Westmoreland Coal Company: Update to credit analysis - weak liquidity and high customer concentration
Our credit view of Westmoreland, highlighting its weak liquidity and high customer concentration.Westmoreland Coal is an energy company. The company produces and sells thermal coal primarily to investment grade utility customers. At Dec 31 2017, the company's operations included 12 wholly-owned producing coal mines in the U.S. and Canada, a char production facility, and a 50% stake in an activated carbon plant. The company also owned the general partner of, and, at Dec 31 2017, owned 93.94% of the total equity interest in, Westmoreland Resource Partners, LP, which owned and operated four mining complexes in Ohio and one mine in Wyoming. As of Dec 31 2017, the company had a total of 732,142,000 tons of proven and probable coal reserves.
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