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Text: We encourage you to consider the risk factors referenced there, along with our public filings with the SEC.
Peabody had a very good third quarter with our results benefiting from current robust global coal market dynamics.
Strong operational performance, coupled with increased seaborne pricing and global demand yielded quarterly results we have not seen since 2018.
We continue to advance actions to position the company to be resilient in all market cycles by expanding our margins, reducing our debt levels and removing obstacles to increase production.
We are excelling not only because of strong coal markets, but also due to the dedication and efforts of our talented workforce.
Across the globe, we are seeing record coal index prices in each market segment and demand returning to near pre-pandemic levels.
The near-term market outlook for all our operating segments is favorable, with strong market indicators and increased global demand, providing a compelling story for coal and Peabody.
The seaborne thermal and metallurgical coal markets are expected to remain tight in the near to medium-term as supplier response to elevated demand remains muted.
Heavy rains in Indonesia, rail issues in Russia, production issues in Colombia and hampered domestic supply in China.
Additionally, gas supply constraints and low wind generation in Europe have all combined to exert positive pressure on the global thermal market, while the seaborne met market is being bolstered by robust steel production and decade-high steel margins and tight coal availability.
For 2022, with two million tons of incremental production expected at our met coal mines and thermal export production in line with 2021, we are well positioned and are looking forward to taking advantage of this demand and the margins that we anticipate will come with it.
In the U.S., thermal coal market indicators are also favorable with increased electricity demand and high natural gas prices leading to gas to coal switching and robust growth in coal generation as compared to prior year.
Overall, electricity demand increased 3% over last year, with coal's share of electricity generation increasing to approximately 23% for the first nine months of 2021.
Natural gas prices hit high levels this quarter that we have not seen since 2014, driving up coal generation demand.
During the first nine months, utility consumption of PRB coal rose approximately 30% compared to prior year.
High supply and demand balances are leading to high forward prices for natural gas.
Those forward prices and strong coal export demand are supporting expectations of continued elevated coal prices in the near term.
s PRB operations, we increased volumes and are trending toward the high end of our guidance range for 2021 and anticipate some incremental volumes next year.
We currently have some uncommitted tons for 2022.
However, given current demand exceeds supply, we are only selling those uncommitted tons under multiyear contracts.
At our other U.S. thermal operations, we are ramping up volumes next year by approximately two million tons to meet increased customer demand.
So we only have a small portion left to be sold for 2022 and for 2023.
Now turning to the quarter.
Our operations were able to deliver projected volumes, offsetting the impacts of labor shortages and higher fuel costs.
In addition, we continue to invest in the future with increased equipment refurbishments and mine development.
Within our seaborne thermal segment, the Wilpinjong extension and the Wambo Open-Cut JV development projects continue to advance, with over $200 million of capital invested over the past three years.
I'm happy to report the box cut development workloads completed at both projects in the third quarter, and we anticipate the Wambo JV to operate at full production run rates in Q4.
Our seaborne thermal margins benefited from price increases of 66% in the quarter compared to the prior year, and the segment is on target to deliver higher export volumes in the fourth quarter as compared to prior quarters in 2021.
Our seaborne met segment continues to deliver on efforts to expand margins through cost and productivity improvement initiatives as well as sales strategies.
In the quarter, the CMJV complex and Metropolitan delivered 36% higher volumes at 16% lower cost per ton as compared to the prior year.
The CMJV continued to realize productivity improvements at Metropolitan and Metropolitan reached planned longwall production rates.
At Metropolitan, we reached a long-term sales agreement that underpins the mine for the next three years with pricing linked to seaborne met coal pricing.
And importantly, both Metropolitan and Shoal Creek completed renegotiated labor agreements.
The workforce has been back at Shoal Creek since early October, and we expect to restart production later this year.
The U.S. thermal mines delivered another solid quarter, generating significant EBITDA.
Availability of labor impacted production at several of our U.S. mines this quarter, but we see this improving through programs that we have put in place.
And finally, robust U.S. coal market dynamics have allowed us to build a strong book of forward business.
The settlement of several long-term sales agreements and improved prices as compared to current levels.
Notably, in addition to multiyear PRB contracts, we have reached agreements that will support the continued operation of our Twentymile Mine in Colorado for the next five years and assigned agreements in the Illinois Basin with increased pricing through 2025.
Our globally diversified asset base, which makes us distinctly unique from any other U.S. coal company is allowing us to benefit from these market conditions.
Our Q3 results were a confirmation of the value we can generate from our asset mix.
During the quarter, we also continued to take actions to reduce our debt levels and raise cash to the issuance of common shares.
To date this year, we have reduced our debt levels by approximately $250 million.
We also took steps to reduce our closed mine and legacy liabilities through the sale of our Millennium and Wilkie Creek closed mines.
These actions are part of our commitment to enhance our platform to be resilient in all market cycles.
We are also progressing on multiple initiatives that will allow us to expand and improve near-term production.
As previously mentioned, Shoal Creek will be back in production later this quarter.
And at Metropolitan, the longwall was producing at full run rates, resulting in significant year-over-year increases to our seaborne met export volumes.
Moorvale South, which will result in improved quality and extended life at our CMJV is expected to be in production in the first half of 2022.
And in the U.S., we are implementing plans to produce incremental volumes on our minds in the near-term, adding underground production units in the Illinois Basin and expanding development at our Wild Boar complex.
In addition, in the PRB, we are refurbishing and relocating equipment to enable increased production.
Our long-term strategy remains to reweight investments toward seaborne markets, maximize U.S. thermal asset cash generation and enhanced financial strength through debt reduction.
I'll now turn things over to Mark to cover the financials.
Third quarter results demonstrated our ability to capture improved market conditions and generate substantial margins from our diverse asset portfolio.
The thermal segment, both U.S. and seaborne, as well as our improving seaborne met segment reported strong results.
Third quarter sales were over $900 million; our highest in seven quarters, an increase by more than 30% from the prior year.
Reported revenue was $679 million, net of $238 million of unrealized mark-to-market losses.
Those losses primarily related to economic coal hedges.
At September 30, we had hedges on 2.9 million metric tons, the majority of which were contracted in the first half of 2021 and relate to 2.1 million metric tons of expected production at our Wambo underground mine.
These tons are expected to be mined and settled at a rate of 1.4 million tons in 2022 and 0.7 million tons in 2023.
The hedge contracts support the profitability of the mine by securing average prices of $84 per metric ton through mid-2023 and are a key ingredient of a strategy to extend the expected life of the mine.
The remaining tons relate to brokered coal transactions and other blending and optimization activities, which will settle beginning in the fourth quarter and throughout 2022.
Net loss attributable to common shareholders totaled $44 million, including recognition of the $238 million of unrealized mark-to-market losses.
We reported adjusted EBITDA of $289 million, more than double the $122 million reported in the second quarter and three times the prior year results of $95 million.
Importantly, we took further action to enhance our financial strength, retiring an additional $93 million of senior secured debt in the quarter, resulting in a net gain from early debt extinguishment of $16 million.
We also retired an additional $30 million after September 30.
That brings debt retired this year to approximately $250 million, more than 16% of debt outstanding at January 1.
In the quarter, we raised net cash proceeds of $112 million by issuing nine million shares of common stock under the at-the-market equity program.
Subsequent to September 30, we raised an additional $39 million and issued 2.8 million shares.
Outstanding shares are now approximately 126 million, and we have about five million shares remaining available under the currently approved ATM program.
At September 30, we had $587 million of cash and cash equivalents, net of $240 million of cash margin posted related to the economic coal hedges previously discussed.
When these tons are sold, we will realize either the currently higher spot price or cash margin will reverse as prices decline toward the hedged price.
Turning now to the segment results.
The seaborne thermal segment generated EBITDA of $104 million and benefited from a $23 increase in average realized prices compared to the prior year.
Costs per ton were higher than prior year due to lower production at Wilpinjong and the transition to the Wamba joint venture, in addition to unfavorable exchange rates, higher fuel and royalty costs.
Wilpinjong shipped 3.5 million tons in the quarter, including 1.6 million export tons at an average cost of $26 per ton.
Wilpinjong realized average sales price of $42, resulting in EBITDA margins of approximately 40%.
Wilpinjong recorded $56 million of adjusted EBITDA and had $145 million of cash at September 30.
The seaborne met segment generated EBITDA of $57 million with an average realized price of $120 per ton and costs of 82, resulting in 32% margins.
Third quarter met shipments were approximately 400,000 tons higher than last year due to higher production at Metropolitan and the CMJV.
Total costs for the seaborne met segment were lower by more than $15 per ton compared to prior year due to elevated costs at Shoal Creek in 2020, and this despite higher royalties on favorable exchange rates and higher fuel prices in the current quarter.
The continued improvement in costs and recent rise in international coal prices demonstrate the value of our seaborne met segment to the company's diversified portfolio of mines.
In the U.S., our mines delivered $82 million of EBITDA despite challenges with labor availability and COVID related absenteeism impacting production at several operations.
Our PRB mine shipped 22.7 million tons in the quarter at a 15% margin.
The other U.S. thermal mines shipped to combined 4.5 million tons and generated 24% EBITDA margins.
Both the PRB and other thermal segment costs increased due to higher levels of planned equipment maintenance and higher fuel prices.
In the PRB, higher overburden removal and weather events also impacted cost and production for the quarter.
Looking ahead through the remainder of the year, we anticipate higher seaborne thermal volumes, including the three million to four million export tons, of which approximately 50% are un-priced.
Costs are expected to be lower than the third quarter as the Wambo Open-Cut is at full production and Wilpinjong development is complete.
Wilpinjong volumes are expected to be approximately four million tons with two million export tons to finish the year with its strongest quarter.
The seaborne met segment is expected to ship one million to 1.5 million tons in the fourth quarter, with 75% of those tons on price.
We anticipate production at Shoal Creek to recommence in the second half of the fourth quarter, with ramp-up continuing through the first quarter of next year.
We are planning for PRB and other U.S. thermal volumes to be flat with third quarter levels and costs for both segments to be slightly higher in the fourth quarter due to mix.
Fourth quarter cash flows are expected to increase substantially over third quarter levels as we continue to see favorable pricing in each of our segments and the cash margin related to coal hedges begin to reverse.
Lastly, we will continue to be disciplined, taking advantage of strong markets, controlling costs and further reducing debt.

user
q3 revenue $679 million.
reached labor agreements at both our metropolitan and shoal creek mines which paves way for higher met coal production next year.
continue to focus on long term with a disciplined approach to cost control, pricing strategies.
shoal creek is anticipated to begin production in second half of q4, with ramp up through q1 of 2022.

assistant