Welcome to our dedicated page for CONSOL Energy news (Ticker: CEIX), a resource for investors and traders seeking the latest updates and insights on CONSOL Energy stock.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and exporter of high-BTU bituminous thermal and crossover metallurgical coal. The company owns and operates some of the most productive longwall mining operations in the Northern Appalachian Basin. Its flagship operation, the Pennsylvania Mining Complex, includes three large-scale underground mines: Bailey, Enlow Fork, and Harvey. This complex has the capacity to produce approximately 28.5 million tons of coal per year.
In addition to its mining operations, CONSOL Energy operates the CONSOL Marine Terminal located in the port of Baltimore, which has a throughput capacity of approximately 15 million tons per year. The company controls roughly 767 million reserve tons of coal at the Pennsylvania Mining Complex and another 1.6 billion tons of greenfield thermal and metallurgical coal reserves throughout the Eastern United States.
Recently, CONSOL Energy has seen significant financial achievements. In the third quarter of 2023, the company generated $120 million in free cash flow, deployed towards strengthening its balance sheet and repurchasing 1 million shares of its common stock. Year-to-date, the company generated $639 million in net cash provided by operating activities and over $500 million in free cash flow.
The company continues to pivot into export markets, with the majority of its revenue generated from seaborne markets and non-power generation industries. In nine months of 2023, its Marine Terminal achieved a throughput level of 14.2 million tons. The company has secured significant forward contracts for 2024 and 2025.
CONSOL Energy is also committed to safety, with several of its operations reporting zero employee recordable incidents year-to-date in 2023. The company's total recordable incident rate is 40% below the national average for underground bituminous coal mines.
The company has faced challenges, such as the collapse of the Francis Scott Key Bridge in Baltimore, which affected shipments from its Marine Terminal. However, operations resumed with limitations as of May 2024. Despite these challenges, CONSOL Energy remains a key player in the coal industry, leveraging its extensive reserves and operational efficiency.
For more detailed financial information and updates, visit the CONSOL Energy website.
CONSOL Energy Inc. (NYSE: CEIX) reported robust financial results for Q4 and FY 2022, achieving a GAAP net income of $193 million in Q4 and $467 million for the year. The company announced a dividend of $1.10/share, payable on February 28, 2023. For the fourth quarter, adjusted EBITDA was $240.3 million, with free cash flow reaching $116 million. CEIX repaid $81.6 million in debt and increased its shareholder return allocation to 35-50% of free cash flow. Despite higher operating expenses due to inflation, coal revenue surged to $537 million in Q4, leading to a positive outlook for 2023.
CONSOL Energy Inc. (NYSE: CEIX) has promoted Mitesh B. Thakkar to President, alongside his role as Chief Financial Officer, as part of its succession planning on January 19, 2023. Mr. Thakkar's leadership during challenging times, including the COVID-19 pandemic, has been pivotal in reducing the company's net debt by 83%. The company anticipates 2023 will be an opportunity-filled year, focusing on shareholder returns, growth, and sustainability with a capital expenditure of approximately $28 million allocated for sustainability initiatives. Investments in the Itmann metallurgical coal mine and ongoing projects at the Pennsylvania Mining Complex are expected to enhance production capabilities.
On January 19, 2023, CONSOL Energy Inc. (NYSE: CEIX) announced the promotion of Mitesh B. Thakkar to President, in addition to his role as Chief Financial Officer. This strategic promotion is part of the company's succession planning and aims to enhance operational leadership. Thakkar has successfully reduced net debt by 83% since 2020 and has been pivotal in navigating the company through challenges posed by the COVID-19 pandemic. The board also approved a capital expenditure of approximately $28 million for 2023-2026 to support sustainability goals, including a 50% reduction in greenhouse gas emissions by 2026. This investment reflects a commitment to growth and shareholder value.
CONSOL Energy Inc. (NYSE: CEIX) will announce its fourth quarter earnings on February 7, 2023, before market opening. A management conference call will take place at 10:00 a.m. ET that day, with a live webcast available on its Investor Relations page. The company, based in Canonsburg, Pennsylvania, is a major producer of high-Btu bituminous thermal and metallurgical coal, operating the Pennsylvania Mining Complex with an annual capacity of 28.5 million tons.
CONSOL Energy reported a GAAP net income of $152.1 million for Q3 2022 and adjusted EBITDA of $180.9 million. The company declared a dividend of $1.05/share, payable on November 23, 2022. It also achieved a free cash flow of $107.1 million and made significant debt repayments totaling $56.3 million. Coal revenue reached $472.6 million, with a notable increase in average realized coal revenue per ton sold at $72.83. The Itmann preparation plant began operations in October, enhancing production capacity.
CONSOL Energy announced the commissioning of the Itmann Preparation Plant in late September 2022, marking a significant milestone. The Itmann No. 5 mine is projected to produce approximately 900,000 tons annually of premium, low-vol metallurgical coking coal, targeting both domestic and international steel markets. The company has invested around $100 million in this development, creating approximately 175 long-term jobs. Despite facing delays due to supply chain issues, full operational capacity is expected in 2023.
CONSOL Energy Inc. (NYSE: CEIX) plans to release its third quarter earnings on November 1, 2022, before market opening. A conference call with management will follow at 11:00 a.m. ET, accessible via a live webcast on its Investor Relations page. CONSOL is a leading producer of high-Btu thermal and metallurgical coal, operating the productive Pennsylvania Mining Complex and developing the Itmann project. The complex has a production capacity of 28.5 million tons annually, with substantial coal reserves across various basins in the eastern U.S.
CONSOL Energy reported strong Q2 2022 results, with a GAAP net income of $126.3 million and adjusted EBITDA of $216.3 million. The company initiated a shareholder return program targeting 35% of free cash flow and announced a special dividend of $1.00 per share. Free cash flow hit $159.9 million with coal shipments rising to 6.2 million tons and total coal revenue reaching $532.7 million. Additionally, debt repayments totaled $115.9 million, lowering the net leverage ratio to 0.5x. The Itmann coal project is on track for startup in Q3 2022.
CONSOL Energy Inc. (NYSE: CEIX) will release its second quarter earnings on August 4, 2022, before market opening. This will be followed by a conference call at 11:00 a.m. ET. The earnings release will be available via a live webcast on the company's Investor Relations page, with an archive accessible for 30 days. The company operates significant coal mining operations in the Northern Appalachian Basin and plans to develop the Itmann metallurgical coal project.
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