Peabody Energy: A Comprehensive Review of the Company's History and Performance

Peabody Energy has a rich history dating back to 1883, when it was founded as the St. Louis Mining and Milling Company. The company's early success was largely due to the discovery of coal deposits in the Illinois Basin.

In the early 20th century, Peabody Energy began to expand its operations, acquiring several smaller coal companies and increasing its production capacity. By the 1950s, the company had become one of the largest coal producers in the United States.

Peabody Energy's growth continued throughout the 20th century, with the company expanding its operations into new regions and increasing its focus on mining and processing coal for both domestic and international markets.

Peabody Energy originated with the founding of Peabody, Daniels & Company by Francis Peabody and a partner in the late 19th century.

The company began operating its first mine in Williamson County, Illinois in 1895, and went public in 1929 with a listing on the Midwest Stock Exchange.

In 1955, Peabody merged with Sinclair Coal company, resulting in the move of its headquarters to St. Louis.

In 1993, Peabody Energy expanded its operations in the Pacific with the acquisition of three mines in Australia and the development of a fourth operation in New South Wales.

Peabody Energy's domestic expansion began in 1993 with acquisitions in New Mexico and continued with a stake in Black Beauty, a Midwest producer, in response to increased demand for metallurgical coal.

Francis Peabody founded Peabody, Daniels & Company, which bought coal from established mines and sold it to homes and businesses in the Chicago area.

The company's first mine began operating in Williamson County, Illinois in 1895.

Peabody Coal Company went public in 1929 with a listing on the Midwest Stock Exchange, and in 1949, it was listed on the New York Stock Exchange.

The company hit hard times in the early 1950s, but it recovered under the leadership of coal-veteran Russell Kelce, who expanded production and sales and purchased a mine in Queensland, Australia.

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In 1968, the company was purchased by Kennecott Copper Corporation, but the U.S. Federal Trade Commission ordered Kennecott to divest itself of Peabody in 1976.

A consortium of companies controlled Peabody Holding Company, which purchased the Peabody Coal business of Kennecott for $1.1 billion in 1976.

In 1990, Hanson PLC bought out the rest of the owners of Peabody Holding Company.

Peabody Energy Corporation was eventually bought by a unit of Lehman Brothers, which brought the company public in 2001 with an IPO that raised $456 million.

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In 2017, a judge ruled that Peabody Energy's bankruptcy protected it from lawsuits brought by California coastal communities against fossil-fuel companies.

This decision had a significant impact on the company's future plans. Peabody Energy announced that it plans to invest $10 million in a partnership with London-based Arq, a company that is advancing technology to convert coal into oil products.

In 2021, Jim Grech was appointed the new president and CEO of Peabody Energy, effective June 1.

Peabody Energy's financial performance has been quite volatile over the years. The company reported net losses in excess of $500 million annually for each calendar year during 2012 through 2014, and a net loss of nearly $2 billion for 2015.

Their cash situation is not entirely dire, however, with a total cash balance of $585.9 million as of the most recent quarter. They also have a manageable total debt to equity ratio of 10.73% as of the same quarter.

Here are some key financial metrics for Peabody Energy:

In terms of profitability, Peabody Energy's profit margin is currently 3.44%, and their return on assets is 2.15%.

In 2001, Peabody filed an initial public offering (IPO) and has operated as a publicly traded company since then.

The company's financial performance was marked by significant acquisitions, including the purchase of the Wilkie Creek Mine in Queensland's Surat Basin in 2002.

Peabody launched its Peabody Energy Australia Coal Co. in 2002, following the acquisition of the Wilkie Creek Mine.

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The North Goonyella coal mine was acquired by Peabody in 2004, expanding the company's coal reserves and operations.

In 2006, Peabody completed an acquisition of Excel Coal Limited, paying $1.52 billion and assuming $227 million of Excel's debt.

At the time, Excel owned three operating mines and three development-stage mines in Australia, with an estimated 500 million tons of proven and probable coal reserves.

Peabody's financial performance was also marked by investments in clean coal technologies, including a coal gasification plant in Kentucky and the Prairie State Energy Campus clean coal project in Illinois.

Peabody reported net losses in excess of $500 million annually for each calendar year during 2012 through 2014. The company's financial struggles continued into 2015, with a net loss of nearly $2 billion.

In 2016, Peabody's sales revenue decreased by $539 million compared to the same period in the prior year. This decline was largely due to lower coal prices and reduced demand for steel.

The company's financial woes ultimately led to its bankruptcy filing on April 13, 2016. This was a significant turning point for Peabody, marking the end of its financial struggles.

Here is a breakdown of Peabody's net income (loss) for the years 2010-2016:

The company's net loss in 2016 was $721 million.

Financial Performance is a crucial aspect of any company's overall health. Total cash on hand is a significant indicator of a company's liquidity and ability to meet short-term obligations, which is currently sitting at $585.9 million.

This cash reserve can be used to cover immediate expenses, invest in new opportunities, or even return value to shareholders. The company's debt-to-equity ratio is 10.73%, which suggests that it has a moderate level of debt compared to its equity.

Here are some key financial performance metrics:

These profitability metrics indicate that the company is generating revenue, but not necessarily at a rate that's translating to significant profits. The company's revenue is $4.04 billion, which is a substantial amount, but the profit margin is relatively low.

Let's take a look at the financial performance of Peabody Energy compared to the S&P. Over the past year, Peabody Energy's stock price increased by 25.24%, while the S&P gained 17.62%. This shows that Peabody Energy outperformed the S&P by 7.62%.

The long-term performance of Peabody Energy is even more impressive, with a 5-year return of 1,288.73%. In contrast, the S&P's 5-year return is 100.55%, a significant difference of 1,188.18%.

Here's a comparison of the two companies' performance over the past 5 years:

The numbers are clear: Peabody Energy has significantly outperformed the S&P over the past 5 years. Since its IPO, Peabody Energy's stock price has increased by 8%, while the S&P has gained 185%.

Peabody Energy's valuation metrics are worth taking a closer look at. The company's market capitalization stands at $3.56 billion.

The trailing P/E ratio of 26.89 suggests that investors are willing to pay a premium for the company's shares, while the forward P/E ratio of 19.12 indicates a more reasonable valuation based on expected future earnings.

In terms of price-to-sales and price-to-book ratios, Peabody Energy's 0.95 and 0.98 ratios, respectively, are relatively low compared to its industry peers. This could be an indication of undervaluation.

Here are the key valuation metrics for Peabody Energy:

Valuation Measures are essential in determining a company's true worth. Market Cap stands at 3.56B, giving us an idea of the company's size.

Enterprise Value is another critical measure, coming in at 3.37B. It's a more comprehensive metric than Market Cap, taking into account debt and cash.

The Trailing P/E ratio is a useful indicator of how much investors are willing to pay for each dollar of earnings. In this case, the Trailing P/E is 26.89.

Looking ahead, the Forward P/E ratio is 19.12, which suggests a more optimistic outlook.

The PEG Ratio is not available for this company, making it harder to evaluate its valuation.

The Price/Sales ratio is a useful metric for comparing companies with different revenue streams. Here, it's 0.95, indicating a relatively low price compared to sales.

The Price/Book ratio is 0.98, which is also relatively low, suggesting that the company's stock price is undervalued compared to its book value.

The Enterprise Value/Revenue ratio is 0.84, indicating that the company's value is relatively low compared to its revenue.

The Enterprise Value/EBITDA ratio is 5.44, which is a more comprehensive metric than Enterprise Value/Revenue.

Analysts recommend buying shares in companies with strong financial performance, such as a 20% increase in revenue over the past year.

This is evident in the case of XYZ Corporation, which reported a 25% increase in revenue in the same period.

Analysts also suggest focusing on companies with a solid track record of dividend payments, with a minimum of 5 years of consecutive payouts.

A notable example is ABC Inc., which has maintained a dividend payout for 7 years.

Some analysts advise against investing in companies with high debt levels, exceeding 50% of total assets.

This is reflected in the case of DEF Enterprises, which has a debt-to-equity ratio of 60%.

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Peabody Energy's stock has shown significant growth in recent times.

The company's share price jumped nearly 12% one day, primarily due to the soaring price of coal.

This increase in coal price has finally been factored into the miner's share price.

A huge analyst upgrade also contributed to the stock's rise.

Growth prospects for Peabody Energy are improving, driven by geopolitical concerns.

The company's stock jumped 13% on one specific day, thanks to these improving growth prospects.

The market is starting to take notice of Peabody Energy's potential, leading to increased investor interest.

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Peabody Energy has been expanding its global operations, with a focus on coal projects in Mongolia, Australia, Indonesia, and the US. They aim to export coal to the Chinese market and supply the Pacific market from their Powder River Basin mines.

In 2009, HSBC released a report predicting that coal would remain a lucrative industry in the US, even under cap-and-trade regulations. Wyoming's Powder River Basin was expected to grow faster than other coal regions in the US.

Peabody Energy announced in 2010 that "Coal's best days are ahead", indicating their confidence in the industry's future. This was followed by a significant acquisition of 721 million tons of coal in 2012.

Peabody has also expanded its federal coal reserves in Wyoming, winning a bid for over 221 million tons of coal in 2011. This acquisition gives them control of 2.9 billion tons of Powder River Basin coal reserves.

The company has also been expanding its operations in other regions, including Missouri and Indiana. In Missouri, Peabody signed a six-year deal with Ameren to supply 91 million tons of low sulfur coal in 2011.

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Peabody Energy operates in various locations, including St. Louis, London, Beijing, and Brisbane. The company maintains offices in several countries, including the United States, the United Kingdom, China, Australia, and Indonesia.

Peabody's U.S. operations are spread across several states, including Wyoming, Arizona, New Mexico, Indiana, Illinois, and Colorado. The company operates mines in these states, focusing on coal mining, preparation, and sales to utility companies or steelmakers.

In Australia, Peabody operates metallurgical and thermal coal mining operations in Queensland and New South Wales. The company's coal product is sold to Australian utility companies or steel producers.

The Trading and Brokerage function is responsible for brokering coal sales, trading coal, and freight or freight-related contracts.

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Peabody Energy has been expanding its operations globally, with plans to export coal to the Chinese market, expand in Australia, and enter the Indonesian market.

The company aims to supply the Pacific market with coal from its Powder River Basin mines in the US. In 2009, HSBC released a report, "The Green Side of Black", which estimated that coal would remain a lucrative industry in the US, even under cap-and-trade regulations.

Wyoming's Powder River Basin is expected to grow faster than other coal regions in the US, according to the HSBC report. Arch Coal and Peabody Energy are likely to be particularly prosperous due to their extensive involvement in the Powder River Basin.

In 2010, Peabody Energy announced that "Coal's best days are ahead." The company has been actively seeking involvement in coal projects in Mongolia to export to the Chinese market.

Here are some key details about Peabody Energy's global expansion plans:

Peabody Energy has been expanding its mining operations globally. In 2009, the company announced plans to seek involvement in coal projects in Mongolia to export to the Chinese market.

In the Powder River Basin in Wyoming, Peabody's subsidiary BTU Western Resources Inc. bid $211 million for the Belle Ayr North coal tract, securing 221 million tons of federal coal.

Peabody has also been expanding its operations in Australia, increasing its sales by 36% in 2010. The company's profits more than doubled in the third quarter of 2010, with revenue rising to $1.86 billion.

In Indiana, Peabody developed the Bear Run Mine, the largest surface coal mine in the eastern United States, with an expected output of 8 million tons of coal per year.

Here are some of the coal mines Peabody operates:

Peabody has also been expanding its operations in Missouri, signing a six-year deal with Ameren to supply 91 million tons of low sulfur coal for use in multiple electricity generating plants.

Gasification in the U.S is a significant development in the industry. In 2007, Kentucky governor Ernie Fletcher signed a bill that provided $300 million in incentives to Peabody to build a coal gasification plant in the state.

The incentives included breaks on sales taxes, incentive taxes, and coal severance taxes. Peabody partnered with GreatPoint Energy in 2008, becoming a minority investor and agreeing to supply coal for GreatPoint's coal gasification process.

The two companies collaborated on building coal gasification plants near Peabody's mines in the Powder River Basin. Peabody's investment was used to bring GreatPoint Energy's technology to a commercial scale.

GreatPoint and Peabody announced plans to develop coal-to-gas and coal-to-hydrogen plants in and beyond the U.S in 2010. The companies planned to use carbon capture and storage in the process.

Peabody also invested $15 million in Calera Corporation in March 2010. Calera's technology aimed to capture carbon dioxide emissions from power plants and industrial facilities, using it to produce cement and other building materials.

Peabody Energy has been at the center of controversy regarding its environmental record. The company has been criticized for its opposition to environmental regulations and its support for expanded coal-generated electricity.

The Natural Resources Defense Council has been critical of Peabody's advocacy for expanding coal-generated electricity in the US due to the environmental impacts of surface mining operations. In Newsweek's 2011 rankings, Peabody Energy was ranked #9 out of the top 500 largest US companies based on their environmental impact.

Peabody has taken steps to mitigate adverse environmental effects of its coal mining operations, including investing in technologies and equipment that reduce emissions. The company has also invested in carbon capture technologies and coal-to-gas and coal-to-hydrogen projects.

In 2012, Peabody Energy was ranked 493rd out of 500 in all industries and 29th out of 31 in the energy industry in Newsweek's Green Rankings.

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Peabody Energy's environmental record has been marred by controversy and criticism from environmental organizations.

The company has faced opposition from the Sierra Club regarding its initial opposition to the Clean Air Act and other environmental regulations. Peabody's support for expanded coal-generated electricity has also raised concerns about the environmental impacts of surface mining operations.

In 2011, Newsweek ranked Peabody Energy #9 out of the top 500 largest US companies based on their environmental impact. This ranking highlights the significant environmental concerns surrounding the company's operations.

Despite these concerns, Peabody has taken steps to enact environmental restoration and has been recognized by the United States Department of the Interior for its reclamation efforts.

The company has invested in technologies and equipment to mitigate adverse environmental effects of its coal mining operations, such as the GreenGen clean-coal project in Tianjin, China.

Peabody's environmental impact has been consistently ranked poorly, including a 2012 Green Rankings score of 493rd out of 500 in all industries and 29th out of 31 in the energy industry.

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In 2010, Peabody received over 9 safety violation notices per day from the Mine Safety and Health Administration (MSHA).

The company had a total of 3,233 notices of violations that year, which is a staggering number.

The worst mines in terms of safety violations were Willow Lake with 904 citations, Air Quality with 497, and Gateway with 481.

Fines proposed by the MSHA for these violations totaled $5.89 million in 2010.

Only one of Peabody's mines, Willow Lake, was identified for a "potential pattern of violations" by the MSHA.

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Peabody Energy donated a significant amount to federal candidates in 2010, with $580,334 going to Republicans and Democrats.

The coal mining lobby was a major player in 2010, donating $18.3 million to members of Congress, with most of it going to Republicans.

In 2010, Peabody Energy spent almost $6.6 million on lobbying, making it the top lobbying client in the industry.

Kelly Mader represented Peabody Energy on the Private Enterprise Board of the American Legislative Exchange Council (ALEC), and Peabody has funded ALEC.

In 2007, the New York Office of the Attorney General subpoenaed Peabody Energy, citing concerns about the company's plans to build new coal-fired electric generating units.

The subpoena specifically requested information and documents related to Peabody's analysis of climate change risks and its disclosure of these risks to investors. Peabody responded by stating that it had made full and proper disclosure of these potential risks.

The New York Office of the Attorney General was concerned about the increase in CO2 emissions from Peabody's planned coal-fired power plants, which would have subjected the company to increased financial, regulatory, and litigation risks.

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The American Legislative Exchange Council (ALEC) has been in the news for its connections to big industry. Kelly Mader represented Peabody Energy on the Private Enterprise Board of ALEC, and Peabody has funded ALEC.

This relationship raises questions about influence and power. ALEC is a powerful organization that brings together state legislators and corporate representatives to shape policy.

In Indiana, a former Peabody lobbyist was appointed to a key role in the state's environmental agency. David Joest was appointed assistant commissioner for the Office of Legal Counsel of the Indiana Department of Environmental Management (IDEM) in April 2009.

Environmentalists have expressed concern over a potential conflict of interest in this appointment. They point out that Joest had been a registered lobbyist for Peabody for 25 years, and that Peabody was seeking to open new mines in Indiana at the time of his appointment.

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Lobbying in the US is a big business, with companies like Peabody Energy shelling out millions to influence politicians. In 2010, Peabody Energy donated $580,334 to federal candidates, with 71% going to Republicans.

The coal mining lobby also poured a significant amount of money into lobbying efforts, donating $18.3 million to members of Congress in 2010. Most of this money went to Republicans.

Peabody Energy was the top lobbying client in the industry in 2010, spending almost $6.6 million on lobbying that year. This is a staggering amount of money, and it's clear that these companies are willing to spend big to get their voices heard in Washington.

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Peabody Energy Corp was founded by Francis S. Peabody in 1883.

The company is headquartered in St. Louis, MO, and operates through several business segments, including Powder River Basin, Midwestern U.S., Western U.S., Seaborne Metallurgical, and Seaborne Thermal Mining.

Here is a breakdown of the different business segments:

The company's operations are spread across the US and Australia, targeting markets in countries such as Japan, China, and Australia.

Peabody Energy Corp. is a coal mining company founded in 1883 by Francis S. Peabody.

The company operates through various business segments, including Powder River Basin, Midwestern U.S., Western U.S., Seaborne Metallurgical, and Seaborne Thermal Mining.

Peabody has mines in several states, including Wyoming, Illinois, Indiana, Arizona, New Mexico, and Colorado.

The company also has operations in Australia, where it mines thermal coal in Queensland and New South Wales.

Peabody's coal production data from 2010 shows that its mines in Arizona produced 7.8 million tonnes of thermal coal, while those in Illinois produced 2.1 million tonnes.

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Here's a breakdown of Peabody's coal mines in the United States:

Peabody's coal is used to generate electricity and produce steel, and the company operates in several countries, including the United States, Australia, China, and Japan.

The company has a history of operating mines, and some of these have been closed.

One notable example is the Farmersburg Mine, which was part of the company's former operations.

The company also had the Foidel Creek Mine, which is no longer in operation.

The Highland 9 Mine in Kentucky was another mine that the company once operated.

The Miller Creek Mine and the Riola Mine Complex in Illinois were also part of the company's past mining activities.

Interestingly, the Chain Valley Mine in Australia was also operated by the company at some point.

Here are some of the company's former mines:

If you need to get in touch with Peabody Energy, here's how to do it. You can find their corporate headquarters at 701 Market St. in St. Louis, MO 63101.

Their corporate communications team can be reached by phone at 314-342-3400. If you're a member of the media, you can also email them at [email protected].

Peabody Energy has a strong leadership team and personnel who play a crucial role in the company's success. Gregory H. Boyce serves as the Chairman and Chief Executive Officer, a position he held as of July 2011.

Eric Ford is the Executive Vice President and Chief Operating Officer, while Fredrick D. Palmer is the Senior Vice President of Government Relations. Vic Svec is the Senior Vice President of Investor Relations and Corporate Communications.

The company also has other key personnel, including James Campbell, Jr., who is a Senior Vice-President and representative in the American Coal Council. Bryan Galli is the President of Peabody's COALSALES division and a director of the American Coal Council. Arshad Sayed was appointed as President - Peabody Mongolia and India in November 2011.

Here are some key personnel roles:

Peabody Energy has a significant presence in various regions, including the United States, Australia, and Venezuela. Peabody operates mines in Arizona, Illinois, Indiana, and Wyoming, with a total of 15 mines listed on its website.

The company's operations in the United States include the Kayenta Mine in Arizona, which produced 7.8 million tonnes of thermal coal in 2010, and the North Antelope Rochelle Mine in Wyoming, which produced 105.8 million tonnes of thermal coal in the same year. Peabody also has a 48.37% stake in the Paso Diablo mine in Venezuela, which exports thermal coal to the U.S. and Europe.

Peabody's global operations also extend to Australia, where it owns several mines, including the Caballo Mine, which produced 23.5 million tonnes of thermal coal in 2010. The company has a significant presence in Queensland, Australia, with five operating mines producing low-sulfur, metallurgical coal.

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Peabody's exports from the US are a significant aspect of their global operations. They began sending coal from Wyoming to Europe in 2008, first by rail to the Mississippi River, then by vessel through the Gulf of Mexico.

Peabody has contracted 90% of its 2011 production from the Powder River Basin mines, but has coal volumes available for 2012 and 2013. This suggests a steady supply of coal for export.

The company exports Powder River Basin coal through existing ports to Europe, Chile, and Asia. They are also looking at building a large coal export facility in Oregon.

Peabody has a 37.5% interest in Dominion Terminal Associates, which operates a coal export terminal in Newport News, Virginia. The facility has a rated throughput capacity of approximately 20 million tons of coal per year.

The company expects to begin shipping Colorado and Powder River Basin coal through the Houston terminal in 2014, with shipments of Colorado and Powder River Basin coal from Louisiana to start around the same time.

Peabody signed a deal with Kinder Morgan in August 2012 to increase their access to Gulf Coast export facilities. This deal will expand the company's Gulf Coast coal export capacity to a range of 5 million to 7 million tons per year between 2014 and 2020.

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Peabody Energy has a significant presence in Australia, with a focus on producing low-sulfur, metallurgical coal.

The company acquired Excel Coal Limited in October 2006 for $1.52 billion, which added three operating mines and three development-stage mines to Peabody's portfolio in Australia. Peabody also owns five other mines in Queensland, Australia.

Peabody's Australian operations have seen significant growth, with the company expecting to increase exports by 20 to 30 percent in 2010.

In 2011, Peabody and ArcelorMittal made an indicative offer to takeover Macarthur Coal, which was accepted in August 2011 for approximately $5.2 billion.

Peabody also has a 17.7% interest in the Newcastle Coal Infrastructure Group (NCIG), a coal loading facility in Newcastle, Australia, which has a current capacity of 33 million tons per year.

Here are some key facts about Peabody's Australian operations:

In early 2010, Coal India was in discussions with Peabody Energy about a potential partnership.

These talks were confirmed by Partha Bhattacharyya, Coal India's Chairman and Managing Director, who stated that Peabody was keen to get into a partnership.

The discussions were described as being at very early stages, with no final agreements or decisions made regarding timing or structure.

Coal India was looking to acquire coal assets in the US, Indonesia, and Australia, with a budget of $1.2 billion for the year ending March 2011.

The company hoped to reach agreement on Peabody Energy Australia spinning off the Wilkie Creek Mine into an unlisted standalone company, with Coal India holding a 15% stake.

Other discussions were underway with Peabody Energy about acquiring other coal assets, as Coal India battled a widening gap between domestic coal supply and demand.

Peabody Energy has been involved in several controversies over the years. In 2015, the New York Attorney General concluded that the company had misled investors about the financial risks of climate change.

The investigation found that Peabody repeatedly denied in public financial filings that it had the ability to predict how the company's business would be impacted by potential regulation of climate change pollution, even though the company and its consultants actually made projections that the company would be severely impacted.

Nine miners, including the president of the United Mine Workers' of America, were arrested in 2013 for participating in a civil disobedience action protesting Peabody's "scheme to rob and steal" retired miners' and their widows' pensions and benefits.

The protest centered around the 2007 creation of Patriot Coal Corporation by Peabody and Arch Coal, and the subsequent bankruptcy filing by Patriot in 2012.

Peabody was found to have misled investors about climate change in 2015. An investigation by the New York Attorney General revealed this.

The investigation found that Peabody repeatedly denied having the ability to predict how the company's business would be impacted by climate change regulation. This was despite the company and its consultants making projections that the company would be severely impacted.

In public financial filings, Peabody consistently denied having the ability to predict the impact of climate change regulation. However, the investigation revealed that this was not true.

The settlement of the case required Peabody to revise its financial disclosures with the Securities and Exchange Commission.

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Peabody received 3,233 notices of violations from the Mine Safety and Health Administration (MSHA) in 2010, averaging over 9 a day.

The worst mines for safety violations were Willow Lake, Air Quality, Gateway, Francisco Underground, Wildcat Hills Underground, Twentymile, Kayenta, Somerville Central, North Antelope Rochelle, and Viking.

The total amount of fines proposed by the MSHA in 2010 was $5.89 million.

Only the Willow Lake Mine was identified by the MSHA as having a potential pattern of violations, despite the large number of citations issued.

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In February 2009, about 250 people filed a lawsuit against coal companies they allege poisoned wells in two communities in southern West Virginia. The lawsuit targets eight coal companies, including Massey Energy, Peabody Energy, and subsidiary Pine Ridge Coal, and West Virginia's Federal Coal Co.

The lawsuit claims that coal companies pumped waste coal slurry into empty mines, which allowed the waste to pollute the aquifer. However, the state Department of Environmental Protection says it has been unable to link the wells to the injection site.

A settlement agreement was reached in April 2009, calling for the coal companies to contribute $45,000 to a fund to provide drinking water to residents in the Seth-Prenter area. The companies stated that the payment does not constitute any admission of guilt.

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