PITTSBURGH, April 23 /PRNewswire-FirstCall/ -- CONSOL Energy Inc.
(NYSE: CNX), a high-Btu bituminous coal and natural gas company,
had net income attributable to CONSOL Energy shareholders for the
quarter ended March 31, 2009 of $195.8 million, or $1.08 per share.
This is more than 260% of the net income attributable to CONSOL
Energy shareholders of $75.1 million, or $0.41 per share, earned
for the quarter ended March 31, 2008. CONSOL Energy achieved
several financial records for the first quarter of 2009 (excluding
the 2005 quarter in which gas stock was sold), including net income
attributable to CONSOL Energy shareholders of $195.8 million
earnings per share of $1.08, EBITDA of $389.5 million, and EBIT of
$283.3 million. CONSOL Energy also had record operating cash flows
of $249.8 million. "This was one of the best quarters in the
company's history," said J. Brett Harvey, president and chief
executive officer. "Despite the weakened economy, CONSOL was able
to achieve outstanding net income and earnings per share. Both our
coal and gas segments performed extremely well in these difficult
times." FINANCIAL RESULTS - Quarter-To-Quarter Comparison Quarter
Quarter Ended Ended Mar. 31, Mar. 31, 2009 2008 Total Revenue and
Other Income $1,218.8 $1,025.7 Net Income attributable to CONSOL
Energy shareholders $195.8 $75.1 Earnings Per Share - diluted $1.08
$0.41 Net Cash from Operating Activities $249.8 $146.1 EBITDA
$389.5 $212.7 EBIT $283.3 $120.0 Capital Expenditures $299.6 $176.3
Cash (Provided by) Used in Other Investing Activities* ($44.5)
($17.3) In millions of dollars except per share. Amounts for
capital expenditures do not include amounts for equity affiliates.
*Represents net cash used in investment in Equity Affiliates and
Proceeds from Sales of Assets. For 2009, the company has
essentially all of its planned coal production priced at an average
realized price of $59.83 per ton, or nearly 23 percent higher than
2008 realized pricing. CNX Gas has just over 50 percent of its
planned 2009 gas production hedged at an average price of $9.52 per
thousand cubic feet. Quarter-To-Quarter Analysis of Financial
Results Total Revenue and Other Income was $1,218.8 million for the
quarter ended March 31, 2009, compared with $1,025.7 million for
the March 2008 quarter, or an increase of 18.8 percent. The
improvement was due to higher coal pricing and gas production. Net
income attributable to CONSOL Energy shareholders and Earnings per
Share were $195.8 million and $1.08 per share, respectively, for
the just ended quarter. This was over 260% of the $75.1 million,
and $0.41, respectively, from the levels of the March 2008 quarter.
Again, the improvement was due to higher coal pricing and gas
production. CONSOL Energy had Net Cash from Operating Activities of
$249.8 million for the March 2009 quarter, with $126.4 million
attributable to CNX Gas. For CONSOL Energy, this compares to $146.1
million for the March 2008 quarter, an increase of 71.0 percent.
Once again, the improvement was due to higher coal pricing and
higher gas production. CONSOL Energy had total capital expenditures
of $299.6 million in the March 2009 quarter, with $133.6 million
attributable to CNX Gas. For CONSOL Energy, capital expenditures
are expected to lessen over the remaining quarters of 2009 as some
projects already underway move toward completion. Liquidity As of
March 31, 2009, CONSOL Energy had $440 million of short-term debt
and $364.5 million in total liquidity, which is comprised of $71.6
million of cash and $292.9 million available to be borrowed under
its $1.0 billion bank facility. As of March 31, 2009, CNX Gas
Corporation had $80.4 million of short-term debt and $104.9 million
in total liquidity, which is comprised of $0.2 million of cash and
$104.7 million available to be borrowed under its $200.0 million
bank facility. COAL OPERATIONS- Quarter-To-Quarter Comparison
Quarter Quarter Ended Ended Mar. 31, Mar. 31, 2009 2008 Total Coal
Sales (millions of tons) 15.4 16.0 Sales - Company Produced 15.4
15.7 (millions of tons) Coal Production (millions of tons) 16.0*
16.2* Average Realized Price Per Ton - $59.63 $43.57 Company
Produced Operating Costs Per Ton $32.30 $28.32 Non-Operating
Charges Per Ton $5.70 $5.16 DD&A Per Ton $4.24 $3.91 Total Cost
Per Ton - Company Produced $42.24 $37.39 Operating Margins Per Ton
$27.33 $15.25 Financial Margins Per Ton** $17.38 $6.18 Sales and
production include CONSOL Energy's portion from equity affiliates
and consolidated variable interest entities. Operating costs
include items such as labor, supplies, power, preparation costs,
project expenditures, subsidence costs, gas well plugging costs,
charges for employee benefits (including Combined Fund premiums),
royalties, as well as production and property taxes. Non-operating
charges include items such as charges for long-term liabilities,
direct administration, selling and general administration.
Operating Margins Per Ton are defined as Average Realized Price Per
Ton less Operating Costs Per Ton. Financial Margins Per Ton are
defined as Average Realized Price Per Ton less Total Costs Per Ton
- Company Produced. *Includes 0.5 and 0.3 million tons of
metallurgical grade coal for the quarters ended March 31, 2009 and
2008 respectively. **May not add due to rounding. Total coal sales
were down in the March 2009 quarter, as the weak economy reduced
coal burn at utilities and coal needs of steel companies. "Because
of the economy, CONSOL Energy is working with some of its customers
to postpone shipments where needed. We have long term relationships
with our customers that we value highly, but we expect to capture
the value for our shareholders in the contracts we have signed,"
continued Mr. Harvey. "One option we're pursuing is spreading the
value over future tonnage." Coal production was 16.0 million tons
in the March 2009 quarter, down from 16.2 million tons in the
year-earlier quarter. Mr. Harvey continued, "CONSOL Energy will
match its production with actual customer shipments. We are in the
business of creating value for our shareholders, so we will not
produce coal just to build inventory. When shipments rebound, so
will our production." Average realized price was $59.63 per ton, or
36.9 percent higher than in the year-earlier quarter, due to
general market conditions. Operating costs were $32.30 per ton, or
14.1 percent higher than in the year-earlier quarter. Supply and
maintenance costs were the largest factor, with the installation of
higher grade seals and a higher number of seals being built
contributing to the increase. Higher gas well plugging costs,
higher roof control costs, and higher equipment maintenance costs
were also factors. Additionally, labor costs increased as the
result of a 2007 UMWA contract. Total costs were $42.24 per ton, or
13.0 percent higher than in the year-earlier quarter, with most of
the increase coming from operating costs. Commenting on the costs,
Mr. Harvey noted that the idling of some of CONSOL's higher cost
mines in the middle of the first quarter could help mitigate unit
cost pressures during the rest of 2009. Operating margins were
$27.33 per ton in the March 2009 quarter, an increase of 79.2
percent from $15.25 per ton, due to higher realized pricing per
ton. Financial margins were $17.38 per ton, a nearly 3-fold
increase from the $6.18 per ton, also due to higher realized
pricing. Other Coal Activities CNX Marine Terminals loaded
approximately 2.2 million tons of coal in the March 2009 quarter,
flat with the year-earlier quarter. Gas Operations CNX Gas
Corporation (NYSE:CXG), 83.3 percent of which is owned by CONSOL
Energy, reported total net income attributable to CNX Gas
shareholders of $54.9 million for the quarter ended March 31, 2009,
compared with $49.9 million in the year earlier quarter. CNX Gas
Corporation also issued its earnings release on April 23, 2009.
Additional information regarding CNX Gas Corporation financial and
operating results for the quarter is available in its release and
can be found in the investor section of its website:
http://www.cnxgas.com/ Outlook CONSOL Energy now expects to invest
$1.0 billion during calendar year 2009. The company continues to
monitor and evaluate capital spending to ensure adequate liquidity
and to preserve options for possible external investment. The
company is committed to completing capital projects in progress,
including those that increase capacity and efficiency. CNX Gas
expects to invest largely from cash flow generated from operating
activities for 2009. GUIDANCE 2009 2010 2011 COAL-COMMITTED TONS
W/O PRICING N/M 17.2 22.1 COAL-TONS WITH FIRM PRICING Tons
Committed and Priced (MM tons, 3/31/09) 59.3 29.5 19.2 Avg.
Realized Price/Ton Committed & Priced $58.81 $50.41 $47.96
COAL-TONS PRICED WITH COLLARS Tons 0.8 8.0 5.9 Average Ceiling
$45.47 $53.71 $67.99 Average Floor $40.13 $45.77 $52.64 Note: Tons
priced with ceilings and floors are not included in tons with firm
pricing; they are additive. Although there is no assurance that
customers with contracts will perform under these contracts, CONSOL
Energy expects to capture the value of contracts through negotiated
or legal means. Production Targets CONSOL Energy has revised its
production target from 63 million tons to 62 million tons for
calendar year 2009. For the second quarter of 2009, CONSOL Energy
expects production to be approximately 14.9 million tons. CNX Gas
raised its previously announced production guidance of 85 to 87
billion cubic feet (Bcf) for calendar year 2009. Outlook Summary
Global demand for both coal and gas has been adversely impacted by
the current economic recession and has led to lower capacity
utilization in the industrial production sector. CONSOL Energy
believes that a reduction in electricity generation load has been
the major factor year-to-date regarding the demand for steam coal
and natural gas. Consequently, this has led to higher stockpiles of
coal at power generators when compared to historical averages as
well as elevated natural gas storage levels as the country enters
the shoulder season. "Clearly, coal stockpile levels at power
generators and the domestic gas storage level is impacting
near-term pricing," noted Mr. Harvey. "However, we believe that the
rapid response by coal and natural gas producers will bring the
current oversupplied situation back to equilibrium more rapidly
than in previous downturns. We believe that stockpile levels for
utilities burning Northern Appalachian coals are still at
significantly lower levels than those burning PRB coals. In
addition, energy companies with less than stellar financial
positions could find it very difficult to obtain reasonable
financing terms to maintain their operations. We believe that this
will impact supply and could set the stage for higher coal and
natural gas prices as early as 2010." "CONSOL Energy is doing just
what we said we'd do last quarter," continued Mr. Harvey. "We're
aggressively managing coal production at our mines, carefully
managing our relatively low inventory levels, and monitoring our
liquidity during this period of tight credit markets and cloudy
economic outlook. As a low-cost producer in both coal and gas, I
believe that CONSOL Energy and CNX Gas will continue to provide
excellent value for shareholders." CONSOL Energy Inc., a high-Btu
bituminous coal and natural gas company, is a member of the
Standard & Poor's 500 Equity Index and the Fortune 500. It has
17 bituminous coal mining complexes in six states and reports
proven and probable coal reserves of 4.5 billion tons. It is also a
majority owner of CNX Gas Corporation, a leading Appalachian gas
producer, with proved reserves of over 1.4 trillion cubic feet.
Additional information about CONSOL Energy can be found at its web
site: http://www.consolenergy.com/. Definition: EBIT is defined as
earnings (excluding cumulative effect of accounting change) before
deducting net interest expense (interest expense less interest
income) and income taxes. EBITDA is defined as earnings (excluding
cumulative effect of accounting change) before deducting net
interest expense (interest expense less interest income), income
taxes and depreciation, depletion and amortization. Although EBIT
and EBITDA are not measures of performance calculated in accordance
with generally accepted accounting principles, management believes
that it is useful to an investor in evaluating CONSOL Energy
because it is widely used to evaluate a company's operating
performance before debt expense and its cash flow. EBIT and EBITDA
do not purport to represent cash generated by operating activities
and should not be considered in isolation or as a substitute for
measures of performance in accordance with generally accepted
accounting principles. In addition, because all companies do not
calculate EBIT or EBITDA identically, the presentation here may not
be comparable to similarly titled measures of other companies.
Reconciliation of EBITDA and EBIT to the income statement is as
follows: CONSOL Energy EBIT & EBITDA Reconciliation (000)
Omitted Quarter Quarter Ended Ended 03/31/09 03/31/08 Net income
attributable to CONSOL Energy shareholders $195,819 $75,082 Add:
Interest Expense 8,512 10,176 Less: Interest Income (434) (839)
Less: Interest Income on Black Lung Excise Tax Refund (352) Add:
Income Taxes 79,735 35,553 -------- -------- Earnings Before
Interest & Taxes (EBIT) 283,280 119,972 Add: Depreciation,
Depletion & Amortization 106,219 92,728 -------- --------
Earnings Before Interest, Taxes and DD&A (EBITDA) $389,499
$212,700 ======== ======== For purposes of this press release,
references to "CONSOL Energy," the "company," "we," "our," or "us"
or similar words (other than the legal names of companies) shall
include CONSOL Energy Inc. and its respective subsidiaries.
Forward-Looking Statements Various statements in this document,
including those that express a belief, expectation, or intention,
as well as those that are not statements of historical fact, are
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995). The forward-looking statements may
include projections and estimates concerning the timing and success
of specific projects, our future production, revenues, income and
capital spending. When we use the words "believe," "intend,"
"expect," "may," "should," "anticipate," "could," "would," "will,"
"estimate," "plan," "predict," "project," or their negatives, or
other similar expressions, the statements which include those words
are usually forward-looking statements. When we describe strategy
that involves risks or uncertainties, we are making forward-looking
statements. The forward-looking statements in this document speak
only as of the date of this document; we disclaim any obligation to
update these statements unless required by securities law, and we
caution you not to rely on them unduly. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. These risks, uncertainties and contingencies include, but
are not limited to: the deteriorating economic conditions; an
extended decline in prices we receive for our coal and gas
affecting our operating results and cash flows; reliance on
customers honoring existing contracts, extending existing contracts
or entering into new long-term contracts for coal; reliance on
major customers; our inability to collect payments from customers
if their creditworthiness declines; the disruption of rail, barge
and other systems that deliver our coal; a loss of our competitive
position because of the competitive nature of the coal industry and
the gas industry, or a loss of our competitive position because of
overcapacity in these industries impairing our profitability; our
inability to hire qualified people to meet replacement or expansion
needs; coal users switching to other fuels in order to comply with
various environmental standards related to coal combustion; the
inability to produce a sufficient amount of coal to fulfill our
customers' requirements which could result in our customers
initiating claims against us; foreign currency fluctuations could
adversely affect the competitiveness of our coal abroad; the risks
inherent in coal mining being subject to unexpected disruptions,
including geological conditions, equipment failure, timing of
completion of significant construction or repair of equipment,
fires, accidents and weather conditions which could impact
financial results; increases in the price of commodities used in
our mining operations could impact our cost of production;
obtaining governmental permits and approvals for our operations;
the effects of proposals to regulate greenhouse gas emissions; the
effects of government regulation; the effects of stringent federal
and state employee health and safety regulations; the effects of
mine closing, reclamation and certain other liabilities;
uncertainties in estimating our economically recoverable coal and
gas reserves; the outcomes of various legal proceedings, which
proceedings are more fully described in our reports filed under the
Securities Exchange Act of 1934; increased exposure to employee
related long-term liabilities; minimum funding requirements by the
Pension Protection Act of 2006 (the Pension Act) coupled with the
significant investment and plan asset losses suffered during the
current economic decline has exposed us to making additional
required cash contributions to fund the pension benefit plans which
we sponsor and the multi-employer pension benefit plans in which we
participate; lump sum payments made to retiring salaried employees
pursuant to our defined benefit pension plan; our ability to comply
with laws or regulations requiring that we obtain surety bonds for
workers' compensation and other statutory requirements;
acquisitions that we recently have made or may make in the future
including the accuracy of our assessment of the acquired businesses
and their risks, achieving any anticipated synergies, integrating
the acquisitions and unanticipated changes that could affect
assumptions we may have made; the anti-takeover effects of our
rights plan could prevent a change of control; risks in exploring
for and producing gas; new gas development projects and exploration
for gas in areas where we have little or no proven gas reserves;
the disruption of pipeline systems which deliver our gas; the
availability of field services, equipment and personnel for
drilling and producing gas; replacing our natural gas reserves
which if not replaced will cause our gas reserves and gas
production to decline; costs associated with perfecting title for
gas rights in some of our properties; location of a vast majority
of our gas producing properties in three counties in southwestern
Virginia, making us vulnerable to risks associated with having our
gas production concentrated in one area; other persons could have
ownership rights in our advanced gas extraction techniques which
could force us to cease using those techniques or pay royalties;
our ability to acquire water supplies needed for drilling, or our
ability to dispose of water used or removed from strata at a
reasonable cost and within applicable environmental rules; the
coalbeds and other strata from which we produce methane gas
frequently contain impurities that may hamper production; the
enactment of Pennsylvania severance tax on natural gas may impact
results of existing operations and impact the economic viability of
exploiting new gas drilling and production opportunities in
Pennsylvania; our hedging activities may prevent us from benefiting
from price increases and may expose us to other risks; and other
factors discussed in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2008 under "Risk Factors," as updated by
any subsequent Form 10-Qs, which are on file at the Securities and
Exchange Commission. Contact: Dan Zajdel at (724) 485-4169 CONSOL
ENERGY INC. AND SUBSIDIARIES (Unaudited) CONSOLIDATED STATEMENTS of
INCOME (Dollars in thousands - except per share data) Three Months
Ended March 31, --------- 2009 2008 ---- ---- Sales - Outside
$1,150,244 $886,325 Sales - Gas Royalty Interests 12,632 16,504
Sales - Purchased Gas 1,465 3,539 Freight - Outside 30,916 44,744
Other Income 23,494 74,619 ------ ------ Total Revenue and Other
Income 1,218,751 1,025,731 Cost of Goods Sold and Other Operating
Charges (exclusive of depreciation, depletion and amortization
shown below) 667,974 636,728 Gas Royalty Interests' Costs 10,591
16,074 Purchased Gas Costs 1,530 3,421 Freight Expense 30,916
44,744 Selling, General and Administrative Expense 30,816 30,470
Depreciation, Depletion and Amortization 106,219 92,728 Interest
Expense 8,512 10,176 Taxes Other Than Income 77,839 71,606 Black
Lung Excise Tax Refund (352) ---- ------- Total Costs 934,045
905,947 ------- ------- Earnings Before Income Taxes 284,706
119,784 Income Taxes 79,735 35,553 ------ ------ Net Income 204,971
84,231 Less: Net Income Attributable to Noncontrolling Interest
9,152 9,149 ----- ----- Net Income Attributable to CONSOL Energy
Inc. $195,819 $75,082 ======== ======= Basic Earnings Per Share
$1.08 $0.41 ===== ===== Diluted Earnings Per Share $1.08 $0.41
===== ===== Weighted Average Number of Common Shares Outstanding:
Basic 180,576,479 182,572,985 =========== =========== Dilutive
182,150,090 185,192,551 =========== =========== Dividends Paid Per
Share $0.10 $0.10 ===== ===== CONSOL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Dollars in thousands - except per
share data) (Unaudited) March 31, December 31, 2009 2008 ---- ----
ASSETS ------ Current Assets: Cash and Cash Equivalents $71,555
$138,512 Accounts and Notes Receivable: Trade 259,879 221,729 Other
Receivables 71,985 79,552 Inventories 277,676 227,810 Deferred
Income Taxes 48,811 60,599 Recoverable Income Taxes 33,862 Prepaid
Expenses 269,092 221,750 ------- ------- Total Current Assets
998,998 983,814 Property, Plant and Equipment: Property, Plant and
Equipment 10,110,603 9,980,288 Less - Accumulated Depreciation,
Depletion and Amortization 4,269,952 4,214,316 --------- ---------
Total Property, Plant and Equipment - Net 5,840,651 5,765,972 Other
Assets: Deferred Income Taxes 310,590 333,543 Investment in
Affiliates 75,637 72,996 Other 181,411 214,133 ------- -------
Total Other Assets 567,638 620,672 ---------- ---------- TOTAL
ASSETS $7,407,287 $7,370,458 ========== ========== CONSOL ENERGY
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in
thousands - except per share data) (Unaudited) March 31, December
31, LIABILITIES AND STOCKHOLDERS' EQUITY 2009 2008
------------------------------------ ---- ---- Current Liabilities:
Accounts Payable $274,730 $385,197 Short-Term Notes Payable 520,400
557,700 Current Portion of Long-Term Debt 22,045 22,401 Accrued
Income Taxes 28,913 Other Accrued Liabilities 511,812 546,442
------- ------- Total Current Liabilities 1,357,900 1,511,740
Long-Term Debt: Long-Term Debt 393,019 393,312 Capital Lease
Obligations 70,988 75,039 ------ ------ Total Long-Term Debt
464,007 468,351 Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions 2,494,558 2,493,344
Pneumoconiosis Benefits 193,009 190,261 Mine Closing 418,827
404,629 Workers' Compensation 130,345 128,477 Salary Retirement
188,638 194,567 Reclamation 19,867 38,193 Other 240,516 266,550
------- ------- Total Deferred Credits and Other Liabilities
3,685,760 3,716,021 --------- --------- Total Liabilities 5,507,667
5,696,112 Stockholders' Equity: Common Stock, $.01 par value;
500,000,000 Shares Authorized, 183,014,426 Issued and 180,603,707
Outstanding at March 31, 2009; 183,014,426 Issued and 180,549,851
Outstanding at December 31, 2008 1,830 1,830 Preferred Stock,
15,000,000 Shares Authorized; None Issued and Outstanding - -
Capital in Excess of Par Value 1,002,682 993,478 Retained Earnings
1,186,324 1,010,902 Other Comprehensive Loss (436,503) (461,900)
Common Stock in Treasury, at Cost - 2,410,719 Shares at March 31,
2009 and 2,464,575 Shares at December 31, 2008 (80,203) (82,123)
------- ------- Total CONSOL Energy Inc. Stockholders' Equity
1,674,130 1,462,187 Noncontrolling Interest 225,490 212,159 -------
------- Total Equity 1,899,620 1,674,346 ---------- ----------
TOTAL LIABILITIES AND EQUITY $7,407,287 $7,370,458 ==========
========== CONSOL ENERGY INC. AND SUBSIDIARIES (Unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Three
Months Ended March 31, -------------------- 2009 2008 --------
-------- Operating Activities: Net Income $204,971 $84,231
Adjustments to Reconcile Net Income Attributable to CONSOL Energy
Inc. to Net Cash Provided by Operating Activities: Depreciation,
Depletion and Amortization 106,219 92,728 Stock-based Compensation
9,906 5,657 Gain on the Sale of Assets (1,871) (7,286) Amortization
of Mineral Leases 1,671 2,087 Deferred Income Taxes 16,452 14,428
Equity in Earnings of Affiliates (3,361) (1,355) Changes in
Operating Assets: Accounts Receivable Securitization 11,400
Accounts and Notes Receivable (30,459) (81,648) Inventories
(49,866) (21,167) Prepaid Expenses 2,320 3,091 Changes in Other
Assets 5,327 13,341 Changes in Operating Liabilities: Accounts
Payable (43,690) (13,816) Other Operating Liabilities 26,250 3,487
Changes in Other Liabilities 2,938 38,837 Other 2,973 2,078
-------- -------- Net Cash Provided by Operating Activities 249,780
146,093 -------- -------- Investing Activities: Capital
Expenditures (299,560) (176,342) Net Investment in Equity
Affiliates 720 1,536 Proceeds from Sales of Assets 43,827 15,803
-------- -------- Net Cash Used in Investing Activities (255,013)
(159,003) -------- -------- Financing Activities: Proceeds from
(Payments on) Miscellaneous Borrowings (6,425) 5,001 Proceeds from
(Payments on) Short-Term Borrowings (37,300) 32,500 Tax Benefit
from Stock-Based Compensation 140 9,521 Dividends Paid (18,060)
(18,255) Issuance of Treasury Stock 121 5,270 Purchases of Treasury
Stock (3) Noncontrolling Interest Member Distribution (200)
-------- -------- Net Cash Provided by(Used in) Financing
Activities (61,724) 34,034 -------- -------- Net Increase(Decrease)
in Cash and Cash Equivalents (66,957) 21,124 Cash and Cash
Equivalents at Beginning of Period 138,512 41,651 -------- --------
Cash and Cash Equivalents at End of Period $71,555 $62,775 ========
======== CONSOL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF EQUITY (Dollars in Thousands - except per share data)
Capital Other in Compre- Excess Retained hensive Common of Par
Earnings Income Stock Value (Deficit) (Loss) ----- ----- ---------
------ Balance - December 31, 2008 $1,830 $993,478 $1,010,902
$(461,900) ------ -------- ---------- --------- (Unaudited) Net
Income - - 195,819 - Treasury Rate Lock (Net of ($12) tax) - - -
(20) FASB 158 Long-Term Liability Adjustment (Net of $915 tax) - -
- 1,497 Gas Cash Flow Hedge (Net of $18,295 tax) - - - 23,920 -- --
-- ------ Comprehensive Income - - 195,819 25,397 Issuance of
Treasury Stock - - (2,337) - Tax Benefit from Stock- Based
Compensation - 140 - - Amortization of Stock- Based Compensation
Awards - 8,786 - - Stock-Based Compensation Awards to CNX Gas - 278
- - Net Change in Crown Drilling Noncontrolling Interest - - - -
Dividends ($0.10 per share) - - (18,060) - -- -- ------- -- Balance
- March 31, 2009 $1,830 $1,002,682 $1,186,324 $(436,503) ======
========== ========== ========= Total CONSOL Energy Inc. Stock-
Noncon- Treasury holders' trolling Total Stock Equity Interest
Equity ----- ------ -------- ------ Balance - December 31, 2008
$(82,123) $1,462,187 $212,159 $1,674,346 -------- ----------
-------- ---------- (Unaudited) Net Income - 195,819 9,152 204,971
Treasury Rate Lock (Net of ($12) tax) - (20) - (20) FASB 158
Long-Term Liability Adjustment (Net of $915 tax) - 1,497 (4) 1,493
Gas Cash Flow Hedge (Net of $18,295 tax) - 23,920 4,785 28,705 --
------ ----- ------ Comprehensive Income - 221,216 13,933 235,149
Issuance of Treasury Stock 1,920 (417) - (417) Tax Benefit from
Stock-Based Compensation - 140 - 140 Amortization of Stock- Based
Compensation Awards - 8,786 1,120 9,906 Stock-Based Compensation
Awards to CNX Gas - 278 (278) - Net Change in Crown Drilling
Noncontrolling Interest - - (1,444) (1,444) Dividends ($0.10 per
share) - (18,060) - (18,060) -- ------- -- ------- Balance - March
31, 2009 $(80,203) $1,674,130 $225,490 $1,899,620 ========
========== ======== ========== DATASOURCE: CONSOL Energy Inc.
CONTACT: Dan Zajdel of CONSOL Energy Inc., +1-724-485-4169 Web
Site: http://www.cnxgas.com/
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