Westmoreland Coal Company - - PowerPoint PPT Presentation

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Westmoreland Coal Company - - PowerPoint PPT Presentation

Aug 10, 2023 266 likes •534 views

Westmoreland Coal Company Westmoreland Coal Company Financial Position Market Capitalization $332 (US$ mm) Net Leverage (1) 2.3x (ratio) EV / LTM EBITDA (2) 4.9x

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Westmoreland Coal Company

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Westmoreland Coal Company

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Westmoreland Coal Company

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Financial Position Market Capitalization

(US$ mm)

$332 Net Leverage (1)

(ratio)

2.3x EV / LTM EBITDA (2)

(ratio)

4.9x Current Debt Rating Rating Agency Corporate Bonds S&P B- B- Moody's Caa1 Caa1

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Westmoreland Coal Company

Pro Forma LTM Coal Sales

(Mst)

25 27 52 LTM Revenue

(US$ mm)

$660 $683 $1,343 LTM Adj. EBITDA

(US$ mm)

$116 $119 $235

  • No. of Operating Mines

6 6 (Prairie), 1 (Mountain) 13 Reserves (1)

(Mst)

553 676 1,229 Resources (1)

(Mst)

624 1,366 1,990

Westmoreland Coal Company Westmoreland Coal Company

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Westmoreland Coal Company

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Westmoreland Coal Company

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Westmoreland Coal Company

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Westmoreland Coal Company

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Coal seams Overburden Dragline excavation

1 3 4 2

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Westmoreland Coal Company

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Westmoreland Coal Company

      Reserve Life Contract Life Weighted Avg. Contract Life: 2024 Customer Rating Power Plant Customer Moody's / DBRS S&P Colstrip PPL, Puget Sound Baa3, Baa2 BBB, A- Naughton PacifiCorp Baa1 A- Coyote Otter Tail Baa3 BBB Lewis & Clarke MDU n.a. BBB+ Limestone NRG Energy Ba3 BB- Sherco Xcel, TransAlta Baa1, Baa3 A-, BBB- Genesee Capital Power n.a. BBB- Poplar River SaskPower AA n.a.

  • B. Dam, Shand

SaskPower AA n.a. Sheerness ATCO, TransAlta n.a., Baa3 A, BBB- Battle River ATCO n.a. A Coal Valley Seaborne market n.a. n.a. 2052 2037 2032 2031 2021 2021 2055 2041 2040 2024 2022 2018 2019 2021 2016 2017 2018 2021 2055 2015 2024 2026 2022 Rosebud Kemmerer Beulah Savage Jewett Absaloka Genesee Poplar River Boundary Dam Sheerness Paintearth Coal Valley Canadian Operations U.S. Operations

(1)

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Westmoreland Coal Company

    (1) (2) National Surface Mines Westmoreland Sherritt 1.46 1.23 1.23 1.13 1.17 0.79 0.88 0.65 0.48 0.66 0.14 0.13 0.17 0.09 0.06 2009 2010 2011 2012 2013 2.11 1.83 1.83 1.65 1.69 1.38 1.31 1.03 1.12 1.32 0.36 0.35 0.17 0.22 0.58 2009 2010 2011 2012 2013

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Westmoreland Coal Company

193 137 104 91 58 49 35 31 28 27 50 100 150 200 250 Peabody Arch Coal Alpha Cloud Peak Murray Energy PF Westmoreland Alliance Luminant NACCO Teck (mm tons)

(1)

    Westmoreland Headquarters Jewett Kemmerer Beulah Savage Absaloka Rosebud Paintearth Genesee Sheerness Boundary Dam Bienfait Poplar River Coal Valley Coal – U.S. Coal – Canada

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Westmoreland Coal Company

423 425 390 368 553 676 1,990 3,220 2008 2009 2010 2011 2012    Westmoreland Sherritt Resources to be Proven In millions of tons

Significant additional resources to be proven

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Westmoreland Coal Company

  Alberta Saskatchewan Mountain Western North Central Coal Natural Gas Nuclear Hydroelectric Other Fuel Source by Region Coal Type Bituminous Sub-bituminous Lignite

Alberta Total: 72,918 GWh

52% 37% 3% 8%

Mountain Total: 369,790 GWh

52% 23% 9% 10% 7%

Saskatchewan Total: 22,129 GWh

52% 22% 19% 7%

West North Central Total: 329,238 GWh

66% 6% 12% 4% 12% Geographical Regions

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Westmoreland Coal Company

  • $2.00

$4.00 $6.00 2010 2011 2012 2013 US$ / mm BTU 66% 60% 54% 58% 79% 72% 64% 67% 84% 84% 79% 81% 2010A 2011A 2012A 2013E     Westmoreland Sherritt Natural Gas

Westmoreland Prairie Operations (2) U.S. Capacity Factor

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Westmoreland Coal Company

  (In millions of tons) Westmoreland Sherritt

  • 10

20 30 40 50 60 2014 2016 2018 2020 2022 2024 2026 2028 2030

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Westmoreland Coal Company

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Westmoreland Coal Company

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Westmoreland Coal Company

7.6x 2.8x 3.3x 3.7x 2.3x 3.5x 2009 2010 2011 Kemmerer Acquisition 2013 Sherritt Acquisition

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Rapidly paid down leverage used for Kemmerer acquisition to below pre-transaction levels

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Westmoreland Coal Company

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Westmoreland Coal Company

16.5x 11.9x 7.2x 5.5x 2.1x 1.9x 2.3x Walter Arch Alpha Peabody CONSOL Cloud Peak Westmoreland Median: 6.3x     

(1)

7.6x 7.1x 8.1x 6.0x 6.0x 2009 2010 2011 2012 2013 Median: 7.1x

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Westmoreland Coal Company

13.7x 12.0x 11.4x 10.5x 10.0x 7.5x 5.0x Arch Walter Alpha CONSOL Peabody Cloud Peak Westmoreland Median: 11.0x   

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Westmoreland Coal Company

27 30 29 33 2010A 2011A 2012A 2013E Nameplate Capacity: 36 Mst (Annualized) Vancouver Prince Rupert Coal deposits Bituminous Sub-bituminous Transportation CN railway Westshore Terminals BRITISH COLUMBIA Calgary Edmonton Coal Valley Alberta Obed

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(In millions of tons)

  • 100

200 300 400 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Australian Premium HCC (US$/t)

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Westmoreland Coal Company

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Westmoreland Coal Company