PITTSBURGH, July 20 /PRNewswire-FirstCall/ -- CONSOL Energy Inc.
(NYSE: CNX) reports the following production results for the month of June
2004 and for the quarter ending June 30, 2004:
COAL June 2004 June 2003 2nd Qtr 2nd Qtr
(Millions of Tons) 2004 2003
Northern Appalachia 3.9 3.6 13.0 11.9
Central Appalachia 1.2 1.2 3.5 3.5
Midwest/West 0 0.2
Total 5.1 4.8 16.5 15.5*
GAS June 2004 June 2003 2nd Qtr 2nd Qtr
(Billion Cubic Feet) 2004 2003
Gross 4.4 4.3 13.8 12.6
Net 3.9 3.7 12.1 11.0
ELECTRICITY June 2004 June 2003 2nd Qtr 2nd Qtr
(Megawatt Hours) 2004 2003
383 310 1,345 2,352
* Does not add due to rounding
Note: All production figures include CONSOL Energy's portion of
production from equity affiliates. Gross gas production includes gas
attributable to the royalty holder. Electricity, in megawatt hours,
represents CONSOL Energy's 50% interest.
June coal production was improved compared with June 2003 primarily
because of the restart of the Loveridge Mine in March.
The company has begun work to reopen its Emery Mine in Utah and expects
production to begin in August. The company expects to mine about 200,000 tons
in 2004 to meet its production requirements on federal leases. CONSOL Energy
is currently in discussion with several customers regarding coal sales. A
previously announced agreement to sell the Emery Mine was terminated when the
potential buyer failed to secure financing.
Because additional producing wells were completed, gross gas production
improved in the June period-to-period comparison. Electricity production
improved slightly in the period-to-period comparison, reflecting higher demand
for electricity.
The company expects its results for the quarter ending June 2004 to be
about $0.25 per diluted share compared with previously provided company
guidance of $0.15 to $0.20 per diluted share. Results for the quarter just
ended were impacted positively by higher energy prices and cost reductions for
retiree health care. The company will provide an analysis of results when it
announces earnings on July 26, 2004.
CONSOL Energy has 19 bituminous coal mining complexes in seven states. In
addition, the company is one of the largest U.S. producers of coalbed methane
with daily gas production of approximately 146.2 million cubic feet from wells
in Pennsylvania, Virginia and West Virginia. The company also has joint
ventures that produce natural gas in Virginia and Tennessee, and the company
produces electricity from coalbed methane at a joint-venture generating
facility in Virginia.
CONSOL Energy Inc. has annual revenues of $2.2 billion. It received the
U.S. Department of the Interior's Office of Surface Mining National Award for
Excellence in Surface Mining for the company's innovative reclamation
practices in 2002 and 2003. Also in 2003, the company was listed in
Information Week magazine's "Information Week 500" list for its information
technology operations. In 2002, the company received a U.S. Environmental
Protection Agency Climate Protection Award. Additional information about the
company can be found at its web site: http://www.consolenergy.com .
Forward-looking statements: CONSOL Energy is including the following
cautionary statement to make applicable and take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 for any
forward-looking statements made by, or on behalf of, CONSOL Energy. With the
exception of historical matters, any matters discussed are forward-looking
statements (as defined in Section 21E of the Exchange Act) that involve risks
and uncertainties that could cause actual results to differ materially from
projected results. These risks, uncertainties and contingencies include, but
are not limited to, the following: effects of the amount of our debt compared
to stockholders' equity and recent changes in our credit ratings; results of
one or more purported class action lawsuits against us and certain of our
officers alleging that the defendants issued false and misleading statements
to the public and seeking damages and costs; deterioration of our operating
results in recent periods; our ability to comply with restrictions imposed by
our senior credit facility; the success or failure of CONSOL Energy's efforts
to implement its business strategy; reliance on major customers and long-term
contracts; the effects of market demand and price on performance; the ability
to renew coal and gas sales agreements upon expiration; the price of coal and
gas sold under any new sales agreements; fluctuating sales prices; contract
penalties; actions of CONSOL Energy's competitors and CONSOL Energy's ability
to respond to such actions; recent declines in the creditworthiness of our
customer base; risks inherent in mining and gas production including
geological conditions, mine and gas operations accidents; weather-related
factors; results of litigation; the effects of government regulation; the risk
of work stoppages; the risk of transportation disruptions that could impair
CONSOL Energy's ability to sell coal and gas; management's ability to
correctly estimate and accrue for contingent liabilities; and CONSOL Energy's
ability to identify suitable acquisition candidates and to successfully
finance, consummate the acquisition of, and integrate these candidates as part
of its acquisition strategy; and the effects of recent sales of our common
stock on the market price of our common stock.
SOURCE CONSOL Energy Inc.
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Related links:
http://www.consolenergy.com
CONTACT:
Thomas F. Hoffman of CONSOL Energy Inc.,
+1-412-831-4060
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