PITTSBURGH, April 27 /PRNewswire-FirstCall/ -- CONSOL Energy Inc.
(NYSE:CNX), a high-Btu bituminous coal and coalbed methane company,
reported earnings of $124.4 million, or $1.33 per diluted share,
for its first quarter ended March 31, 2006, compared with $75.2
million, or $0.82 per diluted share for the same period a year
earlier, an increase of more than 65 percent. Net cash from
operating activities was $152.5 million for the quarter just ended,
compared with $95.7 million for the March 2005 quarter, an increase
of more than 59 percent. FINANCIAL RESULTS - Period-To-Period
Comparison Quarter Ended Quarter Ended March 31, 2006 March 31,
2005 Total Revenue and Other Income $985.9 $817.0 Net Income $124.4
$75.2 Earnings Per Share - diluted $1.33 $0.82 Net Cash from
Operating Activities $152.5 $95.7 EBITDA $258.9 $159.2 EBIT $187.1
$95.9 Capital Expenditures $169.9 $56.9 Other Investing Cash Flows*
($34.4) $22.0 In millions of dollars except per share. Amounts for
capital expenditures include acquisitions and do not include
amounts for equity affiliates. *Other investing cash flows
represents net cash used in or (provided by) investing activities
less capital expenditures and includes: Additions to mineral
leases; Investment in Equity Affiliates and proceeds from sales of
assets. Bracketed number indicates cash inflow. "The first quarter
was another very strong quarter for us," said J. Brett Harvey,
president and chief executive officer, "and we are on track to
achieve our financial objectives for the year. The pricing
environment for our coal is excellent, allowing us to grow our
revenues and to achieve our primary goal of expanding our margins."
Total Revenue and Other Income grew nearly 21 percent, primarily on
the strength of our coal and natural gas pricing. Operating margins
(averaged realized price per ton less operating costs per ton) for
CONSOL Energy's coal operations were more than $15 during the
quarter, an increase of almost 16 percent period-to-period, as
average coal prices period-to-period were $4.71 per ton higher, the
sixth straight quarter CONSOL Energy has reported higher average
realized prices compared to the trailing quarter. Harvey said he
was particularly pleased with the period-to-period improvement in
net income, given the strong first quarter results for 2005, when
net income increased 129 percent, period-to-period, before the
effects of an accounting change. "Increasing net income 65 percent
after a 129 percent increase in the two period-to-period
comparisons, shows the type of earnings power the company's assets
have." In addition, he noted that results were strong compared with
the previous quarter as well. "As was the case in the fourth
quarter last year, our mines ran well, with production for the
first quarter at the upper end of our expected range," Harvey
added. "Moreover, our long-term strategy to expand markets for our
high-Btu, Northern Appalachia bituminous coal in concert with the
completion of scrubber retrofits at numerous power generating units
in the Eastern United States continues to be validated in the
market." Period-To-Period Analysis of Financial Results for the
Quarter Total revenue and other income improved 20.7 percent,
primarily reflecting higher realized pricing for both the coal and
gas segments. During the quarter, the company received $21 million
of business interruption insurance proceeds related to the skip
hoist problem at the Buchanan Mine in September 2005. Total costs
increased 9.0 percent. Cost of goods sold (including Purchased Gas
Costs) increased 6.3 percent, primarily reflecting higher costs for
supplies, increased labor costs related to training of new
employees, as well as higher contract mining fees and royalties.
Depreciation, depletion and amortization increased 13.3 percent,
primarily reflecting various coal assets and other projects placed
in service after the 2005 period. Interest expense decreased $1.1
million, or 15.5 percent, reflecting higher capitalized interest
attributable to the increased number of capital projects being
funded from operating cash flow in 2006. Taxes other than income
increased 20.9 percent, primarily due to higher severance and other
taxes attributable to higher sales prices and higher volumes for
the coal and gas segments. As of March 31, 2006, CONSOL Energy had
no short-term debt and had $797 million in total liquidity, which
is comprised of $303 million of cash, an available accounts
receivable securitization facility of $124 million and $370 million
available to be borrowed under its $750 million bank facility. Coal
Operations Quarter Ended Quarter Ended March 31, 2006 March 31,
2005 Total Coal Sales (millions of tons) 18.2 17.8 Sales - Company
Produced (millions of tons) 17.8 17.4 Coal Production (millions of
tons) 18.2 18.2 Average Realized Price Per Ton - Company Produced
$39.80 $35.09 Operating Costs Per Ton $24.16 $21.55 Non-Operating
Charges Per Ton $ 4.23 $ 4.50 DD&A Per Ton $ 2.82 $ 2.51 Total
Cost Per Ton - Company Produced $31.21 $28.56 Operating Margins Per
Ton $15.64 $13.54 Financial Margins Per Ton $ 8.59 $ 6.53 Sales and
production includes CONSOL Energy's portion from equity affiliates
and acquisitions. Operating costs include items such as labor,
supplies, power, preparation costs, project accruals, subsidence
costs, gas well plugging costs, charges for employee benefits
(including Combined Fund premium), royalties, production and
property taxes. Non- operating charges include items such as
charges for long-term liabilities, direct administration, selling
and general administration. Amounts may not add due to rounding.
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. Coal segment performance improved in the
quarter-to-quarter comparison, driven by substantially higher
realized prices and higher sales, and was partially offset by
higher unit costs of production. Sales of company-produced coal
increased 0.4 million tons, period-to- period. Average realized
prices increased $4.71, or 13.4 percent, reflecting improved
contract and spot pricing for steam and metallurgical coal. Total
costs for company-produced coal increased $2.65 per ton, which was
in line with internal company expectations for the first quarter.
The company expects total costs to increase year-over-year
approximately two percent. Operating margins (average realized
price per ton less operating costs per ton) were $15.64 per ton, an
improvement of 15.5 percent period-to-period, while financial
margins (average realized price less total costs) were $8.59 per
ton, an increase of 31.6 percent period-to-period. Gas Operations
CNX Gas Corporation (NYSE:CXG), 81.5 percent of which is owned by
CONSOL Energy, reported net income to CONSOL Energy of $37.4
million for the quarter ended March 31, 2006. CNX Gas Corporation
issued its earnings release on April 26, 2006. Additional
information regarding CNX Gas Corporation financial and operating
results for the quarter are available in their release and can be
found in the investor section of their website:
http://www.cnxgas.com/ Developments During the Quarter In January,
the acquisition of Mon River Towing and J.A.R. Barge Lines, LP was
completed. The combined river and dock operations has 18 towboats
and more than 650 barges that are capable of transporting 24
million tons of coal annually. In February, CONSOL Energy announced
that it had entered into a multi-year, multi-million ton coal sales
agreement with Duke Power for delivery of high-Btu bituminous coal
to various coal-fired power stations in North Carolina beginning in
2007. The coal will be delivered by rail from several Northern West
Virginia and Southwestern Pennsylvania mines in the Pittsburgh 8
Seam to Duke Power plants that have completed the installation of
flue gas desulfurization equipment (scrubbers). Moody's Investors
Service upgraded CONSOL Energy's corporate family rating to Ba2
from Ba3 on March 30, 2006 recognizing the company's strong
operational and financial performance. In March, John T. Mills,
former Senior Vice President and Chief Financial Officer for
Marathon Oil Corporation, was elected to the CONSOL Energy Board of
Directors. Outlook In the tables below, the company provides
certain financial and production guidance measures. These measures
are based on the company's current estimates and are subject to
change based on changing circumstances and on risks associated with
the business that are described at the end of this news release.
The company is reiterating its previous production forecasts for
the years 2007, 2008 and 2009. GUIDANCE 2006 2007 2008 2009
Estimate Estimate Estimate Estimate COAL Tons Produced (millions of
tons) 69 - 72 67 - 71 68 - 72 74 - 78 Tons Committed (millions of
tons at Apr. 12, 2006) 67.4 50.4 37.2 28.6 Tons Committed and
Priced (millions of tons at Apr. 12, 2006) 67.1 44.5 24.8 9.3 Avg.
Realized Price/Ton Committed & Priced $38.83 $38.79 $41.05
$41.53 2006 Quarterly Production Guidance 1Q Actual 2Q Estimate 3Q
Estimate 4Q Estimate Coal (millions of tons) 18.2 16.9 - 17.9 16.6
- 17.6 17.4 - 18.4 Supply and demand conditions continue to be
favorable for the coal industry as power generators in the United
States continue to announce new coal-fueled electric generating
capacity projects. According to industry estimates, there are now
more than 90 gigawatts of new coal-fueled electric generating
capacity scheduled to come on line over the next several years,
equating to more than 225 million tons of new domestic coal demand.
In addition, there is a heightened commercial and governmental
interest in the coal-to-liquid process due to higher natural gas
and oil prices, geopolitical exposure to foreign energy sources and
increased worldwide energy demand. Using proven technology, coal
liquefaction plants convert raw coal to a liquid fuel while being
environmentally compatible with today's emissions requirements. The
United States government has appropriated several billion dollars
in loan guarantees for the construction of initial coal-to-liquid
facilities, which CONSOL Energy estimates to be 50 million to 70
million tons of additional domestic coal demand. The forward price
curves for Pittsburgh 8 Seam coal, from which about two-thirds of
CONSOL Energy's production is derived, are higher than current spot
market prices. Harvey added, "We believe the forward pricing curve
is indicative of how the marketplace for our high-Btu coal will
evolve. As scrubbers are installed and retrofitted, we believe that
the price of Northern Appalachia coal will converge with Central
Appalachia pricing." Harvey said he expects prices for 2007 coal
shipments that are yet to be priced will be at least 20% higher
than business already booked in 2006 or 2007. He also noted the
competitive advantage CONSOL Energy has on the Upper Ohio River
with the expansion of its river and dock operations in January.
Currently, more than 15 million tons of coal used by power plants
located on the Ohio River system is supplied from Central
Appalachia. "As scrubbers are installed on those plants, the
expansion of our river transportation operations will give us the
ability to expand our customer base for Northern Appalachia coal up
and down the Ohio River." Harvey contended that the coal sales
agreement with Duke Power announced in February was a further
validation of the company's strategy of expanding its markets for
Northern Appalachian coal as scrubber retrofits are completed.
"Because many of our Northern Appalachia mines are serviced by two
railroads, we have the flexibility to penetrate markets that
traditionally were not served in the past," he said. "In this
instance, Duke Power locked up a secure source of high-Btu coal
that fits neatly with the completion of their scrubber projects and
makes pure economical sense." He said the company has managed its
portfolio of contracts for Northern Appalachia to coincide with the
addition of scrubbed power plant capacity being added. "The total
number of scrubbed gigawatts that are scheduled to be operational
by 2010 continues to grow," Harvey explained. "We have seen
additional announcements for new capacity, acceleration of
completion dates for retrofits and the deceleration of a few
projects since we first started tracking this. Overall, growth in
scrubber capacity is proceeding as we expected, particularly in our
key market areas." During the first quarter, a decision was made to
idle production at the Shoemaker Mine near Moundsville, WV,
beginning in mid-April 2006. Previously, the company had announced
that the mine would produce coal until the fourth quarter of 2007
before production would be idled. Approximately 170 workers were
part of the workforce reduction out of a total of 319 employees.
The remaining employees will continue to work on the installation
of the new belt haulage system. "Shoemaker is at a near-term
competitive disadvantage because of its older rail haulage and its
high sulfur content," Harvey explained. "That will change once we
complete the upgrade of Shoemaker's haulage system and markets for
Shoemaker coal grow." Harvey said he expects markets for high
sulfur coal to improve starting in 2007 as power plant operators
complete planned scrubber installations on their existing plants.
Plants equipped with scrubbers can burn high sulfur coal and still
meet federal and state air quality standards. "Accelerating the
planned idling of the mine makes the best sense economically," he
concluded. "It allows us to focus our efforts on the upgrade of
haulage technology while eliminating from our mix, coal that
currently has a high cost of production." However, if market
pricing for Shoemaker coal improves sufficiently before the
scheduled completion of the haulage project in early 2009, the
company could resume production at the mine using the existing
haulage system while continuing to install the upgraded belt
haulage. Harvey concluded that strong cash generation allowed the
company to repurchase shares during the quarter. "We repurchased
1.2 million shares at an average price of $64.43 during the
quarter." For the two-year period from January 1, 2006 through
December 31, 2007, the company received authorization from its
Board of Directors to repurchase up to $300 million of the
company's outstanding common shares. CONSOL Energy Inc. has annual
revenues of $3.8 billion. The company was named one of America's
most admired companies in 2005 by Fortune magazine. 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/. 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 (000) Omitted Quarter Quarter Ended Ended
3/31/06 3/31/05 Net Income $124,446 $75,212 Add: Interest Expense
5,853 6,924 Less: Interest Income (3,596) (745) Add: Income Taxes
60,387 14,475 Earnings Before Interest & Taxes (EBIT) 187,090
95,866 Add: Depreciation, Depletion & Amortization 71,816
63,379 Earnings Before Interest, Taxes and DD&A (EBITDA)
$258,906 $159,245 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 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 us.
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: - the disruption of rail, barge and other
systems that deliver our coal, or pipeline systems which deliver
our gas; - our inability to hire qualified people to meet
replacement or expansion needs; - 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 cause our results to deteriorate; -
uncertainties in estimating our economically recoverable coal and
gas reserves; - risks in exploring for and producing gas; -
obtaining governmental permits and approvals for our operations; -
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; - an extended decline in prices we
receive for our coal and gas affecting our operating results and
cash flows; - a decrease in the production of our metallurgical
coal or a decrease in the price of metallurgical coal could impact
our profitability; - the inability to produce a sufficient amount
of coal to fulfill our customers' requirements which could result
in our customers initiating claims against us; - 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; - we
need to use unproven technologies to extract coalbed methane on
some of our properties; - location of a vast majority of our gas
producing properties in two counties in southwestern Virginia,
making us vulnerable to risks associated with having our gas
production concentrated in one area; - we do not insure against all
potential operating risks; - other persons could have ownership
rights in our advanced gas extraction techniques which could force
us to cease using those techniques or pay royalties; - reliance on
customers 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; - coal users switching to other fuels in
order to comply with various environmental standards related to
coal combustion; - the effects of government regulation; - the
effects of mine closing, reclamation and certain other liabilities;
- the coalbeds from which we produce methane gas frequently contain
water that may hamper production; - increased exposure to employee
related long-term liabilities; - our participation in
multi-employer pension plans may expose us to obligations beyond
the obligation to our employees; - lump sum payments made to
retiring salaried employees pursuant to our defined benefit pension
plan; - the outcome of various asbestos litigation cases; - our
ability to comply with laws or regulations requiring that we obtain
surety bonds for workers' compensation and other statutory
requirements; and - the anti-takeover effects of our rights plan
could prevent a change of control. CONSOL Energy undertakes no
obligation to update these statements unless otherwise required by
applicable law. CONSOL ENERGY INC. AND SUBSIDIARIES (Unaudited)
CONSOLIDATED STATEMENTS of INCOME (Dollars in thousands - except
per share data) Three Months Ended March 31, 2006 2005 Sales -
Outside $871,591 $730,588 Sales - Purchased Gas 35,768 31,719
Freight - Outside 37,079 30,124 Other Income 41,450 24,557 Total
Revenue and Other Income 985,888 816,988 Cost of Goods Sold and
Other Operating Charges (exclusive of depreciation, depletion and
amortization shown below) 549,550 518,977 Purchased Gas Costs
36,181 31,931 Freight Expense 37,079 30,124 Selling, General and
Administrative Expense 20,080 16,389 Depreciation, Depletion and
Amortization 71,816 63,379 Interest Expense 5,853 6,924 Taxes Other
Than Income 72,000 59,577 Total Costs 792,559 727,301 Earnings
Before Income Taxes and Minority Interest 193,329 89,687 Income
Taxes 60,387 14,475 Earnings Before Minority Interest 132,942
75,212 Minority Interest (8,496) - Net Income $124,446 $75,212
Basic Earnings Per Share $1.35 $0.83 Dilutive Earnings Per Share
$1.33 $0.82 Weighted Average Number of Common Shares Outstanding:
Basic 92,134,693 90,943,236 Dilutive 93,336,637 92,059,791
Dividends Paid Per Share $0.14 $0.14 CONSOL ENERGY INC. AND
SUBSIDIARIES (Unaudited) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Three Months Ended March 31, 2006 2005
Operating Activities: Net Income $124,446 $75,212 Adjustments to
Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization 71,816 63,379 Stock-based
Compensation 2,671 440 (Gain) on the Sale of Assets (914) (1,933)
Change in Minority Interest 8,496 - Amortization of Mineral Leases
1,322 2,518 Deferred Income Taxes (3,390) 708 Equity in Earnings of
Affiliates (106) (1,986) Changes in Operating Assets: Accounts
Receivable Securitization - (10,000) Accounts and Notes Receivable
(33,621) (57,478) Inventories (17,247) (22,575) Prepaid Expenses
(5,374) (7,061) Changes in Other Assets 4,647 3,851 Changes in
Operating Liabilities: Accounts Payable (19,329) (4,685) Other
Operating Liabilities 6,479 42,233 Changes in Other Liabilities
12,778 13,568 Other (198) (507) Net Cash Provided by Operating
Activities 152,476 95,684 Investing Activities: Capital
Expenditures (145,102) (56,869) Acquisition of Mon River Towing and
J.A.R. Barge Lines (24,750) - Additions to Mineral Leases (3,002)
(3,512) (Increase) in Restricted Cash - (15,000) Net Investment in
Equity Affiliates 225 (5,807) Proceeds from Sales of Assets 37,121
2,250 Net Cash Used in Investing Activities (135,508) (78,938)
Financing Activities: Payments on Miscellaneous Borrowings (151)
(47) Payments on Revolver - (1,700) Tax Benefit from Stock-Based
Compensation 31,220 - Dividends Paid (12,948) (12,689) Issuance of
Treasury Stock 3,049 12,527 Purchases of Treasury Stock (77,103) -
Stock Options Exercised 1,362 - Net Cash Used in Financing
Activities (54,571) (1,909) Net (Decrease) Increase in Cash and
Cash Equivalents (37,603) 14,837 Cash and Cash Equivalents at
Beginning of Period 340,640 6,422 Cash and Cash Equivalents at End
of Period $303,037 $21,259 CONSOL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Dollars in thousands - except per
share data) (Unaudited) MARCH 31, DECEMBER 31, 2006 2005 ASSETS
Current Assets: Cash and Cash Equivalents $303,037 $340,640
Accounts and Notes Receivable: Trade 312,841 276,277 Other
Receivables 22,947 23,340 Inventories 159,127 140,976 Deferred
Income Taxes 143,845 152,730 Prepaid Expenses 69,236 64,537 Total
Current Assets 1,011,033 998,500 Property, Plant and Equipment:
Property, Plant and Equipment 7,274,054 7,096,660 Less -
Accumulated Depreciation, Depletion and Amortization 3,629,359
3,561,897 Total Property, Plant and Equipment - Net 3,644,695
3,534,763 Other Assets: Deferred Income Taxes 358,025 367,228
Investment in Affiliates 52,142 52,261 Other 130,707 134,900 Total
Other Assets 540,874 554,389 TOTAL ASSETS $5,196,602 $5,087,652
CONSOL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Dollars in thousands - except per share data) (Unaudited) MARCH
31, DECEMBER 31, 2006 2005 LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Accounts Payable $179,364 $197,375 Current
Portion of Long-Term Debt 11,567 4,629 Accrued Income Taxes 35,023
17,557 Other Accrued Liabilities 547,756 584,361 Total Current
Liabilities 773,710 803,922 Long-Term Debt: Long-Term Debt 432,621
438,367 Capital Lease Obligations 37,018 - Total Long-Term Debt
469,639 438,367 Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions 1,595,656 1,592,907
Pneumoconiosis Benefits 407,377 411,022 Mine Closing 362,889
356,776 Workers' Compensation 136,297 134,759 Deferred Revenue
23,023 27,343 Salary Retirement 41,513 33,703 Reclamation 31,400
32,183 Other 133,772 137,870 Total Deferred Credits and Other
Liabilities 2,731,927 2,726,563 Minority Interest 108,361 93,444
Total Liabilities and Minority Interest 4,083,637 4,062,296
Stockholders' Equity: Common Stock, $.01 par value; 500,000,000
Shares Authorized, 92,562,995 Issued and 91,468,338 Outstanding at
March 31, 2006; 92,525,412 Issued and Outstanding at December 31,
2005 926 925 Preferred Stock, 15,000,000 Shares Authorized; None
Issued and Outstanding - - Capital in Excess of Par Value 906,536
884,241 Retained Earnings 363,607 252,109 Other Comprehensive Loss
(87,784) (105,162) Unearned Compensation on Restricted Stock Units
- (6,757) Common Stock in Treasury, at Cost - 1,094,657 Shares at
March 31, 2006 and 0 Shares at December 31, 2005 (70,320) - Total
Stockholders' Equity 1,112,965 1,025,356 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $5,196,602 $5,087,652 CONSOL ENERGY INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Dollars in Thousands - except per share data) Other Compre-
Capital in Retained hensive Common Excess of Earnings Income Stock
Par Value (Deficit) (Loss) Balance - December 31, 2005 $925
$884,241 $252,109 $(105,162) (Unaudited) Net Income - - 124,446 -
Treasury Rate Lock (Net of $13 tax) - - - (20) Minority Interest in
Other Comprehensive Income and Stock-based Compensation of Gas -
(1,996) - (3,954) Gas Cash Flow Hedge (Net of ($13,669) tax) - - -
21,352 Comprehensive Income (Loss) - (1,996) 124,446 17,378
Issuance of Treasury Stock - (3,734) - - Purchases of Treasury
Stock - - - - Stock Options Exercised 1 1,361 - - Tax Benefit from
Stock-Based Compensation - 31,220 - - Amortization of Stock-Based
Compensation Awards - 2,201 - - Elimination of Unearned
Compensation on Restricted Stock Units - (6,757) - - Dividends
($.14 per share) - - (12,948) - Balance - March 31, 2006 $926
$906,536 $363,607 $(87,784) CONSOL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Dollars in
Thousands - except per share data) Unearned Compen- Total sation on
Stock- Restricted Treasury holders' Stock Units Stock Equity
Balance - December 31, 2005 $(6,757) $- $1,025,356 (Unaudited) Net
Income - - 124,446 Treasury Rate Lock (Net of $13 tax) - - (20)
Minority Interest in Other Comprehensive Income and Stock-based
Compensation of Gas - - (5,950) Gas Cash Flow Hedge (Net of
($13,669) tax) - - 21,352 Comprehensive Income (Loss) - - 139,828
Issuance of Treasury Stock - 6,783 3,049 Purchases of Treasury
Stock - (77,103) (77,103) Stock Options Exercised - - 1,362 Tax
Benefit from Stock-Based Compensation - - 31,220 Amortization of
Stock-Based Compensation Awards - - 2,201 Elimination of Unearned
Compensation on Restricted Stock Units 6,757 - - Dividends ($.14
per share) - - (12,948) Balance - March 31, 2006 $- $(70,320)
$1,112,965 SPECIAL INCOME STATEMENT March 2006 QTR In Millions
Three Months Ended March 31, 2006 COAL Total Total Produced Other
Total Gas Other TOTAL Sales $698 $23 $721 $140 $47 $908 Freight
Revenue 37 - 37 - - 37 Other Income - 29 29 9 3 41 Total Revenue
and Other Income 735 52 787 149 50 986 Cost of Goods Sold 427 54
481 59 47 587 Freight Expense 37 - 37 - - 37 Selling, General &
Admin. 14 - 14 3 3 20 DD&A 54 5 59 9 4 72 Interest Expense - -
- - 6 6 Taxes Other Than Income 44 21 65 4 3 72 Total Cost 576 80
656 75 63 794 Earnings Before Income Taxes $159 $(28) $131 $74
$(13) 192 Income Tax (60) Earnings Before Minority Interest 132
Minority Interest (8) Net Income $124 PRODUCTION REPORT COAL 1st
Quarter 1st Quarter (Millions of Tons) 2006 Actual 2005 Actual
Northern Appalachia 14.2 14.8 Central Appalachia 3.7 3.1 Other
Areas 0.3 0.3 Total 18.2 18.2 CONSOL Energy Inc. Financial and
Operating Statistics Quarter Ended March 31, 2006 2005 AS REPORTED
FINANCIALS: Revenue ($ MM) $985.888 $816.988 EBIT ($MM) $187.090
$95.866 EBITDA ($ MM) $258.906 $159.245 Net Income / (Loss) ($ MM)
$124.446 $75.212 EPS(diluted) $1.33 $0.82 Average shares
outstanding - Dilutive 93,336,637 92,059,791 CAPEX ($ MM) $169.852
$56.869 COAL OPERATIONAL: # Mining Complexes (end of period) 22 21
# Complexes Producing (end of period) 17 17 Sales (MM
tons)-Produced only 17.755 17.400 Average sales price * ($/ton)
$39.80 $35.09 Production income ($/ton) $8.59 $6.53 Production (MM
tons)-Produced only 18.222 18.197 Produced Tons Ending inventory
(MM tons)** 2.092 2.280 * note: average sales price of tons
produced ** note: includes equity companies DATASOURCE: CONSOL
Energy Inc. CONTACT: Thomas F. Hoffman of CONSOL Energy Inc.,
+1-412-831-4060 Web site: http://www.consolenergy.com/
http://www.cnxgas.com/
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