Craft Expects Over 95% Commitment for Coal Sales in 2026

"Looking ahead, contracting activity with domestic utility customers for 2026 has remained active, though the pace has varied as some customers continue to evaluate summer burn requirements," commented Mr. Craft. "During the quarter, the Iran conflict briefly reopened U.S. thermal coal export activity in early March, enabling us to enter into contracts for 1.8 million tons to be delivered in 2026 and 2027. In addition, we sold an additional 0.5 million tons to domestic customers, bringing our sales book to more than 95% committed and priced for 2026 assuming production comes in at the midpoint of our guidance range. Our remaining open position is concentrated in the second half of 2026, where additional commitments will depend on summer burn and customer requirements. More broadly, we continue to see a constructive demand backdrop as growing power demand, particularly from data centers, reinforces the importance of reliable baseload generation. We expect first quarter shipment disruptions tied to Winter Storm Fern and subsequent high-water conditions to be recovered over the balance of the year. In addition, once the planned longwall moves at Hamilton and Tunnel Ridge are completed in the second quarter, we do not expect any further longwall moves in 2026, which should improve operating visibility for the back half of the year. Based on year-to-date outperformance of our oil & gas royalties, we are increasing our volume guidance for the segment. Recent strength and volatility in crude oil prices have increased the near-term outlook and, because our current portfolio is unhedged, changes in market prices are reflected directly in our realized pricing. If current market conditions persist, we would expect realized BOE prices to be higher than last year, contributing to stronger segment results."