Core Natural Resources Inc (CNR) 2024 Q4 法說會逐字稿

Good morning and thank you very much for your patience. Today we've had a few technical difficulties with the dial-in phone number for today's event.

早上好，非常感謝您的耐心。今天我們在撥入今天活動的電話號碼時遇到了一些技術問題。

The issue is transpired on the end of decision, the provider, and we would like to give you phone numbers to dial in today if you do not choose to just listen through today's webcast. Those phone numbers, updated phone numbers are 1-800-860-2442.

問題發生在決策端，即提供者端，如果您不想只收聽今天的網路廣播，我們願意為您提供今天可以撥打的電話號碼。這些電話號碼，更新後的電話號碼是 1-800-860-2442。

Again, that's 800-860-2442, and alternate number is 412-858-4600.

再次強調，該號碼是 800-860-2442，備用號碼是 412-858-4600。

Thank you very much for your patience once again and we want to welcome you to Core Natural Resources Inc.

再次感謝您的耐心，我們歡迎您加入 Core Natural Resources Inc.

Fourth quarter 2024 earnings conference call.

2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Deck Slone, Senior Vice President, strategy. Please proceed.

現在，我想將會議交給策略資深副總裁 Deck Slone。請繼續。

Good morning from Canonsburg, Pennsylvania, everyone, and thanks for joining us today.

賓州坎農斯堡的大家早安，感謝你們今天的收看。

Before we begin, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance, may be considered forward-looking statements according to the Private Securities Litigation Reform Act.

在我們開始之前，請允許我提醒您，根據《私人證券訴訟改革法案》，本次電話會議中發表的某些聲明，包括與我們預期的未來業務和財務業績有關的聲明，可能被視為前瞻性聲明。

Forward-looking statements by their nature address matters that are to different degrees uncertain. These uncertainties, which are described in more detail in the annual and quarterly reports that we file with the SEC, may cause our actual future results to be materially different than those expressed in our forward-looking statements.

前瞻性陳述本質上處理的是不同程度不確定的問題。這些不確定性在我們向美國證券交易委員會提交的年度和季度報告中有更詳細的描述，可能會導致我們未來的實際結果與前瞻性陳述中表達的結果有重大差異。

We do not undertake to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.

我們不承諾更新我們的前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律可能要求。

I'd also like to remind you that you can find a reconciliation of the non-gap financial measures that we plan to discuss this morning at the end of our press release, a copy of which we have posted in the investors section on our website at corenaturalresources.com.

我還想提醒您，您可以在新聞稿結尾處找到我們計劃今天上午討論的非缺口財務措施的對賬表，該對賬表的副本我們已發佈在我們網站 corenaturalresources.com 的投資者部分。

Also participating on this morning's call will be Paul Lang, our CEO; Mitesh Thakkar, our President and CFO; and Bob Braithwaite, our Senior Vice President, Marketing & Sales.

參加今天上午電話會議的還有我們的執行長 Paul Lang；我們的總裁兼財務長 Mitesh Thakkar；以及我們的行銷和銷售資深副總裁 Bob Braithwaite。

After some formal remarks from Paul and Mitesh, the four of us will be happy to take questions. With that, I'll now turn the call over to Paul.

在保羅和米特什發表一些正式演講之後，我們四人將很樂意回答問題。說完這些，我現在將電話轉給保羅。

Paul?

保羅？

Thanks, Deck and Good Morning everyone.

謝謝，Deck，大家早安。

Welcome to the inaugural earnings call for Core Natural Resources.

歡迎參加 Core Natural Resources 首次收益電話會議。

It's an exciting time for the team, and we're happy you could join us this morning.

對於團隊來說這是一個激動人心的時刻，我們很高興您今天早上能加入我們。

I'm pleased to report that core is off to an exceptionally strong start across a wide range of key operating and financial priorities.

我很高興地報告，核心業務在廣泛的關鍵營運和財務重點方面都取得了異常強勁的開局。

In the five weeks since the completion of the merger, the core team has made tremendous progress in integrating the combined operating, marketing, and logistics portfolio into a cohesive, high performing unit.

合併完成以來的五週內，核心團隊在將合併後的營運、行銷和物流組合整合為一個有凝聚力的高效單位方面取得了巨大進展。

A unit I might add that we view as unmatched in the global coal landscape adopted a robust capital return framework heavily weighted to share repurchases, announced board authorization for $1 billion in share repurchases in support of that framework.

我想補充一點，我們認為在全球煤炭領域無與倫比的部門採用了強有力的資本回報框架，高度重視股票回購，並宣布董事會授權 10 億美元的股票回購以支持該框架。

Taking steps just in the first few weeks to lock in approximately 1/3 of indicated synergies at the midpoint of guidance and resume development work with continuous miners at Leer South nearly two months earlier than originally indicated.

僅在最初幾週內就採取措施，在指導中期鎖定約 1/3 的協同效應，並比原計劃提前近兩個月恢復 Leer South 連續採礦的開發工作。

Now let's delve a little further into the capital return framework, which is designed to reward shareholders for their strong ongoing support and which the board views as central tenant, the company's long-term value proposition.

現在讓我們進一步探討資本回報框架，該框架旨在獎勵股東的持續大力支持，董事會將其視為公司長期價值主張的核心。

The centrepiece of this framework is to target the return of 75% of free cash flow to shareholders with the vast majority of that cash directed towards share repurchases complemented by a small sustaining quarterly dividend of $0.10 per share.

該框架的核心是將 75% 的自由現金流返還給股東，其中絕大部分用於股票回購，並輔以每股 0.10 美元的小額持續季度股息。

We expect such purchases to be highly value creating at current valuations.

我們預計，根據當前估值，此類收購將創造較高的價值。

As for the small dividend, the board believes this component will ensure that the widest range of potential investors can participate in the core story, including those who require a dividend.

至於小額股息，董事會認為這一部分將確保最廣泛的潛在投資者能夠參與核心故事，包括那些需要股息的投資者。

In a strong show of confidence, the board has authorized a total of $1 billion in share repurchases in support of this new framework.

為了表達強烈的信心，董事會已批准總計 10 億美元的股票回購，以支持這項新框架。

I'd like to spend a few moments on the core team's strong progress right out of the gate in the area of synergy capture.

我想花一點時間談談核心團隊在協同效應捕捉領域的重大進展。

As you might imagine, delivering on the synergy potential of the merger ranks among the highest priorities in the early stages of the integration process.

您可能可以想像，實現合併的協同潛力是整合過程早期階段的最高優先事項之一。

In just a few weeks' time, the team has already executed strategies that are expected to yield synergy-driven value creation of more than $40 million.

在短短幾週的時間裡，該團隊已經實施了預計將產生超過 4000 萬美元協同驅動價值創造的策略。

As a reminder, we're projecting to capture between $110 million and $140 million per year in total savings.

提醒一下，我們預計每年可節省 1.1 億至 1.4 億美元。

But Mitesh will spend more time on the composition of these early wins, but let me assure you that we plan to remain sharply focused on delivering the previously advertised value in the most expeditious manner possible.

但 Mitesh 將花費更多時間來取得這些早期的勝利，但請讓我向你們保證，我們計劃繼續高度集中精力以盡可能快捷的方式實現先前宣傳的價值。

At the same time, let me reiterate that we believe there is more synergistic value to be created beyond the initially advertised numbers via the sharing of best practices. That's just one example.

同時，我要重申，我們相信透過分享最佳實踐，可以創造超越最初宣傳的數字的協同價值。這只是一個例子。

In the team's plan to pursue such incremental opportunities.

在球隊的計劃中追求這樣的增量機會。

With an equivalent level of intensity as we move forward.

隨著我們不斷前進，我們將保持同等程度的強度。

Now let's turn to the status of Leer South. As you're aware, the Leer South mine experienced a combustion event right around the time of the merger completion.

現在我們來看看萊爾南的情況。如您所知，Leer South 礦場在合併完成時發生了燃燒事件。

Although disappointing, the most important aspect of this event was the fact that the Leer South team, in close collaboration with federal and state regulatory officials, prioritized the safety of the workforce in every step they took.

雖然令人失望，但這次事件最重要的方面是，Leer South 團隊與聯邦和州監管官員密切合作，在採取的每一步中都將勞動力的安全放在首位。

On behalf of the board, the entire senior management team, I commend everyone involved for their actions.

我代表董事會和整個高階管理團隊對所有參與行動的人表示讚揚。

Once employee safety was assured, the Leer South team moved quickly to the next objective, protecting the long-term viability of the mine. Here too, the team did a tremendous job, taking steps to ensure that the issue remained isolated to a small previously mined area that was 300ft to 500 ft behind the long face.

一旦確保了員工的安全，Leer South 團隊便迅速轉向下一個目標，保護礦井的長期生存能力。在這方面，施工隊也做了大量工作，採取措施確保問題仍然局限於長工作面後方 300 英尺至 500 英尺的一小塊先前埋有雷區的區域。

The success of the Operation see's efforts is evident in the currently projected timeline for the resumption of mining activities.

目前預計的恢復採礦活動的時間表充分證明了「採礦行動」的努力取得了成功。

On Monday, the Leer South team, again in close collaboration with federal and state regulators, safely re-entered the mine and resumed development work with continuous miners.

週一，萊爾南部團隊再次與聯邦和州監管機構密切合作，安全進入礦井，並繼續進行連續採礦開發工作。

As you will recall, we had indicated this step could take as long as three months. So, accomplishing this milestone in just over a month was clearly a significant step forward in this journey.

你們可能還記得，我們​​曾表示，這一步可能需要長達三個月的時間。因此，在短短一個多月的時間內完成這一里程碑顯然是這趟旅程向前邁出的重要一步。

As for the timing of resuming long wall production, it is standard industry protocol to keep the area where the combustion occurred sealed and inert for a period of time.

至於恢復長壁生產的時間，保持燃燒發生區域密封並在一段時間內保持惰性是行業的標準協議。

Even with this waiting period, however, and given the team's successful efforts to seal the affected area, we still fully expect to resume longwall mining by mid-year.

然而，即使有這段等待期，並且考慮到該團隊成功封鎖了受影響區域，我們仍然完全預計到年中將恢復長壁開採。

It's also important to note that the team has assessed via the deployment of infrared cameras and other remote monitoring activities that the mine's longwall equipment was largely unaffected by the event.

值得注意的是，該團隊透過部署紅外線攝影機和其他遠端監控活動評估發現，該礦的長壁設備基本上未受到該事件的影響。

Before handing the call to Mitesh, I'd like to now spend a few moments on global coal market dynamics. As indicated, pricing is currently soft in each of our main market segments, which is to say global metallurgical and high calorie value thermal coals.

在將電話交給 Mitesh 之前，我想花一點時間討論全球煤炭市場的動態。如圖所示，目前我們每個主要細分市場，也就是全球冶金煤和高熱值動力煤的定價都很疲軟。

In fact, both API-2 and high volley pricing are near three year lows.

事實上，API-2 和高排氣量定價均接近三年來的最低點。

Importantly, however, that softness in the high volts, high C.V. thermal market is counterbalanced by core's already strong, committed, and price position, which Mitesh will discuss in more detail shortly.

然而，重要的是高電壓、高 C.V. 下的柔和度。熱能市場被核心已經強大、堅定和價格地位所抵消，Mitesh 將在稍後詳細討論這一點。

Moreover, the U.S. domestic thermal market, a key secondary outlet for core, has tightened somewhat in recent weeks in the wake of extremely cold temperatures.

此外，由於極端寒冷天氣的影響，作為核心能源主要二級出口的美國國內熱電市場在最近幾週有所收緊。

We estimate that generator stockpiles in the east are approaching target levels and in select instances have fallen into the critical zone, particularly at some merchant plants. This recent drawdown is creating opportunities for spot market sales and should translate into a stronger contract market contract season as the year progresses.

我們估計，東部地區的發電機庫存正在接近目標水平，並且在某些情況下已進入臨界區域，特別是在一些商業電廠。最近的庫存下降為現貨市場銷售創造了機會，隨著時間的推移，將轉化為更強勁的合約市場合約季節。

Even in the Midwest, which is the primary market for our Powder River Basin segment and where stockpiles have perhaps been the most bloated, generators are cycling train sets more rapidly, which has led to a healthier shipment levels early in the year.

即使在中西部地區（這是我們 Powder River Basin 分部的主要市場，也是庫存最為充足的地方），發電機也正在更快地循環運行火車組，從而導致今年年初的出貨量水平更為健康。

As for coking coal markets, we believe that despite the current weakness, the long-term market dynamics remain compelling. New blast furnace capacity continues to come online in Southeast Asia.

至於煉焦煤市場，我們認為，儘管目前市場疲軟，但長期市場動力依然強勁。東南亞新的高爐產能不斷增加。

Indian imports of seaborne coking coal were up an estimated 5% in 2024, and Chinese imports of seaborne coking coal increased 17 million tons in 2024, which acted to counterbalance the higher Chinese steel exports.

2024年印度海運煉焦煤進口量預計將成長5%，2024年中國海運煉焦煤進口量將增加1,700萬噸，以抵銷中國鋼鐵出口量的增加。

The most significant reason for optimism, however, continues to be the supply side of the equation.

然而，樂觀的最重要原因仍然是等式的供給面向。

Agri production in three primary supply countries for high quality seaborne coking coal. Australia, the United States, and Canada remains around 40 million tons lower in 2024 than at peak levels a decade ago, despite historically strong pricing across most of that time frame.

優質海運焦煤主要供應國的三個農業生產。儘管在大部分時間段內，澳洲、美國和加拿大的煤炭價格一直保持強勁，但到 2024 年，其煤炭產量仍將比十年前的峰值水準低約 4,000 萬噸。

We expect such supply constraints, which are the function of both underinvestment and degradation and depletion of global reserve base to support increasingly positive supply demand balance over time.

我們預計，這種供應限制（其是投資​​不足以及全球儲備基礎的退化和枯竭的結果）將隨著時間的推移支持日益積極的供需平衡。

Moreover, currently depressed pricing levels are beginning to take a toll on smaller and higher cost metallurgical producers, which should also precipitate a more constructive market environment down the road.

此外，目前低迷的物價水準開始對規模較小、成本較高的冶金生產商產生影響，也將促成未來更積極的市場環境。

Looking ahead, we're more confident than ever that core's two world-class complementary operating segments, metallurgical coal and high calorific thermal coal, create a unique and compelling opportunity for value creation and cash generation in the decades ahead. With its skilled workforce, strategic asset base, low cost mining operations. Expansive logistics network, tremendous synergy potential, and industry-leading sustainability practices. Core is exceptionally well equipped to capitalize on what we view as highly constructive and durable market environment for our products.

展望未來，我們比以往任何時候都更有信心，核心的兩個世界級互補營運部門——冶金煤和高熱值動力煤，將為未來幾十年創造價值和產生現金創造獨特且引人注目的機會。擁有熟練的勞動力、戰略資產基礎和低成本的採礦業務。廣泛的物流網絡、巨大的協同潛力和領先業界的永續發展實踐。Core 擁有極其良好的條件來利用我們認為對我們的產品而言高度建設性和持久的市場環境。

With that, I'll now turn the call over to Mitesh for some additional detail on our financial outlook, ongoing progress on synergies, and continued efforts to optimize the value of our high quality products. But.

說完這些，我現在將電話轉給 Mitesh，讓他詳細介紹我們的財務前景、協同效應的持續進展以及優化我們高品質產品價值的持續努力。但。

Thank you, Paul, and Good Morning, everyone.

謝謝你，保羅，大家早安。

Let me begin by providing an update on our sales book and some of our key marketing priorities followed by our financial and synergy progress.

首先，我來介紹我們的銷售情況和一些關鍵的行銷重點，然後介紹一下我們的財務和協同進展。

With the macro backdrop that Paul provided, it is very clear that we are in a different market today than we have been throughout the past several years.

從保羅提供的宏觀背景來看，很明顯地我們今天所處的市場與過去幾年不同。

We believe the diversity and scale of core natural resources allow us to better manage these markets throughout the prepared remarks, you will hear me reference our future reporting segments, the metallurgical segment, which consists of the South, Beckley, Mount Laurel, and [Emman] locations.

我們相信核心自然資源的多樣性和規模使我們能夠在整個準備好的演講中更好地管理這些市場，您將聽到我參考我們未來的報告部門，即冶金部門，該部門由南部、貝克利、勞雷爾山和[埃曼]地區組成。

The high C.V. thermal segment, which includes our Pennsylvania mining complex and the West Elk mine and our part of river basin segment which consists of a Black Thunder and Cold Creek mines.

高 C.V.熱能部分，包括我們的賓州採礦綜合體和 West Elk 礦區以及我們的部分河流盆地部分，其中包括 Black Thunder 和 Cold Creek 礦區。

We have made strong contracting progress across all segments for 2025.

我們在 2025 年各領域的承包工作都取得了顯著進展。

Our goal at core is to create a solid base of revenue through our thermal contracted book while maintaining the potential to capture the upside pricing volatility in the market.

我們的核心目標是透過熱合約帳簿創造穩固的收入基礎，同時保持捕捉市場上行價格波動的潛力。

This was one of the main strategic rationales of the merger as it allows us to opportunistically deploy capital in both challenging and robust markets.

這是合併的主要策略原因之一，因為它使我們能夠在充滿挑戰和強勁的市場中抓住機會部署資本。

As we look forward, we have identified three focus areas for the combined product portfolio.

展望未來，我們已確定了合併產品組合的三個重點領域。

We expect to further expand the reach of our products. Historically, both the PMC and have been well received by their respective customer bases, and now we have an opportunity to cross sell these products by targeting the specific needs of each customer with a broader product portfolio.

我們希望進一步擴大我們產品的影響力。從歷史上看，PMC 和都受到各自客戶群的一致好評，現在我們有機會透過更廣泛的產品組合來滿足每個客戶的特定需求，從而交叉銷售這些產品。

For instance, barely crossover metallurgical coal has already generated interest amongst current customers. Similarly, we were recently able to sell some of the Beckley product to a legacy console customer.

例如，剛剛跨界的冶金煤已經引起了現有客戶的興趣。同樣，我們最近能夠將部分 Beckley 產品賣給傳統控制台客戶。

Second, we expect to generate revenue uplift by blending different qualities of coal.

其次，我們希望透過混合不同品質的煤炭來增加收入。

We have now successfully sold a blend of thermal by-product from our metallurgical segment with our high C.V. thermal product and expanded the margins by double digits for the thermal by-product.

我們現在已經成功銷售了我們冶金部門產生的熱能副產品與我們的高 C.V. 的混合物。熱能產品利潤率實現兩位數擴大，熱能副產品利潤率也實現兩位數擴大。

Third, we plan to optimize the utilization of our logistics assets.

第三，我們計劃優化物流資產的使用率。

This includes operational improvements as well as rerouting of different coal qualities which will allow us to operate more efficiently and when advantageous at higher capacity utilization.

這包括營運改善以及不同煤炭品質的重新規劃，這將使我們能夠更有效率地運營，並在提高產能利用率時佔據優勢。

We still have a lot of work ahead of us, but we are very pleased with the progress made so far, and we are looking forward to creating more opportunities for the core product portfolio.

我們還有很多工作要做，但我們對目前的進展感到非常滿意，並期待為核心產品組合創造更多機會。

Let's now segue to a brief update on the early progress we have made on the synergy front.

現在讓我們簡要介紹一下我們在協同方面取得的早期進展。

At the merger announcement, we got it to an average annual run rate of $110 million to $140 million of synergies within six to eighteen months following close.

在宣布合併時，我們在合併結束後的六到十八個月內實現了平均年運行率 1.1 億到 1.4 億美元的協同效應。

As Paul mentioned, we are off to a solid start.

正如保羅所提到的，我們已經有了一個好的開始。

Since the close of the merger about five weeks ago, we have already started to reduce duplicative public company costs, locking down favourable finance rates, working with our business partners on the procurement side, and kickstarting several synergy-focused work streams on the marketing side.

自從大約五週前合併結束以來，我們已經開始削減重複的上市公司成本，鎖定優惠的融資利率，在採購方面與我們的業務合作夥伴開展合作，並在營銷方面啟動幾個以協同為重點的工作流。

We have already executed strategies that are expected to yield just over 40 million in synergies on an annualized run rate basis.

我們已經實施了一些策略，預計按年化運行率計算將產生超過 4000 萬美元的協同效應。

Approximately 40% of this is expected to come from marketing, blending, and transportation, the majority of which have been achieved by the blending of different products in our portfolio. An example I covered earlier.

預計其中約 40% 來自行銷、混合和運輸，其中大部分是透過混合我們產品組合中的不同產品來實現的。我之前提到過的一個例子。

Approximately 1/3 of the synergy run rate comes from eliminating some overlapping positions at the corporate office.

大約1/3的綜效運作率來自於消除公司辦公室的一些重疊職位。

This number is expected to grow as we transition various systems and processes and build out the IT infrastructure to support the company.

隨著我們轉變各種系統和流程並建立 IT 基礎設施來支援公司發展，這一數字預計還會成長。

The remaining synergy run rate is split between procurement and financing costs. We have already started to see cost efficiencies as we work with our suppliers to create a mutually beneficial outcome.

剩餘的綜效運轉率分攤於採購成本和融資成本之間。當我們與供應商合作創造互利成果時，我們已經開始看到成本效率。

We're still in the early innings here, but we are looking forward to continuing to identify and execute on opportunities that create value for our shareholders.

我們仍處於早期階段，但我們期待繼續發現並抓住為股東創造價值的機會。

Now let me provide a quick update on our financial results before providing our 2025 guidance and outlook.

現在，在提供 2025 年指導和展望之前，讓我先簡單更新我們的財務表現。

This morning we reported 2024 financial performance, which essentially are the results of the legacy and solar energy on a stand-alone basis.

今天上午，我們報告了 2024 年的財務業績，基本上是傳統能源和太陽能獨立發展的結果。

For the full year 2024, we reported net income of $286 million or $9.61 per dilutive share, adjusted EBITDA of $655 million dollars and free cash flow of $301 million.

2024 年全年，我們報告的淨收入為 2.86 億美元，即每股 9.61 美元，調整後 EBITDA 為 6.55 億美元，自由現金流為 3.01 億美元。

On net income was impacted by certain one-time items such as pre-taxes of $68 million related to the indemnification of 1974 Pension Plan Litigation.

淨收入受到某些一次性項目的影響，例如與 1974 年退休金計畫訴訟賠償相關的 6,800 萬美元稅前支出。

In conjunction with the merger closing earlier this year, we took advantage of the increased size and scale of CNR and upsized our revolving credit facility from $355 million to $600 million extended the maturity into 2029, and reduced the interest rate by 75 basis points across the grid.

結合今年稍早的合併完成，我們利用 CNR 擴大的規模，將循環信貸額度從 3.55 億美元增加到 6 億美元，將期限延長至 2029 年，並將整個電網的利率降低了 75 個基點。

We received overwhelming support from our existing banks and we were able to add nine banks to the facility.

我們得到了現有銀行的鼎力支持，並成功將九家銀行納入我們的業務範圍。

This amendment, we have already demonstrated enhanced capital market access as a result of the merger. I would like to thank our banking partners for their continued support.

這次修訂，我們已經展示了合併帶來的資本市場准入的增強。我要感謝我們的銀行合作夥伴的持續支持。

Moving forward, we intend to maintain our financial flexibility through a combination of strong liquidity and manageable debt levels. At the close of the merger, CNR had $590 million in cash and cash equivalents and short-term investment, plus approximately $100 million that was deployed towards the repurchase of Archs tax exempt West Virginia municipal bonds.

展望未來，我們打算透過強大的流動性和可控的債務水準來維持我們的財務靈活性。合併結束時，CNR 擁有 5.9 億美元的現金、現金等價物和短期投資，另加約 1 億美元用於回購 Archs 免稅西維吉尼亞市政債券。

Prior to the close of the merger, Consol opted to repurchase these bonds to preserve their tax exempt status.

在合併完成之前，Consol 選擇回購這些債券以保留其免稅地位。

This gives core the ability to re-market these bonds, the taxes and money markets subject to market conditions.

這使得核心能夠根據市場情況重新行銷這些債券、稅收和貨幣市場。

We are also considering A remarketing of our other tax exempt [uni] bonds to potentially improve the collateral package and benefit from the scale and diversity of core.

我們也正在考慮重新行銷我們的其他免稅[uni]債券，以潛在地改善抵押品方案並從核心的規模和多樣性中受益。

Once completed, we expect to have approximately $300 million of debt on the balance sheet associated with these bonds.

一旦完成，我們預計資產負債表上與這些債券相關的債務約為 3 億美元。

Now let me provide our outlook for 2025.

現在讓我來提供我們對 2025 年的展望。

Starting with the high C thermal segment, we are expecting 29 million to 31 million sales.

從高溫領域開始，我們預計銷量為 2,900 萬至 3,100 萬。

We are approximately 80% contracted at the midpoint of our guidance range inclusive of collar tons at a projected price of between $61.63 per ton.

我們的合約簽訂率約為 80%，處於指導範圍的中點，包括領噸，預計價格為每噸 61.63 美元。

Given the state of the met market and ongoing issues with tariffs, we expect the majority of the open tons to go into the industrial, brick, and domestic power markets.

鑑於大宗商品市場的狀況和持續存在的關稅問題，我們預計大部分未售出的煤炭將流入工業、磚瓦和國內電力市場。

We expect our 2025 high C.V. thermal average cash cost of coal sold to be $38 to $40 per ton. The bottom end of our cost guidance captures the potential for deflation in key commodities, as well as fixed cost leverage at the higher end of the sales volume range.

我們預計 2025 年 C.V. 將達到最高。銷售煤炭的熱平均現金成本為每噸38至40美元。我們的成本指導底端反映了主要商品通貨緊縮的可能性，以及銷售量範圍高端的固定成本槓桿。

Conversely, the top end accounts for reduced tonnage or a stronger commodity market, which would be a net benefit to our cash margins but a potential headwind to our power and supply costs.

相反，高端產品代表噸位的減少或大宗商品市場的走強，這將為我們的現金利潤帶來淨收益，但可能會對我們的電力和供應成本產生不利影響。

For our metallurgical segment, we are introducing annual coking cell tonnage of 7.5 million to 8 million tons, which excludes approximately 1.5 million tons of thermal by-product in the metallurgical coal segment.

對於我們的冶金部門，我們引入了每年 750 萬至 800 萬噸的焦化單元噸位，其中不包括冶金煤部門的約 150 萬噸熱能副產品。

On the committed tons that are priced, we are expecting $135.82 in average coal revenue per ton sold.

對於已定價的承諾噸位，我們預計每售出一噸煤炭平均可獲得 135.82 美元的收入。

On the metallurgical cash cost side, we expect an average cash cost of coal sold of $96 to $100 per ton.

在冶金現金成本方面，我們預計銷售煤炭的平均現金成本為每噸 96 至 100 美元。

Our metallurgical segment sales tonnage and cost guidance is highly dependent on the timing of normalized production at the South Longwall.

我們的冶金部門銷售噸位和成本指導高度依賴南長壁正常化生產的時間。

In the second half of the year after the projected restart of Clear South, we expect cash costs for the metallurgical segment to be in the low $90 per ton range.

在預計重啟 Clear South 業務後的下半年，我們預計冶金部門的現金成本將在每噸 90 美元左右。

For our [PRB] segment on the sales front, we have approximately 37 million tons contracted and priced at an average core revenue of approximately $14.78 per ton. On the cash cost side, we expect an average cash cost of coal sold per ton range of $13.75 to $14.25.

就銷售方面的 [PRB] 部門而言，我們已簽訂約 3700 萬噸的合同，平均核心收入約為每噸 14.78 美元。在現金成本方面，我們預計每噸煤炭的平均現金成本在 13.75 美元至 14.25 美元之間。

For 2025, we expect cash-based SG&A to be between $110 million to $125 million.

到 2025 年，我們預計現金型銷售、一般及行政費用將在 1.1 億美元至 1.25 億美元之間。

Longer term, we expect cash-based SG&A to decrease to about $90 million when system integration is complete and merger synergies are fully realized.

從長遠來看，我們預計，當系統整合完成且合併綜效充分實現時，基於現金的銷售、一般及行政開支將減少至約 9,000 萬美元。

Additionally, for 2025, we expect a merger-related cash outflow of approximately $100 million for expenses incurred before and after the closing of the merger and includes fees for legal and financial advisors, severance costs, and other non-recurring costs.

此外，到 2025 年，我們預計合併相關現金流出約為 1 億美元，用於合併完成前後產生的費用，包括法律和財務顧問費、遣散費和其他非經常性費用。

Lastly, on the capital expenditures front for 2025, we expect a range of $300 million to $330 million.

最後，就 2025 年的資本支出而言，我們預期範圍在 3 億至 3.3 億美元之間。

In closing, I want to reiterate our commitment to our capital allocation framework which continues to emphasize ensuring financial strength and flexibility to a combination of modest debt levels and strong liquidity while creating long-term value for our shareholders.

最後，我想重申我們對資本配置框架的承諾，該框架繼續強調確保財務實力和靈活性，以實現適度的債務水平和強大的流動性，同時為股東創造長期價值。

Another key priority for us is ensuring appropriate levels of capital to ensure safe, compliant, and efficient operations of all our key assets.

我們的另一個關鍵任務是確保適當的資本水平，以確保我們所有關鍵資產的安全、合規和高效運作。

Given the progress that we have already made on these two priorities, we have better wherewithal to allocate our discretionary cash flow to shareholder returns, which Paul described in his opening remarks.

鑑於我們在這兩個優先事項上已經取得的進展，我們擁有更好的財力將可自由支配的現金流分配給股東回報，正如保羅在開場白中所描述的那樣。

Although a near term cash flow is impaired by the near outage, we have built some excess cash throughout the merger process, and we expect to deploy some of that cash towards our capital return program.

雖然近期停電損害了近期現金流，但我們在合併過程中累積了一些剩餘現金，我們預計將其中一部分現金用於我們的資本回報計劃。

Our capital allocation is underpinned by our ability to generate robust cash flow. 2025 is shaping up to be a challenging year with a weak commodity price backdrop and the combustion event at Leer South.

我們的資本配置以我們產生強勁現金流的能力為基礎。在大宗商品價格疲軟和萊爾南燃燒事件的背景下，2025 年將成為充滿挑戰的一年。

Our priority for 2025 is to mitigate these impacts by safely and compliantly conducting our operations at the lowest possible cost while delivering on the synergy and revenue expansion potential that the core platform offers.

我們 2025 年的首要任務是以盡可能低的成本安全合規地開展運營，同時發揮核心平台提供的協同效應和收入擴張潛力，從而減輕這些影響。

Operator, we're now ready to begin the Q&A session for our call.

接線員，我們現在準備開始本次通話的問答環節。

Could you please provide the instructions to our callers?

您能為我們的來電者提供說明嗎？

Thank you. We will now begin our Q&A session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

And the first question will be from Nate Martin from the Benchmark. Please go ahead.

第一個問題來自 Benchmark 的 Nate Martin。請繼續。

Thanks, operator. Good morning, everyone, and congratulations on completing the merger.

謝謝，接線生。大家早安，祝賀合併完成。

So, starting within the coke and Coal segment, guidance sales of 7.5 million to 8 million tons, could you guys give us any approximation of quality mix today, after the combined companies, or is there a capture rate maybe versus the LC benchmark price that you guys are targeting?

那麼，從焦炭和煤炭領域開始，指導銷售量為 750 萬至 800 萬噸，你們能否給我們提供合併後今天的質量組合近似值，或者是否存在相對於你們所針對的 LC 基準價格的捕獲率？

So on the mix, Nate we have about 2 million tons I'll call it of our low ball product which is Begley and Edmund.

因此，在混合物中，Nate，我們有大約 200 萬噸，我稱之為我們的低價產品，即 Begley 和 Edmund。

About a million tons of high volt B and then the balance will be, our Leer high volt A product. So, of the 6.6 million tons we have sold.

大約一百萬噸高壓 B，然後剩餘的就是我們的 Leer 高壓 A 產品。因此，我們已經售出了660萬噸。

About 1.5 million of that is staying domestic, 5.1 is export, and what we have sold today is 1.2 million tons of low volt, 4.4 million tons of high volt A, and about a million tons of high volt B. So that gives us call it a million tons left to sell this year.

其中約有 150 萬噸留在國內，510 萬噸用於出口，今天我們銷售的是 120 萬噸低壓、440 萬噸高壓 A，以及約 100 萬噸高壓 B。

1 million to 1.5 million, I'll say, and about 800,000 of that is low ball and the balance of that will be high ball.

我想說的是，100 萬到 150 萬，其中約 80 萬是低價，其餘的是高價。

Very helpful, Bob. I appreciate that.

非常有幫助，鮑伯。我很感激。

Meanwhile I have you too, could we get a breakdown of the committed and priced high C.V. thermal tons between export, domestic, etc.

同時我也有你，我們能否對已承諾和價格高昂的 C.V. 進行細分？出口、國內等之間的熱噸

Yeah, so of the 24.6, about 21.6 of it is PA sequel, and as you noticed, we gave a range in what we have in terms of pricing. I will tell you that in that 21.6, 4.2 million tons is linked to API-2, and then we have about 2.5 million tons linked to power, our power net back contracts.

是的，在 24.6 中，大約有 21.6 是 PA 續集，正如你所注意到的，我們在定價方面給出了一個範圍。我會告訴你，在這 2,160 萬噸中，有 420 萬噸與 API-2 相關，然後我們有大約 250 萬噸與電力相關，即我們的電力淨回購合約。

And then the balance or 3 million tons is our West Elk product, about 22.4 million is fixed price, and then the balance is about 600,000 tons. That's what's shown as unpriced, and that is all priced against the Newcastle index.

然後餘額或 300 萬噸是我們的 West Elk 產品，約 2240 萬美元是固定價格，然後餘額約為 60 萬噸。這就是所顯示的未定價的，並且全部是根據紐卡斯爾指數定價的。

And then the breakdown in total I'll say is 13 million is domestic and 11.6 is export.

那麼，總的細分數字應該是：國內銷售 1,300 萬，出口銷售 1,160 萬。

Okay.

好的。

A lot of numbers, typing quickly, but I appreciate it. .

數字很多，打字很快，但我很感激。。

Sorry.

對不起。

No worries, very helpful. .

不用擔心，非常有幫助。。

I guess, taking a step back, guys, I don't really know Paul if you made direct comments on this in your prepared remarks or not.

我想，退一步來說，夥計們，我真的不知道保羅，你是否在準備好的發言中對此發表了直接評論。

If I did, I apologize, but it'd be great to get your thoughts on how this current Chinese tariff on U.S. coal imports is impacting your business or how it could potentially impact your business, and how many times the combined company sell into China in 2024 and then are you assuming any in your current guidance.

如果我這樣做了，我很抱歉，但我很想聽聽您對中國目前對美國煤炭進口徵收的關稅對您的業務有何影響或可能如何影響您的業務的看法，以及合併後的公司在 2024 年將向中國銷售多少產品，然後您在目前的指導中做出任何假設。

Thanks.

謝謝。

So Nate, at the time that the tariff was announced, cops had about eight vessels on the water, one which was Lear and the balances were PAMC. I can tell you that the customer that we sold the Leer cargo to continued to take that cargo to China.

所以 Nate，在宣布關稅時，警察在水上有大約八艘船，其中一艘是 Lear，其餘的是 PAMC。我可以告訴你，我們向其出售 Leer 貨物的客戶繼續將貨物運往中國。

And then of the PAMC cargos we do know of one, I think now two that are being taken to China still. The balance have been diverted.

然後，我們確實知道一批 PAMC 貨物，我想現在有兩批仍在運往中國。餘額已被轉移。

Some have been diverted to India. We had one diverted to Egypt and one to Vietnam.

其中一些已被轉移至印度。有一架飛機改道飛往埃及，另一架飛往越南。

But I'll tell you, we only have cargoes booked through the end of the first quarter out of PAMC.

但我要告訴你，我們只從 PAMC 預訂了截至第一季末的貨物。

Nothing balance of the year for Lear right now, and China's always been an opportunistic market for us, for both Legacy Arch and Legacy console now core.

目前，Lear 年度業務尚未平衡，對我們來說，中國一直是一個機會市場，對 Legacy Arch 和 Legacy 主機來說都是核心市場。

So, even though we moved 3 million tons of bailey into China in 2024, that was very opportunistic. I will tell you that where petcoke prices are today.

因此，即使我們在 2024 年向中國出口了 300 萬噸百利甜酒，這也是非常投機取巧的。我會告訴你現在石油焦的價格是多少。

They're significantly higher than what they were last year, so India is now has opened up to us again, and prices were yielding back for cargoes to India are pretty, lucrative to us, I will tell you though that domestic market is where the bright spot is.

它們比去年的水平要高得多，所以印度現在又向我們開放了，運往印度的貨物價格回落，對我們來說是相當有利可圖的，不過我要告訴你，國內市場才是亮點所在。

January power prices came in at over $66. We're seeing some high power prices here in February, inventories as Paul mentioned.

一月份電價超過 66 美元。正如保羅所提到的，我們看到二月電價和庫存都很高。

In some cases have been into, critical type levels and the team continues to receive calls almost on a daily basis for some additional loadings for Q1 and for the back half of the year for that matter.

在某些情況下，已經進入臨界水平，團隊幾乎每天都會接到電話，要求為第一季以及下半年增加一些額外的負載。

So, although you know the tariff situation certainly Moved the trade around. I will tell you that there's certainly enough demand out there today to cover the volumes that we were moving to China last year.

因此，儘管你知道關稅情況肯定會影響貿易。我可以告訴你們，目前市場需求肯定足以滿足我們去年運往中國的數量。

Okay.

好的。

(Multiple Speakers)

（多位發言者）

This reminds me of two or three years ago when the Chinese did the embargo on the Australian coals.

這讓我想起兩、三年前中國對澳洲煤炭實施的禁運。

I mean, it's disruptive, it's messy for a short period of time, but things tend to realign themselves fairly quickly, and I think that's what you're seeing here.

我的意思是，它會產生破壞性，在短時間內會很混亂，但事情往往會很快重新調整，我認為這就是你在這裡看到的。

Obviously, we, we'd rather not have the uncertainty. But that's where we're at and what I suspect will happen is pretty much what Bob said.

顯然，我們不希望有不確定性。但這就是我們目前的情況，而且我懷疑將要發生的事情與鮑伯所說的基本一致。

It'll rejigger itself and the demand is still out there. The demand is strong. It's just the destinations.

它會自我重新調整，但需求仍然存在。需求強勁。這只是目的地。

To the deck, and I was just going to say something similar exactly right when [Xi] locked out sort of the Australian, coking coal, you had a period of six months of messiness where, trade flows got realigned but within, a very short period of time, not only had markets.

在甲板上，我正要說一些類似的話，就在習近平封鎖澳洲煉焦煤市場的時候，出現了六個月的混亂局面，貿易流重新調整，但在很短的時間內，不僅市場出現了問題。

Sort of been restored, but they actually went to sort of all-time highs. So, not suggesting that's going to be the case here, but it is a bit potentially of a game of musical chairs.

可以說是恢復了，但實際上卻達到了歷史最高水準。因此，並不是說這裡會出現這種情況，但這有點像搶椅子的遊戲。

And so look, we think we're really well equipped to redirect volumes to wherever the markets are, and if this means that other countries, that that China is taking more volume from other countries and then we're filling the gaps there, all good, that all works, but you know we don't view this as more than a short term disruption in all likelihood.

所以，我們認為我們確實有能力將交易量重新定向到任何市場，如果這意味著其他國家，中國正在從其他國家吸收更多的交易量，然後我們填補那裡的空白，這一切都很好，一切都有效，但你知道，我們認為這很可能只會造成短期混亂。

Appreciate that team.

感謝那支團隊。

And then just one final one coming back to the high C.V. thermal segments, your price per ton and you're committed 24 million tons at $61 to $63.

最後一個話題，回到高履歷。熱電部分，你承諾的每噸價格為 61 至 63 美元，為 2400 萬噸。

What API-2 price does that assume, and is there any sensitivity we should keep in mind?

這假設了 API-2 的價格是多少，我們應該記住什麼敏感度嗎？

Yeah, I think two things, Nate. One, we're assuming right around $110 API2 price.

是的，內特，我認為有兩件事。首先，我們假設 API2 的價格約為 110 美元。

The sensitivity is about $0.13 per ton across the entire segment. But I also mention to you that we have our power net backs modelled at the floor.

整個領域的敏感度約為每噸 0.13 美元。但我也向您提到，我們的電力網背面是以地板為模型的。

So, in January alone, there's about an $8 million uplift there in February it looks like we'll receive. Again, so you know when we put the pieces together we kind of looked at, okay, what's kind of like our worst case best case, and that's why we came up with a range of 61 to 63.

因此，光是 1 月份，我們預計 2 月份的增額就將達到約 800 萬美元。再說一次，所以你知道，當我們把這些部分放在一起時，我們會看一看，好吧，什麼是我們最壞的情況，最好的情況，這就是為什麼我們得出 61 到 63 的範圍。

So importantly that you know we think while again lots of moving parts and Bob just laid that out, the 61 to 63 feels comfortable in almost any scenario we can envision for those volume.

因此，重要的是，您知道我們認為雖然有很多活動部件，而且鮑勃剛剛指出了這一點，但 61 到 63 在我們可以設想的幾乎任何情況下都感覺很舒服。

So, we could be higher in that range, lower in that range, but you know we feel pretty good about, that we're going to land somewhere there regardless of those moving parts.

因此，我們可能在那個範圍內更高，也可能在那個範圍內更低，但你知道我們感覺非常好，無論那些移動部件如何，我們都會降落在那裡。

So, as you said, a lot of numbers and Bob's a master of them, but I think as everyone else sort of thinks about it, we're trying to give that sort of tight range as to, that's where we're likely to land.

所以，正如你所說，有很多數字，鮑勃是這些數字的大師，但我認為，正如其他人所想的那樣，我們正試圖給出這種緊密的範圍，這就是我們可能到達的地方。

Okay, great. And Bob, just any way to think about a [PJM] West power price for us as we look at that business?

好的，太好了。鮑勃，當我們考慮這項業務時，您能為我們考慮一下 [PJM] West 電價嗎？

So, when you start seeing power prices, I'll say get above $40 to $42 that's that's typically when we start seeing [EMA]. So again, I mentioned we're like $66 and change for the month of January.

所以，當你開始看到電價時，我會說超過 40 到 42 美元，這通常是我們開始看到的時候[歐洲藥品管理局]。我再次提到，一月份我們的收入約為 66 美元多一點。

February is off to a good start as well. So anything over $40 we start to see [EMA].

二月的開始也不錯。因此，任何超過 40 美元的東西我們都會開始看到[歐洲藥品管理局]。

All right, great, guys. I really appreciate the time and and help. Best of luck in '25.

好吧，太棒了，夥計們。我非常感謝您的時間和幫助。祝你 25 年好運。

Thank you.

謝謝。

(Multiple Speakers)

（多位發言者）

And again, as a reminder, if you would like to ask a question, please press one.

再次提醒一下，如果您想提問，請按 1。

The next question is from Nick Giles from B. Riley Securities. Please go ahead.

下一個問題來自 B. Riley Securities 的 Nick Giles。請繼續。

Hey thanks operator. Good morning, everyone.

嘿，謝謝接線生。大家早安。

Want to start on the Net cost side, targeting low 90's as you resume long haul mining in the second half.

希望從淨成本方面入手，在下半年恢復長途採礦時將目標定在 90 年代初期。

Should we think about this as a normalized target level going forward, or could there be some additional improvement, whether from a synergy perspective or just returning to steady state?

我們是否應該將其視為未來的正常化目標水平，或者是否會有一些額外的改進，無論是從協同作用的角度還是僅僅恢復到穩定狀態？

Look, I, I'll start off and let the others join in, but look, I think the low 90's is, the back half of the year is a number that we felt pretty comfortable with.

看，我先開始，讓其他人加入，但看，我認為 90 年代初期，下半年是一個讓我們感到相當舒服的數字。

But, I tell you the last couple of weeks as we've gone through this, as we've gone through combining the teams, I think, as I mentioned in my earlier comments. I think there are some additional synergies that we haven't picked up and that there's things that we're learning from each other, particularly on the long walls that I think will apply to both the legacy companies' operations.

但是，我告訴你，過去幾週我們經歷了這一切，經歷了團隊的合併，我想，正如我在之前的評論中提到的那樣。我認為還有一些我們尚未發現的額外協同效應，而且我們正在相互學習一些東西，特別是在長牆上，我認為這將適用於兩家傳統公司的營運。

I feel fairly confident about where these things are going and it's off to a good start.

我對這些事情的進展相當有信心，而且已經有了一個好的開始。

I'll add, from a procurement standpoint, as you can imagine prior to the merger of the two companies, there's a limited amount of information that we can share.

我想補充一點，從採購的角度來看，你可以想像，在兩家公司合併之前，我們可以分享的資訊是有限的。

So, with that out of the way now, I think that pocket of the synergy is just starting to pick up. So, as we go through that, I think the 2026 run rate would be interesting to see.

所以，現在這個問題已經解決了，我認為綜效才剛開始顯現。因此，當我們經歷這個過程時，我認為 2026 年的運行率將會很有趣。

But back half of 2025 is a good starting point and hopefully we can do better from there.

但 2025 年下半年是一個很好的起點，希望我們能從那裡做得更好。

One of the things we've tried to highlight here is like that $110 million to $140 million of guidance on the synergies that we provided initially were numbers that you know a small group on one side and a small group on the other side were able to collaborate on and sort of identify.

我們在這裡試圖強調的一件事是，我們最初提供的 1.1 億至 1.4 億美元的協同效應指導金額是一方的小組與另一方的小組能夠合作並確定的數字。

But now sort of unleashing the power of the full teams you know we're getting really encouraged by what we're seeing on best practices across a whole range.

但現在，我們正在釋放整個團隊的力量，你知道，我們看到的整個領域的最佳實踐確實讓我們感到鼓舞。

Obviously continuous improvement and delivering on these synergies and then on the synergies on the other side of the ones that are identified is clearly the focus, and we believe we'll be able to do that. That low $90 range obviously puts us in the first quartile in the U.S.. It's a strong number.

顯然，持續改進和實現這些協同效應，以及在已確定的另一方實現協同效應顯然是重點，我們相信我們能夠做到這一點。90 美元的低價顯然讓我們處於美國的第一個四分位數。這是一個很強勁的數字。

The guidance is the guidance, but do we believe we provide a number that we're confident in and can hit? We do.

指導就是指導，但是我們是否相信我們提供的數字是我們有信心並且可以達到的？是的。

Guys, I appreciate all that color.

夥計們，我很欣賞這些顏色。

Maybe next one, it's nice to see a successful re-entry at Leer South, and you've maintained your guidance of resuming longwall mining by mid-year, and I was curious to what extent this might be an added level of conservatism or maybe said differently, would a resumption by mid-year be more reflective at the midpoint or the low end of guidance?

也許下一個，很高興看到萊爾南礦成功重返礦區，而且您一直維持在年中恢復長壁開採的指導方針，我很好奇這在多大程度上可能會增加保守程度，或者換句話說，年中恢復開採是否會更能反映指導方針的中點或低端？

Thanks very much.

非常感謝。

I guess I want to start off with, really complimenting the team for the actions they took, as well as the assistance we received from the state and federal officials.

我想首先要真誠地讚揚該團隊採取的行動，以及我們從州和聯邦官員那裡得到的幫助。

They did a great job not only protecting the people, but they also did an amazing job. It looks like keeping the mind intact.

他們不僅保護了人民，而且做得非常好。看起來就像是保持心靈完好無損。

When we first, gave our guidance on January 14 or January 15 about, it's going to be, typically it's about three months to get in and about six months to get the long while we started. That was based on not only our own experiences over the years on these things and what we've seen others do in the last couple of years.

當我們第一次在 1 月 14 日或 1 月 15 日給予指導時，通常需要大約三個月的時間才能進入，而從開始到結束需要大約六個月的時間。這不僅基於我們多年來在這些事情上的經驗，也基於我們看到的其他人在過去幾年中所做的事情。

The team in the end did an amazing job getting the first part of this done, which was to seal the small area behind the longwall. That was where the combustion event occurred.

團隊最終出色地完成了第一部分工作，即封閉長壁後面的一小塊區域。燃燒事件就發生在那裡。

Because of that, we got it sealed quickly and it appears we minimize any damage to a large extent.

因此，我們很快就把它密封了，看來我們在很大程度上將損失降到了最低。

We were able to get the [CM] started back up Monday, which was an amazing accomplishment.

我們能夠在周一重新啟動 [CM]，這是一項了不起的成就。

As we look forward, what I wanted to do was keep our guide mid year simply because I know these things take the life of their own and they have, these aren't straight line paths.

展望未來，我想要做的就是在年中保持我們的指導方針，因為我知道這些事情有它們自己的生命，而且它們不是直線路徑。

Right now things are lining up well. I feel good about where the mind is, but there's no sense.

目前一切進展順利。心境安好感覺很好，但是沒有任何意義。

We're ready to go a lot faster than we will be, we need to be methodical and get this done and we need to be prepared to start back up on the things that we're going to do to try and prevent anything like this in the future.

我們已做好準備，以比預期更快的速度採取行動，我們需要有條不紊地完成這項工作，我們需要做好準備，重新開始我們將要做的事情，以盡力防止將來再次發生類似的事情。

And Nick, it's obviously it's it's a collaboration with federal and state officials that's going exceptionally well. They have been tremendously supportive and it's been a great piece of teamwork to get us to where we are, but because of that, it's, we don't want to be more specific.

尼克，這顯然是與聯邦和州官員的一次合作，而且進展非常順利。他們給予了我們極大的支持，正是由於團隊的共同努力才使我們取得了今天的成就，但正因為如此，我們不想說得更具體。

It is a collaboration, but we feel really good about where we are today and obviously being where we are after just a month and we've provided guidance, as you know that it could take up to three months, does mean that things are moving along quite nicely.

這是一種合作，但我們對目前的狀況感到非常滿意，顯然僅一個月後我們就取得了這樣的成績，並且提供了指導，正如你所知，這可能需要長達三個月的時間，但這確實意味著事情進展得相當順利。

Thanks for that and nice to hear.

謝謝您，我很高興聽到這個消息。

One more if I could in the release, you noted an expectation for excess cash available for shareholder returns, and I was wondering if you could speak to potential magnitude or appetite to take advantage of the weakness here and maybe related. How should we think about a minimum balance, given the larger platform?

如果可以的話，在新聞稿中我再補充一點，您提到了對股東回報的超額現金預期，我想知道您是否可以談談利用此處弱點的潛在規模或意願，以及可能與之相關的因素。考慮到更大的平台，我們應該如何考慮最低餘額？

Yeah, so Nick, on the cash front, we target to keep Net cash on hand given the out digit layer and weak commodity price backdrop, with approximately $200 million of debt on our balance sheet and any additional cash beyond our debt and reserves for short term working capital events such as Leer South will be available for deployment.

是的，尼克，在現金方面，考慮到數字層和大宗商品價格疲軟的背景，我們的目標是保持淨現金，我們的資產負債表上有大約 2 億美元的債務，除了債務之外的任何額外現金以及用於短期營運資本事件（例如 Leer South）的儲備金將可供部署。

And we recognize that our shareholders have been patient through the merger process, so we'll take this pull back in our equity to put that cash to work.

我們認識到我們的股東在整個合併過程中一直很耐心，因此我們將撤回股權，以使這些現金發揮作用。

We'll fine tune this further as we see improvement and progress on Leer South and commodity prices. The good news is that our thermal assets are generating free cash flow right now, which is one of the key strategic rationale for this merger.

隨著我們看到萊爾南部和商品價格的改善和進步，我們將對此進行進一步微調。好消息是，我們的熱力資產目前正在產生自由現金流，這是此次合併的關鍵策略理由之一。

We have a solid base of revenue through our thermal contracted book. So while maintaining the potential to have the upside pricing volatility on the market.

透過熱合約帳簿，我們擁有了堅實的收入基礎。因此，同時保留了市場上行定價波動的潛力。

So, I think we'll be methodical about it, but we will put some of that cash to work.

所以，我認為我們會有條不紊地處理此事，但我們會將部分現金投入使用。

it's great to hear. Guys.

很高興聽到這個消息。夥計們。

I really appreciate all the color and continue the best of luck.

我真的很欣賞所有的色彩，並繼續祝你好運。

Thank you.

謝謝。

Thanks so much.

非常感謝。

And ladies and gentlemen, this concludes today's question and answer session. I would like to turn the call back to Paul Lang for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我想將電話轉回給保羅朗，請他做最後發言。

As I said at the outset, this is an exciting time for core. We believe we've created a truly special company with tremendous potential and value creation.

正如我在一開始所說的，對於核心來說，這是一個令人興奮的時刻。我們相信，我們已經創造了一家真正特殊的公司，具有巨大的潛力和價值創造能力。

I couldn't be more pleased with the way the teams are working together and more encouraged with encouraged with the urgency that everyone is approaching the synergies.

我對團隊合作的方式感到非常滿意，更讓我受鼓舞的是每個人都迫切地希望實現協同效應。

I look forward to reporting to everybody in the coming months onto our progress and thank you for your interest. Stay safe and healthy.

我期待在接下來的幾個月向大家報告我們的進展，並感謝您的關注。保持安全和健康。

Thank you, sir. The conference has now concluded.

謝謝您，先生。會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。