•
Reduced share dilution by a total of approximately 2.9 million shares via these actions
Accomplished significant progress in our Asian market expansion strategy for our core metallurgical segment
•
Increased the percentage of our shipped metallurgical coal volumes moving to Asia to more than 40 percent — the highest level ever — as we intensified our focus on this fast-growing market segment
•
Secured seven large, new, growth-focused Asian customers during 2022, laying the foundation for incremental growth in Asian shipments in the future
Drove continued progress in our clearly defined strategy of harvesting value and generating cash from our legacy thermal assets
•
Generated $353.9 million in segment-level Adjusted EBITDA from our legacy thermal segment in 2022, while investing just $28.6 million in capital
•
Generated the cumulative amount of segment-level Adjusted EBITDA from our legacy thermal segment since our 2016 restructuring of $1.3 billion, while investing just $138.6 million — a nearly 10-to-1 ratio
Augmented our already significant book of contracts for our legacy thermal segment for 2023 and beyond
•
Finished 2022 in a nearly sold-out position for projected 2023 volumes — at prices well above historical averages — and with a significant book of competitively priced business for future years as well
Made continued strides in our ongoing strategic pivot towards steel and metallurgical markets by systematically reducing the footprint of our legacy thermal segment
•
Drove forward with the accelerated reclamation work at the Coal Creek thermal mine in the Powder River Basin, where approximately 75 percent of final reclamation work has now been completed
•
Increased the balance in our industry-first thermal mine reclamation fund — created to ensure sufficient cash availability for final reclamation work — to the approximate initial target level of $136 million
Demonstrated continuing industry-leading performance on core ESG metrics
•
Achieved an aggregate lost-time incident rate of 0.57 per 200,000 employee-hours worked across all of our operations in 2022, which was nearly four times better than the industry average
•
Received the 2022 Excellence in Reclamation Award — the State of Wyoming’s highest reclamation honor — for the extensive and exemplary reclamation work conducted at the Coal Creek mine
•
Demonstrated industry leadership for environmental compliance among large, integrated producers, with just one SMCRA violation across all of our operations
•
Recorded zero water quality exceedances against 84,000 parameters measured company-wide, for a 100 percent compliance rate, while extending our record in this area to nearly three years
•
Drove forward with final reclamation work on our shrinking portfolio of legacy idle properties during 2022, securing final bond release on 3,500 acres and increasing the number of water discharge points eliminated since 2015 to nearly 1,600, equating to an 80 percent reduction
2022 Key Compensation Decisions and Actions
Our Personnel and Compensation Committee (“P&C Committee” or “Committee”) takes stockholder feedback, as well as the results of the “say-on-pay” vote, into account when establishing or modifying our compensation program.