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Peabody Energy
Peabody Energy is an American coal mining company headquartered in St. Louis, Missouri. Its primary business consists of the mining, sale, and distribution of coal, which is purchased for use in electricity generation and steelmaking. Peabody also markets, brokers, and trades coal through offices in China, Australia, and the United States.
Peabody markets coal to electricity generating and industrial customers in more than 26 nations. It maintains ownership or majority interests in 17 surface and underground mining operations located throughout the United States and Australia. In the United States, company-owned mines are located in Alabama, Colorado, Illinois, Indiana, New Mexico, and Wyoming. Peabody's largest operation is the North Antelope Rochelle Mine located in Campbell County, Wyoming, which mined more than 60 million tons of coal in 2022. Peabody spun off coal mining operations in West Virginia and Kentucky into Patriot Coal Corporation in October 2007. In October 2011, Peabody acquired a majority ownership stake in Queensland-based Macarthur Coal Ltd, which specializes in the production of metallurgical coal, primarily seaborne pulverized injection coal.
The company filed for Chapter 11 bankruptcy protection on April 13, 2016. It emerged from bankruptcy on April 3, 2017, and started trading on NYSE with a ticker symbol BTU. It also changed the company logo from Peabody Energy to Peabody.
The Peabody Energy company was founded as Peabody, Daniels & Company in 1883 by Francis Peabody, the son of a prominent Chicago lawyer, and a partner. The company bought coal from established mines and sold it to homes and businesses in the Chicago area. In the late 1880s, Francis Peabody bought out his partner's share of the business and the company was incorporated in the state of Illinois under the name Peabody Coal Company in 1890. In 1895, it began operations of its first mine in Williamson County, Illinois and later expanded its operations in Illinois. In 1913, the company won its first long-term contract to supply Chicago Edison Company, the predecessor to utility Commonwealth Edison. The company's growth continued after World War I and the corporation went public for the first time in 1929 with a listing on the Midwest Stock Exchange, and in 1949 was listed on the New York Stock Exchange.
Despite being ranked eighth among the country's top coal producers in the mid-1950s, Peabody began to lose market share to companies operating cost-efficient surface mining operations. To address the situation, it entered into merger talks with Sinclair Coal Company. A merger between the two companies occurred in 1955, resulting in the transfer of Peabody's headquarters to St. Louis, Missouri. The merged company retained the Peabody name. Under the leadership of chairman Russell Kelce, the company expanded production and sales.
In 1962, Peabody expanded into the Pacific with the opening of mining operations in Queensland, Australia. During this period Peabody also forged an equity partnership with the Japanese trading company Mitsui & Co, and the Australian construction company Thiess. In 1968, the company was purchased by the Kennecott Copper Corporation. However, the Federal Trade Commission challenged the purchase as an antitrust violation. In 1976, the FTC ordered Kennecott to divest itself of Peabody. The newly created Peabody Holding Company purchased the Peabody Coal business of Kennecott for $1.1 billion, and a consortium of companies controlled Peabody-Holding.
Because of a federal contract with the Tennessee Valley Authority, the company was among 153 named in 1978 discrimination complaint with the Department of Labor Office of Federal Contract Compliance Program. The complaint, filed by the Coal Employment Project, a women's advocacy organization, was based upon Executive Order 11246 signed in 1965 by U.S. President Lyndon Johnson, which bars sex discrimination by companies with federal contracts. The complaint called for the hiring of one woman for every three inexperienced men until women constituted 20 percent of the workforce. This legal strategy was successful. Almost 3,000 women were hired by the close of 1979 as underground miners.
In the 1980s, Peabody expanded its operations in the Eastern United States, acquiring the West Virginia coal mines of Armco in 1984. The company sought to broaden its metallurgical coal portfolio through the purchase of Eastern Gas and Fuel Associates' seven West Virginia mines in 1987. Peabody also expanded westward, opening the North Antelope and Rochelle mines in the low sulfur Wyodak seam in the heart of Wyoming's Powder River Basin in 1983 and 1984, respectively.
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Peabody Energy
Peabody Energy is an American coal mining company headquartered in St. Louis, Missouri. Its primary business consists of the mining, sale, and distribution of coal, which is purchased for use in electricity generation and steelmaking. Peabody also markets, brokers, and trades coal through offices in China, Australia, and the United States.
Peabody markets coal to electricity generating and industrial customers in more than 26 nations. It maintains ownership or majority interests in 17 surface and underground mining operations located throughout the United States and Australia. In the United States, company-owned mines are located in Alabama, Colorado, Illinois, Indiana, New Mexico, and Wyoming. Peabody's largest operation is the North Antelope Rochelle Mine located in Campbell County, Wyoming, which mined more than 60 million tons of coal in 2022. Peabody spun off coal mining operations in West Virginia and Kentucky into Patriot Coal Corporation in October 2007. In October 2011, Peabody acquired a majority ownership stake in Queensland-based Macarthur Coal Ltd, which specializes in the production of metallurgical coal, primarily seaborne pulverized injection coal.
The company filed for Chapter 11 bankruptcy protection on April 13, 2016. It emerged from bankruptcy on April 3, 2017, and started trading on NYSE with a ticker symbol BTU. It also changed the company logo from Peabody Energy to Peabody.
The Peabody Energy company was founded as Peabody, Daniels & Company in 1883 by Francis Peabody, the son of a prominent Chicago lawyer, and a partner. The company bought coal from established mines and sold it to homes and businesses in the Chicago area. In the late 1880s, Francis Peabody bought out his partner's share of the business and the company was incorporated in the state of Illinois under the name Peabody Coal Company in 1890. In 1895, it began operations of its first mine in Williamson County, Illinois and later expanded its operations in Illinois. In 1913, the company won its first long-term contract to supply Chicago Edison Company, the predecessor to utility Commonwealth Edison. The company's growth continued after World War I and the corporation went public for the first time in 1929 with a listing on the Midwest Stock Exchange, and in 1949 was listed on the New York Stock Exchange.
Despite being ranked eighth among the country's top coal producers in the mid-1950s, Peabody began to lose market share to companies operating cost-efficient surface mining operations. To address the situation, it entered into merger talks with Sinclair Coal Company. A merger between the two companies occurred in 1955, resulting in the transfer of Peabody's headquarters to St. Louis, Missouri. The merged company retained the Peabody name. Under the leadership of chairman Russell Kelce, the company expanded production and sales.
In 1962, Peabody expanded into the Pacific with the opening of mining operations in Queensland, Australia. During this period Peabody also forged an equity partnership with the Japanese trading company Mitsui & Co, and the Australian construction company Thiess. In 1968, the company was purchased by the Kennecott Copper Corporation. However, the Federal Trade Commission challenged the purchase as an antitrust violation. In 1976, the FTC ordered Kennecott to divest itself of Peabody. The newly created Peabody Holding Company purchased the Peabody Coal business of Kennecott for $1.1 billion, and a consortium of companies controlled Peabody-Holding.
Because of a federal contract with the Tennessee Valley Authority, the company was among 153 named in 1978 discrimination complaint with the Department of Labor Office of Federal Contract Compliance Program. The complaint, filed by the Coal Employment Project, a women's advocacy organization, was based upon Executive Order 11246 signed in 1965 by U.S. President Lyndon Johnson, which bars sex discrimination by companies with federal contracts. The complaint called for the hiring of one woman for every three inexperienced men until women constituted 20 percent of the workforce. This legal strategy was successful. Almost 3,000 women were hired by the close of 1979 as underground miners.
In the 1980s, Peabody expanded its operations in the Eastern United States, acquiring the West Virginia coal mines of Armco in 1984. The company sought to broaden its metallurgical coal portfolio through the purchase of Eastern Gas and Fuel Associates' seven West Virginia mines in 1987. Peabody also expanded westward, opening the North Antelope and Rochelle mines in the low sulfur Wyodak seam in the heart of Wyoming's Powder River Basin in 1983 and 1984, respectively.
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