Summary
Mining and gas operations produced solid results, prices and margins improved in the period-to-period comparison, we monetized non-core coal assets at very attractive prices, and we continued to improve our overall financial position. With metallurgical coal accounting for nearly 31 percent of our revenue, the increasing global demand for high-quality metallurgical coal represents a tremendous opportunity for us, Don L. Blankenship, Massey's chairman and CEO, said in a news release Our 2007 operating performance has increased the company's cash balance by $83 million during the first half of the year.
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Coal Companies Post Second-Quarter Results
Coal companies with strong eastern holdings performed better in the second quarter of 2007 than their western counterparts, according to the latest financial reports.
Of those with operations in West Virginia, eastern coal producers CONSOL Energy Inc. and Massey Energy Co. posted strong profits in the second quarter, while companies that concentrate more on western mining, such as Arch Coal Inc. and Peabody Energy Corp., reported lower earnings and lower production.Alpha Natural Resources (NYSE: ANR), a supplier of Appalachian coal,...See the full content of this document
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