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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information by Segment

Reportable segment results for the three months ended June 30, 2025 were:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Revenues	$	606,500	$	299,994	$	186,872	$	22,572	$	(13,577)	$	1,102,361
Cash Costs of Revenue	331,058		214,365		168,246		7,578		3,211
Transportation Costs	99,084		67,088		2,460		—		(18,032)
Other Segment Items(1)	—		21,243		—		—		61,790
Adjusted EBITDA	$	176,358	$	(2,702)	$	16,166	$	14,994	$	(60,546)	$	144,270
Segment Assets	$	2,072,304	$	2,334,353	$	361,452	$	87,156	$	1,353,473	$	6,208,738

Capital Expenditures	$	48,175	$	30,509	$	2,413	$	1,538	$	6,550	$	89,185

Reportable segment results for the three months ended June 30, 2024 were:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Revenues	$	454,752	$	27,503	$	—	$	12,020	$	(3,555)	$	490,720
Cash Costs of Revenue	230,262		33,842		—		6,135		3,263
Transportation Costs	70,310		2,623		—		—		(7,293)
Other Segment Items(1)	928		—		—		—		26,112
Adjusted EBITDA	$	153,252	$	(8,962)	$	—	$	5,885	$	(25,637)	$	124,538
Segment Assets	$	1,665,463	$	118,842	$	—	$	85,445	$	840,704	$	2,710,454

Capital Expenditures	$	47,043	$	1,886	$	—	$	3,737	$	2,742	$	55,408

Reportable segment results for the six months ended June 30, 2025 were:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Revenues	$	1,148,586	$	604,574	$	349,461	$	43,798	$	(26,652)	$	2,119,767
Cash Costs of Revenue	634,619		425,140		301,404		15,403		6,038
Transportation Costs	192,813		144,070		5,200		—		(34,302)
Other Segment Items(1)	—		57,649		—		—		103,978
Adjusted EBITDA	$	321,154	$	(22,285)	$	42,857	$	28,395	$	(102,366)	$	267,755
Segment Assets	$	2,072,304	$	2,334,353	$	361,452	$	87,156	$	1,353,473	$	6,208,738

Capital Expenditures	$	82,170	$	54,473	$	4,909	$	2,780	$	9,675	$	154,007

Reportable segment results for the six months ended June 30, 2024 were:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Revenues	$	951,481	$	62,599	$	—	$	36,548	$	(13,219)	$	1,037,409
Cash Costs of Revenue	472,698		68,468		—		13,304		5,457
Transportation Costs	150,852		5,979		—		—		(21,349)
Other Segment Items(1)	(1,322)		—		—		—		37,031
Adjusted EBITDA	$	329,253	$	(11,848)	$	—	$	23,244	$	(34,358)	$	306,291
Segment Assets	$	1,665,463	$	118,842	$	—	$	85,445	$	840,704	$	2,710,454

Capital Expenditures	$	84,001	$	4,979	$	—	$	4,800	$	3,980	$	97,760

(1) Other segment items include other non-operating income, general and administrative costs, and other non-operating expenses that are not part of each segment's ongoing operations.

Schedule of Revenue by Major Customers by Reporting Segments

For the three and six months ended June 30, 2025 and 2024, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales:


	Three Months Ended June 30,			Six Months Ended June 30,
	2025	2024		2025	2024
Customer A	*	$	60,982	*	$	107,468
Customer B	*	*		*	$	109,828
Customer C	*	*		*	$	108,921

* Revenues from these customers during the periods presented were less than 10% of the Company's total sales.

Schedule of Adjusted EBITDA

Reconciliation of Segment Information to Consolidated Amounts:


	Three Months Ended June 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Earnings (Loss) Before Income Tax	$	124,337	$	(78,019)	$	10,500	$	13,600	$	(99,858)	$	(29,440)
Interest Expense, net	—		—		—		—		3,650		3,650
Depreciation, Depletion and Amortization	52,021		75,317		5,666		1,394		34,865		169,263
Other Adjustments	—		—		—		—		797		797






Adjusted EBITDA	$	176,358	$	(2,702)	$	16,166	$	14,994	$	(60,546)	$	144,270


	Three Months Ended June 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Earnings (Loss) Before Income Tax	$	111,896	$	(11,121)	$	—	$	4,709	$	(38,396)	$	67,088
Interest Expense, net	—		—		—		—		366		366

Depreciation, Depletion and Amortization	41,356		2,159		—		1,176		10,156		54,847
Other Adjustments	—		—		—		—		2,237		2,237





Adjusted EBITDA	$	153,252	$	(8,962)	$	—	$	5,885	$	(25,637)	$	124,538


	Six Months Ended June 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Earnings (Loss) Before Income Tax	$	217,843	$	(143,491)	$	26,411	$	25,622	$	(229,318)	$	(102,933)
Interest Expense, net	—		—		—		—		5,351		5,351
Depreciation, Depletion and Amortization	103,311		121,206		16,446		2,773		47,083		290,819
Loss on Debt Extinguishment	—		—		—		—		11,680		11,680
Other Adjustments	—		—		—		—		62,838		62,838


Adjusted EBITDA	$	321,154	$	(22,285)	$	42,857	$	28,395	$	(102,366)	$	267,755


	Six Months Ended June 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other, Corporate and Eliminations		Consolidated
Earnings (Loss) Before Income Tax	$	242,413	$	(16,059)	$	—	$	20,976	$	(61,508)	$	185,822
Interest Expense, net	—		—		—		—		1,270		1,270
Depreciation, Depletion and Amortization	86,840		4,211		—		2,268		18,525		111,844
Other Adjustments	—		—		—		—		7,355		7,355
Adjusted EBITDA	$	329,253	$	(11,848)	$	—	$	23,244	$	(34,358)	$	306,291