While the Biden administration has pressured more and more corporations to fight the use of coal and oil and gas, guess what’s been happening? Expanded use of coal and yes, oil and gas.
As for the coal industry, there’s no wonder why Tulsa-based Alliance Resource Partners LP is doing so well. The company just reported increased financial and operating results for the quarter ended September 30, 2021 saying it was “primarily on the strength of increased coal sales volumes and price realizations.” Total revenues for the quarter rose 14.6% to $415.4 million while net income was up by nearly 31%.
Bloomberg recently reported that almost every lump of coal that U.S. miners will dig out of the ground next year has already been sold, as surging natural gas prices prompt utilities to burn more of the dirtiest fossil fuel.
Alliance Resource is on track to ship nearly 32 million tons this year and reportedly has already locked in deals for 30 million tons next year and nearly 16 million tons in 2023.
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