Alpha Metallurgical Resources, Inc. has recently released its 10-K report, providing an insight into its operations and financial performance. The company, formerly known as Contura Energy, Inc., is a mining company that specializes in producing, processing, and selling met and thermal coal in Virginia and West Virginia. As of December 31, 2022, it operated twenty-four active mines and eight coal preparation and load-out facilities.
The company's operations are primarily focused on the production and sale of met coal, which accounted for approximately 90% of its coal sales volume in 2023. Sales of thermal coal made up the remaining 10% of its coal sales volume. Alpha Metallurgical Resources, Inc. also generates other revenues from equipment sales, rentals, terminal and processing fees, coal and environmental analysis fees, royalties, and the sale of natural gas.
In terms of financial performance, for the years ended December 31, 2023, and 2022, the company reported sales of met coal at 15.3 million tons and 14.2 million tons, respectively, while sales of thermal coal were 1.8 million tons and 2.2 million tons, respectively. Approximately 74% and 81% of the company's coal revenues in 2023 and 2022, respectively, were derived from coal sales made to customers outside the United States.
The company's market overview section of the 10-K report provides insights into the macroeconomic conditions and global factors impacting metallurgical coal markets. It highlights the strength and volatility in metallurgical coal markets, as well as geopolitical uncertainties and global recessionary fears impacting the industry.
The report also discusses the company's business developments, including the completion of development and production at its Rolling Thunder and Checkmate Powellton mines, as well as its transition to a pure-play metallurgical producer with the closure of its last remaining thermal mine, Slabcamp.
Furthermore, the 10-K report provides details on factors affecting the company's results of operations, including sales agreements and realized pricing. It outlines the company's sales commitments for 2024 and the average realized price per ton for met and thermal coal.
The market has reacted to these announcements by moving the company's shares 13.4% to a price of $442.21. For more information, read the company's full 10-K submission here.
