Terre Haute-based Hallador Energy Co. (Nasdaq: HNRG) is reporting second quarter net income of $254,000, compared to $3.3 million during the same period last year. The company says the increase is the result of efforts to reduce costs and eliminate debt, particularly during the COVID-19 pandemic.
One of the primary ways of reducing costs came from the permanent closure of the company’s Carlisle Mine in Sullivan County, which was announced earlier this year.
“Hallador was profitable, despite the pandemic which wreaked havoc on energy markets,” Brent Bilsland, chief executive officer of Hallador Energy, said in a news release. “We further lowered our cost structure and debt levels, while focusing on helping customers manage inventory levels. We are cautiously optimistic as coal shipments, energy markets and hopefully the world have begun a recovery.”
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