Ohio-based coal producer Oxford Resource Partners LP (NYSE: OXF) said July 3 that the New York Stock Exchange has notified Oxford that it has fallen below the NYSE’s continued listing standard relating to the price of its common units.
That standard requires a minimum average closing price of $1.00 per unit over any period of 30 consecutive trading days. As of the NYSE closing on June 26, the 30 trading days average closing price for the period prior to that was $0.99 per unit.
Oxford said it has timely notified the NYSE that it intends to cure the deficiency. It has a period of six months to regain compliance with the minimum unit price criteria. Under the NYSE rules, its common units will continue to be listed on the NYSE during this period, subject to compliance with other continued listing requirements.
Oxford is a low-cost producer of high-value thermal coal in Northern Appalachia, mainly Ohio. It over the last couple of years has closed out its mining operations in western Kentucky. Oxford markets its coal primarily to large electric utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts. A main customer is the Conesville power plant operated by American Electric Power (NYSE: AEP).