false 0000788965 0000788965 2024-02-23 2024-02-23
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
 CURRENT REPORT
  
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  (February 23, 2024)
 
hnrglogo.jpg
 
Hallador Energy Company
(Exact name of registrant as specified in its charter)
 
 
 
Colorado
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
1183 East Canvasback Drive, Terre Haute, Indiana 47802
(Address, including zip code, of principal executive offices)
 
Registrant’s telephone number, including area code: (812) 299-2800
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
  Securities registered pursuant to Section 12(b) of the Act:   
Title of each class
 
Trading Symbol
 
Name of each exchange
on which registered
Common Shares, $.01 par value
 
HNRG
 
Nasdaq
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 
 
Emerging growth company ☐ 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange  Act. ☐   
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Item 7.01 - Regulation FD Disclosure.
 
On February 23, 2024, the Company issued a press release announcing a restructuring of the company’s Sunrise Coal Division.  A copy of this press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and the text of such press release is incorporated herein by reference.
 
None of the information furnished in this Item 7.01 will be deemed "filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended.
 
Item 9.01 – Financial Statements and Exhibits.    
 
(d)  Exhibits
 
Number
Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 
2
 
 
 
SIGNATURE 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.   
 
 
    Hallador Energy Company
     
February 23, 2024
By:
/s/Lawrence D. Martin
 
 
Lawrence D. Martin
Chief Financial Officer
 
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Exhibit 99.1

 

ex_451759img001.jpg

 

 

Hallador Energy restructures Sunrise Coal Division, significantly reducing Operating Costs

 

Terre Haute, Indiana - Hallador Energy Company (NASDAQ: HNRG) today announced a restructuring of the company’s Sunrise Coal Division designed to strengthen its financial and operational efficiency and create significant operational savings and higher margins.  “As we transition Hallador from a coal production company to a vertically integrated independent power producer, we will idle production at our higher cost Freelandville and Prosperity Mines, reduce our capital reinvestment for coal production in 2024 by approximately $10 million, and focus our seven units of underground equipment on four units of our lowest cost production.  We will further improve the cost structure of these units by increasing their run time from five and a half days per week to seven days per week.  We expect our coal production to generate 4.5 million tons annually,” said Brent Bilsland, Hallador’s CEO. 

 

As part of the initiative, the company will reduce its workforce by approximately one hundred and ten employees.  The workforce reduction will be based on job category and personal performance ratings and will primarily affect Sunrise Coal employees.  All affected personnel will be notified over the next several days.  “We value the contribution of all of our employees and recognize that these actions, while the right thing to do for the company, are also very hard for many of our employees and their families,” Mr. Bilsland continued.

 

“We are very excited about the future of Hallador – especially our Hallador Power subsidiary. We continue to see strong demand for capacity and energy in future years and a growing interest from our customers to secure longer term opportunities,” Mr. Bilsland concluded.

 

Hallador is headquartered in Terre Haute, Indiana and through its wholly owned subsidiary, Sunrise Coal, LLC, produces coal in the Illinois Basin for the electric power generation industry and through its wholly owned subsidiary, Hallador Power Company, LLC, produces electricity at its 1GW facility at the Merom Generating Station. To learn more about Hallador, Hallador Power or Sunrise, visit our website at www.halladorenergy.com.

 

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Forward-Looking Statements

 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements, including those relating to the anticipated impacts of the restructuring of the company’s Sunrise Coal Division, are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions, and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador's annual report on Form 10-K for the year ended December 31, 2022, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

 

 

Contact: 

Investor Relations

Phone:  

(303) 839-5504

 

 

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v3.24.0.1
Document And Entity Information
Feb. 23, 2024
Document Information [Line Items]  
Entity, Registrant Name Hallador Energy Company
Document, Type 8-K
Document, Period End Date Feb. 23, 2024
Entity, Incorporation, State or Country Code CO
Entity, File Number 001-34743
Entity, Tax Identification Number 84-1014610
Entity, Address, Address Line One 1183 East Canvasback Drive
Entity, Address, City or Town Terre Haute
Entity, Address, State or Province IN
Entity, Address, Postal Zip Code 47802
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares
Trading Symbol HNRG
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000788965
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