MONDAY, FEB. 29, 2016
BUSINESS, INDUSTRY, TRANSPORTATION
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740-598-4121
PROGRESS V — SECTION A
2680 Commercial Ave., Mingo Jct., OH
Murray Energy has busy, productive year in 2015
Contributed
Murray Energy is the leading longwall coal producer in the U.S. The past year saw many positive developments for the company, including acquiring interests in other energy companies and winning a U.S. Supreme Court case involving Environmental Protection Agency-ordered mandates.
Murray Energy, one of the largest employers in the U.S. coal industry, had a productive year in 2015, acquiring new mines and assets, winning awards and fighting stringent, job-killing environmental regulations. Murray Energy produces more than 87 million tons of underground mined bituminous coal per year and provides nearly 7,000 high-paying, well-benefited jobs to employees in six states. The company spent 2015 acquiring new assets and working with other companies to create new opportunities relating to energy production, some which included: ¯ A new international commodities marketing and trading enterprise, Javelin Global Commodities Holdings, which has been formed by three groups recognized as the leading coal marketing and trading, coal production and sales and electric power generation entities in the world. The new, London-based company will be owned by veteran worldwide marketing and trading individuals Murray Energy Corp. of the U.S. and E.ON Global Commodities SE of Germany. While the primary focus of the new venture will be on coal and electric power, there will be expansion into other commodities. Murray Energy is the largest privately owned coal company in the United States, and E.ON is one of the largest investor-owned electric power and gas
Contributed
Murray Energy supplies coal for many of the country’s power plants and has interests in shipping and other facets of the coal industry.
companies in Europe. Javelin entered into a long-term export marketing and domestic advisory agreement with Murray Energy and a longterm hedging and credit line with E.ON. ¯ Murray Energy, the leading U.S. longwall coal producer, which has grown through its 2013
acquisition of the Consolidation Coal Co., producing more than 62 million tons of high-quality, underground mined thermal coal in 2014. In 2015, Murray Energy
invested in Foresight Energy LP — known as FELP — and entered an agreement for the management of FELP’s operations, which produce about 25 million tons of coal per year. Murray Energy’s combined production is now at about 87 million tons of coal annually, primarily from the Illinois and Northern Appalachian basins. Murray Energy Corp. and Foresight Reserves also announced the transaction where Murray Energy acquired a significant economic interest in Foresight Energy. This was a transformative transaction for both Murray Energy and Foresight Energy, which will position the companies for growth and for continued safe, low-cost coal production, utilizing the longwall mining method. Murray Energy paid Foresight Reserves a cash consideration of approximately $1.37 billion and acquired a 34 percent voting interest in FELP, with 77.5 percent of the incentive distribution rights; approximately 50 percent See MURRAY Page 2A Á