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September 06, 2008


Consol Energy Q2 earnings up by 37.8% YoY

It is reported that Coal miner Consol Energy Inc second quarter earnings rose due to higher coal prices and the sale of some Appalachian assets. Its net earnings in the quarter rose to USD 153 million up by 37.8% YoY as against USD 111 million for the year ago quarter and revenues rose to USD 1.06 billion from USD 932 million.

Consol Energy Inc total coal sales in Q2 of 2007 fell to 17.1 million tonnes from 17.5 million tonnes in Q2 of 2006, but the average realized price from coal produced by the company climbed to USD 41.64 per tonnes from USD 38.33 in Q2 of 2006. That helped increase the operating margin per tonnes to USD 16.18 in Q2 of 2007 from USD 15.21 in Q2 of 2006.

Consol sold some Northern Appalachian coal assets to CNS Gas for USD 45 million in June 2007 and a future payment estimated currently at USD 6.5 million.