Sign in

    Nathan Martin • The Benchmark Company

    Nathan Martin's questions to Alpha Metallurgical Resources Inc (AMR) leadership

    Nathan Martin's questions to Alpha Metallurgical Resources Inc (AMR) leadership • Q2 2025

    Question

    Nathan Martin inquired about the met coal price assumption in the updated full-year cost guidance, the potential impact of trade tensions with India and Brazil, the volume of domestic tons contracted for 2025, whether Alpha has gained market share from struggling peers, the spending and timeline for the DTA port project, and the potential impact of the Union Pacific-Norfolk Southern merger.

    Answer

    CEO Andy Eidson stated the guidance assumes met prices hold flat with current levels and confirmed the DTA project spending and timeline (completion ~2028) are unchanged. Regarding the rail merger, Eidson noted their strong relationship with Norfolk Southern makes it hard to see service improving, but acknowledged the uncertainty. EVP & CCO Daniel Horn reported no negative feedback from customers in India or Brazil, confirmed about 3.5 million domestic tons are contracted for 2025, and noted limited domestic spot activity or substitution opportunities. Horn also added that since Alpha's network is east of the Mississippi, they hope for minimal impact from the merger.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alpha Metallurgical Resources Inc (AMR) leadership • Q1 2025

    Question

    Nathan Martin of The Benchmark Company inquired about the details of the full-year shipment guidance reduction, specifically asking if the cuts were concentrated in export or domestic volumes and how the idling of two mines would impact the company's quality mix. He also asked for commentary on potential price discounting against indices in the weak market and sought an update on the M&A landscape.

    Answer

    Chief Commercial Officer Dan Horn clarified that the production cuts would affect export tons, specifically high-vol coal, and that domestic customer commitments would be fulfilled. He acknowledged that discounting against indices occurs in weak markets but noted it is not universal, citing a recent deal priced at a premium. CEO Andy Eidson explained that while the company is open to M&A, the current focus remains on internal value creation, like the Kingston Wildcat project, as it is difficult to find accretive deals that would not add risk in the current environment.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alpha Metallurgical Resources Inc (AMR) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company inquired about the expected quarterly sales cadence for 2025, the specific drivers behind the increased cost guidance, details on a recent export pricing deal, and the potential impact of new tariffs on domestic demand.

    Answer

    Chief Commercial Officer Daniel Horn stated that domestic shipments should be ratable, while export shipments will likely be weighted to the second half of the year. He also clarified that recently priced export tons were likely High-Vol quality. CEO Charles Eidson explained that the cost guidance increase was a 'fudge factor' to provide a buffer against Q1 weather impacts and that it was difficult to break down the specific contributors. Regarding tariffs, Daniel Horn noted that while Alpha can shift tons between domestic and export markets, a significant increase in domestic demand would require new blast furnace production, which he does not currently foresee.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alpha Metallurgical Resources Inc (AMR) leadership • Q3 2024

    Question

    Nathan Martin from The Benchmark Company inquired about the met coal price assumptions embedded in the 2025 cost guidance. He also asked for clarity on the implied Q4 2024 CapEx and cost per ton outlook, and whether the 2025 shipment guidance includes any further production rationalizations beyond the Checkmate mine.

    Answer

    CEO Charles Eidson responded that the 2025 cost guidance assumes market conditions similar to the current environment, without specifying a price. He noted that Q4 CapEx and costs should fall within the reiterated full-year guidance ranges, though timing could shift some CapEx into 2025 and holiday schedules typically pressure Q4 costs. Eidson confirmed no other material production rationalizations are currently assumed in the 2025 guidance besides the idling of the Checkmate mine.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Warrior Met Coal Inc (HCC) leadership

    Nathan Martin's questions to Warrior Met Coal Inc (HCC) leadership • Q2 2025

    Question

    Nathan Martin of The Benchmark Company, LLC asked for the specific met coal price assumption used in the updated cash cost guidance. He also questioned the rationale for increasing full-year production and sales guidance in a weak market and sought management's view on the Union Pacific-Norfolk Southern merger.

    Answer

    CFO Dale Boyles indicated the new cost guidance assumes a met coal price in the $175 to $200 per ton range. CEO Walter Scheller explained the guidance increase is driven by strong operational performance, as high volume is key to maintaining a low cost structure, and noted they have high contracted volumes to fulfill. Regarding the rail merger, Scheller expressed minimal concern, citing their efficient 'closed loop' rail system and the new barge load-out as a logistical alternative.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Warrior Met Coal Inc (HCC) leadership • Q1 2025

    Question

    Nathan Martin from The Benchmark Company asked for clarification on the pricing index for high-vol A coal, whether published U.S. prices reflect the market, the cost impact of initial Blue Creek shipments, and potential levers to reduce CapEx.

    Answer

    CEO Walter Scheller confirmed that high-vol A is priced off the Platts U.S. low-vol index and that published prices are reflective of the market. CFO Dale Boyles noted that initial Blue Creek shipments will not have a dramatic cost impact this year. Regarding CapEx, Scheller mentioned squeezing existing operations, while Boyles highlighted the company's strong liquidity of over $500 million in cash as a significant buffer.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Warrior Met Coal Inc (HCC) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company questioned the specific met coal price assumption used in the cash cost guidance, the inventory level target for year-end 2025, the progress on Blue Creek's overland belt and rail logistics, and the reason for highlighting language about strategic growth opportunities in the press release.

    Answer

    CFO Dale Boyles stated the cash cost guidance assumes a PLV price of $200 per ton for the year and explained that the capital allocation language in the press release is not new and has been included for several years. CEO Walter Scheller indicated a goal to reduce inventory levels in the second half of the year and confirmed that the Blue Creek project, including the overland belt and rail partnerships, is progressing on time and on budget.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Warrior Met Coal Inc (HCC) leadership • Q3 2024

    Question

    Nathan Martin asked how the company's patient sales approach might impact Q4 shipment volumes and sought clarification on the full-year sales guidance. He also requested a detailed walkthrough of the calculation for the 93% gross price realization and asked how the cost per ton guidance might adjust given the current lower price environment.

    Answer

    CEO Walter Scheller stated he expects to land in the middle of the full-year guidance range for sales. He also clarified that price realization calculations for a quarter are based on the prior three months' pricing (e.g., Q4 is based on Sep/Oct/Nov prices). CFO Dale Boyles added that if lower prices persist, costs should trend toward the lower end of the guidance range, though this is dependent on sales volumes.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Peabody Energy Corp (BTU) leadership

    Nathan Martin's questions to Peabody Energy Corp (BTU) leadership • Q2 2025

    Question

    Nathan Martin of The Benchmark Company asked for a savings estimate on the new Shoal Creek tax credit, inquired about the drivers of the 'other' segment results, and asked about Peabody's activities related to rare earth elements in the PRB.

    Answer

    EVP & CFO Mark Spurbeck estimated the Shoal Creek tax credit benefit at over $5 million annually, starting in 2026, and attributed strong Q2 'other' segment results to lumpy and unpredictable asset sales. President and CEO Jim Grech confirmed Peabody is advancing to a second phase of rare earth element evaluation in the PRB, with initial studies showing encouraging concentrations that are highly accessible.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Peabody Energy Corp (BTU) leadership • Q1 2025

    Question

    Nathan Martin of The Benchmark Company inquired about the slower restart of the Shoal Creek longwall, its impact on costs, the current netback pricing for High-Vol A coal, the outlook for seaborne thermal volumes for the rest of the year, and the potential business impact of recent executive orders supporting U.S. coal.

    Answer

    Chief Marketing Officer Malcolm Roberts explained the Shoal Creek restart was delayed to avoid a weak March spot market. CFO Mark Spurbeck clarified this slightly impaired Q1 costs. Roberts also detailed the netback calculation for High-Vol A coal. Spurbeck explained that second-half seaborne thermal volumes will be lower due to the Wambo mine coming offline. President and CEO Jim Grech highlighted that new policies halting coal plant closures are driving interest in long-term supply contracts.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Peabody Energy Corp (BTU) leadership • Q4 2024

    Question

    Nathan Martin asked for an update on the remaining regulatory approvals for the Anglo American acquisition, the company's thinking on the financing mix between debt and minority interest sales, and the likelihood of issuing common equity. He also questioned the potential impact of China's new tariff on U.S. coal imports on Peabody's business and the broader seaborne markets.

    Answer

    President and CEO Jim Grech stated that key regulatory approvals are progressing well and expected to be cleared by early Q2. CFO Mark Spurbeck reiterated the financing plan of primarily debt and potential minority stake sales, noting that issuing common equity is the last priority given the current share price. CMO Malcolm Roberts explained that the China tariff negatively impacts the competitiveness of U.S. coal, specifically affecting 600,000 tonnes from Shoal Creek, and will likely cause trade flows to readjust.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Peabody Energy Corp (BTU) leadership • Q3 2024

    Question

    Nathan Martin of The Benchmark Company asked for details on the $50 million increase in 2024 CapEx, the potential for Wambo open-cut tonnage to offset underground declines, the long-term reliability of the Shoal Creek lock repair, and the expected volume and accounting treatment for Centurion development coal.

    Answer

    CFO Mark Spurbeck detailed the CapEx increase as $10 million in sustaining capital and $40 million in growth, with $30 million for accelerated Centurion development. He confirmed Wambo open-cut production is expected to increase year-over-year, partially offsetting the underground decline. CEO Jim Grech assured that permanent repairs at the Shoal Creek lock are being coordinated to have negligible future impact on shipments. CMO Malcolm Roberts estimated Centurion could sell around 480,000 tonnes in 2025, which would be recognized as revenue.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to SunCoke Energy Inc (SXC) leadership

    Nathan Martin's questions to SunCoke Energy Inc (SXC) leadership • Q2 2025

    Question

    Nathan Martin asked for clarification on the potential market impact if a key customer reduces third-party coke purchases, the reasons for logistics weakness at the CMT terminal, the financing for the Phoenix acquisition, and any updates on the GPI project.

    Answer

    President and CEO Katherine Gates stated that if a major customer shifts its sourcing, SunCoke would pursue that customer's former suppliers and also has profitable avenues in foundry coke and other blast coke markets. VP of Finance & Treasurer, Shantanu Agrawal, noted a permanent blast furnace shutdown would be disruptive, but maintained production would not alter overall coke demand. Gates attributed logistics weakness to tepid export coal markets but reaffirmed guidance based on a July rebound. Agrawal confirmed the Phoenix acquisition would be funded with less debt than anticipated, leaving revolver capacity, and that the GPI project would require separate financing. Gates confirmed active GPI discussions with U.S. Steel but had no new details.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to SunCoke Energy Inc (SXC) leadership • Q1 2025

    Question

    Nathan Martin from Benchmark Company asked for reasons behind the low Q1 capital expenditures relative to the full-year guidance and which projects might be deferred. He also sought an update on the foundry and export coke markets and questioned why Q1 Domestic Coke EBITDA per ton exceeded the full-year guidance range.

    Answer

    President and CEO Katherine Gates stated that the lower CapEx spend is a cautious measure due to market uncertainty, involving deferrals of non-immediate projects like some maintenance, but confirmed the KRT project remains on track. She described the coke market as challenging but noted the company's decision to sell out its spot volumes early was sound. Executive Shantanu Agrawal explained that the higher Q1 EBITDA per ton was a timing issue, with lower-margin sales expected later in the year, and confirmed the lower Q1 Haverhill production was planned.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to SunCoke Energy Inc (SXC) leadership • Q4 2024

    Question

    Nathan Martin inquired about the drivers for the 2025 domestic coke EBITDA per ton decline, the expected quarterly cadence of margins, the new FOB New Orleans price adjustment at CMT, the lower 2025 CapEx guidance, and the status of the Granite City GPI project amid the U.S. Steel acquisition delays.

    Answer

    Executive Shantanu Agrawal attributed the domestic coke margin decline primarily to lower economics at Granite City and the shift of Haverhill tons to the spot market, expecting a slight margin decline in the second half of 2025. CFO Mark Marinko noted the CMT index change was a customer request for better market alignment. President and CEO Katherine Gates explained that 2025 CapEx is lower due to the completion of major projects but the typical run-rate remains higher. She also reaffirmed the strong fundamentals of the GPI project, stating its value proposition is independent of the U.S. Steel transaction's outcome.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership • Q2 2025

    Question

    Nathan Martin of The Benchmark Company LLC inquired about the specifics of the $25 million investment in the Gavin power plant, the rationale for the distribution cut amid a strong outlook, and the intended use of the resulting cash savings. He also asked about future growth opportunities and the potential impact of the 'One Big Beautiful Bill Act' on ARLP and its customers.

    Answer

    Joseph Craft, Chairman, CEO, and President, explained that the Gavin plant investment was made through a private equity fund and is expected to be immediately accretive, with similar opportunities likely to arise. He clarified the distribution was adjusted from a 2022 crisis-era high to a level more sustainable with normalized margins, a decision aided by new tax laws that improve after-tax returns for unitholders. The freed cash will strengthen the balance sheet for growth in minerals, data center infrastructure, and other potential plant investments. Craft also noted the new legislation supports coal plant longevity and drives stable, growing demand from customers.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership • Q1 2025

    Question

    Nathan Martin inquired about customer reactions to recent executive orders supporting coal plants, the potential for new capital spending to increase thermal coal production, the specific trade policies impacting ARLP's business, and the cost outlook for the Appalachian segment.

    Answer

    Joseph Craft, Chairman, President and CEO, explained that utility customers are embracing extensions for coal plant life due to rising electricity demand from data centers. He does not foresee new industry capital for more coal production but expects utilities to invest in existing plant efficiency. Craft identified tariffs on steel, aluminum, and copper as the primary trade policy impacts factored into current guidance. He also expressed confidence in meeting the full-year cost targets for Appalachia, anticipating significant improvement in the second half of 2025 as mining moves to more favorable conditions at Tunnel Ridge.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership • Q1 2025

    Question

    Nathan Martin inquired about customer reactions to recent executive orders supporting coal, the potential for new capital spending to increase thermal coal production, the specific trade policies impacting ARLP's business, and the cost outlook for the Appalachian segment.

    Answer

    Chairman, President and CEO Joseph Craft stated that utility customers are embracing the two-year MATS rule extension due to surging electricity demand from data centers. He does not anticipate new industry investment to bring more coal online, but expects utilities to invest in their existing fleets. Craft identified tariffs on steel, aluminum, and copper as the primary policy impacts currently factored into guidance. He also expressed confidence in meeting the full-year cost guidance for Appalachia, with significant improvements expected in the second half of 2025 as mining conditions at Tunnel Ridge improve, which should help preserve margins into 2026.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company, LLC inquired about the potential impact of new tariffs on ARLP's business, the status of 2025 domestic coal commitments and the company's confidence in reaching its 30 million-ton goal, pricing for tons currently under negotiation, and the dynamics of the export market, including netbacks at current API 2 prices.

    Answer

    Joseph Craft, Chairman, President, and CEO, stated that the impact from potential tariffs is expected to be limited as they are viewed as negotiating tactics and ARLP's business is primarily domestic. He expressed confidence in achieving 2025 sales targets, noting that guidance is conservative and supported by ongoing customer conversations and lower utility inventories. Mr. Craft confirmed that pricing for tons under negotiation is already factored into the 2025 guidance. Regarding exports, the main variable is the pricing for about 600,000 tons of high-sulfur coal, which currently favors the domestic market. Cary Marshall, SVP & CFO, provided the 2024 sales breakdown of approximately 27.6 million domestic tons and 5.6 million export tons.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Alliance Resource Partners LP (ARLP) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company asked about the potential impact of new tariffs on ARLP's business, the status of 2025 domestic coal commitments, pricing for tons currently under negotiation, and export market netbacks at current API 2 prices.

    Answer

    Chairman, President and CEO Joseph Craft responded that he believes the tariff situation is more for negotiation and expects limited impact on ARLP's largely domestic business. He expressed confidence in reaching domestic sales targets, noting that ongoing negotiations are already factored into 2025 guidance. Craft also mentioned that high-sulfur export pricing remains below domestic alternatives, but the company has flexibility. He stated 2024 shipments were approximately 27.6 million tons domestically and 5.6 million tons for export.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Coronado Global Resources Inc (CODQL) leadership

    Nathan Martin's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Nathan Martin sought clarification on the impact of idling surface operations at the Logan complex on its four underground mines. He also asked for an update on the status of transportation logistics and shipment catch-ups following recent weather-related disruptions.

    Answer

    CEO Douglas Thompson clarified that idling the Logan surface operations will not hinder the four underground mines, which will continue to operate. He noted that while U.S. rail disruptions were recovered fairly quickly, the Australian port system is still catching up from weather delays, which may take until the end of June to fully resolve. A minor mechanical delay also caused one shipment to slip out of the quarter.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Nathan Martin from The Benchmark Company sought clarification on whether Logan's underground mines would continue operating despite the surface operations being idled and asked for an update on recent transportation and logistics challenges.

    Answer

    CEO Douglas Thompson confirmed that the four underground mines at the Logan complex will continue to operate normally. He explained that weather-related rail disruptions in the U.S. were resolved quickly, while the Australian port system is still recovering from weather delays, which impacts co-shipping. A minor, unrelated mechanical issue at a port also caused one shipment to slip into the next quarter.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Coronado Global Resources Inc (CODQL) leadership • Q2 2024

    Question

    Nathan Martin from The Benchmark Company asked about the repeatability of the low Q2 cost per tonne at Curragh and inquired when the elevated inventories would be shipped, potentially boosting sales volumes in the second half of the year.

    Answer

    CEO Douglas Thompson described the cost reduction as a permanent step-change resulting from their strategic plan, and that similar cost performance is repeatable with sustained production. He also noted a future cost benefit post-2026 from a royalty drop-off. Thompson confirmed that inventories built due to weather and rail outages would be sold during Q3.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Core Natural Resources Inc (CNR) leadership

    Nathan Martin's questions to Core Natural Resources Inc (CNR) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company inquired about the coking coal segment's quality mix and price realization, the composition of committed high CV thermal tons, the business impact of Chinese tariffs on U.S. coal, and the underlying API2 price assumption in the 2025 guidance.

    Answer

    SVP of Marketing and Sales, Robert Braithwaite, provided a detailed breakdown of the metallurgical coal mix (Low-Vol, High-Vol A, High-Vol B) and the high CV thermal contracts, including volumes linked to API2 and power netbacks. He also specified the assumed API2 price is around $110. CEO Paul Lang and Executive Deck Slone addressed the Chinese tariff, characterizing it as a short-term disruption that will lead to trade flow realignment, similar to past market events, and expressed confidence in their ability to redirect volumes.

    Ask Fintool Equity Research AI

    Nathan Martin's questions to Core Natural Resources Inc (CNR) leadership • Q4 2024

    Question

    Nathan Martin of The Benchmark Company inquired about the quality mix and price capture rate for the coking coal segment, the breakdown of committed high CV thermal tons, the business impact of Chinese tariffs on U.S. coal, and the assumed API2 price within the 2025 guidance.

    Answer

    Robert Braithwaite, SVP of Marketing and Sales, provided a detailed breakdown of the metallurgical coal mix (Low-Vol, High-Vol A, High-Vol B) and the high CV thermal contracts, including volumes linked to API2 and power netbacks. On the topic of Chinese tariffs, Braithwaite, CEO Paul Lang, and executive Deck Slone characterized the situation as a short-term disruption, expressing confidence in their ability to redirect volumes to other markets like India and meet strengthening domestic demand. Braithwaite and Slone clarified that the guidance assumes an API2 price around $110 and that the provided price range of $61-$63 per ton is comfortable across various scenarios.

    Ask Fintool Equity Research AI