FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____ to _____.
Commission file number 1-9993.
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below: Ashland
Coal, Inc. Employee Thrift Plan.
B. Name of issuer of the securities to be held pursuant to the
plan and the address of its principal executive office:
Ashland Coal, Inc., 2205 Fifth Street Road, Huntington, West
Virginia 25701.
1<PAGE>
Financial Statements and Exhibits
Financial Statements and Schedules
Report of Independent Auditors . . . . . . . . . . . . . . 3
Statements of Financial Condition . . . . . . . . . . . . . 4
Statements of Income and Changes in Plan Equity . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . 8
Form 5500 Line 27a-Schedule of Assets Held for Investment . 11
Form 5500 Line 27d-Schedule of Transactions or Series of
Transactions in Excess of 5% of the Current Value of Plan
Assets . . . . . . . . . . . . . . . . . . . . . . . . . 13
Exhibits
24 - The consent of Ernst & Young, independent auditors . . 16
2<PAGE>
Report of Independent Auditors
To the Staff Administrative Committee
Ashland Coal, Inc.
We have audited the accompanying statements of financial
condition of the Ashland Coal, Inc. Employee Thrift Plan as of
December 31, 1993 and 1992, and the related statements of income
and changes in plan equity for the years then ended. These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on the
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Plan at December 31, 1993 and 1992, and the income and
changes in plan equity for the years then ended, in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment as of
December 31, 1993 and transactions or series of transactions in
excess of 5% of the current value of plan assets for the year
then ended are presented for purposes of complying with the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974 and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to
the auditing procedures applied in our audit of the 1993
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the 1993 basic financial
statements taken as a whole.
May 18, 1994 /s/ERNST & YOUNG
3<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1993
<CAPTION>
Ashland Coal, U.S. Ashland Oil,
Inc. Investment Government Diversified Inc.
Common Stock Contract Securities Equity Common Stock
Fund Fund Fund Fund Fund
Total (Option A) (Option B) (Option C) (Option D) (Option E)
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash $(276) $- $- $- $- $(276)
Investments-Notes 1, 2 & 4
Common Stock
Ashland Coal, Inc.
(cost - $1,812,143,
shares - 76,889) 2,325,892 2,325,892 - - - -
Ashland Oil, Inc.
(cost - $485,023,
shares - 26,778) 913,799 - - - - 913,799
Common Trust Funds
United States Government
Securities (cost - $922,583,
units - 8,593) 1,055,417 - - 1,055,417 - -
Diversified Equity
(cost - $1,723,863,
units - 11,140) 2,062,201 - - - 2,062,201 -
Short-Term Investments
(cost approximates market) 28,795 28,795 - - - -
Investment Contracts
(held by Ashland Oil, Inc.
Collective Investment Trust -
cost approximates market) 9,494,710 - 9,494,710 - - -
Amounts due from participating
employees and employers
Employees 20,347 3,902 10,083 2,357 4,005 -
Employers 10,524 2,032 5,352 1,139 2,001 -
Amounts receivable from (due to)
other funds - 80,445 7,201 3,248 (90,894) -
Accrued income receivable 56,314 83 56,199 4 28 -
$15,967,723 $2,441,149 $9,573,545 $1,062,165 $1,977,341 $913,523
LIABILITIES AND PLAN EQUITY
Distributions payable $33,600 $3,447 $24,095 $1,481 $4,577 $-
Accounts payable - securities 19,973 19,973 - - - -
53,573 23,420 24,095 1,481 4,577 -
Plan equity 15,914,150 2,417,729 9,549,450 1,060,684 1,972,764 913,523
$15,967,723 $2,441,149 $9,573,545 $1,062,165 $1,977,341 $913,523
See accompanying notes.
</TABLE>
4<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1992
<CAPTION>
Ashland Coal, U.S. Ashland Oil,
Inc. Investment Government Diversified Inc.
Common Stock Contract Securities Equity Common Stock
Fund Fund Fund Fund Fund
Total (Option A) (Option B) (Option C) (Option D) (Option E)
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments-Notes 1, 2 & 4
Common Stock
Ashland Coal, Inc.
(cost - $1,920,850,
shares - 87,505) $2,220,440 $2,220,440 $- $- $- $-
Ashland Oil, Inc.
(cost - $543,509,
shares - 30,007) 791,435 - - - - 791,435
Common Trust Funds
United States Government
Securities (cost-$1,246,204,
units - 12,033) 1,400,021 - - 1,400,021 - -
Diversified Equity
(cost - $897,225,
units - 6,546) 1,073,838 - - - 1,073,838 -
Short-Term Investments
(cost approximates market) 55,946 54,945 - - - 1,001
Investment Contracts
(held by Ashland Oil, Inc.
Collective Investment Trust-
cost approximates market) 7,538,679 - 7,538,679 - - -
Amounts due from participating
employees and employers
Employees 39,070 9,407 18,683 4,253 6,727 -
Employers 20,668 4,972 10,230 2,179 3,287 -
Amounts receivable from
(due to) other funds - (111,058) 71,548 2,871 36,705 (66)
Accrued income receivable 50,716 281 50,417 1 3 14
$13,190,813 $2,178,987 $7,689,557 $1,409,325 $1,120,560 $792,384
LIABILITIES AND PLAN EQUITY
Distributions payable $122,133 $17,466 $82,745 $20,384 $1,481 $57
Plan equity 13,068,680 2,161,521 7,606,812 1,388,941 1,119,079 792,327
$13,190,813 $2,178,987 $7,689,557 $1,409,325 $1,120,560 $792,384
See accompanying notes.
</TABLE>
5<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
Year Ended December 31, 1993
<CAPTION>
Ashland Coal, U.S. Ashland Oil,
Inc. Investment Government Diversified Inc.
Common Stock Contract Securities Equity Common Stock
Fund Fund Fund Fund Fund
Total (Option A) (Option B) (Option C) (Option D) (Option E)
<S> <C> <C> <C> <C> <C> <C>
Investment income
Dividends $55,752 $27,024 $- $- $- $28,728
Interest 651,553 1,750 649,207 26 512 58
Net appreciation in
fair value of investments 782,911 316,002 - 66,816 174,579 225,514
Contributions
Employees 1,587,114 291,668 802,947 169,092 323,407 -
Employers
722,270 145,511 369,804 77,393 129,562 -
3,799,600 781,955 1,821,958 313,327 628,060 254,300
Withdrawals (954,130) (301,200) (437,697) (75,850) (85,861) (53,522)
Option transfers by
participants - net - (224,547) 558,377 (565,734) 311,486 (79,582)
(954,130) (525,747) 120,680 (641,584) 225,625 (133,104)
Net increase (decrease) in
plan equity 2,845,470 256,208 1,942,638 (328,257) 853,685 121,196
Plan equity at beginning of
year 13,068,680 2,161,521 7,606,812 1,388,941 1,119,079 792,327
Plan equity at end of year $15,914,150 $2,417,729 $9,549,450 $1,060,684 $1,972,764 $913,523
See accompanying notes.
</TABLE>
6<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY
Year Ended December 31, 1992
<CAPTION>
Ashland Coal, U.S. Ashland Oil,
Inc. Investment Government Diversified Inc.
Common Stock Contract Securities Equity Common Stock
Fund Fund Fund Fund Fund
Total (Option A) (Option B) (Option C) (Option D) (Option E)
<S> <C> <C> <C> <C> <C> <C>
Investment income
Dividends $58,321 $27,575 $- $- $- $30,746
Interest 569,952 1,772 567,849 131 112 88
Net appreciation (depreciation)
in fair value of investments (628,581) (685,671) - 89,307 71,148 (103,365)
Contributions
Employees 1,224,831 282,490 605,351 130,246 206,744 -
Employers 599,882 137,299 312,309 59,733 90,541 -
Transfers from other plans -
Note 5 165,262 27,067 71,758 14,862 51,575 -
1,989,667 (209,468) 1,557,267 294,279 420,120 (72,531)
Withdrawals (610,848) (57,714) (435,709) (58,631) (14,309) (44,485)
Option transfers by
participants - net - 143,013 24,941 (118,322) 5,488 (55,120)
(610,848) 85,299 (410,768) (176,953) (8,821) (99,605)
Net increase (decrease) in
plan equity 1,378,819 (124,169) 1,146,499 117,326 411,299 (172,136)
Plan equity at beginning of
year 11,689,861 2,285,690 6,460,313 1,271,615 707,780 964,463
Plan equity at end of year $13,068,680 $2,161,521 $7,606,812 $1,388,941 $1,119,079 $792,327
See accompanying notes.
</TABLE>
7<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
The accounts of the Ashland Coal, Inc. Employee Thrift Plan
(the Plan) are maintained on the accrual basis of accounting.
All costs and expenses of administering the Plan, except
certain investment advisor's fees relative to Option B (which
are paid from funds invested in that option), are paid by the
plan administrator, Ashland Coal, Inc. (Ashland).
Investments are accounted for at market value based on the
closing market price for investments traded on an exchange,
on bid price for other listed investments and at cost (which
approximates market) for investment contracts and short-term
investment funds.
NOTE 2 - DESCRIPTION OF THE PLAN
The Plan was adopted by the Board of Directors of Ashland by
action taken on May 27, 1988, and August 8, 1988. The Plan
was approved by the stockholders of Ashland on August 8,
1988, and became effective July 25, 1988.
Subject to applicable limitations, participating employees
may contribute up to 16% of their salaries or wages to the
Plan, on either a before- or after-tax basis. Ashland or its
participating subsidiaries currently contribute an amount
equal to 70% of the amount of "Basic Contributions". "Basic
Contributions" are amounts contributed by employees up to 6%
of their salaries or wages. Employees have the following
options in which their contributions can be invested:
Option A: Funds are invested in Ashland's common stock.
Option B: Funds are invested in a portfolio of investment
contracts with a number of insurance companies. The principal
amount invested in the fund is guaranteed by the
insurance companies, but there is no predetermined fixed interest
rate over a specified period. Presently, these Fund B
investments are held and managed by the trustee under the
Ashland Oil, Inc. Collective Investment Trust. The Plan
held 2.9% and 2.5% interests in this fund as of December 31,
1993 and 1992, respectively. The remaining interests at
December 31, 1993, were held by the Ashland Oil, Inc.
Employee Thrift Plan, the SuperAmerica Hourly Associates
Savings Plan, the Coal-Mac, Inc. Savings and Retirement
Plan, and the Mingo Logan Coal Company Retirement Plan.
8<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
NOTE 2 - DESCRIPTION OF THE PLAN--Continued
Option C: Funds are invested in a common trust fund, maintained
by the trustee of the Plan, which is invested in obligations of
the United States Government and its agencies and
instrumentalities with maximum maturities of four years.
Option D: Funds are invested in a common trust fund, maintained
by the trustee of the Plan, which is invested primarily in
common stocks of large, well capitalized corporations.
Option E: Funds are invested in common stock of Ashland Oil,
Inc. (AOI). These funds represent funds which were invested in
certain Ashland Oil, Inc. benefit plans prior to being
transferred to the Plan. Except for similar transfers, no
other amounts under the Plan may be invested in Fund E.
Beginning in March 1990, investment income earned by
participants from their Fund E accounts is allocated to the
participants' other investment accounts proportionately
based on the participants' current investment elections.
Ashland has the right to discontinue its contributions at any
time and to initiate the termination of the Plan. In the event
of a termination of the Plan, the participant account balances
become nonforfeitable and the Plan and related Trust shall be
continued until such time as all accounts have been fully
distributed, at which time the Plan and Trust shall terminate.
Information about benefits and other provisions of the Plan are
contained in the Summary Plan Description, copies of which are
available from Ashland.
NOTE 3 - TAX STATUS OF THE PLAN
To its best knowledge and belief, the plan administrator
believes the Plan is being operated in compliance with
applicable law and that the Plan was qualified and the related
trust was tax-exempt as of the financial statement date.
The most recent favorable determination letter pertaining to
the Plan was dated August 4, 1989. That letter confirmed that
the provisions of the plan document, as they existed on that
date (including certain proposed amendments submitted to the
Internal Revenue Service on June 14, 1989), were in compliance
with the applicable requirements of the Internal Revenue Code.
The Plan has been amended several times since the 1989
determination letter was issued and is in the process of being
amended to bring it into compliance with the Tax Reform Act of
1986 and subsequent changes in the law. Such changes are
required to be adopted no later than December 31, 1994. Once
the changes are adopted, the Plan will be submitted to the
Internal Revenue Service for an updated determination letter.
Neither Ashland nor its benefits counsel have any reason to
believe that the revised Plan will not receive a favorable
determination letter or that revisions cannot be made that
would allow a favorable determination letter to be issued.
9<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
NOTE 4 - INVESTMENTS
The fair value of individual investments that represent 5% or
more of the assets of the Plan follow:
<TABLE>
<CAPTION>
December 31
1993 1992
<S> <C> <C>
Ashland Coal, Inc. Common Stock $2,325,892 $2,220,440
Ashland Oil, Inc. Common Stock 913,799 791,435
Employee Benefits Reserve Fund 1,055,417 1,400,021
Employee Benefits Value Equity Fund 2,062,201 1,073,838
Investments held in Collective
Investment Trust Aetna Life Ins.,
9.25% - 9.45%, due 1995-1997 1,242,575 1,224,679
Confederation Life Ins., 8.54% -
9.74%, due 1993-1996 624,800 916,545
Mass Mutual Life Ins., 7.00%-9.41%,
due variable 873,446 422,373
Provident Life & Accident 856,296 -
Prudential Ins. Co. of America,
8.59% - 9.32%, due variable 774,756 817,981
Bankers Trust Basic, 5.18% 954,696 -
</TABLE>
NOTE 5 - TRANSFERS FROM OTHER PLANS
During 1992, the Plan was adopted by Dal-Tex Coal Corporation
(a wholly owned subsidiary of Ashland) and its subsidiaries,
Old Hickory Coal Company and Sharples Coal Corporation.
Pursuant to this adoption, assets of $165,262 were
transferred to the Plan and allocated to the available
investment options according to the election of the new
participants.
10<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
FORM 5500 LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<CAPTION>
Number of
Identity of Issue, Shares or
Borrower, or Principal Market
Similar Party Amount Cost Value
<S> <C> <C> <C>
ASHLAND COAL, INC. COMMON STOCK 76,889 $1,812,143 $2,325,892
ASHLAND OIL, INC. COMMON STOCK 26,778 485,023 913,799
UNITED STATES GOVERNMENT SECURITIES
Employee Benefits Reserve Fund 8,593 922,583 1,055,417
DIVERSIFIED EQUITY INVESTMENT FUNDS
Employee Benefits Value Equity Fund 11,140 1,723,863 2,062,201
SHORT-TERM INVESTMENT FUNDS
Employee Benefits Money Market Fund $28,795 28,795 28,795
INVESTMENTS HELD IN COLLECTIVE
INVESTMENT TRUST
Bankers Trust Employee Benefits
Money Market Fund $8,377,618 8,377,618 8,377,618
Bankers Trust Basic, 5.18% 32,940,328 32,940,328 32,940,328
Aetna Life Ins., 9.25%, due 6/1/95 6,710,591 6,710,591 6,710,591
Aetna Life Ins., 9.45%, due 9/17/97 6,704,932 6,704,932 6,704,932
Aetna Life Ins., 9.45%, due 2/7/96 29,457,615 29,457,615 29,457,615
Allstate Life Ins., 9.10%,
due 10/31/94 7,189,423 7,189,423 7,189,423
Canada Life Assurance, 9.53%,
due 7/12/95 5,219,144 5,219,144 5,219,144
Canada Life Ins., 9.42%, due 11/27/95 5,039,618 5,039,618 5,039,618
CNA Assurance, 9.70%, due 5/16/94 9,115,363 9,115,363 9,115,363
Commonwealth Life Ins., 8.26%,
due 6/30/94 6,020,267 6,020,267 6,020,267
Confederation Life Ins., 9.65%,
due 1/5/94 2,190,787 2,190,787 2,190,787
Confederation Life Ins., 9.48%,
due 9/29/94 3,070,037 3,070,037 3,070,037
Confederation Life Ins., 8.75%,
due 1/3/95 5,433,752 5,433,752 5,433,752
Confederation Life Ins., 8.54%,
due 1/1/96 5,418,478 5,418,478 5,418,478
Confederation Life Ins., 8.71%,
due 2/1/95 5,431,770 5,431,770 5,431,770
Continental Assurance, due 4/1/99 9,559,519 9,559,519 9,559,519
Hartford Life Ins., 8.51%,
due 5/1/96 6,284,711 6,284,711 6,284,711
Hartford Life Ins., 7.56% 4,005,467 4,005,467 4,005,467
Hartford Life Ins., 6.70%,
due variable 10,133,333 10,133,333 10,133,333
John Hancock Mutual Life, 9.67%,
due 10/2/97 6,750,523 6,750,523 6,750,523
Mass Mutual Life Ins., 7.00% 9,236,032 9,236,032 9,236,032
Mass Mutual Life Insurance Co. 10,050,800 10,050,800 10,050,800
Massachusetts Mutual Life, 9.41%,
due 3/31/97 7,049,133 7,049,133 7,049,133
Metropolitan Life Ins., 7.25%,
due variable 15,030,518 15,030,518 15,030,518
Metropolitan Life Ins., 8.80% 4,874,417 4,874,417 4,874,417
</TABLE>
11<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
FORM 5500 LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT--
Continued
<CAPTION>
Number of
Identity of Issue, Shares or
Borrower, or Principal Market
Similar Party Amount Cost Value
<S> <C> <C> <C>
INVESTMENTS HELD IN COLLECTIVE
INVESTMENT TRUST--Continued
Metropolitan Life Ins., 8.65% 2,617,098 2,617,098 2,617,098
New York Life Ins. Co., 4.88%,
due 11/28/96 6,226,218 6,226,218 6,226,218
New York Life Ins. Co., 6.52%,
due 1/12/98 5,317,068 5,317,068 5,317,068
New York Life Ins. Co., 5.57%,
due 5/28/98 10,349,460 10,349,460 10,349,460
Peoples Security Life Ins., 8.79%,
due variable 4,332,478 4,332,478 4,332,478
Peoples Security Life Ins., 8.51%,
due variable 5,213,566 5,213,566 5,213,566
Peoples Security Life Ins., 8.93%,
due 8/16/94 5,164,340 5,164,340 5,164,340
Provident Life & Accident 25,818,857 25,818,857 25,818,857
Provident Mutual Life Ins., 9.20%,
due 10/5/95 1,359,508 1,359,508 1,359,508
Provident Nat'l Assurance Co., 5.13% 6,977,422 6,977,422 6,977,422
Prudential Ins. Co. of America, 9.32%,
due variable 3,251,867 3,251,867 3,251,867
Prudential Ins. Co. of America, 8.63% 8,034,544 8,034,544 8,034,544
Prudential Ins. Co. of America, 8.59%,
due 6/3/96 6,018,283 6,018,283 6,018,283
Prudential Ins. Co. of America, 8.90%,
due 6/1/97 6,055,582 6,055,582 6,055,582
State Mutual Life Assurance, 9.23%,
due 7/28/97 7,157,516 7,157,516 7,157,516
State Mutual Life Ins., 8.93%,
due 2/2/94 2,412,393 2,412,393 2,412,393
Less other plans' interest in
Collective Investment Trust
holding above investments (318,105,666) (318,105,666)(318,105,666)
9,494,710 9,494,710 9,494,710
$14,467,117 $15,880,814
</TABLE>
12<PAGE>
<TABLE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
FORM 5500 LINE 27d - SCHEDULE OF TRANSACTIONS OR SERIES OF TRANSACTIONS
IN EXCESS OF 5% OF THE CURRENT VALUE OF PLAN ASSETS
Year Ended December 31, 1993
<CAPTION>
Current
Value of
Expenses Asset on Net
Identity of Party Number of Purchase Selling Incurred with Cost of Transaction Gain
Involved or Issuer Description of Asset Transactions Price Price Transaction Asset Date (Loss)
Category (iii)--Series of transactions in excess of 5% of plan assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Acquisitions:
Society National Bank Employee Benefits
Money Market Fund 146 $1,838,543 N/A Net $1,838,543 $1,838,543 N/A
Ashland Coal, Inc. Ashland Coal, Inc.
Common Stock 26 637,850 N/A Net 637,850 637,850 N/A
Society National Bank Employee Benefits
Value Equity Fund 46 885,397 N/A Net 885,397 885,397 N/A
Society National Bank Employee Benefits
Reserve Fund 37 400,836 N/A Net 400,836 400,836 N/A
Dispositions:
Society National Bank Employee Benefits
Money Market Fund 134 N/A $1,865,694 Net 1,865,694 1,865,694 None
Ashland Coal, Inc. Ashland Coal, Inc.
Common Stock 15 N/A 846,280 Net 744,870 846,280 $101,410
Society National Bank Employee Benefits
Reserve Fund 25 N/A 812,460 Net 724,457 812,460 88,003
Society National Bank Employee Benefits
Value Equity Fund 10 N/A 71,409 Net 58,760 71,409 12,650
There were no category (i), (ii), or (iv) reportable transactions during
the year ended December 31, 1993.
</TABLE>
13<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, Ashland Coal, Inc. has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
ASHLAND COAL, INC. EMPLOYEE
THRIFT PLAN
By:ASHLAND COAL, INC. as Plan
Administrator
Date: June 23, 1994 By: /s/ Roy F. Layman
Roy F. Layman,
Administrative Vice President and
Secretary of Ashland Coal, Inc.
14<PAGE>
INDEX TO EXHIBITS
Exhibit Item Page
24 Consent of Independent Auditors 16
15<PAGE>
Exhibit 24
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8, No. 33-26549) pertaining to the Ashland
Coal, Inc. Employee Thrift Plan and in the related Prospectus and
in the Registration Statement (Form S-3, No. 33-46856) and in the
related Prospectus of our report dated May 18, 1994, with respect
to the financial statements and schedules of the Ashland Coal,
Inc. Employee Thrift Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1993.
/s/ERNST & YOUNG
Louisville, Kentucky
June 21, 1994
16<PAGE>
