Terre Haute-based Hallador Energy Co. (Nasdaq: HNRG) is reporting a second quarter net loss of $3.4 million, compared to a loss of $2.9 million during the same period in 2021. Chief Executive Officer Brent Bilsland said the company lowered its cost structure, increased prices and added to liquidity to improve its financial position.
“In the second quarter, we improved our cost structure by ~$8/ton over Q1 and contracted for ~2.2 million tons of forward sales at over $125/ton, dramatically increasing our future sales prices,” said Bilsland. “Additionally, we were successful in raising $10 million to add to our liquidity (with an additional $19 million following in Q3). Also, during the quarter, we made significant progress toward closing the acquisition of the Merom power plant in the next few months, pending governmental and financial approvals.”
Earlier this year, the company announced its subsidiary, Hallador Power Co. LLC, will acquire Hoosier Energy’s Merom Generating Station in Sullivan County.
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