SEC Info - Peabody Energy Corp. - ‘10-K’ for 12/31/20

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Peabody Energy Corp. – ‘10-K’ for 12/31/20 – ‘EX-101.LAB’

On: Tuesday, 2/23/21, at 6:35am ET · For: 12/31/20 · Accession #: 1064728-21-8 · File #: 1-16463

Previous ‘10-K’: ‘10-K’ on 2/21/20 for 12/31/19 · Next: ‘10-K’ on 2/18/22 for 12/31/21 · Latest: ‘10-K’ on 2/23/24 for 12/31/23 · 62 References:

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/23/21  Peabody Energy Corp.              10-K       12/31/20  147:55M

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.81M 
 2: EX-21       Subsidiaries List                                   HTML     66K 
 3: EX-23.1     Consent of Expert or Counsel                        HTML     38K 
 4: EX-23.2     Consent of Expert or Counsel                        HTML     42K 
 9: EX-95       Mine-Safety Disclosure                              HTML     87K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     43K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     43K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     39K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     39K 
16: R1          Cover Page                                          HTML    105K 
17: R2          Consolidated Statements of Operations               HTML    135K 
18: R3          Consolidated Statements of Comprehensive (Loss)     HTML     62K 
                Income                                                           
19: R4          Consolidated Statements of Comprehensive (Loss)     HTML     41K 
                Income (Parentheticals)                                          
20: R5          Consolidated Balance Sheets                         HTML    122K 
21: R6          Consolidated Balance Sheets (Parentheticals)        HTML     66K 
22: R7          Consolidated Statements of Cash Flows               HTML    167K 
23: R8          Consolidated Statements of Changes in               HTML     83K 
                Stockholders? Equity                                             
24: R9          Consolidated Statements of Changes in               HTML     43K 
                Stockholders? Equity (Parentheticals)                            
25: R10         Summary of Significant Accounting Policies          HTML    121K 
26: R11         Revenue Recognition                                 HTML    183K 
27: R12         Asset Impairment                                    HTML     44K 
28: R13         Discontinued Operations                             HTML     62K 
29: R14         Inventories                                         HTML     47K 
30: R15         Equity Method Investments                           HTML     59K 
31: R16         Derivatives and Fair Value Measurements             HTML    160K 
32: R17         Intangible Contract Assets and Liabilities          HTML     73K 
33: R18         Property, Plant, Equipment and Mine Development     HTML     49K 
34: R19         Income Taxes                                        HTML    152K 
35: R20         Accounts Payable and Accrued Expenses               HTML     58K 
36: R21         Long-term Debt                                      HTML     83K 
37: R22         Leases                                              HTML    157K 
38: R23         Asset Retirement Obligations                        HTML     55K 
39: R24         Postretirement Health Care and Life Insurance       HTML    275K 
                Benefits                                                         
40: R25         Pension and Savings Plans                           HTML    275K 
41: R26         Stockholders' Equity                                HTML     63K 
42: R27         Share-Based Compensation                            HTML     77K 
43: R28         Accumulated Other Comprehensive Income              HTML     60K 
44: R29         Other Events                                        HTML     56K 
45: R30         Earnings per Share (Eps)                            HTML     83K 
46: R31         Management - Labor Relations                        HTML     56K 
47: R32         Financial Instruments, Guarantees With              HTML     50K 
                Off-Balance-Sheet Risk and Other Guarantees                      
48: R33         Commitments and Contingencies                       HTML     48K 
49: R34         Segment and Geographic Information                  HTML    169K 
50: R35         Valuation and Qualifying Accounts                   HTML     79K 
51: R36         Summary of Significant Accounting Policies          HTML    190K 
                (Policies)                                                       
52: R37         Summary of Significant Accounting Policies          HTML     50K 
                (Tables)                                                         
53: R38         Revenue Recognition (Tables)                        HTML    185K 
54: R39         Discontinued Operations (Tables)                    HTML     56K 
55: R40         Inventories (Tables)                                HTML     48K 
56: R41         Equity Method Investments (Tables)                  HTML     54K 
57: R42         Derivatives and Fair Value Measurements (Tables)    HTML    150K 
58: R43         Intangible Contract Assets and Liabilities          HTML     70K 
                (Tables)                                                         
59: R44         Property, Plant, Equipment and Mine Development     HTML     50K 
                (Tables)                                                         
60: R45         Income Taxes (Tables)                               HTML    159K 
61: R46         Accounts Payable and Accrued Expenses (Tables)      HTML     58K 
62: R47         Long-term Debt (Tables)                             HTML     55K 
63: R48         Leases (Tables)                                     HTML    116K 
64: R49         Asset Retirement Obligations (Tables)               HTML     54K 
65: R50         Postretirement Health Care and Life Insurance       HTML    202K 
                Benefits (Tables)                                                
66: R51         Pension and Savings Plans (Tables)                  HTML    204K 
67: R52         Stockholders' Equity (Tables)                       HTML     55K 
68: R53         Share-Based Compensation (Tables)                   HTML     76K 
69: R54         Accumulated Other Comprehensive Income (Tables)     HTML     59K 
70: R55         Earnings per Share (Eps) (Tables)                   HTML     79K 
71: R56         Management - Labor Relations (Tables)               HTML     54K 
72: R57         Segment and Geographic Information (Tables)         HTML    169K 
73: R58         Valuation and Qualifying Accounts Schedule II       HTML     79K 
                (Tables)                                                         
74: R59         Summary of Significant Accounting Policies          HTML    176K 
                (Details)                                                        
75: R60         Revenue Recognition - Revenue by Product Type and   HTML     98K 
                Market (Details)                                                 
76: R61         Revenue Recognition - Revenue by Contract Duration  HTML     77K 
                (Details)                                                        
77: R62         Revenue Recognition - Receivables (Details)         HTML     46K 
78: R63         Revenue Recognition - Additional Information        HTML     58K 
                (Details)                                                        
79: R64         Asset Impairment (Details)                          HTML     59K 
80: R65         Discontinued Operations - Summarized Results of     HTML     45K 
                Discontinued Operations (Details)                                
81: R66         Discontinued Operations - Liabilities of            HTML     49K 
                Discontinued Operations (Details)                                
82: R67         Discontinued Operations - Patriot Related Matters   HTML     79K 
                (Details)                                                        
83: R68         Inventories (Details)                               HTML     54K 
84: R69         Equity Method Investments - Schedule of Equity      HTML     51K 
                Method Investments (Details)                                     
85: R70         Equity Method Investments - Textual (Details)       HTML     88K 
86: R71         Derivatives and Fair Value Measurements -           HTML     78K 
                Derivatives by Balance Sheet Classification                      
                (Details)                                                        
87: R72         Derivatives and Fair Value Measurements - Pre-Tax   HTML     57K 
                Gains and Losses on Hedging Derivatives (Details)                
88: R73         Derivatives and Fair Value Measurements -           HTML     70K 
                Financial Instruments Measured on a Recurring                    
                Basis (Details)                                                  
89: R74         Derivatives and Fair Value Measurements - Fair      HTML     51K 
                Value of Long-term Debt (Details)                                
90: R75         Derivatives and Fair Value Measurements- Changes    HTML     50K 
                in Recurring Level 3 Net Financial Assets                        
                (Details)                                                        
91: R76         Derivatives and Fair Value Measurements - Textual   HTML     72K 
                (Details)                                                        
92: R77         Intangible Contract Assets and Liabilities -        HTML     65K 
                Intangible Contract Assets and Liabilities                       
                (Details)                                                        
93: R78         Intangible Contract Assets and Liabilities -        HTML     75K 
                Textual (Details)                                                
94: R79         Property, Plant, Equipment and Mine Development -   HTML     61K 
                (Details)                                                        
95: R80         Income Taxes - Income (Loss) from Continuing        HTML     46K 
                Operations Before Income Taxes (Details)                         
96: R81         Income Taxes - Income Tax Provision (Benefit)       HTML     64K 
                (Details)                                                        
97: R82         Income Taxes - Reconciliation of Expected Federal   HTML     69K 
                Income Tax Benefit to Income Tax Provision                       
                (Benefit) (Details)                                              
98: R83         Income Taxes - Textual (Details)                    HTML     86K 
99: R84         Income Taxes - Tax Effects of Temporary             HTML     89K 
                Differences on Deferred Tax Assets and Liabilities               
                (Details)                                                        
100: R85         Income Taxes - Net Unrecognized Tax Benefits        HTML     46K  
                (Details)                                                        
101: R86         Income Taxes - Reconciliation of Unrecognized Tax   HTML     48K  
                Benefits (Details)                                               
102: R87         Income Taxes - Tax Payments and Refunds (Details)   HTML     47K  
103: R88         Accounts Payable and Accrued Expenses (Details)     HTML     75K  
104: R89         Long-term Debt - Schedule of Debt (Details)         HTML     65K  
105: R90         Long-term Debt - Textual (Details)                  HTML    247K  
106: R91         Leases - Textual (Details)                          HTML     45K  
107: R92         Leases - Supplemental Income Statement Information  HTML     57K  
                (Details)                                                        
108: R93         Leases - Supplemental Balance Sheet Information     HTML     76K  
                (Details)                                                        
109: R94         Leases - Schedule of Supplemental Cash Flow         HTML     51K  
                Information Related to Leases (Details)                          
110: R95         Leases - Schedule of Maturities of Lease            HTML     78K  
                Liabilities (Details)                                            
111: R96         Leases - Disclosure Periods Prior to Adoption of    HTML     40K  
                ASU 2016-02 (Details)                                            
112: R97         Asset Retirement Obligations (Details)              HTML     71K  
113: R98         Postretirement Health Care and Life Insurance       HTML     58K  
                Benefits - Net Periodic Postretirement Benefit                   
                Cost (Details)                                                   
114: R99         Postretirement Health Care and Life Insurance       HTML     58K  
                Benefits - Pre-Tax Amounts Recorded in Accumulated               
                Other Comprehensive Loss (Details)                               
115: R100        Postretirement Health Care and Life Insurance       HTML    106K  
                Benefits - Reconciliation of Postretirement Plans'               
                Funded Status to the Balance Sheet (Details)                     
116: R101        Postretirement Health Care and Life Insurance       HTML     65K  
                Benefits - Assumptions Used to Determine the                     
                Benefit Obligations and Periodic Benefit Cost                    
                (Details)                                                        
117: R102        Postretirement Health Care and Life Insurance       HTML    101K  
                Benefits - Fair Value of Plan Assets in                          
                Non-Represented Trust by Asset (Details)                         
118: R103        Postretirement Health Care and Life Insurance       HTML     52K  
                Benefits - Estimated Future Benefit Payments                     
                (Details)                                                        
119: R104        Pension and Savings Plans - Textual (Details)       HTML     87K  
120: R105        Pension and Savings Plans - Components of Net       HTML     57K  
                Periodic Pension Cost (Details)                                  
121: R106        Pension and Savings Plans - Change in Benefit       HTML     87K  
                Obligation, Plan Assets and Funded Status of                     
                Pension Plans (Details)                                          
122: R107        Pension and Savings Plans - Weighted-average        HTML     49K  
                Assumptions Used to Determine Net Periodic Benefit               
                Cost (Details)                                                   
123: R108        Pension and Savings Plans - Fair Value of Assets    HTML     97K  
                in the Master Trust by Asset (Details)                           
124: R109        Pension and Savings Plans - Changes in the Fair     HTML     59K  
                Value of Master Trust's Level 3 Investments                      
                (Details)                                                        
125: R110        Pension and Savings Plans - Estimated Future        HTML     57K  
                Benefit Payments (Details)                                       
126: R111        Stockholders' Equity - Textual (Details)            HTML     96K  
127: R112        Stockholders' Equity - Common Stock Activity        HTML     53K  
                (Details)                                                        
128: R113        Stockholders' Equity - Preferred Stock Activity     HTML     44K  
                (Details)                                                        
129: R114        Share-Based Compensation - Textual (Details)        HTML     92K  
130: R115        Share-Based Compensation - Share-Based              HTML     49K  
                Compensation Expense and Cash Flows (Details)                    
131: R116        Share-Based Compensation - Restricted Stock Award   HTML     62K  
                Activity (Details)                                               
132: R117        Share-Based Compensation - Performance Units        HTML     62K  
                (Details)                                                        
133: R118        Accumulated Other Comprehensive Income -            HTML     64K  
                Components of Comprehensive Income (Loss),                       
                After-tax (Details)                                              
134: R119        Other Events (Details)                              HTML    137K  
135: R120        Earnings per Share (Eps) (Details)                  HTML    120K  
136: R121        Management - Labor Relations (Details)              HTML     68K  
137: R122        Financial Instruments, Guarantees With              HTML     81K  
                Off-Balance-Sheet Risk and Other Guarantees                      
                (Details)                                                        
138: R123        Commitments and Contingencies (Details)             HTML     50K  
139: R124        Segment and Geographic Information - Segment        HTML     71K  
                Results (Details)                                                
140: R125        Segment and Geographic Information -                HTML     56K  
                Reconciliation of Assets by Segment to                           
                Consolidated Total Assets (Details)                              
141: R126        Segment and Geographic Information -                HTML     92K  
                Reconciliation of Consolidated Income (Loss), Net                
                of Income Taxes to Adjusted EBITDA (Details)                     
142: R127        Segment and Geographic Information - Revenues as a  HTML     60K  
                Percent of Total Revenues by Geographic Region                   
                (Details)                                                        
143: R128        Valuation and Qualifying Accounts (Details)         HTML     61K  
145: XML         IDEA XML File -- Filing Summary                      XML    279K  
15: XML         XBRL Instance -- btu-20201231_htm                    XML   6.03M 
144: EXCEL       IDEA Workbook of Financial Reports                  XLSX    245K  
11: EX-101.CAL  XBRL Calculations -- btu-20201231_cal                XML    463K 
12: EX-101.DEF  XBRL Definitions -- btu-20201231_def                 XML   1.72M 
13: EX-101.LAB  XBRL Labels -- btu-20201231_lab                      XML   3.61M 
14: EX-101.PRE  XBRL Presentations -- btu-20201231_pre               XML   2.29M 
10: EX-101.SCH  XBRL Schema -- btu-20201231                          XSD    420K 
146: JSON        XBRL Instance as JSON Data -- MetaLinks              716±  1.11M  
147: ZIP         XBRL Zipped Folder -- 0001064728-21-000008-xbrl      Zip  11.74M

‘EX-101.LAB’ — XBRL Labels — btu-20201231_lab

This Exhibit is an XBRL XML File.

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<link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">

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<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due Year Four </link:label>

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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock_acdbbcfa-a555-405c-a6df-2ec1ef9385f2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciled amount of plan's funded status </link:label>

<link:label id="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock_2fccb5b2-250a-46bf-b270-ecf8a58c957d_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of change in benefit obligation, change in plan assets and funded status </link:label>

<link:label id="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Funded Status [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfNetFundedStatusTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_885fcac7-e503-486a-938c-bc58c1de505d_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>

<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Leases [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:to="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfCoalProductionAustralia_e4529f93-8be7-4c4f-96ea-b29f711f7503_terseLabel_en-US" xlink:label="lab_btu_PercentageOfCoalProductionAustralia" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal production generated by Australian hourly employees under contract negotiation (in percent) </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionAustralia_label_en-US" xlink:label="lab_btu_PercentageOfCoalProductionAustralia" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PercentageOfCoalProductionAustralia </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionAustralia_documentation_en-US" xlink:label="lab_btu_PercentageOfCoalProductionAustralia" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of coal production generated by hourly Australian employees under contract negotiation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfCoalProductionAustralia" xlink:href="btu-20201231.xsd#btu_PercentageOfCoalProductionAustralia"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfCoalProductionAustralia" xlink:to="lab_btu_PercentageOfCoalProductionAustralia" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths_1867c36a-018c-4ee5-b5fd-18500c4c7c75_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Next Twelve Months </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseNextTwelveMonths" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_66858f49-ec6e-4ca9-be0d-6413761e0904_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherCommercialEventsLineItems_3fcdf44d-125d-4250-a741-93819252fc0a_terseLabel_en-US" xlink:label="lab_btu_OtherCommercialEventsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commercial Events [Line Items] </link:label>

<link:label id="lab_btu_OtherCommercialEventsLineItems_label_en-US" xlink:label="lab_btu_OtherCommercialEventsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commercial Events [Line Items] </link:label>

<link:label id="lab_btu_OtherCommercialEventsLineItems_documentation_en-US" xlink:label="lab_btu_OtherCommercialEventsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Other Commercial Events [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherCommercialEventsLineItems" xlink:href="btu-20201231.xsd#btu_OtherCommercialEventsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherCommercialEventsLineItems" xlink:to="lab_btu_OtherCommercialEventsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FreshStartReportingMember_55d78f2d-7ff0-413d-b3b8-582456cec810_terseLabel_en-US" xlink:label="lab_btu_FreshStartReportingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh Start Reporting </link:label>

<link:label id="lab_btu_FreshStartReportingMember_label_en-US" xlink:label="lab_btu_FreshStartReportingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh Start Reporting [Member] </link:label>

<link:label id="lab_btu_FreshStartReportingMember_documentation_en-US" xlink:label="lab_btu_FreshStartReportingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh Start Reporting [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FreshStartReportingMember" xlink:href="btu-20201231.xsd#btu_FreshStartReportingMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FreshStartReportingMember" xlink:to="lab_btu_FreshStartReportingMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsOfDebtExtinguishmentCosts_2d826295-9181-4581-8959-c1d0bf4e62d5_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment for debt extinguishment or debt prepayment cost </link:label>

<link:label id="lab_us-gaap_PaymentsOfDebtExtinguishmentCosts_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment for Debt Extinguishment or Debt Prepayment Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsOfDebtExtinguishmentCosts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:to="lab_us-gaap_PaymentsOfDebtExtinguishmentCosts" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_31d95c2b-9de4-45c4-957c-3ca0b6f43a7e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Equity Securities </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Equity Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanEquitySecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:to="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_364a7bc0-1fe7-499e-8758-3d4fe665f480_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost on accumulated postretirement benefit obligation </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_8135b858-09da-4a08-9b84-c9b6d01ed2b1_netLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_213529a6-c3dc-40c7-932a-812594b735a5_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost on projected benefit obligation </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Interest Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:to="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_463309ed-4fe9-4cd4-b697-fb4a6bd98277_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Axis] </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets_21ae1fdb-6d27-4d1f-aa1c-d4ae9882c4be_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current assets </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Current Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReorganizationItems_0f457d55-2424-4f43-ac4f-eefd3923de57_terseLabel_en-US" xlink:label="lab_us-gaap_ReorganizationItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reorganization items, net </link:label>

<link:label id="lab_us-gaap_ReorganizationItems_label_en-US" xlink:label="lab_us-gaap_ReorganizationItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reorganization Items </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReorganizationItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReorganizationItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReorganizationItems" xlink:to="lab_us-gaap_ReorganizationItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockShares_78963423-e4d3-4b97-bea9-2aa39600243a_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock (in shares) </link:label>

<link:label id="lab_us-gaap_TreasuryStockShares_label_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockShares" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockShares"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_71d19617-1e4d-48c3-8563-c23afb5b222e_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Future Benefit Payments </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_c409c1ff-c3ed-4de6-8de3-667c98c7aef7_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_label_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease Right Of Use Assets </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_documentation_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease Right Of Use Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:href="btu-20201231.xsd#btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:to="lab_btu_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_5892559f-d4d5-4a63-98ee-67dcf493ed6d_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_09878288-7bd1-4efa-b27d-37ef8e6525f7_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_f32f2ebb-1191-4e13-a743-8b835dcc0ed4_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentRepurchaseAmount_7200d65f-a901-41fc-ade4-bb0850651084_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentRepurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument repurchase amount </link:label>

<link:label id="lab_us-gaap_DebtInstrumentRepurchaseAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentRepurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Repurchase Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentRepurchaseAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentRepurchaseAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentRepurchaseAmount" xlink:to="lab_us-gaap_DebtInstrumentRepurchaseAmount" xlink:type="arc" order="1"/>

<link:label id="lab_dei_SecurityExchangeName_26f88824-5b1e-4c0e-8082-dfa9d75f01b7_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>

<link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_3e8ad8cc-b5dc-4fd6-8db6-38d49f7d5854_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan amendments </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAmendments_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAmendments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAmendments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_Revenues_fb7b7311-64f9-4142-9a12-141f2cac7325_terseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>

<link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_Revenues"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeLineItems_38ec786d-9e51-4690-b1e3-f446b2a20001_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>

<link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLineItems" xlink:to="lab_us-gaap_DerivativeLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ContributionAmountToCoIssuers_6a0eac59-86a3-496e-bb40-1b4f69801b35_terseLabel_en-US" xlink:label="lab_btu_ContributionAmountToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution amount to co-issuers </link:label>

<link:label id="lab_btu_ContributionAmountToCoIssuers_label_en-US" xlink:label="lab_btu_ContributionAmountToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution Amount To Co-Issuers </link:label>

<link:label id="lab_btu_ContributionAmountToCoIssuers_documentation_en-US" xlink:label="lab_btu_ContributionAmountToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution Amount To Co-Issuers </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ContributionAmountToCoIssuers" xlink:href="btu-20201231.xsd#btu_ContributionAmountToCoIssuers"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ContributionAmountToCoIssuers" xlink:to="lab_btu_ContributionAmountToCoIssuers" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_d60575e4-626a-4402-b736-fb8347a77360_terseLabel_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Securities </link:label>

<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixedIncomeSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FixedIncomeSecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FixedIncomeSecuritiesMember" xlink:to="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_4c020af7-e65c-489a-8c11-dd993dd1cc4e_terseLabel_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amount </link:label>

<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reported Value Measurement [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShortTermDebtTypeDomain_b62d52a3-f623-4d77-84de-37d30b8ddd2a_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Domain] </link:label>

<link:label id="lab_us-gaap_ShortTermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShortTermDebtTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTypeDomain" xlink:to="lab_us-gaap_ShortTermDebtTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShoalCreekMember_7c8a5ddc-2be0-48ea-95e4-eb60bb2ae331_terseLabel_en-US" xlink:label="lab_btu_ShoalCreekMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shoal Creek </link:label>

<link:label id="lab_btu_ShoalCreekMember_label_en-US" xlink:label="lab_btu_ShoalCreekMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shoal Creek [Member] </link:label>

<link:label id="lab_btu_ShoalCreekMember_documentation_en-US" xlink:label="lab_btu_ShoalCreekMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shoal Creek [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShoalCreekMember" xlink:href="btu-20201231.xsd#btu_ShoalCreekMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShoalCreekMember" xlink:to="lab_btu_ShoalCreekMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PayablesAndAccrualsAbstract_c8e554d1-297d-469e-9dcb-486bfdeda6f7_terseLabel_en-US" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables and Accruals [Abstract] </link:label>

<link:label id="lab_us-gaap_PayablesAndAccrualsAbstract_label_en-US" xlink:label="lab_us-gaap_PayablesAndAccrualsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables and Accruals [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PayablesAndAccrualsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PayablesAndAccrualsAbstract" xlink:to="lab_us-gaap_PayablesAndAccrualsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_122097c6-6dbd-45e2-bc21-687326fae0f6_terseLabel_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development, net </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_label_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant And Equipment And Finance Lease Right-Of-Use Asset, After Accumulated Depreciation and Amortization </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_documentation_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant And Equipment And Finance Lease Right-Of-Use Asset, After Accumulated Depreciation and Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:href="btu-20201231.xsd#btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:to="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_c821d4ac-e746-4660-a015-2eec6abd8b69_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development, net </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_412b77bb-237b-47b8-84f1-da1821a90cc2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less imputed interest </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Undiscounted Excess Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_9d1e9163-906e-4301-b4ce-703cc20e7c81_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Original issue discount and deferred finance costs </link:label>

<link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" xlink:to="lab_us-gaap_DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_eb53e7ac-3724-4c17-b883-adc422f0719b_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) </link:label>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_33bd21cf-145f-4b8e-be4a-7fa6482a7fe3_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive (Loss) Income </link:label>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_6421d166-274b-49f0-ac38-4ee971db18c2_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Accumulated Other Comprehensive Income </link:label>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_de0a8095-5615-4a01-8cd5-1c46227db3d9_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis spread on variable rate </link:label>

<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Basis Spread on Variable Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems_cb3775fc-d6d9-4da7-9400-0117f7f66680_terseLabel_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Assets and Liabilities from Coal Trading Activities [Line Items] </link:label>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems_label_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Assets and Liabilities from Coal Trading Activities [Line Items] </link:label>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems_documentation_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Fair Value of Assets and Liabilities from Coal Trading Activities [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:href="btu-20201231.xsd#btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:to="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent_0d0e30f0-682c-48de-91aa-a5e5458fb30f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent deferred income tax liability </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Taxes and Other Tax Liabilities, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent" xlink:to="lab_us-gaap_DeferredIncomeTaxesAndOtherTaxLiabilitiesNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RetirementPlanAmendmentTypeDomain_443988b9-0e70-4a62-b3c9-a497888b3b20_terseLabel_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type [Domain] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTypeDomain_label_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type [Domain] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTypeDomain_documentation_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RetirementPlanAmendmentTypeDomain" xlink:href="btu-20201231.xsd#btu_RetirementPlanAmendmentTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RetirementPlanAmendmentTypeDomain" xlink:to="lab_btu_RetirementPlanAmendmentTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_e9dc3388-8c5d-4357-83c8-fd0d2d05e246_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation </link:label>

<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember_2486dae6-4ea9-4629-acb5-ada58a6cbe1a_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff </link:label>

<link:label id="lab_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember_label_en-US" xlink:label="lab_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember" xlink:to="lab_us-gaap_DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMember" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ScenarioUnspecifiedDomain_533d4b56-c758-432e-8e1e-f3e83ea9289b_terseLabel_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>

<link:label id="lab_srt_ScenarioUnspecifiedDomain_label_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ScenarioUnspecifiedDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain" xlink:to="lab_srt_ScenarioUnspecifiedDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationsNoncurrent_62582565-0fec-4a78-866a-9c565ee42c2f_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationsNoncurrent_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationsNoncurrent" xlink:to="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareReconciliationAbstract_04363829-a39c-413e-9f69-389f136a4546_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings allocation method utilized in the calculation of basic and diluted EPS </link:label>

<link:label id="lab_us-gaap_EarningsPerShareReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share Reconciliation [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareReconciliationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareReconciliationAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareReconciliationAbstract" xlink:to="lab_us-gaap_EarningsPerShareReconciliationAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock_4c765769-ace5-4a50-bdbd-0637afc54749_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assumed health care cost trend rate </link:label>

<link:label id="lab_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Health Care Cost Trend Rates [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_2b8909aa-c50f-43a2-a07b-befdb82fc01e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Leased Assets [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Leased Assets [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:to="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock_583e42ca-256d-434b-b684-8ba899853624_terseLabel_en-US" xlink:label="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a percent of total revenue from external customers by geographic region </link:label>

<link:label id="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenue Percentages from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenue Percentages from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:to="lab_btu_ScheduleOfRevenuePercentagesFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentAdditions_9e51d4e1-1a55-4eea-9f4c-83c7342ab9f5_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution to construction and development of joint venture </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentAdditions_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Additions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentAdditions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_1aea2c1d-0f9f-4aa1-92de-e3da3d2badd9_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Abstract] </link:label>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ForeignPlanMember_73c5e246-1c46-4fbc-b4fe-ac08aef1b97a_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australia </link:label>

<link:label id="lab_us-gaap_ForeignPlanMember_label_en-US" xlink:label="lab_us-gaap_ForeignPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Plan [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignPlanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ForeignPlanMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignPlanMember" xlink:to="lab_us-gaap_ForeignPlanMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust_04fb1352-1463-477d-843c-e5b64e86d941_terseLabel_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary employees beneficiary association, contribution amount to Non-Represented Trust </link:label>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust_label_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary Employees Beneficiary Association, Contribution Amount To Non-Represented Trust </link:label>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust_documentation_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary Employees Beneficiary Association, Contribution Amount To Non-Represented Trust </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:href="btu-20201231.xsd#btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:to="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToNonRepresentedTrust" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal_499bdc36-5b55-43f4-a018-7c6211bb20f6_terseLabel_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefits, gross interest and penalties (reversal) </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal_label_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest Tax Penalties And Interest Expense (Reversal) </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal_documentation_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest Tax Penalties And Interest Expense (Reversal) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:href="btu-20201231.xsd#btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:to="lab_btu_UnrecognizedTaxBenefitsInterestTaxPenaltiesAndInterestExpenseReversal" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash_9b0320e4-6285-4a6a-958f-7dec120a1f3b_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate per annum in cash </link:label>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash_label_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage In Cash </link:label>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash_documentation_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage In Cash </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:href="btu-20201231.xsd#btu_DebtInstrumentInterestRateStatedPercentageInCash"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:to="lab_btu_DebtInstrumentInterestRateStatedPercentageInCash" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesCurrentAbstract_f6022dbc-7d59-4df2-bcbc-3a017d1b8d7b_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current liabilities </link:label>

<link:label id="lab_us-gaap_LiabilitiesCurrentAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Current [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CreditFacilityAxis_8a81db33-31f5-4f54-bbf9-6307367f68f5_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>

<link:label id="lab_us-gaap_CreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CreditFacilityAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_440bd8b2-5b8b-47b9-9dad-8a64677535fd_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_38c6fa1a-e05e-4e49-91fe-efe2fceabb52_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_be54b767-2702-4e39-9dc7-e61aaa2d2f10_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine net periodic benefit cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryPolicyTextBlock_bf60a55c-5458-4653-8371-e93f1bfccdb8_verboseLabel_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_InventoryPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryPolicyTextBlock" xlink:to="lab_us-gaap_InventoryPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AssetRetirementObligationActiveLocations_b1696afc-0e83-4d85-96a5-1317c51f5f11_verboseLabel_en-US" xlink:label="lab_btu_AssetRetirementObligationActiveLocations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period — active locations </link:label>

<link:label id="lab_btu_AssetRetirementObligationActiveLocations_label_en-US" xlink:label="lab_btu_AssetRetirementObligationActiveLocations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Active Locations </link:label>

<link:label id="lab_btu_AssetRetirementObligationActiveLocations_documentation_en-US" xlink:label="lab_btu_AssetRetirementObligationActiveLocations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Active Locations. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AssetRetirementObligationActiveLocations" xlink:href="btu-20201231.xsd#btu_AssetRetirementObligationActiveLocations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AssetRetirementObligationActiveLocations" xlink:to="lab_btu_AssetRetirementObligationActiveLocations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockMember_be6bb9c6-78e6-4e49-8d4b-0d5528b003f9_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock </link:label>

<link:label id="lab_us-gaap_PreferredStockMember_c1108e97-6a9a-4ec6-a983-9a00424de539_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series A Convertible Preferred Stock </link:label>

<link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockMember" xlink:to="lab_us-gaap_PreferredStockMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TradingActivityByTypeAxis_0b7a049d-1d00-4afd-95dc-fa4ce425ada3_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity [Axis] </link:label>

<link:label id="lab_us-gaap_TradingActivityByTypeAxis_label_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivityByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TradingActivityByTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivityByTypeAxis" xlink:to="lab_us-gaap_TradingActivityByTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityAbstract_label_en-US" xlink:label="lab_us-gaap_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityAbstract" xlink:to="lab_us-gaap_EquityAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_a1e7384a-11c2-4cef-900e-18a3ede6c456_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, shares outstanding (in shares) </link:label>

<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_081976fc-4b8f-4c73-b417-ddeb7fcf188d_periodStartLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares outstanding at the beginning of the period </link:label>

<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_7afb41a3-918c-4a3d-9cc8-afd96d01f7e6_periodEndLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares outstanding at the end of the period </link:label>

<link:label id="lab_us-gaap_PreferredStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Outstanding </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockSharesOutstanding"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_us-gaap_PreferredStockSharesOutstanding" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_d3b904ea-9eca-4302-8928-4a6ba302d2dc_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>

<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentReportingInformationLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_197ae3f5-993e-4810-97a7-521e0f0ba41b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>

<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxAuthorityDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:to="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherOperatingIncomeLossAbstract_95f5dd8a-238e-44f4-bba4-728f168b4c66_verboseLabel_en-US" xlink:label="lab_btu_OtherOperatingIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other operating (income) loss: </link:label>

<link:label id="lab_btu_OtherOperatingIncomeLossAbstract_label_en-US" xlink:label="lab_btu_OtherOperatingIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Income Loss [Abstract] </link:label>

<link:label id="lab_btu_OtherOperatingIncomeLossAbstract_documentation_en-US" xlink:label="lab_btu_OtherOperatingIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Income. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherOperatingIncomeLossAbstract" xlink:href="btu-20201231.xsd#btu_OtherOperatingIncomeLossAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherOperatingIncomeLossAbstract" xlink:to="lab_btu_OtherOperatingIncomeLossAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentLineItems_e8519cf8-319c-46a1-87e6-a22e08784388_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_06eca3a6-bf0e-4907-9bc8-66f66eb14461_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average shares outstanding — diluted (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic and Diluted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_20d9fe93-4677-4fc7-a5be-c4ee463af43d_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchase program, remaining authorized repurchase amount </link:label>

<link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Remaining Authorized Repurchase Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:to="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_91bfad24-d1b0-43b0-8944-ead3d38cc7aa_verboseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_GainonformationofUnitedWamboJV_eaf1a518-c4be-4033-8213-ef0c012997c2_negatedTerseLabel_en-US" xlink:label="lab_btu_GainonformationofUnitedWamboJV" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on formation of United Wambo Joint Venture </link:label>

<link:label id="lab_btu_GainonformationofUnitedWamboJV_label_en-US" xlink:label="lab_btu_GainonformationofUnitedWamboJV" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on formation of United Wambo JV </link:label>

<link:label id="lab_btu_GainonformationofUnitedWamboJV_documentation_en-US" xlink:label="lab_btu_GainonformationofUnitedWamboJV" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on formation of United Wambo JV </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_GainonformationofUnitedWamboJV" xlink:href="btu-20201231.xsd#btu_GainonformationofUnitedWamboJV"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_GainonformationofUnitedWamboJV" xlink:to="lab_btu_GainonformationofUnitedWamboJV" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MoneyMarketFundsMember_0a3d4d4e-a464-41c6-aff4-2ffe033ace12_terseLabel_en-US" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash funds </link:label>

<link:label id="lab_us-gaap_MoneyMarketFundsMember_label_en-US" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Money Market Funds [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MoneyMarketFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MoneyMarketFundsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MoneyMarketFundsMember" xlink:to="lab_us-gaap_MoneyMarketFundsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_15020b86-ab1e-4c4c-8c37-4590a104f16f_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance leases </link:label>

<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Asset Obtained in Exchange for Finance Lease Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_f53391b7-bee7-4442-b8c8-17f31225a7e0_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Domestic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:type="arc" order="1"/>

<link:label id="lab_btu_InternationalEquitySecuritiesMember_8cae7e31-c4ce-44f3-8813-7d5b6a1a900e_terseLabel_en-US" xlink:label="lab_btu_InternationalEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International equity securities </link:label>

<link:label id="lab_btu_InternationalEquitySecuritiesMember_label_en-US" xlink:label="lab_btu_InternationalEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International Equity Securities [Member] </link:label>

<link:label id="lab_btu_InternationalEquitySecuritiesMember_documentation_en-US" xlink:label="lab_btu_InternationalEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International Equity Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_InternationalEquitySecuritiesMember" xlink:href="btu-20201231.xsd#btu_InternationalEquitySecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_InternationalEquitySecuritiesMember" xlink:to="lab_btu_InternationalEquitySecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinancingReceivableStatedInterestRate_f20494d3-fa5d-4dd5-8af7-727a6f8b7361_terseLabel_en-US" xlink:label="lab_btu_FinancingReceivableStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing receivable, stated interest rate (in percent) </link:label>

<link:label id="lab_btu_FinancingReceivableStatedInterestRate_label_en-US" xlink:label="lab_btu_FinancingReceivableStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Stated Interest Rate </link:label>

<link:label id="lab_btu_FinancingReceivableStatedInterestRate_documentation_en-US" xlink:label="lab_btu_FinancingReceivableStatedInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Stated Interest Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinancingReceivableStatedInterestRate" xlink:href="btu-20201231.xsd#btu_FinancingReceivableStatedInterestRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinancingReceivableStatedInterestRate" xlink:to="lab_btu_FinancingReceivableStatedInterestRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_3d6d7fac-ff36-4af3-982c-06ab3dccadcf_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Three </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_68eb6f5a-70e8-4792-9881-ee85259b8507_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Changes in Fair Value of Plan Assets </link:label>

<link:label id="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Changes in Fair Value of Plan Assets [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MonetizationForeignCurrencyHedgePositions_5600aa3e-713f-4361-97ce-9b6aeb10a621_terseLabel_en-US" xlink:label="lab_btu_MonetizationForeignCurrencyHedgePositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency option contracts </link:label>

<link:label id="lab_btu_MonetizationForeignCurrencyHedgePositions_label_en-US" xlink:label="lab_btu_MonetizationForeignCurrencyHedgePositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monetization Foreign Currency Hedge Positions </link:label>

<link:label id="lab_btu_MonetizationForeignCurrencyHedgePositions_documentation_en-US" xlink:label="lab_btu_MonetizationForeignCurrencyHedgePositions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monetization Foreign Currency Hedge Positions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MonetizationForeignCurrencyHedgePositions" xlink:href="btu-20201231.xsd#btu_MonetizationForeignCurrencyHedgePositions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MonetizationForeignCurrencyHedgePositions" xlink:to="lab_btu_MonetizationForeignCurrencyHedgePositions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_0d93e120-53be-4bb0-890e-41d851b9c17d_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award vesting period </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInPostretirementObligations_4ea1b336-56a7-45c5-8b94-48ee42ed892e_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPostretirementObligations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement benefit obligations </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInPostretirementObligations_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPostretirementObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Obligation, Other Postretirement Benefits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPostretirementObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInPostretirementObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPostretirementObligations" xlink:to="lab_us-gaap_IncreaseDecreaseInPostretirementObligations" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Changesintaxreserves_5181bb3e-f7fb-4dd5-bd57-20dcd995dc26_terseLabel_en-US" xlink:label="lab_btu_Changesintaxreserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in tax reserves </link:label>

<link:label id="lab_btu_Changesintaxreserves_label_en-US" xlink:label="lab_btu_Changesintaxreserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in tax reserves </link:label>

<link:label id="lab_btu_Changesintaxreserves_documentation_en-US" xlink:label="lab_btu_Changesintaxreserves" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of changes in tax reserves due to an uncertain tax position </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Changesintaxreserves" xlink:href="btu-20201231.xsd#btu_Changesintaxreserves"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Changesintaxreserves" xlink:to="lab_btu_Changesintaxreserves" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_d8469270-9e18-406e-974e-e986daf794df_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, remaining performance obligation, period </link:label>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1_label_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1" xlink:to="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis_188c68b8-1b0c-4ba7-bc6c-ad3519597ac4_terseLabel_en-US" xlink:label="lab_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh-Start Adjustments [Axis] </link:label>

<link:label id="lab_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis_label_en-US" xlink:label="lab_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh-Start Adjustments [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis" xlink:to="lab_us-gaap_FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AustralianMiningMember_5a7c094d-c019-4b2a-8994-9baf06abf029_terseLabel_en-US" xlink:label="lab_btu_AustralianMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australian Mining </link:label>

<link:label id="lab_btu_AustralianMiningMember_label_en-US" xlink:label="lab_btu_AustralianMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australian Mining [Member] </link:label>

<link:label id="lab_btu_AustralianMiningMember_documentation_en-US" xlink:label="lab_btu_AustralianMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australian Mining. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AustralianMiningMember" xlink:href="btu-20201231.xsd#btu_AustralianMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AustralianMiningMember" xlink:to="lab_btu_AustralianMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_5440552e-b1bc-4b22-a96d-d6dd5050ce6d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share </link:label>

<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:to="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockMember_31d5bf8a-3466-46fb-a715-17d0e720f465_verboseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock </link:label>

<link:label id="lab_us-gaap_TreasuryStockMember_b6e222f7-caeb-494e-95a2-5253b9e82e37_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock </link:label>

<link:label id="lab_us-gaap_TreasuryStockMember_label_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockMember" xlink:to="lab_us-gaap_TreasuryStockMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_6a67e81b-9f9c-48dc-adac-2dd85920b92d_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>

<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_7c553322-04e9-4f11-8fb3-226e2b443eac_terseLabel_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued taxes other than income </link:label>

<link:label id="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_label_en-US" xlink:label="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrual for Taxes Other than Income Taxes, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:to="lab_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_6da3ca56-43e4-43eb-aab8-9d44777d16d9_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation for equity-classified awards </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetirementPlanTypeAxis_306e250b-148d-4aba-acb6-974403749e86_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>

<link:label id="lab_us-gaap_RetirementPlanTypeAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetirementPlanTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeAxis" xlink:to="lab_us-gaap_RetirementPlanTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock_1f392706-f04b-4507-800d-712fa75b9be4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Performance Units Activity </link:label>

<link:label id="lab_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Nonvested Performance-based Units Activity [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockValue_98274679-6328-4662-a5d6-d364ab7ec8ba_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock, at cost — 42.7 and 42.3 common shares as of December 31, 2020 and December 31, 2019 </link:label>

<link:label id="lab_us-gaap_TreasuryStockValue_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValue" xlink:to="lab_us-gaap_TreasuryStockValue" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization_7b5b7ffa-67b0-47fa-91b7-59e31f162548_negatedLabel_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated depreciation </link:label>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization_label_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-Of-Use Asset, Accumulated Amortization </link:label>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization_documentation_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-Of-Use Asset, Accumulated Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:href="btu-20201231.xsd#btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:to="lab_btu_FinanceLeaseRightOfUseAssetAccumulatedAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A6.000SeniorSecuredNotesDue2022Member_64ffbcbf-e308-4e41-8583-c703a4a94cf3_terseLabel_en-US" xlink:label="lab_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.000% Senior Secured Notes due March 2022 </link:label>

<link:label id="lab_btu_A6.000SeniorSecuredNotesDue2022Member_label_en-US" xlink:label="lab_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.000% Senior Secured Notes Due 2022 [Member] </link:label>

<link:label id="lab_btu_A6.000SeniorSecuredNotesDue2022Member_documentation_en-US" xlink:label="lab_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.000% Senior Secured Notes Due 2022 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:href="btu-20201231.xsd#btu_A6.000SeniorSecuredNotesDue2022Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:to="lab_btu_A6.000SeniorSecuredNotesDue2022Member" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PreMedicareMember_b31c9f3c-9f76-42f7-914d-8bf46e68da14_terseLabel_en-US" xlink:label="lab_btu_PreMedicareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-Medicare </link:label>

<link:label id="lab_btu_PreMedicareMember_label_en-US" xlink:label="lab_btu_PreMedicareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-Medicare [Member] </link:label>

<link:label id="lab_btu_PreMedicareMember_documentation_en-US" xlink:label="lab_btu_PreMedicareMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-Medicare [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PreMedicareMember" xlink:href="btu-20201231.xsd#btu_PreMedicareMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PreMedicareMember" xlink:to="lab_btu_PreMedicareMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_c913629b-8122-49ba-b04b-c251350570a1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems_33c1fc00-3020-4ca5-8192-f90294108784_terseLabel_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense and Cash Flow Amounts [Line Items] </link:label>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems_label_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense and Cash Flow Amounts [Line Items] </link:label>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems_documentation_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Share-based Compensation Expense and Cash Flow Amounts [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:href="btu-20201231.xsd#btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:to="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit_35fe882f-b3e2-43e5-936c-b6c7ef25233e_terseLabel_en-US" xlink:label="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity interest percentage of revolving loans limit </link:label>

<link:label id="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit_label_en-US" xlink:label="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Revolving, Equity Interest Percentage Of Loans Limit </link:label>

<link:label id="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit_documentation_en-US" xlink:label="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Revolving, Equity Interest Percentage Of Loans Limit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:href="btu-20201231.xsd#btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:to="lab_btu_FinancingReceivableRevolvingEquityInterestPercentageOfLoansLimit" xlink:type="arc" order="1"/>

<link:label id="lab_btu_InvestmentsAndOtherAssetsMember_a0cc5afd-e240-479b-8879-c1818cc1d2b3_terseLabel_en-US" xlink:label="lab_btu_InvestmentsAndOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and other assets </link:label>

<link:label id="lab_btu_InvestmentsAndOtherAssetsMember_label_en-US" xlink:label="lab_btu_InvestmentsAndOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments And Other Assets [Member] </link:label>

<link:label id="lab_btu_InvestmentsAndOtherAssetsMember_documentation_en-US" xlink:label="lab_btu_InvestmentsAndOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments And Other Assets [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_InvestmentsAndOtherAssetsMember" xlink:href="btu-20201231.xsd#btu_InvestmentsAndOtherAssetsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_InvestmentsAndOtherAssetsMember" xlink:to="lab_btu_InvestmentsAndOtherAssetsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_a6254e87-fbfc-41bd-b6a1-c42432d82f4a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_3590e54a-f49b-4a2b-9145-8a34eebec2c3_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Expense and Cash Flows (Table) </link:label>

<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Fairvalueofinterestinjointventure_3e8888a8-c21e-4cee-912f-45ed5e2d4cef_terseLabel_en-US" xlink:label="lab_btu_Fairvalueofinterestinjointventure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of interest in joint venture </link:label>

<link:label id="lab_btu_Fairvalueofinterestinjointventure_label_en-US" xlink:label="lab_btu_Fairvalueofinterestinjointventure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of interest in joint venture </link:label>

<link:label id="lab_btu_Fairvalueofinterestinjointventure_documentation_en-US" xlink:label="lab_btu_Fairvalueofinterestinjointventure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of interest in joint venture </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Fairvalueofinterestinjointventure" xlink:href="btu-20201231.xsd#btu_Fairvalueofinterestinjointventure"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Fairvalueofinterestinjointventure" xlink:to="lab_btu_Fairvalueofinterestinjointventure" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_6699850b-46cf-47a7-bd0b-bcc42f2ee154_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>

<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_41925cf4-6041-4a8f-b545-ae442b87b9e9_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted EPS attributable to common stockholders: </link:label>

<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SecuredDebtMember_363d7739-c6dd-45a5-8b29-ce2bce9ac3b2_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Debt </link:label>

<link:label id="lab_us-gaap_SecuredDebtMember_label_en-US" xlink:label="lab_us-gaap_SecuredDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Debt [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SecuredDebtMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebtMember" xlink:to="lab_us-gaap_SecuredDebtMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingIncomeLoss_a1959625-0ed2-4612-8437-3b088c116aaa_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating profit (loss) </link:label>

<link:label id="lab_us-gaap_OperatingIncomeLoss_label_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Income (Loss) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingIncomeLoss"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntitySmallBusiness_c3ebbaed-1ee1-4367-91c1-df421784c64b_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>

<link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_f77b555e-e246-4e0e-bf48-77eff01fb035_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Four </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:type="arc" order="1"/>

<link:label id="lab_btu_BusinessAcquisitionPriceofAcquiredEntity_11a6d203-508d-4541-bbbd-7b1b5a48eeb8_verboseLabel_en-US" xlink:label="lab_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customary purchase price adjustments </link:label>

<link:label id="lab_btu_BusinessAcquisitionPriceofAcquiredEntity_label_en-US" xlink:label="lab_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Price of Acquired Entity </link:label>

<link:label id="lab_btu_BusinessAcquisitionPriceofAcquiredEntity_documentation_en-US" xlink:label="lab_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Price of Acquired Entity </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:href="btu-20201231.xsd#btu_BusinessAcquisitionPriceofAcquiredEntity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:to="lab_btu_BusinessAcquisitionPriceofAcquiredEntity" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_b84d384b-282d-4b74-b5c5-01ed1681eb45_verboseLabel_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development </link:label>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_label_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-Of-Use Asset, Before Accumulated Amortization </link:label>

<link:label id="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization_documentation_en-US" xlink:label="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-Of-Use Asset, Before Accumulated Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:href="btu-20201231.xsd#btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:to="lab_btu_FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_2f2f74af-bd0d-4d10-bd7b-6b34025be207_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentDomain_98520344-b4ae-41b8-93e0-c023284efc51_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>

<link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes_4d8cf4a5-bf85-4026-b992-54289be34bc7_terseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of award vesting times </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Times </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Times </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingTimes" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtCovenantTermsDomain_4b83ca6a-03b0-4713-b310-d1117c3b612b_terseLabel_en-US" xlink:label="lab_btu_DebtCovenantTermsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Covenant Terms [Domain] </link:label>

<link:label id="lab_btu_DebtCovenantTermsDomain_label_en-US" xlink:label="lab_btu_DebtCovenantTermsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Covenant Terms [Domain] </link:label>

<link:label id="lab_btu_DebtCovenantTermsDomain_documentation_en-US" xlink:label="lab_btu_DebtCovenantTermsDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Debt Covenant Terms [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtCovenantTermsDomain" xlink:href="btu-20201231.xsd#btu_DebtCovenantTermsDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtCovenantTermsDomain" xlink:to="lab_btu_DebtCovenantTermsDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_2d7f07fc-21ed-466c-ae8f-f4efa39d22e2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>

<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_label_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:to="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareBasic_c3fdfb8e-bb01-4f25-a73b-4e734e6084f2_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasic_9df37bef-85fa-4ce2-a684-7dcc0d0e3de7_totalLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryDisclosureTextBlock_07aa49d3-2abb-4232-b096-a8e3e07f3063_verboseLabel_en-US" xlink:label="lab_us-gaap_InventoryDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_InventoryDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InventoryDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryDisclosureTextBlock" xlink:to="lab_us-gaap_InventoryDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement_1ed99c86-5055-471f-abfd-5601aa4b7ce1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement_21c2b233-93b3-40e5-842a-20a56befcbb2_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment for settlement </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Payment for Settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:type="arc" order="1"/>

<link:label id="lab_dei_AmendmentFlag_9c00df79-c3eb-427f-82d4-4669cb6558a4_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>

<link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SubsequentEventTypeAxis_ff98bd73-6e15-4dd9-9b53-60c2d98f8281_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>

<link:label id="lab_us-gaap_SubsequentEventTypeAxis_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionDomain_ba498fe4-97a7-48b4-b69c-1cfe61b47147_terseLabel_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionDomain_label_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period Of Adoption [Domain] </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionDomain_documentation_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period Of Adoption </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:href="btu-20201231.xsd#btu_CumulativeEffectPeriodOfAdoptionDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:to="lab_btu_CumulativeEffectPeriodOfAdoptionDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_44e33566-c8a1-4df9-b1f4-c1ec3b98db16_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>

<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_6a763c51-9a82-4c29-967a-47dfb9e5cf5a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_ff10a71a-2272-4bde-8f42-b6a921e5bd2a_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>

<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfCoalProductionConsolidated_d4c70c81-eeca-4a47-b2c7-01c3c9ac9057_terseLabel_en-US" xlink:label="lab_btu_PercentageOfCoalProductionConsolidated" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal production generated by hourly employees represented by organized labor unions (in percent) </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionConsolidated_label_en-US" xlink:label="lab_btu_PercentageOfCoalProductionConsolidated" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PercentageOfCoalProductionConsolidated </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionConsolidated_documentation_en-US" xlink:label="lab_btu_PercentageOfCoalProductionConsolidated" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Of Coal Production Generated By Hourly Employees Represented By Organized Labor Unions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfCoalProductionConsolidated" xlink:href="btu-20201231.xsd#btu_PercentageOfCoalProductionConsolidated"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfCoalProductionConsolidated" xlink:to="lab_btu_PercentageOfCoalProductionConsolidated" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RedMountainJointVentureMember_ace0a30f-5ff6-4cc9-9a95-f03ffb3ae341_terseLabel_en-US" xlink:label="lab_btu_RedMountainJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Red Mountain Joint Venture </link:label>

<link:label id="lab_btu_RedMountainJointVentureMember_label_en-US" xlink:label="lab_btu_RedMountainJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Red Mountain Joint Venture [Member] </link:label>

<link:label id="lab_btu_RedMountainJointVentureMember_documentation_en-US" xlink:label="lab_btu_RedMountainJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Red Mountain Joint Venture [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RedMountainJointVentureMember" xlink:href="btu-20201231.xsd#btu_RedMountainJointVentureMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RedMountainJointVentureMember" xlink:to="lab_btu_RedMountainJointVentureMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TypeOfFreshStartAdjustmentDomain_9a865c39-9bed-4b08-8832-e756beb1dd48_terseLabel_en-US" xlink:label="lab_us-gaap_TypeOfFreshStartAdjustmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Type of Fresh-Start Adjustment [Domain] </link:label>

<link:label id="lab_us-gaap_TypeOfFreshStartAdjustmentDomain_label_en-US" xlink:label="lab_us-gaap_TypeOfFreshStartAdjustmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Type of Fresh-Start Adjustment [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TypeOfFreshStartAdjustmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TypeOfFreshStartAdjustmentDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfFreshStartAdjustmentDomain" xlink:to="lab_us-gaap_TypeOfFreshStartAdjustmentDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax_3c332c30-deb0-49f9-be6a-38bcd3807da1_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business acquisition, pro forma, income from continuing operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" xlink:to="lab_us-gaap_BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations_6af6fdfb-b4f1-433e-be0e-ff1bb046e24d_terseLabel_en-US" xlink:label="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase price allocation, asset retirement obligations </link:label>

<link:label id="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations_label_en-US" xlink:label="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Asset Retirement Obligations </link:label>

<link:label id="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations_documentation_en-US" xlink:label="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Asset Retirement Obligations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:href="btu-20201231.xsd#btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:to="lab_btu_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetRetirementObligations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_edb7a89a-6853-4d3b-aeca-d55ab7b550a9_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in current assets and liabilities: </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Operating Capital [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CommonStockVotingRightsPerShare_1c7672c8-ead2-44e1-9b24-ee4532536518_terseLabel_en-US" xlink:label="lab_btu_CommonStockVotingRightsPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of vote per common stock </link:label>

<link:label id="lab_btu_CommonStockVotingRightsPerShare_label_en-US" xlink:label="lab_btu_CommonStockVotingRightsPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Voting Rights, Per Share </link:label>

<link:label id="lab_btu_CommonStockVotingRightsPerShare_documentation_en-US" xlink:label="lab_btu_CommonStockVotingRightsPerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Voting Rights, Per Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CommonStockVotingRightsPerShare" xlink:href="btu-20201231.xsd#btu_CommonStockVotingRightsPerShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CommonStockVotingRightsPerShare" xlink:to="lab_btu_CommonStockVotingRightsPerShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InterestExpense_eb37be6f-2e83-491b-87fc-67d35b621ad3_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>

<link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InterestExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesNoncurrent_f164c06d-5b15-482e-8b40-8f79a3f10a52_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, noncurrent liabilities </link:label>

<link:label id="lab_us-gaap_LiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_LiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesNoncurrent" xlink:to="lab_us-gaap_LiabilitiesNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementClassOfStockAxis_34cb8440-168d-4cbb-9fec-80a970d1cb01_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>

<link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PlanNameDomain_b8521d59-ff04-46ec-9f0e-fbd36ee7b64c_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>

<link:label id="lab_us-gaap_PlanNameDomain_label_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain" xlink:to="lab_us-gaap_PlanNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits_8807027f-d04b-4cbf-808a-6dd75705f68b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued postretirement benefit obligations </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_8915215e-0147-48b0-aee8-f34758293c37_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TermLoanMember_af0d490c-475a-4a26-aeb6-182a35e3b0dd_terseLabel_en-US" xlink:label="lab_btu_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan </link:label>

<link:label id="lab_btu_TermLoanMember_label_en-US" xlink:label="lab_btu_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan [Member] </link:label>

<link:label id="lab_btu_TermLoanMember_documentation_en-US" xlink:label="lab_btu_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TermLoanMember" xlink:href="btu-20201231.xsd#btu_TermLoanMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TermLoanMember" xlink:to="lab_btu_TermLoanMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UseOfEstimates_05da9d57-d36d-4d58-8b4d-e947aa28c587_verboseLabel_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Use of Estimates in the Preparation of the Consolidated Financial Statements </link:label>

<link:label id="lab_us-gaap_UseOfEstimates_label_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Use of Estimates, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UseOfEstimates" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UseOfEstimates"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfUsMinesRepresentedByUnions_133169fa-535a-4647-a618-2ae51384827b_terseLabel_en-US" xlink:label="lab_btu_NumberOfUsMinesRepresentedByUnions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of us mines represented by unions </link:label>

<link:label id="lab_btu_NumberOfUsMinesRepresentedByUnions_label_en-US" xlink:label="lab_btu_NumberOfUsMinesRepresentedByUnions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of US Mines Represented by Unions </link:label>

<link:label id="lab_btu_NumberOfUsMinesRepresentedByUnions_documentation_en-US" xlink:label="lab_btu_NumberOfUsMinesRepresentedByUnions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of US Mines Represented by Unions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfUsMinesRepresentedByUnions" xlink:href="btu-20201231.xsd#btu_NumberOfUsMinesRepresentedByUnions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfUsMinesRepresentedByUnions" xlink:to="lab_btu_NumberOfUsMinesRepresentedByUnions" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeductibleAmount_79c9de4e-a3e2-41da-a5b5-cef9a0666ec2_terseLabel_en-US" xlink:label="lab_btu_DeductibleAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deductible amount </link:label>

<link:label id="lab_btu_DeductibleAmount_label_en-US" xlink:label="lab_btu_DeductibleAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deductible Amount </link:label>

<link:label id="lab_btu_DeductibleAmount_documentation_en-US" xlink:label="lab_btu_DeductibleAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deductible Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeductibleAmount" xlink:href="btu-20201231.xsd#btu_DeductibleAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeductibleAmount" xlink:to="lab_btu_DeductibleAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears_461fe79a-e171-48a1-b6f8-195095941f71_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total thereafter </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Beyond Five Years </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Beyond Five Years </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseBeyondFiveYears" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements_cbeb5894-4117-471a-98be-a45a8b87794e_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal supply agreements </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements_label_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities Coal Supply Agreements </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements_documentation_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities Coal Supply Agreements </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:href="btu-20201231.xsd#btu_DeferredTaxLiabilitiesCoalSupplyAgreements"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:to="lab_btu_DeferredTaxLiabilitiesCoalSupplyAgreements" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsNetClassificationAbstract_90482da3-6ad7-4ca8-9edd-e9b26ca08750_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetClassificationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred taxes are classified as follows: </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsNetClassificationAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetClassificationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance, Classification [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNetClassificationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsNetClassificationAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNetClassificationAbstract" xlink:to="lab_us-gaap_DeferredTaxAssetsNetClassificationAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember_1504744c-c140-4717-b42d-7b0778d394ef_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax valuation allowances </link:label>

<link:label id="lab_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember_label_en-US" xlink:label="lab_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:to="lab_us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_daa89b1d-0ef6-441b-bf4b-39e17606762e_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected volatility </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_3440085f-bfc4-4226-9f0d-d3de4d43d336_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net financial asset (liability) </link:label>

<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets (Liabilities), at Fair Value, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:to="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_4d7c9745-ae53-42a3-a278-f7d048fcb461_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations </link:label>

<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet_25763f76-3ec7-4749-9b52-6cd586c026b5_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, operating loss carryforwards, domestic, net </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet_label_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Net </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet_documentation_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Domestic, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:href="btu-20201231.xsd#btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:to="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsDomesticNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities_1f2cff56-bb9c-49d6-9741-37c0a981fc75_terseLabel_en-US" xlink:label="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in accrued expenses related to capital expenditures </link:label>

<link:label id="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities_label_en-US" xlink:label="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decease) In Accrued Liabilities Related To Capital Expenditures, Investing Activities </link:label>

<link:label id="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities_documentation_en-US" xlink:label="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decease) In Accrued Liabilities Related To Capital Expenditures, Investing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:href="btu-20201231.xsd#btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:to="lab_btu_IncreaseDeceaseInAccruedLiabilitiesRelatedToCapitalExpendituresInvestingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract_2ee08b94-df3f-4c67-a1d3-81259b48db9a_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payment, Due [Abstract] </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payment, Due [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract" xlink:to="lab_us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AccountsReceivablePaymentTerm_66128e70-2457-498d-b2f3-1a04ca4cc990_terseLabel_en-US" xlink:label="lab_btu_AccountsReceivablePaymentTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, payment term </link:label>

<link:label id="lab_btu_AccountsReceivablePaymentTerm_label_en-US" xlink:label="lab_btu_AccountsReceivablePaymentTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Payment Term </link:label>

<link:label id="lab_btu_AccountsReceivablePaymentTerm_documentation_en-US" xlink:label="lab_btu_AccountsReceivablePaymentTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Payment Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AccountsReceivablePaymentTerm" xlink:href="btu-20201231.xsd#btu_AccountsReceivablePaymentTerm"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AccountsReceivablePaymentTerm" xlink:to="lab_btu_AccountsReceivablePaymentTerm" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate_a12841f9-5cbe-442f-809a-0c051a65e09f_terseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award settlement period after grant date </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Award Settlement Period After Grant Date </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Award Settlement Period After Grant Date </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardSettlementPeriodAfterGrantDate" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties_30ef9274-5ab8-4fb5-9044-6e5bace03d18_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, percentage of Participating Sureties </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Percentage Of Participating Sureties </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Percentage Of Participating Sureties </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsPercentageOfParticipatingSureties" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember_135840ee-475c-439d-9d7f-ba2b5480d304_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LIBOR </link:label>

<link:label id="lab_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) Swap Rate [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LondonInterbankOfferedRateLiborSwapRateMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLiborSwapRateMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAssetRetirementObligations_f94b60c4-ba08-4944-8af9-6982af8b815b_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAssetRetirementObligations_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Asset Retirement Obligations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAssetRetirementObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInAssetRetirementObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAssetRetirementObligations" xlink:to="lab_us-gaap_IncreaseDecreaseInAssetRetirementObligations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_d60d2858-90dc-4d4d-badf-38c49d7b8a78_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Net (loss) income attributable to noncontrolling interests </link:label>

<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_80abc88c-11d7-4eae-8266-741c697e3c1d_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total recorded in “Accumulated other comprehensive income” </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_9a39b906-2201-474f-9f8b-9640c905332f_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives </link:label>

<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativesPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesAdjustments_c0a5e0c5-33dc-412f-94fd-e544f80a9d22_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesAdjustments_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesAdjustments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesAdjustments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesAdjustments" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesAdjustments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetsCurrent_f33a1a67-0e6b-4655-b659-0803f01a13d1_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current assets </link:label>

<link:label id="lab_us-gaap_AssetsCurrent_72c2b57b-3d0f-4d80-ba1e-d1af7f47cedb_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, current assets </link:label>

<link:label id="lab_us-gaap_AssetsCurrent_label_en-US" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetsCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_a1fa817b-2309-4a01-92ca-dd33bc537bde_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant revenues from discontinued operations </link:label>

<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Revenue </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_2927989a-dc77-477e-b2df-1be19de9bebc_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participant contributions </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_7e421d27-4cf9-4f63-b84d-d07bfa50baa8_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in cash, cash equivalents and restricted cash </link:label>

<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetIncomeLoss_c6aa0ec6-b529-4cfc-96cf-2248ab85f10b_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (loss) attributable to common stockholders </link:label>

<link:label id="lab_us-gaap_NetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Parent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetIncomeLoss"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025_808f20e7-b44b-45bc-b8f2-0159e131276d_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, additional collateral to be posted per year through 2024 </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral To Be Posted Per Year Through 2025 </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral To Be Posted Per Year Through 2025 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralToBePostedPerYearThrough2025" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfCoalProductionUS_e34bdf4d-3149-4c1f-bd6a-dfc13bbb1e1e_terseLabel_en-US" xlink:label="lab_btu_PercentageOfCoalProductionUS" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal production generated by hourly employees (in percent) </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionUS_label_en-US" xlink:label="lab_btu_PercentageOfCoalProductionUS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PercentageOfCoalProductionUS </link:label>

<link:label id="lab_btu_PercentageOfCoalProductionUS_documentation_en-US" xlink:label="lab_btu_PercentageOfCoalProductionUS" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of coal production generated by hourly employees in the U.S. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfCoalProductionUS" xlink:href="btu-20201231.xsd#btu_PercentageOfCoalProductionUS"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfCoalProductionUS" xlink:to="lab_btu_PercentageOfCoalProductionUS" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShortTermInvestmentsMember_014b962c-cc87-4b00-afc1-2a74397325cd_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash funds </link:label>

<link:label id="lab_us-gaap_ShortTermInvestmentsMember_label_en-US" xlink:label="lab_us-gaap_ShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Investments [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermInvestmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShortTermInvestmentsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermInvestmentsMember" xlink:to="lab_us-gaap_ShortTermInvestmentsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetsCurrentAbstract_ebbdca61-b2e2-42f1-a892-f96fb61f31ed_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current assets </link:label>

<link:label id="lab_us-gaap_AssetsCurrentAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Current [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetsCurrentAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrentAbstract" xlink:to="lab_us-gaap_AssetsCurrentAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SuretyBondMember_0b1d5d43-4411-4f18-a3aa-fcec76996530_terseLabel_en-US" xlink:label="lab_us-gaap_SuretyBondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bond </link:label>

<link:label id="lab_us-gaap_SuretyBondMember_label_en-US" xlink:label="lab_us-gaap_SuretyBondMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bond [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SuretyBondMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SuretyBondMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SuretyBondMember" xlink:to="lab_us-gaap_SuretyBondMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlement_96627e1b-2497-48dc-87d8-5acdadc794d0_terseLabel_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement </link:label>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlement_label_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement </link:label>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlement_documentation_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Receivableforadditionalconsiderationonsettlement" xlink:href="btu-20201231.xsd#btu_Receivableforadditionalconsiderationonsettlement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Receivableforadditionalconsiderationonsettlement" xlink:to="lab_btu_Receivableforadditionalconsiderationonsettlement" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LeasesAbstract_fbeeabcc-97d3-49d5-ab79-fbc69514280b_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>

<link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeasesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAbstract" xlink:to="lab_us-gaap_LeasesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MineralRights_cf66a1b8-bc58-4a47-829f-50d7d826d4a8_terseLabel_en-US" xlink:label="lab_us-gaap_MineralRights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mineral rights and advanced royalties </link:label>

<link:label id="lab_us-gaap_MineralRights_label_en-US" xlink:label="lab_us-gaap_MineralRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mineral Rights </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MineralRights" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MineralRights"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MineralRights" xlink:to="lab_us-gaap_MineralRights" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReceivablesNetCurrent_0761a9a1-c01f-427a-9ba6-c3bf7cb8b71c_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade receivables, net </link:label>

<link:label id="lab_us-gaap_ReceivablesNetCurrent_label_en-US" xlink:label="lab_us-gaap_ReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables, Net, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReceivablesNetCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesNetCurrent" xlink:to="lab_us-gaap_ReceivablesNetCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentAxis_8da260c4-1e26-4edb-9487-5e197de0ffbf_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentCovenantLeverageRatio_63b4498b-365f-4b84-a2f8-10c41503d774_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantLeverageRatio_label_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Leverage Ratio </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantLeverageRatio_documentation_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLeverageRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Leverage Ratio </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentCovenantLeverageRatio" xlink:href="btu-20201231.xsd#btu_DebtInstrumentCovenantLeverageRatio"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentCovenantLeverageRatio" xlink:to="lab_btu_DebtInstrumentCovenantLeverageRatio" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationCurrent_64c103e7-66d8-4db4-aad6-bfef7cc8c5e6_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationCurrent_f401a81e-066f-4645-8288-0a3378723e0e_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Current portion (included in “Accounts payable and accrued expenses”) </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationCurrent_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationCurrent" xlink:to="lab_us-gaap_AssetRetirementObligationCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_60994db6-e110-4a59-9670-0590dc330d2f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>

<link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativesAndFairValueTextBlock_8f3075be-a59c-4441-aed7-276fc730036e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesAndFairValueTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives and Fair Value </link:label>

<link:label id="lab_us-gaap_DerivativesAndFairValueTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesAndFairValueTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives and Fair Value [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesAndFairValueTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativesAndFairValueTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesAndFairValueTextBlock" xlink:to="lab_us-gaap_DerivativesAndFairValueTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow_2ad13d08-4395-418f-a2e3-91ca80b55b4f_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory principal prepayment, percent of excess cash flow </link:label>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow_label_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Mandatory Principal Prepayment, Percent Of Excess Cash Flow </link:label>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow_documentation_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Principal Prepayment, Percent Of Excess Cash Flow </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:href="btu-20201231.xsd#btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:to="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentPercentOfExcessCashFlow" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MineLocationAxis_652be37b-2700-4792-8c88-2509e7d3e809_terseLabel_en-US" xlink:label="lab_btu_MineLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Location [Axis] </link:label>

<link:label id="lab_btu_MineLocationAxis_label_en-US" xlink:label="lab_btu_MineLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Location [Axis] </link:label>

<link:label id="lab_btu_MineLocationAxis_documentation_en-US" xlink:label="lab_btu_MineLocationAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Location [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MineLocationAxis" xlink:href="btu-20201231.xsd#btu_MineLocationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MineLocationAxis" xlink:to="lab_btu_MineLocationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoalTradingMember_672f984e-ed7c-451c-8893-577c001a13d0_terseLabel_en-US" xlink:label="lab_btu_CoalTradingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Trading </link:label>

<link:label id="lab_btu_CoalTradingMember_label_en-US" xlink:label="lab_btu_CoalTradingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Trading [Member] </link:label>

<link:label id="lab_btu_CoalTradingMember_documentation_en-US" xlink:label="lab_btu_CoalTradingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Trading [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoalTradingMember" xlink:href="btu-20201231.xsd#btu_CoalTradingMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoalTradingMember" xlink:to="lab_btu_CoalTradingMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_9eef9d17-f73a-45c8-843a-ef347045c250_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_srt_StatementScenarioAxis_7dfa9540-867a-417f-9d92-29cb35baaf79_terseLabel_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>

<link:label id="lab_srt_StatementScenarioAxis_label_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_StatementScenarioAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementScenarioAxis" xlink:to="lab_srt_StatementScenarioAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_c5a9cf60-db59-43f8-9742-a656d210c4e9_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Payable and Accrued Liabilities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfEarningsPerShareTable_38de38a5-5b76-440d-9c31-3da59274b7b8_terseLabel_en-US" xlink:label="lab_btu_ScheduleOfEarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share [Table] </link:label>

<link:label id="lab_btu_ScheduleOfEarningsPerShareTable_label_en-US" xlink:label="lab_btu_ScheduleOfEarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share [Table] </link:label>

<link:label id="lab_btu_ScheduleOfEarningsPerShareTable_documentation_en-US" xlink:label="lab_btu_ScheduleOfEarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfEarningsPerShareTable" xlink:href="btu-20201231.xsd#btu_ScheduleOfEarningsPerShareTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfEarningsPerShareTable" xlink:to="lab_btu_ScheduleOfEarningsPerShareTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_7153ec87-371c-43b2-8e85-7dcaa75cd93e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Benefits Paid </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount_7cd0749b-596c-4c29-9a57-49566e1f1916_terseLabel_en-US" xlink:label="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum annual production of federal coal mining leases on original amount </link:label>

<link:label id="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount_label_en-US" xlink:label="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Annual Production Of Federal Coal Mining Leases On Original Amount </link:label>

<link:label id="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount_documentation_en-US" xlink:label="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum Annual Production Of Coal Mining Leases On Original Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:href="btu-20201231.xsd#btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:to="lab_btu_MinimumAnnualProductionOfFederalCoalMiningLeasesOnOriginalAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherAccruedLiabilitiesCurrent_a452593e-2964-4534-b8be-9ecabb084881_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other accrued expenses </link:label>

<link:label id="lab_us-gaap_OtherAccruedLiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Accrued Liabilities, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_OtherAccruedLiabilitiesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LetterOfCreditMember_a9a6475d-43c5-4d99-8f7d-1f587ec2461b_terseLabel_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letter of Credit </link:label>

<link:label id="lab_us-gaap_LetterOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letter of Credit [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LetterOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LetterOfCreditMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LetterOfCreditMember" xlink:to="lab_us-gaap_LetterOfCreditMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WamboMineMember_d06d8c01-7ab1-4d88-8dae-831fca746765_terseLabel_en-US" xlink:label="lab_btu_WamboMineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo Mine </link:label>

<link:label id="lab_btu_WamboMineMember_label_en-US" xlink:label="lab_btu_WamboMineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo Mine [Member] </link:label>

<link:label id="lab_btu_WamboMineMember_documentation_en-US" xlink:label="lab_btu_WamboMineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WamboMineMember" xlink:href="btu-20201231.xsd#btu_WamboMineMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WamboMineMember" xlink:to="lab_btu_WamboMineMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_e1354677-2ef6-4ad2-ba63-89735e3096cd_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 and thereafter </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due after Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_a91706ac-d037-46e7-b5ce-5db169148c66_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets at beginning of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_e76f20ea-9873-43a2-9718-ac3a9533aa90_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets at end of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_b0645f0f-f8ad-4da4-a4c0-572948eaebba_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined benefit plan, assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_ea0d4b12-9d6c-4e3a-bb6b-bc9d9d70ee7e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Payment for Settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanSettlementsPlanAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_0ff202e7-6518-479b-9125-5d185d00324a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) </link:label>

<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BuildingAndBuildingImprovementsMember_7db5b55f-666f-4c28-aee3-a7074d4fca44_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingAndBuildingImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Buildings and improvements </link:label>

<link:label id="lab_us-gaap_BuildingAndBuildingImprovementsMember_label_en-US" xlink:label="lab_us-gaap_BuildingAndBuildingImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Building and Building Improvements [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingAndBuildingImprovementsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BuildingAndBuildingImprovementsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingAndBuildingImprovementsMember" xlink:to="lab_us-gaap_BuildingAndBuildingImprovementsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_dca971c7-d883-4a7c-90d6-e2641632122a_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable Type [Axis] </link:label>

<link:label id="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_label_en-US" xlink:label="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:to="lab_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_62da1dbc-bb11-4562-b266-e23b83b8c882_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities, less current portion </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_e61aa072-e98e-4657-a205-b3e3ff4972c1_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities, less current portion </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseLiabilityNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:to="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_0d18c6e3-74c1-4876-978a-16765b6c5e96_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, shares authorized (in shares) </link:label>

<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Authorized </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease_f8b78dd2-b6b9-4ef2-af1c-cae2b9465cd6_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefits, period increase (decrease) </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Period Increase (Decrease) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_d2abdfd0-cf12-43ea-87d2-729389143627_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement </link:label>

<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MetallurgicalCoalMember_975f86ea-8c08-4c10-88fd-6001ad9653a0_terseLabel_en-US" xlink:label="lab_btu_MetallurgicalCoalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metallurgical coal </link:label>

<link:label id="lab_btu_MetallurgicalCoalMember_label_en-US" xlink:label="lab_btu_MetallurgicalCoalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metallurgical Coal [Member] </link:label>

<link:label id="lab_btu_MetallurgicalCoalMember_documentation_en-US" xlink:label="lab_btu_MetallurgicalCoalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metallurgical Coal [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MetallurgicalCoalMember" xlink:href="btu-20201231.xsd#btu_MetallurgicalCoalMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MetallurgicalCoalMember" xlink:to="lab_btu_MetallurgicalCoalMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_84292e7e-31c5-4d51-a747-d930fa969d02_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_0bb8e4d6-2203-4ecc-9bc1-10a6ffee452a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping </link:label>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeLiabilities_da14b768-6a41-44a7-8ae0-f76422be18bc_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net derivative liabilities and margin as classified in the balance sheets </link:label>

<link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsGrossAbstract_f113ff24-cc7d-45de-a16a-0216dffeb399_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGrossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets: </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsGrossAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGrossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Gross [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGrossAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsGrossAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGrossAbstract" xlink:to="lab_us-gaap_DeferredTaxAssetsGrossAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_srt_LitigationCaseTypeDomain_1aef3ab4-d6ff-44f9-9578-d90a9dce4131_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>

<link:label id="lab_srt_LitigationCaseTypeDomain_label_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseTypeDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_LitigationCaseTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseTypeDomain" xlink:to="lab_srt_LitigationCaseTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CapitalAdditionsMember_4c76818b-acb2-4d61-bc61-3aab298b24f1_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalAdditionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Additions </link:label>

<link:label id="lab_us-gaap_CapitalAdditionsMember_label_en-US" xlink:label="lab_us-gaap_CapitalAdditionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Addition Purchase Commitments [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalAdditionsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CapitalAdditionsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalAdditionsMember" xlink:to="lab_us-gaap_CapitalAdditionsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_69cf7d96-96e8-4ce4-bcb2-71baccecdcfc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurements, Recurring </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementsRecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementsRecurringMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsRecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsRecurringMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_65e78a66-adc2-4524-b764-7a0d50c751d6_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, allowance for credit losses, current </link:label>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FederalCoalLeaseExpenditure_783ba4e7-5c88-4461-b82c-8686fc2da8bf_negatedTerseLabel_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditure" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal coal lease expenditures </link:label>

<link:label id="lab_btu_FederalCoalLeaseExpenditure_label_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Coal Lease Expenditure </link:label>

<link:label id="lab_btu_FederalCoalLeaseExpenditure_documentation_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Coal Lease Expenditure </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FederalCoalLeaseExpenditure" xlink:href="btu-20201231.xsd#btu_FederalCoalLeaseExpenditure"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FederalCoalLeaseExpenditure" xlink:to="lab_btu_FederalCoalLeaseExpenditure" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember_607697bd-db94-4126-b520-54737d9b828e_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior Service Credit (Cost) Associated with Postretirement Plans </link:label>

<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_3d0706a8-917a-40ee-89d5-4d73eedc67ce_verboseLabel_en-US" xlink:label="lab_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation and Qualifying Accounts </link:label>

<link:label id="lab_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:to="lab_srt_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare_5df38fc7-87b4-4f18-aa18-d7d7fe5165d4_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock acquired, average cost (in dollars per share) </link:label>

<link:label id="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare_label_en-US" xlink:label="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock Acquired, Average Cost Per Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:to="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_84edaec5-24a5-4213-95c2-c8ec76c033a0_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent asset (included in “Investments and other assets”) </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets for Plan Benefits, Defined Benefit Plan </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DividendsCommonStockCash_9a8832f5-9922-4e07-972a-5f9b9f57e98c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared </link:label>

<link:label id="lab_us-gaap_DividendsCommonStockCash_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock, Cash </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStockCash" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DividendsCommonStockCash"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStockCash" xlink:to="lab_us-gaap_DividendsCommonStockCash" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties_c12ab5cb-13ba-4205-a14e-0346c744a8ab_terseLabel_en-US" xlink:label="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease obligation, assumed amount recoverable from third parties </link:label>

<link:label id="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties_label_en-US" xlink:label="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Obligation, Assumed Amount Recoverable from Third Parties </link:label>

<link:label id="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties_documentation_en-US" xlink:label="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Obligation, Assumed Amount Recoverable from Third Parties </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:href="btu-20201231.xsd#btu_LeaseObligationAssumedAmountRecoverablefromThirdParties"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:to="lab_btu_LeaseObligationAssumedAmountRecoverablefromThirdParties" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_9dbe183e-c561-4ffb-ad23-51c74cd9b9f7_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded unconditional purchase obligation (within next five years) </link:label>

<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MaterialAndSuppliesMember_0d9d25c0-cba7-472e-8324-bf748a38be50_terseLabel_en-US" xlink:label="lab_btu_MaterialAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Material And Supplies </link:label>

<link:label id="lab_btu_MaterialAndSuppliesMember_label_en-US" xlink:label="lab_btu_MaterialAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Material And Supplies [Member] </link:label>

<link:label id="lab_btu_MaterialAndSuppliesMember_documentation_en-US" xlink:label="lab_btu_MaterialAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Material And Supplies </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MaterialAndSuppliesMember" xlink:href="btu-20201231.xsd#btu_MaterialAndSuppliesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MaterialAndSuppliesMember" xlink:to="lab_btu_MaterialAndSuppliesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ClassOfStockLineItems_aef3d004-2bfb-4cae-9c22-c437924dac3c_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Line Items] </link:label>

<link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ClassOfStockLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_251e2f36-3656-4fc7-aa0c-e66769c0483d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_7b3a3ab8-e58c-40ff-9678-7acd38c2fccb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>

<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock_eae7be3a-85e7-4596-a0b4-1066c49e094e_verboseLabel_en-US" xlink:label="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations </link:label>

<link:label id="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock_label_en-US" xlink:label="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation Of Adjusted Ebitda To Consolidated Income From Continuing Operations Net Of Income Taxes [Table Text Block] </link:label>

<link:label id="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock_documentation_en-US" xlink:label="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation Of Adjusted Ebitda To Consolidated Income From Continuing Operations Net Of Income Taxes. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:href="btu-20201231.xsd#btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:to="lab_btu_ReconciliationOfAdjustedEbitdaToConsolidatedIncomeFromContinuingOperationsNetOfIncomeTaxesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_0c3d1110-3a40-40d7-8751-3299589c241e_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income </link:label>

<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent_52862b80-d96a-4cf7-9107-60ab6bb62e86_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current portion of long-term debt </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent_966796c0-0037-466b-ae53-9b21abafb879_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Current portion of long-term debt </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent_label_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt and Lease Obligation, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:to="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent_d738290f-2747-4d6c-8c95-eb3d9136c232_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued postretirement benefit costs </link:label>

<link:label id="lab_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Other Postretirement Defined Benefit Plan, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_a0b1c9a6-1bb2-49b5-baf2-2fd42082d602_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variation margin (held) posted on derivative assets </link:label>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Amount Offset Against Collateral </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock_f49c13dc-bc22-4017-b245-b7963bf3fdd9_verboseLabel_en-US" xlink:label="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Accounts Payable And Accrued Liabilities Current [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts Payable And Accrued Liabilities Current. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:to="lab_btu_ScheduleOfAccountsPayableAndAccruedLiabilitiesCurrentTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_4f1bd3f4-4ef8-450a-8deb-e7c96e3c1ccd_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryLineItems_c31be0d7-f37b-4c7f-82d0-46bc07471ea4_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory [Line Items] </link:label>

<link:label id="lab_us-gaap_InventoryLineItems_label_en-US" xlink:label="lab_us-gaap_InventoryLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryLineItems" xlink:to="lab_us-gaap_InventoryLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AccruedHealthCare_a62dd8da-122b-4f65-8ce9-1230f2ab2b08_verboseLabel_en-US" xlink:label="lab_btu_AccruedHealthCare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued health care insurance </link:label>

<link:label id="lab_btu_AccruedHealthCare_label_en-US" xlink:label="lab_btu_AccruedHealthCare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued health care </link:label>

<link:label id="lab_btu_AccruedHealthCare_documentation_en-US" xlink:label="lab_btu_AccruedHealthCare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued health care. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AccruedHealthCare" xlink:href="btu-20201231.xsd#btu_AccruedHealthCare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AccruedHealthCare" xlink:to="lab_btu_AccruedHealthCare" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis_2ff23cb6-79b0-4cb6-a08d-c2cce9f240b3_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liability By Major Class [Axis] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liability By Major Class [Axis] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liability By Major Class [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilityByMajorClassAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:to="lab_btu_FiniteLivedIntangibleLiabilityByMajorClassAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetImpairmentChargesTextBlock_870c173e-4ce1-4b94-b3f0-873e61f255c8_terseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentChargesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Impairment </link:label>

<link:label id="lab_us-gaap_AssetImpairmentChargesTextBlock_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentChargesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Impairment Charges [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetImpairmentChargesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetImpairmentChargesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentChargesTextBlock" xlink:to="lab_us-gaap_AssetImpairmentChargesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_f02946cd-3c34-4e0a-a588-2b07004ee356_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EPS numerator: </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_8ff4205b-1d25-4f5e-b5ee-d42377d42667_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding_f871dc8f-098d-4e3c-bb27-714dca521e2c_negatedTerseLabel_en-US" xlink:label="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase of employee common stock relinquished for tax withholding </link:label>

<link:label id="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding_label_en-US" xlink:label="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments For Repurchase Of Common Stock Relinquished For Tax Withholding </link:label>

<link:label id="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding_documentation_en-US" xlink:label="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of common stock relinquished for tax withholding. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:href="btu-20201231.xsd#btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:to="lab_btu_PaymentsForRepurchaseOfCommonStockRelinquishedForTaxWithholding" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_acb7e667-3773-4ffb-9832-98db2b9896de_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of changes in the fair value of the Master Trust's Level 3 investments </link:label>

<link:label id="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_dd0b3e9a-b8f4-4e4f-8cd7-faed20a081fe_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>

<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Foreign Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CurrentForeignTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_19f77730-6a00-4d86-aae1-93a4c722418a_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted earnings per share from continuing operations (dollars per share) </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Share, Diluted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:to="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareDiluted" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_3a2886ae-f4e2-41d6-a3d1-fef9d0ce4a47_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State income taxes, net of federal tax benefit </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour_d17453ab-0eaf-48d2-8f7e-c725cb2c1ac3_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Four </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Four </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFour" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MineCarryingValueMember_585bacf1-e062-45ea-85a9-9def97c0e0ee_terseLabel_en-US" xlink:label="lab_btu_MineCarryingValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Carrying Value </link:label>

<link:label id="lab_btu_MineCarryingValueMember_label_en-US" xlink:label="lab_btu_MineCarryingValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Carrying Value [Member] </link:label>

<link:label id="lab_btu_MineCarryingValueMember_documentation_en-US" xlink:label="lab_btu_MineCarryingValueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Carrying Value [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MineCarryingValueMember" xlink:href="btu-20201231.xsd#btu_MineCarryingValueMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MineCarryingValueMember" xlink:to="lab_btu_MineCarryingValueMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ContractWithCustomerLiability_94c7385a-96c2-4545-877d-fe9471554ea2_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with customer, liability </link:label>

<link:label id="lab_us-gaap_ContractWithCustomerLiability_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractWithCustomerLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerLiability" xlink:to="lab_us-gaap_ContractWithCustomerLiability" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems_8a03b25d-19d7-4c5f-996a-afdea18b5577_terseLabel_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits [Line Items] </link:label>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems_label_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits [Line Items] </link:label>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems_documentation_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Reconciliation of Unrecognized Tax Benefits [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:href="btu-20201231.xsd#btu_ReconciliationofUnrecognizedTaxBenefitsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:to="lab_btu_ReconciliationofUnrecognizedTaxBenefitsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_2d95aa11-ba97-4432-98e3-11360ce28f47_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantee Obligations [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:to="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AssetRetirementObligationClosedOrInactiveLocations_885c56bc-41cf-4ce3-8e3e-2affa7cc2c8d_verboseLabel_en-US" xlink:label="lab_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period — closed or inactive locations </link:label>

<link:label id="lab_btu_AssetRetirementObligationClosedOrInactiveLocations_label_en-US" xlink:label="lab_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Closed Or Inactive Locations </link:label>

<link:label id="lab_btu_AssetRetirementObligationClosedOrInactiveLocations_documentation_en-US" xlink:label="lab_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Closed or Inactive Locations. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:href="btu-20201231.xsd#btu_AssetRetirementObligationClosedOrInactiveLocations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:to="lab_btu_AssetRetirementObligationClosedOrInactiveLocations" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A2017RevolverMember_dca5fdcb-ea5e-44d1-8534-eda106f02be4_terseLabel_en-US" xlink:label="lab_btu_A2017RevolverMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Revolver </link:label>

<link:label id="lab_btu_A2017RevolverMember_label_en-US" xlink:label="lab_btu_A2017RevolverMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Revolver [Member] </link:label>

<link:label id="lab_btu_A2017RevolverMember_documentation_en-US" xlink:label="lab_btu_A2017RevolverMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Revolver [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A2017RevolverMember" xlink:href="btu-20201231.xsd#btu_A2017RevolverMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A2017RevolverMember" xlink:to="lab_btu_A2017RevolverMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_e7810bb9-9298-44f3-b0c9-5daad4554e4f_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows From Investing Activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_d6b3cb0d-c7a4-422b-af71-e0b57beef801_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by continuing operations </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities, Continuing Operations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_5beff2d0-fe2f-410e-a155-edd353b04880_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares authorized (in shares) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_48a0b49e-5ba3-4202-99e3-1dd1f8230e2a_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost for benefits earned </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_0f57b59a-e625-4a17-a94b-f967723e8ae4_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Service Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanServiceCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:to="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_d649bdf7-02fc-4717-a34e-2770047b2d1d_terseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument </link:label>

<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_label_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DesignatedAsHedgingInstrumentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:to="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_6c155294-5d53-4d96-9eaa-a90b20b07f18_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance proceeds attributable to North Goonyella equipment losses </link:label>

<link:label id="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Insurance Settlement, Investing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromInsuranceSettlementInvestingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:to="lab_us-gaap_ProceedsFromInsuranceSettlementInvestingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DtaAndPbgcMember_7929e984-d893-4fd6-be60-600969c4f126_terseLabel_en-US" xlink:label="lab_btu_DtaAndPbgcMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DTA and PBGC </link:label>

<link:label id="lab_btu_DtaAndPbgcMember_label_en-US" xlink:label="lab_btu_DtaAndPbgcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DTA and PBGC [Member] </link:label>

<link:label id="lab_btu_DtaAndPbgcMember_documentation_en-US" xlink:label="lab_btu_DtaAndPbgcMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DTA and PBGC [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DtaAndPbgcMember" xlink:href="btu-20201231.xsd#btu_DtaAndPbgcMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DtaAndPbgcMember" xlink:to="lab_btu_DtaAndPbgcMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RelatedPartyDomain_5c5a91df-fd23-48bb-a78e-33af7e48de73_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Domain] </link:label>

<link:label id="lab_us-gaap_RelatedPartyDomain_label_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_214c0de0-1d2c-406b-8a49-acbe334c4633_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of assets in the Master Trust by category and by fair value valuation hierarchy </link:label>

<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allocation of Plan Assets [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativesFairValueLineItems_9a60386d-d8cd-4e7f-a094-a6f42260ec7c_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Fair Value [Line Items] </link:label>

<link:label id="lab_us-gaap_DerivativesFairValueLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Fair Value [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesFairValueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativesFairValueLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesFairValueLineItems" xlink:to="lab_us-gaap_DerivativesFairValueLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_4e7df3d8-071f-48cd-acc4-1febacfc2ddd_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Contingencies </link:label>

<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Contingencies [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SummaryOfIncomeTaxContingenciesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:to="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherUSThermalMiningMember_67fae782-6f22-49ea-a2ab-187d55453a79_terseLabel_en-US" xlink:label="lab_btu_OtherUSThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other U.S. Thermal Mining </link:label>

<link:label id="lab_btu_OtherUSThermalMiningMember_label_en-US" xlink:label="lab_btu_OtherUSThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other U.S. Thermal Mining [Member] </link:label>

<link:label id="lab_btu_OtherUSThermalMiningMember_documentation_en-US" xlink:label="lab_btu_OtherUSThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other U.S. Thermal Mining </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherUSThermalMiningMember" xlink:href="btu-20201231.xsd#btu_OtherUSThermalMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherUSThermalMiningMember" xlink:to="lab_btu_OtherUSThermalMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_f612dd99-f01b-4daf-9c55-fd9ceedb6ab5_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Accumulated deficit) retained earnings </link:label>

<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConvertiblePreferredStockMember_22336adf-940b-4f1e-a76a-dcb40b7c8498_terseLabel_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock </link:label>

<link:label id="lab_us-gaap_ConvertiblePreferredStockMember_label_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertiblePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConvertiblePreferredStockMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertiblePreferredStockMember" xlink:to="lab_us-gaap_ConvertiblePreferredStockMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_0bc64e77-838b-4366-b90f-81bda257d80e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock repurchases </link:label>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_a904bbd7-6cf4-4dea-bb1a-5f2bbdd25553_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for repurchase of common stock </link:label>

<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of Common Stock </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FederalCoalLeaseExpenditures_0644f33f-a3af-47bf-8232-64162a6572ce_terseLabel_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Coal Lease Expenditures </link:label>

<link:label id="lab_btu_FederalCoalLeaseExpenditures_label_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Coal Lease Expenditures </link:label>

<link:label id="lab_btu_FederalCoalLeaseExpenditures_documentation_en-US" xlink:label="lab_btu_FederalCoalLeaseExpenditures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Coal Lease Expenditures </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FederalCoalLeaseExpenditures" xlink:href="btu-20201231.xsd#btu_FederalCoalLeaseExpenditures"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FederalCoalLeaseExpenditures" xlink:to="lab_btu_FederalCoalLeaseExpenditures" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GeographicDistributionForeignMember_3fbb9baf-9189-4a44-b423-ed79022fe28c_verboseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionForeignMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Export </link:label>

<link:label id="lab_us-gaap_GeographicDistributionForeignMember_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionForeignMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution, Foreign [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionForeignMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GeographicDistributionForeignMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionForeignMember" xlink:to="lab_us-gaap_GeographicDistributionForeignMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AmountcontributedtotheCombinedBenefitFund_aaa5f0d7-d477-4110-92d5-697dc5eacacd_terseLabel_en-US" xlink:label="lab_btu_AmountcontributedtotheCombinedBenefitFund" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount contributed to the combined benefit fund </link:label>

<link:label id="lab_btu_AmountcontributedtotheCombinedBenefitFund_label_en-US" xlink:label="lab_btu_AmountcontributedtotheCombinedBenefitFund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount contributed to the Combined Benefit Fund </link:label>

<link:label id="lab_btu_AmountcontributedtotheCombinedBenefitFund_documentation_en-US" xlink:label="lab_btu_AmountcontributedtotheCombinedBenefitFund" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount contributed to the Combined Benefit Fund </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AmountcontributedtotheCombinedBenefitFund" xlink:href="btu-20201231.xsd#btu_AmountcontributedtotheCombinedBenefitFund"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AmountcontributedtotheCombinedBenefitFund" xlink:to="lab_btu_AmountcontributedtotheCombinedBenefitFund" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_47b59806-ad0c-4733-8dd9-cc48eedd33cc_verboseLabel_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>

<link:label id="lab_us-gaap_RevenueRecognitionPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsAbstract_90c0c586-a65f-4ef6-9ebb-aee3ef174e9c_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations: </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsAbstract" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareDiluted_3efced39-701c-4406-91fe-265dd50267e7_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_EarningsPerShareDiluted_3a0ffe50-2da0-430a-a5dd-91f583b10cea_totalLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareDiluted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet_fd941bbb-4e6d-4907-91e9-b7c9c261ef4d_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, operating loss carryforwards, foreign, net </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet_label_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Net </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet_documentation_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Foreign, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:href="btu-20201231.xsd#btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:to="lab_btu_DeferredTaxAssetsOperatingLossCarryforwardsForeignNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_25b208f8-4679-4c79-86ea-be1553d6229e_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders’ equity </link:label>

<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_e855f864-eb57-408f-8d49-1d8111ff534a_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefits, accrued gross interest and penalties </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TakeOrPayContractsMember_e7c4823b-6274-4dd7-a852-239569355452_terseLabel_en-US" xlink:label="lab_btu_TakeOrPayContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-pay contracts </link:label>

<link:label id="lab_btu_TakeOrPayContractsMember_label_en-US" xlink:label="lab_btu_TakeOrPayContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Contracts [Member] </link:label>

<link:label id="lab_btu_TakeOrPayContractsMember_documentation_en-US" xlink:label="lab_btu_TakeOrPayContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Contracts [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TakeOrPayContractsMember" xlink:href="btu-20201231.xsd#btu_TakeOrPayContractsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TakeOrPayContractsMember" xlink:to="lab_btu_TakeOrPayContractsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_c9d9d28f-c302-429d-b506-8a899208a46b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of net periodic postretirement benefit cost </link:label>

<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_5ba0fc8b-e308-46fa-95b2-fd55cbaa670d_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic pension cost </link:label>

<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfNetBenefitCostsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_f5251995-3cd6-4645-8f88-825404c592f1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reductions for settlements with tax authorities </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SeriesCommonStockMember_e402eee9-fc8f-4942-8c63-8446b5a5702e_terseLabel_en-US" xlink:label="lab_btu_SeriesCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Common Stock </link:label>

<link:label id="lab_btu_SeriesCommonStockMember_label_en-US" xlink:label="lab_btu_SeriesCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Common Stock [Member] </link:label>

<link:label id="lab_btu_SeriesCommonStockMember_documentation_en-US" xlink:label="lab_btu_SeriesCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Common Stock Member. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SeriesCommonStockMember" xlink:href="btu-20201231.xsd#btu_SeriesCommonStockMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SeriesCommonStockMember" xlink:to="lab_btu_SeriesCommonStockMember" xlink:type="arc" order="1"/>

<link:label id="lab_srt_MinimumMember_3bf17270-ccc6-4965-abb5-119dd28d0da1_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum </link:label>

<link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_MinimumMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MinorityInterest_f6f62b56-4500-44b2-9000-642721b1c3dd_verboseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling interests </link:label>

<link:label id="lab_us-gaap_MinorityInterest_label_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MinorityInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterest" xlink:to="lab_us-gaap_MinorityInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_772753f7-3ad2-4b9e-9fe6-563065d29ed6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, operating loss carryforwards, domestic </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Domestic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_63e0d770-9b90-4c73-bdb0-01a79c679262_terseLabel_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible preferred stock, shares issued upon conversion </link:label>

<link:label id="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_label_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Stock, Shares Issued upon Conversion </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:to="lab_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_3a894444-9ad8-4e71-adc1-c8436d9c2595_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_c0c517e9-6b04-47e6-8541-b328d6210271_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_908c56b5-9f83-43a0-b5ed-7b3d190851f0_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromAccountsReceivableSecuritization_600aabb0-4c18-4422-b4ec-15ad515e031f_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromAccountsReceivableSecuritization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount borrowed from accounts receivable securitization </link:label>

<link:label id="lab_us-gaap_ProceedsFromAccountsReceivableSecuritization_label_en-US" xlink:label="lab_us-gaap_ProceedsFromAccountsReceivableSecuritization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Accounts Receivable Securitization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromAccountsReceivableSecuritization" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromAccountsReceivableSecuritization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromAccountsReceivableSecuritization" xlink:to="lab_us-gaap_ProceedsFromAccountsReceivableSecuritization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BalanceSheetLocationDomain_bf9e2733-de99-467b-94fd-2bacab506cd5_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance sheet classification: </link:label>

<link:label id="lab_us-gaap_BalanceSheetLocationDomain_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BalanceSheetLocationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_7c8aa349-ee74-4ebf-856e-a9c34ea46719_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityNoncurrent_eac1f832-15b2-4de2-8f41-56f37e1e8742_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, less current portion </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityNoncurrent_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:to="lab_us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_92ac735c-2a34-4ba2-8c19-f049af47a23b_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to reconcile (loss) income from continuing operations, net of income taxes to net cash (used in) provided by operating activities: </link:label>

<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoalReservesHeldByFeeOwnershipMember_1f926c20-c16f-4bd5-a2de-b00d9674d05c_terseLabel_en-US" xlink:label="lab_btu_CoalReservesHeldByFeeOwnershipMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves Held by Fee Ownership </link:label>

<link:label id="lab_btu_CoalReservesHeldByFeeOwnershipMember_label_en-US" xlink:label="lab_btu_CoalReservesHeldByFeeOwnershipMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves Held By Fee Ownership [Member] </link:label>

<link:label id="lab_btu_CoalReservesHeldByFeeOwnershipMember_documentation_en-US" xlink:label="lab_btu_CoalReservesHeldByFeeOwnershipMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reserves held by fee ownership. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoalReservesHeldByFeeOwnershipMember" xlink:href="btu-20201231.xsd#btu_CoalReservesHeldByFeeOwnershipMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoalReservesHeldByFeeOwnershipMember" xlink:to="lab_btu_CoalReservesHeldByFeeOwnershipMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GainContingenciesByNatureAxis_647779f8-cf2c-439b-8d3b-07b1586e825f_terseLabel_en-US" xlink:label="lab_us-gaap_GainContingenciesByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingencies, Nature [Axis] </link:label>

<link:label id="lab_us-gaap_GainContingenciesByNatureAxis_label_en-US" xlink:label="lab_us-gaap_GainContingenciesByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingencies, Nature [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainContingenciesByNatureAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainContingenciesByNatureAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainContingenciesByNatureAxis" xlink:to="lab_us-gaap_GainContingenciesByNatureAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_eed57afc-b8c1-4006-b4de-68b60852d239_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used in) financing activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ProFormaMember_1457e202-f489-47a3-b0b0-2f3e921bb96e_terseLabel_en-US" xlink:label="lab_srt_ProFormaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pro Forma </link:label>

<link:label id="lab_srt_ProFormaMember_label_en-US" xlink:label="lab_srt_ProFormaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pro Forma [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ProFormaMember" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProFormaMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProFormaMember" xlink:to="lab_srt_ProFormaMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_146e531b-ca2f-4a23-b441-ee79a7acc058_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend yield </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryDisclosureAbstract_48106275-54a9-4c6a-ae96-5ea6331cb46e_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory Disclosure [Abstract] </link:label>

<link:label id="lab_us-gaap_InventoryDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_InventoryDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryDisclosureAbstract" xlink:to="lab_us-gaap_InventoryDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_5f1691d4-7ca7-4981-94aa-5d2092d0eb12_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax provision </link:label>

<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_74944442-14d1-4050-a2b5-27a4e3ace53a_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax provision </link:label>

<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_0530ae31-a492-45d8-b8e5-de144e6ef3a5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payment, Due [Abstract] </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payment, Due [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:to="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_e13b507a-7196-437b-8763-7cc189f46b51_negatedLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from other comprehensive income to earnings </link:label>

<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UsGaap_StatementTableTable_6bb52d6d-bef1-467c-bb4c-7f0f48e5d83e_terseLabel_en-US" xlink:label="lab_btu_UsGaap_StatementTableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation [Table] </link:label>

<link:label id="lab_btu_UsGaap_StatementTableTable_label_en-US" xlink:label="lab_btu_UsGaap_StatementTableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> us-gaap_StatementTable [Table] </link:label>

<link:label id="lab_btu_UsGaap_StatementTableTable_documentation_en-US" xlink:label="lab_btu_UsGaap_StatementTableTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> us-gaap_StatementTable </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UsGaap_StatementTableTable" xlink:href="btu-20201231.xsd#btu_UsGaap_StatementTableTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UsGaap_StatementTableTable" xlink:to="lab_btu_UsGaap_StatementTableTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_12f4419c-0e02-41bd-8697-0173b6ba5379_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due Year Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesBalance_a46dbd2b-f8ed-434c-94e5-0985de9beaeb_periodStartLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesBalance" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at Beginning of Period </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesBalance_b5c24c54-4820-4231-8017-f2f0c799e340_periodEndLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesBalance" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at End of Period </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesBalance_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesBalance" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesBalance"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesBalance" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesBalance" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_2dc6d5d2-d1a9-437a-9485-8fe2e9237103_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments </link:label>

<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Property, Plant and Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_9c265bef-e271-4490-8c2e-8a203ee62559_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred: </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_081aa98c-6c6a-424a-a94f-6da2c7d11534_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability derivatives, gross </link:label>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherLiabilitiesNoncurrent_d599a57c-5e03-4b5d-b630-eea245f19991_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other noncurrent liabilities </link:label>

<link:label id="lab_us-gaap_OtherLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Carryingvalueofnetassets_13ed0004-9353-4935-9d6c-a7aae0153fc2_terseLabel_en-US" xlink:label="lab_btu_Carryingvalueofnetassets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of net assets </link:label>

<link:label id="lab_btu_Carryingvalueofnetassets_label_en-US" xlink:label="lab_btu_Carryingvalueofnetassets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of net assets </link:label>

<link:label id="lab_btu_Carryingvalueofnetassets_documentation_en-US" xlink:label="lab_btu_Carryingvalueofnetassets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of net assets related to calculation of gain on formation of joint venture </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Carryingvalueofnetassets" xlink:href="btu-20201231.xsd#btu_Carryingvalueofnetassets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Carryingvalueofnetassets" xlink:to="lab_btu_Carryingvalueofnetassets" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock_6de606c3-dee7-43ad-8e90-609c666d7937_terseLabel_en-US" xlink:label="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amounts And Estimated Fair Values Of Company's Debt </link:label>

<link:label id="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock_label_en-US" xlink:label="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amounts And Estimated Fair Values Of Companys Debt [Table Text Block] </link:label>

<link:label id="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock_documentation_en-US" xlink:label="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amounts and estimated fair values of the Company's debt. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:href="btu-20201231.xsd#btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:to="lab_btu_CarryingAmountsAndEstimatedFairValuesOfCompanysDebtTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GainLossOnSaleOfCommodityContracts_07340824-9e93-43e7-aabb-37732cb9a5f2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfCommodityContracts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized (gains) losses on non-coal trading derivative contracts </link:label>

<link:label id="lab_us-gaap_GainLossOnSaleOfCommodityContracts_label_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfCommodityContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Sale of Commodity Contracts </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSaleOfCommodityContracts" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainLossOnSaleOfCommodityContracts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfCommodityContracts" xlink:to="lab_us-gaap_GainLossOnSaleOfCommodityContracts" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic_e41744a7-3342-4e3f-a95c-b0015e58eee5_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities </link:label>

<link:label id="lab_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfMinesIdledDuringPeriod_ce9a52c4-da37-413d-9fc8-1dcf1c0d76e2_terseLabel_en-US" xlink:label="lab_btu_NumberOfMinesIdledDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of mines idled during period </link:label>

<link:label id="lab_btu_NumberOfMinesIdledDuringPeriod_label_en-US" xlink:label="lab_btu_NumberOfMinesIdledDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Mines Idled During Period </link:label>

<link:label id="lab_btu_NumberOfMinesIdledDuringPeriod_documentation_en-US" xlink:label="lab_btu_NumberOfMinesIdledDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Mines Idled During Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfMinesIdledDuringPeriod" xlink:href="btu-20201231.xsd#btu_NumberOfMinesIdledDuringPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfMinesIdledDuringPeriod" xlink:to="lab_btu_NumberOfMinesIdledDuringPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeFinanceLeasesTextBlock_990c3e83-fd10-45b9-8228-57c50de5dd86_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>

<link:label id="lab_us-gaap_LesseeFinanceLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Finance Leases [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeFinanceLeasesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeFinanceLeasesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeasesTextBlock" xlink:to="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfBuyers_191a42cf-5dfb-421f-842c-75bf8c8173c2_terseLabel_en-US" xlink:label="lab_btu_NumberOfBuyers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of buyers </link:label>

<link:label id="lab_btu_NumberOfBuyers_label_en-US" xlink:label="lab_btu_NumberOfBuyers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Buyers </link:label>

<link:label id="lab_btu_NumberOfBuyers_documentation_en-US" xlink:label="lab_btu_NumberOfBuyers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Buyers </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfBuyers" xlink:href="btu-20201231.xsd#btu_NumberOfBuyers"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfBuyers" xlink:to="lab_btu_NumberOfBuyers" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_9e97187a-129a-46cd-aa2c-dda2e43a6cf4_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock reserved for future issuance </link:label>

<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_label_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Capital Shares Reserved for Future Issuance </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RetirementPlanAmendmentOneMember_ecc71576-e3f7-4098-a042-19ff551ca305_terseLabel_en-US" xlink:label="lab_btu_RetirementPlanAmendmentOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment One </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentOneMember_label_en-US" xlink:label="lab_btu_RetirementPlanAmendmentOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment One [Member] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentOneMember_documentation_en-US" xlink:label="lab_btu_RetirementPlanAmendmentOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment One </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RetirementPlanAmendmentOneMember" xlink:href="btu-20201231.xsd#btu_RetirementPlanAmendmentOneMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RetirementPlanAmendmentOneMember" xlink:to="lab_btu_RetirementPlanAmendmentOneMember" xlink:type="arc" order="1"/>

<link:label id="lab_country_TW_8912b521-9e5c-46f5-a12f-57021a2e59cd_terseLabel_en-US" xlink:label="lab_country_TW" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taiwan </link:label>

<link:label id="lab_country_TW_label_en-US" xlink:label="lab_country_TW" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> TAIWAN, PROVINCE OF CHINA </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_TW" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_TW"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_TW" xlink:to="lab_country_TW" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock_403bfd45-67de-4d99-bf2b-3150c90e2da3_terseLabel_en-US" xlink:label="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions </link:label>

<link:label id="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Share-Based Payment Award, Performance Units, Valuation Assumptions [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Share-Based Payment Award, Performance Units, Valuation Assumptions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:to="lab_btu_ScheduleOfShareBasedPaymentAwardPerformanceUnitsValuationAssumptionsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConcentrationRiskTable_bd30322b-709b-4d7e-9285-ea18f103557f_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk [Table] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskTable_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTable" xlink:to="lab_us-gaap_ConcentrationRiskTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PeabodyPlanMember_c16b20c0-ed01-44de-82d2-5de20fc67250_terseLabel_en-US" xlink:label="lab_btu_PeabodyPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Peabody Plan </link:label>

<link:label id="lab_btu_PeabodyPlanMember_label_en-US" xlink:label="lab_btu_PeabodyPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Peabody Plan [Member] </link:label>

<link:label id="lab_btu_PeabodyPlanMember_documentation_en-US" xlink:label="lab_btu_PeabodyPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Peabody Plan </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PeabodyPlanMember" xlink:href="btu-20201231.xsd#btu_PeabodyPlanMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PeabodyPlanMember" xlink:to="lab_btu_PeabodyPlanMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IncomeTaxRefundsNetLineItems_a9b189c7-8901-4d65-b6a3-319c2244a0f4_terseLabel_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax (refunds) payments, net [Line Items] </link:label>

<link:label id="lab_btu_IncomeTaxRefundsNetLineItems_label_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Refunds, Net [Line Items] </link:label>

<link:label id="lab_btu_IncomeTaxRefundsNetLineItems_documentation_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Income Tax Refunds, Net [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IncomeTaxRefundsNetLineItems" xlink:href="btu-20201231.xsd#btu_IncomeTaxRefundsNetLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IncomeTaxRefundsNetLineItems" xlink:to="lab_btu_IncomeTaxRefundsNetLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_a8726af3-fcb7-41a0-a880-5878bb6ff42e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Assets, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxAssetsNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxAssetsNet" xlink:to="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock_8bd0d2f6-53e8-4a49-8280-2bb93e2100e4_terseLabel_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenues </link:label>

<link:label id="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock_label_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue by Product Type and Market [Table Text Block] </link:label>

<link:label id="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock_documentation_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue by Product Type and Market [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:href="btu-20201231.xsd#btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:to="lab_btu_DisaggregationofRevenuebyProductTypeandMarketTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesDomain_6c754f92-c3c6-4eaf-bb98-36fdab75c833_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves [Domain] </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesDomain_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesDomain" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_078d3eb6-3f3b-441d-8ccc-c9625cf0057a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>

<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Gross </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetsAbstract_8da42be6-9d3f-49af-82ec-cddc1f66e92c_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ASSETS </link:label>

<link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy_aeced066-4036-4abc-a86d-c3f7df5ec221_verboseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Health Care and Life Insurance Benefits and Pension Plans </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Plans, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:to="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SuretyBondsOutstandingForReclamation_645be8e9-fc94-41ba-9b83-8f35f661a2f6_terseLabel_en-US" xlink:label="lab_btu_SuretyBondsOutstandingForReclamation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities </link:label>

<link:label id="lab_btu_SuretyBondsOutstandingForReclamation_label_en-US" xlink:label="lab_btu_SuretyBondsOutstandingForReclamation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Outstanding For Reclamation </link:label>

<link:label id="lab_btu_SuretyBondsOutstandingForReclamation_documentation_en-US" xlink:label="lab_btu_SuretyBondsOutstandingForReclamation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Outstanding For Reclamation. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SuretyBondsOutstandingForReclamation" xlink:href="btu-20201231.xsd#btu_SuretyBondsOutstandingForReclamation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SuretyBondsOutstandingForReclamation" xlink:to="lab_btu_SuretyBondsOutstandingForReclamation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations_81d51a62-5d1a-46ca-ac39-9c0375471d2d_terseLabel_en-US" xlink:label="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australian hourly employees under contract negotiations (in percent) </link:label>

<link:label id="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations_label_en-US" xlink:label="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PercentageOfAustralianHourlyEmployeesUnderContractNegotiations </link:label>

<link:label id="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations_documentation_en-US" xlink:label="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Australian hourly employees under contract negotiations. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:href="btu-20201231.xsd#btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:to="lab_btu_PercentageOfAustralianHourlyEmployeesUnderContractNegotiations" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod_6a7c6eb4-401f-4dee-ab5f-42c6e7df38a3_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, additional collateral term, free cash flow in any twelve-month period </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral Term, Free Cash Flow In Any Twelve-Month Period </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral Term, Free Cash Flow In Any Twelve-Month Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermFreeCashFlowInAnyTwelveMonthPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member_42bf1a92-beb4-4ad5-9a38-3b3b53cf99cb_terseLabel_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less or Equal to 1.00 to 1.00 </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member_label_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 1.00 To 1.00 [Member] </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member_documentation_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 1.00 To 1.00 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:href="btu-20201231.xsd#btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:to="lab_btu_TotalLeverageRatioLessOrEqualTo1.00To1.00Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_aa89d478-6b0f-4268-82ef-a970a4e091cd_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases </link:label>

<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Remaining Lease Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccruedRoyaltiesCurrent_8f5bfd34-291c-4190-a91a-e9312bd6ca47_verboseLabel_en-US" xlink:label="lab_us-gaap_AccruedRoyaltiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued royalties </link:label>

<link:label id="lab_us-gaap_AccruedRoyaltiesCurrent_label_en-US" xlink:label="lab_us-gaap_AccruedRoyaltiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Royalties, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedRoyaltiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccruedRoyaltiesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedRoyaltiesCurrent" xlink:to="lab_us-gaap_AccruedRoyaltiesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_6e1c56df-fccd-4c75-940e-986ec6df3cef_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current </link:label>

<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_7cc019d2-930c-49ab-8313-32542aee62cf_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variation margin (held) posted on derivative liabilities </link:label>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Amount Offset Against Collateral </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_3ca7f1fd-22dc-493f-b73e-001051c17e57_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss contingency accrual </link:label>

<link:label id="lab_us-gaap_LossContingencyAccrualAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Accrual </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingencyAccrualAtCarryingValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:to="lab_us-gaap_LossContingencyAccrualAtCarryingValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ContractWithCustomerDurationAxis_79f815ac-2556-4f10-aa2d-e78d38b46584_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerDurationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Duration [Axis] </link:label>

<link:label id="lab_us-gaap_ContractWithCustomerDurationAxis_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerDurationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Duration [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerDurationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractWithCustomerDurationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerDurationAxis" xlink:to="lab_us-gaap_ContractWithCustomerDurationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_f7c79396-7217-4e83-8210-56479abcdb6a_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic earnings per share from continuing operations (dollars per share) </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Pro Forma Earnings Per Share, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:to="lab_us-gaap_BusinessAcquisitionProFormaEarningsPerShareBasic" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityRegistrantName_6f482adf-0d93-474c-b8fe-8e616e5f7212_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>

<link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_b9cd0937-33ef-4f6a-8fb5-1c3246309800_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> After-tax components of comprehensive income (loss) </link:label>

<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_601b8165-e8cb-4e0b-8c10-4f1a9ac70c1f_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remeasurement due to the Tax Cuts and Jobs Act </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_65fb2dcb-c0e9-4a1b-a5ac-726af2cb5804_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt amount incurred </link:label>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Debt </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfDebt" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member_df721e03-3452-4a69-bdde-2cf2f6e90565_terseLabel_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member_label_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 2.00 To 1.00 Greater Than 1.50 To 1.00 [Member] </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member_documentation_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 2.00 To 1.00 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:href="btu-20201231.xsd#btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:to="lab_btu_TotalLeverageRatioLessOrEqualTo2.00To1.00GreaterThan1.50To1.00Member" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable_81ec5336-b157-435b-bfa9-4dee678471d0_terseLabel_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Assets and Liabilities from Coal Trading Activities [Table] </link:label>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable_label_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Assets and Liabilities from Coal Trading Activities [Table] </link:label>

<link:label id="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable_documentation_en-US" xlink:label="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Assets and Liabilities from Coal Trading Activities [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:href="btu-20201231.xsd#btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:to="lab_btu_FairValueofAssetsandLiabilitiesfromCoalTradingActivitiesTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable_39d13ba8-10f5-4666-9e21-fe2c9ad2e80a_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table] </link:label>

<link:label id="lab_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable" xlink:to="lab_us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PerformanceSharesMember_fe909663-876f-4fbd-9bb7-3a4bb9ae7577_terseLabel_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Units </link:label>

<link:label id="lab_us-gaap_PerformanceSharesMember_label_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Shares [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PerformanceSharesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PerformanceSharesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PerformanceSharesMember" xlink:to="lab_us-gaap_PerformanceSharesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CombinedBenefitFundLiability_b8312c69-e357-4f25-8973-61655d72cd0a_terseLabel_en-US" xlink:label="lab_btu_CombinedBenefitFundLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined benefit fund liability </link:label>

<link:label id="lab_btu_CombinedBenefitFundLiability_label_en-US" xlink:label="lab_btu_CombinedBenefitFundLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined Benefit Fund Liability </link:label>

<link:label id="lab_btu_CombinedBenefitFundLiability_documentation_en-US" xlink:label="lab_btu_CombinedBenefitFundLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined Benefit Fund Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CombinedBenefitFundLiability" xlink:href="btu-20201231.xsd#btu_CombinedBenefitFundLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CombinedBenefitFundLiability" xlink:to="lab_btu_CombinedBenefitFundLiability" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities_86513cfb-2cfb-4d2d-b138-81b06c75fe5e_terseLabel_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other noncurrent liabilities </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities_label_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefit Recorded in Other Noncurrent Liabilities </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities_documentation_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefit Recorded in Other Noncurrent Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:href="btu-20201231.xsd#btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:to="lab_btu_UnrecognizedTaxBenefitRecordedinOtherNoncurrentLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Paymentofpriorperformancecontributions_f14af500-a4b9-4721-a925-5bfd9ce1a131_terseLabel_en-US" xlink:label="lab_btu_Paymentofpriorperformancecontributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment of prior performance contributions </link:label>

<link:label id="lab_btu_Paymentofpriorperformancecontributions_label_en-US" xlink:label="lab_btu_Paymentofpriorperformancecontributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment of prior performance contributions </link:label>

<link:label id="lab_btu_Paymentofpriorperformancecontributions_documentation_en-US" xlink:label="lab_btu_Paymentofpriorperformancecontributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment of prior performance contributions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Paymentofpriorperformancecontributions" xlink:href="btu-20201231.xsd#btu_Paymentofpriorperformancecontributions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Paymentofpriorperformancecontributions" xlink:to="lab_btu_Paymentofpriorperformancecontributions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingCostsAndExpenses_0643f7bf-1c80-4768-92fb-0dd616182d0a_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingCostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating costs and expenses (exclusive of items shown separately below) </link:label>

<link:label id="lab_us-gaap_OperatingCostsAndExpenses_label_en-US" xlink:label="lab_us-gaap_OperatingCostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Costs and Expenses </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingCostsAndExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingCostsAndExpenses"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpenses" xlink:to="lab_us-gaap_OperatingCostsAndExpenses" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_1f6988d6-9cf2-4ce3-bb17-f598dae9c823_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impact of dilutive securities (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number Diluted Shares Outstanding Adjustment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="lab_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:type="arc" order="1"/>

<link:label id="lab_btu_InterestRateTypeAxis_f32528f7-d77e-4bbb-bfb8-ee8f27bd52f1_terseLabel_en-US" xlink:label="lab_btu_InterestRateTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Type [Axis] </link:label>

<link:label id="lab_btu_InterestRateTypeAxis_label_en-US" xlink:label="lab_btu_InterestRateTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Type [Axis] </link:label>

<link:label id="lab_btu_InterestRateTypeAxis_documentation_en-US" xlink:label="lab_btu_InterestRateTypeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_InterestRateTypeAxis" xlink:href="btu-20201231.xsd#btu_InterestRateTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_InterestRateTypeAxis" xlink:to="lab_btu_InterestRateTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_268b3d2f-22bd-4bb7-853f-7ea48f80cba5_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanDisclosureLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_96f25382-9fdd-4daa-91d1-45a6cf66076c_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating segment results </link:label>

<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_cb10ff3e-31c2-435d-934d-e202ff6b6a1f_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Other than Temporary Impairment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted_4e4ea171-ec3d-4652-a0ad-e68394089686_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, additional collateral to be posted </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, One-Time Additional Collateral To Be Posted </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, One-Time Additional Collateral To Be Posted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsOneTimeAdditionalCollateralToBePosted" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_f627f342-2918-48cd-99dc-5b5e215069dc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>

<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract_9ea649a9-a163-450a-9ff1-ed1979ca79c2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityIncorporationStateCountryCode_36a344d0-c5da-4c3d-ac2e-b0ebda90f492_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>

<link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PostMedicareMember_7c31b3a7-00d2-46c4-a383-fd844b317013_terseLabel_en-US" xlink:label="lab_btu_PostMedicareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Post-Medicare </link:label>

<link:label id="lab_btu_PostMedicareMember_label_en-US" xlink:label="lab_btu_PostMedicareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Post-Medicare [Member] </link:label>

<link:label id="lab_btu_PostMedicareMember_documentation_en-US" xlink:label="lab_btu_PostMedicareMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Post-Medicare [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PostMedicareMember" xlink:href="btu-20201231.xsd#btu_PostMedicareMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PostMedicareMember" xlink:to="lab_btu_PostMedicareMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue_e047c93b-0134-4900-b869-b681313e97d6_totalLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease payments </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payment, Due </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock_3893d75b-8bf7-401b-b8ee-5a2a56d7dfcd_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation and Environmental Cost [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock" xlink:to="lab_us-gaap_AssetRetirementObligationsAndEnvironmentalCostPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_94a64f9f-274c-44f5-beab-be767c731758_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_78d61e1d-e090-44c9-aa2d-05ff18f3a56c_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity_a12755c4-674b-4687-a46c-0e4e6dfd5b31_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt covenant, unrestricted subsidiaries' liquidity </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity_label_en-US" xlink:label="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Unrestricted Subsidiaries' Liquidity </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity_documentation_en-US" xlink:label="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Unrestricted Subsidiaries' Liquidity </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:href="btu-20201231.xsd#btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:to="lab_btu_DebtInstrumentCovenantUnrestrictedSubsidiariesLiquidity" xlink:type="arc" order="1"/>

<link:label id="lab_srt_RangeAxis_6c5b8c35-117c-4f0e-914b-57b9b401cb48_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>

<link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_RangeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_3e040ca1-dc9c-4a32-bd02-f7e23e2d5f0c_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantee Obligations [Line Items] </link:label>

<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GuaranteeObligationsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsLineItems" xlink:to="lab_us-gaap_GuaranteeObligationsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityAddressPostalZipCode_8690c968-54e2-4984-9c3d-4dc4f661cfab_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>

<link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_671d47ed-d28f-45d0-9728-8d18c5396cda_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_d4c57633-2363-4c1c-bd2a-24345dfe4dd2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_3d5461d9-2b05-4109-80af-54f78d67a64e_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities_935db469-89bb-42d0-b159-7db668e5755a_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other noncurrent liabilities </link:label>

<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IncomeTaxRefundsNetTable_813c8ef0-f858-46d7-b0f8-9ac23a3d9a8a_terseLabel_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Refunds, Net [Table] </link:label>

<link:label id="lab_btu_IncomeTaxRefundsNetTable_label_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Refunds, Net [Table] </link:label>

<link:label id="lab_btu_IncomeTaxRefundsNetTable_documentation_en-US" xlink:label="lab_btu_IncomeTaxRefundsNetTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Refunds, Net [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IncomeTaxRefundsNetTable" xlink:href="btu-20201231.xsd#btu_IncomeTaxRefundsNetTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IncomeTaxRefundsNetTable" xlink:to="lab_btu_IncomeTaxRefundsNetTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeNotionalAmount_1127c840-30ae-4799-a392-b7265bad7695_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Notional Amount </link:label>

<link:label id="lab_us-gaap_DerivativeNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Notional Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNotionalAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeNotionalAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNotionalAmount" xlink:to="lab_us-gaap_DerivativeNotionalAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers_75f2c56c-21ab-4aae-b202-fe34e68d1731_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt covenant, liquidity attributable to co-issuers limit (minimum) </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers_label_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Liquidity Attributable To Co-Issuers </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers_documentation_en-US" xlink:label="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Liquidity Attributable To Co-Issuers </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:href="btu-20201231.xsd#btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:to="lab_btu_DebtInstrumentCovenantLiquidityAttributableToCoIssuers" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_c530b464-9962-4594-bf3a-d9b696c22b11_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic EPS attributable to common stockholders: </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage_53e52490-b252-4d9d-808c-3c2233ef9511_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan assets, target allocation, percentage </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Target Allocation, Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsTargetAllocationPercentage" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_ec94cfd9-b4b8-499b-a62b-31837e700cf3_terseLabel_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant equipment and mine development, gross </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_label_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, Before Accumulated Depreciation and Amortization </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_documentation_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, Before Accumulated Depreciation and Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:href="btu-20201231.xsd#btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:to="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TakeOrPayObligationsTotal_06b1e0a7-3131-4186-9a04-394f95d7fa54_terseLabel_en-US" xlink:label="lab_btu_TakeOrPayObligationsTotal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-pay obligations </link:label>

<link:label id="lab_btu_TakeOrPayObligationsTotal_label_en-US" xlink:label="lab_btu_TakeOrPayObligationsTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Obligations Total </link:label>

<link:label id="lab_btu_TakeOrPayObligationsTotal_documentation_en-US" xlink:label="lab_btu_TakeOrPayObligationsTotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the total projected cash contractual obligation spend associated with various long and short term take or pay arrangements in the U.S. and Australia for rail and port commitments for the delivery of coal including amounts relating to export facilities. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TakeOrPayObligationsTotal" xlink:href="btu-20201231.xsd#btu_TakeOrPayObligationsTotal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TakeOrPayObligationsTotal" xlink:to="lab_btu_TakeOrPayObligationsTotal" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DividendEquivalentUnitsMember_0e14290b-f9f2-4bea-8f82-9ba756c35317_terseLabel_en-US" xlink:label="lab_btu_DividendEquivalentUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units </link:label>

<link:label id="lab_btu_DividendEquivalentUnitsMember_label_en-US" xlink:label="lab_btu_DividendEquivalentUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units [Member] </link:label>

<link:label id="lab_btu_DividendEquivalentUnitsMember_documentation_en-US" xlink:label="lab_btu_DividendEquivalentUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DividendEquivalentUnitsMember" xlink:href="btu-20201231.xsd#btu_DividendEquivalentUnitsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DividendEquivalentUnitsMember" xlink:to="lab_btu_DividendEquivalentUnitsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_fdfb7ca5-0a17-44ff-8df1-bec6974ac4f9_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service credit arising during year </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeFinanceLeaseDescriptionAbstract_22f10725-f317-446d-bb8d-c1afdf38ef0c_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeaseDescriptionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance leases: </link:label>

<link:label id="lab_us-gaap_LesseeFinanceLeaseDescriptionAbstract_label_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeaseDescriptionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Finance Lease, Description [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeFinanceLeaseDescriptionAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeFinanceLeaseDescriptionAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeaseDescriptionAbstract" xlink:to="lab_us-gaap_LesseeFinanceLeaseDescriptionAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock_424666f7-9a85-4607-a8da-fbe20b9202b4_verboseLabel_en-US" xlink:label="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Events </link:label>

<link:label id="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock_label_en-US" xlink:label="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resource Management And Other Commercial Events [Text Block] </link:label>

<link:label id="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock_documentation_en-US" xlink:label="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resource Management and Other Commercial Events. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:href="btu-20201231.xsd#btu_ResourceManagementAndOtherCommercialEventsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:to="lab_btu_ResourceManagementAndOtherCommercialEventsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtDisclosureTextBlock_89ed5537-2d3c-43a0-8ce6-f1e8a5e29548_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>

<link:label id="lab_us-gaap_DebtDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_us-gaap_DebtDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_4a67e1b5-7a39-451d-9fbc-22e4b2fb4549_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:to="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent_ce9f0d12-7c5a-4154-8c4a-61a75122ce32_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance leases </link:label>

<link:label id="lab_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Weighted Average Discount Rate, Percent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods_4f728214-48ef-4b37-b97d-527d2b24b53f_terseLabel_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly federal royalties payable from sale using surface mining methods </link:label>

<link:label id="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods_label_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly federal royalties payable from sale using surface mining methods </link:label>

<link:label id="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods_documentation_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly royalties payable from sale using surface mining methods. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:href="btu-20201231.xsd#btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:to="lab_btu_Monthlyfederalroyaltiespayablefromsaleusingsurfaceminingmethods" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_VariableLeaseCost_5a7e964f-94c8-470c-a2ba-ea65149327a5_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable leases </link:label>

<link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Lease, Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VariableLeaseCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_12c81324-6172-4743-a1b4-011e59a51316_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Domain] </link:label>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockSharesAuthorized_e7037171-c5ea-4606-a85c-8027c773c668_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, shares authorized (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RemeasurementOfForeignTaxes_7a2c5613-4537-45b6-bfd9-1113de4e07b4_terseLabel_en-US" xlink:label="lab_btu_RemeasurementOfForeignTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remeasurement of foreign income tax accounts </link:label>

<link:label id="lab_btu_RemeasurementOfForeignTaxes_label_en-US" xlink:label="lab_btu_RemeasurementOfForeignTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remeasurement of foreign taxes </link:label>

<link:label id="lab_btu_RemeasurementOfForeignTaxes_documentation_en-US" xlink:label="lab_btu_RemeasurementOfForeignTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Re-measurement of foreign taxes. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RemeasurementOfForeignTaxes" xlink:href="btu-20201231.xsd#btu_RemeasurementOfForeignTaxes"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RemeasurementOfForeignTaxes" xlink:to="lab_btu_RemeasurementOfForeignTaxes" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationPercentage_e0986a76-baa2-49fe-9d95-eb4582bf3e92_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, remaining performance obligation, percentage </link:label>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationPercentage_label_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Remaining Performance Obligation, Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueRemainingPerformanceObligationPercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:to="lab_us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GainLossRelatedToLitigationSettlement_3e72999e-6c59-4b8b-a2a9-f7ee64c2bf22_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossRelatedToLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on the settlement of claims </link:label>

<link:label id="lab_us-gaap_GainLossRelatedToLitigationSettlement_label_en-US" xlink:label="lab_us-gaap_GainLossRelatedToLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) Related to Litigation Settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossRelatedToLitigationSettlement" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossRelatedToLitigationSettlement" xlink:to="lab_us-gaap_GainLossRelatedToLitigationSettlement" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WilpinjongEmployeesMember_ecde1ae0-5261-4cd1-bdd9-8c2ff3d7549f_terseLabel_en-US" xlink:label="lab_btu_WilpinjongEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wilpinjong Employees </link:label>

<link:label id="lab_btu_WilpinjongEmployeesMember_label_en-US" xlink:label="lab_btu_WilpinjongEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wilpinjong Employees [Member] </link:label>

<link:label id="lab_btu_WilpinjongEmployeesMember_documentation_en-US" xlink:label="lab_btu_WilpinjongEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wilpinjong Employees [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WilpinjongEmployeesMember" xlink:href="btu-20201231.xsd#btu_WilpinjongEmployeesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WilpinjongEmployeesMember" xlink:to="lab_btu_WilpinjongEmployeesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PerformanceUnitsAbstract_555e9aa5-94b1-42ec-a6c4-57dff4178672_terseLabel_en-US" xlink:label="lab_btu_PerformanceUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Units [Abstract] </link:label>

<link:label id="lab_btu_PerformanceUnitsAbstract_label_en-US" xlink:label="lab_btu_PerformanceUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Units [Abstract] </link:label>

<link:label id="lab_btu_PerformanceUnitsAbstract_documentation_en-US" xlink:label="lab_btu_PerformanceUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Units [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PerformanceUnitsAbstract" xlink:href="btu-20201231.xsd#btu_PerformanceUnitsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PerformanceUnitsAbstract" xlink:to="lab_btu_PerformanceUnitsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_33533236-e1a0-4e86-a7ec-8b67e9c5a235_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested shares outstanding (in shares) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_440cc0f9-0bd4-4bbc-8dcf-30dfeeada480_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2019 </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_23da03ac-b7fe-461d-af24-0418795be1e4_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2020 </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic_ab85236d-bbac-4d6a-b32e-6e9b19f1a064_totalLabel_en-US" xlink:label="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (loss) income attributable to common stockholders </link:label>

<link:label id="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic_label_en-US" xlink:label="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available To Common Stockholders, Before Allocation To Participating Securities, Basic </link:label>

<link:label id="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic_documentation_en-US" xlink:label="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available To Common Stockholders, Before Allocation To Participating Securities, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:href="btu-20201231.xsd#btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:to="lab_btu_NetIncomeLossAvailableToCommonStockholdersBeforeAllocationToParticipatingSecuritiesBasic" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PensionAndSavingsPlansAbstract_c258c583-8a50-496a-bf0b-3f26d3aacc69_terseLabel_en-US" xlink:label="lab_btu_PensionAndSavingsPlansAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Savings Plans [Abstract] </link:label>

<link:label id="lab_btu_PensionAndSavingsPlansAbstract_label_en-US" xlink:label="lab_btu_PensionAndSavingsPlansAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Savings Plans [Abstract] </link:label>

<link:label id="lab_btu_PensionAndSavingsPlansAbstract_documentation_en-US" xlink:label="lab_btu_PensionAndSavingsPlansAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Savings Plans [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PensionAndSavingsPlansAbstract" xlink:href="btu-20201231.xsd#btu_PensionAndSavingsPlansAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PensionAndSavingsPlansAbstract" xlink:to="lab_btu_PensionAndSavingsPlansAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SellingGeneralAndAdministrativeExpense_8e96d979-30e2-4533-b7f4-89bbe1fe0252_terseLabel_en-US" xlink:label="lab_us-gaap_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selling and administrative expenses </link:label>

<link:label id="lab_us-gaap_SellingGeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selling, General and Administrative Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SellingGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_SellingGeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter_0314d24c-47be-483b-b2ee-c82c3b8e4015_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt covenant, aggregate liquidity at the end of each quarter </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter_label_en-US" xlink:label="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Aggregate Liquidity At End Of Each Quarter </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter_documentation_en-US" xlink:label="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Aggregate Liquidity At End Of Each Quarter </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:href="btu-20201231.xsd#btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:to="lab_btu_DebtInstrumentCovenantAggregateLiquidityAtEndOfEachQuarter" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensation_ffda834f-f67f-48dc-9335-38b64804aec1_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation expense </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Noncash Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AssetRetirementObligationLineItems_6d4e02e6-cbbd-414e-bce6-9779525a3753_terseLabel_en-US" xlink:label="lab_btu_AssetRetirementObligationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation [Line Items] </link:label>

<link:label id="lab_btu_AssetRetirementObligationLineItems_label_en-US" xlink:label="lab_btu_AssetRetirementObligationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation [Line Items] </link:label>

<link:label id="lab_btu_AssetRetirementObligationLineItems_documentation_en-US" xlink:label="lab_btu_AssetRetirementObligationLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AssetRetirementObligationLineItems" xlink:href="btu-20201231.xsd#btu_AssetRetirementObligationLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AssetRetirementObligationLineItems" xlink:to="lab_btu_AssetRetirementObligationLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeTable_679eab51-c111-49d1-b755-76f1e53ed118_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>

<link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent_40d19760-91db-4fa4-9990-c87127930cac_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent deferred income tax asset </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Taxes and Other Assets, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent" xlink:to="lab_us-gaap_DeferredIncomeTaxesAndOtherAssetsNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IntangibleAssetsandLiabilitiesTextBlock_46f7abc8-6685-4cf2-8610-e2880f76160a_terseLabel_en-US" xlink:label="lab_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Contract Assets and Liabilities </link:label>

<link:label id="lab_btu_IntangibleAssetsandLiabilitiesTextBlock_label_en-US" xlink:label="lab_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets and Liabilities [Text Block] </link:label>

<link:label id="lab_btu_IntangibleAssetsandLiabilitiesTextBlock_documentation_en-US" xlink:label="lab_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets and Liabilities [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:href="btu-20201231.xsd#btu_IntangibleAssetsandLiabilitiesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:to="lab_btu_IntangibleAssetsandLiabilitiesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_8e41ee02-0c6e-4074-91d1-f5f5190a47ef_terseLabel_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. — state and local </link:label>

<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_label_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and Local Jurisdiction [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StateAndLocalJurisdictionMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:to="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_a10b6c63-b133-443d-8116-0bb656006eab_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>

<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CreditFacilityDomain_fc41e87e-9b5f-4448-80ba-eb0421a12dde_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>

<link:label id="lab_us-gaap_CreditFacilityDomain_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CreditFacilityDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent_5061363c-e383-4a8f-a138-ee01b3318152_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued payroll and related benefits </link:label>

<link:label id="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee-related Liabilities, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeRelatedLiabilitiesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:to="lab_us-gaap_EmployeeRelatedLiabilitiesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WeightedAverageGrantDateFairValueAbstract_db7e2431-22fb-46cc-bade-e6ca0e7b41ed_terseLabel_en-US" xlink:label="lab_btu_WeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Grant-Date Fair Value </link:label>

<link:label id="lab_btu_WeightedAverageGrantDateFairValueAbstract_8c95caa9-2e37-4d53-b1b4-6332184e7c08_verboseLabel_en-US" xlink:label="lab_btu_WeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Remaining Contractual Life </link:label>

<link:label id="lab_btu_WeightedAverageGrantDateFairValueAbstract_label_en-US" xlink:label="lab_btu_WeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Grant-Date Fair Value [Abstract] </link:label>

<link:label id="lab_btu_WeightedAverageGrantDateFairValueAbstract_documentation_en-US" xlink:label="lab_btu_WeightedAverageGrantDateFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Grant-Date Fair Value [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WeightedAverageGrantDateFairValueAbstract" xlink:href="btu-20201231.xsd#btu_WeightedAverageGrantDateFairValueAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WeightedAverageGrantDateFairValueAbstract" xlink:to="lab_btu_WeightedAverageGrantDateFairValueAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueInputsLevel2Member_df1a24a7-bc71-47c3-b563-6169a3fd44e7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 2 </link:label>

<link:label id="lab_us-gaap_FairValueInputsLevel2Member_655d4cd9-2156-4cd1-9b36-0f2c396d5597_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 </link:label>

<link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueInputsLevel2Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseTermOfContract_b8e8f913-3416-4ff1-a7cf-8c51674b600f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseTermOfContract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease term </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseTermOfContract_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseTermOfContract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Term of Contract </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseTermOfContract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseTermOfContract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseTermOfContract" xlink:to="lab_us-gaap_LesseeOperatingLeaseTermOfContract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves_5487702a-0ebf-44f8-9885-bd5a7ed9a0f2_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Materials and supplies </link:label>

<link:label id="lab_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves_label_en-US" xlink:label="lab_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Raw Materials and Supplies, Net of Reserves </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves" xlink:to="lab_us-gaap_InventoryRawMaterialsAndSuppliesNetOfReserves" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock_341750f5-6445-4b99-897e-212e872244c6_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Maturity </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Maturity [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:to="lab_us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NewCompanyLCAgreementMember_20cd21fd-7af8-463d-96ff-8b89872b350a_terseLabel_en-US" xlink:label="lab_btu_NewCompanyLCAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Company LC Agreement [Member] </link:label>

<link:label id="lab_btu_NewCompanyLCAgreementMember_label_en-US" xlink:label="lab_btu_NewCompanyLCAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Company LC Agreement [Member] </link:label>

<link:label id="lab_btu_NewCompanyLCAgreementMember_documentation_en-US" xlink:label="lab_btu_NewCompanyLCAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Company LC Agreement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NewCompanyLCAgreementMember" xlink:href="btu-20201231.xsd#btu_NewCompanyLCAgreementMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NewCompanyLCAgreementMember" xlink:to="lab_btu_NewCompanyLCAgreementMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis_63a79356-515f-45c7-9f82-419ff860701a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment by Category of Item Purchased [Axis] </link:label>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis_label_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Category of Item Purchased [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis" xlink:to="lab_us-gaap_LongTermPurchaseCommitmentByCategoryOfItemPurchasedAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_68886e71-bd96-4363-8118-106d4c409c5a_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:to="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_0f34f58e-0228-4847-9d89-86d68d92628c_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment fee percentage </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Commitment Fee Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:to="lab_us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentFiscalYearFocus_60808be7-c81a-47a6-8400-fc7c4da3f741_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>

<link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockSharesIssued_58eadd70-1fae-441f-89a0-eb02e341edbe_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, shares issued (in shares) </link:label>

<link:label id="lab_us-gaap_PreferredStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Issued </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable_cb21f798-3d18-4071-a0e2-2fea876e2324_terseLabel_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a Percent of Total Revenues by Geographic Region [Table] </link:label>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable_label_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a Percent of Total Revenues by Geographic Region [Table] </link:label>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable_documentation_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a Percent of Total Revenues by Geographic Region [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:href="btu-20201231.xsd#btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:to="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetImpairmentChargesAbstract_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentChargesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Impairment Charges [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetImpairmentChargesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetImpairmentChargesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentChargesAbstract" xlink:to="lab_us-gaap_AssetImpairmentChargesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2c79bac2-4d7d-4522-ad12-42e0961f0260_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LIABILITIES AND STOCKHOLDERS’ EQUITY </link:label>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityCurrentReportingStatus_b732eaaf-46e6-42ff-9ac1-2ce847d43b4e_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>

<link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherAssetsNoncurrent_68a11559-eb73-48f6-99d8-c7fc441f330d_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and other assets </link:label>

<link:label id="lab_us-gaap_OtherAssetsNoncurrent_label_en-US" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsNoncurrent" xlink:to="lab_us-gaap_OtherAssetsNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UnrestrictedCashNetLimit_73dc58e6-7d57-48b8-97ca-c1f6b07ffafb_terseLabel_en-US" xlink:label="lab_btu_UnrestrictedCashNetLimit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrestricted cash, net limit </link:label>

<link:label id="lab_btu_UnrestrictedCashNetLimit_label_en-US" xlink:label="lab_btu_UnrestrictedCashNetLimit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrestricted Cash, Net Limit </link:label>

<link:label id="lab_btu_UnrestrictedCashNetLimit_documentation_en-US" xlink:label="lab_btu_UnrestrictedCashNetLimit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrestricted Cash, Net Limit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UnrestrictedCashNetLimit" xlink:href="btu-20201231.xsd#btu_UnrestrictedCashNetLimit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UnrestrictedCashNetLimit" xlink:to="lab_btu_UnrestrictedCashNetLimit" xlink:type="arc" order="1"/>

<link:label id="lab_country_VN_e6be7bd7-ee94-4dc2-a62f-3c7d13a61ad8_terseLabel_en-US" xlink:label="lab_country_VN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vietnam </link:label>

<link:label id="lab_country_VN_label_en-US" xlink:label="lab_country_VN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> VIET NAM </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_VN" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_VN"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_VN" xlink:to="lab_country_VN" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo_64524d08-3cba-4946-b86f-2994a83968ea_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Two </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_3862af29-6401-4027-b1f8-57bea0c01757_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows From Financing Activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_2858b531-43a9-4982-8ddf-d9f2f48b18d8_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss), net of income taxes </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryTypeDomain_9083b607-8e8b-4812-93f9-97a74739a081_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory [Domain] </link:label>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryTypeDomain_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:to="lab_us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeContractTypeDomain_2b30a3e0-1cb6-4285-b414-db0675de2094_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>

<link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeContractTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermDebt_b72a5d9c-cddb-4a26-bc3b-a0432d99db2a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>

<link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermDebt"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_e925fad0-ea88-42c0-bcff-7e9f8b411e27_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year Four </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_98c8a486-43fc-4ef7-8d49-24efa283d2c7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_3adeca66-c1a2-4c65-932f-2d72e835eca4_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded unconditional purchase obligation (within next 12 months) </link:label>

<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InterestPayableCurrent_fe2572ba-ca08-4860-809a-7d9170679a88_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued interest </link:label>

<link:label id="lab_us-gaap_InterestPayableCurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Payable, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InterestPayableCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrent" xlink:to="lab_us-gaap_InterestPayableCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetirementPlanTypeDomain_bbceee27-e4c5-4f35-af33-6a77e3b6f097_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>

<link:label id="lab_us-gaap_RetirementPlanTypeDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetirementPlanTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeDomain" xlink:to="lab_us-gaap_RetirementPlanTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_dei_LocationDomain_743e52d1-9794-4756-ae1f-672d76cab61d_terseLabel_en-US" xlink:label="lab_dei_LocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Location [Domain] </link:label>

<link:label id="lab_dei_LocationDomain_label_en-US" xlink:label="lab_dei_LocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Location [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_LocationDomain" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocationDomain" xlink:to="lab_dei_LocationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders_aa105eb7-643d-4c34-b177-1107143620ea_totalLabel_en-US" xlink:label="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations attributable to common stockholders, after allocation of earnings to participating securities </link:label>

<link:label id="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders_label_en-US" xlink:label="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income From Continuing Operations Attributable To Common Stockholders </link:label>

<link:label id="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders_documentation_en-US" xlink:label="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations attributable to common stockholders. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:href="btu-20201231.xsd#btu_IncomeFromContinuingOperationsAttributableToCommonStockholders"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:to="lab_btu_IncomeFromContinuingOperationsAttributableToCommonStockholders" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MiningPropertiesAndMineralRightsMember_8d70d0f2-2641-4a19-8b0a-280558a28e8a_terseLabel_en-US" xlink:label="lab_us-gaap_MiningPropertiesAndMineralRightsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mining Properties and Mineral Rights </link:label>

<link:label id="lab_us-gaap_MiningPropertiesAndMineralRightsMember_label_en-US" xlink:label="lab_us-gaap_MiningPropertiesAndMineralRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mining Properties and Mineral Rights [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MiningPropertiesAndMineralRightsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MiningPropertiesAndMineralRightsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MiningPropertiesAndMineralRightsMember" xlink:to="lab_us-gaap_MiningPropertiesAndMineralRightsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock_ac322290-bc30-4ff1-9584-b76039a3de2d_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_360da635-ea0c-4bc2-930f-0a0692c85677_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, credit loss expense (reversal) </link:label>

<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_label_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Credit Loss Expense (Reversal) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Interestinunincorporatedjointventureproject_507dce94-2b65-4b70-9ef0-b9ce4cfcbc2a_terseLabel_en-US" xlink:label="lab_btu_Interestinunincorporatedjointventureproject" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest in unincorporated joint venture project </link:label>

<link:label id="lab_btu_Interestinunincorporatedjointventureproject_label_en-US" xlink:label="lab_btu_Interestinunincorporatedjointventureproject" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest in unincorporated joint venture project </link:label>

<link:label id="lab_btu_Interestinunincorporatedjointventureproject_documentation_en-US" xlink:label="lab_btu_Interestinunincorporatedjointventureproject" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest in unincorporated joint venture project </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Interestinunincorporatedjointventureproject" xlink:href="btu-20201231.xsd#btu_Interestinunincorporatedjointventureproject"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Interestinunincorporatedjointventureproject" xlink:to="lab_btu_Interestinunincorporatedjointventureproject" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_857bfe15-957b-4c35-b630-97ef1444a985_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total debt at par value </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_c0530076-60b2-4ccd-aba1-ce4e415c4607_totalLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt and Lease Obligation, Including Current Maturities </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities_label_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt and Lease Obligation, Including Current Maturities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:to="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeAssets_87fafa8d-6477-4678-b035-377f0b134080_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net derivative assets and margin as classified in the balance sheets </link:label>

<link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_d800e700-bc43-4d8a-b201-6050dcfffa2d_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition </link:label>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountingPoliciesAbstract_197342df-19cb-425b-b074-60237d9bc20f_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>

<link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ThermalCoalMember_36825ec8-25ef-4063-9336-f0f2611d8514_terseLabel_en-US" xlink:label="lab_btu_ThermalCoalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thermal coal </link:label>

<link:label id="lab_btu_ThermalCoalMember_label_en-US" xlink:label="lab_btu_ThermalCoalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thermal Coal [Member] </link:label>

<link:label id="lab_btu_ThermalCoalMember_documentation_en-US" xlink:label="lab_btu_ThermalCoalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thermal Coal [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ThermalCoalMember" xlink:href="btu-20201231.xsd#btu_ThermalCoalMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ThermalCoalMember" xlink:to="lab_btu_ThermalCoalMember" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityAddressCityOrTown_e4244532-d42a-4f3b-8085-4bf7483cb510_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>

<link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_9f9557e7-5bc0-48f3-8975-89a8d4668aa4_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine benefit obligations </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_42621b2d-b942-4b3d-a44f-4bfa390964fb_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine benefit obligations </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ReorganizationItemsNoncash_e56386e1-7af4-4b85-ab99-f345fcb4977b_negatedTerseLabel_en-US" xlink:label="lab_btu_ReorganizationItemsNoncash" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash reorganization items, net </link:label>

<link:label id="lab_btu_ReorganizationItemsNoncash_label_en-US" xlink:label="lab_btu_ReorganizationItemsNoncash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reorganization Items, Noncash </link:label>

<link:label id="lab_btu_ReorganizationItemsNoncash_documentation_en-US" xlink:label="lab_btu_ReorganizationItemsNoncash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reorganization Items, Noncash </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ReorganizationItemsNoncash" xlink:href="btu-20201231.xsd#btu_ReorganizationItemsNoncash"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ReorganizationItemsNoncash" xlink:to="lab_btu_ReorganizationItemsNoncash" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands_4068027a-6085-4da1-8208-fde5d54aff5b_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, additional collateral demands </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreement, Additional Collateral Demands </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreement, Additional Collateral Demands </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementAdditionalCollateralDemands" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InvestmentIncomeInterest_ca7447f2-6bbd-4f92-8599-ae071aaf8e6c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>

<link:label id="lab_us-gaap_InvestmentIncomeInterest_label_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Income, Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentIncomeInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReceivableTypeDomain_fc69ab41-b66c-4baa-9415-385c9acf0f39_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivableTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable [Domain] </link:label>

<link:label id="lab_us-gaap_ReceivableTypeDomain_label_en-US" xlink:label="lab_us-gaap_ReceivableTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivableTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReceivableTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivableTypeDomain" xlink:to="lab_us-gaap_ReceivableTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_country_US_46709b0b-3494-4e25-99a2-4a78be0a8470_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>

<link:label id="lab_country_US_label_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED STATES </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_US" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_US"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RealEstateInvestmentMember_5ced5c75-5280-4361-b32f-0b21a919c218_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate interests </link:label>

<link:label id="lab_us-gaap_RealEstateInvestmentMember_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Investment [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RealEstateInvestmentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentMember" xlink:to="lab_us-gaap_RealEstateInvestmentMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_71bde1ad-8460-477d-9fba-cd9835974c98_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Supply Agreements </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_4afb1c30-43c9-452b-a184-743f04860064_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected income tax (benefit) expense at U.S. federal statutory rate </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_4087cc5b-7dff-4b84-9878-bb63daed8d81_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss from discontinued operations before income taxes </link:label>

<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:to="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_e3009d7d-8058-41f6-b8c8-85802058dd0a_negatedTerseLabel_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Accumulated depreciation, depletion and amortization </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_label_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, Accumulated Depreciation And Amortization </link:label>

<link:label id="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_documentation_en-US" xlink:label="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, Accumulated Depreciation And Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:href="btu-20201231.xsd#btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:to="lab_btu_PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_446bff02-0678-4bff-b47f-e19d2df83b8b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>

<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Foreign Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_52f0aadf-dc7c-48b2-aaca-6044e07804cf_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:to="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:type="arc" order="1"/>

<link:label id="lab_srt_SegmentGeographicalDomain_2fde95ab-0d60-498c-af5b-ee6047bdc00f_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>

<link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_SegmentGeographicalDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_c6d98c61-0670-4b03-a98b-65cd3f0e699b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized in the consolidated balance sheets: </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentExtendedTerm_1cf7bc3d-e27b-4a10-aacd-dec575e73f77_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentExtendedTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, extended term </link:label>

<link:label id="lab_btu_DebtInstrumentExtendedTerm_label_en-US" xlink:label="lab_btu_DebtInstrumentExtendedTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Extended Term </link:label>

<link:label id="lab_btu_DebtInstrumentExtendedTerm_documentation_en-US" xlink:label="lab_btu_DebtInstrumentExtendedTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Extended Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentExtendedTerm" xlink:href="btu-20201231.xsd#btu_DebtInstrumentExtendedTerm"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentExtendedTerm" xlink:to="lab_btu_DebtInstrumentExtendedTerm" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_fac2f4d5-df7b-4981-8c0b-bff9d372221a_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations before income taxes </link:label>

<link:label id="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_21674c7d-3efc-45ca-a9c0-6ca7916f2c8b_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_9b0cd25b-6653-4b15-8569-250d088a16e9_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current: </link:label>

<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoalReservesintons_63546583-5f97-40a0-944e-245a9f45686f_terseLabel_en-US" xlink:label="lab_btu_CoalReservesintons" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reserves (in tonnes) </link:label>

<link:label id="lab_btu_CoalReservesintons_label_en-US" xlink:label="lab_btu_CoalReservesintons" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves, in tons </link:label>

<link:label id="lab_btu_CoalReservesintons_documentation_en-US" xlink:label="lab_btu_CoalReservesintons" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves, in tons </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoalReservesintons" xlink:href="btu-20201231.xsd#btu_CoalReservesintons"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoalReservesintons" xlink:to="lab_btu_CoalReservesintons" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive_bd21a13e-1992-485b-aa4b-3cdfdb736163_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Five </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_5ae6870e-fffb-4033-b51c-de5288a80be4_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash used in investing activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember_8c13b1fb-beb3-45f3-b845-f0fe9b98a26c_terseLabel_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember_label_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period Of Adoption, Adjustment [Member] </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember_documentation_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="btu-20201231.xsd#btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="lab_btu_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock_db402793-9b88-417a-b93e-d7f888a98d8b_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt secured liens term, percentage of capital stock </link:label>

<link:label id="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock_label_en-US" xlink:label="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Secured Liens Term, Percentage Of Capital Stock </link:label>

<link:label id="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock_documentation_en-US" xlink:label="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Secured Liens Term, Percentage Of Capital Stock </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:href="btu-20201231.xsd#btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:to="lab_btu_DebtInstrumentSecuredLiensTermPercentageOfCapitalStock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherCommercialEventsTable_92c815ee-8f8d-4cc1-8883-ee40e1fe9e5e_terseLabel_en-US" xlink:label="lab_btu_OtherCommercialEventsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commercial Events [Table] </link:label>

<link:label id="lab_btu_OtherCommercialEventsTable_label_en-US" xlink:label="lab_btu_OtherCommercialEventsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commercial Events [Table] </link:label>

<link:label id="lab_btu_OtherCommercialEventsTable_documentation_en-US" xlink:label="lab_btu_OtherCommercialEventsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Commercial Events [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherCommercialEventsTable" xlink:href="btu-20201231.xsd#btu_OtherCommercialEventsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherCommercialEventsTable" xlink:to="lab_btu_OtherCommercialEventsTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_c80a86f4-ad68-41c2-bc66-29087b844f57_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from disposal of assets, net of receivables </link:label>

<link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Property, Plant, and Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_965a58e6-9bd2-4380-ab5a-ac25e61e9013_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>

<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:to="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_b53a16f1-8478-4ea7-be11-f2a4a3b045a6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liabilities: </link:label>

<link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxLiabilitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_aa9a5204-c51d-4a3f-90b3-54bfd2164a28_verboseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Significant Accounting Policies </link:label>

<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentFiscalPeriodFocus_3b8faf49-04a0-439c-a234-1ce8d4a14c51_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>

<link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>

<link:label id="lab_country_KP_295cf313-f427-4c3c-9b8b-11f54ebf67bf_terseLabel_en-US" xlink:label="lab_country_KP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> South Korea </link:label>

<link:label id="lab_country_KP_label_en-US" xlink:label="lab_country_KP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_KP" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_KP"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_KP" xlink:to="lab_country_KP" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_59d2aacb-949c-4812-a0a7-a2eda171a7b7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Common Stock Activity </link:label>

<link:label id="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Common Stock Outstanding Roll Forward [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockSharesIssued_0e15ebca-24d5-40bd-8919-d03f4e9d7a28_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, shares issued (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Issued </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesIssued"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet_4c51c32a-5d87-4296-ba1f-95300d899215_terseLabel_en-US" xlink:label="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net mark-to-market adjustment on actuarially determined liabilities </link:label>

<link:label id="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet_label_en-US" xlink:label="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mark-to-Market Adjustment on Pension and Postretirement Plans, Net </link:label>

<link:label id="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet_documentation_en-US" xlink:label="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mark-to-Market Adjustment on Pension and Postretirement Plans, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:href="btu-20201231.xsd#btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:to="lab_btu_MarktoMarketAdjustmentonPensionandPostretirementPlansNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_b1781caf-fc79-4d8b-b2cc-0d9554ac36b9_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, par value per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Par or Stated Value Per Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member_6f7aed71-cc41-459d-b006-b1e735a6ff53_terseLabel_en-US" xlink:label="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable Securitization Program, April 3, 2020 </link:label>

<link:label id="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member_label_en-US" xlink:label="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable Securitization Program, April 3, 2020 [Member] </link:label>

<link:label id="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member_documentation_en-US" xlink:label="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable Securitization [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:href="btu-20201231.xsd#btu_AccountsReceivableSecuritizationProgramApril32020Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:to="lab_btu_AccountsReceivableSecuritizationProgramApril32020Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TangibleAssetImpairmentCharges_76eca2fb-025b-4deb-a1af-3de4dd776246_terseLabel_en-US" xlink:label="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset impairment charges related to long-lived assets </link:label>

<link:label id="lab_us-gaap_TangibleAssetImpairmentCharges_cfb4c2e4-0aea-40ac-a394-4613cc0b27f6_verboseLabel_en-US" xlink:label="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset impairment of property, plant and equipment and mine development assets </link:label>

<link:label id="lab_us-gaap_TangibleAssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tangible Asset Impairment Charges </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TangibleAssetImpairmentCharges"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TangibleAssetImpairmentCharges" xlink:to="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AlternativeMinimumTaxCreditRefundsReceived_d29a3ecd-8121-45ca-aae8-63f32d4f1f13_terseLabel_en-US" xlink:label="lab_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AMT tax credit received </link:label>

<link:label id="lab_btu_AlternativeMinimumTaxCreditRefundsReceived_label_en-US" xlink:label="lab_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Minimum Tax Credit Refunds Received </link:label>

<link:label id="lab_btu_AlternativeMinimumTaxCreditRefundsReceived_documentation_en-US" xlink:label="lab_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Minimum Tax Credit Refunds Received </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:href="btu-20201231.xsd#btu_AlternativeMinimumTaxCreditRefundsReceived"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:to="lab_btu_AlternativeMinimumTaxCreditRefundsReceived" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherReceivablesNetCurrent_b2cbfaa5-9222-42a6-90e1-b489636aabdc_terseLabel_en-US" xlink:label="lab_us-gaap_OtherReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous receivables, net </link:label>

<link:label id="lab_us-gaap_OtherReceivablesNetCurrent_label_en-US" xlink:label="lab_us-gaap_OtherReceivablesNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables, Net, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivablesNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherReceivablesNetCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherReceivablesNetCurrent" xlink:to="lab_us-gaap_OtherReceivablesNetCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets_cd11be8b-7ff7-4ad7-aef9-6dac56a068b2_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and other assets </link:label>

<link:label id="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets_label_en-US" xlink:label="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Investments and Other Assets </link:label>

<link:label id="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets_documentation_en-US" xlink:label="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Investments and Other Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:href="btu-20201231.xsd#btu_DeferredTaxAssetsInvestmentsandOtherAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:to="lab_btu_DeferredTaxAssetsInvestmentsandOtherAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeAssetsAbstract_92f3f5de-f4f2-448d-980c-cd1bca1596f0_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Derivative </link:label>

<link:label id="lab_us-gaap_DerivativeAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeAssetsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsAbstract" xlink:to="lab_us-gaap_DerivativeAssetsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetsNoncurrent_2356fe31-a48e-46d3-ad70-866c60128c23_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment ,noncurrent assets </link:label>

<link:label id="lab_us-gaap_AssetsNoncurrent_label_en-US" xlink:label="lab_us-gaap_AssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetsNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNoncurrent" xlink:to="lab_us-gaap_AssetsNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems_542a5c7c-06da-4b04-b003-d5f001d59b07_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Owned, Federal Income Tax Note [Line Items] </link:label>

<link:label id="lab_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems_label_en-US" xlink:label="lab_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Owned, Federal Income Tax Note [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems" xlink:to="lab_us-gaap_InvestmentsOwnedFederalIncomeTaxNoteLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_c714d26e-776d-4657-8cab-2c15c7d0d496_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Derivative </link:label>

<link:label id="lab_us-gaap_DerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeLiabilitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesAbstract" xlink:to="lab_us-gaap_DerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityFilerCategory_757b0a1d-1568-4ccf-93a7-ef9a6c53a98a_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>

<link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentRestrictedPaymentsBasket_1897f53e-fefe-4038-82a9-d7a2b879d58e_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, restricted payments basket </link:label>

<link:label id="lab_btu_DebtInstrumentRestrictedPaymentsBasket_label_en-US" xlink:label="lab_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Restricted Payments Basket </link:label>

<link:label id="lab_btu_DebtInstrumentRestrictedPaymentsBasket_documentation_en-US" xlink:label="lab_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Restricted Payments Basket </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:href="btu-20201231.xsd#btu_DebtInstrumentRestrictedPaymentsBasket"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:to="lab_btu_DebtInstrumentRestrictedPaymentsBasket" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_a28fe2b7-b131-4bb0-872b-1bce3b485fe1_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 and thereafter </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due after Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_c637e98a-f933-4f6a-a344-ef4c87cd4781_verboseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_country_JP_e3c46207-24fa-4388-a52e-9efce2d8262d_terseLabel_en-US" xlink:label="lab_country_JP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Japan </link:label>

<link:label id="lab_country_JP_label_en-US" xlink:label="lab_country_JP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JAPAN </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_JP" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_JP"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_JP" xlink:to="lab_country_JP" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LitigationReserve_ef2b5733-b8a8-4739-932c-c07af96df767_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated litigation liability </link:label>

<link:label id="lab_us-gaap_LitigationReserve_label_en-US" xlink:label="lab_us-gaap_LitigationReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Litigation Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationReserve" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LitigationReserve"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationReserve" xlink:to="lab_us-gaap_LitigationReserve" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MineLocationDomain_abad6d75-2d53-4a2e-bd7b-2c86720ff528_terseLabel_en-US" xlink:label="lab_btu_MineLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Location [Domain] </link:label>

<link:label id="lab_btu_MineLocationDomain_label_en-US" xlink:label="lab_btu_MineLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mine Location [Domain] </link:label>

<link:label id="lab_btu_MineLocationDomain_documentation_en-US" xlink:label="lab_btu_MineLocationDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Mine Location [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MineLocationDomain" xlink:href="btu-20201231.xsd#btu_MineLocationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MineLocationDomain" xlink:to="lab_btu_MineLocationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_501307a5-5e1e-4b68-afdd-284351bc24c8_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated postretirement benefit obligation at beginning of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_de181262-43ed-44eb-95f2-3344f8061366_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated postretirement benefit obligation at end of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_cc93c777-7f1f-4f09-86c7-1f38c98b6f80_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation at beginning of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_76809596-3952-4dc2-bc80-91249b590f97_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation at end of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract_f4342838-1a6c-4572-9a6f-d2fd5d1d647f_terseLabel_en-US" xlink:label="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use assets obtained in exchange for lease obligations: </link:label>

<link:label id="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract_label_en-US" xlink:label="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use assets obtained in exchange for lease obligations: [Abstract] </link:label>

<link:label id="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract_documentation_en-US" xlink:label="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use assets obtained in exchange for lease obligations: [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:href="btu-20201231.xsd#btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:to="lab_btu_RightofuseassetsobtainedinexchangeforleaseobligationsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_cbbeed21-3a93-4e15-ba03-58f4920b18ab_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>

<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisaggregationOfRevenueTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTable" xlink:to="lab_us-gaap_DisaggregationOfRevenueTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant_1b975680-7ad2-4fe9-9b05-8b2034746453_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participant contributions </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Plan Participant </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsContributionsByPlanParticipant" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems_50a8936b-64d1-4874-8aea-f1b88f10d814_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impaired Long-Lived Assets Held and Used [Line Items] </link:label>

<link:label id="lab_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems_label_en-US" xlink:label="lab_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impaired Long-Lived Assets Held and Used [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="lab_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_140aa284-f5af-407e-aed3-a237cc003d83_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summarized Results Of Discontinued Operations </link:label>

<link:label id="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:to="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_f03eaa5b-95c7-4bf7-a605-c2e1dfacd962_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of the expected statutory federal income tax provision (benefit) to the Company's actual income tax provision </link:label>

<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockValue_79558641-ec5b-4074-8b66-d567df885d5d_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of December 31, 2020 or December 31, 2019 </link:label>

<link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Issued </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" xlink:type="arc" order="1"/>

<link:label id="lab_country_IN_28e92d7a-5da2-45c9-8488-7f839901e4d6_terseLabel_en-US" xlink:label="lab_country_IN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> India </link:label>

<link:label id="lab_country_IN_label_en-US" xlink:label="lab_country_IN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> INDIA </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_IN" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_IN"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_IN" xlink:to="lab_country_IN" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits_4125ceae-6c6e-4fe3-9139-95926756f1d5_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Taxes and Tax Credits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxesAndTaxCredits"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:to="lab_us-gaap_DeferredIncomeTaxesAndTaxCredits" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_05996316-0975-4bb3-ba8b-b80bfe328c29_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Payable and Accrued Expenses </link:label>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Payable and Accrued Liabilities Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AcquisitionCosts_d6602892-68be-48ef-af16-36680b279b7a_terseLabel_en-US" xlink:label="lab_us-gaap_AcquisitionCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded acquisition costs </link:label>

<link:label id="lab_us-gaap_AcquisitionCosts_label_en-US" xlink:label="lab_us-gaap_AcquisitionCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisition Costs, Period Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AcquisitionCosts" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AcquisitionCosts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AcquisitionCosts" xlink:to="lab_us-gaap_AcquisitionCosts" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WeightedAverageDiscountRateAbstract_57c7b8ba-c90b-4190-af16-164b035cb4a3_terseLabel_en-US" xlink:label="lab_btu_WeightedAverageDiscountRateAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average discount rate </link:label>

<link:label id="lab_btu_WeightedAverageDiscountRateAbstract_label_en-US" xlink:label="lab_btu_WeightedAverageDiscountRateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average discount rate [Abstract] </link:label>

<link:label id="lab_btu_WeightedAverageDiscountRateAbstract_documentation_en-US" xlink:label="lab_btu_WeightedAverageDiscountRateAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average discount rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WeightedAverageDiscountRateAbstract" xlink:href="btu-20201231.xsd#btu_WeightedAverageDiscountRateAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WeightedAverageDiscountRateAbstract" xlink:to="lab_btu_WeightedAverageDiscountRateAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm_74d9a640-920b-4cbc-b6ce-c8501bba045d_terseLabel_en-US" xlink:label="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating and finance leases remaining lease term </link:label>

<link:label id="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm_label_en-US" xlink:label="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating and Finance Leases Remaining Lease Term </link:label>

<link:label id="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm_documentation_en-US" xlink:label="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating and Finance Leases Remaining Lease Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:href="btu-20201231.xsd#btu_OperatingandFinanceLeasesRemainingLeaseTerm"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:to="lab_btu_OperatingandFinanceLeasesRemainingLeaseTerm" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_b32fb6ce-289d-4453-8618-72d417a6a9fa_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of actuarial loss </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Gain (Loss) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax_af24eebe-834d-4e07-b223-d26b1b96b55b_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service credit </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A8500SeniorSecuredNotesDue2024Member_36fcf388-2728-448a-9288-ec79b9f53586_terseLabel_en-US" xlink:label="lab_btu_A8500SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 8.500% Senior Secured Notes due 2024 (New Peabody Notes) </link:label>

<link:label id="lab_btu_A8500SeniorSecuredNotesDue2024Member_label_en-US" xlink:label="lab_btu_A8500SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 8.500% Senior Secured Notes due 2024 [Member] </link:label>

<link:label id="lab_btu_A8500SeniorSecuredNotesDue2024Member_documentation_en-US" xlink:label="lab_btu_A8500SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 8.500% Senior Secured Notes due 2024 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A8500SeniorSecuredNotesDue2024Member" xlink:href="btu-20201231.xsd#btu_A8500SeniorSecuredNotesDue2024Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A8500SeniorSecuredNotesDue2024Member" xlink:to="lab_btu_A8500SeniorSecuredNotesDue2024Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInInventories_775639fe-b295-4361-b405-ee626b624e45_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInventories" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInInventories_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Inventories </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInventories" xlink:to="lab_us-gaap_IncreaseDecreaseInInventories" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueRecognitionAbstract_29e480e9-26f4-475b-b557-66b435d2d087_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRecognitionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition [Abstract] </link:label>

<link:label id="lab_us-gaap_RevenueRecognitionAbstract_label_en-US" xlink:label="lab_us-gaap_RevenueRecognitionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRecognitionAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueRecognitionAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionAbstract" xlink:to="lab_us-gaap_RevenueRecognitionAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NewCoIssuerTermLoansMember_257c334d-0814-412b-97d2-aebaed7a230b_terseLabel_en-US" xlink:label="lab_btu_NewCoIssuerTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Co-Issuer Term Loans </link:label>

<link:label id="lab_btu_NewCoIssuerTermLoansMember_label_en-US" xlink:label="lab_btu_NewCoIssuerTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Co-Issuer Term Loans [Member] </link:label>

<link:label id="lab_btu_NewCoIssuerTermLoansMember_documentation_en-US" xlink:label="lab_btu_NewCoIssuerTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Co-Issuer Term Loans </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NewCoIssuerTermLoansMember" xlink:href="btu-20201231.xsd#btu_NewCoIssuerTermLoansMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NewCoIssuerTermLoansMember" xlink:to="lab_btu_NewCoIssuerTermLoansMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InsuranceRecoveries_0cd441d7-596c-4dca-8742-f8045c3a307e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_InsuranceRecoveries" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> North Goonyella insurance recovery </link:label>

<link:label id="lab_us-gaap_InsuranceRecoveries_e2036393-a070-45f3-a0c5-d9855fdb3819_terseLabel_en-US" xlink:label="lab_us-gaap_InsuranceRecoveries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance recovery </link:label>

<link:label id="lab_us-gaap_InsuranceRecoveries_label_en-US" xlink:label="lab_us-gaap_InsuranceRecoveries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Insurance Recoveries </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InsuranceRecoveries" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InsuranceRecoveries"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InsuranceRecoveries" xlink:to="lab_us-gaap_InsuranceRecoveries" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_2149ebfb-a72e-4179-82b0-256d6eff59fb_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_f9efdc7e-f9c0-402c-922a-a655e26f5814_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, cash equivalents and restricted cash at beginning of period </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_6bcef8c4-33df-4acd-bff2-41f317429207_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, cash equivalents and restricted cash at end of period </link:label>

<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_c1640b24-0d3e-4a31-8a10-8fb75b28676b_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_4033941d-d5d6-4fa5-be2c-e52810ade6c1_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities associated with discontinued operations </link:label>

<link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent_label_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Liabilities, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:to="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInMaterialsAndSupplies_d978b797-ff2b-4000-88c3-8a29bbdb0d6d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInMaterialsAndSupplies" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash coal inventory revaluation </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInMaterialsAndSupplies_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInMaterialsAndSupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Materials and Supplies </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInMaterialsAndSupplies" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInMaterialsAndSupplies"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInMaterialsAndSupplies" xlink:to="lab_us-gaap_IncreaseDecreaseInMaterialsAndSupplies" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_de1ef34f-a157-4a0e-9a9b-173e9713e693_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average shares outstanding — basic (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_e0a0686a-b17d-4472-8495-52941b361017_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets </link:label>

<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_e360b976-81fb-4da1-aa47-cf849370ac97_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets </link:label>

<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities_dc6dac06-2201-4ddc-bac4-94c080dd0117_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities_label_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Lease Liabilities </link:label>

<link:label id="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities_documentation_en-US" xlink:label="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets related to operating lease right-of-use assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:href="btu-20201231.xsd#btu_DeferredTaxAssetsOperatingLeaseLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:to="lab_btu_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementEquityComponentsAxis_d2285e25-b706-4ba6-b3c9-2683a2928683_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>

<link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherEventsAbstract_label_en-US" xlink:label="lab_btu_OtherEventsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Events [Abstract] </link:label>

<link:label id="lab_btu_OtherEventsAbstract_documentation_en-US" xlink:label="lab_btu_OtherEventsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Events </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherEventsAbstract" xlink:href="btu-20201231.xsd#btu_OtherEventsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherEventsAbstract" xlink:to="lab_btu_OtherEventsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxLiabilities_cb23c44b-c7d9-42b4-898e-db4067a9451d_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Net </link:label>

<link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ForeignCurrencyRemeasurementGainsLosses_e0a4a812-7448-476e-bb74-f59ca16dac4a_terseLabel_en-US" xlink:label="lab_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency remeasurement gain (loss) </link:label>

<link:label id="lab_btu_ForeignCurrencyRemeasurementGainsLosses_label_en-US" xlink:label="lab_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Remeasurement Gains (Losses) </link:label>

<link:label id="lab_btu_ForeignCurrencyRemeasurementGainsLosses_documentation_en-US" xlink:label="lab_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Remeasurement Gains (Losses) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:href="btu-20201231.xsd#btu_ForeignCurrencyRemeasurementGainsLosses"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:to="lab_btu_ForeignCurrencyRemeasurementGainsLosses" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate_82869f7d-bdc7-49e1-bf66-160825726015_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revisions to estimates </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Revision of Estimate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationRevisionOfEstimate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:to="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_b72bbeb5-9108-4fae-8a06-99ffeef10b52_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction costs related to business combinations and joint ventures </link:label>

<link:label id="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Acquisition Related Costs </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessCombinationAcquisitionRelatedCosts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:to="lab_us-gaap_BusinessCombinationAcquisitionRelatedCosts" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_a4d09351-6785-4f61-817c-57e01c6fab7c_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning of period </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_8e698efb-ac8d-45b9-93de-532c45544730_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> End of period </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable_33d3add6-7ea9-4028-9622-c199b27be1cf_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Impaired Long-Lived Assets Held and Used [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Impaired Long-Lived Assets Held and Used [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="lab_us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_90a75c50-5c24-440c-85c0-93c0adfc1aad_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FixedIncomeInvestmentsMember_02d26a49-bc7f-4998-8acb-61208f8bbd9e_terseLabel_en-US" xlink:label="lab_us-gaap_FixedIncomeInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Investments </link:label>

<link:label id="lab_us-gaap_FixedIncomeInvestmentsMember_label_en-US" xlink:label="lab_us-gaap_FixedIncomeInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Investments [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixedIncomeInvestmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FixedIncomeInvestmentsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FixedIncomeInvestmentsMember" xlink:to="lab_us-gaap_FixedIncomeInvestmentsMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember_6b86e732-0d9e-4f09-b96d-81a05e4011b8_terseLabel_en-US" xlink:label="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.00% And 6.375% Senior Secured Notes, Successor Notes </link:label>

<link:label id="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember_label_en-US" xlink:label="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.00 And 6.375 Percent Senior Secured Notes, Successor Notes [Member] </link:label>

<link:label id="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember_documentation_en-US" xlink:label="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.00 And 6.375 Percent Senior Secured Notes, Successor Notes [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:href="btu-20201231.xsd#btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:to="lab_btu_A6.00And6.375PercentSeniorSecuredNotesSuccessorNotesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinancingReceivableRevolving_599af46c-2011-4c4d-ab2b-d68bcb99bffc_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRevolving" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving loan limit </link:label>

<link:label id="lab_us-gaap_FinancingReceivableRevolving_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRevolving" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, Revolving </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRevolving" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinancingReceivableRevolving"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRevolving" xlink:to="lab_us-gaap_FinancingReceivableRevolving" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions_0d0973b8-fc4f-4e07-aeb8-a8bf2a39d1b5_terseLabel_en-US" xlink:label="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized debt issuance costs related to Refinancing Transactions </link:label>

<link:label id="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions_label_en-US" xlink:label="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized Debt Issuance Costs Related To Refinancing Transactions </link:label>

<link:label id="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions_documentation_en-US" xlink:label="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized Debt Issuance Costs Related To Refinancing Transactions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:href="btu-20201231.xsd#btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:to="lab_btu_CapitalizedDebtIssuanceCostsRelatedToRefinancingTransactions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_3f8c02ba-524f-4f6b-91b8-ef950d026f51_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_12109e70-0536-4f19-93e8-58527b72cf8e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_af77bbf6-2efb-487d-a82d-6e13a5bf4e21_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain realized in income on derivatives </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:to="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAxis_83a74b99-fb40-48f9-b541-0bb8116d008a_terseLabel_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAxis_label_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period Of Adoption [Axis] </link:label>

<link:label id="lab_btu_CumulativeEffectPeriodOfAdoptionAxis_documentation_en-US" xlink:label="lab_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period Of Adoption </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="btu-20201231.xsd#btu_CumulativeEffectPeriodOfAdoptionAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="lab_btu_CumulativeEffectPeriodOfAdoptionAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PhysicalCommodityPurchaseSaleContractsMember_4b358971-88d1-4689-8df6-bb9eb14ae63c_terseLabel_en-US" xlink:label="lab_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal contracts related to forecasted sales </link:label>

<link:label id="lab_btu_PhysicalCommodityPurchaseSaleContractsMember_label_en-US" xlink:label="lab_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Physical commodity purchase / sale contracts [Member] </link:label>

<link:label id="lab_btu_PhysicalCommodityPurchaseSaleContractsMember_documentation_en-US" xlink:label="lab_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Physical commodity purchase / sale contracts. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:href="btu-20201231.xsd#btu_PhysicalCommodityPurchaseSaleContractsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:to="lab_btu_PhysicalCommodityPurchaseSaleContractsMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A2017IncentivePlanMember_f3208ac3-8b37-41ff-b9dc-af07fe80fee4_terseLabel_en-US" xlink:label="lab_btu_A2017IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Incentive Plan </link:label>

<link:label id="lab_btu_A2017IncentivePlanMember_label_en-US" xlink:label="lab_btu_A2017IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Incentive Plan [Member] </link:label>

<link:label id="lab_btu_A2017IncentivePlanMember_documentation_en-US" xlink:label="lab_btu_A2017IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Incentive Plan [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A2017IncentivePlanMember" xlink:href="btu-20201231.xsd#btu_A2017IncentivePlanMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A2017IncentivePlanMember" xlink:to="lab_btu_A2017IncentivePlanMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_387da103-19cb-441a-9ab3-71db85184a01_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>

<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Federal Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_cef2b312-a34b-4a5b-93bb-23cc011f8c93_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityAddressAddressLine1_b26b9ec7-d9a0-4de0-9e25-974d12f760be_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>

<link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LeaseCostTableTextBlock_894fb13f-6102-4cce-b04e-54a6dd4fcf8a_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Lease Expense </link:label>

<link:label id="lab_us-gaap_LeaseCostTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeaseCostTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostTableTextBlock" xlink:to="lab_us-gaap_LeaseCostTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityEmergingGrowthCompany_533b20fa-cbeb-4307-9d4d-839870d1a791_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>

<link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlementtotal_58e7cc82-e20d-4054-9901-9053faa47b6c_terseLabel_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement, total </link:label>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlementtotal_label_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement, total </link:label>

<link:label id="lab_btu_Receivableforadditionalconsiderationonsettlementtotal_documentation_en-US" xlink:label="lab_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivable for additional consideration on settlement, total </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:href="btu-20201231.xsd#btu_Receivableforadditionalconsiderationonsettlementtotal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:to="lab_btu_Receivableforadditionalconsiderationonsettlementtotal" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_3fd2d1b8-7ac5-488b-9d3e-e225c2525a0b_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, depletion and amortization </link:label>

<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, Depletion and Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsForCommissions_12e317bb-687e-4154-adb7-5c24057e9f01_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForCommissions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for commissions </link:label>

<link:label id="lab_us-gaap_PaymentsForCommissions_label_en-US" xlink:label="lab_us-gaap_PaymentsForCommissions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Commissions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForCommissions" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsForCommissions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForCommissions" xlink:to="lab_us-gaap_PaymentsForCommissions" xlink:type="arc" order="1"/>

<link:label id="lab_btu_InterestRateTypeDomain_11dc6c3d-c25f-4aaf-a684-e44b3a7a3381_terseLabel_en-US" xlink:label="lab_btu_InterestRateTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Type [Domain] </link:label>

<link:label id="lab_btu_InterestRateTypeDomain_label_en-US" xlink:label="lab_btu_InterestRateTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Type [Domain] </link:label>

<link:label id="lab_btu_InterestRateTypeDomain_documentation_en-US" xlink:label="lab_btu_InterestRateTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Interest Rate Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_InterestRateTypeDomain" xlink:href="btu-20201231.xsd#btu_InterestRateTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_InterestRateTypeDomain" xlink:to="lab_btu_InterestRateTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_QueenslandsBowenBasinMember_195963f2-117b-4d5f-8af5-af438401d8f8_terseLabel_en-US" xlink:label="lab_btu_QueenslandsBowenBasinMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Queensland’s Bowen Basin </link:label>

<link:label id="lab_btu_QueenslandsBowenBasinMember_label_en-US" xlink:label="lab_btu_QueenslandsBowenBasinMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Queensland’s Bowen Basin [Member] </link:label>

<link:label id="lab_btu_QueenslandsBowenBasinMember_documentation_en-US" xlink:label="lab_btu_QueenslandsBowenBasinMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Queensland’s Bowen Basin [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_QueenslandsBowenBasinMember" xlink:href="btu-20201231.xsd#btu_QueenslandsBowenBasinMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_QueenslandsBowenBasinMember" xlink:to="lab_btu_QueenslandsBowenBasinMember" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ScenarioForecastMember_b4829d5f-311a-4e1c-9afd-f3b6a5f45256_terseLabel_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario, Forecast </link:label>

<link:label id="lab_srt_ScenarioForecastMember_label_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forecast [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioForecastMember" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ScenarioForecastMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember" xlink:to="lab_srt_ScenarioForecastMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_VariableRateAxis_13bc68ec-d850-465e-a3ea-ee5166c9ea1b_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>

<link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VariableRateAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_70ef1ca0-22b4-4d7f-ad28-7fba0b140b3d_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Health Care and Life Insurance Benefits </link:label>

<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_723b5a3f-633d-472a-99d3-3e78da8ef1d3_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Postretirement Benefits Plan </link:label>

<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Postretirement Benefits Plan [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:to="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_aea790e8-1d06-4b48-8a18-244928824164_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock repurchases </link:label>

<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value, Acquired, Cost Method </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_0484a1af-b987-4e6c-b561-37f2a1f5d625_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, operating loss carryforwards, state and local </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, State and Local </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums_7b862fb7-ab2a-4993-b665-7434bfc5818e_terseLabel_en-US" xlink:label="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment for debt exchange early tender premiums </link:label>

<link:label id="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums_label_en-US" xlink:label="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment For Debt Exchange Early Tender Premiums </link:label>

<link:label id="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums_documentation_en-US" xlink:label="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment For Debt Exchange Early Tender Premiums </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:href="btu-20201231.xsd#btu_PaymentForDebtExchangeEarlyTenderPremiums"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:to="lab_btu_PaymentForDebtExchangeEarlyTenderPremiums" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueInputsLevel12And3Member_fa42a0bf-124e-4194-9d6d-1f413dc8d979_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1, 2 and 3 </link:label>

<link:label id="lab_us-gaap_FairValueInputsLevel12And3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1, 2 and 3 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel12And3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueInputsLevel12And3Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel12And3Member" xlink:to="lab_us-gaap_FairValueInputsLevel12And3Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupClassificationDomain_ef511320-5ef8-48d5-b671-ee6df348780c_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Domain] </link:label>

<link:label id="lab_us-gaap_DisposalGroupClassificationDomain_label_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupClassificationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationDomain" xlink:to="lab_us-gaap_DisposalGroupClassificationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear_eb75577d-9d4f-49f2-8588-64015a3cfa9c_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Health care cost trend rate assumed for next year </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestments_e71d9df2-f596-4b37-ae8d-c89eb6691c9e_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments" xlink:to="lab_us-gaap_EquityMethodInvestments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_916f1d44-ecf6-49f0-b278-3ca57d793933_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash (used in) provided by operating activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_fcb1c816-f9b0-47c8-911c-11e02fedab71_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_60563164-3b53-4f85-9e2b-f093a68245dc_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate to which the cost trend is assumed to decline (the ultimate trend rate) </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Ultimate Health Care Cost Trend Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:to="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member_f0f2929c-f711-4c94-9b18-883817c4aaf5_terseLabel_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member_label_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 1.50 To 1.00 Greater Than 1.00 To 1.00 [Member] </link:label>

<link:label id="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member_documentation_en-US" xlink:label="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ratio Less Or Equal To 1.50 To 1.00 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:href="btu-20201231.xsd#btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:to="lab_btu_TotalLeverageRatioLessOrEqualTo1.50To1.00GreaterThan1.00To1.00Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InterestIncomeExpenseNet_b2d356a3-8fd1-45d7-aa7d-6618b3e1c0cf_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>

<link:label id="lab_us-gaap_InterestIncomeExpenseNet_label_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income (Expense), Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InterestIncomeExpenseNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeExpenseNet" xlink:to="lab_us-gaap_InterestIncomeExpenseNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_5bf12c37-be33-4ad4-b46b-ac2335f90fa6_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_ce8a7bf0-1908-41c1-a12e-cd3f6fbead54_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase price allocation, current liabilities </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_dei_TradingSymbol_02bee7b8-dd8b-4ff2-a4c2-b34c4e3a75ce_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>

<link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredFinanceCostsNet_bbdb41de-db6b-4d04-92fe-09914b8dbf30_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Debt issuance costs </link:label>

<link:label id="lab_us-gaap_DeferredFinanceCostsNet_93c484e1-1a17-4222-a4f6-9e0b6f5a4f21_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt issuance cost </link:label>

<link:label id="lab_us-gaap_DeferredFinanceCostsNet_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Issuance Costs, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredFinanceCostsNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MiddlemountMineMember_09f9256d-6d29-4046-bbac-2de86b50c476_verboseLabel_en-US" xlink:label="lab_btu_MiddlemountMineMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Middlemount </link:label>

<link:label id="lab_btu_MiddlemountMineMember_c7e0f1cf-f311-4535-a72b-6425a5653829_terseLabel_en-US" xlink:label="lab_btu_MiddlemountMineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment and financing receivables related to Middlemount </link:label>

<link:label id="lab_btu_MiddlemountMineMember_label_en-US" xlink:label="lab_btu_MiddlemountMineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Middlemount Mine [Member] </link:label>

<link:label id="lab_btu_MiddlemountMineMember_documentation_en-US" xlink:label="lab_btu_MiddlemountMineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Middlemount Mine [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MiddlemountMineMember" xlink:href="btu-20201231.xsd#btu_MiddlemountMineMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MiddlemountMineMember" xlink:to="lab_btu_MiddlemountMineMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_5498a966-ec1e-4bb8-a5df-cc84ba00502c_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchase program, authorized amount </link:label>

<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Authorized Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock_8d5be35d-d701-438f-b288-b0dbda4440b8_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized in accumulated other comprehensive loss </link:label>

<link:label id="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeasePrincipalPayments_8282aad6-0f53-4106-82d1-292856b6a64e_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeasePrincipalPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing cash flows for finance leases </link:label>

<link:label id="lab_us-gaap_FinanceLeasePrincipalPayments_label_en-US" xlink:label="lab_us-gaap_FinanceLeasePrincipalPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Principal Payments </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeasePrincipalPayments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeasePrincipalPayments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeasePrincipalPayments" xlink:to="lab_us-gaap_FinanceLeasePrincipalPayments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryValuationReserves_afd4d91b-f12a-4da6-aff3-d12a6815f0b3_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryValuationReserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory reserves </link:label>

<link:label id="lab_us-gaap_InventoryValuationReserves_label_en-US" xlink:label="lab_us-gaap_InventoryValuationReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory Valuation Reserves </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryValuationReserves" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryValuationReserves"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryValuationReserves" xlink:to="lab_us-gaap_InventoryValuationReserves" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LineOfCreditMember_dc55ef16-9a4b-4799-9c2f-255ce34cd7b7_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit </link:label>

<link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ObligationsMember_a79b2422-1777-45af-8401-d925c6a0f4fe_terseLabel_en-US" xlink:label="lab_us-gaap_ObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligations </link:label>

<link:label id="lab_us-gaap_ObligationsMember_label_en-US" xlink:label="lab_us-gaap_ObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligations [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ObligationsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ObligationsMember" xlink:to="lab_us-gaap_ObligationsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsPayableTradeCurrent_c9c28ebe-7b84-4e03-b2ff-ba3cad54a35d_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableTradeCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade accounts payable </link:label>

<link:label id="lab_us-gaap_AccountsPayableTradeCurrent_label_en-US" xlink:label="lab_us-gaap_AccountsPayableTradeCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Payable, Trade, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableTradeCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsPayableTradeCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableTradeCurrent" xlink:to="lab_us-gaap_AccountsPayableTradeCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfDefinedContributionPlans_372f49cd-edca-46b6-af9d-091748cc0487_terseLabel_en-US" xlink:label="lab_btu_NumberOfDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of 401(k) plans </link:label>

<link:label id="lab_btu_NumberOfDefinedContributionPlans_label_en-US" xlink:label="lab_btu_NumberOfDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Defined Contribution Plans </link:label>

<link:label id="lab_btu_NumberOfDefinedContributionPlans_documentation_en-US" xlink:label="lab_btu_NumberOfDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Defined Contribution Plans </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfDefinedContributionPlans" xlink:href="btu-20201231.xsd#btu_NumberOfDefinedContributionPlans"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfDefinedContributionPlans" xlink:to="lab_btu_NumberOfDefinedContributionPlans" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_37a524d5-162f-47c8-91fa-152024c4f660_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from discontinued operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_d218763e-a363-407c-a3da-c213eb49a225_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss (income) from discontinued operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_4a4a5890-33bd-4c9f-be4b-ff90ad843785_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from discontinued operations, net of income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations_8c341fb2-3553-470f-bb23-40571eddd09e_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityShellCompany_51000685-936d-4b8c-8d6f-08d33285a477_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>

<link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeStatementAbstract_6429569b-ab5d-4d27-b0bc-efbcfbeec0e8_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>

<link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits_b7e5a1fc-00ec-4ada-932d-05ac46e9d640_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee benefits </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase_987805ae-ed0a-4c6b-a11a-afbf3a0fd6b1_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refinancing transactions, principal amount basis for purchase </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase_label_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Principal Amount Basis For Purchase </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase_documentation_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Principal Amount Basis For Purchase </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:href="btu-20201231.xsd#btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:to="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalAmountBasisForPurchase" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis_ee1d1a94-5b3e-4f4b-86eb-cfc303fe0171_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis] </link:label>

<link:label id="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis_label_en-US" xlink:label="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis" xlink:to="lab_us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityByLocationAxis_2f18dfb4-5464-4dd0-be22-8fcc88674935_terseLabel_en-US" xlink:label="lab_dei_EntityByLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity by Location [Axis] </link:label>

<link:label id="lab_dei_EntityByLocationAxis_label_en-US" xlink:label="lab_dei_EntityByLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity by Location [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityByLocationAxis" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityByLocationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityByLocationAxis" xlink:to="lab_dei_EntityByLocationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ImpairmentOfUnallocatedCoalReserves_61615bc2-f6dd-403e-acd0-1d5a75d68652_terseLabel_en-US" xlink:label="lab_btu_ImpairmentOfUnallocatedCoalReserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment to unallocated coal reserves </link:label>

<link:label id="lab_btu_ImpairmentOfUnallocatedCoalReserves_label_en-US" xlink:label="lab_btu_ImpairmentOfUnallocatedCoalReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment Of Unallocated Coal Reserves </link:label>

<link:label id="lab_btu_ImpairmentOfUnallocatedCoalReserves_documentation_en-US" xlink:label="lab_btu_ImpairmentOfUnallocatedCoalReserves" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment Of Unallocated Coal Reserves </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ImpairmentOfUnallocatedCoalReserves" xlink:href="btu-20201231.xsd#btu_ImpairmentOfUnallocatedCoalReserves"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ImpairmentOfUnallocatedCoalReserves" xlink:to="lab_btu_ImpairmentOfUnallocatedCoalReserves" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityPublicFloat_70083500-5509-453f-bd81-83c53dd6b152_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>

<link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityPublicFloat" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherEquityMethodInvestmentsMember_08cf751b-fe52-46d3-8466-cbd388757343_terseLabel_en-US" xlink:label="lab_btu_OtherEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other equity method investments </link:label>

<link:label id="lab_btu_OtherEquityMethodInvestmentsMember_label_en-US" xlink:label="lab_btu_OtherEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Equity Method Investments [Member] </link:label>

<link:label id="lab_btu_OtherEquityMethodInvestmentsMember_documentation_en-US" xlink:label="lab_btu_OtherEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Equity Method Investments Member. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherEquityMethodInvestmentsMember" xlink:href="btu-20201231.xsd#btu_OtherEquityMethodInvestmentsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherEquityMethodInvestmentsMember" xlink:to="lab_btu_OtherEquityMethodInvestmentsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_c1ec90a4-5eca-46b2-82b8-984287d58918_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance, income tax </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Valuation Allowance </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentType_4066c190-6c83-4287-9660-e4244fd20d54_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>

<link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>

<link:label id="lab_dei_IcfrAuditorAttestationFlag_dca26656-39fd-46e3-8355-079ba1019935_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>

<link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_IcfrAuditorAttestationFlag"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract_2b00374c-a538-42a9-8896-b56cbb981d99_terseLabel_en-US" xlink:label="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash paid for amounts included in the measurement of lease liabilities: </link:label>

<link:label id="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract_label_en-US" xlink:label="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash paid for amounts included in the measurement of lease liabilities: [Abstract] </link:label>

<link:label id="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract_documentation_en-US" xlink:label="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash paid for amounts included in the measurement of lease liabilities: [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:href="btu-20201231.xsd#btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:to="lab_btu_CashpaidforamountsincludedinthemeasurementofleaseliabilitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_e7a9b5c0-153b-4a1e-92bb-89e2b4120293_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Investments </link:label>

<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InvestmentPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentPolicyTextBlock" xlink:to="lab_us-gaap_InvestmentPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax_f1586c02-e3af-462a-9f28-83eb6abf028f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized gain (loss) recognized in income on derivatives </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_8fdbe1b8-6d40-40db-8155-e06242f6725c_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from discontinued operations (in dollars per share) </link:label>

<link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesDeductions_39ecb765-66db-4fe2-8868-f5942fede18f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesDeductions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deductions </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesDeductions_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesDeductions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesDeductions" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDeductions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesDeductions" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesDeductions" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LettersofCreditOutstandingforReclamation_4d52fd50-4468-461f-80aa-1b3d7d5c619f_terseLabel_en-US" xlink:label="lab_btu_LettersofCreditOutstandingforReclamation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit outstanding for reclamation </link:label>

<link:label id="lab_btu_LettersofCreditOutstandingforReclamation_label_en-US" xlink:label="lab_btu_LettersofCreditOutstandingforReclamation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of Credit Outstanding for Reclamation </link:label>

<link:label id="lab_btu_LettersofCreditOutstandingforReclamation_documentation_en-US" xlink:label="lab_btu_LettersofCreditOutstandingforReclamation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of Credit Outstanding for Reclamation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LettersofCreditOutstandingforReclamation" xlink:href="btu-20201231.xsd#btu_LettersofCreditOutstandingforReclamation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LettersofCreditOutstandingforReclamation" xlink:to="lab_btu_LettersofCreditOutstandingforReclamation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_6a2b6e97-c1b7-479b-b19e-9c0fbb5ac013_verboseLabel_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency </link:label>

<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Transactions and Translations Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_d51baad9-10ad-4e2b-b842-e031bc56cffa_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due Year Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesCurrent_beb22552-95ab-4fd9-916f-e0a6ffe809ad_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current liabilities </link:label>

<link:label id="lab_us-gaap_LiabilitiesCurrent_74dbe1c4-3441-48a0-8b01-43254914b03a_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, current liabilities </link:label>

<link:label id="lab_us-gaap_LiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ImpairmentOfInvestments_ffc9f7f9-f22f-43cd-a51f-a675d3594e94_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of investment in equity security </link:label>

<link:label id="lab_us-gaap_ImpairmentOfInvestments_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other than Temporary Impairment Losses, Investments </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOfInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ImpairmentOfInvestments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfInvestments" xlink:to="lab_us-gaap_ImpairmentOfInvestments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties_51ec53c4-aae8-45de-9e3a-1ed7f5e2f516_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to related parties </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties_c20d8ea8-5522-4578-ab49-e926300bc5aa_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash receipts from Middlemount </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Due from Related Parties </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="lab_us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract_c204cb21-1eba-44a0-b356-60c37c7a7fd3_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-Pay Contracts </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesNetAmortizationExpenseFiscalYearMaturityAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InterestCostsCapitalized_19a181b2-64e7-4bc6-b9de-14fdd1f2f7a5_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest costs capitalized </link:label>

<link:label id="lab_us-gaap_InterestCostsCapitalized_label_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Costs Capitalized </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestCostsCapitalized" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InterestCostsCapitalized"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsCapitalized" xlink:to="lab_us-gaap_InterestCostsCapitalized" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_77b612fa-4096-49f3-bee9-66dd7f2ca1fc_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_230f23a7-fd12-49b1-8af1-ca9bffc57ce4_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_704a71c3-7eac-4c5c-9844-4882b97798d5_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross unrecognized tax benefits </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_99532ac9-9b31-42f0-bed4-7a697a9f0621_periodStartLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_82f58256-91bb-491b-934a-df5f4d19394f_periodEndLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecognizedTaxBenefits"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_6cb1d78e-719c-41cc-beaa-e20967dfb52b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Foreign </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EmergenceAwardsMember_755dc2b0-0ed7-452f-b1ef-9b50a7c2f821_terseLabel_en-US" xlink:label="lab_btu_EmergenceAwardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Emergence Awards </link:label>

<link:label id="lab_btu_EmergenceAwardsMember_label_en-US" xlink:label="lab_btu_EmergenceAwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Emergence Awards [Member] </link:label>

<link:label id="lab_btu_EmergenceAwardsMember_documentation_en-US" xlink:label="lab_btu_EmergenceAwardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Emergence Awards </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EmergenceAwardsMember" xlink:href="btu-20201231.xsd#btu_EmergenceAwardsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EmergenceAwardsMember" xlink:to="lab_btu_EmergenceAwardsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_9126f1d4-6fcc-487f-b76b-e3ca6ceb6e2e_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of lines of credit </link:label>

<link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Lines of Credit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:to="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty_8ca45798-45bb-4c8f-88d8-c43bd8682eb2_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement of claim, amount awarded to other party </link:label>

<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty_label_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Amount Awarded to Other Party </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LitigationSettlementAmountAwardedToOtherParty"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:to="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_6324afc0-35a3-4a3e-bf3c-f51364f0a76f_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Granted </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount_6e563f17-c1a2-49e4-ac7c-cba9ba239faf_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance </link:label>

<link:label id="lab_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount_label_en-US" xlink:label="lab_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:to="lab_us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConcentrationRiskLineItems_a8ae45b7-73da-45e4-85b1-b08148e7dff8_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk [Line Items] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskLineItems_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskLineItems" xlink:to="lab_us-gaap_ConcentrationRiskLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_f5b3def1-5297-4d4a-b380-bd76a6cb5d0d_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented </link:label>

<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member_73d092d3-8cbb-43de-8717-9bf0a9ccda5c_terseLabel_en-US" xlink:label="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ration Less Or Equal 2.00 to 1.00 </link:label>

<link:label id="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member_label_en-US" xlink:label="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ration Less Or Equal 2.00 to 1.00 [Member] </link:label>

<link:label id="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member_documentation_en-US" xlink:label="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Leverage Ration Less Or Equal 2.00 to 1.00 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:href="btu-20201231.xsd#btu_TotalLeverageRationLessOrEqual2.00to1.00Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:to="lab_btu_TotalLeverageRationLessOrEqual2.00to1.00Member" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EstimatedFundObligation_10eb22e4-e683-4887-93e1-6a12c507cdda_terseLabel_en-US" xlink:label="lab_btu_EstimatedFundObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated fund obligation </link:label>

<link:label id="lab_btu_EstimatedFundObligation_label_en-US" xlink:label="lab_btu_EstimatedFundObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Fund Obligation </link:label>

<link:label id="lab_btu_EstimatedFundObligation_documentation_en-US" xlink:label="lab_btu_EstimatedFundObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Fund Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EstimatedFundObligation" xlink:href="btu-20201231.xsd#btu_EstimatedFundObligation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EstimatedFundObligation" xlink:to="lab_btu_EstimatedFundObligation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ProceedsFromReleaseOfCollateral_077d43ef-188d-489b-aef5-c82b0e50e5d1_terseLabel_en-US" xlink:label="lab_btu_ProceedsFromReleaseOfCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral arrangements </link:label>

<link:label id="lab_btu_ProceedsFromReleaseOfCollateral_label_en-US" xlink:label="lab_btu_ProceedsFromReleaseOfCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Release Of Collateral </link:label>

<link:label id="lab_btu_ProceedsFromReleaseOfCollateral_documentation_en-US" xlink:label="lab_btu_ProceedsFromReleaseOfCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Release Of Collateral </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ProceedsFromReleaseOfCollateral" xlink:href="btu-20201231.xsd#btu_ProceedsFromReleaseOfCollateral"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ProceedsFromReleaseOfCollateral" xlink:to="lab_btu_ProceedsFromReleaseOfCollateral" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_6b515f4f-af97-4b53-b9bb-5378a438e455_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit (credit) costs, excluding service cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_3cc6650a-c4a0-47c1-b972-f63bbb675c2f_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit (credit) costs, excluding service cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_f83d7714-7417-4607-a7ec-f473f11d01e5_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic pension benefit </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems_d20dc9dd-dfe1-47ce-8665-1b540c546a66_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Asset Reconciling Item [Line Items] </link:label>

<link:label id="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Asset Reconciling Item [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentReportingAssetReconcilingItemLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:to="lab_us-gaap_SegmentReportingAssetReconcilingItemLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentFloorInterestRate_ff14b731-3c3c-4302-8ddd-404342b96e97_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentFloorInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floor interest rate </link:label>

<link:label id="lab_btu_DebtInstrumentFloorInterestRate_label_en-US" xlink:label="lab_btu_DebtInstrumentFloorInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Floor Interest Rate </link:label>

<link:label id="lab_btu_DebtInstrumentFloorInterestRate_documentation_en-US" xlink:label="lab_btu_DebtInstrumentFloorInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Floor Interest Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentFloorInterestRate" xlink:href="btu-20201231.xsd#btu_DebtInstrumentFloorInterestRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentFloorInterestRate" xlink:to="lab_btu_DebtInstrumentFloorInterestRate" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ContributionsToJointVentures_4ec82f84-a905-4c17-96ab-924712ca38d0_negatedTerseLabel_en-US" xlink:label="lab_btu_ContributionsToJointVentures" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions to joint ventures </link:label>

<link:label id="lab_btu_ContributionsToJointVentures_label_en-US" xlink:label="lab_btu_ContributionsToJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions to joint ventures </link:label>

<link:label id="lab_btu_ContributionsToJointVentures_documentation_en-US" xlink:label="lab_btu_ContributionsToJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions to joint ventures </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ContributionsToJointVentures" xlink:href="btu-20201231.xsd#btu_ContributionsToJointVentures"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ContributionsToJointVentures" xlink:to="lab_btu_ContributionsToJointVentures" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_4e02a521-e1ea-4020-b3f4-e9540355d591_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_dff599d8-75de-4384-b619-413781acbe5c_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Return (Loss) on Plan Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions_b79562b6-7679-4ea6-84b2-85d7dcb0f4aa_terseLabel_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Reductions) additions for prior year tax positions </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase (Decrease) Resulting from Prior Period Tax Positions </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions_documentation_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase (Decrease) Resulting from Prior Period Tax Positions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:href="btu-20201231.xsd#btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:to="lab_btu_UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SuccessorCreditAgreementMember_9f9d8470-3821-4cdc-a2a0-03c7c2b89036_terseLabel_en-US" xlink:label="lab_btu_SuccessorCreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Successor Credit Agreement </link:label>

<link:label id="lab_btu_SuccessorCreditAgreementMember_label_en-US" xlink:label="lab_btu_SuccessorCreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Successor Credit Agreement [Member] </link:label>

<link:label id="lab_btu_SuccessorCreditAgreementMember_documentation_en-US" xlink:label="lab_btu_SuccessorCreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Successor Credit Agreement [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SuccessorCreditAgreementMember" xlink:href="btu-20201231.xsd#btu_SuccessorCreditAgreementMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SuccessorCreditAgreementMember" xlink:to="lab_btu_SuccessorCreditAgreementMember" xlink:type="arc" order="1"/>

<link:label id="lab_country_CN_5c1f23ca-c5b1-4f7a-b30c-fcf69d095ed8_terseLabel_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> China </link:label>

<link:label id="lab_country_CN_label_en-US" xlink:label="lab_country_CN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CHINA </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_CN" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_CN"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CN" xlink:to="lab_country_CN" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RetirementPlanAmendmentTwoMember_3327bd21-2187-471c-81bd-f2aa8b0532c5_terseLabel_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Two </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTwoMember_label_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Two [Member] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTwoMember_documentation_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RetirementPlanAmendmentTwoMember" xlink:href="btu-20201231.xsd#btu_RetirementPlanAmendmentTwoMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RetirementPlanAmendmentTwoMember" xlink:to="lab_btu_RetirementPlanAmendmentTwoMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SeaborneMiningMember_6dd88af8-2369-4d79-8d50-5f7faf0c1a2d_terseLabel_en-US" xlink:label="lab_btu_SeaborneMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Mining </link:label>

<link:label id="lab_btu_SeaborneMiningMember_label_en-US" xlink:label="lab_btu_SeaborneMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Mining [Member] </link:label>

<link:label id="lab_btu_SeaborneMiningMember_documentation_en-US" xlink:label="lab_btu_SeaborneMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Mining [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SeaborneMiningMember" xlink:href="btu-20201231.xsd#btu_SeaborneMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SeaborneMiningMember" xlink:to="lab_btu_SeaborneMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_5e707e6e-6846-4808-bd83-e58e2a3f85b3_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average shares outstanding — diluted (in shares) </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_f39fe16d-7ccb-408d-bb2a-bba792e489d1_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares issued for vested restricted stock units </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_32fc6e39-9c69-420f-bef2-e406b0385560_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase price allocation, property, plant, equipment and mine development </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_db5b7f1f-a9da-483d-ba74-bab874dbb85a_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exit facility, maximum borrowing capacity </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Maximum Borrowing Capacity </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet_7e5bc80b-1fd3-4f3a-bcc7-c695faffd1bd_negatedTerseLabel_en-US" xlink:label="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized losses (gains) on economic hedges </link:label>

<link:label id="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet_label_en-US" xlink:label="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Hedging Instruments, Unrealized Gain (Loss), Net </link:label>

<link:label id="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet_documentation_en-US" xlink:label="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Hedging Instruments, Unrealized Gain (Loss), Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:href="btu-20201231.xsd#btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:to="lab_btu_DerivativeInstrumentsNotDesignatedasHedgingInstrumentsUnrealizedGainLossNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities_e9eef672-c9c4-4da3-a5dc-966e378a4b71_terseLabel_en-US" xlink:label="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Income from discontinued operations allocated to participating securities </link:label>

<link:label id="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities_label_en-US" xlink:label="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss from discontinued operations allocated to participating securities </link:label>

<link:label id="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities_documentation_en-US" xlink:label="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss from discontinued operations allocated to participating securities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:href="btu-20201231.xsd#btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:to="lab_btu_Lossfromdiscontinuedoperationsallocatedtoparticipatingsecurities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentBaseInterestRate_119aa495-f200-451e-a300-fe3949cc54c9_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentBaseInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing facility, base interest rate </link:label>

<link:label id="lab_btu_DebtInstrumentBaseInterestRate_label_en-US" xlink:label="lab_btu_DebtInstrumentBaseInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Base Interest Rate </link:label>

<link:label id="lab_btu_DebtInstrumentBaseInterestRate_documentation_en-US" xlink:label="lab_btu_DebtInstrumentBaseInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Base Interest Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentBaseInterestRate" xlink:href="btu-20201231.xsd#btu_DebtInstrumentBaseInterestRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentBaseInterestRate" xlink:to="lab_btu_DebtInstrumentBaseInterestRate" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis_24ee7b4a-8bb7-4484-9f62-03838ab7c1b6_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities by Major Class [Axis] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities by Major Class [Axis] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities by Major Class [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_Assets_77704297-40ab-45f1-8192-9ef1465ea7d1_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>

<link:label id="lab_us-gaap_Assets_acefb0c0-3e2f-44a6-87ed-0a8b50429dc0_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>

<link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_Assets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>

<link:label id="lab_country_AU_3d7ef0ec-a7af-4540-83dc-3a6ddd2019da_terseLabel_en-US" xlink:label="lab_country_AU" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Australia </link:label>

<link:label id="lab_country_AU_label_en-US" xlink:label="lab_country_AU" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AUSTRALIA </link:label>

<link:loc xlink:type="locator" xlink:label="loc_country_AU" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_AU"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_AU" xlink:to="lab_country_AU" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RealEstateMember_8e8a19bf-3587-49c4-ad83-0b363b7d4aae_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate </link:label>

<link:label id="lab_us-gaap_RealEstateMember_label_en-US" xlink:label="lab_us-gaap_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RealEstateMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateMember" xlink:to="lab_us-gaap_RealEstateMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ForeignExchangeContractMember_dd0ea7de-9956-4963-ab92-4861499dfa1d_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency option contracts </link:label>

<link:label id="lab_us-gaap_ForeignExchangeContractMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Contract [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ForeignExchangeContractMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeContractMember" xlink:to="lab_us-gaap_ForeignExchangeContractMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_0aafa44a-c320-4972-bbe9-3b2e25024406_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase of employee common stock relinquished for tax withholding </link:label>

<link:label id="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Decrease for Tax Withholding Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:to="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_1dcf6b1b-2b43-42f3-8abf-0bf12ef64137_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Adjustments, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:to="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityAddressStateOrProvince_9ca46039-0306-4ea1-a555-487c9870fc11_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>

<link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseLiability_a4b4bd48-9090-4ea8-8c4c-6f63bd9a013c_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total operating lease liabilities </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiability_5e41e654-e6bd-4d19-8661-4fa5b3117669_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance lease obligations </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock_c62ad6f4-9a4b-404c-b1c6-10200f01be73_terseLabel_en-US" xlink:label="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities Held for Sale </link:label>

<link:label id="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock_label_en-US" xlink:label="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities Held for Sale [Policy Text Block] </link:label>

<link:label id="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock_documentation_en-US" xlink:label="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities Held for Sale </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:href="btu-20201231.xsd#btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:to="lab_btu_AssetsandLiabilitiesHeldforSalePolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage_2eb6305e-b938-4d49-ba37-5e7212ec684a_terseLabel_en-US" xlink:label="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized compensation cost period for recognition, weighted-average, years </link:label>

<link:label id="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage_label_en-US" xlink:label="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition, Weighted-Average </link:label>

<link:label id="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage_documentation_en-US" xlink:label="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition, Weighted-Average </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:href="btu-20201231.xsd#btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:to="lab_btu_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognitionWeightedAverage" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SubsequentEventMember_51569dff-71ef-41d4-a425-10a8be0f30e0_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event </link:label>

<link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount_03eb520f-b59e-4160-886e-548c328c15d5_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate principal amount of debt exchanged </link:label>

<link:label id="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount_label_en-US" xlink:label="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument Exchanged, Aggregate Principal Amount </link:label>

<link:label id="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount_documentation_en-US" xlink:label="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument Exchanged, Aggregate Principal Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:href="btu-20201231.xsd#btu_DebtInstrumentExchangedAggregatePrincipalAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:to="lab_btu_DebtInstrumentExchangedAggregatePrincipalAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_VariableRateDomain_aa0365fb-61dd-49a8-9090-af4c57f53ba5_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>

<link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_VariableRateDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent_274c6b3e-c8e0-4424-ad93-f2756ee7ef86_terseLabel_en-US" xlink:label="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential collateralization that may be requested by counterparties due to a material adverse event </link:label>

<link:label id="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent_label_en-US" xlink:label="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential collateralization that may be requested by counterparties due to a material adverse event </link:label>

<link:label id="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent_documentation_en-US" xlink:label="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential collateralization that may be requested by counterparties due to a material adverse event. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:href="btu-20201231.xsd#btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:to="lab_btu_PotentialCollateralizationThatMayBeRequestedByCounterpartiesDueToMaterialAdverseEvent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_91377ab9-6ec0-4f49-bd5a-6cdea37622ec_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock, shares, acquired (in shares) </link:label>

<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares, Acquired </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TreasuryStockSharesAcquired"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary_facab3ee-2390-4678-bd6b-6b9e9f6f55d1_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Priority liens term, percentage of capital stock of each domestic restricted subsidiary </link:label>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary_label_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Priority Liens Term, Percentage Of Capital Stock Of Each Domestic Restricted Subsidiary </link:label>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary_documentation_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Priority Liens Term, Percentage Of Capital Stock Of Each Domestic Restricted Subsidiary </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:href="btu-20201231.xsd#btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:to="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachDomesticRestrictedSubsidiary" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccruedIncomeTaxesCurrent_74605187-5e03-45dd-baa8-bf3f6d0eb0b1_terseLabel_en-US" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes payable </link:label>

<link:label id="lab_us-gaap_AccruedIncomeTaxesCurrent_label_en-US" xlink:label="lab_us-gaap_AccruedIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued Income Taxes, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedIncomeTaxesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccruedIncomeTaxesCurrent" xlink:to="lab_us-gaap_AccruedIncomeTaxesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_b76b7883-b25e-49e2-b5d1-b88edddd642c_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>

<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetirementPlanSponsorLocationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseImpairmentLoss_77d759db-4b2d-42bc-80c0-4d18ffb6bb65_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets impairment </link:label>

<link:label id="lab_us-gaap_OperatingLeaseImpairmentLoss_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Impairment Loss </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseImpairmentLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseImpairmentLoss"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseImpairmentLoss" xlink:to="lab_us-gaap_OperatingLeaseImpairmentLoss" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsReceivable_5ff21bd6-435e-4137-b3fd-f373c223fe89_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsReceivable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accounts Receivable </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_0c1ccd31-7161-48ae-98af-7458b68969c7_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due Year Four </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LifeOfMine_f7f856e2-f420-4fa8-8536-adf9c1fdb993_terseLabel_en-US" xlink:label="lab_btu_LifeOfMine" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life of mine </link:label>

<link:label id="lab_btu_LifeOfMine_label_en-US" xlink:label="lab_btu_LifeOfMine" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life Of Mine </link:label>

<link:label id="lab_btu_LifeOfMine_documentation_en-US" xlink:label="lab_btu_LifeOfMine" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Life Of Mine </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LifeOfMine" xlink:href="btu-20201231.xsd#btu_LifeOfMine"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LifeOfMine" xlink:to="lab_btu_LifeOfMine" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_c4da0ba4-24a3-4aa6-b2e5-aa629ffeb185_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases </link:label>

<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Asset Obtained in Exchange for Operating Lease Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityCurrent_feedde47-0b5f-4a2b-a2cb-4753d45fd4f6_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current portion of long-term debt </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityCurrent" xlink:to="lab_us-gaap_FinanceLeaseLiabilityCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_0d1484a3-c9c5-485f-8c08-d9e480f3f9a3_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International government securities </link:label>

<link:label id="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Security, Government, Non-US [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ForeignGovernmentDebtSecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:to="lab_us-gaap_ForeignGovernmentDebtSecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_1ff2d5c1-7593-4d0f-8544-907759ed473a_verboseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment and Geographic Information </link:label>

<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanRollForwardsAbstract_e620f99a-dc72-49a3-a2ac-efed8f3c4014_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRollForwardsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in plan assets: </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanRollForwardsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRollForwardsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Roll Forwards [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanRollForwardsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanRollForwardsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanRollForwardsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanRollForwardsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_efc34df1-8641-44e9-b0fe-7939acbc207e_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of credit facility, remaining borrowing capacity </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Remaining Borrowing Capacity </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoalReservesNotSubjectToDepletion_1d3a0c4a-41a4-41e5-bc1f-791456fa431d_terseLabel_en-US" xlink:label="lab_btu_CoalReservesNotSubjectToDepletion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reserves not subject to depletion </link:label>

<link:label id="lab_btu_CoalReservesNotSubjectToDepletion_label_en-US" xlink:label="lab_btu_CoalReservesNotSubjectToDepletion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves Not Subject To Depletion </link:label>

<link:label id="lab_btu_CoalReservesNotSubjectToDepletion_documentation_en-US" xlink:label="lab_btu_CoalReservesNotSubjectToDepletion" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reserves not subject to depletion. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoalReservesNotSubjectToDepletion" xlink:href="btu-20201231.xsd#btu_CoalReservesNotSubjectToDepletion"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoalReservesNotSubjectToDepletion" xlink:to="lab_btu_CoalReservesNotSubjectToDepletion" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccretionExpense_19f0cb1a-d506-4064-97da-b09fae0b5376_terseLabel_en-US" xlink:label="lab_us-gaap_AccretionExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion expense </link:label>

<link:label id="lab_us-gaap_AccretionExpense_label_en-US" xlink:label="lab_us-gaap_AccretionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccretionExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccretionExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccretionExpense" xlink:to="lab_us-gaap_AccretionExpense" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Operatingcashflowsforfinanceleases_c2d99c91-7c9d-46a7-9619-5127515da71c_terseLabel_en-US" xlink:label="lab_btu_Operatingcashflowsforfinanceleases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for finance leases </link:label>

<link:label id="lab_btu_Operatingcashflowsforfinanceleases_label_en-US" xlink:label="lab_btu_Operatingcashflowsforfinanceleases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for finance leases </link:label>

<link:label id="lab_btu_Operatingcashflowsforfinanceleases_documentation_en-US" xlink:label="lab_btu_Operatingcashflowsforfinanceleases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for finance leases </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Operatingcashflowsforfinanceleases" xlink:href="btu-20201231.xsd#btu_Operatingcashflowsforfinanceleases"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Operatingcashflowsforfinanceleases" xlink:to="lab_btu_Operatingcashflowsforfinanceleases" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongtermDebtTypeDomain_f813c65d-e406-42f1-a8ca-f15e14cc387e_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>

<link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongtermDebtTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LOMGreaterthan20YearsMember_c25d187a-e7a3-4749-b5b2-e3e49f4c300d_terseLabel_en-US" xlink:label="lab_btu_LOMGreaterthan20YearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM Greater than 20 Years </link:label>

<link:label id="lab_btu_LOMGreaterthan20YearsMember_label_en-US" xlink:label="lab_btu_LOMGreaterthan20YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM Greater than 20 Years [Member] </link:label>

<link:label id="lab_btu_LOMGreaterthan20YearsMember_documentation_en-US" xlink:label="lab_btu_LOMGreaterthan20YearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM Greater than 20 Years [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LOMGreaterthan20YearsMember" xlink:href="btu-20201231.xsd#btu_LOMGreaterthan20YearsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LOMGreaterthan20YearsMember" xlink:to="lab_btu_LOMGreaterthan20YearsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShortTermContractWithCustomerMember_60a28176-63bd-4822-8954-2b7910eb4212_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than one year </link:label>

<link:label id="lab_us-gaap_ShortTermContractWithCustomerMember_label_en-US" xlink:label="lab_us-gaap_ShortTermContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Contract with Customer [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermContractWithCustomerMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShortTermContractWithCustomerMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermContractWithCustomerMember" xlink:to="lab_us-gaap_ShortTermContractWithCustomerMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CoalSupplyAgreementsMember_95787636-dc4d-4bde-a8ee-f600351f0a5b_terseLabel_en-US" xlink:label="lab_us-gaap_CoalSupplyAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal supply agreements </link:label>

<link:label id="lab_us-gaap_CoalSupplyAgreementsMember_label_en-US" xlink:label="lab_us-gaap_CoalSupplyAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Supply Agreements [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CoalSupplyAgreementsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CoalSupplyAgreementsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CoalSupplyAgreementsMember" xlink:to="lab_us-gaap_CoalSupplyAgreementsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ClassOfStockDomain_42d4da58-9b87-4d2e-ad8b-0789547999d3_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>

<link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ClassOfStockDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion_2ab1758b-9918-43da-b59f-eb91aabd22ad_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess depletion </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion" xlink:to="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseDepletion" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupClassificationAxis_e272939a-9e00-4763-bb32-5f6c123661af_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Axis] </link:label>

<link:label id="lab_us-gaap_DisposalGroupClassificationAxis_label_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupClassificationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis" xlink:to="lab_us-gaap_DisposalGroupClassificationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_bea8c27f-b51c-4ab4-8410-6fdd511e3683_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated benefit obligation </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Benefit Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedBenefitObligation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RestructuringReserveCurrent_a758fedb-e417-4c58-95fc-ef2aa0a93a15_terseLabel_en-US" xlink:label="lab_us-gaap_RestructuringReserveCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring charges </link:label>

<link:label id="lab_us-gaap_RestructuringReserveCurrent_label_en-US" xlink:label="lab_us-gaap_RestructuringReserveCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring Reserve, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestructuringReserveCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RestructuringReserveCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestructuringReserveCurrent" xlink:to="lab_us-gaap_RestructuringReserveCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RisksAndUncertaintiesAbstract_0f9c3aec-e8e8-43c5-a673-a566c8a1a164_terseLabel_en-US" xlink:label="lab_us-gaap_RisksAndUncertaintiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risks and Uncertainties [Abstract] </link:label>

<link:label id="lab_us-gaap_RisksAndUncertaintiesAbstract_label_en-US" xlink:label="lab_us-gaap_RisksAndUncertaintiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risks and Uncertainties [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RisksAndUncertaintiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RisksAndUncertaintiesAbstract" xlink:to="lab_us-gaap_RisksAndUncertaintiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentPeriodicPayment_fddcda4c-9ddc-480b-af9a-03eabc319654_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentPeriodicPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, periodic payment </link:label>

<link:label id="lab_us-gaap_DebtInstrumentPeriodicPayment_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentPeriodicPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Periodic Payment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentPeriodicPayment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentPeriodicPayment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentPeriodicPayment" xlink:to="lab_us-gaap_DebtInstrumentPeriodicPayment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_bd2e054c-6ce6-41fb-904f-d8cd8d0d5629_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employer contributions </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_6f0bbf24-4ea3-4e5a-94f6-0dae0f15e155_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employer contributions </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Employer </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_01861cc4-fb97-4dbe-b01d-3b8eccdd0edd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset allocation strategy for the Non-Represented trust </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_d18d867e-bb24-441d-b0e6-aa18d0356704_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net </link:label>

<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Other Financing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RiskManagementLaborRelationsTextBlock_b159a255-1817-4aab-8f58-2704cfd6e033_verboseLabel_en-US" xlink:label="lab_btu_RiskManagementLaborRelationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Management - Labor Relations </link:label>

<link:label id="lab_btu_RiskManagementLaborRelationsTextBlock_label_en-US" xlink:label="lab_btu_RiskManagementLaborRelationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk Management Labor Relations [Text Block] </link:label>

<link:label id="lab_btu_RiskManagementLaborRelationsTextBlock_documentation_en-US" xlink:label="lab_btu_RiskManagementLaborRelationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk Management Labor Relations. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RiskManagementLaborRelationsTextBlock" xlink:href="btu-20201231.xsd#btu_RiskManagementLaborRelationsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RiskManagementLaborRelationsTextBlock" xlink:to="lab_btu_RiskManagementLaborRelationsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityVoluntaryFilers_3a450988-ca1c-4223-97f2-fef2569c1e56_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>

<link:label id="lab_dei_EntityVoluntaryFilers_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ForeignCountryMember_2c5293f7-1e20-422e-a55d-1cca0f32f392_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCountryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>

<link:label id="lab_us-gaap_ForeignCountryMember_label_en-US" xlink:label="lab_us-gaap_ForeignCountryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Tax Authority [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCountryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ForeignCountryMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCountryMember" xlink:to="lab_us-gaap_ForeignCountryMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_GainonVEBAsettlement_edd97403-dd84-483c-8479-b713409b9cf4_negatedTerseLabel_en-US" xlink:label="lab_btu_GainonVEBAsettlement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on formation of United Wambo Joint Venture </link:label>

<link:label id="lab_btu_GainonVEBAsettlement_label_en-US" xlink:label="lab_btu_GainonVEBAsettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on VEBA settlement </link:label>

<link:label id="lab_btu_GainonVEBAsettlement_documentation_en-US" xlink:label="lab_btu_GainonVEBAsettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on VEBA settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_GainonVEBAsettlement" xlink:href="btu-20201231.xsd#btu_GainonVEBAsettlement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_GainonVEBAsettlement" xlink:to="lab_btu_GainonVEBAsettlement" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod_ab74bc27-0d66-4e0d-b465-3746b430e163_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refinancing transactions, debt repurchases period </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod_label_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Debt Repurchases Period </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod_documentation_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Debt Repurchases Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:href="btu-20201231.xsd#btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:to="lab_btu_DebtInstrumentRefinancingTransactionsDebtRepurchasesPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TaxCreditCarryforwardAmount_fdf08afb-ea18-47c6-bcb2-b33ab1060933_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax credit carryforward, amount </link:label>

<link:label id="lab_us-gaap_TaxCreditCarryforwardAmount_label_en-US" xlink:label="lab_us-gaap_TaxCreditCarryforwardAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Credit Carryforward, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCreditCarryforwardAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TaxCreditCarryforwardAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCreditCarryforwardAmount" xlink:to="lab_us-gaap_TaxCreditCarryforwardAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock_dfef519c-9788-4f49-abd7-561e1701424e_terseLabel_en-US" xlink:label="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging - Coal Trading </link:label>

<link:label id="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock_label_en-US" xlink:label="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging - Coal Trading [Policy Text Block] </link:label>

<link:label id="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock_documentation_en-US" xlink:label="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging - Coal Trading [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:href="btu-20201231.xsd#btu_CorporateHedgingCoalTradingPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:to="lab_btu_CorporateHedgingCoalTradingPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_a8e3eef7-301a-4561-90b7-e8b6312d4743_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities </link:label>

<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ProductsAndServicesDomain_a0e586ec-7e00-432b-8dae-4216c4af0a3c_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>

<link:label id="lab_srt_ProductsAndServicesDomain_label_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductsAndServicesDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain" xlink:to="lab_srt_ProductsAndServicesDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShortTermDebtTypeAxis_c1f9a854-8812-48fc-a5ad-ec69880222f6_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Axis] </link:label>

<link:label id="lab_us-gaap_ShortTermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShortTermDebtTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTypeAxis" xlink:to="lab_us-gaap_ShortTermDebtTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryCoalMember_b13befa7-1486-4aa0-80e6-5dbda59b7c0d_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryCoalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal </link:label>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryCoalMember_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryCoalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesInventoryCoalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PublicUtilitiesInventoryCoalMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesInventoryCoalMember" xlink:to="lab_us-gaap_PublicUtilitiesInventoryCoalMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_61514d81-bc74-4624-8372-3414580791c6_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TradeAccountsReceivableMember_4c6830ef-bdeb-4c93-882c-710f2075ba4e_terseLabel_en-US" xlink:label="lab_us-gaap_TradeAccountsReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade Accounts Receivable </link:label>

<link:label id="lab_us-gaap_TradeAccountsReceivableMember_label_en-US" xlink:label="lab_us-gaap_TradeAccountsReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade Accounts Receivable [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeAccountsReceivableMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TradeAccountsReceivableMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeAccountsReceivableMember" xlink:to="lab_us-gaap_TradeAccountsReceivableMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SeaborneMetallurgicalMiningMember_1849763e-fb66-4274-bf3c-1b9e57d08156_terseLabel_en-US" xlink:label="lab_btu_SeaborneMetallurgicalMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Metallurgical Mining </link:label>

<link:label id="lab_btu_SeaborneMetallurgicalMiningMember_label_en-US" xlink:label="lab_btu_SeaborneMetallurgicalMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Metallurgical Mining [Member] </link:label>

<link:label id="lab_btu_SeaborneMetallurgicalMiningMember_documentation_en-US" xlink:label="lab_btu_SeaborneMetallurgicalMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Metallurgical Mining [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SeaborneMetallurgicalMiningMember" xlink:href="btu-20201231.xsd#btu_SeaborneMetallurgicalMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SeaborneMetallurgicalMiningMember" xlink:to="lab_btu_SeaborneMetallurgicalMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust_c4a264cc-4558-45a1-beab-95646b2ea0cf_terseLabel_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary employees beneficiary association, contribution amount to Represented Trust </link:label>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust_label_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary Employees Beneficiary Association, Contribution Amount To Represented Trust </link:label>

<link:label id="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust_documentation_en-US" xlink:label="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary Employees Beneficiary Association, Contribution Amount To Represented Trust </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:href="btu-20201231.xsd#btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:to="lab_btu_VoluntaryEmployeesBeneficiaryAssociationContributionAmountToRepresentedTrust" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WeightedAverageRemainingLeaseTermAbstract_370f9dd6-baff-4038-a1d7-e4570e15b549_terseLabel_en-US" xlink:label="lab_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining lease term (years) </link:label>

<link:label id="lab_btu_WeightedAverageRemainingLeaseTermAbstract_label_en-US" xlink:label="lab_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining lease term [Abstract] </link:label>

<link:label id="lab_btu_WeightedAverageRemainingLeaseTermAbstract_documentation_en-US" xlink:label="lab_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining lease term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:href="btu-20201231.xsd#btu_WeightedAverageRemainingLeaseTermAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:to="lab_btu_WeightedAverageRemainingLeaseTermAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AggregateLettersofCreditMaximum_ad156f98-12a7-451d-9482-388575896e98_terseLabel_en-US" xlink:label="lab_btu_AggregateLettersofCreditMaximum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate letters of credit, maximum </link:label>

<link:label id="lab_btu_AggregateLettersofCreditMaximum_label_en-US" xlink:label="lab_btu_AggregateLettersofCreditMaximum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate Letters of Credit, Maximum </link:label>

<link:label id="lab_btu_AggregateLettersofCreditMaximum_documentation_en-US" xlink:label="lab_btu_AggregateLettersofCreditMaximum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount represents the maximum face amount of all letters of credit issued under the L/C Facility and the Bonding L/C Facility without DIP Lender consent. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AggregateLettersofCreditMaximum" xlink:href="btu-20201231.xsd#btu_AggregateLettersofCreditMaximum"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AggregateLettersofCreditMaximum" xlink:to="lab_btu_AggregateLettersofCreditMaximum" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment_a790ebd3-5799-47d0-adb5-426bf05c5f28_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, transaction support agreements, fair value of second liens on mining equipment </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Fair Value Of Second Liens On Mining Equipment </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Fair Value Of Second Liens On Mining Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsFairValueOfSecondLiensOnMiningEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_btu_BusinessInterruptionLosses_a7368246-1630-406c-a354-b09dfd21dc0c_terseLabel_en-US" xlink:label="lab_btu_BusinessInterruptionLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Interruption Losses </link:label>

<link:label id="lab_btu_BusinessInterruptionLosses_label_en-US" xlink:label="lab_btu_BusinessInterruptionLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Interruption Losses </link:label>

<link:label id="lab_btu_BusinessInterruptionLosses_documentation_en-US" xlink:label="lab_btu_BusinessInterruptionLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Interruption Losses </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_BusinessInterruptionLosses" xlink:href="btu-20201231.xsd#btu_BusinessInterruptionLosses"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_BusinessInterruptionLosses" xlink:to="lab_btu_BusinessInterruptionLosses" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_912c84fe-1a3d-4a6d-859b-c7c46d409084_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Workers’ compensation obligations </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SaleableCoal_eda754f9-8c2a-4877-96fd-2b8de1824e27_terseLabel_en-US" xlink:label="lab_btu_SaleableCoal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saleable coal </link:label>

<link:label id="lab_btu_SaleableCoal_label_en-US" xlink:label="lab_btu_SaleableCoal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saleable Coal </link:label>

<link:label id="lab_btu_SaleableCoal_documentation_en-US" xlink:label="lab_btu_SaleableCoal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saleable coal. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SaleableCoal" xlink:href="btu-20201231.xsd#btu_SaleableCoal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SaleableCoal" xlink:to="lab_btu_SaleableCoal" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MachineryAndEquipmentMember_d5a619e0-9f0e-4394-a033-93358243e4f0_terseLabel_en-US" xlink:label="lab_us-gaap_MachineryAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Machinery and equipment </link:label>

<link:label id="lab_us-gaap_MachineryAndEquipmentMember_label_en-US" xlink:label="lab_us-gaap_MachineryAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Machinery and Equipment [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MachineryAndEquipmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MachineryAndEquipmentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MachineryAndEquipmentMember" xlink:to="lab_us-gaap_MachineryAndEquipmentMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementLineItems_65924a29-0686-432a-a940-b5000a4882c5_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>

<link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_HedgingDesignationDomain_321cea0b-e64c-429d-b600-061f24bd275e_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>

<link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_HedgingDesignationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_9faf91b0-5a8d-449b-9244-114810e38c8b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>

<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_8f97ad4e-c818-45be-ae71-de49f4e3eff0_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared (in dollars per share) </link:label>

<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_65db0a6e-b9d2-4e96-9011-6527a8ded42b_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax benefit </link:label>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense, Tax Benefit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RawCoal_15f610e9-78bd-4dbf-be4b-5f882aa4b533_terseLabel_en-US" xlink:label="lab_btu_RawCoal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Raw coal </link:label>

<link:label id="lab_btu_RawCoal_label_en-US" xlink:label="lab_btu_RawCoal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Raw Coal </link:label>

<link:label id="lab_btu_RawCoal_documentation_en-US" xlink:label="lab_btu_RawCoal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Raw coal. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RawCoal" xlink:href="btu-20201231.xsd#btu_RawCoal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RawCoal" xlink:to="lab_btu_RawCoal" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_39edcd82-b1da-47b4-92d8-e22e02867924_verboseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations </link:label>

<link:label id="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DiscontinuedOperationsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:to="lab_us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PlanNameAxis_90bf926e-2ada-4d01-95dd-5bb3f9f419c9_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>

<link:label id="lab_us-gaap_PlanNameAxis_label_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanNameAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis" xlink:to="lab_us-gaap_PlanNameAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_e47d039d-6a1a-494a-9782-cc616036cc3b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of counterparty netting, derivative assets </link:label>

<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AssetsSubjectToRecoverabilityReview_3f23c067-a868-4e6c-82c6-14dcf5588284_terseLabel_en-US" xlink:label="lab_btu_AssetsSubjectToRecoverabilityReview" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets subject to recoverability review </link:label>

<link:label id="lab_btu_AssetsSubjectToRecoverabilityReview_label_en-US" xlink:label="lab_btu_AssetsSubjectToRecoverabilityReview" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets Subject To Recoverability Review </link:label>

<link:label id="lab_btu_AssetsSubjectToRecoverabilityReview_documentation_en-US" xlink:label="lab_btu_AssetsSubjectToRecoverabilityReview" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets Subject To Recoverability Review </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AssetsSubjectToRecoverabilityReview" xlink:href="btu-20201231.xsd#btu_AssetsSubjectToRecoverabilityReview"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AssetsSubjectToRecoverabilityReview" xlink:to="lab_btu_AssetsSubjectToRecoverabilityReview" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IntangibleContractAssetsLiabilitiesNet_56c93d48-c467-4d68-b636-6889735da0da_totalLabel_en-US" xlink:label="lab_btu_IntangibleContractAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Total </link:label>

<link:label id="lab_btu_IntangibleContractAssetsLiabilitiesNet_label_en-US" xlink:label="lab_btu_IntangibleContractAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Contract Assets (Liabilities), Net </link:label>

<link:label id="lab_btu_IntangibleContractAssetsLiabilitiesNet_documentation_en-US" xlink:label="lab_btu_IntangibleContractAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Contract Assets (Liabilities), Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_IntangibleContractAssetsLiabilitiesNet" xlink:href="btu-20201231.xsd#btu_IntangibleContractAssetsLiabilitiesNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_IntangibleContractAssetsLiabilitiesNet" xlink:to="lab_btu_IntangibleContractAssetsLiabilitiesNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations and Disposal Groups [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:to="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MovementInValuationAllowancesAndReservesRollForward_de69efde-98d1-4315-aedb-9bd73e4f071f_terseLabel_en-US" xlink:label="lab_us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] </link:label>

<link:label id="lab_us-gaap_MovementInValuationAllowancesAndReservesRollForward_label_en-US" xlink:label="lab_us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MovementInValuationAllowancesAndReservesRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:to="lab_us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryCurrentTable_26d83086-c791-40c1-894c-a4f1a100579d_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryCurrentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories [Table] </link:label>

<link:label id="lab_us-gaap_InventoryCurrentTable_label_en-US" xlink:label="lab_us-gaap_InventoryCurrentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Current [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryCurrentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryCurrentTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryCurrentTable" xlink:to="lab_us-gaap_InventoryCurrentTable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AdvanceStrippingCostsPolicyTextBlock_9ad334f8-1856-4526-b724-0e4b4c1b07ca_verboseLabel_en-US" xlink:label="lab_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance Stripping Costs </link:label>

<link:label id="lab_btu_AdvanceStrippingCostsPolicyTextBlock_label_en-US" xlink:label="lab_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance Stripping Costs [Policy Text Block] </link:label>

<link:label id="lab_btu_AdvanceStrippingCostsPolicyTextBlock_documentation_en-US" xlink:label="lab_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance Stripping Costs. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:href="btu-20201231.xsd#btu_AdvanceStrippingCostsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:to="lab_btu_AdvanceStrippingCostsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_c3d685cc-72a3-4342-95e6-b341bde1dbfc_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, shares outstanding (in shares) </link:label>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_59c95521-764d-4f1c-a153-0dbc3c9913ee_periodStartLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares outstanding at the beginning of the period </link:label>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_ef24764f-75b6-4bb0-b962-76cdd3a384c8_periodEndLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares outstanding at the end of the period </link:label>

<link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Outstanding </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CombinedBenefitFundFutureEstimate_96a5edf6-d656-44d5-b2ad-c8b15c71dd79_terseLabel_en-US" xlink:label="lab_btu_CombinedBenefitFundFutureEstimate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined benefit fund future estimate </link:label>

<link:label id="lab_btu_CombinedBenefitFundFutureEstimate_label_en-US" xlink:label="lab_btu_CombinedBenefitFundFutureEstimate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CombinedBenefitFundFutureEstimate </link:label>

<link:label id="lab_btu_CombinedBenefitFundFutureEstimate_documentation_en-US" xlink:label="lab_btu_CombinedBenefitFundFutureEstimate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount represents the upper future estimate of the Company's annual cash costs related to the Combined Benefit Fund. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CombinedBenefitFundFutureEstimate" xlink:href="btu-20201231.xsd#btu_CombinedBenefitFundFutureEstimate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CombinedBenefitFundFutureEstimate" xlink:to="lab_btu_CombinedBenefitFundFutureEstimate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_99436efd-6998-41f4-999a-410cce73183a_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EPS denominator: </link:label>

<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueInputsLevel1Member_b2a1d315-4002-455d-ba18-6921c406a598_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 1 </link:label>

<link:label id="lab_us-gaap_FairValueInputsLevel1Member_4818047f-dc27-4ed0-98fd-26c91c82d13f_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 </link:label>

<link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueInputsLevel1Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityCentralIndexKey_645fd585-4243-4b1f-9e28-f656b0448d79_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>

<link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems_6ca46b0a-e5bf-48bd-93d9-176527ec52a4_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligation_ae0a9bff-6df0-44dc-99b1-7454d41d4319_periodStartLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligation_6fd82c81-f694-4fe1-ac8e-589e7cf0490f_periodEndLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligation_2937995d-ff67-4d89-bd28-862a65d63231_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligation_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligation" xlink:to="lab_us-gaap_AssetRetirementObligation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PrivateEquityFundsMember_3705ea8e-be3f-4596-a682-c6c4a7d3b2e2_terseLabel_en-US" xlink:label="lab_us-gaap_PrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private mutual funds </link:label>

<link:label id="lab_us-gaap_PrivateEquityFundsMember_label_en-US" xlink:label="lab_us-gaap_PrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Funds [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrivateEquityFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PrivateEquityFundsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrivateEquityFundsMember" xlink:to="lab_us-gaap_PrivateEquityFundsMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DieselFuelHedgeContractsMember_83e4d37b-930c-4b12-8319-540d8635bb25_terseLabel_en-US" xlink:label="lab_btu_DieselFuelHedgeContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diesel Fuel Hedge Contracts </link:label>

<link:label id="lab_btu_DieselFuelHedgeContractsMember_label_en-US" xlink:label="lab_btu_DieselFuelHedgeContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diesel Fuel Hedge Contracts [Member] </link:label>

<link:label id="lab_btu_DieselFuelHedgeContractsMember_documentation_en-US" xlink:label="lab_btu_DieselFuelHedgeContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diesel fuel hedge contracts. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DieselFuelHedgeContractsMember" xlink:href="btu-20201231.xsd#btu_DieselFuelHedgeContractsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DieselFuelHedgeContractsMember" xlink:to="lab_btu_DieselFuelHedgeContractsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_93191916-2ab2-45c7-b1b4-69f18ff4c513_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity </link:label>

<link:label id="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Note Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="lab_us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities_e449c92b-d3d7-4f79-abec-ac75d2b1dfcb_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Workers’ compensation obligations </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Workers' Compensation Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInWorkersCompensationLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AllowanceForCreditLossMember_9553a0bc-0489-4ea4-a3a7-2aaff40f63cf_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for credit losses </link:label>

<link:label id="lab_us-gaap_AllowanceForCreditLossMember_label_en-US" xlink:label="lab_us-gaap_AllowanceForCreditLossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Allowance, Credit Loss [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForCreditLossMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AllowanceForCreditLossMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForCreditLossMember" xlink:to="lab_us-gaap_AllowanceForCreditLossMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TakeOrPayObligationsDueInOneYear_29f035ee-6e3e-4a4d-8fba-0bd942984838_terseLabel_en-US" xlink:label="lab_btu_TakeOrPayObligationsDueInOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take or pay obligations due in one year </link:label>

<link:label id="lab_btu_TakeOrPayObligationsDueInOneYear_label_en-US" xlink:label="lab_btu_TakeOrPayObligationsDueInOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Obligations Due In One Year </link:label>

<link:label id="lab_btu_TakeOrPayObligationsDueInOneYear_documentation_en-US" xlink:label="lab_btu_TakeOrPayObligationsDueInOneYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the estimated contractual cash spend in the next twelve months after the balance sheet date related to various short term take or pay arrangements in the U.S. and Australia associated with rail and port commitments for the delivery of coal including amounts relating to export facilities. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TakeOrPayObligationsDueInOneYear" xlink:href="btu-20201231.xsd#btu_TakeOrPayObligationsDueInOneYear"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TakeOrPayObligationsDueInOneYear" xlink:to="lab_btu_TakeOrPayObligationsDueInOneYear" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_ba492c2c-9607-47fe-93cf-ef4f66b50ceb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss (income) from equity affiliates </link:label>

<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Equity Method Investments </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_7a7e05c4-7e4e-4085-acac-62f159a60bb8_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies by Nature of Contingency [Axis] </link:label>

<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_label_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Nature [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_8977fbf8-a846-44d7-92dd-3781a0298edd_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gain on disposals </link:label>

<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_da6d0363-880d-49c2-9d12-64fed53ed332_verboseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposition of assets </link:label>

<link:label id="lab_us-gaap_GainLossOnDispositionOfAssets1_label_en-US" xlink:label="lab_us-gaap_GainLossOnDispositionOfAssets1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Disposition of Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnDispositionOfAssets1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnDispositionOfAssets1" xlink:to="lab_us-gaap_GainLossOnDispositionOfAssets1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain_7ad76af9-4ede-4819-97b1-4d15a7defa75_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment, Category of Item Purchased [Domain] </link:label>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain_label_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment, Category of Item Purchased [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain" xlink:to="lab_us-gaap_LongTermPurchaseCommitmentCategoryOfItemPurchasedDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings_a994161b-e23f-49a6-951e-c485b34d5ba6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign earnings repatriation </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings" xlink:to="lab_us-gaap_IncomeTaxReconciliationRepatriationOfForeignEarnings" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RestructuringCostsAndAssetImpairmentCharges_06dc5cb8-e974-4952-ba20-5cd6c8078748_netLabel_en-US" xlink:label="lab_us-gaap_RestructuringCostsAndAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset impairment </link:label>

<link:label id="lab_us-gaap_RestructuringCostsAndAssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_RestructuringCostsAndAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring Costs and Asset Impairment Charges </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestructuringCostsAndAssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RestructuringCostsAndAssetImpairmentCharges"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestructuringCostsAndAssetImpairmentCharges" xlink:to="lab_us-gaap_RestructuringCostsAndAssetImpairmentCharges" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_65eecd92-0cea-46cc-82c9-73848c04bf81_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Significant Accounting Policies Textuals </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_cb5cc836-ffdb-4d77-bcb2-68bebb2132b2_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, Equipment and Mine Development[Line Items] </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilities_bba840b1-74d9-4635-9f09-921f68218fd8_negatedTerseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilities_e6b1e8e3-8946-4d6e-968e-252abe9c035f_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible take-or-pay contracts </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilities_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite Lived Intangible Liabilities </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilities_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite Lived Intangible Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilities" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilities" xlink:to="lab_btu_FiniteLivedIntangibleLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_b0416556-2151-41bc-9c63-d200e2a4c0f0_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease payments </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_64f4fc89-a892-48a9-ab5f-bc9872fe03f0_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures [Abstract] </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:to="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_196c779e-46d3-48a8-8e45-6d22077de1a4_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_fdb6c413-27da-4d67-aa48-d8f8f39acd55_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsReceivableNetCurrent_0660499f-7ed7-47ca-a43f-fbff55c74c33_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, net of allowance for credit losses of $0.0 at December 31, 2020 and 2019 </link:label>

<link:label id="lab_us-gaap_AccountsReceivableNetCurrent_b1e6e78b-cf69-4a15-83fe-2751d4bfd73f_totalLabel_en-US" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, net </link:label>

<link:label id="lab_us-gaap_AccountsReceivableNetCurrent_label_en-US" xlink:label="lab_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, after Allowance for Credit Loss, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_us-gaap_AccountsReceivableNetCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock_a7246005-97f3-42f7-8925-52de93ae50f3_terseLabel_en-US" xlink:label="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of operations with employees represented by labor unions </link:label>

<link:label id="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operations With Employees Represented by Labor Unions [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operations With Employees Represented by Labor Unions [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:to="lab_btu_ScheduleOfOperationsWithEmployeesRepresentedByLaborUnionsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityCommonStockSharesOutstanding_ae8ca762-15b2-4dd2-8d77-2739bd0e2b73_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>

<link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquitySecuritiesMember_6a4ffcda-ddc3-45d9-b264-1ef8474aa087_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities </link:label>

<link:label id="lab_us-gaap_EquitySecuritiesMember_aa1cf72c-e0a3-4f20-9f83-d6822ffb72b4_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. equity securities </link:label>

<link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquitySecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_338184bf-9a7d-47a8-9aeb-13a4790b50c4_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation expense </link:label>

<link:label id="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:to="lab_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_cc2d8712-79cf-46a7-945c-5fb5633fec2c_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated [Table] </link:label>

<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:to="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesTypeAxis_0670cc9b-9591-4dd7-a3d5-d9628e59a8ed_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves Type [Axis] </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesTypeAxis_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShortTermLeaseCost_e2ff9009-8746-4c8a-8df3-1dd347423313_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term leases </link:label>

<link:label id="lab_us-gaap_ShortTermLeaseCost_label_en-US" xlink:label="lab_us-gaap_ShortTermLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Lease, Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShortTermLeaseCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermLeaseCost" xlink:to="lab_us-gaap_ShortTermLeaseCost" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_79d08a40-fa30-41f2-89b7-fd6ea18a5a79_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement plans and workers’ compensation obligations (net of respective net tax provision of $0.0, $0.0 and $7.1) </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentNameDomain_48f473a6-91dc-4dfa-b385-34de19441b87_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_494b0d6c-9fac-446f-9b48-1b3bd62d77c4_terseLabel_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit outstanding, amount </link:label>

<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_label_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of Credit Outstanding, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:to="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_1bc9710a-00b8-4bdf-88e0-b915abe240c5_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State </link:label>

<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred State and Local Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CombinedbenefitfundMember_b8e1238e-1840-48f2-a2b8-d9c46677ef75_terseLabel_en-US" xlink:label="lab_btu_CombinedbenefitfundMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined benefit fund </link:label>

<link:label id="lab_btu_CombinedbenefitfundMember_label_en-US" xlink:label="lab_btu_CombinedbenefitfundMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined benefit fund [Member] </link:label>

<link:label id="lab_btu_CombinedbenefitfundMember_documentation_en-US" xlink:label="lab_btu_CombinedbenefitfundMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Combined benefit fund [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CombinedbenefitfundMember" xlink:href="btu-20201231.xsd#btu_CombinedbenefitfundMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CombinedbenefitfundMember" xlink:to="lab_btu_CombinedbenefitfundMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_95c05894-71dc-401c-a59d-fd01eb4521b9_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_8cad6c27-7b94-43e4-9c44-e47278685d95_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations (in dollars per share) </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Per Basic Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromStockOptionsExercised_49323afd-2a7a-49d1-b274-897252a39176_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash received upon the exercise of stock options </link:label>

<link:label id="lab_us-gaap_ProceedsFromStockOptionsExercised_label_en-US" xlink:label="lab_us-gaap_ProceedsFromStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Stock Options Exercised </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromStockOptionsExercised" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromStockOptionsExercised" xlink:to="lab_us-gaap_ProceedsFromStockOptionsExercised" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CostsRelatedtoNorthGoonyellaEvents_620538d4-3122-41fd-b3a7-700eed249a44_terseLabel_en-US" xlink:label="lab_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs related to north goonyella events </link:label>

<link:label id="lab_btu_CostsRelatedtoNorthGoonyellaEvents_label_en-US" xlink:label="lab_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs Related to North Goonyella Events </link:label>

<link:label id="lab_btu_CostsRelatedtoNorthGoonyellaEvents_documentation_en-US" xlink:label="lab_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs Related to North Goonyella Events </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:href="btu-20201231.xsd#btu_CostsRelatedtoNorthGoonyellaEvents"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:to="lab_btu_CostsRelatedtoNorthGoonyellaEvents" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_457ee45d-35ba-4f24-a5ec-255efbe2663f_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations attributable to common stockholders, before allocation of earnings to participating securities </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperations" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommonStockMember_825c4004-da17-48ac-8949-b2c53f563acd_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock </link:label>

<link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_fedee7e5-8140-4588-bc07-52801a28cc3d_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingCostsAndExpensesAbstract_65bc2a2f-18a3-4a31-94f3-7687292df511_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingCostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs and expenses </link:label>

<link:label id="lab_us-gaap_OperatingCostsAndExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingCostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Costs and Expenses [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingCostsAndExpensesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingCostsAndExpensesAbstract" xlink:to="lab_us-gaap_OperatingCostsAndExpensesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_dei_Security12bTitle_abb381a9-355c-4fb4-9628-eaee0e822eff_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>

<link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FreshStartAdjustmentFairValueAdjustment_f4e89279-729c-46db-811c-5b7787c3d334_negatedTerseLabel_en-US" xlink:label="lab_btu_FreshStartAdjustmentFairValueAdjustment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-pay contract-based intangible recognition </link:label>

<link:label id="lab_btu_FreshStartAdjustmentFairValueAdjustment_label_en-US" xlink:label="lab_btu_FreshStartAdjustmentFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh Start Adjustment, Fair Value Adjustment </link:label>

<link:label id="lab_btu_FreshStartAdjustmentFairValueAdjustment_documentation_en-US" xlink:label="lab_btu_FreshStartAdjustmentFairValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fresh Start Adjustment, Fair Value Adjustment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FreshStartAdjustmentFairValueAdjustment" xlink:href="btu-20201231.xsd#btu_FreshStartAdjustmentFairValueAdjustment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FreshStartAdjustmentFairValueAdjustment" xlink:to="lab_btu_FreshStartAdjustmentFairValueAdjustment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_412b354d-93f0-475a-93d1-0d070cb98c7f_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Expense and Cash Flows (Line Items) </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_a90c6179-934c-4347-8695-a9a2ae7ab61d_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>

<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisaggregationOfRevenueLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:to="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems_abc2fedf-2707-4530-a03d-88ac41eca3e2_terseLabel_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a Percent of Total Revenues by Geographic Region [Line Items] </link:label>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems_label_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues as a Percent of Total Revenues by Geographic Region [Line Items] </link:label>

<link:label id="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems_documentation_en-US" xlink:label="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Revenues as a Percent of Total Revenues by Geographic Region [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:href="btu-20201231.xsd#btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:to="lab_btu_RevenuesasaPercentofTotalRevenuesbyGeographicRegionLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentTable_0fa12724-13b3-49d5-bfa7-91f19cd43196_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment [Table] </link:label>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentTable_label_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermPurchaseCommitmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermPurchaseCommitmentTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentTable" xlink:to="lab_us-gaap_LongTermPurchaseCommitmentTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract_23f40c95-dd80-4afb-875c-b17228bc7970_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_e4c2426b-0102-4e3f-9a42-72803c622726_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gain (loss) recognized in income </link:label>

<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Gain (Loss) on Derivative, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:to="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_648715ea-c000-4607-a3d4-a0f2c882c4f3_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per Share (EPS) (Textuals) [Abstract] </link:label>

<link:label id="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_9d36e360-7a64-46ce-99fe-fb01a515044c_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases, sales and settlements, net </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:to="lab_us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeasesIncomeStatementAbstract_c205ea02-a4e7-461e-8738-2648bd84a73f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease cost: </link:label>

<link:label id="lab_us-gaap_OperatingLeasesIncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Income Statement [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesIncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesIncomeStatementAbstract" xlink:to="lab_us-gaap_OperatingLeasesIncomeStatementAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_c3893ce6-7188-4440-b749-1625eadc0420_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation, Restricted Stock Units Activity </link:label>

<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WesternPlanMember_022698cf-458f-4074-8818-36452ac544e5_terseLabel_en-US" xlink:label="lab_btu_WesternPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Western Plan </link:label>

<link:label id="lab_btu_WesternPlanMember_label_en-US" xlink:label="lab_btu_WesternPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Western Plan [Member] </link:label>

<link:label id="lab_btu_WesternPlanMember_documentation_en-US" xlink:label="lab_btu_WesternPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Western Plan </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WesternPlanMember" xlink:href="btu-20201231.xsd#btu_WesternPlanMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WesternPlanMember" xlink:to="lab_btu_WesternPlanMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProfitLoss_6625e90c-bded-49e9-b36f-a3b668000aa7_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (loss) income </link:label>

<link:label id="lab_us-gaap_ProfitLoss_daffca57-3022-4bac-b198-ca5df889745e_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (loss) income </link:label>

<link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProfitLoss"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LossContingencyNatureDomain_528c424d-d938-4a4b-89d6-378c7871eeb1_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>

<link:label id="lab_us-gaap_LossContingencyNatureDomain_label_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyNatureDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingencyNatureDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNatureDomain" xlink:to="lab_us-gaap_LossContingencyNatureDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods_ea0cd448-59c4-40ba-930c-42cbb4147353_terseLabel_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly federal royalties payable of production using underground mining methods </link:label>

<link:label id="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods_label_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly federal royalties payable of production using underground mining methods </link:label>

<link:label id="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods_documentation_en-US" xlink:label="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Monthly royalties payable of production using underground mining methods. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:href="btu-20201231.xsd#btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:to="lab_btu_Monthlyfederalroyaltiespayableofproductionusingundergroundminingmethods" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets_a0a7ffc6-3faa-4131-8e89-e58746da53d1_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and other assets </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets_label_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities Investments And Other Assets </link:label>

<link:label id="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets_documentation_en-US" xlink:label="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities Investments and other assets. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:href="btu-20201231.xsd#btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:to="lab_btu_DeferredTaxLiabilitiesInvestmentsAndOtherAssets" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ProductOrServiceAxis_1075c1ec-78bc-4755-a9d5-ed26d4c1b155_terseLabel_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>

<link:label id="lab_srt_ProductOrServiceAxis_label_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ProductOrServiceAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductOrServiceAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis" xlink:to="lab_srt_ProductOrServiceAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseCost_47fef8f0-6b7e-4206-9058-9b5b15501310_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases </link:label>

<link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders_84699584-f428-40ae-b160-c6a13ab75bbf_negatedTerseLabel_en-US" xlink:label="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions to noncontrolling interests </link:label>

<link:label id="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minority Interest, Increase from Contributions to Noncontrolling Interest Holders </link:label>

<link:label id="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders_documentation_en-US" xlink:label="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minority Interest, Increase from Contributions to Noncontrolling Interest Holders </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:href="btu-20201231.xsd#btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:to="lab_btu_MinorityInterestIncreaseFromContributionsToNoncontrollingInterestHolders" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueTransferPolicyPolicyTextBlock_d9dbe32b-f144-487d-a39c-7ee3c726f6a3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueTransferPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Transfer, Policy </link:label>

<link:label id="lab_us-gaap_FairValueTransferPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueTransferPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Transfer, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueTransferPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueTransferPolicyPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueTransferPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueTransferPolicyPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CashCollateralRequired_7254fdf8-0d56-4425-ad9a-d8f229324a63_terseLabel_en-US" xlink:label="lab_btu_CashCollateralRequired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral required </link:label>

<link:label id="lab_btu_CashCollateralRequired_label_en-US" xlink:label="lab_btu_CashCollateralRequired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Collateral Required </link:label>

<link:label id="lab_btu_CashCollateralRequired_documentation_en-US" xlink:label="lab_btu_CashCollateralRequired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Collateral Required </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CashCollateralRequired" xlink:href="btu-20201231.xsd#btu_CashCollateralRequired"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CashCollateralRequired" xlink:to="lab_btu_CashCollateralRequired" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue_7afa71aa-039a-4e6a-a8d5-09e192840cc6_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt exchange offer, required purchase, percentage of accreted value </link:label>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue_label_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Exchange Offer, Required Purchase, Percentage Of Accreted Value </link:label>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue_documentation_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Exchange Offer, Required Purchase, Percentage Of Accreted Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:href="btu-20201231.xsd#btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:to="lab_btu_DebtInstrumentExchangeOfferRequiredPurchasePercentageOfAccretedValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_a49d769f-e941-4148-aa1b-fec9b06ee761_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted (loss) income per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_7e19bb53-3c60-4349-8db3-1fdba3e346ca_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations (in dollars per share) </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Per Diluted Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_b94c314a-6dfc-4b06-b370-436d0383f9ae_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax liabilities </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet_43567694-2cb2-475b-a13f-0fefe6a1ec50_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Fair Value, Amount Offset Against Collateral, Net </link:label>

<link:label id="lab_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Fair Value, Amount Offset Against Collateral, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet" xlink:to="lab_us-gaap_DerivativeFairValueAmountOffsetAgainstCollateralNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_c2f36364-6a23-4949-82b5-36485e4dad3b_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>

<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_label_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_badda9e3-e7cc-4bf1-b2b2-cff40c85ecf5_terseLabel_en-US" xlink:label="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted </link:label>

<link:label id="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_label_en-US" xlink:label="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:to="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_fae6bdc1-5522-4873-86c7-dc1afa735e6b_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities and stockholders’ equity </link:label>

<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_bba8e326-ae26-4359-9d99-75e2f235335c_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares issued for preferred share conversions </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Conversion of Convertible Securities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_80c40196-3f1b-4588-bfd8-ab93a19004f5_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>

<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FederalIncomeTaxNoteTable_737e354b-4c64-4092-9c68-c3a79f4766bf_terseLabel_en-US" xlink:label="lab_us-gaap_FederalIncomeTaxNoteTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Income Tax Note [Table] </link:label>

<link:label id="lab_us-gaap_FederalIncomeTaxNoteTable_label_en-US" xlink:label="lab_us-gaap_FederalIncomeTaxNoteTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal Income Tax Note [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalIncomeTaxNoteTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FederalIncomeTaxNoteTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FederalIncomeTaxNoteTable" xlink:to="lab_us-gaap_FederalIncomeTaxNoteTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SummaryOfValuationAllowanceTextBlock_44647968-fbfe-4d75-b9d6-b6cc35f7952c_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Valuation Allowance </link:label>

<link:label id="lab_us-gaap_SummaryOfValuationAllowanceTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Valuation Allowance [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SummaryOfValuationAllowanceTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:to="lab_us-gaap_SummaryOfValuationAllowanceTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseInterestExpense_da2f42c7-87d1-46a2-9d32-422b0e66256d_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest on lease liabilities </link:label>

<link:label id="lab_us-gaap_FinanceLeaseInterestExpense_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Interest Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseInterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseInterestExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseInterestExpense" xlink:to="lab_us-gaap_FinanceLeaseInterestExpense" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy_f520c37e-25e0-4a87-a6f5-524d0fc2760c_terseLabel_en-US" xlink:label="lab_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring Activities </link:label>

<link:label id="lab_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy_label_en-US" xlink:label="lab_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs Associated with Exit or Disposal Activity or Restructuring [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy" xlink:to="lab_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicy" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentTable_106683a0-cfe9-48d7-a285-961f3cdad9c6_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>

<link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable" xlink:to="lab_us-gaap_DebtInstrumentTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_cfdeae42-062b-40b4-af02-099b2852d4d0_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of estimated future benefit payments </link:label>

<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MoorvaleEmployeesMember_63c368c0-f069-499e-babb-8d0b9afac6a4_terseLabel_en-US" xlink:label="lab_btu_MoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Moorvale Employees </link:label>

<link:label id="lab_btu_MoorvaleEmployeesMember_label_en-US" xlink:label="lab_btu_MoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Moorvale Employees [Member] </link:label>

<link:label id="lab_btu_MoorvaleEmployeesMember_documentation_en-US" xlink:label="lab_btu_MoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Moorvale Employees [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MoorvaleEmployeesMember" xlink:href="btu-20201231.xsd#btu_MoorvaleEmployeesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MoorvaleEmployeesMember" xlink:to="lab_btu_MoorvaleEmployeesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_0834585c-25d3-4f80-8f1e-b70012f29189_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_d0f51d50-b19c-44a5-bb09-58c8904be061_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_WorkersCompensationLiabilityCurrent_dccefe45-7a12-453f-8dcd-65ad291bdf72_terseLabel_en-US" xlink:label="lab_us-gaap_WorkersCompensationLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Workers’ compensation obligations </link:label>

<link:label id="lab_us-gaap_WorkersCompensationLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_WorkersCompensationLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Workers' Compensation Liability, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WorkersCompensationLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_WorkersCompensationLiabilityCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WorkersCompensationLiabilityCurrent" xlink:to="lab_us-gaap_WorkersCompensationLiabilityCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_c5380af3-de31-4b4d-ba8d-02750f007e33_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate bonds </link:label>

<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CorporateDebtSecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:to="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_9adaa1dc-f85d-4108-9890-53e9b736ea90_verboseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Presentation </link:label>

<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_d04bd4a1-49e7-4ffd-8889-e56577faff66_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>

<link:label id="lab_us-gaap_ScheduleOfStockByClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Stock by Class [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfStockByClassTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfStockByClassTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfStockByClassTable" xlink:to="lab_us-gaap_ScheduleOfStockByClassTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_fa4b233d-5aa4-4986-ba9d-d970668e9d4b_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State </link:label>

<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current State and Local Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConcentrationRiskCreditRisk_a8739901-9b36-472d-966a-2e26b3a1cf81_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskCreditRisk" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit and Nonperformance Risk </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskCreditRisk_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskCreditRisk" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk, Credit Risk, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskCreditRisk" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskCreditRisk" xlink:to="lab_us-gaap_ConcentrationRiskCreditRisk" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SegmentReportingRevenuePercentage_2e827e9b-1c42-42d5-8402-745ff288a493_terseLabel_en-US" xlink:label="lab_btu_SegmentReportingRevenuePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Revenue Percentage </link:label>

<link:label id="lab_btu_SegmentReportingRevenuePercentage_label_en-US" xlink:label="lab_btu_SegmentReportingRevenuePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Revenue Percentage </link:label>

<link:label id="lab_btu_SegmentReportingRevenuePercentage_documentation_en-US" xlink:label="lab_btu_SegmentReportingRevenuePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Revenue Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SegmentReportingRevenuePercentage" xlink:href="btu-20201231.xsd#btu_SegmentReportingRevenuePercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SegmentReportingRevenuePercentage" xlink:to="lab_btu_SegmentReportingRevenuePercentage" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_4b7d0c58-12f1-43b4-86ab-0bc3ca32d5b4_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Health Care and Life Insurance Benefits </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_1994439b-8b64-4b7f-a9ac-051497ed5287_verboseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Savings Plans </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Benefits Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OtherRegionsMember_076ab034-2fa4-4274-ba3b-1dcb6985512e_terseLabel_en-US" xlink:label="lab_btu_OtherRegionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>

<link:label id="lab_btu_OtherRegionsMember_label_en-US" xlink:label="lab_btu_OtherRegionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Regions [Member] </link:label>

<link:label id="lab_btu_OtherRegionsMember_documentation_en-US" xlink:label="lab_btu_OtherRegionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Regions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OtherRegionsMember" xlink:href="btu-20201231.xsd#btu_OtherRegionsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OtherRegionsMember" xlink:to="lab_btu_OtherRegionsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_9c6fab6d-c046-46c9-9e7c-3b6f57af0e0a_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested performance units </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_a1e8a315-c017-415e-8d46-a4db4a49ea27_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AwardTypeAxis_3fcb69e2-b500-4fb0-bd63-824768c5007d_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>

<link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AwardTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AwardTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_f7faa385-2555-4123-bc98-cbccac3375ea_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_a6040fd2-e792-454d-aed6-d78ba8af3e06_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of counterparty netting, derivative liabilities </link:label>

<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_7ccf032d-a580-4f6a-bbd1-7de7d54744c2_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities classified as discontinued operations </link:label>

<link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_label_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:to="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_StanmoreCoalLimitedMember_e9de9b9f-5ff8-4e24-9e88-aa168be5fcb3_terseLabel_en-US" xlink:label="lab_btu_StanmoreCoalLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stanmore Coal Limited </link:label>

<link:label id="lab_btu_StanmoreCoalLimitedMember_label_en-US" xlink:label="lab_btu_StanmoreCoalLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stanmore Coal Limited [Member] </link:label>

<link:label id="lab_btu_StanmoreCoalLimitedMember_documentation_en-US" xlink:label="lab_btu_StanmoreCoalLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stanmore Coal Limited [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_StanmoreCoalLimitedMember" xlink:href="btu-20201231.xsd#btu_StanmoreCoalLimitedMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_StanmoreCoalLimitedMember" xlink:to="lab_btu_StanmoreCoalLimitedMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_cc6dc0aa-6606-4b36-9b6e-de22683b8356_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Net (loss) income attributable to noncontrolling interests </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations_9a092042-1af6-4787-a5a1-565ee32af4b5_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension obligations </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Obligation, Pension Benefits </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInPensionPlanObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:to="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations_fe41b578-3dfb-478a-9a82-c5f6b5b0d057_terseLabel_en-US" xlink:label="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-pay obligations </link:label>

<link:label id="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations_label_en-US" xlink:label="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Asset, Payments to the VEBA to settle the accumulated postretirement healthcare benefit obligations </link:label>

<link:label id="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations_documentation_en-US" xlink:label="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax asset for future payments to the VEBA to settle the accumulated postretirement healthcare benefit obligations. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:href="btu-20201231.xsd#btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:to="lab_btu_DeferredTaxAssetPaymentstotheVEBAtosettletheaccumulatedpostretirementhealthcarebenefitobligations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_184e8eae-1885-4a43-b9b7-ced13a564be3_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income </link:label>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RestrictedStockUnitsAbstract_21ea4276-f533-43b4-a0ad-88189ee0bd96_terseLabel_en-US" xlink:label="lab_btu_RestrictedStockUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units </link:label>

<link:label id="lab_btu_RestrictedStockUnitsAbstract_label_en-US" xlink:label="lab_btu_RestrictedStockUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units [Abstract] </link:label>

<link:label id="lab_btu_RestrictedStockUnitsAbstract_documentation_en-US" xlink:label="lab_btu_RestrictedStockUnitsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RestrictedStockUnitsAbstract" xlink:href="btu-20201231.xsd#btu_RestrictedStockUnitsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RestrictedStockUnitsAbstract" xlink:to="lab_btu_RestrictedStockUnitsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_srt_StatementGeographicalAxis_bf4b6d06-4358-4ea2-b228-02aa07d4b8d9_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>

<link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_StatementGeographicalAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled_db09778c-0394-4dbb-bfea-80aefac2993e_negatedLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities settled or disposed </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Liabilities Settled </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationLiabilitiesSettled"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:to="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetainedEarningsMember_a16ba18b-9ca5-44d8-918e-756a704a7564_verboseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Accumulated Deficit) Retained Earnings </link:label>

<link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetainedEarningsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SubsequentEventTypeDomain_c36248ff-bbc0-411e-9165-f43e3a71827d_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>

<link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward_e0f603c8-0c69-4b9b-bfbc-719284dd9205_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsLevel3ReconciliationRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_322a0cf9-d334-4156-b8c5-cb8330f7b0f2_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Leases [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherAssetsCurrent_bba47a50-1370-4338-aec7-23f716522c6b_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current assets </link:label>

<link:label id="lab_us-gaap_OtherAssetsCurrent_label_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherAssetsCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsCurrent" xlink:to="lab_us-gaap_OtherAssetsCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementTable_6afb2525-e723-416c-96b1-33f83cbd708b_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>

<link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>

<link:label id="lab_srt_EquityMethodInvesteeNameDomain_d162f400-a095-4540-ba2c-6b3c91c056b6_terseLabel_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Domain] </link:label>

<link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_EquityMethodInvesteeNameDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_EquityMethodInvesteeNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EquityMethodInvesteeNameDomain" xlink:to="lab_srt_EquityMethodInvesteeNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareRepurchaseDiscountPercentage_f7d19e37-c2e9-4e5b-b3e2-39b671248096_terseLabel_en-US" xlink:label="lab_btu_ShareRepurchaseDiscountPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share repurchase discount percentage </link:label>

<link:label id="lab_btu_ShareRepurchaseDiscountPercentage_label_en-US" xlink:label="lab_btu_ShareRepurchaseDiscountPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Discount Percentage </link:label>

<link:label id="lab_btu_ShareRepurchaseDiscountPercentage_documentation_en-US" xlink:label="lab_btu_ShareRepurchaseDiscountPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Repurchase Discount Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareRepurchaseDiscountPercentage" xlink:href="btu-20201231.xsd#btu_ShareRepurchaseDiscountPercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareRepurchaseDiscountPercentage" xlink:to="lab_btu_ShareRepurchaseDiscountPercentage" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_b9b1927f-e382-4dae-a5d4-63bff411db13_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Years 2026-2030 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod_805a6371-7ab5-45fe-af25-ffa00b99edd5_terseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock price measurement period </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Measurement Period </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Stock Price Measurement Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardStockPriceMeasurementPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_38649e1a-849d-40dd-888b-829c23de0ebe_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Useful life </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Useful Life </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract_5cf33b9b-cd36-4ad5-9049-0d51de6f44f5_terseLabel_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] </link:label>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract_label_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] </link:label>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract_documentation_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:href="btu-20201231.xsd#btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:to="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfVEBATrusts_54c8bf2f-2cf3-41af-874e-6c36c57d418f_terseLabel_en-US" xlink:label="lab_btu_NumberOfVEBATrusts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of VEBA trusts </link:label>

<link:label id="lab_btu_NumberOfVEBATrusts_label_en-US" xlink:label="lab_btu_NumberOfVEBATrusts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of VEBA Trusts </link:label>

<link:label id="lab_btu_NumberOfVEBATrusts_documentation_en-US" xlink:label="lab_btu_NumberOfVEBATrusts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of VEBA Trusts </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfVEBATrusts" xlink:href="btu-20201231.xsd#btu_NumberOfVEBATrusts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfVEBATrusts" xlink:to="lab_btu_NumberOfVEBATrusts" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_25439b66-ae20-42a2-8bac-672e06bed3f1_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from discontinued operations (in dollars per share) </link:label>

<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:to="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NorthGoonyellaMineMember_31f71da3-689f-4c68-8a23-a9fd102309dc_terseLabel_en-US" xlink:label="lab_btu_NorthGoonyellaMineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> North Goonyella Mine </link:label>

<link:label id="lab_btu_NorthGoonyellaMineMember_label_en-US" xlink:label="lab_btu_NorthGoonyellaMineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> North Goonyella Mine [Member] </link:label>

<link:label id="lab_btu_NorthGoonyellaMineMember_documentation_en-US" xlink:label="lab_btu_NorthGoonyellaMineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> North Goonyella Mine [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NorthGoonyellaMineMember" xlink:href="btu-20201231.xsd#btu_NorthGoonyellaMineMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NorthGoonyellaMineMember" xlink:to="lab_btu_NorthGoonyellaMineMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_6d3e3334-6bb1-4e33-8c79-4cc6b619edf2_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis </link:label>

<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_srt_MaximumMember_ddbacfb0-3e1d-4b8e-afb7-3e6cd5855721_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum </link:label>

<link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_MaximumMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureAbstract_1b578bd7-a3fc-4e8c-8efe-6d08de6f8fef_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Abstract] </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:to="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_e683ae87-377c-4a40-ac04-f811ab20caa4_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due Year Three </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EntityNumberOfHourlyEmployees_70fe896d-4c2a-4da6-98bb-f9fa26ae8e97_terseLabel_en-US" xlink:label="lab_btu_EntityNumberOfHourlyEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of hourly employees </link:label>

<link:label id="lab_btu_EntityNumberOfHourlyEmployees_label_en-US" xlink:label="lab_btu_EntityNumberOfHourlyEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Number Of Hourly Employees </link:label>

<link:label id="lab_btu_EntityNumberOfHourlyEmployees_documentation_en-US" xlink:label="lab_btu_EntityNumberOfHourlyEmployees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity number of hourly employees. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EntityNumberOfHourlyEmployees" xlink:href="btu-20201231.xsd#btu_EntityNumberOfHourlyEmployees"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EntityNumberOfHourlyEmployees" xlink:to="lab_btu_EntityNumberOfHourlyEmployees" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SharesRelinquishedShares_d22542b3-a68b-4d01-8e6b-f99c4dc556ea_terseLabel_en-US" xlink:label="lab_btu_SharesRelinquishedShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares relinquished, shares </link:label>

<link:label id="lab_btu_SharesRelinquishedShares_label_en-US" xlink:label="lab_btu_SharesRelinquishedShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares Relinquished, Shares </link:label>

<link:label id="lab_btu_SharesRelinquishedShares_documentation_en-US" xlink:label="lab_btu_SharesRelinquishedShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares relinquished, shares. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SharesRelinquishedShares" xlink:href="btu-20201231.xsd#btu_SharesRelinquishedShares"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SharesRelinquishedShares" xlink:to="lab_btu_SharesRelinquishedShares" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_e4e959a5-5ca5-4441-bd89-036e3eedc2e8_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (loss) income attributable to common stockholders, after allocation of earnings to participating securities </link:label>

<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LiabilitiesFromCoalTradingActivitiesNet_578c884b-9bf3-4400-a1cc-2149fd363226_terseLabel_en-US" xlink:label="lab_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities from coal trading activities </link:label>

<link:label id="lab_btu_LiabilitiesFromCoalTradingActivitiesNet_label_en-US" xlink:label="lab_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities from coal trading activities, net </link:label>

<link:label id="lab_btu_LiabilitiesFromCoalTradingActivitiesNet_documentation_en-US" xlink:label="lab_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities from coal trading activities, net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:href="btu-20201231.xsd#btu_LiabilitiesFromCoalTradingActivitiesNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:to="lab_btu_LiabilitiesFromCoalTradingActivitiesNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DomesticCountryMember_94bffc8d-b28b-4e96-800a-17c8690890f4_terseLabel_en-US" xlink:label="lab_us-gaap_DomesticCountryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. — federal </link:label>

<link:label id="lab_us-gaap_DomesticCountryMember_label_en-US" xlink:label="lab_us-gaap_DomesticCountryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Tax Authority [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DomesticCountryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DomesticCountryMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticCountryMember" xlink:to="lab_us-gaap_DomesticCountryMember" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_398a3801-9109-46fd-8c68-9aa0a679def1_terseLabel_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference </link:label>

<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_label_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_f8362c6d-fef4-4c00-8584-ef491a7598f6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </link:label>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:to="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_65d996b2-bab6-438a-a9ac-43ef1b22f2ea_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts Receivable </link:label>

<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_dei_CityAreaCode_3ba3c4ea-45bd-46a5-b0d6-a7c3b5168fd8_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>

<link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable_9103bf25-2beb-4b74-aeea-4615c0b4ec8d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable" xlink:to="lab_us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresTable" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentPeriodEndDate_499d2bce-dde1-4ad3-aefa-9117115981d3_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>

<link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationAccretionExpense_34de81fb-b4cc-4afa-9db4-3681f63d3e1c_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligation expenses </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationAccretionExpense_6283c52f-0a5e-452f-82bb-55fdb19a2c93_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligation expenses </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationAccretionExpense_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Accretion Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationAccretionExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationAccretionExpense" xlink:to="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_bcc5773a-8826-4a69-9ada-a195699ed21d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt principal amount </link:label>

<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Face Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentFaceAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ValuationAndQualifyingAccountsDisclosureLineItems_8c91df88-8775-4419-8d18-cc2f517b9111_terseLabel_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] </link:label>

<link:label id="lab_srt_ValuationAndQualifyingAccountsDisclosureLineItems_label_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ValuationAndQualifyingAccountsDisclosureLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:to="lab_srt_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold_0a30eb61-dc76-49e4-9173-2967d3714d09_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory principal prepayment, if required, period payable, threshold </link:label>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold_label_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Mandatory Principal Prepayment, If Required, Period Payable, Threshold </link:label>

<link:label id="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold_documentation_en-US" xlink:label="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Mandatory Principal Prepayment, If Required, Period Payable, Threshold </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:href="btu-20201231.xsd#btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:to="lab_btu_DebtInstrumentMandatoryPrincipalPrepaymentIfRequiredPeriodPayableThreshold" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment_a201a9b0-f6e3-41b2-8537-c8d7da83d467_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, voluntary principal prepayment </link:label>

<link:label id="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment_label_en-US" xlink:label="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Voluntary Principal Prepayment </link:label>

<link:label id="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment_documentation_en-US" xlink:label="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Voluntary Principal Prepayment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:href="btu-20201231.xsd#btu_DebtInstrumentVoluntaryPrincipalPrepayment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:to="lab_btu_DebtInstrumentVoluntaryPrincipalPrepayment" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation_16469e9a-ecfa-4ce0-a0e5-cd1199fb860e_terseLabel_en-US" xlink:label="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period of agreement with UMWA covering hourly coworkers involved in mining reclamation </link:label>

<link:label id="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation_label_en-US" xlink:label="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period Of Agreement With UMWA Covering Hourly Coworkers Involved In Mining Reclamation </link:label>

<link:label id="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation_documentation_en-US" xlink:label="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period Of Agreement With UMWA Covering Hourly Coworkers Involved In Mining Reclamation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:href="btu-20201231.xsd#btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:to="lab_btu_PeriodOfAgreementWithUMWACoveringHourlyCoworkersInvolvedInMiningReclamation" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod_8c291d38-6a83-4470-b177-fe48194c40c5_verboseLabel_en-US" xlink:label="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized (losses) gains relating to investments still held at the reporting date </link:label>

<link:label id="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod_label_en-US" xlink:label="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Actual Return On Plan Assets Unrealized During Period </link:label>

<link:label id="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod_documentation_en-US" xlink:label="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined benefit plan actual return on plan assets unrealized during period. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:href="btu-20201231.xsd#btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:to="lab_btu_DefinedBenefitPlanActualReturnOnPlanAssetsUnrealizedDuringPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1_db3a60c1-ad1f-40be-9a9c-3050647f9cc6_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement gain </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1_6299941c-8f7e-4cfb-b043-e17148a113af_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement gain </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:to="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock_955d06a7-efa5-483d-84d5-53eff265a9aa_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliations of the Company's ARO liability </link:label>

<link:label id="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Change in Asset Retirement Obligation [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProductAndServiceOtherMember_76b171e0-883d-4182-9459-86021201e0eb_terseLabel_en-US" xlink:label="lab_us-gaap_ProductAndServiceOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>

<link:label id="lab_us-gaap_ProductAndServiceOtherMember_label_en-US" xlink:label="lab_us-gaap_ProductAndServiceOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service, Other [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProductAndServiceOtherMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProductAndServiceOtherMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductAndServiceOtherMember" xlink:to="lab_us-gaap_ProductAndServiceOtherMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy_9ade5bc0-dbe8-4009-a108-21d6f34b5cd5_terseLabel_en-US" xlink:label="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable </link:label>

<link:label id="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy_label_en-US" xlink:label="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_05325ecc-d18c-483d-8491-69664a20c1d2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency translation adjustment </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EquipmentLossTypeDomain_57873beb-282f-4c50-a1d1-1fd8376502d7_terseLabel_en-US" xlink:label="lab_btu_EquipmentLossTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment Loss, Type [Domain] </link:label>

<link:label id="lab_btu_EquipmentLossTypeDomain_label_en-US" xlink:label="lab_btu_EquipmentLossTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment Loss, Type [Domain] </link:label>

<link:label id="lab_btu_EquipmentLossTypeDomain_documentation_en-US" xlink:label="lab_btu_EquipmentLossTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Equipment Loss, Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EquipmentLossTypeDomain" xlink:href="btu-20201231.xsd#btu_EquipmentLossTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EquipmentLossTypeDomain" xlink:to="lab_btu_EquipmentLossTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CorporateHedgingPolicyTextBlock_7c5b909c-0dc7-4c9c-9adf-6d3ebb0a8965_terseLabel_en-US" xlink:label="lab_btu_CorporateHedgingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging </link:label>

<link:label id="lab_btu_CorporateHedgingPolicyTextBlock_label_en-US" xlink:label="lab_btu_CorporateHedgingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging [Policy Text Block] </link:label>

<link:label id="lab_btu_CorporateHedgingPolicyTextBlock_documentation_en-US" xlink:label="lab_btu_CorporateHedgingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Hedging [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CorporateHedgingPolicyTextBlock" xlink:href="btu-20201231.xsd#btu_CorporateHedgingPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CorporateHedgingPolicyTextBlock" xlink:to="lab_btu_CorporateHedgingPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_srt_RangeMember_4d4643f1-e811-4f0d-879c-57f3937862e8_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>

<link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_RangeMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_2dd3e100-ecf6-4d4b-9afa-ce7de21ad1eb_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>

<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RetirementPlanSponsorLocationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_dei_CoverAbstract_4ce19a1f-21cd-4ec1-8c5d-0a539ecba552_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>

<link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock_8e3698a1-3ec0-4586-9661-ab986a5921ab_terseLabel_en-US" xlink:label="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Cash Flow Information Related to Leases </link:label>

<link:label id="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:to="lab_btu_ScheduleofSupplementalCashFlowInformationRelatedtoLeasesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis_13469e2d-c505-4e48-86be-c7962f8de952_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Refinancing transactions, principal repurchase basis </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis_label_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Principal Repurchase Basis </link:label>

<link:label id="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis_documentation_en-US" xlink:label="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Refinancing Transactions, Principal Repurchase Basis </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:href="btu-20201231.xsd#btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:to="lab_btu_DebtInstrumentRefinancingTransactionsPrincipalRepurchaseBasis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_OperatingLossCarryforwardsIncreaseDecrease_d3c4f62d-caff-43a4-b090-bc921dbed02f_negatedTerseLabel_en-US" xlink:label="lab_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reduction of operating loss carryforwards </link:label>

<link:label id="lab_btu_OperatingLossCarryforwardsIncreaseDecrease_label_en-US" xlink:label="lab_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards, Increase (Decrease) </link:label>

<link:label id="lab_btu_OperatingLossCarryforwardsIncreaseDecrease_documentation_en-US" xlink:label="lab_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards, Increase (Decrease) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:href="btu-20201231.xsd#btu_OperatingLossCarryforwardsIncreaseDecrease"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:to="lab_btu_OperatingLossCarryforwardsIncreaseDecrease" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnamortizedDebtIssuanceExpense_97246b5f-15df-48c8-a3d8-9c12e770b046_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Unamortized debt issuance costs and original issue discount </link:label>

<link:label id="lab_us-gaap_UnamortizedDebtIssuanceExpense_label_en-US" xlink:label="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unamortized Debt Issuance Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnamortizedDebtIssuanceExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnamortizedDebtIssuanceExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnamortizedDebtIssuanceExpense" xlink:to="lab_us-gaap_UnamortizedDebtIssuanceExpense" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CorporateAndOtherMember_93ded211-33a3-4383-92a4-7796a3f8fe72_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and Other </link:label>

<link:label id="lab_us-gaap_CorporateAndOtherMember_label_en-US" xlink:label="lab_us-gaap_CorporateAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate and Other [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateAndOtherMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CorporateAndOtherMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateAndOtherMember" xlink:to="lab_us-gaap_CorporateAndOtherMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtCovenantTermsAxis_b069cb05-265a-4164-b550-53c10a3bfe87_terseLabel_en-US" xlink:label="lab_btu_DebtCovenantTermsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Covenant Terms [Axis] </link:label>

<link:label id="lab_btu_DebtCovenantTermsAxis_label_en-US" xlink:label="lab_btu_DebtCovenantTermsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Covenant Terms [Axis] </link:label>

<link:label id="lab_btu_DebtCovenantTermsAxis_documentation_en-US" xlink:label="lab_btu_DebtCovenantTermsAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Covenant Terms [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtCovenantTermsAxis" xlink:href="btu-20201231.xsd#btu_DebtCovenantTermsAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtCovenantTermsAxis" xlink:to="lab_btu_DebtCovenantTermsAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_1df01376-1117-4291-9d13-11e8e875afb6_verboseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation </link:label>

<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_KayentaMineMember_0491fd43-4531-4a5a-93ac-bc7dffd553c2_terseLabel_en-US" xlink:label="lab_btu_KayentaMineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kayenta Mine </link:label>

<link:label id="lab_btu_KayentaMineMember_label_en-US" xlink:label="lab_btu_KayentaMineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kayenta Mine [Member] </link:label>

<link:label id="lab_btu_KayentaMineMember_documentation_en-US" xlink:label="lab_btu_KayentaMineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kayenta Mine [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_KayentaMineMember" xlink:href="btu-20201231.xsd#btu_KayentaMineMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_KayentaMineMember" xlink:to="lab_btu_KayentaMineMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_54f7032a-b7b9-4c83-96f0-f790575800b3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>

<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_a90a2763-6be7-4bbf-aba3-5f621c9ee61b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of net periodic postretirement benefit cost </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_d0f15462-6bce-4786-aac8-d990a02a26c3_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of net periodic pension costs </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_d7f52ff3-eb22-475a-b840-405902d4c786_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Property, Plant and Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:to="lab_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Operatingcashflowsforoperatingleases_bd7c9dec-8eab-416f-a135-fe2f2bb67ab9_terseLabel_en-US" xlink:label="lab_btu_Operatingcashflowsforoperatingleases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for operating leases </link:label>

<link:label id="lab_btu_Operatingcashflowsforoperatingleases_label_en-US" xlink:label="lab_btu_Operatingcashflowsforoperatingleases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for operating leases </link:label>

<link:label id="lab_btu_Operatingcashflowsforoperatingleases_documentation_en-US" xlink:label="lab_btu_Operatingcashflowsforoperatingleases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating cash flows for operating leases </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Operatingcashflowsforoperatingleases" xlink:href="btu-20201231.xsd#btu_Operatingcashflowsforoperatingleases"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Operatingcashflowsforoperatingleases" xlink:to="lab_btu_Operatingcashflowsforoperatingleases" xlink:type="arc" order="1"/>

<link:label id="lab_btu_TakeOrPayArrangementTerm_5ee674e7-6155-46fc-9a07-173f37ebcc52_terseLabel_en-US" xlink:label="lab_btu_TakeOrPayArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take-or-pay arrangement term (up to) </link:label>

<link:label id="lab_btu_TakeOrPayArrangementTerm_label_en-US" xlink:label="lab_btu_TakeOrPayArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Arrangement Term </link:label>

<link:label id="lab_btu_TakeOrPayArrangementTerm_documentation_en-US" xlink:label="lab_btu_TakeOrPayArrangementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Take Or Pay Arrangement Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_TakeOrPayArrangementTerm" xlink:href="btu-20201231.xsd#btu_TakeOrPayArrangementTerm"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_TakeOrPayArrangementTerm" xlink:to="lab_btu_TakeOrPayArrangementTerm" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease_9fda9465-642e-4bf5-8c53-5575c9d86fe3_terseLabel_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current period change </link:label>

<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest, Period Increase (Decrease) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease" xlink:to="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestPeriodIncreaseDecrease" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders_b4c76731-88d0-47cb-846f-324084b44836_totalLabel_en-US" xlink:label="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive (loss) income attributable to common stockholders </link:label>

<link:label id="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders_label_en-US" xlink:label="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Attributable To Common Stockholders </link:label>

<link:label id="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders_documentation_en-US" xlink:label="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Attributable To Common Stockholders </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:href="btu-20201231.xsd#btu_ComprehensiveIncomeLossAttributableToCommonStockholders"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:to="lab_btu_ComprehensiveIncomeLossAttributableToCommonStockholders" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_3ba744f3-98df-4738-9e81-5529ecfc2a45_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving credit facility, fee on unused borrowings </link:label>

<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Unused Capacity, Commitment Fee Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SubleaseExpenseIncome_3a0efd43-6716-4865-a4d9-341f2b66423b_terseLabel_en-US" xlink:label="lab_btu_SubleaseExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sublease income </link:label>

<link:label id="lab_btu_SubleaseExpenseIncome_label_en-US" xlink:label="lab_btu_SubleaseExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sublease Expense (Income) </link:label>

<link:label id="lab_btu_SubleaseExpenseIncome_documentation_en-US" xlink:label="lab_btu_SubleaseExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sublease Expense (Income) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SubleaseExpenseIncome" xlink:href="btu-20201231.xsd#btu_SubleaseExpenseIncome"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SubleaseExpenseIncome" xlink:to="lab_btu_SubleaseExpenseIncome" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_36981078-1d0a-4c8e-ba17-f2048b55c785_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net </link:label>

<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Investing Activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_6d80f38b-f131-4753-97f5-5e39965d7196_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Axis] </link:label>

<link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_49522455-b0a6-49cd-a50a-1acc5e171273_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk-free interest rate </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_cbef1c2a-53e1-46d6-bf9c-0c0876fcc94e_terseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Fair Value </link:label>

<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of Fair Value Measurement [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>

<link:label id="lab_srt_CounterpartyNameAxis_bf0b2e88-cc06-4601-8428-5e655ee5342f_terseLabel_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>

<link:label id="lab_srt_CounterpartyNameAxis_label_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_CounterpartyNameAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_CounterpartyNameAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CounterpartyNameAxis" xlink:to="lab_srt_CounterpartyNameAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareAbstract_9dd08ccc-ef47-4630-967b-2c2b9c9f0aa8_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (loss) income attributable to common stockholders: </link:label>

<link:label id="lab_us-gaap_EarningsPerShareAbstract_5da7b311-c639-4b09-a40a-9d01a25d74ce_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>

<link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract" xlink:to="lab_us-gaap_EarningsPerShareAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPostretirementHealthCoverageMember_c695ca56-328d-45f3-8065-ec3adba1a554_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPostretirementHealthCoverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement health care and life insurance benefits </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPostretirementHealthCoverageMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPostretirementHealthCoverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Health Coverage [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPostretirementHealthCoverageMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPostretirementHealthCoverageMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPostretirementHealthCoverageMember" xlink:to="lab_us-gaap_DefinedBenefitPostretirementHealthCoverageMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_f2863fad-b757-4aa0-8aa1-be7579bdad5f_terseLabel_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed securities </link:label>

<link:label id="lab_us-gaap_AssetBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_AssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset-backed Securities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetBackedSecuritiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetBackedSecuritiesMember" xlink:to="lab_us-gaap_AssetBackedSecuritiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_80149a64-8340-43f3-823f-5ead6eb89a3b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>

<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_bf68280d-3e41-4c43-a241-a8dba891c407_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions to noncontrolling interests </link:label>

<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherNoncashIncomeExpense_03fa3d01-4116-4a91-9047-74c935c64fa0_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash interest expense including loss on early extinguishment of debt </link:label>

<link:label id="lab_us-gaap_OtherNoncashIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Noncash Income (Expense) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherNoncashIncomeExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashIncomeExpense" xlink:to="lab_us-gaap_OtherNoncashIncomeExpense" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1eeebaf7-1ea5-4298-8137-6d47d44a0562_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant, Equipment and Mine Development </link:label>

<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_50fe2598-edec-4ed8-b877-a26166a0b55a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid and administrative fees (net of Medicare Part D reimbursements) </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_0aa545d3-81cd-46a3-953d-aee02b302ae5_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Benefits Paid </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_4f1e6208-d083-4c3b-913b-d728489a8216_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_94d36e6c-fe1a-4169-b8c4-69a32ec48c52_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Granted </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome_80e312e9-55f1-4d46-8113-cdd56183d708_terseLabel_en-US" xlink:label="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Global intangible low-taxed income </link:label>

<link:label id="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome_label_en-US" xlink:label="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Global Intangible Low-Taxed Income </link:label>

<link:label id="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome_documentation_en-US" xlink:label="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Global Intangible Low-Taxed Income </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:href="btu-20201231.xsd#btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:to="lab_btu_EffectiveIncomeTaxRateReconciliationGlobalIntangibleLowTaxedIncome" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FairValueofDebtTable_b89c7ce9-5a4a-4a01-b1fb-8c3963e169a9_terseLabel_en-US" xlink:label="lab_btu_FairValueofDebtTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Debt [Table] </link:label>

<link:label id="lab_btu_FairValueofDebtTable_label_en-US" xlink:label="lab_btu_FairValueofDebtTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Debt [Table] </link:label>

<link:label id="lab_btu_FairValueofDebtTable_documentation_en-US" xlink:label="lab_btu_FairValueofDebtTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Debt [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FairValueofDebtTable" xlink:href="btu-20201231.xsd#btu_FairValueofDebtTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FairValueofDebtTable" xlink:to="lab_btu_FairValueofDebtTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_d8d54c2d-215c-4664-ae01-85387b0b7fb7_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Loss) income from continuing operations before income taxes </link:label>

<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityInteractiveDataCurrent_48d6a7bd-6875-4bd2-9b6e-9e9a690d0533_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>

<link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable_8f95886b-601a-487e-a238-dcf142542530_terseLabel_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense and Cash Flow Amounts [Table] </link:label>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable_label_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense and Cash Flow Amounts [Table] </link:label>

<link:label id="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable_documentation_en-US" xlink:label="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Expense and Cash Flow Amounts [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:href="btu-20201231.xsd#btu_SharebasedCompensationExpenseandCashFlowAmountsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:to="lab_btu_SharebasedCompensationExpenseandCashFlowAmountsTable" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ValuationAndQualifyingAccountsAbstract_05289b5a-05e6-4beb-b480-67ba71f1b6d0_terseLabel_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] </link:label>

<link:label id="lab_srt_ValuationAndQualifyingAccountsAbstract_label_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ValuationAndQualifyingAccountsAbstract" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ValuationAndQualifyingAccountsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ValuationAndQualifyingAccountsAbstract" xlink:to="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LeaseAndRentalExpense_3065efec-dc0b-464f-8f46-5bba913ae2a4_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases, rent expense </link:label>

<link:label id="lab_us-gaap_LeaseAndRentalExpense_label_en-US" xlink:label="lab_us-gaap_LeaseAndRentalExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Rent Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseAndRentalExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeaseAndRentalExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseAndRentalExpense" xlink:to="lab_us-gaap_LeaseAndRentalExpense" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange_3ee073eb-86ef-4510-ba3c-a6d5b5b3763b_terseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payout term, percentage of change </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Payout Term, Percentage Of Change </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Payout Term, Percentage Of Change </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutTermPercentageOfChange" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MetropolitanEmployeesMember_3d032d5b-be95-4a26-b619-2df2711894db_terseLabel_en-US" xlink:label="lab_btu_MetropolitanEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metropolitan Employees </link:label>

<link:label id="lab_btu_MetropolitanEmployeesMember_label_en-US" xlink:label="lab_btu_MetropolitanEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metropolitan Employees [Member] </link:label>

<link:label id="lab_btu_MetropolitanEmployeesMember_documentation_en-US" xlink:label="lab_btu_MetropolitanEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Metropolitan Employees [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MetropolitanEmployeesMember" xlink:href="btu-20201231.xsd#btu_MetropolitanEmployeesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MetropolitanEmployeesMember" xlink:to="lab_btu_MetropolitanEmployeesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WeightedAverageRemainingContractualLife_ce80905e-c44c-4240-a9b2-cf02963a8c51_periodStartLabel_en-US" xlink:label="lab_btu_WeightedAverageRemainingContractualLife" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2019 </link:label>

<link:label id="lab_btu_WeightedAverageRemainingContractualLife_0108bc16-d4ec-4bfd-8464-d8c3c87cb9bd_periodEndLabel_en-US" xlink:label="lab_btu_WeightedAverageRemainingContractualLife" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2020 </link:label>

<link:label id="lab_btu_WeightedAverageRemainingContractualLife_label_en-US" xlink:label="lab_btu_WeightedAverageRemainingContractualLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Remaining Contractual Life </link:label>

<link:label id="lab_btu_WeightedAverageRemainingContractualLife_documentation_en-US" xlink:label="lab_btu_WeightedAverageRemainingContractualLife" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Remaining Contractual Life </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WeightedAverageRemainingContractualLife" xlink:href="btu-20201231.xsd#btu_WeightedAverageRemainingContractualLife"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WeightedAverageRemainingContractualLife" xlink:to="lab_btu_WeightedAverageRemainingContractualLife" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_72bf9a04-ec65-4bce-8d08-abae445ed8fc_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, par value per share (in dollars per share) </link:label>

<link:label id="lab_us-gaap_PreferredStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Par or Stated Value Per Share </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessCombinationsPolicy_449d93cd-018a-407c-9f5a-802a81ae6e30_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combinations </link:label>

<link:label id="lab_us-gaap_BusinessCombinationsPolicy_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combinations Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessCombinationsPolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationsPolicy" xlink:to="lab_us-gaap_BusinessCombinationsPolicy" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LeaseCost_f991ecaa-c36a-45ea-95a9-c310a70efe06_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total operating lease cost </link:label>

<link:label id="lab_us-gaap_LeaseCost_label_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeaseCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCost" xlink:to="lab_us-gaap_LeaseCost" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock_ef2d1e09-3292-4a69-9c00-a9d057ecf3f9_verboseLabel_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees </link:label>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock_label_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Text Block] </link:label>

<link:label id="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock_documentation_en-US" xlink:label="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:href="btu-20201231.xsd#btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:to="lab_btu_FinancialInstrumentsAndGuaranteesWithOffBalanceSheetRiskDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_26ffe282-68a2-490f-be1c-3ce08cd0e43c_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Amortization Expense, Year Three </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities_e8509d41-d55a-47b0-b6b0-21bee83d3495_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Current portion (included in “Accounts payable and accrued expenses”) </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:to="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_7c6e0cb6-c496-4268-b978-cd1fc5ecdc00_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows From Operating Activities </link:label>

<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_f15ff16b-f933-4365-8dff-852413e14f9f_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term return on plan assets (pre-tax) </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_55804bb8-e89f-4398-bac6-9bb4a36d7570_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term return on plan assets </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PatriotCoalCorporationMember_8b32ae5a-db54-492d-b1cc-f5b1c3359fd9_terseLabel_en-US" xlink:label="lab_btu_PatriotCoalCorporationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Patriot Coal Corporation </link:label>

<link:label id="lab_btu_PatriotCoalCorporationMember_label_en-US" xlink:label="lab_btu_PatriotCoalCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Patriot Coal Corporation [Member] </link:label>

<link:label id="lab_btu_PatriotCoalCorporationMember_documentation_en-US" xlink:label="lab_btu_PatriotCoalCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Patriot Coal Corporation [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PatriotCoalCorporationMember" xlink:href="btu-20201231.xsd#btu_PatriotCoalCorporationMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PatriotCoalCorporationMember" xlink:to="lab_btu_PatriotCoalCorporationMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement_899e3424-482e-410c-b531-2ea1fa404bc0_terseLabel_en-US" xlink:label="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consideration held in trust upon termination of coal supply agreement </link:label>

<link:label id="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement_label_en-US" xlink:label="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consideration Held In Trust Upon Termination Of Coal Supply Agreement </link:label>

<link:label id="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement_documentation_en-US" xlink:label="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consideration Held In Trust Upon Termination Of Coal Supply Agreement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:href="btu-20201231.xsd#btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:to="lab_btu_ConsiderationHeldInTrustUponTerminationOfCoalSupplyAgreement" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_bebe4966-3791-4f30-aaa5-193380ef71cf_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:to="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PaymentForDebtExchange_e04b85d3-6b71-4e31-9bb6-2c7f8b4e3afd_terseLabel_en-US" xlink:label="lab_btu_PaymentForDebtExchange" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment for debt exchange </link:label>

<link:label id="lab_btu_PaymentForDebtExchange_label_en-US" xlink:label="lab_btu_PaymentForDebtExchange" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment For Debt Exchange </link:label>

<link:label id="lab_btu_PaymentForDebtExchange_documentation_en-US" xlink:label="lab_btu_PaymentForDebtExchange" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment For Debt Exchange </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PaymentForDebtExchange" xlink:href="btu-20201231.xsd#btu_PaymentForDebtExchange"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PaymentForDebtExchange" xlink:to="lab_btu_PaymentForDebtExchange" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_69cc47fa-751c-49c9-933d-62ec3657bc00_terseLabel_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash used in discontinued operations </link:label>

<link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Provided by (Used in) Operating Activities, Discontinued Operations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:type="arc" order="1"/>

<link:label id="lab_btu_MiscellaneousReceivablesMember_bae3eca5-bd90-4bb9-8757-f565454420ba_terseLabel_en-US" xlink:label="lab_btu_MiscellaneousReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous Receivables </link:label>

<link:label id="lab_btu_MiscellaneousReceivablesMember_label_en-US" xlink:label="lab_btu_MiscellaneousReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous Receivables [Member] </link:label>

<link:label id="lab_btu_MiscellaneousReceivablesMember_documentation_en-US" xlink:label="lab_btu_MiscellaneousReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous Receivables [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_MiscellaneousReceivablesMember" xlink:href="btu-20201231.xsd#btu_MiscellaneousReceivablesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_MiscellaneousReceivablesMember" xlink:to="lab_btu_MiscellaneousReceivablesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod_e1bcb243-a1d2-4e1a-88a6-f77891133df5_terseLabel_en-US" xlink:label="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average remaining service period (in years) </link:label>

<link:label id="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod_label_en-US" xlink:label="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Average Remaining Service Period </link:label>

<link:label id="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod_documentation_en-US" xlink:label="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Average Remaining Service Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:href="btu-20201231.xsd#btu_DefinedBenefitPlanAverageRemainingServicePeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:to="lab_btu_DefinedBenefitPlanAverageRemainingServicePeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentReportingAbstract_5ac580ad-7d72-4a3a-a2dd-aacef43e424d_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>

<link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentReportingAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_5ed44a97-35a6-4d0f-900d-a93fd96d5173_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less imputed interest </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Undiscounted Excess Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RepaymentsOfDebt_f25a1591-7efd-4d91-87cb-1a6135d3f41b_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of debt </link:label>

<link:label id="lab_us-gaap_RepaymentsOfDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Debt </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfDebt"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfDebt" xlink:to="lab_us-gaap_RepaymentsOfDebt" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UMWA1974PensionPlanLitigationMember_2afff1f4-7ea0-4907-8855-3605d4214b76_terseLabel_en-US" xlink:label="lab_btu_UMWA1974PensionPlanLitigationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UMWA1974 Pension Plan Litigation </link:label>

<link:label id="lab_btu_UMWA1974PensionPlanLitigationMember_label_en-US" xlink:label="lab_btu_UMWA1974PensionPlanLitigationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UMWA1974 Pension Plan Litigation [Member] </link:label>

<link:label id="lab_btu_UMWA1974PensionPlanLitigationMember_documentation_en-US" xlink:label="lab_btu_UMWA1974PensionPlanLitigationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UMWA1974 Pension Plan Litigation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UMWA1974PensionPlanLitigationMember" xlink:href="btu-20201231.xsd#btu_UMWA1974PensionPlanLitigationMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UMWA1974PensionPlanLitigationMember" xlink:to="lab_btu_UMWA1974PensionPlanLitigationMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes_69a039bc-f317-42f4-bb18-ce219fa3fc6b_negatedTerseLabel_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes_label_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefit Recorded in Deferred Income Taxes </link:label>

<link:label id="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes_documentation_en-US" xlink:label="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefit Recorded in Deferred Income Taxes </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:href="btu-20201231.xsd#btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:to="lab_btu_UnrecognizedTaxBenefitRecordedinDeferredIncomeTaxes" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock_252ba558-4b8b-41f4-9e58-d16e42c4de68_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:to="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness_9097124b-1794-4964-92bb-b7411b2bc591_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, tax credit carryforwards, general business </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards, General Business </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DefinedBenefitPlanAmortizationPeriod_0dd64404-cac5-445c-a2f5-71d0c4bfc415_terseLabel_en-US" xlink:label="lab_btu_DefinedBenefitPlanAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining service period for remaining eligible employees </link:label>

<link:label id="lab_btu_DefinedBenefitPlanAmortizationPeriod_label_en-US" xlink:label="lab_btu_DefinedBenefitPlanAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization Period </link:label>

<link:label id="lab_btu_DefinedBenefitPlanAmortizationPeriod_documentation_en-US" xlink:label="lab_btu_DefinedBenefitPlanAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Amortization Period. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DefinedBenefitPlanAmortizationPeriod" xlink:href="btu-20201231.xsd#btu_DefinedBenefitPlanAmortizationPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DefinedBenefitPlanAmortizationPeriod" xlink:to="lab_btu_DefinedBenefitPlanAmortizationPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_397c950e-2840-4be3-ab5b-e40a89bfc286_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in benefit obligation: </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtDisclosureAbstract_76d25a85-4385-4edb-a759-11caaac601cf_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>

<link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtDisclosureAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfInventoryCurrentTableTextBlock_ac83f4c2-1fcf-4cd3-a62e-2938769d2b58_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_ScheduleOfInventoryCurrentTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Inventory, Current [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfInventoryCurrentTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward_8115fa8d-f853-4302-a6b9-da7fa4ce5d96_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] </link:label>

<link:label id="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:to="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoalReserves_86d64cd7-9cf3-47a6-b314-8b243616e721_terseLabel_en-US" xlink:label="lab_btu_CoalReserves" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reserves </link:label>

<link:label id="lab_btu_CoalReserves_label_en-US" xlink:label="lab_btu_CoalReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reserves </link:label>

<link:label id="lab_btu_CoalReserves_documentation_en-US" xlink:label="lab_btu_CoalReserves" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net book value of coal reserves. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoalReserves" xlink:href="btu-20201231.xsd#btu_CoalReserves"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoalReserves" xlink:to="lab_btu_CoalReserves" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_TradingActivityByTypeDomain_494dcccc-5b9e-42d1-8d9e-544fefd7d6a2_terseLabel_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, by Type [Domain] </link:label>

<link:label id="lab_us-gaap_TradingActivityByTypeDomain_label_en-US" xlink:label="lab_us-gaap_TradingActivityByTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Activity, by Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingActivityByTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_TradingActivityByTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingActivityByTypeDomain" xlink:to="lab_us-gaap_TradingActivityByTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_452ad5bd-a44f-47d3-a7ca-7cebc3fa50b5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases </link:label>

<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Discount Rate, Percent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree_eb13c11f-ca7a-410e-8866-0564be7cad14_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Three </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities, Amortization Expense, Year Three </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesAmortizationExpenseYearThree" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_30c15049-8ba1-46a4-b6fa-03e1a227a900_verboseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income </link:label>

<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Note [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:to="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent_a9cdb04d-e824-4e5b-a950-9ffa8cb050ed_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent_528c7fb2-4f6c-4ae8-be6b-94861fcc3313_totalLabel_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Payable and Accrued Liabilities, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:to="lab_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InterestRateDerivativesAtFairValueNet_06289c31-956c-436f-83c7-ee86caa45380_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateDerivativesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Derivatives, at Fair Value, Net </link:label>

<link:label id="lab_us-gaap_InterestRateDerivativesAtFairValueNet_label_en-US" xlink:label="lab_us-gaap_InterestRateDerivativesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Derivatives, at Fair Value, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateDerivativesAtFairValueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InterestRateDerivativesAtFairValueNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateDerivativesAtFairValueNet" xlink:to="lab_us-gaap_InterestRateDerivativesAtFairValueNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_21d71e45-4a8b-44b1-8e51-45c3eb825d12_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. federal </link:label>

<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Federal Income Tax Expense (Benefit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod_5833b10b-8cd1-4b5f-83db-324e5e0db59a_terseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return on invested capital period </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Measurement Term, Return On Invested Capital Period </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Measurement Term, Return On Invested Capital Period </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardMeasurementTermReturnOnInvestedCapitalPeriod" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FairValueofDebtLineItems_51769e32-97d3-485e-b764-fd4a5b3ab591_terseLabel_en-US" xlink:label="lab_btu_FairValueofDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Debt [Line Items] </link:label>

<link:label id="lab_btu_FairValueofDebtLineItems_label_en-US" xlink:label="lab_btu_FairValueofDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Debt [Line Items] </link:label>

<link:label id="lab_btu_FairValueofDebtLineItems_documentation_en-US" xlink:label="lab_btu_FairValueofDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Fair Value of Debt [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FairValueofDebtLineItems" xlink:href="btu-20201231.xsd#btu_FairValueofDebtLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FairValueofDebtLineItems" xlink:to="lab_btu_FairValueofDebtLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryAxis_5ceadd2b-127d-4f1d-8697-288b72492ef0_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves Type [Axis] </link:label>

<link:label id="lab_us-gaap_PublicUtilitiesInventoryAxis_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesInventoryAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesInventoryAxis" xlink:to="lab_us-gaap_PublicUtilitiesInventoryAxis" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentTransitionReport_24141e9b-865b-4399-b684-f575b8eb0aba_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>

<link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_ca549e3e-4397-4c4f-bc64-a88900929a6c_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>

<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_24f17990-e006-43b1-9bda-b287482e8c5e_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchased during period, shares </link:label>

<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_a89faaf2-4c52-4f6b-be7f-afde9f796264_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares repurchased </link:label>

<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased During Period, Shares </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock_4fbc98ab-ee2a-4531-afa6-2e023ca90d5f_verboseLabel_en-US" xlink:label="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exploration and Drilling Costs </link:label>

<link:label id="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock_label_en-US" xlink:label="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exploration And Drilling Costs [Policy Text Block] </link:label>

<link:label id="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock_documentation_en-US" xlink:label="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exploration and drilling costs. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:href="btu-20201231.xsd#btu_ExplorationAndDrillingCostsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:to="lab_btu_ExplorationAndDrillingCostsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxesPaidNet_c805a1c0-03b3-4294-995f-7b0c81957e56_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax refunds, net </link:label>

<link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Paid, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxesPaidNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue_7ebdf66a-c129-4cb9-885e-c3fe4b5b37fb_verboseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total fair value of restricted stock units granted </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Fair Value </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share based compensation arrangement by share based payment award equity instruments other than options granted in period fair value. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Containmentandidlingcosts_41e5dcdb-343a-42ac-b5c6-ba77d2ffef23_terseLabel_en-US" xlink:label="lab_btu_Containmentandidlingcosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Containment and idling costs </link:label>

<link:label id="lab_btu_Containmentandidlingcosts_label_en-US" xlink:label="lab_btu_Containmentandidlingcosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Containment and idling costs </link:label>

<link:label id="lab_btu_Containmentandidlingcosts_documentation_en-US" xlink:label="lab_btu_Containmentandidlingcosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Containment and idling costs </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Containmentandidlingcosts" xlink:href="btu-20201231.xsd#btu_Containmentandidlingcosts"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Containmentandidlingcosts" xlink:to="lab_btu_Containmentandidlingcosts" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind_45b73ae3-c298-4dde-b1f8-aca1c0fe3910_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate per annum paid-in-kind </link:label>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind_label_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage, Paid-In-Kind </link:label>

<link:label id="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind_documentation_en-US" xlink:label="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage, Paid-In-Kind </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:href="btu-20201231.xsd#btu_DebtInstrumentInterestRateStatedPercentagePaidInKind"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:to="lab_btu_DebtInstrumentInterestRateStatedPercentagePaidInKind" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_1e1582d7-5b8e-44ac-9643-f8b9d0e8243b_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage of equity method investment </link:label>

<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Ownership Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill_a11cd18d-65c2-4387-a527-326f287a14de_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of contract-based intangible assets </link:label>

<link:label id="lab_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of Intangible Assets (Excluding Goodwill) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:to="lab_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProductiveLandMember_e1136a01-8d3b-4e5e-8175-f5ee4dc29ccc_terseLabel_en-US" xlink:label="lab_us-gaap_ProductiveLandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Land and coal interests </link:label>

<link:label id="lab_us-gaap_ProductiveLandMember_label_en-US" xlink:label="lab_us-gaap_ProductiveLandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Productive Land [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProductiveLandMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProductiveLandMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductiveLandMember" xlink:to="lab_us-gaap_ProductiveLandMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DeferredStockUnitsMember_2a1d0570-ab4d-42eb-ae59-d1768cbae7da_terseLabel_en-US" xlink:label="lab_btu_DeferredStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Stock Units </link:label>

<link:label id="lab_btu_DeferredStockUnitsMember_label_en-US" xlink:label="lab_btu_DeferredStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Stock Units [Member] </link:label>

<link:label id="lab_btu_DeferredStockUnitsMember_documentation_en-US" xlink:label="lab_btu_DeferredStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Stock Units [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DeferredStockUnitsMember" xlink:href="btu-20201231.xsd#btu_DeferredStockUnitsMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DeferredStockUnitsMember" xlink:to="lab_btu_DeferredStockUnitsMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RoyaltyExpense_c1cddb8d-0f07-43e9-b17f-94c635bd8b8d_terseLabel_en-US" xlink:label="lab_us-gaap_RoyaltyExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Royalty Expense </link:label>

<link:label id="lab_us-gaap_RoyaltyExpense_label_en-US" xlink:label="lab_us-gaap_RoyaltyExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Royalty Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RoyaltyExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RoyaltyExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RoyaltyExpense" xlink:to="lab_us-gaap_RoyaltyExpense" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_9cc21a1e-bcca-4902-84b4-a5f83fdcdef6_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>

<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GainOnBusinessInterruptionInsuranceRecovery_d618b122-e939-4481-b145-17c09c24848e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainOnBusinessInterruptionInsuranceRecovery" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> North Goonyella insurance recovery - equipment </link:label>

<link:label id="lab_us-gaap_GainOnBusinessInterruptionInsuranceRecovery_label_en-US" xlink:label="lab_us-gaap_GainOnBusinessInterruptionInsuranceRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on Business Interruption Insurance Recovery </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainOnBusinessInterruptionInsuranceRecovery" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainOnBusinessInterruptionInsuranceRecovery"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainOnBusinessInterruptionInsuranceRecovery" xlink:to="lab_us-gaap_GainOnBusinessInterruptionInsuranceRecovery" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SeniorSecuredTermLoanDue2022Member_9ab4e93a-823b-4298-a138-0e7e6229bb5d_verboseLabel_en-US" xlink:label="lab_btu_SeniorSecuredTermLoanDue2022Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan due 2025, net of original issue discount </link:label>

<link:label id="lab_btu_SeniorSecuredTermLoanDue2022Member_label_en-US" xlink:label="lab_btu_SeniorSecuredTermLoanDue2022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Due 2022 [Member] </link:label>

<link:label id="lab_btu_SeniorSecuredTermLoanDue2022Member_documentation_en-US" xlink:label="lab_btu_SeniorSecuredTermLoanDue2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Due 2022 [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SeniorSecuredTermLoanDue2022Member" xlink:href="btu-20201231.xsd#btu_SeniorSecuredTermLoanDue2022Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SeniorSecuredTermLoanDue2022Member" xlink:to="lab_btu_SeniorSecuredTermLoanDue2022Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RestrictedCash_0bdd4278-f489-4ec2-aaf4-f7a95bce3538_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash collateral </link:label>

<link:label id="lab_us-gaap_RestrictedCash_label_en-US" xlink:label="lab_us-gaap_RestrictedCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCash" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RestrictedCash"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCash" xlink:to="lab_us-gaap_RestrictedCash" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_e0b677b2-52a7-47c5-b327-716fc0551a6a_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>

<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LeasesOperatingAbstract_1020d4e3-1dfa-4578-bd45-cadf808a5e94_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases: </link:label>

<link:label id="lab_us-gaap_LeasesOperatingAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesOperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases, Operating [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesOperatingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LeasesOperatingAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesOperatingAbstract" xlink:to="lab_us-gaap_LeasesOperatingAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems_adad7c86-65a4-4570-b440-03bd265db838_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] </link:label>

<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems_label_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems" xlink:to="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeOnDerivativesLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SeaborneThermalMiningMember_1d72fb18-c5f8-4110-a776-93b55daadefc_terseLabel_en-US" xlink:label="lab_btu_SeaborneThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Thermal Mining </link:label>

<link:label id="lab_btu_SeaborneThermalMiningMember_label_en-US" xlink:label="lab_btu_SeaborneThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Thermal Mining [Member] </link:label>

<link:label id="lab_btu_SeaborneThermalMiningMember_documentation_en-US" xlink:label="lab_btu_SeaborneThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Seaborne Thermal Mining [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SeaborneThermalMiningMember" xlink:href="btu-20201231.xsd#btu_SeaborneThermalMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SeaborneThermalMiningMember" xlink:to="lab_btu_SeaborneThermalMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_9743dc71-9f11-4330-8170-f08986366426_verboseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized compensation cost related to nonvested awards net of tax Total </link:label>

<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:type="arc" order="1"/>

<link:label id="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims_570bc90d-9f33-4136-a394-f60f47ae5cf1_terseLabel_en-US" xlink:label="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares issued for disputed claims </link:label>

<link:label id="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims_label_en-US" xlink:label="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Shares Issued for Disputed Claims </link:label>

<link:label id="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims_documentation_en-US" xlink:label="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Shares Issued for Disputed Claims </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:href="btu-20201231.xsd#btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:to="lab_btu_StockIssuedDuringPeriodSharesSharesIssuedforDisputedClaims" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable_99080a87-8e87-452b-810c-e7720956f0d3_terseLabel_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits [Table] </link:label>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable_label_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits [Table] </link:label>

<link:label id="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable_documentation_en-US" xlink:label="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:href="btu-20201231.xsd#btu_ReconciliationofUnrecognizedTaxBenefitsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:to="lab_btu_ReconciliationofUnrecognizedTaxBenefitsTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_151abf72-45da-44ea-b70d-175cf1b6908d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in plan assets: </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_NoncontrollingInterestMember_6835fba8-61ca-47a1-abba-ff6e9c049b9d_verboseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interests </link:label>

<link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NoncontrollingInterestMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_61e4b8cc-fd68-472a-ad65-cb45af6cac4d_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions for current year tax positions </link:label>

<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SeniorNotesMember_e4fd9cd5-7c4e-45a6-97bc-2c73a648314c_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes </link:label>

<link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SeniorNotesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorNotesMember" xlink:to="lab_us-gaap_SeniorNotesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_58f0f4f2-a528-4442-8606-e1a7ad18c3bb_terseLabel_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>

<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_label_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanAssetCategoriesDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PlanAssetCategoriesDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanAssetCategoriesDomain" xlink:to="lab_us-gaap_PlanAssetCategoriesDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark_bafaf341-71b0-4ce0-9811-b3ef727e5676_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction support agreements, additional collateral term, sale of assets benchmark (in excess of) </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark_label_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral Term, Sale Of Assets Benchmark </link:label>

<link:label id="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark_documentation_en-US" xlink:label="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Transaction Support Agreements, Additional Collateral Term, Sale Of Assets Benchmark </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:href="btu-20201231.xsd#btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:to="lab_btu_DebtInstrumentTransactionSupportAgreementsAdditionalCollateralTermSaleOfAssetsBenchmark" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_b1b10ff5-9de0-4d1c-915c-b13bdecc75c9_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_bb5314bf-3014-42f2-8747-bd6d72027145_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeaseLiabilityCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityCurrent" xlink:to="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WamboOperationEmployeesMember_7e7d209c-66d4-440a-bfa1-b867528b3871_terseLabel_en-US" xlink:label="lab_btu_WamboOperationEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo Operation Employees </link:label>

<link:label id="lab_btu_WamboOperationEmployeesMember_label_en-US" xlink:label="lab_btu_WamboOperationEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo Operation Employees [Member] </link:label>

<link:label id="lab_btu_WamboOperationEmployeesMember_documentation_en-US" xlink:label="lab_btu_WamboOperationEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wambo Operation Employees [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WamboOperationEmployeesMember" xlink:href="btu-20201231.xsd#btu_WamboOperationEmployeesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WamboOperationEmployeesMember" xlink:to="lab_btu_WamboOperationEmployeesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_f156c24a-6195-4cc2-9fec-bbf664d39507_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings allocation method utilized in the calculation of basic and diluted EPS </link:label>

<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_91014348-87e9-4264-99ac-2789099dbf6e_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from lines of credit </link:label>

<link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Lines of Credit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromLinesOfCredit" xlink:to="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CoppabellaMoorvaleEmployeesMember_a50e3ce7-4ba9-4d2a-a3d8-f3f713abd865_terseLabel_en-US" xlink:label="lab_btu_CoppabellaMoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coppabella/Moorvale Employees </link:label>

<link:label id="lab_btu_CoppabellaMoorvaleEmployeesMember_label_en-US" xlink:label="lab_btu_CoppabellaMoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coppabella/Moorvale Employees [Member] </link:label>

<link:label id="lab_btu_CoppabellaMoorvaleEmployeesMember_documentation_en-US" xlink:label="lab_btu_CoppabellaMoorvaleEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coppabella/Moorvale Employees [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CoppabellaMoorvaleEmployeesMember" xlink:href="btu-20201231.xsd#btu_CoppabellaMoorvaleEmployeesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CoppabellaMoorvaleEmployeesMember" xlink:to="lab_btu_CoppabellaMoorvaleEmployeesMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock_886c3a16-46bb-4f60-832e-a7b5f0d0db1f_terseLabel_en-US" xlink:label="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan of Reorganization and Emergence from Chapter 11 Cases </link:label>

<link:label id="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock_label_en-US" xlink:label="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan of Reorganization and Emergence from Chapter 11 Cases [Policy Text Block] </link:label>

<link:label id="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock_documentation_en-US" xlink:label="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan of Reorganization and Emergence from Chapter 11 Cases [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:href="btu-20201231.xsd#btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:to="lab_btu_PlanofReorganizationandEmergencefromChapter11CasesPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsOther_3d917559-f9bb-4fda-8e01-7bafe85c3fa2_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Other </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsOther"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityFileNumber_ca0ed8a3-cc87-4ea6-af7b-2081941b5ad5_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>

<link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_87308b11-8494-4916-8086-ee6f46a0207c_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign earnings provision differential </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:to="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_189dec95-66f5-4abc-93e3-21009c7dbf53_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>

<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities_bb59f357-c995-4b7c-8e93-cc0a4c3ae579_terseLabel_en-US" xlink:label="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit in support of reclamation obligations or activities </link:label>

<link:label id="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities_label_en-US" xlink:label="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit in support of reclamation obligations or activities </link:label>

<link:label id="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities_documentation_en-US" xlink:label="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit in support of reclamation obligations or activities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:href="btu-20201231.xsd#btu_Lettersofcreditinsupportofreclamationobligationsoractivities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:to="lab_btu_Lettersofcreditinsupportofreclamationobligationsoractivities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsToAcquireMarketableSecurities_d7da4d94-1c5c-49dd-977f-deaceae14361_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMarketableSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in equity securities </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireMarketableSecurities_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Marketable Securities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireMarketableSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquireMarketableSecurities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireMarketableSecurities" xlink:to="lab_us-gaap_PaymentsToAcquireMarketableSecurities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_7f1de0cd-156f-428a-b006-65f6613dd374_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized gains (losses) </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GeographicDistributionDomain_69b99349-1c34-4b20-a541-92288de40d9e_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>

<link:label id="lab_us-gaap_GeographicDistributionDomain_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GeographicDistributionDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionDomain" xlink:to="lab_us-gaap_GeographicDistributionDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_cae9d5c1-203f-425c-9ae3-4ad056d6d41f_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Domain] </link:label>

<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_label_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems_6dce5db3-a886-4542-bfc2-906af1b079d0_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] </link:label>

<link:label id="lab_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems" xlink:to="lab_us-gaap_SegmentReportingReconcilingItemForOperatingProfitLossFromSegmentToConsolidatedLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_dei_DocumentAnnualReport_e80726f6-8dc2-4dc0-8e96-836011a461c6_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>

<link:label id="lab_dei_DocumentAnnualReport_label_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain_f685be2b-cd58-4c4f-81bf-ee9cdaefb943_terseLabel_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities by Major Class [Domain] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain_label_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Liabilities by Major Class [Domain] </link:label>

<link:label id="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain_documentation_en-US" xlink:label="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Finite-Lived Intangible Liabilities by Major Class [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:href="btu-20201231.xsd#btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:to="lab_btu_FiniteLivedIntangibleLiabilitiesbyMajorClassDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AdvanceRoyaltyRecoupmentReserveMember_99459f74-05e0-498a-ab14-3db5fd06ce9e_terseLabel_en-US" xlink:label="lab_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance royalty recoupment reserve </link:label>

<link:label id="lab_btu_AdvanceRoyaltyRecoupmentReserveMember_label_en-US" xlink:label="lab_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance royalty recoupment reserve [Member] </link:label>

<link:label id="lab_btu_AdvanceRoyaltyRecoupmentReserveMember_documentation_en-US" xlink:label="lab_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advance royalty recoupment reserve [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:href="btu-20201231.xsd#btu_AdvanceRoyaltyRecoupmentReserveMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:to="lab_btu_AdvanceRoyaltyRecoupmentReserveMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_c32bfb5d-741f-4a56-b821-41de7cbf974c_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated </link:label>

<link:label id="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Assets from Segment to Consolidated [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:to="lab_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Intercompanyloanscarryingvalue_59eebc9f-bfb2-4c1c-9e99-46c0c2c6cc79_terseLabel_en-US" xlink:label="lab_btu_Intercompanyloanscarryingvalue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intercompany loans, carrying value </link:label>

<link:label id="lab_btu_Intercompanyloanscarryingvalue_label_en-US" xlink:label="lab_btu_Intercompanyloanscarryingvalue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intercompany loans, carrying value </link:label>

<link:label id="lab_btu_Intercompanyloanscarryingvalue_documentation_en-US" xlink:label="lab_btu_Intercompanyloanscarryingvalue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intercompany loans, carrying value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Intercompanyloanscarryingvalue" xlink:href="btu-20201231.xsd#btu_Intercompanyloanscarryingvalue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Intercompanyloanscarryingvalue" xlink:to="lab_btu_Intercompanyloanscarryingvalue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_c34d5c8a-09a2-415c-95ec-d5291ee39009_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Series A Convertible Preferred Stock dividends </link:label>

<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_690cdd20-b014-4100-92ad-609ec01b5f23_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Series A Convertible Preferred Stock dividends </link:label>

<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividends, Income Statement Impact </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch_58a47e69-3f12-4af6-b810-a9cef35fc409_terseLabel_en-US" xlink:label="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Paid discretionary contributions to defined contribution pension plans, company match </link:label>

<link:label id="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch_label_en-US" xlink:label="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Paid Discretionary Contributions To Defined Contribution Pension Plans Company Match </link:label>

<link:label id="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch_documentation_en-US" xlink:label="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Paid discretionary contributions to defined contribution pension plans, company match. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:href="btu-20201231.xsd#btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:to="lab_btu_PaidDiscretionaryContributionsToDefinedContributionPensionPlansCompanyMatch" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign_169af11b-2d8f-43fb-9c09-072172cbcb34_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets, operating loss carryforwards, foreign </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Foreign </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_6eb7b104-1ef7-4314-bcc4-705f323ba89c_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable and accrued expenses </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accounts Payable and Accrued Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest_ee80e212-233a-44f0-a17a-48cd57f61543_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument repurchase amount, excluding interest </link:label>

<link:label id="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest_label_en-US" xlink:label="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument Repurchase Amount, excluding interest </link:label>

<link:label id="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest_documentation_en-US" xlink:label="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument Repurchase Amount, excluding interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:href="btu-20201231.xsd#btu_DebtInstrumentRepurchaseAmountexcludinginterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:to="lab_btu_DebtInstrumentRepurchaseAmountexcludinginterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_9e202e16-98e3-4fde-8fb7-c6d81d506d0d_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions to property, plant, equipment and mine development </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_421c03a8-cefc-4b6f-a951-fa9353ef3952_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions to property, plant, equipment and mine development </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Property, Plant, and Equipment </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_cf05b899-2487-47b3-abc3-2ab4768f1014_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from long-term debt </link:label>

<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Long-term Debt </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DomesticDestinationMember_e68d2f1e-c5cb-49ef-b7b9-e92ce5f2ce96_terseLabel_en-US" xlink:label="lab_us-gaap_DomesticDestinationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic </link:label>

<link:label id="lab_us-gaap_DomesticDestinationMember_label_en-US" xlink:label="lab_us-gaap_DomesticDestinationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Destination [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DomesticDestinationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DomesticDestinationMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticDestinationMember" xlink:to="lab_us-gaap_DomesticDestinationMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_b8addb5c-5aaa-47ca-aca1-0514ac4cf4ea_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from Brokers-Dealers and Clearing Organizations </link:label>

<link:label id="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_label_en-US" xlink:label="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from Brokers-Dealers and Clearing Organizations </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:to="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_c73e5e7b-869c-4153-8d85-bcea4a564c88_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>

<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Due Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_btu_CreditAdjustedRiskFreeInterestRates_10abfe9d-927e-4a40-8dbb-5abcad52519b_terseLabel_en-US" xlink:label="lab_btu_CreditAdjustedRiskFreeInterestRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit adjusted risk free interest rates </link:label>

<link:label id="lab_btu_CreditAdjustedRiskFreeInterestRates_label_en-US" xlink:label="lab_btu_CreditAdjustedRiskFreeInterestRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit adjusted risk free interest rates </link:label>

<link:label id="lab_btu_CreditAdjustedRiskFreeInterestRates_documentation_en-US" xlink:label="lab_btu_CreditAdjustedRiskFreeInterestRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit-adjusted, risk-free interest rates. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_CreditAdjustedRiskFreeInterestRates" xlink:href="btu-20201231.xsd#btu_CreditAdjustedRiskFreeInterestRates"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_CreditAdjustedRiskFreeInterestRates" xlink:to="lab_btu_CreditAdjustedRiskFreeInterestRates" xlink:type="arc" order="1"/>

<link:label id="lab_btu_LOM3YearsorLessMember_da4e5566-a107-42e6-94f7-e35a5266887d_terseLabel_en-US" xlink:label="lab_btu_LOM3YearsorLessMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM 3 Years or Less </link:label>

<link:label id="lab_btu_LOM3YearsorLessMember_label_en-US" xlink:label="lab_btu_LOM3YearsorLessMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM 3 Years or Less [Member] </link:label>

<link:label id="lab_btu_LOM3YearsorLessMember_documentation_en-US" xlink:label="lab_btu_LOM3YearsorLessMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LOM 3 Years or Less [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_LOM3YearsorLessMember" xlink:href="btu-20201231.xsd#btu_LOM3YearsorLessMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_LOM3YearsorLessMember" xlink:to="lab_btu_LOM3YearsorLessMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_88632b34-02ba-4b68-89de-fea9102b2ae2_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase price allocation, inventories </link:label>

<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EarningsPerShareLineItems_b8ab1856-790e-4e94-aa09-0c0feadb343f_terseLabel_en-US" xlink:label="lab_btu_EarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Line Items] </link:label>

<link:label id="lab_btu_EarningsPerShareLineItems_label_en-US" xlink:label="lab_btu_EarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Line Items] </link:label>

<link:label id="lab_btu_EarningsPerShareLineItems_documentation_en-US" xlink:label="lab_btu_EarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EarningsPerShareLineItems" xlink:href="btu-20201231.xsd#btu_EarningsPerShareLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EarningsPerShareLineItems" xlink:to="lab_btu_EarningsPerShareLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_btu_RetirementPlanAmendmentTypeAxis_09e0b19a-071e-4877-81e5-543289d2b6fa_terseLabel_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type [Axis] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTypeAxis_label_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type [Axis] </link:label>

<link:label id="lab_btu_RetirementPlanAmendmentTypeAxis_documentation_en-US" xlink:label="lab_btu_RetirementPlanAmendmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Amendment Type </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_RetirementPlanAmendmentTypeAxis" xlink:href="btu-20201231.xsd#btu_RetirementPlanAmendmentTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_RetirementPlanAmendmentTypeAxis" xlink:to="lab_btu_RetirementPlanAmendmentTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_e6595a35-3b7a-4b8a-890e-ff00e602fbec_verboseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital </link:label>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_6f4b7364-c4fb-4105-b1b9-6c44c1848192_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition </link:label>

<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevenueFromContractWithCustomerTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_4428a4a1-107c-4f99-b6fd-3f3a1bf61320_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance leases </link:label>

<link:label id="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Weighted Average Remaining Lease Term </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_acade8c2-a371-466c-ab70-a3e6bd0124ef_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Axis] </link:label>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:to="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_c2ae6b68-fe84-4fe5-83ee-d3810620555c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax loss carryforwards and credits </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwards"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_d0673a1f-034c-4a19-a950-8ecd22eda9c0_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_53903253-8003-41de-9490-869e7601b874_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>

<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Liabilities, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_6d21f5a5-3cd8-463a-814c-13591c942366_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>

<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_c8b0f3e4-279b-4905-a1dd-8ed494f65d15_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount attributable to acquisition of Shoal Creek Mine </link:label>

<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Businesses, Net of Cash Acquired </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2020_75c278c3-7bbd-485f-9003-3929b5997c37_terseLabel_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2020" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Revolver commitments, matures 2020 </link:label>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2020_label_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2020" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Revolver commitments, matures 2020 </link:label>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2020_documentation_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2020" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion of the 2019 Revolver commitments which matures in 2020 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A2019Revolvercommitmentsmatures2020" xlink:href="btu-20201231.xsd#btu_A2019Revolvercommitmentsmatures2020"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A2019Revolvercommitmentsmatures2020" xlink:to="lab_btu_A2019Revolvercommitmentsmatures2020" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_0ceacd86-24f5-4de5-a473-ccbb28c4abfe_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount recognized </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_6b181afc-8a85-4418-99c6-0d82586b8676_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stated interest rate </link:label>

<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2023_ed98ada9-9e1e-4aaa-9535-de5c7718d377_terseLabel_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2023" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Revolver commitments, matures 2023 </link:label>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2023_label_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2023" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Revolver commitments, matures 2023 </link:label>

<link:label id="lab_btu_A2019Revolvercommitmentsmatures2023_documentation_en-US" xlink:label="lab_btu_A2019Revolvercommitmentsmatures2023" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion of the 2019 Revolver commitments which matures in 2023 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A2019Revolvercommitmentsmatures2023" xlink:href="btu-20201231.xsd#btu_A2019Revolvercommitmentsmatures2023"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A2019Revolvercommitmentsmatures2023" xlink:to="lab_btu_A2019Revolvercommitmentsmatures2023" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ReserveForMaterialsAndSuppliesMember_2c8dff28-c186-4c0a-bbe8-aaba27514a91_terseLabel_en-US" xlink:label="lab_btu_ReserveForMaterialsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for materials and supplies </link:label>

<link:label id="lab_btu_ReserveForMaterialsAndSuppliesMember_label_en-US" xlink:label="lab_btu_ReserveForMaterialsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for materials and supplies [Member] </link:label>

<link:label id="lab_btu_ReserveForMaterialsAndSuppliesMember_documentation_en-US" xlink:label="lab_btu_ReserveForMaterialsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reserve for materials and supplies [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ReserveForMaterialsAndSuppliesMember" xlink:href="btu-20201231.xsd#btu_ReserveForMaterialsAndSuppliesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ReserveForMaterialsAndSuppliesMember" xlink:to="lab_btu_ReserveForMaterialsAndSuppliesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_8775c47a-ee6f-47b5-9e6d-3af5d3021cd4_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_EquipmentLossTypeAxis_8f38deef-3209-4a0b-8b24-4353d1696bcd_terseLabel_en-US" xlink:label="lab_btu_EquipmentLossTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment Loss, Type [Axis] </link:label>

<link:label id="lab_btu_EquipmentLossTypeAxis_label_en-US" xlink:label="lab_btu_EquipmentLossTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment Loss, Type [Axis] </link:label>

<link:label id="lab_btu_EquipmentLossTypeAxis_documentation_en-US" xlink:label="lab_btu_EquipmentLossTypeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equipment Loss, Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_EquipmentLossTypeAxis" xlink:href="btu-20201231.xsd#btu_EquipmentLossTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_EquipmentLossTypeAxis" xlink:to="lab_btu_EquipmentLossTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_80607bc3-2d19-482d-a0eb-23752a5190b2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Tax Benefits Roll Forward </link:label>

<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_6b042585-4629-494b-9e42-1fdb8b64fce3_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityTaxIdentificationNumber_0a4b6ba9-7812-46ed-a5c6-6e2fd02703e5_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>

<link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationExpenseNetOfTax_3e530ace-b54f-454d-8a10-d52fc9b42445_totalLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationExpenseNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation expense, net of tax benefit </link:label>

<link:label id="lab_btu_ShareBasedCompensationExpenseNetOfTax_label_en-US" xlink:label="lab_btu_ShareBasedCompensationExpenseNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Expense Net of Tax </link:label>

<link:label id="lab_btu_ShareBasedCompensationExpenseNetOfTax_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationExpenseNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Expense Net of Tax. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationExpenseNetOfTax" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationExpenseNetOfTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationExpenseNetOfTax" xlink:to="lab_btu_ShareBasedCompensationExpenseNetOfTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherNoncurrentLiabilitiesMember_817dc930-d21d-4b90-808c-7442dd6680ae_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other noncurrent liabilities </link:label>

<link:label id="lab_us-gaap_OtherNoncurrentLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Noncurrent Liabilities [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherNoncurrentLiabilitiesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:to="lab_us-gaap_OtherNoncurrentLiabilitiesMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_9fba6984-f3ef-425d-8069-b15163b8562d_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement plans and workers' compensation obligations, tax provision </link:label>

<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_BusinessAcquisitionAxis_7e56e9f0-850f-4a6d-9901-667704af16ee_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>

<link:label id="lab_us-gaap_BusinessAcquisitionAxis_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAxis" xlink:to="lab_us-gaap_BusinessAcquisitionAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RestructuringCharges_8afc9d77-f1b9-40b8-b29b-be10fe776b18_terseLabel_en-US" xlink:label="lab_us-gaap_RestructuringCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring charges </link:label>

<link:label id="lab_us-gaap_RestructuringCharges_12d5dc25-026f-461e-8a2d-a16b5ef2ebd5_verboseLabel_en-US" xlink:label="lab_us-gaap_RestructuringCharges" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring charges for voluntary and involuntary workforce reductions </link:label>

<link:label id="lab_us-gaap_RestructuringCharges_label_en-US" xlink:label="lab_us-gaap_RestructuringCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restructuring Charges </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestructuringCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RestructuringCharges"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestructuringCharges" xlink:to="lab_us-gaap_RestructuringCharges" xlink:type="arc" order="1"/>

<link:label id="lab_btu_U.SThermalMiningMember_b5e23097-7d0c-4b8c-8a05-a0e4c3007b8f_terseLabel_en-US" xlink:label="lab_btu_U.SThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Thermal Mining </link:label>

<link:label id="lab_btu_U.SThermalMiningMember_label_en-US" xlink:label="lab_btu_U.SThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S Thermal Mining [Member] </link:label>

<link:label id="lab_btu_U.SThermalMiningMember_documentation_en-US" xlink:label="lab_btu_U.SThermalMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S Thermal Mining [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_U.SThermalMiningMember" xlink:href="btu-20201231.xsd#btu_U.SThermalMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_U.SThermalMiningMember" xlink:to="lab_btu_U.SThermalMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmount_620e49e6-86a2-40e7-852c-b6503a3c02a0_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Nonmonetary Notional Amount </link:label>

<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmount_label_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Nonmonetary Notional Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNonmonetaryNotionalAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeNonmonetaryNotionalAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNonmonetaryNotionalAmount" xlink:to="lab_us-gaap_DerivativeNonmonetaryNotionalAmount" xlink:type="arc" order="1"/>

<link:label id="lab_dei_CurrentFiscalYearEndDate_8027417b-ded7-45de-a39d-6d618c8ad505_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>

<link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement_bcb105e9-92f4-4043-ab4d-d030c030fa88_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net </link:label>

<link:label id="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement_label_en-US" xlink:label="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Activities, Cash Flow Statement </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OtherOperatingActivitiesCashFlowStatement"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:to="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_7a2e9686-74df-4185-84f9-9b5c086eb7bf_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability, Payments, Due Year Three </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_94551dbc-f592-46bd-b0d1-7f09b77ca3ed_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent obligation (included in “Accrued postretirement benefit costs”) </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_ea6c3825-e21d-4604-ba8c-3e8be0de0f15_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent obligation (included in Other noncurrent liabilities) </link:label>

<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan, Noncurrent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:to="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_5e5a696a-5d79-465e-84d3-54589fcd7cb8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Five </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities_bd8c4d37-3b72-4662-8f7b-a228c55a569f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of long-term debt </link:label>

<link:label id="lab_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="lab_us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseRightOfUseAsset_962d324e-8839-4831-b109-57eaeb82a57c_totalLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, plant, equipment and mine development, net </link:label>

<link:label id="lab_us-gaap_FinanceLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-of-Use Asset </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseRightOfUseAsset"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseRightOfUseAsset" xlink:to="lab_us-gaap_FinanceLeaseRightOfUseAsset" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted_ebf0c314-af9d-4c21-b0df-0b8bf8720396_terseLabel_en-US" xlink:label="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discretionary contributions to defined contribution pension plans, granted </link:label>

<link:label id="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted_label_en-US" xlink:label="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discretionary contributions to defined contribution pension plans, granted </link:label>

<link:label id="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted_documentation_en-US" xlink:label="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discretionary contributions to defined contribution pension plans, granted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:href="btu-20201231.xsd#btu_Discretionarycontributionstodefinedcontributionpensionplansgranted"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:to="lab_btu_Discretionarycontributionstodefinedcontributionpensionplansgranted" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DistributionsFromJointVentures_0b94be68-ce6d-44b5-827c-330a25d90e1c_terseLabel_en-US" xlink:label="lab_btu_DistributionsFromJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions from joint ventures </link:label>

<link:label id="lab_btu_DistributionsFromJointVentures_label_en-US" xlink:label="lab_btu_DistributionsFromJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions from joint ventures </link:label>

<link:label id="lab_btu_DistributionsFromJointVentures_documentation_en-US" xlink:label="lab_btu_DistributionsFromJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions from joint ventures </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DistributionsFromJointVentures" xlink:href="btu-20201231.xsd#btu_DistributionsFromJointVentures"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DistributionsFromJointVentures" xlink:to="lab_btu_DistributionsFromJointVentures" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_026cc094-28d4-4b78-97ee-fa9c0504cf0d_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contingent Liabilities </link:label>

<link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock_4a06ef46-5829-47e1-9042-5b1ebbbb3f31_terseLabel_en-US" xlink:label="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Preferred Stock Activity </link:label>

<link:label id="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock_label_en-US" xlink:label="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Preferred Stock Activity Text Block [Table Text Block] </link:label>

<link:label id="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock_documentation_en-US" xlink:label="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Table Text Block] for Summary of Preferred Stock Activity Text Block [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:href="btu-20201231.xsd#btu_SummaryofPreferredStockActivityTextBlockTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:to="lab_btu_SummaryofPreferredStockActivityTextBlockTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties_311cb675-b0d6-40ce-80fc-fbb4f00ea307_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash receipts from Middlemount Coal Pty Ltd </link:label>

<link:label id="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Due to Related Parties </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityNumberOfEmployees_c65f43ad-e9bb-402c-979c-0823597bb6d1_terseLabel_en-US" xlink:label="lab_dei_EntityNumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of employees </link:label>

<link:label id="lab_dei_EntityNumberOfEmployees_label_en-US" xlink:label="lab_dei_EntityNumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Number of Employees </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityNumberOfEmployees" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityNumberOfEmployees"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityNumberOfEmployees" xlink:to="lab_dei_EntityNumberOfEmployees" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AssetImpairmentCharges_711ee009-faa6-4c9e-a710-22106892fc12_terseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset impairment </link:label>

<link:label id="lab_us-gaap_AssetImpairmentCharges_dc7a4b6b-5e75-4b5a-855a-527c40471f7e_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset impairment charges </link:label>

<link:label id="lab_us-gaap_AssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Impairment Charges </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AssetImpairmentCharges"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges" xlink:to="lab_us-gaap_AssetImpairmentCharges" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis_3c1d41c9-172d-4452-81bc-9d3dba0ca166_terseLabel_en-US" xlink:label="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of company's qualified pension plans on a GAAP accounting basis </link:label>

<link:label id="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis_label_en-US" xlink:label="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of company's qualified pension plans on a GAAP accounting basis </link:label>

<link:label id="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis_documentation_en-US" xlink:label="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of company's qualified pension plans on a GAAP accounting basis. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:href="btu-20201231.xsd#btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:to="lab_btu_PercentageOfCompanysQualifiedPensionPlansOnGaapAccountingBasis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtInstrumentFairValue_1caddfde-c3dc-4336-9301-d1ee9558d6cf_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated fair value </link:label>

<link:label id="lab_us-gaap_DebtInstrumentFairValue_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Fair Value Disclosure </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtInstrumentFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue" xlink:to="lab_us-gaap_DebtInstrumentFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_121f26f7-0bde-4ab7-a30f-b906f0ca72fe_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2019 </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_03843619-9c42-40df-be34-41c97f14a8c7_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested at December 31, 2020 </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_f30dcd04-9e6c-404f-90c5-b76030968a7a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </link:label>

<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations_bc086190-0792-4fcf-ac17-868688c163ac_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, less current portion </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations_1eb02739-ea60-4080-a57e-560d9b5c8016_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>

<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations_label_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt and Lease Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:to="lab_us-gaap_LongTermDebtAndCapitalLeaseObligations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_InventoryNet_945f5719-3802-4b2f-9480-7a4e48225adc_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_InventoryNet_fbed6266-94ee-4e0a-89b3-30cda836905c_totalLabel_en-US" xlink:label="lab_us-gaap_InventoryNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories </link:label>

<link:label id="lab_us-gaap_InventoryNet_label_en-US" xlink:label="lab_us-gaap_InventoryNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Net </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_InventoryNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryNet" xlink:to="lab_us-gaap_InventoryNet" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_8da55635-2bb6-4f98-b93d-d3c691efa1c5_terseLabel_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Earnings allocated to participating securities </link:label>

<link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_label_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participating Securities, Distributed and Undistributed Earnings (Loss), Basic </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:to="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_291b4770-cb2a-4036-a94c-86206fadf026_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of prior service credit </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Prior Service Cost (Credit) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_05f14701-a16f-4e87-b870-6be28d15efb9_terseLabel_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan </link:label>

<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PensionPlansDefinedBenefitMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:to="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_838eaa88-4b39-49d7-9356-a9b5c05acb64_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>

<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_73a9a53b-4e45-4b95-b92d-90ed84fa962a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Two </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_GeographicDistributionAxis_9b4737a6-dfe2-4186-98e1-ede825f27f2b_terseLabel_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>

<link:label id="lab_us-gaap_GeographicDistributionAxis_label_en-US" xlink:label="lab_us-gaap_GeographicDistributionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographic Distribution [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeographicDistributionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GeographicDistributionAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeographicDistributionAxis" xlink:to="lab_us-gaap_GeographicDistributionAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConversionOfStockSharesConverted1_7f00c229-2e6f-48ff-8bbc-bdd31d01282d_negatedLabel_en-US" xlink:label="lab_us-gaap_ConversionOfStockSharesConverted1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares converted to Common Stock </link:label>

<link:label id="lab_us-gaap_ConversionOfStockSharesConverted1_label_en-US" xlink:label="lab_us-gaap_ConversionOfStockSharesConverted1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Conversion of Stock, Shares Converted </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConversionOfStockSharesConverted1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockSharesConverted1" xlink:to="lab_us-gaap_ConversionOfStockSharesConverted1" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EarningsPerShareTextBlock_64d4afcd-1e03-440f-aef7-4798b12958b1_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per Share (EPS) </link:label>

<link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization_61a0bb8b-ad09-4349-8ad3-5e06e4d2f512_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of right-of-use assets </link:label>

<link:label id="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Right-of-Use Asset, Amortization </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseRightOfUseAssetAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:to="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_40447c1e-4238-49aa-9b6d-58c92969cca7_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>

<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FinanceLeaseLiability_ee12c808-d4ee-431a-9bb1-d5cb99002c32_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total finance lease liabilities </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiability_ac423824-03b3-4b41-97ae-904700e03edc_totalLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total finance lease liabilities </link:label>

<link:label id="lab_us-gaap_FinanceLeaseLiability_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FinanceLeaseLiability"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability" xlink:to="lab_us-gaap_FinanceLeaseLiability" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_9f9cdb65-73a8-4da3-b6c6-743a0c2ca637_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility </link:label>

<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RevolvingCreditFacilityMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_FinanceLeaseCost_a349165a-e4b5-40e7-8f44-bef2814da6c9_totalLabel_en-US" xlink:label="lab_btu_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total finance lease cost </link:label>

<link:label id="lab_btu_FinanceLeaseCost_label_en-US" xlink:label="lab_btu_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease Cost </link:label>

<link:label id="lab_btu_FinanceLeaseCost_documentation_en-US" xlink:label="lab_btu_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease Cost </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_FinanceLeaseCost" xlink:href="btu-20201231.xsd#btu_FinanceLeaseCost"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_FinanceLeaseCost" xlink:to="lab_btu_FinanceLeaseCost" xlink:type="arc" order="1"/>

<link:label id="lab_srt_ValuationAndQualifyingAccountsDisclosureTable_5533436e-5f0f-46d9-8afb-5804ea91773d_terseLabel_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsDisclosureTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Table] </link:label>

<link:label id="lab_srt_ValuationAndQualifyingAccountsDisclosureTable_label_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsDisclosureTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_ValuationAndQualifyingAccountsDisclosureTable" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ValuationAndQualifyingAccountsDisclosureTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ValuationAndQualifyingAccountsDisclosureTable" xlink:to="lab_srt_ValuationAndQualifyingAccountsDisclosureTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible_6dc3be24-545a-4c43-810a-35ba16113909_terseLabel_en-US" xlink:label="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in unrecognized tax benefits during the next twelve months </link:label>

<link:label id="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible_label_en-US" xlink:label="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in Unrecognized Tax Benefits is Reasonably Possible </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:to="lab_us-gaap_DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_9b9eb4c3-23be-42b4-ac4b-104f94ecab9f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>

<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentLineItems_79b32a19-d3bc-43cb-bc88-884698f3b97a_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment [Line Items] </link:label>

<link:label id="lab_us-gaap_LongTermPurchaseCommitmentLineItems_label_en-US" xlink:label="lab_us-gaap_LongTermPurchaseCommitmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Purchase Commitment [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermPurchaseCommitmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermPurchaseCommitmentLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermPurchaseCommitmentLineItems" xlink:to="lab_us-gaap_LongTermPurchaseCommitmentLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_HedgingDesignationAxis_ec2e8318-c482-4f2f-b0f5-f11fefbfb667_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>

<link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_HedgingDesignationAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_c27a879f-d577-496b-9518-05188b013e6a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends paid </link:label>

<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments of Ordinary Dividends, Common Stock </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_56a3723e-5962-4ba7-b7b7-b74826238a6a_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) </link:label>

<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SharebasedCompensationTotal_235bfbe5-193f-4107-a697-b242ae1d824a_terseLabel_en-US" xlink:label="lab_btu_SharebasedCompensationTotal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash share-based compensation </link:label>

<link:label id="lab_btu_SharebasedCompensationTotal_label_en-US" xlink:label="lab_btu_SharebasedCompensationTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation, Total </link:label>

<link:label id="lab_btu_SharebasedCompensationTotal_documentation_en-US" xlink:label="lab_btu_SharebasedCompensationTotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate amount of noncash, equity- and liability- based employee renumeration. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SharebasedCompensationTotal" xlink:href="btu-20201231.xsd#btu_SharebasedCompensationTotal"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SharebasedCompensationTotal" xlink:to="lab_btu_SharebasedCompensationTotal" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_1aada138-5de0-4e57-aa80-f0b7d76aaaf2_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leased Assets [Line Items] </link:label>

<link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leased Assets [Line Items] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_OperatingLeasedAssetsLineItems"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:to="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_7903ac3a-be5d-456e-b773-b0f0e51c04e8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments </link:label>

<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_dacdb80c-8287-41ef-81a8-1553e4c94717_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in valuation allowance, income tax </link:label>

<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NumberOfRetirees_11f8c2e3-2a61-4118-b628-7971aef464dc_terseLabel_en-US" xlink:label="lab_btu_NumberOfRetirees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of retirees </link:label>

<link:label id="lab_btu_NumberOfRetirees_label_en-US" xlink:label="lab_btu_NumberOfRetirees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Retirees </link:label>

<link:label id="lab_btu_NumberOfRetirees_documentation_en-US" xlink:label="lab_btu_NumberOfRetirees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Retirees </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NumberOfRetirees" xlink:href="btu-20201231.xsd#btu_NumberOfRetirees"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NumberOfRetirees" xlink:to="lab_btu_NumberOfRetirees" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_f2ce6421-d9dd-4762-a80e-8b810d1a9b20_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of income tax provision (benefit) </link:label>

<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_Liabilities_a5d1ca79-6e4e-4ce3-a320-180a1e61c110_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>

<link:label id="lab_us-gaap_Liabilities_label_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_Liabilities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ContractWithCustomerDurationDomain_19e02298-e08d-4faa-b283-0e410a1b75f4_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerDurationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Duration [Domain] </link:label>

<link:label id="lab_us-gaap_ContractWithCustomerDurationDomain_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerDurationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Duration [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerDurationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ContractWithCustomerDurationDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerDurationDomain" xlink:to="lab_us-gaap_ContractWithCustomerDurationDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_dd00e778-22e6-477a-824c-8398dde0392b_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Charged to Costs and Expenses </link:label>

<link:label id="lab_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_label_en-US" xlink:label="lab_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:to="lab_us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_1d60a07c-3580-4191-8ff6-72764ab24c55_terseLabel_en-US" xlink:label="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Intangible Assets And Liabilities </link:label>

<link:label id="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Intangible Assets And Liabilities [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Intangible Assets And Liabilities [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_btu_ScheduleOfIntangibleAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_e7f07544-a9d1-4cdc-baec-511697259eb1_terseLabel_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>

<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_label_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_3b306bc6-217a-4081-9d93-4d17eaca0da1_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>

<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_btu_Provisionforequipmentloss_b0490aa4-6d66-4c7a-80e9-9d65302c6412_terseLabel_en-US" xlink:label="lab_btu_Provisionforequipmentloss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for North Goonyella equipment loss </link:label>

<link:label id="lab_btu_Provisionforequipmentloss_d0f7d432-8c9e-4b7a-9fae-8d7a8a3e661a_verboseLabel_en-US" xlink:label="lab_btu_Provisionforequipmentloss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for equipment loss </link:label>

<link:label id="lab_btu_Provisionforequipmentloss_label_en-US" xlink:label="lab_btu_Provisionforequipmentloss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for equipment loss </link:label>

<link:label id="lab_btu_Provisionforequipmentloss_documentation_en-US" xlink:label="lab_btu_Provisionforequipmentloss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for equipment loss </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_Provisionforequipmentloss" xlink:href="btu-20201231.xsd#btu_Provisionforequipmentloss"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_Provisionforequipmentloss" xlink:to="lab_btu_Provisionforequipmentloss" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease_b9499bb7-ad1e-4333-bb72-4a71f798c6eb_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss contingency accrual, mark-to-market adjustment </link:label>

<link:label id="lab_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Accrual, Period Increase (Decrease) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease" xlink:to="lab_us-gaap_LossContingencyAccrualCarryingValuePeriodIncreaseDecrease" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue_027bc3b0-72fa-4b8a-8801-d8016acb9691_verboseLabel_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total fair value of restricted stock units vested </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue_label_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Fair Value </link:label>

<link:label id="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue_documentation_en-US" xlink:label="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Fair Value. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:href="btu-20201231.xsd#btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:to="lab_btu_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodFairValue" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DividendEquivalentUnitsPerformanceSharesMember_94b9c53c-327d-452c-ac25-c1fa91f569bb_terseLabel_en-US" xlink:label="lab_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units, Performance Shares </link:label>

<link:label id="lab_btu_DividendEquivalentUnitsPerformanceSharesMember_label_en-US" xlink:label="lab_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units, Performance Shares [Member] </link:label>

<link:label id="lab_btu_DividendEquivalentUnitsPerformanceSharesMember_documentation_en-US" xlink:label="lab_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalent Units, Performance Shares [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:href="btu-20201231.xsd#btu_DividendEquivalentUnitsPerformanceSharesMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:to="lab_btu_DividendEquivalentUnitsPerformanceSharesMember" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_28d75aa3-2272-41e9-b4c9-879adfc2d681_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>

<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DebtAndCapitalLeaseObligations_c482c2cc-c8ff-4464-818d-30a83e45fae2_terseLabel_en-US" xlink:label="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net carrying amount </link:label>

<link:label id="lab_us-gaap_DebtAndCapitalLeaseObligations_label_en-US" xlink:label="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Lease Obligation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtAndCapitalLeaseObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtAndCapitalLeaseObligations" xlink:to="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_c56072ac-599a-4cdf-a3ce-f9184468ae81_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded status at end of period </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded (Unfunded) Status of Plan </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:to="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:type="arc" order="1"/>

<link:label id="lab_btu_AmortizationAbstract_8493661e-aa74-4cff-82f9-b146fec226a1_terseLabel_en-US" xlink:label="lab_btu_AmortizationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization: </link:label>

<link:label id="lab_btu_AmortizationAbstract_label_en-US" xlink:label="lab_btu_AmortizationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization Abstract </link:label>

<link:label id="lab_btu_AmortizationAbstract_documentation_en-US" xlink:label="lab_btu_AmortizationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_AmortizationAbstract" xlink:href="btu-20201231.xsd#btu_AmortizationAbstract"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_AmortizationAbstract" xlink:to="lab_btu_AmortizationAbstract" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_abbe6e50-23f6-4a8b-a2fc-8fc820ca333d_verboseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of Long-Lived Assets </link:label>

<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:to="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockholdersEquity_cd64bafa-550a-483c-bffe-fbcdd181c26c_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Peabody Energy Corporation stockholders’ equity </link:label>

<link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockholdersEquity"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_1bb7f601-ba3f-42d1-be95-6c932c6fc16d_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Presented periods amortization </link:label>

<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_9dde294d-7b15-4edb-a641-846212ea825e_verboseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Presented periods amortization </link:label>

<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of Intangible Assets </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_23e3169e-911f-454d-abbb-8d66cb5512f0_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>

<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_BlackLungOccupationalDiseaseLiabilityMember_28fb9904-baf0-4ef5-a590-80eda1a90043_terseLabel_en-US" xlink:label="lab_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Black Lung Occupational Disease Liability </link:label>

<link:label id="lab_btu_BlackLungOccupationalDiseaseLiabilityMember_label_en-US" xlink:label="lab_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Black Lung Occupational Disease Liability [Member] </link:label>

<link:label id="lab_btu_BlackLungOccupationalDiseaseLiabilityMember_documentation_en-US" xlink:label="lab_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Black Lung Occupational Disease Liability </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:href="btu-20201231.xsd#btu_BlackLungOccupationalDiseaseLiabilityMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:to="lab_btu_BlackLungOccupationalDiseaseLiabilityMember" xlink:type="arc" order="1"/>

<link:label id="lab_dei_LocalPhoneNumber_792e090e-ad03-476a-895e-f6ecfd98ef53_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>

<link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>

<link:label id="lab_dei_EntityBankruptcyProceedingsReportingCurrent_6cf9a70b-71b1-4fc6-844c-4e9b2554b985_terseLabel_en-US" xlink:label="lab_dei_EntityBankruptcyProceedingsReportingCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Bankruptcy Proceedings, Reporting Current </link:label>

<link:label id="lab_dei_EntityBankruptcyProceedingsReportingCurrent_label_en-US" xlink:label="lab_dei_EntityBankruptcyProceedingsReportingCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Bankruptcy Proceedings, Reporting Current </link:label>

<link:loc xlink:type="locator" xlink:label="loc_dei_EntityBankruptcyProceedingsReportingCurrent" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="lab_dei_EntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsNet_1a0ae128-7d74-45a9-8500-d8ed6c9d3124_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax assets </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsNet"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>

<link:label id="lab_btu_NetUnrecognizedTaxBenefit_801ee539-1cb3-47c2-8b52-b873bc8dfad6_verboseLabel_en-US" xlink:label="lab_btu_NetUnrecognizedTaxBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrecognized tax benefits </link:label>

<link:label id="lab_btu_NetUnrecognizedTaxBenefit_8b02e3aa-7c79-46d6-bf30-0e01e9fafd90_totalLabel_en-US" xlink:label="lab_btu_NetUnrecognizedTaxBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrecognized tax benefits </link:label>

<link:label id="lab_btu_NetUnrecognizedTaxBenefit_label_en-US" xlink:label="lab_btu_NetUnrecognizedTaxBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Unrecognized Tax Benefit </link:label>

<link:label id="lab_btu_NetUnrecognizedTaxBenefit_documentation_en-US" xlink:label="lab_btu_NetUnrecognizedTaxBenefit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Unrecognized Tax Benefit </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_NetUnrecognizedTaxBenefit" xlink:href="btu-20201231.xsd#btu_NetUnrecognizedTaxBenefit"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_NetUnrecognizedTaxBenefit" xlink:to="lab_btu_NetUnrecognizedTaxBenefit" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear_85c97c0e-f417-428b-86c6-061ebbcd3a34_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined benefit plan, expected amortization of prior service cost (credit), next fiscal year </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationOfPriorServiceCostCreditNextFiscalYear" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_b801da09-3b56-47bd-ab17-6705eda175b9_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations [Table] </link:label>

<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:to="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_6bf81bef-e70a-496d-b8fd-a451da2ed379_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Translation Adjustment </link:label>

<link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Attributable to Parent [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AccumulatedTranslationAdjustmentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization_4065b2bd-660d-4137-859e-52d4d91a954c_terseLabel_en-US" xlink:label="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjusted EBITDA </link:label>

<link:label id="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization_e29c8bbb-8007-4510-a6d5-1a43c250975e_verboseLabel_en-US" xlink:label="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Adjusted EBITDA </link:label>

<link:label id="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization_label_en-US" xlink:label="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization </link:label>

<link:label id="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization_documentation_en-US" xlink:label="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:href="btu-20201231.xsd#btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:to="lab_btu_SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds_941b9893-ea04-4a5a-86f2-cd6021826b17_terseLabel_en-US" xlink:label="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution to co-issuers, period with capital needs </link:label>

<link:label id="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds_label_en-US" xlink:label="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution To Co-Issuers, Period With Capital Needs </link:label>

<link:label id="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds_documentation_en-US" xlink:label="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contribution To Co-Issuers, Period With Capital Needs </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:href="btu-20201231.xsd#btu_ContributionToCoIssuersPeriodWithCapitalNeeds"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:to="lab_btu_ContributionToCoIssuersPeriodWithCapitalNeeds" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_7b709b7a-fef3-4561-924f-8f99d8837e86_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Series A Convertible Preferred Stock conversions </link:label>

<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, Conversion of Convertible Securities </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_e415806f-1925-4ae0-8a83-b0f0c30fc92b_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>

<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Gross </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongTermContractWithCustomerMember_dea7d3bf-9f34-4fd9-840d-878b6533b281_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One year or longer </link:label>

<link:label id="lab_us-gaap_LongTermContractWithCustomerMember_label_en-US" xlink:label="lab_us-gaap_LongTermContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Contract with Customer [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermContractWithCustomerMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongTermContractWithCustomerMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermContractWithCustomerMember" xlink:to="lab_us-gaap_LongTermContractWithCustomerMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_PreferredStockValue_c4724d8a-7b20-4290-99e0-4f969ecf3a66_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of December 31, 2020 or December 31, 2019 </link:label>

<link:label id="lab_us-gaap_PreferredStockValue_label_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Value, Issued </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PreferredStockValue"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue" xlink:to="lab_us-gaap_PreferredStockValue" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_70a5bdaf-ac4d-4849-b3df-30be5c534fbd_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable, allowance for credit losses </link:label>

<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A6.375SeniorSecuredNotesDue2025Member_7cdefe6f-f2d8-49f3-8e08-f734b1ba1757_terseLabel_en-US" xlink:label="lab_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.375% Senior Secured Notes due March 2025 </link:label>

<link:label id="lab_btu_A6.375SeniorSecuredNotesDue2025Member_label_en-US" xlink:label="lab_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.375% Senior Secured Notes Due 2025 [Member] </link:label>

<link:label id="lab_btu_A6.375SeniorSecuredNotesDue2025Member_documentation_en-US" xlink:label="lab_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.375% Senior Secured Notes Due 2025 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:href="btu-20201231.xsd#btu_A6.375SeniorSecuredNotesDue2025Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:to="lab_btu_A6.375SeniorSecuredNotesDue2025Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_cced63af-d8b4-4fc5-bfb7-0e9fe754f2db_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive shares excluded from EPS calculation </link:label>

<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock_77f709bc-9647-4f4d-84b1-db61d19bf18d_terseLabel_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue by Contract </link:label>

<link:label id="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock_label_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue by Contract Duration [Table Text Block] </link:label>

<link:label id="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock_documentation_en-US" xlink:label="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue by Contract Duration [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:href="btu-20201231.xsd#btu_DisaggregationofRevenuebyContractDurationTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:to="lab_btu_DisaggregationofRevenuebyContractDurationTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock_db5b1c22-42be-4526-8af3-201b81cd24cd_terseLabel_en-US" xlink:label="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Balance Sheet Information Related to Leases </link:label>

<link:label id="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock_label_en-US" xlink:label="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] </link:label>

<link:label id="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock_documentation_en-US" xlink:label="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:href="btu-20201231.xsd#btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:to="lab_btu_ScheduleofSupplementalBalanceSheetInformationRelatedtoLeasesTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_7a7819bf-c51b-45c3-b1b4-8907cfdf89de_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine the benefit obligations </link:label>

<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_70cc171e-c55b-44bb-8942-dbeba7f6cf73_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined benefit plan, assumptions </link:label>

<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions [Table Text Block] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ScheduleOfAssumptionsUsedTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_srt_LitigationCaseAxis_ce50bc46-db4e-412c-8d8c-593b60a4a94b_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>

<link:label id="lab_srt_LitigationCaseAxis_label_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseAxis" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_LitigationCaseAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseAxis" xlink:to="lab_srt_LitigationCaseAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_A1000SeniorSecuredNotesDue2024Member_ab7aa90f-bef8-4a29-af26-1e59ca0d969c_terseLabel_en-US" xlink:label="lab_btu_A1000SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 10.00% Senior Secured Notes Due 2024 (New Co-Issuer Notes) </link:label>

<link:label id="lab_btu_A1000SeniorSecuredNotesDue2024Member_label_en-US" xlink:label="lab_btu_A1000SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 10.00% Senior Secured Notes Due 2024 [Member] </link:label>

<link:label id="lab_btu_A1000SeniorSecuredNotesDue2024Member_documentation_en-US" xlink:label="lab_btu_A1000SeniorSecuredNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 10.00% Senior Secured Notes Due 2024 </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_A1000SeniorSecuredNotesDue2024Member" xlink:href="btu-20201231.xsd#btu_A1000SeniorSecuredNotesDue2024Member"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_A1000SeniorSecuredNotesDue2024Member" xlink:to="lab_btu_A1000SeniorSecuredNotesDue2024Member" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_LongtermDebtTypeAxis_1d701a20-49b6-4dea-8f86-f0465719f6ec_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>

<link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_LongtermDebtTypeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_e4cb23ba-35d1-4444-81cd-56f6dbeac1c3_verboseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional paid-in capital </link:label>

<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid in Capital, Common Stock </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_34e627e6-1084-4d1a-b712-b7b9bbb0cce7_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive (loss) income </link:label>

<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_918f3581-9c17-47f0-8140-04ecc02d7345_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Axis] </link:label>

<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold_16afd5bc-061b-42af-8908-897102399c17_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess proceeds from sales of assets, threshold ($10 million or greater) </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold_label_en-US" xlink:label="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Excess Proceeds From Sales Of Assets, Threshold </link:label>

<link:label id="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold_documentation_en-US" xlink:label="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant, Excess Proceeds From Sales Of Assets, Threshold </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:href="btu-20201231.xsd#btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:to="lab_btu_DebtInstrumentCovenantExcessProceedsFromSalesOfAssetsThreshold" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_EquityComponentDomain_6bd10c87-f31e-4d04-81a0-c6f9a1cd8a9c_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>

<link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_EquityComponentDomain"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions_b934174d-f04a-4b94-941d-d71173d5d004_terseLabel_en-US" xlink:label="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hourly employees represented by organized labor unions (in percent) </link:label>

<link:label id="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions_label_en-US" xlink:label="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of employees represented by organized labor unions </link:label>

<link:label id="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions_documentation_en-US" xlink:label="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of employees represented by organized labor unions. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:href="btu-20201231.xsd#btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:to="lab_btu_PercentageOfEmployeesRepresentedByOrganizedLaborUnions" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_5c0cd23e-2160-4e84-acd2-546467d04d41_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Right to Reclaim Cash </link:label>

<link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Collateral, Right to Reclaim Cash </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeCollateralRightToReclaimCash"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:to="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:type="arc" order="1"/>

<link:label id="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation_8d366ba8-6c08-4ca8-94ec-2120da4f35b8_terseLabel_en-US" xlink:label="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Write-off tax benefits related to share-based compensation </link:label>

<link:label id="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation_label_en-US" xlink:label="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Write-Off Tax Benefits Related To Share-Based Compensation </link:label>

<link:label id="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation_documentation_en-US" xlink:label="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Write-Off Tax Benefits Related To Share-Based Compensation </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:href="btu-20201231.xsd#btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:to="lab_btu_WriteOffTaxBenefitsRelatedToShareBasedCompensation" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_CoalContractMember_65446080-516b-423c-a3f5-18b1ebca7986_terseLabel_en-US" xlink:label="lab_us-gaap_CoalContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal trading contracts </link:label>

<link:label id="lab_us-gaap_CoalContractMember_label_en-US" xlink:label="lab_us-gaap_CoalContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Contract [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CoalContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CoalContractMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CoalContractMember" xlink:to="lab_us-gaap_CoalContractMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock_859f4fc0-5852-47dc-bd86-721f90bfc312_verboseLabel_en-US" xlink:label="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Company tax (refunds) payments </link:label>

<link:label id="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock_label_en-US" xlink:label="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Companys Tax Payments Text Block [Table Text Block] </link:label>

<link:label id="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock_documentation_en-US" xlink:label="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Company's tax payments. </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:href="btu-20201231.xsd#btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:to="lab_btu_SummaryOfCompanysTaxPaymentsTextBlockTableTextBlock" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_67384873-fc38-429d-87ae-b1b1e8af0e36_terseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government securities </link:label>

<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_label_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury and Government [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_USTreasuryAndGovernmentMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:to="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:type="arc" order="1"/>

<link:label id="lab_us-gaap_DeferredTaxAssetsGross_18e27547-9d7f-4d75-95b2-337e0616c575_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gross deferred tax assets </link:label>

<link:label id="lab_us-gaap_DeferredTaxAssetsGross_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Gross </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DeferredTaxAssetsGross"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsGross" xlink:to="lab_us-gaap_DeferredTaxAssetsGross" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount_c479a893-8cb1-4946-8119-437a9bae5932_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt exchange offer, required purchase amount (up to) </link:label>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount_label_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Exchange Offer, Required Purchase Amount </link:label>

<link:label id="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount_documentation_en-US" xlink:label="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Exchange Offer, Required Purchase Amount </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:href="btu-20201231.xsd#btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:to="lab_btu_DebtInstrumentExchangeOfferRequiredPurchaseAmount" xlink:type="arc" order="1"/>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary_9eadf43a-c6f2-463c-8056-2f3cadfb7f43_terseLabel_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Priority liens term, percentage of capital stock of each first tier foreign subsidiary </link:label>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary_label_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Priority Liens Term, Percentage Of Capital Stock Of Each First Tier Foreign Subsidiary </link:label>

<link:label id="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary_documentation_en-US" xlink:label="lab_btu_DebtInstrumentPriorityLiensTermPercentageOfCapitalStockOfEachFirstTierForeignSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Priority Liens Term, Percentage Of Capital Stock Of Each First Tier Foreign Subsidiary </link:label>

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<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1"/>

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<link:label id="lab_us-gaap_GainContingencyNatureDomain_2823e645-f7af-473e-ab5a-998f7cea1d14_terseLabel_en-US" xlink:label="lab_us-gaap_GainContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, Nature [Domain] </link:label>

<link:label id="lab_us-gaap_GainContingencyNatureDomain_label_en-US" xlink:label="lab_us-gaap_GainContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, Nature [Domain] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainContingencyNatureDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_GainContingencyNatureDomain"/>

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<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_9ae24b3e-af9c-4bcf-821d-5671e7f4887a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial loss </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_810b8881-dbca-4a3b-9102-92384934dc3f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial loss </link:label>

<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DefinedBenefitPlanActuarialGainLoss"/>

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<link:label id="lab_us-gaap_DerivativeExchangeRateCap1_b0246896-f814-43bd-8eef-9bfe5040161a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeExchangeRateCap1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Exchange Rate Cap </link:label>

<link:label id="lab_us-gaap_DerivativeExchangeRateCap1_label_en-US" xlink:label="lab_us-gaap_DerivativeExchangeRateCap1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Exchange Rate Cap </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeExchangeRateCap1" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeExchangeRateCap1"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeExchangeRateCap1" xlink:to="lab_us-gaap_DerivativeExchangeRateCap1" xlink:type="arc" order="1"/>

<link:label id="lab_btu_PowderRiverBasinMiningMember_b31357a2-ba30-43ab-86a1-51f153677b81_terseLabel_en-US" xlink:label="lab_btu_PowderRiverBasinMiningMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Powder River Basin Mining </link:label>

<link:label id="lab_btu_PowderRiverBasinMiningMember_label_en-US" xlink:label="lab_btu_PowderRiverBasinMiningMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Powder River Basin Mining [Member] </link:label>

<link:label id="lab_btu_PowderRiverBasinMiningMember_documentation_en-US" xlink:label="lab_btu_PowderRiverBasinMiningMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Powder River Basin Mining [Member] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_btu_PowderRiverBasinMiningMember" xlink:href="btu-20201231.xsd#btu_PowderRiverBasinMiningMember"/>

<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_btu_PowderRiverBasinMiningMember" xlink:to="lab_btu_PowderRiverBasinMiningMember" xlink:type="arc" order="1"/>

<link:label id="lab_btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates_dcb2f3cd-3277-452d-8b38-96045db0eabb_negatedTerseLabel_en-US" xlink:label="lab_btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates </link:label>

<link:label id="lab_btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates_label_en-US" xlink:label="lab_btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Deferred Tax Asset Valuation Allowance and Amortization of Basis Difference Related to Equity Affiliates </link:label>

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<link:loc xlink:type="locator" xlink:label="loc_btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates" xlink:href="btu-20201231.xsd#btu_IncreaseDecreaseinDeferredTaxAssetValuationAllowanceandAmortizationofBasisDifferenceRelatedtoEquityAffiliates"/>

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<link:label id="lab_us-gaap_ProvisionForOtherLosses_b289a7b8-a504-4d61-8217-49e3f5334d8c_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForOtherLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for equipment loss excluded from EBITDA </link:label>

<link:label id="lab_us-gaap_ProvisionForOtherLosses_label_en-US" xlink:label="lab_us-gaap_ProvisionForOtherLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for Other Losses </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForOtherLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProvisionForOtherLosses"/>

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<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_47e95623-fb5d-4f1e-ad77-8e14f709fc3e_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] </link:label>

<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract"/>

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<link:label id="lab_us-gaap_BalanceSheetLocationAxis_79d9e86a-c7da-4df6-b979-2b8f2c77a2b9_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>

<link:label id="lab_us-gaap_BalanceSheetLocationAxis_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>

<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_BalanceSheetLocationAxis"/>

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<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_f831ac3d-5930-422d-8444-bcb1c8fcb72f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset derivatives, gross </link:label>

<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset </link:label>

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6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/07/22  Peabody Energy Corp.              424B5                  2:419K                                   Donnelley … Solutions/FA
12/17/21  Peabody Energy Corp.              424B5                  1:424K                                   Donnelley … Solutions/FA
 9/17/21  Peabody Energy Corp.              424B5                  1:422K                                   Donnelley … Solutions/FA
 6/04/21  Peabody Energy Corp.              424B5                  1:420K                                   Donnelley … Solutions/FA
 4/23/21  Peabody Energy Corp.              424B3                  1:342K                                   Donnelley … Solutions/FA
 3/26/21  Peabody Energy Corp.              S-3                    6:1.7M                                   Donnelley … Solutions/FA

56 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/05/21  Peabody Energy Corp.              8-K:1,9     2/03/21   12:2.5M                                   Donnelley … Solutions/FA
 2/01/21  Peabody Energy Corp.              8-K/A:1,2,7 1/26/21   19:4.6M                                   Donnelley … Solutions/FA
 1/04/21  Peabody Energy Corp.              8-K:1,7,8,912/31/20   13:3.9M                                   Donnelley … Solutions/FA
12/28/20  Peabody Energy Corp.              8-K:1,7,8,912/24/20   19:12M                                    Donnelley … Solutions/FA
11/09/20  Peabody Energy Corp.              10-Q        9/30/20   99:14M
10/26/20  Peabody Energy Corp.              8-K:5,7,9  10/22/20   12:386K                                   Donnelley … Solutions/FA
10/06/20  Peabody Energy Corp.              8-K:1,9     9/30/20   11:148K                                   Donnelley … Solutions/FA
 8/07/20  Peabody Energy Corp.              10-Q        6/30/20   98:16M
 5/06/20  Peabody Energy Corp.              10-Q        3/31/20   95:12M
 2/21/20  Peabody Energy Corp.              10-K       12/31/19  185:66M
 2/05/20  Peabody Energy Corp.              8-K:1,7,9   2/04/20   12:300K                                   Donnelley … Solutions/FA
11/05/19  Peabody Energy Corp.              10-Q        9/30/19  105:21M
 6/19/19  Peabody Energy Corp.              8-K/A:1,7,9 6/18/19    2:929K                                   Donnelley … Solutions/FA
 4/04/19  Peabody Energy Corp.              8-K:1,9     4/03/19    2:826K                                   Donnelley … Solutions/FA
 2/27/19  Peabody Energy Corp.              10-K       12/31/18  180:36M
11/01/18  Peabody Energy Corp.              10-Q        9/30/18   97:17M
 9/24/18  Peabody Energy Corp.              8-K:1,9     9/20/18    2:471K                                   Donnelley … Solutions/FA
 8/03/18  Peabody Energy Corp.              10-Q        6/30/18   94:15M
 4/11/18  Peabody Energy Corp.              8-K:1,9     4/11/18    2:240K                                   Donnelley … Solutions/FA
 2/26/18  Peabody Energy Corp.              10-K       12/31/17  169:42M
12/19/17  Peabody Energy Corp.              8-K:1,9    12/18/17    2:260K                                   Donnelley … Solutions/FA
11/20/17  Peabody Energy Corp.              8-K:1,9    11/17/17    2:1.2M                                   Donnelley … Solutions/FA
 9/18/17  Peabody Energy Corp.              8-K:1,9     9/18/17    2:943K                                   Donnelley … Solutions/FA
 8/14/17  Peabody Energy Corp.              10-Q        6/30/17  103:17M
 5/11/17  Peabody Energy Corp.              10-Q        3/31/17  104:18M
 4/03/17  Peabody Energy Corp.              8-K:1,3,5,7 4/03/17   13:2.4M                                   Donnelley … Solutions/FA
 4/03/17  Peabody Energy Corp.              S-8         4/03/17    7:620K                                   Donnelley … Solutions/FA
 3/22/17  Peabody Energy Corp.              10-K       12/31/16  165:37M
 3/20/17  Peabody Energy Corp.              8-K:1,7,9   3/16/17    4:1.1M                                   Donnelley … Solutions/FA
 3/17/17  Peabody Energy Corp.              8-K:1,5,7,9 3/13/17    3:208K                                   Donnelley … Solutions/FA
 2/15/17  Peabody Energy Corp.              8-K:1,2,8,9 2/15/17    3:875K                                   Donnelley … Solutions/FA
 1/27/17  Peabody Energy Corp.              8-K:1,7,9   1/27/17    2:146K                                   Donnelley … Solutions/FA
 1/12/17  Peabody Energy Corp.              8-K:1,9     1/11/17    2:213K                                   Donnelley … Solutions/FA
12/30/16  Peabody Energy Corp.              8-K:1,7,9  12/28/16    4:199K                                   Donnelley … Solutions/FA
12/23/16  Peabody Energy Corp.              8-K:1,7,9  12/22/16   10:10M                                    Donnelley … Solutions/FA
12/14/16  Peabody Energy Corp.              8-K:1,9    12/14/16    2:194K                                   Donnelley … Solutions/FA
11/23/16  Peabody Energy Corp.              8-K:1,9    11/23/16    2:158K                                   Donnelley … Solutions/FA
10/14/16  Peabody Energy Corp.              8-K:1,9    10/11/16    2:197K
 5/24/16  Peabody Energy Corp.              8-K:1,2,9   5/18/16    3:326K                                   Donnelley … Solutions/FA
 4/22/16  Peabody Energy Corp.              8-K:1,2,9   4/18/16    3:2.3M                                   Donnelley … Solutions/FA
 4/13/16  Peabody Energy Corp.              8-K:1,2,7,9 4/12/16   13:26M                                    Donnelley … Solutions/FA
 3/31/16  Peabody Energy Corp.              8-K:1,9     3/30/16    2:44K
 3/31/16  Peabody Energy Corp.              8-K:1,9     3/25/16    2:863K
 3/16/16  Peabody Energy Corp.              10-K       12/31/15  164:35M
 4/21/15  Peabody Energy Corp.              8-K:5,9     4/20/15    3:1.2M
 1/28/15  Peabody Energy Corp.              8-K:5,9     1/22/15    3:1.2M
10/30/13  Peabody Energy Corp.              8-K:1,9    10/25/13    2:517K
 8/27/13  Peabody Energy Corp.              8-K:5,9     8/21/13    3:212K
 2/25/13  Peabody Energy Corp.              10-K       12/31/12  159:41M
 1/10/13  Peabody Energy Corp.              8-K/A:5,9  10/23/12    2:128K                                   Donnelley … Solutions/FA
12/26/12  Peabody Energy Corp.              8-K/A:5,9  10/23/12    2:118K                                   Donnelley … Solutions/FA
10/25/07  Peabody Energy Corp.              8-K:1,9    10/22/07    7:685K                                   Bowne Boc/FA
 8/08/05  Peabody Energy Corp.              10-Q        6/30/05    7:539K                                   Bowne Boc/FA
 5/06/05  Peabody Energy Corp.              10-Q        3/31/05    8:456K                                   Bowne Boc/FA
11/05/04  Peabody Energy Corp.              10-Q        9/30/04   11:590K                                   Bowne Boc/FA
 5/01/01  Peabody Energy Corp.              S-1/A                  8:730K                                   Donnelley … Solutions/FA

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Filing Submission 0001064728-21-000008 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)