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Peabody Energy Corporation , is the largest private-sector coal company in the world. Its primary business consists of the mining, sale and distribution of coal, which is purchased for use in electricity generation and steelmaking. Peabody also markets, brokers and trades coal through offices in China, Australia, Germany, the United Kingdom, Indonesia, India, Singapore, and the United States. Other commercial initiatives include the development of mine-mouth coal-fueled plants, the management of coal reserve holdings, and technologies to transform coal to natural gas and transportation fuels.The coal produced by Peabody Energy fuels approximately 10% of the electricity generated in the United States and 2% of electricity generated throughout the world. In 2014, Peabody Energy recorded sales of 249.8 million tons of coal.Peabody markets coal to electricity generating and industrial customers in more than 25 nations on six continents. As of December 31, 2013, the company had approximately eight billion tons of proven and probable coal reserves.Peabody Energy maintains ownership of majority interests in 27 surface and underground mining operations located throughout the United States and Australia. In the United States, company-owned mines are located in Wyoming, Colorado, Arizona, New Mexico, Illinois, and Indiana. Peabody's largest operation is the North Antelope Rochelle Mine located in Campbell County, Wyoming, mining more than 117 million tons of coal in 2014. Peabody spun off coal mining operations in West Virginia and Kentucky into Patriot Coal Corporation in October 2007. In October 2011, Peabody acquired a majority ownership stake in Queensland-based Macarthur Coal Ltd, which specializes in the production of metallurgical coal, primarily seaborne pulverized injection coal.Peabody Energy earned Energy Company of the Year and CEO of the Year at the 2014 Platts Global Energy Awards. Peabody was listed as number 365 on the Fortune 500 list of companies in 2014. The company was named to Fortune Magazine's list of America's Most Admired Companies in 2008, ranking first in the "Mining, Crude-Oil Production" industry in: Innovation, People Management, Social Responsibility, Financial Soundness, et al. In Newsweek's 2012 Green Rankings—comparisons of the environmental footprint, management, and transparency of the largest public companies in America—Peabody Energy was ranked 493rd out of 500 in all industries and 29th out of 31 in the energy industry. The company received the worst possible Environmental Impact score.The company is headquartered in downtown St. Louis, Missouri. Wikipedia.

News Article | March 27, 2016
Site: www.topix.com

As Peabody Energy , the nation's largest coal mining company, teeters on the brink of bankruptcy, it is a harsh reminder of the reality hitting a corner of the energy industry. Other large coal mining companies have already collapsed and have destroyed the livelihoods of thousands of Americans who once made good livings tied to coal.

"A worsening financial crisis for the nation’s biggest coal companies is sparking concerns that U.S. taxpayers could be stuck with hundreds of millions, if not billions, of dollars in cleanup costs across a landscape of shuttered mines stretching from Appalachia to the northern Plains. Worries about huge liabilities associated with hundreds of polluted mine sites have mounted as Peabody Energy, the world’s largest publicly traded coal company, was forced to appeal to creditors for an extra 30 days to pay its debts. Two of the four other biggest U.S. coal companies have declared bankruptcy in the past six months. Under a 1977 federal law, coal companies are required to clean up mining sites when they’re shut down. But the industry’s plummeting fortunes have raised questions about whether companies can fulfill their obligations to rehabilitate vast strip mines in Western states — many of which are on federally owned property — as well as mountaintop-removal mining sites in the East." Steven Mufson and Joby Warrick report for the Washington Post April 2, 2016.

"Peabody Energy Corp, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection on Wednesday in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia. The company listed both assets and liabilities in the range of $10 billion to $50 billion, according to a court filing. The case is in the U.S. Bankruptcy Court for the Eastern District of Missouri, St. Louis, case number 16-42529."

Peabody Energy today filed for Chapter 11 in bankruptcy court in St. Louis, Mo., the company announced, citing an “unprecedented industry downturn.”

News Article
Site: news.yahoo.com

A sign is seen at the entrance of the Exxonmobil Port Allen Lubricants Plant in Port Allen, Louisiana, November 6, 2015. REUTERS/Lee Celano More (Reuters) - The U.S. Securities and Exchange Commission has ruled Exxon Mobil Corp must include a climate change resolution on its annual shareholder proxy, a defeat for the world's largest publicly traded oil producer, which had argued it already provides adequate carbon disclosures. In a Tuesday letter to Exxon seen by Reuters, the SEC said the oil producer cannot keep a proposal spearheaded by New York state's comptroller from a full shareholder vote at the company's annual meeting in May. If approved, the proposal would force Exxon to outline specific risks that climate change or legislation designed to curb it could pose to its ability to operate profitably. Exxon had argued that the proposal was vague and that it already publishes carbon-related information for shareholders, including a 2014 report on its website entitled, "Energy and Carbon – Managing the Risks." The SEC found those reports do not go far enough. "It does not appear that Exxon Mobil's public disclosures compare favorably with the guidelines of the proposal," Justin Kisner, an attorney-adviser with the SEC, wrote to the oil producer. Exxon Mobil declined to comment on the SEC's ruling. "We'll be communicating the board's recommendations on shareholder resolutions through the proxy document next month," Exxon spokesman Alan Jeffers said. It is not uncommon for companies to give shareholders their opinion on proxy votes. It is unclear whether the proposal, though, has much chance of success. Exxon shareholders have never approved a climate change-related proposal, and last year they rejected by 79 percent a request that a climate expert be appointed to the company's board. Nevertheless, New York state Comptroller Thomas DiNapoli, who oversees the state's $178.3 billion pension fund, called the SEC's decision a "major victory" for shareholders. "Investors need to know if Exxon Mobil is taking necessary steps to prepare for a lower carbon future, particularly now in the wake of the Paris agreement," DiNapoli said in a statement, referring to an agreement last fall by 195 countries to rein in rising emissions that have been blamed for global warming. "The SEC has rejected Exxon's attempt to silence investors' concerns about the very real financial risks associated with climate change," said Shanna Cleveland of Ceres, a nonprofit group that tracks environmental records of public companies. DiNapoli was joined in the SEC filing by the Church of England, the Vermont State Employees' Retirement System, the University of California Retirement Plan and the Brainerd Foundation. The ruling from the SEC comes as Exxon fights other carbon-related battles, including an inquiry by New York Attorney General Eric Schneiderman into whether the company misled the public and shareholders about the risks of climate change. Exxon has hired a star attorney, Theodore V. Wells, Jr. as it fights the investigation from Schneiderman, who subpoenaed the company for a trove of records, emails and other documentation. Schneiderman has aggressively fought companies on climate issues for years. Last fall he settled an eight-year investigation with coal producer Peabody Energy to amend its climate change disclosures so that they would be more robust. Also on Wednesday, the Rockefeller Family Fund said it will divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon. Shares of Exxon barely moved after the SEC's ruling, falling 0.2 percent in after-hours trading to $83.63.

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