The planned production decline is not solely in Wyoming.

The company noted in its federal filings that it would be “easing production” at some operations in the Midwest and that overall production in the West would be down due in part to the closure of the Navajo Generating Station — a mammoth coal fired power plant that buys coal from Peabody’s nearby Kayenta mine. The plant is to be closed by the end of this year despite multiple attempts by Peabody and others to resuscitate the plant’s future burn.

In contrast, Peabody bought a metallurgical coal mine in Alabama late last year for $387 million. The new operation, Shoal Creek, is expected to produce 2.5 million tons of met coal for the firm this year, according to company reports. Benchmark prices for met coal, which is used in steel production, have pushed past $170 per metric ton since the latter half of 2018.

Peabody has been diverting much of its cash back to shareholders. More than $1 billion has been spent in a buyback program — which cost the company but boosts value for individual shareholders — that it plans to continue this year, according to its filings.