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CONSOL Energy announces final 2023 results

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World Coal,

CONSOL Energy Inc. has reported financial and operating results for the fiscal quarter and year ended 31 December 2023.

4Q23 highlights include:

  • GAAP net income of US$157.1 million and GAAP dilutive earnings per share of US$5.05.
  • Quarterly adjusted EBITDA of US$239.9 million.
  • Net cash provided by operating activities of US$219.1 million.
  • Quarterly free cash flow of US$165.0 million.
  • Total revenue and other income of US$649.4 million.
  • Pennsylvania Mining Complex (PAMC) produced 6.6 million t and shipped 6.8 million t.
  • Itmann Complex sold 159 000 t compared to 123 000 t during the third quarter.
  • 85% of 4Q23 free cash flow returned to shareholders via stock repurchases, including a US$30.0 million 10b5-1 plan for the month of January 2024.
  • PAMC improved its contracted position to 22.0 million t in 2024 and 13.0 million t in 2025.
  • Itmann Mining Complex improved its contracted position to 571 000 t in 2024.

FY23 highlights include:

  • GAAP net income of US$655.9 million and GAAP dilutive earnings per share of US$19.79.
  • Adjusted EBITDA of US$1,047.7 million.
  • Net cash provided by operating activities of US$858.0 million.
  • Free cash flow of US$686.9 million.
  • Total revenue and other income of over US$2.5 billion.
  • 73% of 2023 free cash flow returned to shareholders via stock repurchases and dividends for an aggregate US$500.9 million from 1 January 2023 through 31 January 2024.
  • Repurchased 5.2 million shares of CEIX common stock at a weighted average price of US$75.69 per share.
  • Reduced total debt outstanding by US$189.0 million, including US$99.1 million and US$63.6 million to fully retire our Second Lien Notes and Term Loan B, respectively.
  • Record annual CONSOL Marine Terminal (CMT) net income of US$69.3 million, adjusted EBITDA of US$80.3 million and throughput of 19.0 million t, including 15.7 million t of PAMC coal shipments.
  • 70% of annual total recurring revenues and other income derived from export sales and 60% derived from non-power generation sales.
  • Amended and upsized the company’s revolving credit facility to US$355 million through 2026.
  • PAMC sales volume of 26.0 million t, an increase of 8% compared to 2022 and the highest level in the post-COVID era.

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

“During 4Q23, we delivered a strong operational performance to close out our third consecutive year of production and sales volume growth for CONSOL Energy.

“More importantly, we generated over US$1 billion dollars in adjusted EBITDA and US$687 million in free cash flow during 2023. The majority of this free cash flow was deployed toward returning value to our shareholders. We repurchased more than 5 million shares of our common stock, paid out US$75 million in dividends, and made debt repayments of approximately US$190 million during the year, which fully retired our Term Loan B and Second Lien Notes. We executed a significant shift in our coal sales mix toward the export market, which led to record annual throughput volume and revenue at our CONSOL Marine Terminal and 70% of our total recurring revenues and other income1 came from export sales. Looking forward, we expect improving contributions from our Itmann Mining Complex as it moves beyond its mains development and we are able to grow third-party coal sales processed through our preparation plant.

“On the safety front, our Bailey Preparation Plant and CONSOL Marine Terminal each had zero employee recordable incidents for the full year 2023. Our 2023 total recordable incident rate across our coal mining segment was approximately 33% below the national average for underground bituminous coal mines (based on the latest available MSHA data).”

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