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CONSOL Energy announces results for 1Q24

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World Coal,

CONSOL Energy Inc. has reported its financial and operating results for the period ended 31 March 2024.

1Q24 highlights include:

  • GAAP net income of US$101.9 million and GAAP dilutive earnings per share of US$3.39.
  • Quarterly adjusted EBITDA of US$181.8 million.
  • Net cash provided by operating activities of US$77.5 million.
  • Quarterly free cash flow of US$41.3 million, which was impacted by working capital changes.
  • Total revenue and other income of US$565.0 million.
  • Pennsylvania Mining Complex (PAMC) produced 6.5 million t, despite three longwall moves.
  • Itmann Mining Complex sold 193 000 t compared to 159 000 t during 4Q23.
  • 89% of 1Q24 free cash flow returned to shareholders via stock repurchases.
  • PAMC contracted position of 22.9 million t in 2024 and 13.5 million t in 2025.
  • Itmann Mining Complex improved its contracted position to 717 000 t in 2024.

Jimmy Brock, Chief Executive Officer of CONSOL Energy Inc., comments:

“During the first quarter of 2024, the CONSOL team delivered a very strong operational performance despite some timing related headwinds coming into the quarter.

“The Pennsylvania Mining Complex had three planned longwall moves in the quarter, and we are pleased to report that each of these moves was completed safely, efficiently, and timely. In keeping with our strategy of returning value to our shareholders, we deployed 89% of our first quarter free cash flow toward retiring 440 000 shares of our common stock. Finally, as widely reported, vessel access to our CONSOL Marine Terminal became blocked due to the collapse of the Francis Scott Key Bridge in Baltimore in late March. This event has limited our ability to ship coal and per consensus of various agencies, this restriction could continue through the end of May. Since then, we have identified and developed alternative strategies to partially offset the impact, but our ability to ship coal to our customers will remain constrained until full access to the CONSOL Marine Terminal is restored.

“On the safety front, our Itmann Preparation Plant had ZERO employee recordable incidents in 1Q24. Our 1Q24 employee total recordable incident rate across our coal mining segment remained well below the historical national average for underground bituminous coal mines.”

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