, shares outstanding, respectively | $ 290 | $ 289 |
Additional paid-in capital | 92,123 | 90,218 |
Retained earnings | 114,995 | 99,003 |
Accumulated other comprehensive income (loss) | (61) | 365 |
Total stockholders' equity | 207,347 | 189,875 |
Total liabilities and stockholders' equity | 563,398 | 579,585 |
Savoy [Member] | ||
Current assets: | ||
Total current assets | 11,709 | |
Coal properties, at cost: | ||
Investment in subsidiaries | 13,787 | 13,896 |
Total assets | 38,231 | |
Long-term liabilities: | ||
Total liabilities | 5,152 | |
Stockholders' equity: | ||
Total liabilities and stockholders' equity | 38,231 | |
Sunrise Energy [Member] | ||
Current assets: | ||
Total current assets | 2,325 | |
Coal properties, at cost: | ||
Investment in subsidiaries | 4,845 | $ 4,821 |
Total assets | 10,456 | |
Long-term liabilities: | ||
Total liabilities | 777 | |
Stockholders' equity: | ||
Total liabilities and stockholders' equity | $ 10,456 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, issued | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock,par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, outstanding | 29,058,000 | 28,962,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)$ / shares$ / Tshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |||
Revenue: | ||||||
Coal sales | $ 81,332 | $ 64,764 | $ 273,728 | $ 133,910 | ||
Other | 753 | 237 | 1,625 | 717 | ||
Revenue | 82,013 | 66,322 | 275,267 | 140,549 | ||
Costs and expenses: | ||||||
Operating costs and expenses | 56,995 | [1] | 52,588 | 191,427 | 101,689 | |
DD&A | 10,648 | 6,979 | 32,756 | 17,131 | ||
Coal exploration costs | 381 | 716 | 1,581 | 1,907 | ||
SG&A | 3,003 | 2,511 | 9,427 | 7,220 | ||
Interest | [2] | 5,176 | 1,825 | 13,955 | 2,687 | |
Acquisition deal costs | 8,912 | 8,912 | ||||
Costs and expenses | 76,203 | 73,531 | 249,146 | 139,546 | ||
Income (loss) before income taxes | 5,810 | (7,209) | 26,121 | 1,003 | ||
Less income taxes: | ||||||
Current | 680 | (157) | 1,231 | 4,244 | ||
Deferred | (14) | (1,284) | 5,302 | (4,067) | ||
Income taxes | 666 | (1,441) | 6,533 | 177 | ||
Net income (loss) | [3] | $ 5,144 | $ (5,768) | $ 19,588 | $ 826 | |
Net income per share: (Note 7) | ||||||
Basic and diluted (in Dollars per share) | $ / shares | $ 0.17 | $ (0.20) | $ 0.65 | $ 0.03 | ||
Weighted average shares outstanding: | ||||||
Basic and diluted (in Shares) | shares | 29,044 | 28,772 | 29,011 | 28,766 | ||
Net change in the estimated fair value of interest rate swap | $ 1,251 | $ 1,858 | ||||
Savoy [Member] | ||||||
Revenue: | ||||||
Equity income (loss) | (93) | $ 1,217 | (110) | $ 5,731 | ||
Revenue | 10,887 | 32,135 | ||||
Costs and expenses: | ||||||
Costs and expenses | 11,156 | 19,423 | ||||
Less income taxes: | ||||||
Net income (loss) | (269) | 12,712 | ||||
Sunrise Energy [Member] | ||||||
Revenue: | ||||||
Equity income (loss) | $ 21 | $ 104 | 24 | 191 | ||
Revenue | 1,773 | 2,328 | ||||
Costs and expenses: | ||||||
Costs and expenses | 1,725 | 1,945 | ||||
Less income taxes: | ||||||
Net income (loss) | $ 48 | $ 383 | ||||
Oaktown [Member] | ||||||
Weighted average shares outstanding: | ||||||
Operating costs per ton | $ / T | 28.13 | |||||
[1] | Oaktown's operating costs for the 3rd quarter 2015 were $28.13/ton. | |||||
[2] | Included in interest expense is the change in the estimated fair value of our interest rate swaps. For the nine and three months ended September 30, 2015 such amounts were $1,858 and $1,251, respectively. | |||||
[3] | There is no material difference between net income (loss) and comprehensive income (loss). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Cash provided by operating activities | $ 76,573 | $ 20,730 |
Investing activities: | ||
Capital expenditures for coal properties | (27,109) | (14,326) |
Acquisition | (319,762) | |
Other | 478 | |
Cash (used in) investing activities | (26,631) | (334,088) |
Financing activities: | ||
Dividends | (3,596) | (3,593) |
Bank borrowings | 350,000 | |
Payments on bank debt | (40,312) | (20,375) |
Other | (6,884) | |
Cash (used in) provided by financing activities | (43,908) | 319,148 |
Increase in cash and cash equivalents | 6,034 | 5,790 |
Cash and cash equivalents, beginning of period | 13,469 | 16,228 |
Cash and cash equivalents, end of period | $ 19,503 | $ 22,018 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | [1] | Total | |
Balance at Dec. 31, 2014 | $ 289 | $ 90,218 | $ 99,003 | $ 365 | $ 189,875 | ||
Balance (in Shares) at Dec. 31, 2014 | 28,962 | ||||||
Stock-based compensation | 2,362 | 2,362 | |||||
Stock issued on vesting of RSUs | $ 1 | 1 | |||||
Stock issued on vesting of RSUs (in Shares) | 127 | ||||||
Taxes paid on RSU vesting | (543) | (543) | |||||
Taxes paid on RSU vesting, in shares | (45) | ||||||
Dividends | (3,596) | (3,596) | |||||
Net income (loss) | 19,588 | 19,588 | [2] | ||||
Other | $ 14 | 86 | (426) | (340) | |||
Balance at Sep. 30, 2015 | $ 290 | $ 92,123 | $ 114,995 | $ (61) | $ 207,347 | ||
Balance (in Shares) at Sep. 30, 2015 | 29,058 | ||||||
[1] | Accumulated Other Comprehensive Income (Loss) | ||||||
[2] | There is no material difference between net income (loss) and comprehensive income (loss). |
General Business
General Business | 9 Months Ended |
Sep. 30, 2015 | |
General Business [Abstract] | |
General Business | (1) General Business The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The financial statements included herein have been prepared pursuant to the SEC’s rules and regulations; accordingly, certain information and footnote disclosures normally included in GAAP financial statements have been condensed or omitted. The results of operations and cash flows for the nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for future quarters or for the year ending December 31, 2015. To maintain consistency and comparability, certain 2014 amounts have been reclassified to conform to the 2015 presentation. Our organization and business, the accounting policies we follow and other information, are contained in the notes to our consolidated financial statements filed as part of our 2014 Form 10-K. This quarterly report should be read in conjunction with such 10-K. The consolidated financial statements include the accounts of Hallador Energy Company and its wholly owned subsidiary, Sunrise Coal, LLC (Sunrise), and Sunrise’s wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. We are engaged in the production of steam coal from mines located in western Indiana. We own a 40% equity interest in Savoy Energy, L.P., a private oil and gas company, which has operations in Michigan and a 50% interest in Sunrise Energy, LLC, a private entity engaged in shale and coalbed methane operations in the same vicinity as the Carlisle Mine. |
Bank Debt
Bank Debt | 9 Months Ended |
Sep. 30, 2015 | |
Bank Debt [Abstract] | |
Bank Debt | (2) Bank Debt To finance the August 2014 Vectren Fuels acquisition, we entered into a credit agreement with PNC Bank as administrative agent for a group of several other banks. The credit agreement allows for a $250 million revolver and a $175 million term loan. Our debt at September 30, 2015 was $266 million (term- $146 , revolver- $120) . The maximum that we could borrow at September 30, 2015 was $31 1 million due to the covenants. The credit facility is collateralized by substantially all of Sunrise’s assets and we are the guarantor. Bank fees and other costs incurred in connection with this new facility were about $6.8 million, which were deferred and are being amortized over five years. All borrowings under the credit agreement bear interest at LIBOR (20 bps at September 30, 2015) plus 2.25% if the leverage ratio (debt/EBITDA) is less than 1X; LIBOR plus 2.5% if the leverage ratio is over 1X but less than 1.5X; LIBOR plus 2.75% if the ratio is over 1.5X but less than 2X; LIBOR plus 3% if the ratio is over 2X but less than 2.5X and at LIBOR plus 3.5% if the leverage ratio is over 2.5X. The computed ratio at September 30, 2015 was 2.58X . The leverage ratio is currently 3.50 X. We entered into swap agreements to fix the LIBOR component of the interest rate to achieve an effective fixed rate of no greater than 5% on 100% ($175 million) of the term loan and on $100 million of the revolver. The term loan swap steps down in unison with the term loan payment and the revolver swap steps down 10% each quarter commencing March 31, 2016 . At September 30, 2015, these two interest rate swaps had an estimated fair value current liability of $2.5 million included in accounts payable and accrued liabilities. The credit agreement also imposes certain other customary restrictions and covenants as well as certain milestones we must meet in order to draw down the full amount. Any non-tax cash distributions from Savoy are required to be applied toward the debt. The term loan requires quarterly payments with annual amortization at 10% (2015), 15% (2016), 15% (2017), 20% (2018), and 20% (2019) wit h a balloon at maturity. The credit agreement matures on August 29, 2019 , but we have the right to prepay the loan at any time without penalty. |
Investment in Savoy
Investment in Savoy | 9 Months Ended |
Sep. 30, 2015 | |
Savoy [Member] | |
Investment | (3) Investment in Savoy We currently own a 40% interest in Savoy Energy, L.P., a private company engaged in the oil and gas business primarily in the state of Michigan. Savoy uses the successful efforts method of accounting. Our 45% ownership was decreased to 40% on October 1, 2014 due to the exercise of options by Savoy’s management. We account for our interest using the equity method of accounting. Below (in thousands) to the 100% is a condensed balance sheet at September 30, and a condensed statement of operations for the nine months ended September 30, 2015 and 2014. Condensed Balance Sheet 2015 Current assets $ Oil and gas properties, net $ Total liabilities $ Partners’ capital $ Condensed Statement of Operations 2015 2014 Revenue $ $ Expenses Net income (loss) $ $ |
Investment in Sunrise Energy
Investment in Sunrise Energy | 9 Months Ended |
Sep. 30, 2015 | |
Sunrise Energy [Member] | |
Investment | (4) Investment in Sunrise Energy We own a 50% interest in Sunrise Energy, LLC, which owns gas reserves and gathering equipment with plans to develop and operate such reserves. Sunrise Energy also plans to develop and explore for coal-bed methane gas reserves on or near our underground coal reserves. They use the successful efforts method of accounting. We account for our interest using the equity method of accounting. Below (in thousands) to the 100% is a condensed balance sheet at September 30, and a condensed statement of operations for the nine months ended September 30, 2015 and 2014 . Condensed Balance Sheet 2015 Current assets $ Oil and gas properties, net $ Total liabilities $ Members’ capital $ Condensed Statement of Operations 2015 2014 Revenue $ $ Expenses Net income $ $ |
Other Long-Term Assets
Other Long-Term Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Long-Term Assets [Abstract] | |
Other Long Term Assets | (5) Other Long-Term Assets (in thousands) September 30, December 31, 2015 2014 Long-term assets: Advance coal royalties $ $ Deferred financing costs, net Marketable equity securities available for sale, at fair value (restricted)* Other $ $ ____________________ * Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company . |
Self Insurance
Self Insurance | 9 Months Ended |
Sep. 30, 2015 | |
Self Insurance [Abstract] | |
Self Insurance | (6) Self Insurance In late August 2010, we decided to self-insure our underground mining equipment. Such equipment is allocated among 12 mining units spread out over 20 miles. The historical cost of such equipment is approximately $250 million. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 9 Months Ended |
Sep. 30, 2015 | |
Net Income (Loss) per Share [Abstract] | |
Net Income (Loss) per Share | (7) Net Income (Loss) per Share We compute net income (loss) per share using the two-class method, which is an allocation formula that determines net income (loss) per share for common stock and participating securities, which for us are our outstanding RSUs. Outstanding RSUs have been excluded from the calculation of diluted weighted average shares outstanding because the impact would be anti-dilutive. The following table sets forth the computation of net income (loss) allocated to common shareholders for the nine and three months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ $ $ $ Less earnings allocated to RSUs Net income (loss) allocated to common shareholders $ $ $ $ |
Vectren Fuels Acquisition
Vectren Fuels Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Vectren Fuels Acquisition [Abstract] | |
Vectren Fuels Acquisition | ( 8) Vectren Fuels Acquisition On August 29, 2014, we consummated the acquisition of all the common stock of Vectren Fuels, Inc. for $311 million, which was accounted for as a business acquisition requiring measurement of acquired assets and assumed liabilities at their estimated fair value in applying purchase accounting . The estimated fair values are based on market participant assumptions . |
Asset Realization
Asset Realization | 9 Months Ended |
Sep. 30, 2015 | |
Asset Realization [Abstract] | |
Asset Realization | ( 9) Asset Realization The Carlisle assets had an aggregate carrying value of $177 million at September 30, 2015. Considering the modifications to our coal contracts and the reduction in force as discussed in the MD&A section, we conducted review of those assets for recoverability, and determined that no impairment charge was necessary. In conducting such review, we assumed (i) that natgas prices will start to increase in late 2016 (ii) Carlisle production will increase in 2017 and (iii) sometime in 2019, the Carlisle Mine will return to its normal production capacity of three million tons per year. If, in later quarters, we reduce our estimate of the future net cash flows attributable to the Carlisle Mine, it may result in future impairment of such assets and such charges could be significant. |
Investment in Savoy (Tables)
Investment in Savoy (Tables) - Savoy [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Balance Sheet | Condensed Balance Sheet 2015 Current assets $ Oil and gas properties, net $ Total liabilities $ Partners’ capital $ |
Condensed Statement of Operations | Condensed Statement of Operations 2015 2014 Revenue $ $ Expenses Net income (loss) $ $ |
Investment in Sunrise Energy (T
Investment in Sunrise Energy (Tables) - Sunrise Energy [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Balance Sheet | Condensed Balance Sheet 2015 Current assets $ Oil and gas properties, net $ Total liabilities $ Members’ capital $ |
Condensed Statement of Operations | Condensed Statement of Operations 2015 2014 Revenue $ $ Expenses Net income $ $ |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Long-Term Assets [Abstract] | |
Schedule of Long-Term Assets | September 30, December 31, 2015 2014 Long-term assets: Advance coal royalties $ $ Deferred financing costs, net Marketable equity securities available for sale, at fair value (restricted)* Other $ $ ____________________ *Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net Income (Loss) per Share [Abstract] | |
Computation of Earnings per Share | The following table sets forth the computation of net income (loss) allocated to common shareholders for the nine and three months ended September 30, 2015 and 2014 (in thousands): Nine months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ $ $ $ Less earnings allocated to RSUs Net income (loss) allocated to common shareholders $ $ $ $ |
General Business (Details)
General Business (Details) | Sep. 30, 2015 | Sep. 30, 2014 |
Savoy [Member] | ||
Equity method investment ownership percentage | 40.00% | 45.00% |
Sunrise Energy [Member] | ||
Equity method investment ownership percentage | 50.00% |
Bank Debt (Details)
Bank Debt (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 350.00% |
Leverage ratio | 258.00% |
Debt maturity date | Aug. 29, 2019 |
Interest rat swaps net fair value | $ 2,500,000 |
PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Closing costs of debt | $ 6,800,000 |
Loan initiation amortization period | 5 years |
Credit agreement, amount outstanding | $ 266,000,000 |
Credit facility, maximum borrowing capacity | 311,000,000 |
Revolving Credit Facility [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Credit agreement, amount outstanding | 120,000,000 |
Credit facility, maximum borrowing capacity | $ 250,000,000 |
Term Loan [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Loan annual amortization | 20.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Loan annual amortization | 20.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument [Line Items] | |
Loan annual amortization | 10.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Loan annual amortization | 15.00% |
Term Loan [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Loan annual amortization | 15.00% |
Term Loan [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Credit agreement, amount outstanding | $ 146,000,000 |
Debt face amount | $ 175,000,000 |
Sunrise Coal [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Percentage decrease in amount of debt with maximum interest rate per quarter after commencement date | 10.00% |
Date that the percentage of debt with a maximum interest rate begins to decrease quarterly | Mar. 31, 2016 |
Sunrise Coal [Member] | Maximum [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Interest rate maximum | 5.00% |
Sunrise Coal [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Amount of debt with maximum interest rate | $ 100,000,000 |
Sunrise Coal [Member] | Term Loan [Member] | PNC Bank [Member] | |
Debt Instrument [Line Items] | |
Amount of debt with maximum interest rate | $ 175,000,000 |
Leverage Ratio Less Than 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt, interest rate spread on variable rate | 2.25% |
Leverage Ratio Between 1 and 1.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt, interest rate spread on variable rate | 2.50% |
Leverage Ratio Between 1.5 and 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt, interest rate spread on variable rate | 2.75% |
Leverage Ratio Between 2 and 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt, interest rate spread on variable rate | 3.00% |
Leverage Ratio Above 2.5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt, interest rate spread on variable rate | 3.50% |
Investment in Savoy (Narrative)
Investment in Savoy (Narrative) (Details) | Sep. 30, 2015 | Sep. 30, 2014 |
Savoy [Member] | ||
Equity method investment ownership percentage | 40.00% | 45.00% |
Investment in Savoy (Condensed
Investment in Savoy (Condensed Balance Sheet - Savoy) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | $ 77,042 | $ 84,409 |
Total assets | 563,398 | 579,585 |
Total liabilities | 356,051 | 389,710 |
Total liabilities and stockholders' equity | 563,398 | $ 579,585 |
Savoy [Member] | ||
Current assets | 11,709 | |
Oil and gas properties, net | 26,522 | |
Total assets | 38,231 | |
Total liabilities | 5,152 | |
Partners' capital | 33,079 | |
Total liabilities and stockholders' equity | $ 38,231 |
Investment in Savoy (Condense24
Investment in Savoy (Condensed Statement of Operations - Savoy) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenue | $ 82,013 | $ 66,322 | $ 275,267 | $ 140,549 | |
Expenses | (76,203) | (73,531) | (249,146) | (139,546) | |
Net income (loss) | [1] | $ 5,144 | $ (5,768) | 19,588 | 826 |
Savoy [Member] | |||||
Revenue | 10,887 | 32,135 | |||
Expenses | (11,156) | (19,423) | |||
Net income (loss) | $ (269) | $ 12,712 | |||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Investment in Sunrise Energy (N
Investment in Sunrise Energy (Narrative) (Details) | Sep. 30, 2015 |
Sunrise Energy [Member] | |
Equity method investment ownership percentage | 50.00% |
Investment in Sunrise Energy (C
Investment in Sunrise Energy (Condensed Balance Sheet - Sunrise) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | $ 77,042 | $ 84,409 |
Total assets | 563,398 | 579,585 |
Total liabilities | 356,051 | 389,710 |
Total liabilities and stockholders' equity | 563,398 | $ 579,585 |
Sunrise Energy [Member] | ||
Current assets | 2,325 | |
Oil and gas properties, net | 8,131 | |
Total assets | 10,456 | |
Total liabilities | 777 | |
Members' capital | 9,679 | |
Total liabilities and stockholders' equity | $ 10,456 |
Investment in Sunrise Energy 27
Investment in Sunrise Energy (Condensed Statement of Operations - Sunrise) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenue | $ 82,013 | $ 66,322 | $ 275,267 | $ 140,549 | |
Expenses | (76,203) | (73,531) | (249,146) | (139,546) | |
Net income (loss) | [1] | $ 5,144 | $ (5,768) | 19,588 | 826 |
Sunrise Energy [Member] | |||||
Revenue | 1,773 | 2,328 | |||
Expenses | (1,725) | (1,945) | |||
Net income (loss) | $ 48 | $ 383 | |||
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Other Long-Term Assets (Schedul
Other Long-Term Assets (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Long-term assets: | |||
Advance coal royalties | $ 6,506 | $ 5,496 | |
Deferred financing costs, net | 5,461 | 6,507 | |
Marketable equity securities available for sale, at fair value (restricted) | [1] | 1,723 | 2,249 |
Other | 2,782 | 4,597 | |
Long-term assets | $ 16,472 | $ 18,849 | |
[1] | Held by Sunrise Indemnity, Inc., our wholly owned captive insurance company. |
Self Insurance (Details)
Self Insurance (Details) $ in Millions | Sep. 30, 2015sitemi | Aug. 31, 2010USD ($) |
Self Insurance [Abstract] | ||
Number of mining units with self-insured equipment | 12 | |
Area of self-insured mining units | mi | 20 | |
Mining equipment at historical cost | $ | $ 250 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Net Income (Loss) per Share [Abstract] | |||||
Net income (loss) | [1] | $ 5,144 | $ (5,768) | $ 19,588 | $ 826 |
Less earnings allocated to RSUs | (155) | (595) | (23) | ||
Net income (loss) available to common shareholders | $ 4,989 | $ (5,768) | $ 18,993 | $ 803 | |
[1] | There is no material difference between net income (loss) and comprehensive income (loss). |
Vectren Fuels Acquisition (Narr
Vectren Fuels Acquisition (Narrative) (Details) $ in Millions | Aug. 29, 2014USD ($) |
Vectren Fuels [Member] | |
Business Acquisition [Line Items] | |
Business acquisition purchase price | $ 311 |
Asset Realization (Narrative) (
Asset Realization (Narrative) (Details) - Carlisle Assets [Member] $ in Thousands, T in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)T | |
Impairment Effects on Earnings Per Share [Line Items] | |
Mine carring value | $ 177,000 |
Asset impairment charge | $ 0 |
Asset impairment assumption, normal production capacity per year | T | 3 |