Hallador Energy Optimistic About Second Half of 2019
TERRE HAUTE - Colorado-based Hallador Energy Co. (Nasdaq: HNRG) and its wholly-owned subsidiary, Sunrise Coal LLC of Terre Haute, reported a net loss of $3.3 million in its second quarter, compared to a net loss of $23,000 during the same period last year.
The coal, oil and gas producer says a majority of the loss was due to a $1.8 million non-cash adjustment in the fair market value of its interest rate swaps. The company also says Q2 shipments were 15% less than the first quarter due to the seasonal nature of their contracts.
Looking ahead, the company is optimistic about the second half of the year.
"Hallador experienced unprecedented success continuing to lock in sales early for the 2020 calendar year. Next year's sales position is now 88% of our 8 million-ton target,” says Brent Bilsland, Hallador president and chief executive officer.
Bilsland says 77 percent of their sales are already contracted over the next three and a half years.