CONSOL Reports 3Q Results

By Pittsburgh Business Times

Cecil-based CONSOL Energy Inc. posted third quarter earnings of $167.3 million, or 73 cents per share, up from $75.4 million, or 33 cents per share during the same period last year.

CONSOL said demand for its low-volatile coal continues to be high â¿¿ the company produced 100,000 more tons of it during the third quarter as compared with the previous yearâ¿¿s three months ended Sept. 30. It was also able to charge 26 percent higher prices of the product during the past quarter.

High-volatile coal also saw a hike in production and pricing, while the companyâ¿¿s thermal coal production decreased from 13 million tons to 12.3 million.

CONSOL said it expects thermal demand to be influenced by emission regulations ⿿ ⿿if tightening regulations are deferred allowing older coal fired plants to continue running, generators may be in need of additional coal supplies. Current customer inventories in our sales area are very low.⿝

In its gas division, the company announced it has drilled 58 Marcellus Shale wells and plans to have 80 to 85 drilled during the year. CONSOL⿿s Marcellus production has increased more than two fold since the previous year⿿s third quarter, while conventional gas drilling fell by about 14 percent because ⿿the company has been shifting rigs and capital toward higher potential return Marcellus and Utica drilling prospects.⿝

Copyright 2011 American City Business Journals

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