CTRA - Earnings call transcript Q2 2020 | Alpha Metallurgical Resources, Inc.

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Operator

Good day, and welcome to the Contura Energy Second Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. I would like to turn the conference over to Emily O'Quinn, Vice President and Corporate Communications. Please go ahead.

Emily O'Quinn

Francesca. you, Thank everyone. morning, And good

statements Before we our comments you during contain me to materially may from those started, remarks and let discussed. forward-looking performance prepared financial our business remind actual the results expected differ that and get and Q&A related period,

documents factors the Participating also Operating the information Chief Chairman quarter over and company's Financial regarding the Officer, to answer who XXXX and on information Jason operations. on Chief associated and them, Please affect Eidson. for earnings are Andy some is Stetson, participating statements more can use those to is please measures and that, call Also available David SEC our the the second see call on I'll turn filings. their Officer, For and of GAAP release the to questions of today forward-looking that about Chief refer to Executive measures. With non-GAAP our Contura's David. call Officer, reconciliation Whitehead,

David Stetson

Thank thank today. you you, for everyone and to us joining Good morning Emily.

Unprecedented that environment seen We've been shifting forced all us has world. been made last our months, Before to adapt but have quarter the descriptor. the accurate a overused of into experiencing details is second rapidly I before. a for us difficult the that and quarter the a word have of of for pandemic, for to unprecedented results, acknowledge across I had an circumstances get which strange all to been describe want it's few this none businesses to ever continuously

ever-changing NFDL They are and national VPID of I'm XX% stewardship, average, cost the we year-to-date proud Not basis. areas to our to environmental how reduction a not we've favorably were precautions to just good among why to our optimistic of a three-year in take us. implementing during so and challenging kept the at we've compared and I conditions Contura company, the to resilience our even both one the are in facing. achieved uncertainty our measure like the of they're in strong a numbers meaningful quality Across in success metrics perform protocols high This is performance, performance. such accomplished guidelines quarter standards second maintaining cases, achieve meet, and circumstances. water favorable even second in this XX.X% our and expectations most their Contura's These a organization of and midst while to but on the in the continue in work. of a continues we're across environmental average. exceed only consistently As we future, rate people on basis, even safety for this external adverse to of workforce response of harder areas pressure about performance and commend reasons team quarter and periods well organization, we remained many very safety we've experienced In we compliance I'm and up in challenging the that in these additional violations done quarter. daily seriously

a $XX our prepared cash after million results, discuss include my usual, will EBITDA perspective. adjusted an macro second from quarter-over-quarter quarter Andy balance which As remarks, of of increase and

our the the long idle for which being four accomplishments business. to results a pandemic our our various widespread view, of our the alongside time in as our this make us even swings began weeks. I properties, operations it's think important This quarter, idling mining us more with on impressive. April normalize as some allowed many my dramatic analyze inventory of provided experienced to understand with levels, to impacts

first week levels all and the our customer fulfill back of at to normal properties were Contura continue We of during capacities. online staffing And May, by operating contracts time. nearly this

the expire. agreements when some and impoundment and and immediate there. at strengthen to financial decision not contracts but sale supply bolster goal our we the of between more not mine close in We'll for project pathway them sense in standpoint. benefits June, create quarter thinking our invest strategic our regard decision We've times, announced in We Cumberland. the and was a in on customer capabilities pure-play strategic also these and to most from coal those streamlined to to announcements shorter the Before to our timeline XXXX of our already becoming believe perspective market company. the longer-term To behind both the with Contura, short-term of only this direction Pennsylvania We company's Cumberland the reaping to of new at for end to continue our now decision a our with Mine actively the announced a briefly financial begun Cumberland uncertain direct a efficient cost new metallurgical coal makes a touch performance.

Plant received structures. we Within construct Kielty a uneconomic the decision reductions pricing and have warrant and notice idle XX-day a also West to to decision to we past announced due week, our Mine impoundment. due to $XX and new cost the bond surety Delbarton million in in our not the over In Virginia Prep June,

the next Our reflects within operations six mining weeks. plan of current cessation active

those being mines last are me augment the designed of that that years examples way to under projects or are are heard deemphasized you've removed from our exciting the run. of in couple some over that our business While development are discuss portfolio, long

give we early XXXX. multi-section the of and toward capability, to June the belt Black properties in roughly the second Black And section no help complete having and reserve Eagle to section quickly I'll Road report working stand body an update underway. We Fork life the the and on multi-section now longer with their in the are or nearing the We're online you airway near expect development are is a is that pleased a cost-effective where corridor that add also Fork projects. Road XX these term. some Lynn to three-quarters of XX, production, third main end coming Branch currently now to ability with mine operations a in on replace us Eagle

We Black expect year. a Eagle multi-section beginning reserve from in body production be the next main at to

them Lastly, more sustainable higher fourth after to on progress projects commitment cost completing portfolio a Lynn our lower the second quarter. us to continue strengthen are our year. cuts time. underground we of and resume at cost, meaningful These infrastructure And increase quality help initial of Branch, mines surface sometime to over we structure the sales make expect this capabilities building demonstrate our and to leaner, of a in installing production in all quarter

of I confident in the able containment at match CAPP-Met our quarter the County, economy June, that the on the transition report opportunities that leading Kielty that partially on are shipments offsetting several recent done quarter power our expect leverage us company which the we and less multiyear port portfolio of the of and well costs that our on this workforce point and to Once vol be known cost calls, the therefore pure-play leadership. are when tons facility Cumberland, years, since the we annually, level the relies outstanding we're West direction some more costs these are the To right year. severance a allow With metallurgical generation impact the the may network, a detail, coal in that met than on profile our up Jason's I recognize of a through million thermal fuels been initiatives, for performance our the and our next in incredible of a the in successfully. and last of despite control, to story. ability part Feats they CSX competitive transitioning railroad, optimization strategic to to low coal but, on and I'm in remarks was Virginia. strategic strategy lot DTA. on our I we for toward coal touched to plan place will put manage as Loadout We talked you fossil million right segment am in We we less X of obviously, have acquisition lows. an of COVID out. can in are our brings tax and mitigation the a for make exit about execute from XX work end production Additionally, cost second resilience Andy This but I've by pressures the for discussed Logan service coal business the to mining. tons sales our progress the markets a adjustments initiatives coal the property this world our backed earnings this first is of about team finer met cost expect proud that's transportation the And of accelerated XXXX. additional different bolstering with couple incidental recall would months, optionality the completed, on of my completed testament continues one-time the existing Contura's have that underway, shipments is the in very to furloughs, to regard our I our met performance thermal discuss front. will

like discussion looks coal that hands community higher, if to the for signals quarter no in are the few crystal informing we've can third or optimism climb is much and of over to about noticed been are expect hold may what future the the landscape. that market our we the few estimation in potential fourth us. there has show there of There While a prices weeks metrics and ball us last

will pricing preparing coming with environment we come, half the be it of to we've improved those any may over to is XXXX we improvements the as still or welcome months, Even believe been wise back continue. continue would we experiencing that expect While depressed welcome challenging. structure weeks pricing

respectively. Steel XXXX X.X%, rebound global While grew and Steel year-to-date reduction X% trend annual crude July, decline X.X%. growth there Association indicating key only half for shows the in markets, of Association material similar well decline year-to-date the in the all steel data a China. June are in a our X.X% month producing the that They crude industry XX% declines production nearly Europe to production a steel a crude the country shows major XXXX. States. indications World markets, forecasts to World June second of decline XXXX data with showing reporting by total the is from steel improvement in Among the production The production, as of in for in some from steel XX% and as ranging year-over-year forecast X.X% overall the United is estimated the

the making be but are Of numbers that remains bottom, to course, is the hope that summer seen.

the to sector. in unanswered we manufacturing much While to steel and have positive for production July. questions the room improvement are numbers show China's economic in PMI seeing manufacturing continued activity, many crude global signs remain with growth growth, Europe returning regarding early

Jason solution Jason when return than less our Bill liquidity of improvements which since soapbox. recorded leadership India's have efficiencies Horn amid the his Brazil, provided were year, created Importantly, ago. from has lead and to June. in find at pricing one-year Contura, Contura. PMI reduced mining exited was some our a advance, close of on that Dan continue PMI brought manage for Cumberland, year result operations, at July, we and to modest team times beyond to by management in in seen products projects, my strengthened of XX.X% comprehensive my my anniversary of been world sector difficult my PRB, of tremendous for and to one manufacturing managed like to PMI With demand in headwinds. I've time our optimal to streamlined level. entire I costs Davidson week XX.X% the allowed to in apologies These marked Contura. to into asked across a accomplishments contraction capital one strongest up in in moved team Last first the manufacturing met-focused through management, the US career. quickly most and an accelerated coronavirus-related remained lockdowns. February, a of organization, our my efforts operations throughout homes And Their constraints have expectations. while reported I'd In getting manufacturing expansion the at the remarks returning rating operations managed somehow Whitehead

might just I PRB his understand of performance an feet as and but we all together was general themselves safety on Jason proud to to board work the the that environmental, regardless counsel. out XX to Nicholson practice strategy. I And leave out out my office know Andy well work is performance and additions with he's I'll Andy do Dan team call of the of our manages comfort person and Virginia, Bill of One challenges, the having part on being of also this reach leave our in convincing HR to well West aspects miles away reached Roger Eidson and is up it good last. the hide Andy a on of I'm our strategy. mine. the call the of have grind have as not board. from loaded legal my him his the has analysts advanced and most Julian, he private of from in shareholders unfortunate and return Many role which extremely for than as of Roger come less since all-time point the Cumberland. and company, located they of Andy office, we financial large on hundreds due and to geography. ball standing but

our team all express this is activity, Thanks call pass to all All letting the is made turn the they've M&A with recognize industry. for is additional doesn't have a provides the to gratitude for and and days. this there for moment continue couldn't get to members hasn't it. for me we financials. liquidity, With real-time this even opportunity progress team trying on done. in what decision over fingerprints challenging been positioned to are his times, the for Andy in to take my team Andy our these making I such some I've that, that I that believe I'll of making, why say up the During well data decision returning collective power since over responsible manages best

Andy Eidson

And David. Thanks, David. Very compliments kind thanks, there.

of quarter from quarter and we So, second with of we challenging, both be production perspective, both unit be to most April proved on did We and accounts. the of to in coming costs we $XX performance did with operationally the mines. the majority that May month. second expect for were news the once for operations first good to effectively quarter, outstanding cost the that ton the certainly temporarily to The planning idle higher for in we CAPP-Met the that returned June, a and since we normal mines a established true on the able costs below is our month started average match in

effectively the we very met we're how in across not complacent. certainly especially While of we're control the organization, proud the cost segment,

industry remaining significant under many still macro issues pressure is with entire Our unsolved. so

focused $XXX quarter and – part, demand, importantly, continued production circumstances with by We cost liquidity matching what the on flows. approximately But ended cash we're and sharp these mentioned, for total of David of management, cash million. affected on can we're in million can't predict, we $XXX uncertainties. with of focus control careful effective most a unrestricted can't As clearly dwelling the most instead on and, control controlling we the

a second one despite quarter As cash in with month, was goals cash of David mentioned helped reduce of our and his availability. with in This as our Naturally, stands million is cash June balance the ABL idlings over receivable. facility valuations million paydown bolster by net in now million credit $XXX us April the in inventory is balances. markets. of environment the pricing We approximately in converted of our inventory credit regards at our tied letters in to $XX the remarks, $X million availability to of that million into XX, also end revolving during increase temporary successfully hence which facility. around market and remaining to and our of our borrowings $XX $XX of outstanding inventory increase million of first, key of difficult $XX The mine accounts

the we're operating strong our moving seeing the had with soon million no flow market the in quarter the should On us and Cumberland challenged to of approximately to current as $XX.X we're of areas, pretty nearly which does CapEx cash relative guidance $XXX provide refuse million, of our expected tide million around fluctuate. for half quarter impoundment million. compared flows, ahead be cash some longer with is to we for market as $XX $XXX investment, of the CapEx would does year conditions, Since second low rebound to And take second the CapEx a million $XX the year the that market, $XX of we So, which to $XX now some our the year. less range in expect spent full million XXXX. $XX This than million our original more than half first a million to relief.

I partially more were the added or by million improvement tons capital $XX net and million we another improvement, quarter. source As mentioned during earlier, $XX million $XX our working total $XXX also which payables. quarter. declined to as during million reduce offset around of more was a in strong quarter, than saw nearly inventory prepaid we expenses total, X.X able the reduction in million capital working for receivables million were position receivable Accounts In by $XX a the than

update AMT the refund. Next, of expected million a the on I credit to want $XX give timing monetization brief

pursuing QX refund this Also, advisors Act result quarter, likely it timelines taxpayer it. While an in with of discussion into in slowed The the expected shutdowns. a this expectation change XXXX our delay we IRS advocate. from be the our to processing evenly We to refund, is of CARES those only of our previously and previous COVID-related understand connection expect result quarter. as with the in we as fourth concert defer the across of two until and timing down the million or approximately expected total amount latter the now deferral payroll and And taxes XXXX, drift we've topic refund IRS potentially had originally still the quarter, of to come in expected distributed aggressively of the of receiving $XX not more announced, the we're the early looks this to tax with the receive in part years. third part

our our As $XX second of closures EBITDA QX $XX in adjusted customers, million we was quarter The results, EBITDA to very $XX but reported idlings financial not also million. the to that included and million challenging, April. quarter. again, just And of compares our properties in among

Second on our CAPP-Met cost to show quarter of continued reporting strong a with performance cost $XX.XX. segment,

say quarter, $XX the team of excellence Overall, on SG&A allocated XX, Northern that for on – our these not a million EBITDA in However, accrual, mid-XXs – nearly To differently of it their reduction include little when under months declined the mitigation those in than a production mentioned of adjustments I moving Jason last kind the April David below ton quarters approximately with of moving to expenses our a want at quarter into furloughs, factored and It's be with just ton EBITDA. levels. tax million quarter three-quarter EBITDA for June with bit to recent in. line cost the XXXX, adding continued becoming a progress the related for QX, average, ton. annual a severance to have may two is ending the looking generated averaging you from three tag to important standing calculation, time, with more CAPP-Thermal to another offset highlight all reduced per most a track CAPP-Met at it's the and of average a that In second me three-quarter $X the costs about with the to COVID-XX Central segment useful during App and declined QX million light from of averaging from EBITDA partial but QX similar of adjustments little $XX said, of do materially when incremental benefit CAPP-Met of this his if from to analysis, calls, our $X $XX to Over XXXX. impact it our contributing Appalachia ton management. in what $XX enough exclude the and $XX the you previously are segment costs were $XX a comment CAPP-Thermal, operations I in costs are starting roughly to look the in period, in pound ton on even results. a XXXX cost can't

not the just So, again, that cost entire across continuing the to seeing goes a monitor we're this control in can it's cost testament company to just and and for that control. to point out board we operations improvements really everything CAPP-Met

prior with shortfall front, The in On XXX,XXX realizations revenue tons ton. to the the declining a strong conditions in with prior of tons was XXX,XXX lower a quarter. and shipments second essentially to with market, prices, ton ton the and average declining realization obviously million the remained in tons over the volume QX. to declined result just down by price under revenue the a of tons $XX X.X a to driven NAPP only total market million our quarter from the our $XX a shipments $XX of down declining with from with in CAPP-Met realization around was ton shipped, revenues about CAPP-Met $XX the export total a just X% X.X quarter, with quarter, first XXX,XXX by lower in weak mid-XXs tons shipments under as the volumes CAPP-Thermal just quarter. volume flat

quarter Another exhibited one-time area and the second is with stock to cost items million in first on quarter. after $XX.X focus excluding declined where million compared noncash $XX we which SG&A, strong in the comp in

between in requests. $XX down with million million on for expect we year XXXX. Labor XXXX comment of I'll from million, my full a Department purposes, remarks for fiscal and close $XX year come prepared SG&A modeling the For $XX our the to

amounts did for collateral could our As year, in we DOL increase certain receive in you nearly potentially earlier self-insured black we obligations, regarding may the a letter see recall, collateral which from lung the $XX increase, the have million. but of from a potential decision filed an update additional XX-fold once We not to share. received appeal yet provide DOL. information have an we this approximately We'll to

open operator, that, ready I believe for with line So the questions. to we're

Operator

[Operator Instructions].

first The is Clarksons. from Schier question Scott with

Scott Schier

Hi. flat everyone. expect would Does that shutdown. the COVID-XX quarter-on-quarter low costs mentioned impact been in the XXs your absent prepared some there mean half expect? the that to release of should In impacts you have be costs year closer remarks, that the Good second to morning, or the and you we relatively and the lingering is also in

Andy Eidson

is from Scott. reminder, feels hold large, market Andy. we see natural to kind we Hi, of again, kind it's market of very perspective. expectation I going the But But market will next a is adjustments. rebounds, if do X% could total fluctuations, that think, costs, things the line can to and as are, with is cost. in what quarters. where where appropriate. pressure a from of in Or going a production This back let Jason further again, believe as hard XX% I with comprises think he increase cost Naturally, predict I happen sales-related on is we jump in when response much by the our about they cost two drive the which, via to

yeah, by reflecting I these of partially cost those in lower think But we're think, that I sustainable we're pretty royalties, comfortable for term. the are costs things lower So, our taxes, large, long and severance current kinds base.

Scott Schier

that across are operations impressive. cost reductions you've the And your Okay. made That's helpful. very

of most remain for Switching or gears of bit. additional quick point? the kind rest are this and of kind of maybe you at see see So, kind mine these think Do congratulations the you depressed into Should idlings may little pricing even rebound? we a of a any on early XXXX don't year, we behind that.

David Stetson

take sit I'm system, to sales anticipating demands and this flex not as rest any anticipating have production not down, in that point We Scott, we're in designed up, our We matched for seeing a the well. up in today, But as here We're outlook that that that out think the and we've I'll I we of changes can us future. allows the and production input provide capability. flex year. do so with time. Jason any at

Operator

go The next Riley question Please is from FBR. with ahead. B. Lucas Pipes

Lucas Pipes

like can difficult the to to you well very amidst of would kind the met half get I'd congratulations. for you wanted kind the I not of for really But to then shipment production And specifically what the detail ask environment. such. the side of but done, more QX, a second QX, this could about outlook order this Really, provide expect better, especially around – year. the with the and like coal, second on sense we flow and

Andy Eidson

numerical the much share guidance, much except Andy. view the the hour. in way in one. It's we but suspension question true Hey, do views can surely were Horn guidance some Lucas. but That the market. Dan here is CapEx, have still and of to for regards Pretty pretty available sticky Dan? he a we doubt on to get we Naturally, his have of on the market. of to give SG&A anecdotal I everything,

Daniel Horn

see a here.' up where ago. furnace steel here We We few the starting industry, versus these improving follow are of watching things pricing steel starting We're generally were months some America. around in announcements, blast is 'Okay, signs We Sure. a closely. North except obviously, increase that they the a very all see here to world few

still But in that we're that's up to are see a struggling bit America. concern necessarily a North more production. picking plants any So, of coal

at of But increased that I is can't said, things shipments a the So, give few do bit see can't but – moment. optimism. wait mode, little really a me translates see a and it Andy I see into as clearly how it

Lucas Pipes

the good or that. here? thank a inventory did appreciate standpoint a from pretty And you rebuild maybe really you're on to this, positioned And you. need well I of there you would follow-up quarter. an say destocking second Is to kind job during inventories

Andy Eidson

Again, I think taken good across we're X.X we've shape, in our down from Lucas. about inventory tons levels pretty board. million the

a I available, of the good both pretty need million, to think X.X to million team us on the sales XXX,XXX side. to allow around the of what is leaves tons That think inventory which X.X was operations met do to they the tons reduction orders. level do and probably I meet

from certainly inventory to don't think the perspective. shape stock to I just in we're So, build want And ground. good that we up it on

So, we well level it's out were in that that we're really it and to destock worked to targeted, basically April. we able good a

So, I do really don't anymore. cut we're need short build good nor shape. in to answer, to We anymore need think we

levels the I inventory are appropriate seeing in what think we're our pretty with market.

Lucas Pipes

on with Could one expect The XXXX? more I'll the million kind the the release by $XX we thermal of one see in. of side, end exiting strategy that. of to last sneak of surety good

Andy Eidson

wish you, an had coal. all The good markets met And for peers between things. There's Lucas. really seeing our to Coal be ESG I usual, surety bifurcation really, a optimistic challenging. across now believe the not as are there's been really the I concerns answer thermal seems coal. are board. right same I of and

in a bit that see cash to the we world surety bit that we will collateral up will And to we there's of a returned. of optimizing bonding so, across and normal concerns term. expect return see I credit see makes as maybe probably longer of that hopefully, in I once our believe a bit in better, the But, much collateral a used little a challenge perspective portfolios more keep some more the now be market more tied way little a to the improvements which for wouldn't until the industry, release turn. near it far additional as portfolios. from we're experiencing,

David Stetson

out of time. run We've

Never right? Mark Mark. So, Go mind, ahead. any can't ask questions,

Operator

Benchmark. The is Levin next from question go ahead. Please Mark with

Mark Levin

big doing No, favor. everybody you probably been have would a favor, a

a just So, ones. of couple quick

is and one are guidance volatile delta. It a any or the to prices sort flat you if I of maybe, the whether market equal be up, know into to lower. consequence, let's the looks know about not should sounds volatile, QX Andy, is step or QX? naturally of to the costs thinking just sort would be as you like price QX met and, met hold just would were But QX, volumes, getting that a key would like exceedingly feeling trough? are as I without higher prices be I So, because thinks when think,

Andy Eidson

As Mark? far as shipments,

Mark Levin

is higher QX. the have And Well, QX no. from I'm you'll just EBITDA costs should met I is lower for reasonable else have to were QX that that Like, volumes. QX, just QX you prices, have because were assume being to EBITDA assume equal, year? you to thinking then, the all bridge it if volumes, the higher trough to should just like flat

Andy Eidson

that Absolutely. works. If think particular I assumptions math those true, hold

is based on has and tough. improvement. from to not QX I'm that The works, think anecdotally, the on market still hinges safe assume the sticky an to, pretty I think potential I sure market everything will it's wicket. It just we shipments but math Dan, That's be what the but heard demand.

Mark Levin

or in like you it million first the a half. perspective, looks spent $XX And so from CapEx

So, second the getting to so $XX or half. your guidance, in maybe another million

cash perspective, a So, guess, million in even right? with be from you particularly burn could better $XX the coming I shape, in,

Andy Eidson

Yeah. Absolutely.

Mark Levin

sure. making Just

about on a it. talk probably Now met, stuff. positive whole and so others lot and to less I don't sensitive, want Domestic to know Dan

about I So, strategy. talk want little just bit to a

in and Given where netbacks given seeing how there, mix, XXXX, it kind process mentioned, of versus right versus what out meaning the is now? of you've terms tough as you're the domestic thought what's export, in XXXX are market

David Stetson

our like our it – to sales to all competitors. provide start We off. strategy I'll our seldom Well, of strategy

from So, that probably won't you on hear much point. me

our as side. versus on else? We We everyone, coal like the this And our deferrals in and international Dan book of in historically, everybody a domestic Arch fixed were with to target really coming pushed domestic on year lot about Unless that the with like strategy that we're and some share that you cadence XXXX, export. never And have XX% export would into XX%. from coal markets. a we to have about said to are sales share wants were playbook Dan that we

Daniel Horn

pass I'll David. that, on

I wait high Mark, think the We'll make the season, comfortable… volumes on We're the we're look on and what comfortable end. and and low into prices We're comfortable like the end. decisions. our we'll see

Mark Strouse

I but a it thought I worth like might was try. figured I that, answers get

David Stetson

try, Good Mark.

Mark Strouse

those today tighter the very A feel on assessments or board. not there a I'm the – then? are challenging of talking vol, are B take market you then, you accurate you US of in in guys And do across low I'm pricing at just the Platts look the like When are talking representations from either what those good are realizing we in speaking seeing and and side, generally domestic. you have pretty are guys to or a market that what discounts representations markets or more oversupplied for

Daniel Horn

Mark, they're assessments.

You're many right. correct. products. think, sell they're so I They directionally, are assessments. And We

and this strong of directly a premiums. the in volumes. they're in rising I've I've products we But think we specs, market correlation to this okay. and at we directionally, differences tend between I discounts; before, in said in a at tend think But the there's market, weak in sell differences necessarily I weak sell said market, indices because to – sell a no what that before

Mark Levin

No. sense. market a about so get That that a in work demand now, And on Are and challenge been rail given corresponding right rails and levels? price perspective, much rates the of or a you side? higher everybody from the willing else, decrease have both tough been makes how seen you times the – from anybody in the kind eastern there's help at have they Have to through or these sticky with rates? Dan

Daniel Horn

depend on products. the Mark, pricing and rates the coal speaking, with rail move the Broadly they

different We have coal. of rates for types

So, accordingly. they move

at ton. this So, level a they're better for [indiscernible] pricing us $XXX

Mark Levin

what on job look cost chatting quarter. great Well, said particular, side, before, in to the and echoing everybody forward else next

Operator

back the like question-and-answer our concludes over for session. David remarks. turn to closing conference any I would to Stetson This

David Stetson

Thank a today thank you and call to everyone us day want everyone interest great I joining great your weekend. in for Contura Again, much. so and the and on a wish

Operator

has The today's for concluded. now attending you presentation. Thank conference call

may You now disconnect.

Emily O'Quinn	Vice President of Corporate Communications
David Stetson	Chairman and Chief Executive Officer
Andy Eidson	Executive Vice President and Chief Financial Officer
Jason Whitehead	Executive Vice President and Chief Operating Officer
Daniel Horn	Senior Vice President and Head of Metallurgical Coal Sales
Scott Schier	Clarksons Platou Securities
Lucas Pipes	B. Riley FBR
Mark Levin	The Benchmark Company

Alpha Metallurgical Resources (AMR) 7 Aug 202020 Q2 Earnings call transcript