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CONSOL Energy Announces Operations Update

CONSOL's Coal Division produced 7.1 million tons for the fourth quarter of 2013, including 1.2 million tons of low-vol coking coal from the company's Buchanan Mine. This was greater than the 6.6 million tons, including 0.7 million tons from Buchanan, in the fourth quarter of 2012. Annual 2013 coal production was 28.5 million tons, including 4.7 million tons from Buchanan. Annual 2012 coal production was 27.2 million tons (all coal tons were restated to reflect the sale of five mines in the fourth quarter).

During the fourth quarter of 2013, CONSOL's total coal inventory remained unchanged at 0.6 million tons as of December 31, 2013. Thermal coal inventory decreased by 0.1 million tons to 0.4 million tons during the quarter, as sales exceeded production. Low-vol Buchanan inventory increased by 0.1 million tons to 0.2 million tons during the quarter. 

2014 Forecasts

Gas: CONSOL Energy expects its 2014 gas production to range between 215 – 235 Bcfe (net to CONSOL). First quarter 2014 gas production, net to CONSOL, is expected to be approximately 47 – 49 Bcfe, or relatively flat from the 48.5 Bcfe produced in the fourth quarter of 2013, as a result of seasonal factors limiting wells turned into line.

CONSOL's Marcellus Shale segment is expected to produce between 107 – 109 Bcfe in 2014, or 87% more than the 57.8 Bcfe produced in 2013.  

Coal: CONSOL Energy expects first quarter 2014 total coal production to be between 7.2 – 7.6 million tons. Annual 2014 total coal production guidance is 30.1 – 32.1 million tons. Buchanan Mine's first quarter production is expected to be between 1.1 – 1.2 million tons, while annual production guidance is now estimated at 4.2 – 4.7 million tons.

Gas Division Operations

For 2013, the Gas Division worked the entire year without a lost-time incident, continuing its streak dating back to 1994. In the area of compliance, CONSOL's Gas Division saw violations increase by over 21%, from 38 to 46 compared to the previous year.

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