Skip to main content

CONSOL Energy announces results for 3Q22

Published by , Editor
World Coal,

CONSOL Energy Inc. has reported its financial and operating results for the quarter (3Q22) ended 30 September 2022.


  • GAAP net income of US$152.1 million.
  • Quarterly adjusted EBITDA of US$180.9 million.
  • Announces dividend of US$1.05/share, based on 3Q22 results, payable on 23 November 2022.
  • Itmann preparation plant commissioned in late September, with first train shipped on 12 October.
  • Net cash provided by operating activities of US$153.1 million.
  • Quarterly free cash flow of US$107.1 million.
  • 2023 and 2024 contracted position improved to 21.8 million t and 8.8 million t, respectively.
  • Debt repayments of US$56.3 million during 3Q22, including US$50.0 million of Term Loan B.

Management comments

“During 3Q22, we generated US$107 million in free cash flow, despite the Pennsylvania Mining Complex having a planned maintenance shutdown and longwall move and encountering some operational issues, which limited production to 5.3 million t. Due to this strong free cash flow generation, we were once again able to retire a significant amount of our outstanding debt while returning US$35 million of cash to our shareholders during the quarter. Capitalising on the ongoing coal market strength, we opportunistically contracted an additional 6.0 million t of new business during the third quarter for delivery through 2026 at attractive prices. Furthermore, we continue to target operation of the fifth longwall at the Pennsylvania Mining Complex by the end of 4Q22, which will give us upside potential and optionality in 2023 and beyond. Finally, our Itmann preparation plant was commissioned and processed its first coal in late September with the first train subsequently shipping in mid-October. This puts us on track to have a full year of production from the Itmann Mine starting next year, which diversifies our revenue mix and adds further upside potential to 2023 and beyond.”

“On the safety front, our Enlow Fork Mine, Harvey Mine, Bailey Preparation Plant and CONSOL Marine Terminal (CMT) each had ZERO employee recordable incidents during 3Q22. The Bailey Preparation Plant and CMT have maintained ZERO employee recordable incidents thus far in 2022, while the Enlow Fork Mine recently completed its second consecutive quarter at that mark. Our 3Q22 total recordable incident rate of 0.99 at the Pennsylvania Mining Complex continued to track significantly below the national average for underground bituminous coal mines.”

Read the article online at:

You might also like


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

US coal news