CONSOL Energy Announces Results for the Second Quarter 2024
CONSOL Energy Inc. (NYSE: CEIX) reported strong financial results for Q2 2024, despite challenges from the Francis Scott Key Bridge collapse. Key highlights include:
- GAAP net income of $58.1 million and dilutive EPS of $1.96
- Adjusted EBITDA of $124.5 million
- Free cash flow of $58.6 million
- Total revenue of $501.1 million
- Pennsylvania Mining Complex (PAMC) sold 5.8 million tons
- CONSOL Marine Terminal (CMT) resumed operations in late May, shipping 2.3 million tons
The company navigated operational headwinds successfully, maintaining robust sales despite export capacity limitations. PAMC is near-fully contracted for 2024 and improved its 2025 position to 14.5 million tons. CEIX continues to focus on shareholder returns, having repurchased 6.1 million shares since December 2022.
CONSOL Energy Inc. (NYSE: CEIX) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, nonostante le difficoltà causate dal crollo del ponte Francis Scott Key. Ecco i punti salienti:
- Utile netto GAAP di 58,1 milioni di dollari e utile per azione diluito di 1,96 dollari
- EBITDA rettificato di 124,5 milioni di dollari
- Flusso di cassa libero di 58,6 milioni di dollari
- Fatturato totale di 501,1 milioni di dollari
- Il Pennsylvania Mining Complex (PAMC) ha venduto 5,8 milioni di tonnellate
- Il CONSOL Marine Terminal (CMT) ha ripreso le operazioni a fine maggio, spedendo 2,3 milioni di tonnellate
L'azienda ha affrontato con successo le difficoltà operative, mantenendo vendite solide nonostante le limitazioni nella capacità di esportazione. PAMC è quasi completamente contrattato per il 2024 e ha migliorato la sua posizione per il 2025 a 14,5 milioni di tonnellate. CEIX continua a concentrarsi sui rendimenti per gli azionisti, avendo riacquistato 6,1 milioni di azioni da dicembre 2022.
CONSOL Energy Inc. (NYSE: CEIX) reportó resultados financieros sólidos para el segundo trimestre de 2024, a pesar de los desafíos causados por el colapso del puente Francis Scott Key. Los aspectos más destacados incluyen:
- Ingreso neto GAAP de 58,1 millones de dólares y EPS diluido de 1,96 dólares
- EBITDA ajustado de 124,5 millones de dólares
- Flujo de caja libre de 58,6 millones de dólares
- Ingresos totales de 501,1 millones de dólares
- El Pennsylvania Mining Complex (PAMC) vendió 5,8 millones de toneladas
- El CONSOL Marine Terminal (CMT) reanudó operaciones a finales de mayo, enviando 2,3 millones de toneladas
La empresa navegó con éxito los vientos en contra operativos, manteniendo ventas robustas a pesar de las limitaciones en la capacidad de exportación. PAMC está casi completamente contratado para 2024 y mejoró su posición para 2025 a 14,5 millones de toneladas. CEIX continúa enfocándose en los retornos a los accionistas, habiendo recomprado 6,1 millones de acciones desde diciembre de 2022.
CONSOL Energy Inc. (NYSE: CEIX)는 Francis Scott Key Bridge 붕괴로 인한 어려움에도 불구하고 2024년 2분기 강력한 재무 결과를 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- GAAP 순이익 5,810만 달러 및 희석 EPS 1.96달러
- 조정 EBITDA 1억 2,450만 달러
- 자유 현금 흐름 5,860만 달러
- 총 수익 5억 1,110만 달러
- Pennsylvania Mining Complex (PAMC)에서 580만 톤 판매
- CONSOL Marine Terminal (CMT)이 5월 말에 운영을 재개하고 230만 톤을 선적했습니다
회사는 수출 능력 제한에도 불구하고 견고한 매출을 유지하며 운영상의 역풍을 성공적으로 극복했습니다. PAMC는 2024년 거의 완전히 계약되어 있으며 2025년 위치를 1,450만 톤으로 개선했습니다. CEIX는 2022년 12월 이후 610만 주를 재매입하며 주주 수익에 계속 집중하고 있습니다.
CONSOL Energy Inc. (NYSE: CEIX) a annoncé des résultats financiers solides pour le deuxième trimestre de 2024, malgré les défis posés par l'effondrement du pont Francis Scott Key. Les points saillants incluent :
- Revenu net GAAP de 58,1 millions de dollars et BPA dilué de 1,96 $
- EBITDA ajusté de 124,5 millions de dollars
- Flux de trésorerie libre de 58,6 millions de dollars
- Chiffre d'affaires total de 501,1 millions de dollars
- Le Pennsylvania Mining Complex (PAMC) a vendu 5,8 millions de tonnes
- Le CONSOL Marine Terminal (CMT) a repris ses activités fin mai, expédiant 2,3 millions de tonnes
L'entreprise a navigué avec succès à travers des vents contraires opérationnels, maintenant des ventes robustes malgré les limitations de capacité d'exportation. PAMC est presque entièrement sous contrat pour 2024 et a amélioré sa position pour 2025 à 14,5 millions de tonnes. CEIX continue de se concentrer sur les retours pour les actionnaires, ayant racheté 6,1 millions d'actions depuis décembre 2022.
CONSOL Energy Inc. (NYSE: CEIX) berichtete über starke finanzielle Ergebnisse für das 2. Quartal 2024, trotz der Herausforderungen durch den Einsturz der Francis Scott Key Bridge. Wichtige Highlights sind:
- GAAP-Nettoeinkommen von 58,1 Millionen US-Dollar und verwässertes EPS von 1,96 US-Dollar
- Bereinigtes EBITDA von 124,5 Millionen US-Dollar
- Freier Cashflow von 58,6 Millionen US-Dollar
- Gesamtumsatz von 501,1 Millionen US-Dollar
- Pennsylvania Mining Complex (PAMC) verkaufte 5,8 Millionen Tonnen
- CONSOL Marine Terminal (CMT) nahm Ende Mai den Betrieb wieder auf und versandte 2,3 Millionen Tonnen
Das Unternehmen navigierte erfolgreich durch operationale Widrigkeiten und hielt trotz exportbedingter Kapazitätsbeschränkungen robusten Umsatz. PAMC ist für 2024 nahezu vollständig kontraktiert und hat seine Position für 2025 auf 14,5 Millionen Tonnen verbessert. CEIX konzentriert sich weiterhin auf die Renditen für die Aktionäre und hat seit Dezember 2022 6,1 Millionen Aktien zurückgekauft.
- GAAP net income of $58.1 million and dilutive EPS of $1.96
- Adjusted EBITDA of $124.5 million
- Free cash flow of $58.6 million
- Total revenue of $501.1 million
- PAMC near-fully contracted for 2024 and improved 2025 position to 14.5 million tons
- Successful navigation of operational challenges due to FSK Bridge collapse
- Share repurchases of 6.1 million shares since December 2022
- Reduced export capacity due to FSK Bridge collapse
- Lower coal revenue per ton sold ($66.83 vs $81.27 in Q2 2023)
- Increased average cash cost of coal sold per ton ($39.82 vs $36.33 in Q2 2023)
- Decreased CMT throughput volume (2.3 million tons vs 5.4 million tons in Q2 2023)
- Reduced CMT net income ($2.3 million vs $21.1 million in Q2 2023)
Insights
CONSOL Energy's Q2 2024 results demonstrate resilience despite operational challenges. Net income of
Key positives include near-full contracting for 2024 and improved 2025 positioning with 14.5 million tons contracted. However, the average coal revenue per ton sold decreased to
The company's proactive capital allocation, including
CONSOL Energy's performance reflects broader market trends in the coal industry. The
The company's strategic focus on diversifying end-use markets globally has proven valuable, enabling new long-term domestic contracts extending through 2028. This adaptability is important in a volatile energy market. However, the ongoing transition to renewable energy sources remains a long-term challenge for coal producers.
Investors should closely monitor global energy trends, particularly in Europe and Asia, as they significantly impact CONSOL's export potential. The company's ability to navigate these market dynamics will be key to its future performance.
CONSOL Energy's operational agility in Q2 2024 is commendable. Despite the Francis Scott Key Bridge collapse impacting export capacity, the company managed to sell 5.8 million PAMC tons. The swift realignment of production with export limitations demonstrates effective crisis management.
The resumption of CONSOL Marine Terminal operations in late May, shipping 2.3 million tons, is a positive development. However, the reduced throughput compared to 5.4 million tons in the year-ago period highlights the significant impact of the bridge collapse.
Challenges at the Itmann Mining Complex, including adverse geological conditions and equipment supply chain issues, need close monitoring. The plan to begin retreat mining in Q3 2024 could improve efficiency and productivity. Safety performance remains strong, with zero recordable incidents at key facilities, which is important for operational stability and risk management.
Second Quarter 2024 Highlights Include:
- GAAP net income of
and GAAP dilutive earnings per share of$58.1 million ;$1.96 - Quarterly adjusted EBITDA1 of
;$124.5 million - Net cash provided by operating activities of
;$116.3 million - Quarterly free cash flow1 of
;$58.6 million - Total revenue and other income of
;$501.1 million - Pennsylvania Mining Complex (PAMC) sold 5.8 million tons, despite export capacity limitations due to the Francis Scott Key (FSK) Bridge collapse;
- CONSOL Marine Terminal (CMT) resumed operations in late May, shipping 2.3 million tons;
- Itmann Mining Complex (IMC) sold 164 thousand tons;
- PAMC is near-fully contracted in 2024 and improved its position to 14.5 million tons in 2025; and
- IMC contracted position of 717 thousand tons in 2024 and 250 thousand tons in 2025.
Management Comments
"During the second quarter of 2024, the CONSOL team achieved robust financial and sales performances, despite navigating operational headwinds caused by the FSK Bridge collapse in the Port of
"On the safety front, our Bailey Preparation Plant, Itmann Preparation Plant, and CMT each had ZERO employee recordable incidents in the second quarter of 2024, and our year-to-date employee total recordable incident rate across our coal mining segment remained well below the historical national average for underground bituminous coal mines."
Pennsylvania Mining Complex Review
Three Months Ended | ||||
June 30, 2024 | June 30, 2023 | |||
Total Coal Revenue (PAMC Segment) | thousands | $ 384,442 | $ 521,176 | |
Operating and Other Costs | thousands | $ 287,670 | $ 276,596 | |
Total Cash Cost of Coal Sold1 | thousands | $ 230,262 | $ 233,523 | |
Coal Production | million tons | 5.6 | 6.3 | |
Total Tons Sold | million tons | 5.8 | 6.4 | |
Average Coal Revenue per Ton Sold | per ton | $ 66.83 | $ 81.27 | |
Average Cash Cost of Coal Sold per Ton1 | per ton | $ 39.82 | $ 36.33 | |
Average Cash Margin per Ton Sold1 | per ton | $ 27.01 | $ 44.94 |
The CEIX sales team sold 5.8 million tons of PAMC coal during the second quarter of 2024, generating coal revenue of
During the second quarter of 2024, we produced 5.6 million tons at the PAMC, which was impressive considering that we swiftly realigned production with the export capacity limitations we faced due to the FSK Bridge collapse. This compares to 6.3 million tons in the year-ago period. Average cash cost of coal sold per ton1 at the PAMC for the second quarter of 2024 was
On the marketing front, API2 and Henry Hub natural gas spot prices saw an uptick in the second quarter compared to the first quarter of 2024. In the export market, API2 spot prices in the second quarter increased approximately
CONSOL Marine Terminal Review
During the second quarter of 2024, operations at the CMT resumed after being halted for approximately two months due to the FSK Bridge collapse and cleanup. The CMT team accelerated its annual summer shutdown maintenance during this time to improve efficiency and allow the CMT to remain open to load and ship vessels during the railroads' and mining operations' annual shutdown period beginning at the end of June and extending into early July. In the second quarter of 2024, throughput volume at the CMT was 2.3 million tons, compared to 5.4 million tons in the year-ago period. Terminal revenues and CMT total costs and expenses were
Itmann Mining Complex Update
During the second quarter of 2024, the IMC sold 164 thousand tons of Itmann Mine and third-party coal, compared to 193 thousand tons in the first quarter. The impairment in the second quarter was due to lower quantities of purchased coal being sold and adverse geological conditions which limited our production. During the second quarter of 2024, the Itmann Mine continued to focus on its long-term mains development while operating two of the three continuous miner sections as super sections. As of the end of the second quarter of 2024, the Itmann Mine staffing levels have improved, and the mine is now nearly fully staffed. On the supply chain front, we continue to deal with abnormally long lead times on both new and rebuilt section equipment. As the Itmann Mine team continues to work through these challenges, we remain focused on positioning this mine for long-term success. Looking forward, we expect to begin retreat mining late in the third quarter of 2024, which we expect will improve both our efficiency and productivity.
Shareholder Returns Update
Through a 10b5-1 plan put into place in the first quarter of 2024, CEIX deployed
2024 Guidance and Outlook
Based on our current contracted position, estimated prices, production plans, and the effect of the FSK Bridge collapse, we are providing the following financial and operating performance guidance for full fiscal year 2024:
- PAMC coal sales volume of 24.5-26.0 million tons
- PAMC average coal revenue per ton sold expectation of
$63.50 -$66.50 - PAMC average cash cost of coal sold per ton2 expectation of
$37.50 -$39.50 - IMC coal sales volume of 700-900 thousand tons
- Total capital expenditures of
$165 -$190 million
Second Quarter Earnings Conference Call
A conference call and webcast, during which management will discuss the second quarter 2024 financial and operational results, is scheduled for August 8, 2024 at 10:00 AM eastern time. Prepared remarks by members of management will be followed by a question and answer session. Interested parties may listen via webcast on the "Events and Presentations" page of our website, www.consolenergy.com. An archive of the webcast will be available for 30 days after the event.
Participant dial in (toll free) 1-800-836-8184
Participant international dial in 1-646-357-8785
Availability of Additional Information
Please refer to our website, www.consolenergy.com, for additional information regarding the company. In addition, we may provide other information about the company from time to time on our website.
We will also file our Form 10-Q with the Securities and Exchange Commission (SEC) reporting our results for the period ended June 30, 2024 on August 8, 2024. Investors seeking our detailed financial statements can refer to the Form 10-Q once it has been filed with the SEC.
Footnotes:
1 "Adjusted EBITDA", "Free Cash Flow", "CMT Adjusted EBITDA", "CMT Operating Cash Costs", and "Total Cash Cost of Coal Sold" are non-GAAP financial measures and "Average Cash Cost of Coal Sold per Ton" and "Average Cash Margin per Ton Sold" are operating ratios derived from non-GAAP financial measures, each of which are reconciled to the most directly comparable GAAP financial measures below, under the caption "Reconciliation of Non-GAAP Financial Measures".
2 CEIX is unable to provide a reconciliation of PAMC Average Cash Cost of Coal Sold per Ton guidance, which is an operating ratio derived from non-GAAP financial measures, due to the unknown effect, timing and potential significance of certain income statement items.
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a
Contacts:
Investor:
Nathan Tucker, (724) 416-8336
nathantucker@consolenergy.com
Media:
Erica Fisher, (724) 416-8292
ericafisher@consolenergy.com
Condensed Consolidated Statements of Cash Flows
The following table presents the condensed consolidated statements of cash flows for the three months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended | |||
2024 | 2023 | ||
Cash Flows from Operating Activities: | (Unaudited) | (Unaudited) | |
Net Income | $ 58,061 | $ 167,723 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation, Depletion and Amortization | 54,847 | 64,528 | |
Other Non-Cash Adjustments to Net Income | 1,832 | 2,189 | |
Changes in Working Capital | 1,524 | (6,867) | |
Net Cash Provided by Operating Activities | 116,264 | 227,573 | |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (55,408) | (42,325) | |
Proceeds from Sales of Assets | 757 | 239 | |
Other Investing Activity | (4,553) | (29,069) | |
Net Cash Used in Investing Activities | (59,204) | (71,155) | |
Cash Flows from Financing Activities: | |||
Net Payments on Long-Term Debt, Including Fees | (3,471) | (54,596) | |
Repurchases of Common Stock | (12,998) | (65,398) | |
Dividends and Dividend Equivalents Paid | (516) | (37,187) | |
Other Financing Activities | (27) | (3,410) | |
Net Cash Used in Financing Activities | (17,012) | (160,591) | |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 40,048 | (4,173) | |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 216,778 | 246,843 | |
Cash and Cash Equivalents and Restricted Cash at End of Period | $ 256,826 | $ 242,670 |
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold and cash cost of coal sold on an aggregate basis by segment, and our average cash cost of coal sold per ton on a per-ton basis. Cost of coal sold includes items such as direct operating costs, royalty and production taxes, direct administration costs, and depreciation, depletion and amortization costs on production assets. Cost of coal sold excludes any indirect costs and other costs not directly attributable to the production of coal. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization costs on production assets. We define average cash cost of coal sold per ton as cash cost of coal sold divided by tons sold. The GAAP measure most directly comparable to cost of coal sold, cash cost of coal sold and average cash cost of coal sold per ton is operating and other costs.
The following table presents a reconciliation for the PAMC segment of cash cost of coal sold, cost of coal sold and average cash cost of coal sold per ton to operating and other costs, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).
Three Months Ended | |||
2024 | 2023 | ||
Operating and Other Costs | $ 287,670 | $ 276,596 | |
Less: Other Costs (Non-Production and non-PAMC) | (57,408) | (43,073) | |
Cash Cost of Coal Sold | $ 230,262 | $ 233,523 | |
Add: Depreciation, Depletion and Amortization (PAMC Production) | 42,284 | 47,877 | |
Cost of Coal Sold | $ 272,546 | $ 281,400 | |
Total Tons Sold (in millions) | 5.8 | 6.4 | |
Average Cost of Coal Sold per Ton | $ 47.38 | $ 43.88 | |
Less: Depreciation, Depletion and Amortization Costs per Ton Sold | 7.56 | 7.55 | |
Average Cash Cost of Coal Sold per Ton | $ 39.82 | $ 36.33 |
We evaluate our average cash margin per ton sold on a per-ton basis. We define average cash margin per ton sold as average coal revenue per ton sold, net of average cash cost of coal sold per ton. The GAAP measure most directly comparable to average cash margin per ton sold is total coal revenue.
The following table presents a reconciliation for the PAMC segment of average cash margin per ton sold to total coal revenue, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).
Three Months Ended | |||
2024 | 2023 | ||
Total Coal Revenue (PAMC Segment) | $ 384,442 | $ 521,176 | |
Operating and Other Costs | 287,670 | 276,596 | |
Less: Other Costs (Non-Production and non-PAMC) | (57,408) | (43,073) | |
Cash Cost of Coal Sold | $ 230,262 | $ 233,523 | |
Total Tons Sold (in millions) | 5.8 | 6.4 | |
Average Coal Revenue per Ton Sold | $ 66.83 | $ 81.27 | |
Less: Average Cash Cost of Coal Sold per Ton | 39.82 | 36.33 | |
Average Cash Margin per Ton Sold | $ 27.01 | $ 44.94 |
We define CMT operating costs as operating and other costs related to throughput tons. CMT operating costs exclude any indirect costs and other costs not directly attributable to throughput tons. CMT operating cash costs include CMT operating costs, less depreciation, depletion and amortization costs on throughput assets. The GAAP measure most directly comparable to CMT operating costs and CMT operating cash costs is operating and other costs.
The following table presents a reconciliation of CMT operating costs and CMT operating cash costs to operating and other costs, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
Three Months Ended | |||
2024 | 2023 | ||
Operating and Other Costs | $ 287,670 | $ 276,596 | |
Less: Other Costs (Non-Throughput) | (280,359) | (268,507) | |
CMT Operating Costs | $ 7,311 | $ 8,089 | |
Less: Depreciation, Depletion and Amortization (Throughput) | (1,176) | (1,065) | |
CMT Operating Cash Costs | $ 6,135 | $ 7,024 |
We define adjusted EBITDA as (i) net income (loss) plus income taxes, interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as stock-based compensation and loss on debt extinguishment. The GAAP measure most directly comparable to adjusted EBITDA is net income (loss).
The following tables present a reconciliation of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
Three Months Ended June 30, 2024 | |||||||
PAMC | CONSOL Marine Terminal | Other | Consolidated | ||||
Net Income (Loss) | $ 94,295 | $ 2,321 | $ (38,555) | $ 58,061 | |||
Add: Income Tax Expense | — | — | 9,027 | 9,027 | |||
Add: Interest Expense | — | 1,518 | 3,475 | 4,993 | |||
Less: Interest Income | (1,320) | — | (3,307) | (4,627) | |||
Earnings (Loss) Before Interest & Taxes (EBIT) | 92,975 | 3,839 | (29,360) | 67,454 | |||
Add: Depreciation, Depletion & Amortization | 43,675 | 1,233 | 9,939 | 54,847 | |||
Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA) | $ 136,650 | $ 5,072 | $ (19,421) | $ 122,301 | |||
Adjustments: | |||||||
Add: Stock-Based Compensation | $ 1,796 | $ 96 | $ 345 | $ 2,237 | |||
Adjusted EBITDA | $ 138,446 | $ 5,168 | $ (19,076) | $ 124,538 | |||
Three Months Ended June 30, 2023 | |||||||
PAMC | CONSOL Marine Terminal | Other | Consolidated | ||||
Net Income (Loss) | $ 218,636 | $ 21,094 | $ (72,007) | $ 167,723 | |||
Add: Income Tax Expense | — | — | 37,574 | 37,574 | |||
Add: Interest Expense | — | 1,526 | 5,629 | 7,155 | |||
Less: Interest Income | (513) | — | (3,198) | (3,711) | |||
Earnings (Loss) Before Interest & Taxes (EBIT) | 218,123 | 22,620 | (32,002) | 208,741 | |||
Add: Depreciation, Depletion & Amortization | 50,268 | 1,176 | 13,084 | 64,528 | |||
Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA) | $ 268,391 | $ 23,796 | $ (18,918) | $ 273,269 | |||
Adjustments: | |||||||
Add: Stock-Based Compensation | $ 1,674 | $ 60 | $ 259 | $ 1,993 | |||
Add: Loss on Debt Extinguishment | — | — | 688 | 688 | |||
Total Pre-tax Adjustments | 1,674 | 60 | 947 | 2,681 | |||
Adjusted EBITDA | $ 270,065 | $ 23,856 | $ (17,971) | $ 275,950 |
Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities plus proceeds from sales of assets less capital expenditures and investments in mining-related activities. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations and non-core asset sales after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand CONSOL's asset base and are expected to generate future cash flows from operations. It is important to note that free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The following table presents a reconciliation of free cash flow to net cash provided by operations, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).
Three Months Ended | Three Months Ended | ||
June 30, 2024 | June 30, 2023 | ||
Net Cash Provided by Operations | $ 116,264 | $ 227,573 | |
Capital Expenditures | (55,408) | (42,325) | |
Proceeds from Sales of Assets | 757 | 239 | |
Investments in Mining-Related Activities | (3,025) | (4,731) | |
Free Cash Flow | $ 58,588 | $ 180,756 |
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from results projected in or implied by such forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "target," "will," "would," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe our expectations with respect to the Itmann Mine or any other strategy that involves risks or uncertainties, we are making forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific risks, contingencies and uncertainties are discussed in more detail in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release and CEIX disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
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SOURCE CONSOL Energy Inc.
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