Westmoreland Coal Company (NASDAQ:WLB) was founded in 1854 and is headquartered in Englewood, Colorado, USA. It has 3,248 full-time employees and operates as an energy (coal) company through its subsidiaries.
Westmoreland Coal Company (WLB):
Westmoreland Coal Company started mining in Westmoreland County, Pennsylvania in 1854 and was registered and operated as a Pennsylvania company. In 1910, the company registered as a Delaware company and continued to focus on underground coal mines in Pennsylvania and the Appalachian Basin. In 1995, Westmoreland Coal Company moved its headquarters from Philadelphia, Pennsylvania to Colorado. Today, Westmoreland is an energy company with 17 coal mines in the United States and Canada, an activated carbon plant and coke production facility, and two coal-fired generating units.
Westmoreland Coal Company is now the sixth largest coal producer in North America and one of the largest dragline operators in North America, with 29 draglines.
Westmoreland mainly produces and sells thermal coal, which is mainly used for investment-grade power plants under long-term cost protection contracts, as well as industrial users and barbecue briquette manufacturers.
Westmoreland operates 13 near-ground coal mines and a 50% interest in an activated carbon plant and carbon production facility. The company’s US coal operations are located in Montana, Wyoming, North Dakota and Texas. Westmoreland’s Canadian coal operations are located in Alberta and Saskatchewan. Westmoreland owns a thermal coal export mine with an annual production capacity of 3 million tons, which has been sold to the Asian market. Westmoreland also operates two coal-fired generating units in North Carolina with a total capacity of approximately 230 megawatts.
Westmoreland is divided into 4 departments to operate: Coal-US, Coal-Canada, Coal-WMLP, and Power.
As of December 31, 2015, Westmoreland has proven and reliable coal reserves of approximately 1.222 billion tons; operating two coal-fired generating units in Weldon, North Carolina, with a total installed capacity of approximately 230 MW.
Westmoreland Coal Company (WLB) history:
- In 1854, John Covode, William Larimer, Herman Haupt, John Scott, and James Magee founded Westmoreland Coal Company.
- In 1871, Westmoreland Coal began shipping to New York City and signed a long-term contract with Carnegie Brothers & Company to supply coal to the latter’s steel plant in the Pittsburgh area.
- In 1875, Westmoreland and the neighboring Penn Gas Coal Company almost monopolized the gas market. These two companies are the largest bituminous coal companies in Pennsylvania.
- In 1900, Westmoreland began negotiations to acquire a controlling interest in Penn Gas Coal Company. The transaction was completed in 1905. Penn Gas owns one-third of Manor Gas Coal Company.
- In 1910, Westmoreland began buying land in West Virginia.
- In 1916, Dr. Wentz became the company’s single largest shareholder and became a director in 1917.
- In 1917, Westmoreland acquired the remaining Penn Gas shares, paving the way for the merger of all three companies-Westmoreland, Penn Gas, and Manor Gas, which took effect on January 1, 1918.
- In 1929, the president of the company SP Hutchinson died unexpectedly.
- In 1964, the old Westmoreland Coal Company was merged into Stonega Coke and Coal Company, but the new company took the name Westmoreland Coal Company to retain the oldest name in the industry. Virginia Coal and Iron Company absorbed Westmoreland Inc. and later became Penn Virginia Corporation, a land, mineral rights and investment company.
- In 1968, the company purchased more land in West Virginia from Sprague & Sons and Imperial Smokeless Coal Company.
- In 1970, Westmoreland Resources, Inc. was established to mine coal in Montana.
- In 1972, Westmoreland and Penn Virginia Corporation decided to split the two companies more completely.
- In 1976, Colorado Westmoreland, Inc. was established to mine steam coal mines in Colorado.
- In the 1990s, the company divested its eastern business and moved to Colorado.
- In 2001, the company acquired Westmoreland Mining LLC (WML).
- In 2004, Westmoreland celebrated its 150th anniversary.
- In 2006, it acquired 100% equity of Roanoke Valley Power Project (ROVA).
- In 2007, it acquired 100% of Westmoreland Resources, Inc. (WRI).
- In 2007, Westmoreland entered into a long-term contract with NRG Energy to develop the Jewett Mine area in Texas.
- In 2008, provided credit financing for ROVA, WML and WRI.
- In 2008, the Indian Coal Tax Credit Monetization (Indian Coal Tax Credit Monetization) plan was created.
- In 2011, the company completed a USD 150 million bond issuance.
- In 2011, Westmoreland Coal Company IPO landed on NASDAQ Global Market.
- In 2012, completed the acquisition of Kemmerer Mine in Wyoming.
- In 2012, the company completed a bond issuance of USD 125 million.
- In 2014, Westmoreland announced the transformation and acquisition of the coal business of Sherritt (TSE:S).
Westmoreland Coal Company (WLB) investment:
According to Wikipedia (the portal ), Westmoreland Coal Company is a subsidiary of Dakota Coal Company, and Dakota Coal Company is a subsidiary of Basin Electric Power Cooperative, but Westmoreland’s official website does not see it.