|
Go To |
Headquarters:
Website: http://www.peabodyenergy.com Peabody Energy is the largest private-sector coal company in the world, fueling more than 10 percent of U.S. and more than 2 percent of the world's electricity. Peabody Energy controls 9.1 billion tons of coal reserves, more than double that of any other U.S. producer, and operates properties in the nation's major coal-producing regions. Peabody serves more than 280 generating and industrial customer locations in 34 states and 14 countries. Peabody has mines in Colorado, Illinois, Indiana, Kentucky, West Virginia, Wyoming, Arizona and New Mexico as well as overseas in Australia and Venezuela. The company had annual sales in 2006 of 248 million tons of coal and over 10 billion tons of reserves worldwide. Peabody reported record revenues of $5.2 billion in 2006 and net income of $600.6 million driven by strong demand for coal in the U.S. and China. History With an eager partner and start-up capital of just $100, 24-year-old Yale graduate Francis S. Peabody founded a retail coal business in Chicago in 1883. Bolstered by his father's business connections and his own political prowess, business prospered, and Peabody bought out his partner and began to source his own coal. In 1895, he opened his first coal mine in Williamson County, Ill., and started acquiring thousands of acres of the Illinois Basin's vast reserves. At the beginning of the 20th century, virtually all home heating was directly coal-fueled. Railroads, ships and industry also used an enormous amount of coal, demand that made Peabody's young company thrive. As electric utilities brought convenient, efficient power to city dwellers and eventually to rural America, the demand for coal increased, even as gas began capturing home heating markets, and diesel-powered rail locomotives were introduced. Capitalizing on the growth in electricity generation, Peabody signed his first long-term coal supply agreement with an electric utility in 1913 as he continued to acquire new mines. After several acquisitions and mergers, the company's name changed to Peabody Energy in 2001, reflecting its position as the leading coal company and a premier energy supplier. Updated December 22, 2007 |