18 July 2022
June 2022 Quarter Production Report – record coal prices and solid production results underpin a strong quarter and FY22
- Whitehaven achieved a record average coal price of A$514/t for the quarter and A$325/t for FY22¹
- Subject to final audit, Whitehaven expects to report a FY22 EBITDA on 25 August of approximately $3.0 billion (compared with $0.2 billion in FY21)
- June quarter managed run-of-mine (ROM) production of 6.4Mt was up 21% on the March quarter and FY22 managed ROM coal production of 20.0Mt was within guidance of 19.0-20.5Mt
- June quarter total equity sales of produced coal of 4.4Mt was up 23% on the March quarter and FY22 total equity sales of produced coal of 14.2Mt was down 2% on FY21
- FY22 managed sales of produced coal of 17.6Mt was within guidance of 17.2-17.8Mt
- WHC holds a net cash position of $1.0 billion as at 30 June 2022, with $1.4 billion of cash generated in the June quarter
- After buying back 76.37 million shares (approximately 7% of issued shared capital) for $362.6 million, Whitehaven aims to complete its 10% share buy-back within a revised total cost of $550 million.
Comments from Whitehaven Coal Managing Director and CEO Paul Flynn:
“With demand for high quality coal outstripping global supply, Whitehaven remains well placed to support energy security through transition and to deliver strong returns for shareholders.
“Coal prices set a new record during the June quarter and continue to be well supported.
“Stronger operational performance has enabled us to deliver our FY22 production and sales guidance in spite of a tight labour market and COVID-related absenteeism.
“Improved operational performance combined with record high coal price will underpin our strongest ever full year result. We expect to report a full year EBITDA of approximately $3.0 billion, subject to final audit.
“A net cash position of $1.0 billion at 30 June, with ongoing strong cashflows, gives Whitehaven a continuing strong balance sheet with cash reserves to fund future growth and also return capital to shareholders through franked dividends and share buy-backs.
“We look forward to providing further details on our financial results and capital management plans at our full year results announcement on 25 August.”
Read the full June 2022 Quarter Production Report here.
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