CANONSBURG, Pa., Feb. 9, 2021 /PRNewswire/ -- Today, CONSOL
Energy Inc. (NYSE: CEIX) reported financial and operating results
for the fourth quarter and fiscal year ended December 31,
2020.
Fourth Quarter 2020 Highlights Include:
- Consummated the CCR merger transaction with strong
shareholder support;
- Net Income and Net Income Attributable to CONSOL Energy Inc.
Shareholders of $14.7 million and
$13.1 million, respectively;
- Cash and cash equivalents of $50.9
million as of December 31,
2020;
- Gross payments on total debt of $26.0
million during the quarter;
- Coal shipments recover to 5.9 million tons compared to 4.5
million tons in 3Q20 and 2.3 million tons in 2Q20;
- Net leverage ratio1 of 2.5x as of
December 31, 2020;
- Net cash provided by operating activities of $66.9 million; and
- Adjusted EBITDA1 of $95.5 million and free cash
flow1 of $48.0
million.
Full Year 2020 Highlights Include:
- Net Loss and Net Loss Attributable to CONSOL Energy Inc.
Shareholders of ($13.2) million and
($9.8) million,
respectively;
- Net cash provided by operating activities of $129.3 million;
- Adjusted EBITDA1 of $261.5 million and free cash
flow1 of $53.2
million;
- Total consolidated indebtedness reduced by $56.2 million - reduced TLA, TLB and 2nd lien
debt outstanding by $22.5 million,
$2.8 million and $54.5 million, respectively; and
- Continued to take advantage of a strong equipment financing
market by raising $60 million of new
capital during 2020 at a weighted average interest rate of
6%.
Management Comments
"2020 was an extremely challenging year, as our industry dealt
with weakened commodity markets due to the unprecedented drop in
global energy demand brought on by the COVID-19 pandemic," said
Jimmy Brock, President and Chief
Executive Officer of CONSOL Energy Inc. "However, despite this
difficult backdrop, I am pleased with our execution of not only
managing through this pandemic but also setting ourselves up for
potential success as we head into 2021 and beyond. We moved early
in 2020 to amend our credit agreement and secure covenant
relaxation with our banks, implemented multiple cost and capex
reduction targets, executed several transactional opportunities to
bolster our liquidity and capped off the year by completing the CCR
merger with overwhelming shareholder support. Additionally, we
secured more than 10 million tons of future business under term and
spot contracts during 2020 for deliveries in 2021 and beyond in the
most challenging market of my 40+ year career. Furthermore, despite
the reduced earnings versus 2019, we made payments of $86 million on our outstanding debt in 2020. We
believe these actions have prepared us to hit the ground running in
2021."
"On the safety front, our Bailey Preparation Plant, CONSOL
Marine Terminal (CMT) and Itmann project each had ZERO recordable
incidents during the fourth quarter and full year of 2020. Our
total recordable incident rate at the PAMC continues to track
significantly below the national average for underground bituminous
coal mines."
Pennsylvania Mining Complex (PAMC) Review and Outlook
PAMC Sales and Marketing
Our marketing team sold 5.9 million tons of coal during the
fourth quarter of 2020 at an average revenue per ton of
$39.05, compared to 6.7 million tons
at an average revenue per ton of $45.14 in the year-ago period. Following the
significant COVID-19 demand trough in the second quarter of 2020,
demand for our product has steadily improved and we have increased
our productive capacity for the second consecutive quarter. On the
sales volume front, the 0.8 million ton decline in 4Q20 compared to
the year-ago period was mostly a function of reduced
production.
During the quarter, we were successful in securing additional
coal sales contracts for 2021 and 2022, bringing our contracted
position to 18.2 million and 5.6 million tons,
respectively. Despite an extremely challenging commodity and
economic climate in 2020, we were successful in securing an
additional 10.8 million tons scheduled for delivery in 2021 and
beyond.
On the domestic front, the fourth quarter of 2020 ended the year
on a strong note from a demand perspective. According to the U.S.
Energy Information Administration, coal's share in the electric
generation mix ended the year at ~20%, which is improved from its
low of 15% in April and indicates a strong second half of 2020.
Furthermore, Doyle Trading Consultants estimates that total
domestic coal demand will increase by 10% in 2021 versus 2020,
while supply will increase by only 5%. This development could help
to further reduce domestic coal stockpiles and continue to tighten
the domestic market. We continue to see tightness in the supply of
NAPP coal, and the majority of our domestic customer stockpiles are
at or below normal for this time of year. Finally, many weather
forecasts predict a significant polar vortex event beginning
late-January to early-February, which could bring weeks of frigid
temperatures to much of the U.S.
On the export front, we have seen several very encouraging
trends as the seaborne thermal coal markets have steadily improved
since the end of the third quarter of 2020. Thermal coal prices in
China have continued to increase
due to China's strong electricity
production, ban on Australian coal imports and regional coal
shortages due to new COVID-19-related trucking restrictions. We are
seeing continued high pet coke prices resulting from reduced oil
production propping up demand and pricing for NAPP coal in high-CV
markets, particularly India.
Global LNG prices have continued to surge with the Asian spot
market benchmark price (JKM) hitting an all-time high in early
January. API2 spot prices have also rallied and crossed the
$70/ton mark in early-January for the
first time since March 2019, driven
by recent cold weather trends and increased LNG prices. As such,
Europe has again become a viable
option for U.S. coal exports.
Operations Summary
During the fourth quarter of 2020, we consistently ran four of
our five longwalls and for the second consecutive quarter have
steadily increased our productive capacity, operating at more than
80% capacity utilization. The PAMC produced 5.9 million tons in the
fourth quarter of 2020, which compares to 6.7 million tons in the
year-ago quarter. This brings total PAMC production to 18.8 million
tons in 2020. During the quarter, we faced significant production
bottlenecks due to transportation delays as our supply chain
partners continued to struggle with crew availability due to the
ongoing COVID-19 pandemic.
CEIX's total costs during the fourth quarter of 2020 were
$306.0 million compared to
$320.5 million in the year-ago
quarter, and CEIX's total revenue during the fourth quarter was
$324.6 million compared to
$342.6 million in the year-ago
period. Average cash cost of coal sold per ton1 for the fourth
quarter was $27.49 compared to
$30.38 in the year-ago quarter. The
significant reduction was due to continued tight control on
maintenance and supply costs, contractor and purchased services
costs and project expense. For 2020, CEIX's total costs were
$1,030.9 million compared to
$1,332.8 million in the prior year
mainly due to reduced operating and other costs largely from
reduced production in 2020 versus 2019, and CEIX's total revenue
during 2020 was $1,021.6 million
compared to $1,430.9 million in the
prior year. Despite the significant decline in production in 2020
versus 2019 brought on by the COVID-19 demand destruction, the PAMC
was very successful in limiting its cash expenditures during the
year. As a result, our 2020 average cash cost of coal sold per
ton1 was $29.12 compared to
$30.97 for 2019. The decrease was
primarily driven by reduced maintenance and supply costs,
contractor and purchased services costs and project expense.
|
|
|
Three Months
Ended
|
|
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
Coal
Production
|
million
tons
|
|
|
5.9
|
|
|
|
6.7
|
|
Coal Sales
|
million
tons
|
|
|
5.9
|
|
|
|
6.7
|
|
Average Revenue per
Ton
|
per ton
|
|
$
|
39.05
|
|
|
$
|
45.14
|
|
Average Cash Costs of
Coal Sold1
|
per ton
|
|
$
|
27.49
|
|
|
$
|
30.38
|
|
Average Cash Margin
per Ton Sold1
|
per ton
|
|
$
|
11.56
|
|
|
$
|
14.76
|
|
CONSOL Marine Terminal (CMT) Review
For the fourth quarter of 2020, throughput volumes at the CMT
were 3.1 million tons, compared to 2.5 million tons in the year-ago
period. Terminal revenues and operating cash costs were
$17.4 million and $4.6 million, respectively, compared to
$16.5 million and $4.9 million, respectively, during the year-ago
period. CMT achieved terminal revenue of $66.8 million in 2020, just shy of the record
terminal revenue set in 2019. CMT also achieved operating cash
costs1 of $18.4
million in 2020, compared to $21.7
million in 2019, as the CMT employees continued to maintain
tight control over expenditures in the year. CMT net income and CMT
adjusted EBITDA1 came in at $8.9 million and $11.8
million, respectively, in the fourth quarter of 2020
compared to $8.6 million and
$11.3 million, respectively, in the
year-ago period. CMT finished the year with net income and adjusted
EBITDA1 of $32.5
million and $44.4 million,
respectively, compared to $33.8
million and $44.5 million,
respectively, in 2019.
Debt and Equity Repurchase Update
During the fourth quarter of 2020, CEIX made mandatory
repayments of $9.7 million,
$6.3 million and $0.7 million on our finance leases and
asset-backed financing arrangements, Term Loan A and Term Loan B,
respectively. Additionally, CEIX spent $5.7
million to retire $9.3 million
of its Second lien notes, as these continued to trade at a
significant discount to par. This brings our total debt reduction
in the quarter to $26.0 million.
As of the year ended December 31,
2020, we repurchased $54.5
million of Second lien notes at an average discount to par
value of 41% and repaid $29.0
million, $22.5 million and
$2.8 million of principal with
respect to our finance leases and asset-backed financing
arrangements, Term Loan A and Term Loan B, respectively.
In aggregate, as of December 31,
2020, our total liquidity was approximately $326 million, including $51 million of cash and cash equivalents and
approximately $1 million of
availability under our Accounts Receivable Securitization, and our
$400 million revolving credit
facility had no borrowings and is currently only used for providing
letters of credit with $126 million
issued.
Transactional Opportunities
Since July 1, 2020, CEIX has
executed multiple transactions resulting in approximately
$68 million in pre-tax income. These transactions primarily
consist of sales of land and mineral assets, gas wells, and
various mining rights. In aggregate, in the fourth quarter of 2020,
we recorded $42 million in pre-tax income related to these
items in addition to the $26 million
recorded in the third quarter of 2020.
2021 Guidance and Outlook
Based on our current contracted position, estimated prices and
production plans, we are providing the following financial and
operating performance guidance for 2021:
- 2021 targeted coal sales volume of 22-24 million tons
- 18.2 million tons contracted at an average revenue per ton of
$41.56/ton assuming a PJM West power
price of $24.79/MWh
- Average cash cost of coal sold per ton2 expectation
of $27.00-$29.00/ton
- Capital expenditures of $100-$125 million
excluding any spending on the Itmann project
Fourth Quarter Earnings Conference Call
A conference call and webcast, during which management will
discuss the fourth quarter and annual 2020 financial and
operational results, is scheduled for February 9,
2021 at 11:00 AM eastern time. Prepared remarks by
members of management will be followed by a question and answer
session. Interested parties may listen via webcast on the "Events
and Presentations" page of our website, www.consolenergy.com.
An archive of the webcast will be available for 30 days after the
event.
Participant dial in
(toll free)
|
1-877-226-2859
|
Participant
international dial in
|
1-412-542-4134
|
Availability of Additional Information
Please refer to our website, www.consolenergy.com, for
additional information regarding the company. In addition, we
may provide other information about the company from time to time
on our website.
We will also file our Form 10-K with the Securities and Exchange
Commission (SEC) reporting our results for the year ended
December 31, 2020 on February 12, 2021. Investors seeking our detailed
financial statements can refer to the Form 10-K once it has been
filed with the SEC.
Footnotes:
1 "Adjusted EBITDA",
"Free Cash Flow", "Net Leverage Ratio" and "CMT Adjusted EBITDA"
are non-GAAP financial measures and "Average Cash Cost of Coal Sold
per Ton", "Average Cash Margin per Ton Sold" and "CMT Operating
Cash Costs" are operating ratios derived from non-GAAP financial
measures, each of which are reconciled to the most directly
comparable GAAP financial measures below, under the caption
"Reconciliation of Non-GAAP Financial Measures".
|
2 CEIX is unable
to provide a reconciliation of Average Cash Cost of Coal Sold per
Ton guidance, an operating ratio derived from non-GAAP financial
measures, due to the unknown effect, timing and potential
significance of certain income statement items.
|
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and
exporter of high-Btu bituminous thermal coal and metallurgical
coal. It owns and operates some of the most productive longwall
mining operations in the Northern Appalachian Basin and is
developing a new metallurgical coal mine (the Itmann project) in
the Central Appalachian Basin. CONSOL's flagship operation is the
Pennsylvania Mining Complex, which has the capacity to produce
approximately 28.5 million tons of coal per year and is comprised
of 3 large-scale underground mines: Bailey, Enlow Fork, and Harvey.
The company also owns and operates the CONSOL Marine Terminal,
which is located in the port of Baltimore and has a throughput capacity of
approximately 15 million tons per year. In addition to the ~658
million reserve tons associated with the Pennsylvania Mining
Complex and the ~21 million reserve tons associated with the Itmann
project, the company also controls approximately 1.5 billion tons
of greenfield thermal and metallurgical coal reserves located in
the major coal-producing basins of the eastern United States. Additional information
regarding CONSOL Energy may be found at www.consolenergy.com.
Contacts:
Investor:
Nathan Tucker, (724) 416-8336
nathantucker@consolenergy.com
Media:
Zach Smith, (724) 416-8291
zacherysmith@consolenergy.com
Condensed Consolidated Statements of Income
The following table presents a condensed consolidated statement
of income for the three months ended December 31, 2020 and 2019 (in thousands):
|
Three Months
Ended
December 31,
|
|
|
For the Year
Ended
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenue and Other
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
Revenue
|
$
|
230,522
|
|
|
$
|
303,865
|
|
|
$
|
772,662
|
|
|
$
|
1,288,529
|
|
Terminal
Revenue
|
|
17,403
|
|
|
|
16,534
|
|
|
|
66,810
|
|
|
|
67,363
|
|
Freight
Revenue
|
|
20,849
|
|
|
|
5,552
|
|
|
|
39,990
|
|
|
|
19,667
|
|
Other
Income
|
|
55,833
|
|
|
|
16,684
|
|
|
|
142,181
|
|
|
|
55,344
|
|
Total Revenue and
Other Income
|
|
324,607
|
|
|
|
342,635
|
|
|
|
1,021,643
|
|
|
|
1,430,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and Other
Costs
|
|
185,883
|
|
|
|
229,603
|
|
|
|
667,595
|
|
|
|
948,012
|
|
Depreciation,
Depletion and Amortization
|
|
54,703
|
|
|
|
55,852
|
|
|
|
210,760
|
|
|
|
207,097
|
|
Freight
Expense
|
|
20,849
|
|
|
|
5,552
|
|
|
|
39,990
|
|
|
|
19,667
|
|
Selling, General and
Administrative Costs
|
|
32,980
|
|
|
|
14,210
|
|
|
|
72,706
|
|
|
|
67,111
|
|
(Gain) Loss on Debt
Extinguishment
|
|
(3,441)
|
|
|
|
(989)
|
|
|
|
(21,352)
|
|
|
|
24,455
|
|
Interest Expense,
net
|
|
15,070
|
|
|
|
16,224
|
|
|
|
61,186
|
|
|
|
66,464
|
|
Total Costs and
Expenses
|
|
306,044
|
|
|
|
320,452
|
|
|
|
1,030,885
|
|
|
|
1,332,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Before Income Tax
|
|
18,563
|
|
|
|
22,183
|
|
|
|
(9,242)
|
|
|
|
98,097
|
|
Income Tax
Expense
|
|
3,829
|
|
|
|
4,782
|
|
|
|
3,972
|
|
|
|
4,539
|
|
Net Income
(Loss)
|
|
14,734
|
|
|
|
17,401
|
|
|
|
(13,214)
|
|
|
|
93,558
|
|
Less: Net Income
(Loss) Attributable to Noncontrolling Interest
|
|
1,649
|
|
|
|
3,455
|
|
|
|
(3,459)
|
|
|
|
17,557
|
|
Net Income (Loss)
Attributable to CONSOL Energy Inc. Shareholders
|
$
|
13,085
|
|
|
$
|
13,946
|
|
|
$
|
(9,755)
|
|
|
$
|
76,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.50
|
|
|
$
|
0.54
|
|
|
$
|
(0.37)
|
|
|
$
|
2.82
|
|
Dilutive
|
$
|
0.49
|
|
|
$
|
0.54
|
|
|
$
|
(0.37)
|
|
|
$
|
2.81
|
|
Condensed Consolidated Balance Sheets
The following table presents a condensed consolidated balance
sheet as of December 31, 2020 and
2019 (in thousands):
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
50,850
|
|
|
$
|
80,293
|
|
Trade Receivables,
net
|
|
|
118,289
|
|
|
|
131,688
|
|
Other Current
Assets
|
|
|
123,802
|
|
|
|
126,048
|
|
Total Current
Assets
|
|
|
292,941
|
|
|
|
338,029
|
|
Total Property, Plant
and Equipment - Net
|
|
|
2,049,062
|
|
|
|
2,092,165
|
|
Total Other
Assets
|
|
|
181,363
|
|
|
|
263,608
|
|
TOTAL
ASSETS
|
|
$
|
2,523,366
|
|
|
$
|
2,693,802
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
$
|
368,470
|
|
|
$
|
392,264
|
|
Total Long-Term
Debt
|
|
|
603,061
|
|
|
|
662,838
|
|
Total Other
Liabilities
|
|
|
998,316
|
|
|
|
1,066,305
|
|
Total
Equity
|
|
|
553,519
|
|
|
|
572,395
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
2,523,366
|
|
|
$
|
2,693,802
|
|
Condensed Consolidated Statements of Cash Flows
The following table presents a condensed consolidated statement
of cash flows for the three months and years ended December 31, 2020 and 2019 (in
thousands):
|
Three Months
Ended
December 31,
|
|
|
For the Year
Ended
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Cash Flows from
Operating Activities:
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Net Income
(Loss)
|
$
|
14,734
|
|
|
$
|
17,401
|
|
|
$
|
(13,214)
|
|
|
$
|
93,558
|
|
Adjustments to
Reconcile Net Income (Loss) to Net Cash Provided by Operating
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
|
54,703
|
|
|
|
55,852
|
|
|
|
210,760
|
|
|
|
207,097
|
|
Other Non-Cash
Adjustments to Net Income (Loss)
|
|
12,414
|
|
|
|
(1,141)
|
|
|
|
(4,685)
|
|
|
|
24,217
|
|
Changes in Working
Capital
|
|
(14,908)
|
|
|
|
(50,729)
|
|
|
|
(63,530)
|
|
|
|
(80,306)
|
|
Net Cash Provided
by Operating Activities
|
|
66,943
|
|
|
|
21,383
|
|
|
|
129,331
|
|
|
|
244,566
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
(20,049)
|
|
|
|
(38,264)
|
|
|
|
(86,004)
|
|
|
|
(169,739)
|
|
Proceeds from Sales of
Assets
|
|
1,120
|
|
|
|
186
|
|
|
|
9,899
|
|
|
|
2,201
|
|
Other Investing
Activity
|
|
—
|
|
|
|
(5,003)
|
|
|
|
(229)
|
|
|
|
(5,003)
|
|
Net Cash Used in
Investing Activities
|
|
(18,929)
|
|
|
|
(43,081)
|
|
|
|
(76,334)
|
|
|
|
(172,541)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Payments on
Long-Term Debt
|
|
(19,357)
|
|
|
|
(25,679)
|
|
|
|
(67,000)
|
|
|
|
(183,890)
|
|
Distributions to
Noncontrolling Interest
|
|
—
|
|
|
|
(5,546)
|
|
|
|
(5,575)
|
|
|
|
(22,220)
|
|
Other Financing
Activities
|
|
(91)
|
|
|
|
(1,633)
|
|
|
|
(9,865)
|
|
|
|
(50,557)
|
|
Net Cash Used in
Financing Activities
|
|
(19,448)
|
|
|
|
(32,858)
|
|
|
|
(82,440)
|
|
|
|
(256,667)
|
|
Net Increase
(Decrease) in Cash & Cash Equivalents & Restricted
Cash
|
$
|
28,566
|
|
|
$
|
(54,556)
|
|
|
$
|
(29,443)
|
|
|
$
|
(184,642)
|
|
Cash & Cash
Equivalents & Restricted Cash at Beginning of Period
|
|
22,284
|
|
|
|
134,849
|
|
|
|
80,293
|
|
|
|
264,935
|
|
Cash and Cash
Equivalents and Restricted Cash at End of Period
|
$
|
50,850
|
|
|
$
|
80,293
|
|
|
$
|
50,850
|
|
|
$
|
80,293
|
|
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold and cash cost of coal sold on
an aggregate basis. We define cost of coal sold as operating and
other production costs related to produced tons sold, along with
changes in coal inventory, both in volumes and carrying values. The
cost of coal sold includes items such as direct operating costs,
royalty and production taxes, direct administration costs, and
depreciation, depletion and amortization costs on production
assets. Our costs exclude any indirect costs, such as selling,
general and administrative costs, freight expenses, interest
expenses, depreciation, depletion and amortization costs on
non-production assets and other costs not directly attributable to
the production of coal. The cash cost of coal sold includes cost of
coal sold less depreciation, depletion and amortization costs on
production assets. The GAAP measure most directly comparable to
cost of coal sold and cash cost of coal sold is total costs and
expenses.
The following table presents a reconciliation of cost of coal
sold and cash cost of coal sold to total costs and expenses, the
most directly comparable GAAP financial measure, on a historical
basis, for each of the periods indicated (in thousands).
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Total Costs and
Expenses
|
$
|
306,044
|
|
|
$
|
320,452
|
|
|
$
|
1,030,885
|
|
|
$
|
1,332,806
|
|
Freight
Expense
|
|
(20,849)
|
|
|
|
(5,552)
|
|
|
|
(39,990)
|
|
|
|
(19,667)
|
|
Selling, General and
Administrative Costs
|
|
(32,980)
|
|
|
|
(14,210)
|
|
|
|
(72,706)
|
|
|
|
(67,111)
|
|
Gain (Loss) on Debt
Extinguishment
|
|
3,441
|
|
|
|
989
|
|
|
|
21,352
|
|
|
|
(24,455)
|
|
Interest Expense,
net
|
|
(15,070)
|
|
|
|
(16,224)
|
|
|
|
(61,186)
|
|
|
|
(66,464)
|
|
Other Costs
(Non-Production)
|
|
(24,031)
|
|
|
|
(25,045)
|
|
|
|
(124,739)
|
|
|
|
(101,900)
|
|
Depreciation,
Depletion and Amortization (Non-Production)
|
|
(4,457)
|
|
|
|
(9,277)
|
|
|
|
(39,668)
|
|
|
|
(32,388)
|
|
Cost of Coal
Sold
|
$
|
212,098
|
|
|
$
|
251,133
|
|
|
$
|
713,948
|
|
|
$
|
1,020,821
|
|
Depreciation,
Depletion and Amortization (Production)
|
|
(50,246)
|
|
|
|
(46,575)
|
|
|
|
(171,092)
|
|
|
|
(174,709)
|
|
Cash Cost of Coal
Sold
|
$
|
161,852
|
|
|
$
|
204,558
|
|
|
$
|
542,856
|
|
|
$
|
846,112
|
|
We define average margin per ton sold as average revenue per ton
sold, net of average cost of coal sold per ton. We define average
cash margin per ton sold as average revenue per ton sold, net of
average cash cost of coal sold per ton. The GAAP measure most
directly comparable to average margin per ton sold and average cash
margin per ton sold is total coal revenue.
The following table presents a reconciliation of average margin
per ton sold and average cash margin per ton sold to total coal
revenue, the most directly comparable GAAP financial measure, on a
historical basis, for each of the periods indicated (in thousands,
except per ton information).
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Total Coal Revenue
(PAMC Segment)
|
$
|
229,819
|
|
|
$
|
303,865
|
|
|
$
|
771,363
|
|
|
$
|
1,288,529
|
|
Operating and Other
Costs
|
|
185,883
|
|
|
|
229,603
|
|
|
|
667,595
|
|
|
|
948,012
|
|
Less: Other Costs
(Non-Production)
|
|
(24,031)
|
|
|
|
(25,045)
|
|
|
|
(124,739)
|
|
|
|
(101,900)
|
|
Total Cash Cost of
Coal Sold
|
|
161,852
|
|
|
|
204,558
|
|
|
|
542,856
|
|
|
|
846,112
|
|
Add: Depreciation,
Depletion and Amortization
|
|
54,703
|
|
|
|
55,852
|
|
|
|
210,760
|
|
|
|
207,097
|
|
Less: Depreciation,
Depletion and Amortization (Non-Production)
|
|
(4,457)
|
|
|
|
(9,277)
|
|
|
|
(39,668)
|
|
|
|
(32,388)
|
|
Total Cost of Coal
Sold
|
$
|
212,098
|
|
|
$
|
251,133
|
|
|
$
|
713,948
|
|
|
$
|
1,020,821
|
|
Total Tons Sold (in
millions)
|
|
5.9
|
|
|
|
6.7
|
|
|
|
18.7
|
|
|
|
27.3
|
|
Average Revenue per
Ton Sold
|
$
|
39.05
|
|
|
$
|
45.14
|
|
|
$
|
41.31
|
|
|
$
|
47.17
|
|
Average Cash Cost of
Coal Sold per Ton
|
|
27.49
|
|
|
|
30.38
|
|
|
|
29.12
|
|
|
|
30.97
|
|
Depreciation,
Depletion and Amortization Costs per Ton Sold
|
|
8.55
|
|
|
|
6.93
|
|
|
|
9.12
|
|
|
|
6.40
|
|
Average Cost of Coal
Sold per Ton
|
|
36.04
|
|
|
|
37.31
|
|
|
|
38.24
|
|
|
|
37.37
|
|
Average Margin per
Ton Sold
|
|
3.01
|
|
|
|
7.83
|
|
|
|
3.07
|
|
|
|
9.80
|
|
Add: Depreciation,
Depletion and Amortization Costs per Ton Sold
|
|
8.55
|
|
|
|
6.93
|
|
|
|
9.12
|
|
|
|
6.40
|
|
Average Cash
Margin per Ton Sold
|
$
|
11.56
|
|
|
$
|
14.76
|
|
|
$
|
12.19
|
|
|
$
|
16.20
|
|
We define CMT operating costs as operating and other costs
related to throughput tons. CMT operating costs exclude any
indirect costs, such as selling, general and administrative costs,
direct administration costs, interest expenses, and other costs not
directly attributable to throughput tons. CMT operating cash costs
include CMT operating costs, less depreciation, depletion and
amortization costs. The GAAP measure most directly comparable to
CMT operating costs and CMT operating cash costs is total costs and
expenses.
The following table presents a reconciliation of CMT operating
costs and CMT operating cash costs to total costs and
expenses, the most directly comparable GAAP financial measure, on a
historical basis, for each of the periods indicated (in
thousands).
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Total Costs and
Expenses
|
$
|
306,044
|
|
|
$
|
320,452
|
|
|
$
|
1,030,885
|
|
|
$
|
1,332,806
|
|
Freight
Expense
|
|
(20,849)
|
|
|
|
(5,552)
|
|
|
|
(39,990)
|
|
|
|
(19,667)
|
|
Selling, General and
Administrative Costs
|
|
(32,980)
|
|
|
|
(14,210)
|
|
|
|
(72,706)
|
|
|
|
(67,111)
|
|
Gain (Loss) on Debt
Extinguishment
|
|
3,441
|
|
|
|
989
|
|
|
|
21,352
|
|
|
|
(24,455)
|
|
Interest Expense,
net
|
|
(15,070)
|
|
|
|
(16,224)
|
|
|
|
(61,186)
|
|
|
|
(66,464)
|
|
Other Costs
(Non-Throughput)
|
|
(181,254)
|
|
|
|
(224,717)
|
|
|
|
(649,207)
|
|
|
|
(926,283)
|
|
Depreciation,
Depletion and Amortization (Non-Throughput)
|
|
(53,408)
|
|
|
|
(54,682)
|
|
|
|
(205,665)
|
|
|
|
(203,019)
|
|
CMT Operating
Costs
|
$
|
5,924
|
|
|
$
|
6,056
|
|
|
$
|
23,483
|
|
|
$
|
25,807
|
|
Depreciation,
Depletion and Amortization (Throughput)
|
|
(1,295)
|
|
|
|
(1,170)
|
|
|
|
(5,095)
|
|
|
|
(4,078)
|
|
CMT Operating Cash
Costs
|
$
|
4,629
|
|
|
$
|
4,886
|
|
|
$
|
18,388
|
|
|
$
|
21,729
|
|
We define adjusted EBITDA as (i) net income (loss) plus income
taxes, net interest expense and depreciation, depletion and
amortization, as adjusted for (ii) certain non-cash items, such as
long-term incentive awards. The GAAP measure most directly
comparable to adjusted EBITDA is net income (loss).
The following tables present a reconciliation of net income
(loss) to adjusted EBITDA, the most directly comparable GAAP
financial measure, on a historical basis, for each of the periods
indicated (in thousands).
|
Three Months Ended
December 31, 2020
|
|
|
PA Mining
Complex
|
|
|
CONSOL
Marine
Terminal
|
|
|
Other
|
|
|
Total
Company
|
|
Net Income
(Loss)
|
$
|
34,590
|
|
|
$
|
8,866
|
|
|
$
|
(28,722)
|
|
|
$
|
14,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income Tax
Expense
|
|
—
|
|
|
|
—
|
|
|
|
3,829
|
|
|
|
3,829
|
|
Add: Interest
Expense, net
|
|
342
|
|
|
|
1,539
|
|
|
|
13,189
|
|
|
|
15,070
|
|
Less: Interest
Income
|
|
(10)
|
|
|
|
—
|
|
|
|
(778)
|
|
|
|
(788)
|
|
Earnings (Loss)
Before Interest & Taxes (EBIT)
|
|
34,922
|
|
|
|
10,405
|
|
|
|
(12,482)
|
|
|
|
32,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation,
Depletion & Amortization
|
|
53,118
|
|
|
|
1,295
|
|
|
|
290
|
|
|
|
54,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Before Interest, Taxes and DD&A (EBITDA)
|
$
|
88,040
|
|
|
$
|
11,700
|
|
|
$
|
(12,192)
|
|
|
$
|
87,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock/Unit-Based
Compensation
|
$
|
1,815
|
|
|
$
|
100
|
|
|
$
|
202
|
|
|
$
|
2,117
|
|
CCR Merger
Fees
|
|
2,123
|
|
|
|
—
|
|
|
|
7,199
|
|
|
|
9,322
|
|
Gain on Debt
Extinguishment
|
|
—
|
|
|
|
—
|
|
|
|
(3,441)
|
|
|
|
(3,441)
|
|
Total Pre-tax
Adjustments
|
|
3,938
|
|
|
|
100
|
|
|
|
3,960
|
|
|
|
7,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
91,978
|
|
|
$
|
11,800
|
|
|
$
|
(8,232)
|
|
|
$
|
95,546
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
PA Mining
Complex
|
|
|
CONSOL
Marine
Terminal
|
|
|
Other
|
|
|
Total
Company
|
|
Net Income
(Loss)
|
$
|
41,082
|
|
|
$
|
8,614
|
|
|
$
|
(32,295)
|
|
|
$
|
17,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income Tax
Expense
|
|
—
|
|
|
|
—
|
|
|
|
4,782
|
|
|
|
4,782
|
|
Add: Interest
Expense, net
|
|
—
|
|
|
|
1,549
|
|
|
|
14,675
|
|
|
|
16,224
|
|
Less: Interest
Income
|
|
—
|
|
|
|
—
|
|
|
|
(538)
|
|
|
|
(538)
|
|
Earnings (Loss)
Before Interest & Taxes (EBIT)
|
|
41,082
|
|
|
|
10,163
|
|
|
|
(13,376)
|
|
|
|
37,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation,
Depletion & Amortization
|
|
49,492
|
|
|
|
1,170
|
|
|
|
5,190
|
|
|
|
55,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Before Interest, Taxes and DD&A (EBITDA)
|
$
|
90,574
|
|
|
$
|
11,333
|
|
|
$
|
(8,186)
|
|
|
$
|
93,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock/Unit-Based
Compensation
|
$
|
(497)
|
|
|
$
|
(46)
|
|
|
$
|
(46)
|
|
|
$
|
(589)
|
|
Gain on Debt
Extinguishment
|
|
—
|
|
|
|
—
|
|
|
|
(989)
|
|
|
|
(989)
|
|
Total Pre-tax
Adjustments
|
|
(497)
|
|
|
|
(46)
|
|
|
|
(1,035)
|
|
|
|
(1,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
90,077
|
|
|
$
|
11,287
|
|
|
$
|
(9,221)
|
|
|
$
|
92,143
|
|
|
|
|
|
For the Year Ended
December 31, 2020
|
|
|
PA Mining
Complex
|
|
|
CONSOL
Marine
Terminal
|
|
|
Other
|
|
|
Total
Company
|
|
Net Income
(Loss)
|
$
|
16,185
|
|
|
$
|
32,537
|
|
|
$
|
(61,936)
|
|
|
$
|
(13,214)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income Tax
Expense
|
|
—
|
|
|
|
—
|
|
|
|
3,972
|
|
|
|
3,972
|
|
Add: Interest
Expense, net
|
|
1,236
|
|
|
|
6,166
|
|
|
|
53,784
|
|
|
|
61,186
|
|
Less: Interest
Income
|
|
(10)
|
|
|
|
—
|
|
|
|
(1,220)
|
|
|
|
(1,230)
|
|
Earnings (Loss)
Before Interest & Taxes (EBIT)
|
|
17,411
|
|
|
|
38,703
|
|
|
|
(5,400)
|
|
|
|
50,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation,
Depletion & Amortization
|
|
198,272
|
|
|
|
5,095
|
|
|
|
7,393
|
|
|
|
210,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Interest, Taxes and DD&A (EBITDA)
|
$
|
215,683
|
|
|
$
|
43,798
|
|
|
$
|
1,993
|
|
|
$
|
261,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock/Unit-Based
Compensation
|
$
|
9,905
|
|
|
$
|
558
|
|
|
$
|
1,116
|
|
|
$
|
11,579
|
|
CCR Merger
Fees
|
|
2,623
|
|
|
|
—
|
|
|
|
7,199
|
|
|
|
9,822
|
|
Gain on Debt
Extinguishment
|
|
—
|
|
|
|
—
|
|
|
|
(21,352)
|
|
|
|
(21,352)
|
|
Total Pre-tax
Adjustments
|
|
12,528
|
|
|
|
558
|
|
|
|
(13,037)
|
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
228,211
|
|
|
$
|
44,356
|
|
|
$
|
(11,044)
|
|
|
$
|
261,523
|
|
|
|
|
|
For the Year Ended
December 31, 2019
|
|
|
PA Mining
Complex
|
|
|
CONSOL
Marine
Terminal
|
|
|
Other
|
|
|
Total
Company
|
|
Net Income
(Loss)
|
$
|
197,112
|
|
|
$
|
33,758
|
|
|
$
|
(137,312)
|
|
|
$
|
93,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income Tax
Expense
|
|
—
|
|
|
|
—
|
|
|
|
4,539
|
|
|
|
4,539
|
|
Add: Interest
Expense, net
|
|
—
|
|
|
|
6,088
|
|
|
|
60,376
|
|
|
|
66,464
|
|
Less: Interest
Income
|
|
—
|
|
|
|
—
|
|
|
|
(2,937)
|
|
|
|
(2,937)
|
|
Earnings (Loss)
Before Interest & Taxes (EBIT)
|
|
197,112
|
|
|
|
39,846
|
|
|
|
(75,334)
|
|
|
|
161,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation,
Depletion & Amortization
|
|
185,616
|
|
|
|
4,078
|
|
|
|
17,403
|
|
|
|
207,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Before Interest, Taxes and DD&A (EBITDA)
|
$
|
382,728
|
|
|
$
|
43,924
|
|
|
$
|
(57,931)
|
|
|
$
|
368,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock/Unit-Based
Compensation
|
$
|
11,626
|
|
|
$
|
567
|
|
|
$
|
567
|
|
|
$
|
12,760
|
|
Loss on Debt
Extinguishment
|
|
—
|
|
|
|
—
|
|
|
|
24,455
|
|
|
|
24,455
|
|
Total Pre-tax
Adjustments
|
|
11,626
|
|
|
|
567
|
|
|
|
25,022
|
|
|
|
37,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
394,354
|
|
|
$
|
44,491
|
|
|
$
|
(32,909)
|
|
|
$
|
405,936
|
|
We define net leverage ratio as the ratio of net debt to the
last twelve months' ("LTM") earnings before interest expense and
depreciation, depletion and amortization, adjusted for certain
non-cash items, such as long-term incentive awards, amortization of
debt issuance costs and capitalized interest.
The following table presents a reconciliation of net leverage
ratio (in thousands).
|
Twelve Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
Net (Loss)
Income
|
$
|
(13,214)
|
|
|
$
|
93,558
|
|
Plus:
|
|
|
|
|
|
|
|
Interest Expense,
net
|
|
61,186
|
|
|
|
66,464
|
|
Depreciation,
Depletion and Amortization
|
|
210,760
|
|
|
|
207,097
|
|
Income
Taxes
|
|
3,972
|
|
|
|
4,539
|
|
Stock/Unit-Based
Compensation
|
|
11,579
|
|
|
|
12,760
|
|
(Gain) Loss on Debt
Extinguishment
|
|
(21,352)
|
|
|
|
24,455
|
|
CCR Adjusted EBITDA
per Credit Agreement
|
|
—
|
|
|
|
(102,189)
|
|
Cash Distributions
from CONSOL Coal Resources LP
|
|
—
|
|
|
|
35,398
|
|
Cash Payments for
Legacy Employee Liabilities, Net of Non-Cash Expense
|
|
(17,401)
|
|
|
|
(18,521)
|
|
Other Adjustments to
Net Income
|
|
5,725
|
|
|
|
5,225
|
|
Consolidated EBITDA
per Credit Agreement
|
$
|
241,255
|
|
|
$
|
328,786
|
|
|
|
|
|
|
|
|
|
Consolidated First
Lien Debt
|
$
|
394,631
|
|
|
$
|
390,148
|
|
Senior Secured Second
Lien Notes
|
|
167,147
|
|
|
|
221,628
|
|
MEDCO Revenue
Bonds
|
|
102,865
|
|
|
|
102,865
|
|
Advance Royalty
Commitments
|
|
2,185
|
|
|
|
1,895
|
|
Consolidated
Indebtedness per Credit Agreement
|
$
|
666,828
|
|
|
$
|
716,536
|
|
Less:
|
|
|
|
|
|
|
|
Advance Royalty
Commitments
|
$
|
2,185
|
|
|
$
|
1,895
|
|
Cash on
Hand
|
|
50,850
|
|
|
|
79,750
|
|
Consolidated Net
Indebtedness per Credit Agreement
|
$
|
613,793
|
|
|
$
|
634,891
|
|
|
|
|
|
|
|
|
|
Net Leverage Ratio
(Net Indebtedness/EBITDA)
|
|
2.5
|
|
|
|
1.9
|
|
Free cash flow, organic free cash flow and organic free cash
flow net to CEIX shareholders are non-GAAP financial measures.
Management believes that these measures are meaningful to investors
because management reviews cash flows generated from operations and
non-core asset sales after taking into consideration capital
expenditures due to the fact that these expenditures are considered
necessary to maintain and expand CONSOL's asset base and are
expected to generate future cash flows from operations. It is
important to note that free cash flow, organic free cash flow and
organic free cash flow net to CEIX shareholders do not represent
the residual cash flow available for discretionary expenditures
since other non-discretionary expenditures, such as mandatory debt
service requirements, are not deducted from the measure. The
following tables present a reconciliation of free cash flow,
organic free cash flow and organic free cash flow net to CEIX
shareholders to net cash provided by operating activities, the most
directly comparable GAAP financial measure, on a historical basis,
for each of the periods indicated (in thousands).
Organic Free Cash
Flow
|
|
Three
Months
Ended
December
31, 2020
|
|
|
Three
Months
Ended
December
31, 2019
|
|
|
Year Ended
December
31, 2020
|
|
|
Year Ended
December
31, 2019
|
|
Net Cash Provided
by Operating Activities
|
|
$
|
66,943
|
|
|
$
|
21,383
|
|
|
$
|
129,331
|
|
|
$
|
244,566
|
|
Capital
Expenditures
|
|
|
(20,049)
|
|
|
|
(38,264)
|
|
|
|
(86,004)
|
|
|
|
(169,739)
|
|
Organic Free Cash
Flow
|
|
$
|
46,894
|
|
|
$
|
(16,881)
|
|
|
$
|
43,327
|
|
|
$
|
74,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to
Noncontrolling Interest
|
|
|
—
|
|
|
|
(5,546)
|
|
|
|
(5,575)
|
|
|
|
(22,220)
|
|
Organic Free Cash
Flow Net to CEIX Shareholders
|
|
$
|
46,894
|
|
|
$
|
(22,427)
|
|
|
$
|
37,752
|
|
|
$
|
52,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
Three
Months
Ended
December
31, 2020
|
|
|
Three
Months
Ended
December
31, 2019
|
|
|
Year Ended
December
31, 2020
|
|
|
Year Ended
December
31, 2019
|
|
Net Cash Provided
by Operating Activities
|
|
$
|
66,943
|
|
|
$
|
21,383
|
|
|
$
|
129,331
|
|
|
$
|
244,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
|
(20,049)
|
|
|
|
(38,264)
|
|
|
|
(86,004)
|
|
|
|
(169,739)
|
|
Proceeds from Sales
of Assets
|
|
|
1,120
|
|
|
|
186
|
|
|
|
9,899
|
|
|
|
2,201
|
|
Free Cash
Flow
|
|
$
|
48,014
|
|
|
$
|
(16,695)
|
|
|
$
|
53,226
|
|
|
$
|
77,028
|
|
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release are
"forward-looking statements" within the meaning of the federal
securities laws. With the exception of historical matters, the
matters discussed in this press release are forward-looking
statements (as defined in Section 21E of the Securities Exchange
Act of 1934, as amended) that involve risks and uncertainties that
could cause actual results to differ materially from results
projected in or implied by such forward-looking statements.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our
future production, revenues, income and capital spending. When we
use the words "anticipate," "believe," "could," "continue,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will," 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.
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. Specific risks, contingencies and
uncertainties are discussed in more detail in our filings with the
Securities and Exchange Commission. The forward-looking statements
in this press release speak only as of the date of this press
release and CEIX disclaims any intention or obligation to update
publicly any forward-looking statements, whether in response to new
information, future events, or otherwise, except as required by
applicable law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/consol-energy-announces-results-for-the-fourth-quarter-and-full-year-2020-301224436.html
SOURCE CONSOL Energy Inc.