CONSOL Energy Inc. Files Q3 2024 10-Q

TL;DR

CONSOL Energy's Q3 2024 10-Q is in, showing revenue details for coal, terminals, and freight.

AI Summary

CONSOL Energy Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its coal, terminal, and freight revenue segments for the third quarter and the first nine months of 2024, compared to the same periods in 2023. Specific revenue figures for these segments are provided, reflecting the company's operational and financial activities during these reporting periods.

Why It Matters

This filing provides investors and analysts with the latest financial data for CONSOL Energy, crucial for understanding the company's performance in the coal and energy transportation sectors.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial performance)
• Nine Months 2024 — Reporting Period (Year-to-date financial performance)

Key Players & Entities

• CONSOL Energy Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-05 (date) — Filing date of the report
• 2024-01-01 (date) — Start of the year-to-date reporting period
• 2023-01-01 (date) — Start of the prior year's year-to-date reporting period

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CEIX New York Stock Exchange

Filing Documents

• ceix-20240930.htm (10-Q) — 1848KB
• exhibit311-q32024.htm (EX-31.1) — 9KB
• exhibit312-q32024.htm (EX-31.2) — 9KB
• exhibit321-q32024.htm (EX-32.1) — 4KB
• exhibit322-q32024.htm (EX-32.2) — 4KB
• exhibit95-q32024.htm (EX-95) — 133KB
• 0001710366-24-000031.txt ( ) — 8916KB
• ceix-20240930.xsd (EX-101.SCH) — 54KB
• ceix-20240930_cal.xml (EX-101.CAL) — 79KB
• ceix-20240930_def.xml (EX-101.DEF) — 248KB
• ceix-20240930_lab.xml (EX-101.LAB) — 641KB
• ceix-20240930_pre.xml (EX-101.PRE) — 443KB
• ceix-20240930_htm.xml (XML) — 1467KB

Financial Information

Part I. Financial Information Page Item 1. Unaudited Financial Statements Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Balance Sheets at September 30, 2024 and December 31, 202 3 6 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 55 Item 6. Exhibits 56

Signatures

Signatures 57 2 Table of Contents IMPORTANT DEFINITIONS REFERENCED IN THIS QUARTERLY REPORT "CONSOL Energy," "we," "our," "us," "our Company" and "the Company" refer to CONSOL Energy Inc. and its subsidiaries; "Btu" means one British thermal unit; "CONSOL Marine Terminal" refers to the Company's terminal operations located at the Port of Baltimore, Maryland; "former parent" refers to CNX Resources Corporation and its consolidated subsidiaries; "Greenfield Reserves and Resources" means those undeveloped reserves and resources owned by the Company in the Northern Appalachian, Central Appalachian and Illinois basins that are not associated with the Pennsylvania Mining Complex or the Itmann Mining Complex; "Itmann Mining Complex" refers to the Company's Itmann No. 5 metallurgical coal mine and coal preparation plant located in Wyoming County, West Virginia, and surrounding reserves to be processed and sold through the Itmann Mining Complex coal preparation plant; and "Pennsylvania Mining Complex" or "PAMC" refers to the Bailey, Enlow Fork and Harvey coal mines, the Central Preparation Plant, and related coal reserves, assets and operations located in southwestern Pennsylvania and northern West Virginia. 3 Table of Contents

: FINANCIAL INFORMATION

PART I : FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONSOL ENERGY INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, Revenue and Other Income: 2024 2023 2024 2023 Coal Revenue $ 462,489 $ 449,618 $ 1,319,738 $ 1,574,096 Terminal Revenue 23,740 22,676 60,288 80,755 Freight Revenue 63,406 68,372 198,888 217,435 Miscellaneous Other Income 25,044 27,852 55,146 40,070 Gain on Sale of Assets 176 1,346 6,960 7,082 Total Revenue and Other Income 574,855 569,864 1,641,020 1,919,438 Costs and Expenses: Operating and Other Costs 304,134 276,323 885,234 813,546 Depreciation, Depletion and Amortization 53,329 58,792 165,173 182,871 Freight Expense 63,406 68,372 198,888 217,435 General and Administrative Costs 36,151 37,313 77,669 79,758 Loss on Debt Extinguishment — 662 — 2,725 Interest Expense 4,664 6,645 15,063 24,079 Total Costs and Expenses 461,684 448,107 1,342,027 1,320,414 Earnings Before Income Tax 113,171 121,757 298,993 599,024 Income Tax Expense 17,539 21,032 43,409 100,199 Net Income $ 95,632 $ 100,725 $ 255,584 $ 498,825 Earnings per Share: Total Basic Earnings per Share $ 3.23 $ 3.15 $ 8.60 $ 14.97 Total Dilutive Earnings per Share $ 3.22 $ 3.11 $ 8.57 $ 14.75 Dividends Declared per Common Share $ 0.25 $ — $ 0.25 $ 2.20 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents CONSOL ENERGY INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income $ 95,632 $ 100,725 $ 255,584 $ 498,825 Other Comprehensive Income (Loss): Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($ 111 ), $ 274 , ($ 332 ), $ 822 ) 385 ( 901 ) 1,155 ( 2,702 ) Unrealized Gain (Loss) on Investments in Available-for-Sale Securities (Net of tax: ($ 69 ), $ 2 , ($ 28 ),

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Dollars in thousands, except share and per share data) NOTE 1— BASIS OF PRESENTATION: Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2023 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023. All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for share and per share amounts, and unless otherwise indicated. Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740). The amendments in this update address investor requests for more transparency about income tax information through

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View this 10-Q filing on SEC EDGAR