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, 1994.
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, with Fund Information 4
Statements of Income and Changes in Plan Equity, with Fund
Information . . . . . . . . . . . . . . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . 8
Schedule of Assets Held for Investment Purposes. . . . 11
Schedule of Reportable Transactions . . . . . . . . . 13
Exhibits
24 - The consent of Ernst & Young LLP, 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, 1994
and 1993, 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 these 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, 1994 and 1993, and the income and changes in plan
equity for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed 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 purposes as of
December 31, 1994 and reportable transactions 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 Fund Information in the
statements of financial condition and the statements of income and
changes in plan equity is presented for purposes of additional
analysis rather than to present the financial condition and income and
changes in plan equity of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures
applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
June 5, 1995 /s/ERNST & YOUNG LLP
3<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF FINANCIAL CONDITION, WITH FUND INFORMATION
December 31, 1994
Ashland Coal, U.S. Ashland Inc.
Inc. Investment Government Diversified Common
Common Stock Contract Securities Equity 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 - $1,984,417,
shares - 79,801) $ 2,274,328 $ 2,274,328 $ - $ - $ - $ -
Ashland Inc.
(cost - $460,570,
shares - 25,428) 877,266 - - - - 877,266
Common Trust Funds
United States Government
Securities (cost - $1,354,585,
units - 11,950) 1,485,011 - - 1,485,011 - -
Diversified Equity
(cost - $2,332,980,
units - 14,238) 2,685,697 - - - 2,685,697 -
Short-Term Investments
(cost approximates market) 60,673 51,742 - - 2 8,929
Investment Contracts
(held by Ashland Inc.
Collective Investment Trust -
cost approximates market) 10,268,220 - 10,268,220 - - -
Amounts due from participating
employees and employers
Employees 61,822 10,663 30,738 6,487 13,934 -
Employers 32,018 5,894 16,355 3,227 6,542 -
Amounts receivable from (due to)
other funds - (15,760) 22,288 139 350 (7,017)
Accrued income receivable 57,391 2,369 54,734 178 86 24
$17,802,426 $ 2,329,236 $10,392,335 $ 1,495,042 $2,706,611 $ 879,202
PLAN EQUITY $17,802,426 $ 2,329,236 $10,392,335 $ 1,495,042 $2,706,611 $ 879,202
See accompanying notes.
</TABLE>
4<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF FINANCIAL CONDITION, WITH FUND INFORMATION
December 31, 1993
Ashland Coal, U.S. Ashland Inc.
Inc. Investment Government Diversified Common
Common Stock Contract Securities Equity 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 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 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>
5<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION
Year Ended December 31, 1994
Ashland Coal, U.S. Ashland Inc.
Inc. Investment Government Diversified Common
Common Stock Contract Securities Equity 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 $ 62,468 $ 35,821 $ - $ - $ - $ 26,647
Interest 635,535 2,617 632,313 329 215 61
Net appreciation (depreciation) in
fair value of investments (52,263) (130,747) - 14,018 48,449 16,017
Contributions
Employees 1,767,094 290,964 850,936 275,740 349,454 -
Employers 784,518 149,546 385,374 82,962 166,636 -
3,197,352 348,201 1,868,623 373,049 564,754 42,725
Withdrawals (1,309,076) (111,875) (1,029,022) (59,712) (62,177) (46,290)
Option transfers by
participants - net - (324,819) 3,284 121,021 231,270 (30,756)
(1,309,076) (436,694) (1,025,738) 61,309 169,093 (77,046)
Net increase (decrease) in plan equity 1,888,276 (88,493) 842,885 434,358 733,847 (34,321)
Plan equity at beginning of year 15,914,150 2,417,729 9,549,450 1,060,684 1,972,764 913,523
Plan equity at end of year $17,802,426 $ 2,329,236 $10,392,335 $ 1,495,042 $2,706,611 $ 879,202
See accompanying notes.
</TABLE>
6<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY, WITH FUND INFORMATION
Year Ended December 31, 1993
Ashland Coal, U.S. Ashland Inc.
Inc. Investment Government Diversified Common
Common Stock Contract Securities Equity 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>
7<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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. Effective
January 1, 1994, as a result of guidance provided by the AICPA
Employee Benefit Plans Committee, the Plan is required to disclose
in the notes to the financial statements the amount of assets that
have been allocated but not paid to participants who have withdrawn
from the Plan as of year-end. Such amounts (approximately $72,000
at December 31, 1994) are not recorded as a deduction from the
Plan's equity until paid. However, for presentation in Form 5500,
the Department of Labor continues to require such amounts to be
included in liabilities and withdrawals. The 1993 financial
statements have not been restated to reflect this change.
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 Coal).
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
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 Coal 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 Coal'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
by Society National Bank (the Trustee) under the
Ashland Inc. Collective Investment Trust. The Plan
held 3.0% and 2.9% interests in this fund as of
December 31, 1994 and 1993, respectively. The
remaining interests at December 31, 1994, were held
by the Ashland 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 and Mingo
Logan Hourly Employees Savings Plan. The average
yields relative to the investment contract fund were
8<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
NOTE 2 - DESCRIPTION OF THE PLAN--Continued
6.6% and 7.5% for the years ended December 31, 1994
and 1993, respectively, and the average crediting
interest rates were 6.8% and 7.2% as of December 31,
1994 and 1993, respectively.
Effective as of the valuation date immediately
preceding August 1, 1994, approximately 5.6% of this
trust fund was frozen and segregated from the rest of
the investments in the trust fund. This frozen
portion represents the part of the fund that was
invested in investment contracts issued by
Confederation Life Insurance Company of Canada. On
or about August 12, 1994, applicable Canadian and
United States regulatory authorities took control of
Confederation Life's assets. The portion of the
trust fund attributable to the Confederation Life
investments will remain frozen until a reasonable
valuation of the Confederation Life investment
contracts can be made. The plan administrator does
not believe the resolution of this matter will have
a material adverse effect on the Plan's financial
position.
Option C: Funds are invested in a common trust fund, maintained
by the Trustee, 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, which is invested primarily in common
stocks of large, well capitalized corporations.
Option E: Funds are invested in common stock of Ashland Inc.
These funds represent funds which were invested in
certain Ashland 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 Coal 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 Coal.
9<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
NOTES TO FINANCIAL STATEMENTS - CONTINUED
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 to bring the Plan into conformity with changes in tax
regulations. The Plan has been submitted to the Internal Revenue
Service for an updated determination letter. Neither Ashland Coal
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.
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
1994 1993
<S> <C> <C>
Ashland Coal, Inc. Common Stock $2,274,328 $2,325,892
Ashland Inc. Common Stock 877,266 913,799
Employee Benefits Reserve Fund 1,485,011 1,055,417
Employee Benefits Value Equity Fund 2,685,697 2,062,201
Investments held in Collective
Investment Trust
Aetna Life Ins., 7.75%-9.45%,
due 1996-2002 1,090,829 -
Aetna Life Ins., 9.25%-9.45%,
due 1995-1997 - 1,242,575
Confederation Life Ins., 8.54%-9.48%,
due 1994-1996 570,880 -
Confederation Life Ins., 8.54%-9.74%,
due 1993-1996 - 624,800
Mass Mutual Life Ins., 7.00%-9.41%,
due variable 1,004,684 873,446
Metropolitan Life Ins., 5.52%-8.80%,
due variable 1,322,373 652,756
New York Life Ins. Co., 4.88%-6.52%,
due 1996-1998 974,628 634,517
Provident Life & Accident, due 2003 819,251 856,296
Prudential Ins. Co. of America,
8.59%-9.32%, due 1996-2005 564,680 774,756
Bankers Trust Basic, 5.18% 1,049,577 954,696
</TABLE>
10<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1994
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 79,801 $ 1,984,417 $ 2,274,328
ASHLAND INC. COMMON STOCK 25,428 460,570 877,266
UNITED STATES GOVERNMENT SECURITIES
Employee Benefits Reserve Fund 11,950 1,354,585 1,485,011
DIVERSIFIED EQUITY INVESTMENT FUNDS
Employee Benefits Value Equity
Fund 14,238 2,332,980 2,685,697
SHORT-TERM INVESTMENT FUNDS
Employee Benefits Money Market
Fund $ 60,673 60,673 60,673
INVESTMENTS HELD IN COLLECTIVE
INVESTMENT TRUST
Bankers Trust Employee Benefits
Money Market Fund $ 807,772 807,772 807,772
Bankers Trust Basic, 5.18% 34,858,341 34,858,341 34,858,341
Aetna Life Ins., 9.45%,
due 2/7/96 21,601,711 21,601,711 21,601,711
Aetna Life Ins., 7.75%,
due 11/15/02 14,626,685 14,626,685 14,626,685
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 5,040,862 5,040,862 5,040,862
Commonwealth Life Ins., 6.87%,
due 11/15/97 8,857,308 8,857,308 8,857,308
Commonwealth Life Ins., 6.01%,
due 5/15/99 2,937,150 2,937,150 2,937,150
Commonwealth Life Ins., 6.20%,
due 2/25/98 3,876,008 3,876,008 3,876,008
Commonwealth Life Ins., 7.06%,
due 5/15/99 6,619,833 6,619,833 6,619,833
Commonwealth Life Ins., 7.82%,
due 10/25/00 2,741,729 2,741,729 2,741,729
Confederation Life Ins., 9.48%,
due 9/29/94 * 3,235,863 3,235,863 3,235,863
Confederation Life Ins., 8.75%,
due 1/3/95 * 5,246,015 5,246,015 5,246,015
Confederation Life Ins., 8.54%,
due 1/1/96 * 5,233,157 5,233,157 5,233,157
Confederation Life Ins., 8.71%,
due 2/1/95 * 5,244,910 5,244,910 5,244,910
Continental Assurance,
due 4/1/99 1,588,778 1,588,778 1,588,778
Hartford Life Ins., 8.51%,
due 5/1/96 6,819,540 6,819,540 6,819,540
Hartford Life Ins., 7.56%,
due 6/15/95 4,008,458 4,008,458 4,008,458
Hartford Life Ins., 6.70%,
due variable 10,193,303 10,193,303 10,193,303
John Hancock Mutual Life,
9.67%, due 10/2/97 7,403,285 7,403,285 7,403,285
Mass Mutual Life Ins., 7.00%,
due 10/5/01 7,605,645 7,605,645 7,605,645
Mass Mutual Life Insurance
Co., due 7/5/00 10,645,956 10,645,956 10,645,956
Massachusetts Mutual Life,
9.41%, due 3/31/97 7,712,457 7,712,457 7,712,457
Metropolitan Life Ins.,
7.25%, due variable 15,887,107 15,887,107 15,887,107
Metropolitan Life Ins.,
8.65%, due 12/31/98 2,801,603 2,801,603 2,801,603
Metropolitan Life Ins.,
8.80%, due 12/31/98 5,222,937 5,222,937 5,222,937
Metropolitan Life Ins.,
5.76%, due 4/30/99 10,509,679 10,509,679 10,509,679
11<PAGE>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES--Continued
Number of
Shares or
Principal Market
Amount Cost Value
INVESTMENTS HELD IN COLLECTIVE
INVESTMENT TRUST--Continued
Metropolitan Life Ins.,
5.52%, due 2/1/99 9,497,068 9,497,068 9,497,068
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
New York Life Ins. Co.,
5.72%, due 8/3/98 10,476,405 10,476,405 10,476,405
Peoples Security Life Ins.,
8.79%, due 12/29/94 4,097,174 4,097,174 4,097,174
Peoples Security Life Ins.,
8.51%, due 10/6/95 5,541,123 5,541,123 5,541,123
Provident Life & Accident,
due 9/1/03 27,208,795 27,208,795 27,208,795
Provident Mutual Life Ins.,
9.20%, due 10/5/95 742,112 742,112 742,112
Provident Nat'l Assurance
Co., 5.13%, due 7/31/97 6,973,546 6,973,546 6,973,546
Prudential Ins. Co. of
America, 9.32%, due 5/14/01 2,723,825 2,723,825 2,723,825
Prudential Ins. Co. of America,
8.63%, due 5/15/05 2,900,436 2,900,436 2,900,436
Prudential Ins. Co. of America,
8.59%, due 6/3/96 6,535,254 6,535,254 6,535,254
Prudential Ins. Co. of America,
8.90%, due 6/1/97 6,594,529 6,594,529 6,594,529
State Mutual Life Assurance,
9.23%, due 7/28/97 7,157,516 7,157,516 7,157,516
CDC BRIC, 6.91%, due 10/31/98 6,067,376 6,067,376 6,067,376
CDC BRIC, 7.62%, due 10/25/99 6,072,869 6,072,869 6,072,869
Less other plans' interest in
Collective Investment Trust
holding above investments (330,757,790) (330,757,790) (330,757,790)
Plan's interest in Collective
Investment Trust holding
above investments $ 10,268,220 10,268,220 10,268,220
$ 16,461,445 $ 17,651,195
</TABLE>
* As previously described in Note 2, the Confederation Life Insurance
investments were frozen on the valuation date immediately preceding
August 1, 1994. The rates of return identified for these contracts may
ultimately be less than noted because of the liquidation proceedings
initiated by the Canadian and United States regulatory authorities.
12<PAGE>
<TABLE>
<CAPTION>
ASHLAND COAL, INC. EMPLOYEE THRIFT PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 1994
Current
Value of
Expenses Asset on Net
Identity of Party Description Number of Purchase Selling Incurred with Cost of Transaction Gain
Involved or Issuer 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 Employee Benefits 162 $ 1,951,046 N/A Net $ 1,951,046 $ 1,951,046 N/A
Bank Money Market Fund
Dispositions:
Society National Employee Benefits 128 N/A $ 1,919,168 Net 1,919,168 1,919,168 None
Bank Money Market Fund
There were no category (i), (ii), or (iv) reportable transactions during the year ended December 31, 1994.
</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 22, 1995 By: /s/ Roy F. Layman
Roy F. Layman,
Administrative Vice
President/Secretary
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 of our report dated
June 5, 1995, 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, 1994.
/s/ERNST & YOUNG LLP
Louisville, Kentucky
June 20, 1995
16<PAGE>
