- Published: 23 April 2009
- Written by Editor
CONSOL Energy Reports Net Income of $195.8 million
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: 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
======== ========== ======== ==========
