DENVER -- Pittsburg & Midway Coal Co., a subsidiary of Gulf Oil Corp., Friday acquired Kemmerer Coal Co. after purchasing all of its outstanding stock for $330 million, the Denver-based company announced.
'This acquisition makes P & M the nation's eighth largest coal producer, with an annual capacity of 16 million tons,' said R. M. Holsten, president of Pittsburg & Midway, owned by Pittsburgh, Pa.
The acquisition provides Pittsburg & Midway with 93,000 net acres of owned and leased land in Wyoming, Utah and Colorado. The property contains extensive coal reserves as well as natural gas reserves and interests.
Kemmerer began mining operations in southwestern Wyoming in 1897. Last year the company produced 4.3 million tons of coal from a large open-pit mine at Kemmerer, Wyo., and had a 50 percent interest in an underground mine at Energy, Utah, which produced 600,000 tons.