Alpha Metallurgical Resources, Inc.

Greetings and welcome to the Alpha Metallurgical Resources second quarter 2026 conference call. This time all participants are in a listen-only mode. An answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin.

Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's second quarter 2026 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. On the call today, I'm joined by ALSA's Chief Executive Officer, Andy Edson, and Chief Financial Officer, Todd Munsey, who will provide prepared remarks. Also participating on the call are our President and Chief Operating Officer, Jason Whitehead, and our Chief Commercial Officer, Dan Horn. Following our prepared remarks, we will be available to answer questions. With that, I'll turn the call over to Andy.

Thanks, Emily. Good morning, everyone. Today, we released our definitive second quarter financial results, which included adjusted EBITDA of $25.6 million and 3.5 million tons shipped. We closed out the first half of 2026 with fewer tons shipped and higher costs than expected. Given our performance today and our outlook for the rest of the year, we recently issued new guidance ranges for shipment volumes and cost of coal sales. Looking at the cost first, we increased our midpoint of guidance by $7 per ton as compared to our early estimations. This increase is largely due to higher costs on supplies and materials, including diesel. As we communicated last quarter, the impact of the Iran war has resulted in dramatic fluctuations and significant increases to our diesel spend. Other mining supplies have also increased in cost. We're projecting the need to spread these elevated costs across slightly fewer tons overall for the year. and all of these factors are incorporated in our new cost guidance range of $103 to $107 per ton. In terms of sales volumes, we brought down the midpoint of the guidance by a million tons for the year as compared to our initial expectations. Several factors informed our decision making here, including continued met market weakness. The new range of 14.2 million to 15.4 million tons not only incorporates our lighter than usual shipment performance in the first half, but it also accounts for a reduced efficiency rate at DTA. As we previously announced, one of the two stacker reclaimer machines at DTA sustained significant damage during a storm on June 14th. High winds reached over 80 miles per hour during the weather event, resulting in significant harm to the machine. The team at DTA has been exceptional, working diligently to safely and resourcefully keep as much coal moving through the terminal as possible, while simultaneously working through various processes with third-party equipment providers, structural engineers, and the terminal's insurance carrier. DTA has also filed an insurance claim because of the storm damage. The plans for returning the terminal to full operational capacity hinge on many processes that are still underway, so we don't have a definitive timeline to share just yet. We remain engaged in discussions with our partners at Core Natural Resources and DTA's leadership as appropriate to help advance those processes and gain clarity on the path ahead. In the meantime, we're very pleased with their efforts to keep the coal moving and expect to be able to mitigate isolated delays in coal handling that will normally been accomplished by the damaged stacker reclaimer. Our new shipment guidance race, for example, contemplates the continuation of the currently reduced operational capacity of DTA. It also reflects our ability to utilize throughput availability at other East Coast terminals. In summary, we're appreciative of DTA leadership and the way they have quickly established alternate workflows to maximize the terminal's capabilities under these unfortunate circumstances. We will provide updates as appropriate once longer-term plans are solidified. Our views on the MET coal markets remain largely unchanged since last quarter, as we continue to see weakness driven by sluggish global steel demand. The U.S. East Coast indexes have hardly moved, and in recent weeks, the Australian POV has begun to retreat. With its latest movement, the spread between Aussie POV and U.S. East Coast lowball has tightened, with the POV roughly 14% higher than U.S. East Coast lowball, as compared to about 23% higher when we announced first quarter earnings in May. The further $32 drop from U.S. East Coast Low Vol down to U.S. East Coast High Vol A sits at about 20% as compared to 22% a quarter ago. We continue to believe that this is unsustainable. As I wrap up my prepared remarks, I want to congratulate several of our West Virginia operations on their recognition by the Home Safety Association. 13 of our mines, plants, and docks were given awards for their outstanding performance in 2025. Additionally, our outstanding mine rescue teams have brought home top honors in numerous category competitions, as well as overall championships in two mine rescue contests this summer. We're proud of your accomplishments and grateful for your commitment to this important work. I'll now turn the call over to Todd for a review of our second quarter financial results.