Consol Energy returns to profit in Q1 2014
Published by Jonathan Rowland,
Editor
World Coal,
US coal and natural gas producer, CONSOL Energy, has swung back to profit in Q1, recording net income of US$ 116 million compared to a loss of US$ 2 million a year earlier. However, revenue from coal sales was down 2.4% from US$ 547.9 million to US$ 534.7 million.
The highlight of the quarter for the company’s coal operations was the start up of operations at the new BMX mine, the fifth longwall at the company’s Pennsylvania operations. Meanwhile, both the company’s Enlow Fork and Bailey mines set production records in March. Coal production for Q1 totalled 8.1 million short t.
“The Pennsylvania coal operations are poised for the coming decades to deliver a premium product to a strong thermal coal market, to operate at industry leading productivity and cost levels, and to contribute substantial free cash flow and earnings to the bottom line,” said Nick DeIuliis, president of CONSOL.
Last year, CONSOL sold five of its West Virginia mines to Murray Energy.
Adapted from press release by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/coal/29042014/consol_energy_returns_to_profit_in_q1_2014_but_coal_revenue_drops_coal775/
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