Hallador Energy Co: directors' dealings · United States · SEC (Form 4)

About Hallador Energy Co

Hallador Energy Co. (ticker: HNRG) is a United States-based energy company listed on the Nasdaq market. Headquartered in Terre Haute, Indiana, Hallador has evolved from a traditional thermal coal operator into an integrated energy platform with growing exposure to contracted power revenues and dispatchable generation. The company says it was founded in 1951, giving it a long operating history in the U.S. energy sector and deep familiarity with Midwestern power and fuel markets. Its strategic transformation accelerated with the 2022 acquisition of the Merom Generating Station, a roughly 1 GW power plant in Indiana, which shifted the business model toward electricity generation and capacity sales rather than coal mining alone. Hallador now operates through two core businesses. Hallador Power Company runs Merom and sells electricity and generation capacity, which has become the centerpiece of the investment case. Sunrise Coal produces and supplies coal, both for Merom and for third-party customers. This vertical integration is an important competitive feature: it helps secure fuel supply, provides greater cost control, and allows the company to capture more value across the energy chain. For investors, the key attraction is that Hallador combines a still-relevant coal business with a power-generation platform that can benefit from rising demand for reliable, dispatchable electricity in the U.S. market. From a competitive standpoint, Hallador is a regional, specialized player rather than a large diversified utility. Its operating footprint is concentrated in Indiana and the broader U.S. Midwest, where power demand, grid reliability concerns, and capacity pricing dynamics matter materially. While the company is much smaller than major integrated utilities, it occupies a niche position by monetizing existing thermal assets in an environment where dependable baseload and capacity remain valuable. That positioning has been strengthened by recent commercial progress, including a three-year capacity agreement announced in 2026 at record pricing for the company, as well as MISO acceptance of an ERAS application that could support up to 515 MW of natural gas generation adjacent to Merom. Hallador also closed a $120 million senior secured credit facility in March 2026 to refinance prior debt and support liquidity and growth initiatives. Recent news underscores the ongoing re-rating of the story. In 2025, Hallador made management changes, including the appointment of a new CFO, and advanced its gas-expansion optionality through the ERAS process. The company’s 2025 full-year results, reported in March 2026, showed meaningful improvement in revenue, operating cash flow, and adjusted EBITDA. For French-speaking investors, Hallador is therefore best viewed as a small-cap U.S. energy name on Nasdaq, with a hybrid coal-and-power profile, a strong Indiana base, and a strategic shift toward contracted, more visible earnings over time.