The ExxonMobil of coal.

• Thermal Coal: Mined, prepared, and sold primarily to electric utilities and industrial facilities for power generation.
• Metallurgical Coal: Mined and sold to steel manufacturers for steel production, including various types like coking coal and pulverized coal injection coal.
• Coal and Freight Trading & Transportation Services: Engages in direct and brokered trading of coal and freight-related contracts, and provides transportation-related services.

Major Customers of Peabody Energy (BTU)

Peabody Energy (BTU) primarily sells its coal to other companies (business-to-business sales) rather than directly to individuals. The provided background description for Peabody Energy does not list specific names of its major customer companies or their public symbols. Instead, it broadly categorizes its customer base.

Based on the description, Peabody Energy supplies coal primarily to the following types of customers:

• Electricity generators (electric utilities): These companies purchase thermal coal to fuel power plants for electricity production.
• Industrial facilities: This category encompasses a range of industrial operations that utilize coal for various processes.
• Steel manufacturers: These companies purchase metallurgical coal (such as coking coal) for use in steel production.

Jim Grech, President and Chief Executive Officer

Jim Grech has over thirty years of experience in the coal and natural resources industry. He joined Peabody Energy in June 2021 as President and Chief Executive Officer and is a member of the company's board of directors. Prior to Peabody, Mr. Grech served as Chief Executive Officer of Wolverine Fuels from 2018 to 2021. His career also includes executive leadership roles as President of Nexus Gas Transmission, Chief Commercial Officer and Executive Vice President of Consol Energy, and Vice President at DTE Energy. Mr. Grech is also a board member of America's Power, the National Mining Association, and Blue Danube Incorporated, and a member of the Coal Industry Advisory Board of the International Energy Agency. In January 2026, he was appointed Chair of the National Coal Council.

Mark Spurbeck, Executive Vice President and Chief Financial Officer

Mark Spurbeck joined Peabody Energy in 2018 and was appointed Executive Vice President and Chief Financial Officer in June 2020, having previously served as Senior Vice President & Chief Accounting Officer and Interim Chief Financial Officer. He oversees finance, treasury, tax, internal audit, financial reporting, financial planning, risk and mine finance, corporate accounting, investor relations, corporate communications, information technology, and shared services. Before joining Peabody, Mr. Spurbeck served as Vice President & Chief Accounting Officer of Coeur Mining, Inc. for five years. He also held various finance and accounting roles at Newmont Mining for eight years and at First Data Corporation, and began his career at Deloitte LLP.

Patrick Forkin III, Executive Vice President, Global Strategy and Peabody Development

Patrick Forkin III joined Peabody Energy in 2010 and has held a variety of roles within the company. He is responsible for global strategy and all non-coal mining initiatives, investments, and joint ventures. Mr. Forkin possesses an extensive background in the energy and mining industries, mergers and acquisitions, corporate finance, new technology commercialization, and equity market research. Prior to his tenure at Peabody, he held senior leadership positions at a U.S. solar development company and at investment banking firms that specialized in conventional and renewable energy research.

Malcolm Roberts, Executive Vice President and Chief Commercial Officer

Malcolm Roberts is Executive Vice President and Chief Commercial Officer for Peabody Energy, a role he assumed effective September 1, 2025, after joining the company in 2021 as Executive General Manager – Sales & Marketing. He is responsible for global commercial strategy, including sales, marketing, and corporate development. Mr. Roberts has more than 25 years of experience in the resources and commodities industry, with a focus on the energy and steel sectors. His background includes roles in finance, commercial, trading, and sales and marketing at leading mining and manufacturing organizations such as Rio Tinto, Bridgestone, and Heidelberg Cement.

Darren Yeates, Executive Vice President and Chief Operating Officer

Darren Yeates serves as Executive Vice President and Chief Operating Officer for Peabody Energy, a position he has held since 2020. He oversees the company's global operations, including health, safety and environment, mine operations, technical, procurement, and sales and marketing. Mr. Yeates brings over 40 years of mining industry experience to his role and previously served on Peabody's board of directors. Before joining Peabody, he was the Chief Operating Officer of MACH Energy Australia. His extensive career also includes serving as CEO of GVK Hancock Coal and over 22 years with Rio Tinto, where his positions included Acting Managing Director and Chief Operating Officer for Coal Australia. He is also a former director of Emeco Holdings Limited and Stanmore Coal Limited.

The key risks to Peabody Energy's business, trading under the symbol BTU, are primarily driven by the global energy transition, market volatility inherent in commodity industries, and the complex operational and regulatory environment of coal mining.

1. Declining Demand for Thermal Coal and Energy Transition: Peabody Energy faces a significant long-term threat from the global shift away from fossil fuels, particularly thermal coal, due to the increasing adoption of alternative energy sources like renewables and natural gas. This trend is driven by climate change policies, environmental regulations, and economic competitiveness, leading to the retirement of coal-fired power plants and reduced thermal coal consumption globally, even in major markets like China and India, despite overall energy demand growth. This directly impacts a substantial portion of Peabody's revenue streams.
2. Volatility in Coal Prices: The company's profitability is highly sensitive to fluctuations in global coal prices, which are influenced by various factors beyond its control. These factors include global economic conditions, supply and demand dynamics, and geopolitical events. Weakening demand and steady supply are projected to contribute to coal price declines, impacting Peabody's revenue, cash flow, and overall financial performance.
3. Operational, Geological, and Regulatory Burdens: As a coal mining company, Peabody Energy is exposed to inherent operational risks such as geological complexities, equipment failures, mine accidents, and supply chain disruptions, which can lead to increased costs and production outages. Furthermore, the industry is subject to extensive and evolving environmental, health, and safety regulations across its operating regions, increasing compliance costs and potentially limiting production. Concerns around methane emissions from coal mining also pose a significant climate risk and potential for further regulatory scrutiny.

The accelerated global transition to renewable energy sources, such as solar and wind, for electricity generation poses a clear emerging threat. This shift is driven by declining renewable energy costs, technological advancements in energy storage, and increasing governmental and societal pressure to decarbonize power grids, directly undermining the long-term market for Peabody's thermal coal.

The emerging decarbonization of the steel industry, through processes like green hydrogen-based direct reduced iron (DRI) and increased adoption of electric arc furnaces (EAFs) utilizing scrap steel, presents a significant threat to Peabody's metallurgical coal business. These technological advancements aim to reduce or eliminate the need for coking coal in steel production, impacting a core segment of the company's operations.

Peabody Energy (BTU) is anticipated to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Production and Higher Price Realizations from Centurion Metallurgical Coal Mine: The Centurion mine in Australia is expected to be a significant driver of revenue growth. It is ahead of schedule in its longwall production, poised to substantially boost the output of premium hard coking coal. Shipments from Centurion are projected to expand sevenfold in 2026 to 3.5 million tons and further increase beyond that, averaging 4.7 million tons annually over a mine life exceeding 25 years. This increased volume, coupled with an anticipated 10% rise in segment-wide price realizations versus the premium hard coking coal index, positions Centurion as a cornerstone asset for enhanced metallurgical coal revenue.
2. Sustained Demand and Strategic Contracts for Thermal Coal: Analysts and company statements indicate continued strong cash-flowing thermal operations and supportive market conditions for thermal coal. Peabody Energy has secured forward thermal revenues through strategic agreements, including a major utility contract exceeding $1 billion, validating ongoing U.S. coal demand.
3. Diversification into Rare Earth Elements: Peabody Energy's management has highlighted new revenue avenues through the development of rare earth elements, including a pilot plant initiative. This diversification effort could provide an additional source of revenue growth in the medium to long term.

Share Repurchases

• Peabody Energy authorized a share repurchase program in April 2023 for up to $1.0 billion.
• By the end of 2025, Peabody repurchased 23.8 million shares for $530.8 million, with $469.6 million remaining available for future repurchases.
• The company returned $221 million to shareholders in share repurchases and dividends in 2024.

Share Issuance

• The number of shares outstanding decreased from 128,363,495 as of February 16, 2024, to 121,567,621 as of February 14, 2025, reflecting net share repurchases.

Outbound Investments

• In 2024, Peabody acquired the Centurion North coal reserves for $143.8 million.
• Peabody agreed to purchase four premium hard coking coal operations in Australia's Bowen Basin in 2024, a deal expected to transform the company into a predominantly steelmaking-coal supplier.
• In 2022, Peabody partnered in a joint venture aiming to develop reclaimed mining land for utility-scale photovoltaic solar generation and battery storage.

Capital Expenditures

• Capital expenditures for fiscal years 2021 to 2025 averaged $313.1 million, with annual figures of $183.1 million (2021), $221.5 million (2022), $348.3 million (2023), $401.3 million (2024), and $411.4 million (2025).
• Peabody projects total capital expenditures for 2026 at approximately $340 million, a $70 million decrease from 2025, with a focus on enhancing production capabilities and exploring new growth opportunities.
• A significant portion of capital expenditures was directed towards the Centurion Mine expansion, representing a $750 million investment, with $226.8 million invested in its development in 2024.