CANONSBURG, Pa., Nov. 5, 2024 /PRNewswire/ — Nowadays, CONSOL Power Inc. (NYSE: CEIX) reported monetary and working effects for the duration ended September 30, 2024.

3rd Quarter 2024 Highlights Come with:

• GAAP web source of revenue of $95.6 million and GAAP dilutive profits according to percentage of $3.22;
• Quarterly adjusted EBITDA¹ of $179.2 million;
• Internet coins supplied by means of working actions of $161.3 million;
• Quarterly distant coins stream¹ of $121.8 million;
• General income and alternative source of revenue of $574.9 million;
• Introduced dividend of $0.25/percentage, payable on November 26, 2024;
• Pennsylvania Mining Complicated (PAMC) produced 7.2 million lots;
• CONSOL Marine Terminal (CMT) shipped 4.7 million lots; and
• Merger with Arch Sources continues to advance as anticipated with endmost expected by means of the tip of 1Q25.

Control Feedback

“During the third quarter of 2024, the CONSOL team achieved robust financial and operational results, despite a longwall move at the PAMC and an annual planned maintenance shutdown,” stated Jimmy Brock, Chairman and Important Govt Officer of CONSOL Power Inc. “With the CONSOL Marine Terminal rebounding from the impact of the Francis Scott Key Bridge collapse, which occurred on March 26, 2024, and affected much of the second quarter, the PAMC team delivered a strong production quarter in 3Q24, mining 7.2 million tons, which was a third quarter record for the complex. As a result, we finished the quarter with approximately $179 million of adjusted EBITDA¹ and $122 million of free cash flow¹, and we increased our cash and cash equivalents by $116 million since June 30, 2024. The merger with Arch Resources continues to move forward and progress as expected, with closing still anticipated to occur by the end of the first quarter of 2025. Consistent with the capital return framework outlined in the merger agreement, we announced a $0.25 per share dividend, which will be payable on November 26, 2024.”

“On the safety front, the Bailey Preparation Plant and Itmann Preparation Plant each had ZERO employee recordable incidents in the third quarter of 2024, and our year-to-date employee total recordable incident rate across our coal mining segment remained well below the national average for underground bituminous coal mines.”

Pennsylvania Mining Complicated Overview

We bought 6.8 million lots of PAMC coal all the way through the 1/3 quarter of 2024, producing coal income of $439.7 million for the PAMC area at a median coal income according to ton bought of $64.28. This compares to six.1 million lots bought, producing coal income of $431.1 million and a median coal income according to ton bought of $70.34 within the year-ago duration. The coal income development used to be pushed by means of a vital build up in manufacturing lots in comparison to the prior 12 months duration regardless of the abate in gross sales value. With the transient relax of operations at our CMT because of the Francis Scott Key (FSK) Bridge fall down at the back of us, the PAMC crew labored brittle all the way through the quarter to satisfy marketplace call for, which partly offset one of the most manufacturing have an effect on all the way through 2Q24.

Throughout the 1/3 quarter of 2024, we produced 7.2 million lots on the PAMC, which used to be noteceable making an allowance for that we had a deliberate longwall progress and summer season upkeep shutdown within the quarter. This compares to six.1 million lots within the year-ago duration. Reasonable coins value of coal bought according to ton¹ on the PAMC for the 1/3 quarter of 2024 used to be $35.85, in comparison to $38.36 within the year-ago quarter. The scale down used to be because of the numerous development in gross sales lots in comparison to the prior 12 months duration.

At the advertising and marketing entrance, API2 and Henry Hub herbal fuel spot costs each and every noticed very little upticks within the 1/3 quarter in comparison to the second one quarter of 2024. Within the export marketplace, API2 spot costs within the 1/3 quarter greater roughly 3% when in comparison to the second one quarter of 2024. Locally, moderate Henry Hub herbal fuel spot costs have been up roughly 2% quarter over quarter. On the other hand, PJM West moment forward energy costs greater greater than 20% over the similar duration. Power Ventures Research estimates that Northern Appalachian coal burn greater by means of roughly 30% within the 1/3 quarter of 2024 when in comparison to 2Q24. The world over, Europe has returned to the marketplace and is securing cargos forward of iciness. Moreover, call for for our crossover metallurgical product has been tough this 12 months, in particular in China. The PAMC is alike absolutely reduced in size in 2024 in keeping with the midpoint of our 2024 steerage, and now we have roughly 18 million lots reduced in size for 2025.

CONSOL Marine Terminal Overview

Throughout the 1/3 quarter of 2024, throughput quantity on the CMT used to be 4.7 million lots, in comparison to 4.3 million lots within the year-ago duration. Terminal revenues and CMT general prices and bills have been $23.7 million and $11.6 million, respectively, in comparison to $22.7 million and $11.7 million, respectively, all the way through the year-ago duration. CMT working coins prices¹ have been $6.9 million within the 1/3 quarter of 2024, in comparison to $7.5 million within the prior 12 months duration. CMT web source of revenue and CMT adjusted EBITDA¹ have been $13.0 million and $15.9 million, respectively, within the 1/3 quarter of 2024, in comparison to $12.1 million and $14.9 million, respectively, within the year-ago duration.

Itmann Mining Complicated Replace

Throughout the 1/3 quarter of 2024, the Itmann Mining Complicated (IMC) bought 152 thousand lots of Itmann Mine and third-party coal, in comparison to 164 thousand lots in the second one quarter. The impairment used to be because of lingering provide chain problems and antagonistic geological statuses which restricted our manufacturing. At the provide chain entrance, we proceed to trade in with abnormally lengthy supremacy instances on each pristine and rebuilt division apparatus. Throughout the 1/3 quarter of 2024, the Itmann Mine persevered to perform two of its 3 steady miner categories as tremendous categories month we wait on a couple of steady miner deliveries. Regardless of being restricted within the selection of categories shall we run, long-term mains building improved in 3Q24, and towards the tip of the quarter, the Itmann Mine started retreat mining, which we predict will fortify each our potency and productiveness. Moreover, a deep shorten plan has been authorized by means of the Mine Protection and Fitness Management (MSHA) for the 1 North division of the mine, and we’re running with MSHA to procure kindness for any other mining division, which can fortify the full potency of the mine. A couple of steady miners are anticipated to be delivered prior to year-end 2024, which must fortify our manufacturing capability.

Legal responsibility Control Replace

In early October, CONSOL and the Pennsylvania Section of Environmental Coverage (PADEP) finalized commitments to mode a World Aqua Remedy Consider Charity (WTTF). The charity will serve an spare monetary contract mechanism for 22 of our legacy aqua remedy amenities within the environment of Pennsylvania, and those 22 websites constitute all of the footprint of our legacy, perpetual aqua remedy liabilities positioned within the environment. The WTTF establishes a long-term mechanism to charity a good portion of our perpetual aqua remedy duties over date and, as such, will shed our publicity to surety bonds and their collateral necessities. CEIX has correct to a minimal $2 million annual contribution into the charity, month booking the strategy to boost up investment at any date and with out a cap at the quantity.

Insurance coverage Declare Replace

All over the 1/3 quarter of 2024, we labored with our insurance coverage adjusters to calculate a possible trade interruption declare linked to the Francis Scott Key Bridge fall down in Baltimore, which affected operations at our CONSOL Marine Terminal. As of mid-October, we submitted a proper declare, and we are hoping to succeed in a last agreement by means of the tip of 2024.

Merger Replace

The CONSOL and Arch groups have persevered the frenzy towards reaching a well timed endmost and clean transition to Core Herbal Sources. At the regulatory kindness entrance, now we have bought ultimate clearance of the proposed merger from Brazil, Poland and China. Moreover, the ready duration underneath the Hart-Scott-Rodino Operate when it comes to the proposed merger expired on October 11, which is among the endmost statuses of the proposed merger.

Shareholder Returns Replace

In step with the capital go back framework defined within the merger assurance for CEIX month the merger is in pending situation, the board of administrators has approved a dividend of $0.25/percentage. The cost will quantity to an combination of roughly $7.3 million, payable on November 26, 2024 to all shareholders of report as of November 15, 2024.

2024 Steerage and Outlook

According to our flow reduced in size place, estimated costs, manufacturing plans, and the impact of the FSK Bridge fall down, we’re offering please see monetary and working efficiency steerage for complete fiscal 12 months 2024:

• PAMC coal gross sales quantity of 25.0-26.0 million lots
• PAMC moderate coal income according to ton bought expectation of $64.50–$66.00
• PAMC moderate coins value of coal bought according to ton² expectation of $37.50–$38.50
• IMC coal gross sales quantity of 600-800 thousand lots
• General capital expenditures of $165–$190 million

3rd Quarter Income Convention Name

A convention name and webcast, all the way through which control will speak about the 1/3 quarter 2024 monetary and operational effects, is scheduled for November 5, 2024 at 10:00 AM japanese date. Ready remarks by means of participants of control will probably be adopted by means of a question-and-answer consultation. events might pay attention by way of webcast at the “Events and Presentations” web page of our website online, www.consolenergy.com. An archive of the webcast will probably be to be had for 30 days nearest the development.

Player dial in (toll distant) 1-800-836-8184
Player global dial in 1-646-357-8785

Availability of Spare Data

Please the following our website online, www.consolenergy.com, for backup knowledge in regards to the corporate. As well as, we might serve alternative details about the corporate from date to date on our website online.

We can additionally document our Mode 10-Q with the Securities and Trade Fee (SEC) reporting our effects for the duration ended September 30, 2024 on November 5, 2024. Buyers in the hunt for our vivid monetary statements can the following the Mode 10-Q as soon as it’s been filed with the SEC.

Footnotes:

1 “Adjusted EBITDA”, “Free Cash Flow”, “CMT Adjusted EBITDA”, “CMT Operating Cash Costs”, and “Total Cash Cost of Coal Sold” are non-GAAP monetary measures and “Average Cash Cost of Coal Sold per Ton” and “Average Cash Margin per Ton Sold” are working ratios derived from non-GAAP monetary measures, each and every of which might be reconciled to essentially the most without delay similar GAAP monetary measures underneath, underneath the caption “Reconciliation of Non-GAAP Financial Measures”.

2 CEIX is not able to serve a reconciliation of PAMC Reasonable Money Price of Coal Bought according to Ton steerage, which is an working ratio derived from non-GAAP monetary measures, because of the unknown impact, timing and doable importance of positive source of revenue commentary pieces.

About CONSOL Power Inc.

CONSOL Power Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based manufacturer and exporter of high-Btu bituminous thermal coal and metallurgical coal. It owns and operates one of the most maximum fertile longwall mining operations within the Northern Appalachian Basin. CONSOL’s flagship operation is the Pennsylvania Mining Complicated, which revolutionary action to create roughly 28.5 million lots of coal according to 12 months and is constituted of 3 large-scale underground mines: Bailey Mine, Enlow Fork Mine, and Harvey Mine. CONSOL lately evolved the Itmann Mine within the Central Appalachian Basin, which revolutionary action when absolutely operational to create kind of 900 thousand lots according to annum of top rate, low-vol metallurgical coking coal. The corporate additionally owns and operates the CONSOL Marine Terminal, which is positioned within the port of Baltimore and has a throughput capability of roughly 20 million lots according to 12 months. Along with the ~584 million secure lots related to the Pennsylvania Mining Complicated and the ~28 million secure lots related to the Itmann Mining Complicated, the corporate controls roughly 1.3 billion lots of greenfield thermal and metallurgical coal reserves and sources positioned within the primary coal-producing basins of the japanese United States. Spare knowledge referring to CONSOL Power could also be discovered at www.consolenergy.com.

Contacts:

Investor:
Nathan Tucker, (724) 416-8336
[email protected]

Media:
Erica Fisher, (724) 416-8292
[email protected]

Condensed Consolidated Statements of Money Flows

Please see desk items the condensed consolidated statements of money flows for the 3 months ended September 30, 2024 and 2023 (in hundreds):

Reconciliation of Non-GAAP Monetary Measures

We review our value of coal bought and coins value of coal bought on an combination foundation by means of area, and our moderate coins value of coal bought according to ton on a per-ton foundation. Price of coal bought comprises pieces similar to direct working prices, royalty and manufacturing taxes, direct management prices, and depreciation, depletion and amortization prices on manufacturing belongings. Price of coal bought excludes any oblique prices and alternative prices indirectly due to the manufacturing of coal. The money value of coal bought comprises value of coal bought much less depreciation, depletion and amortization prices on manufacturing belongings. We outline moderate coins value of coal bought according to ton as coins value of coal bought divided by means of lots bought. The GAAP measure maximum without delay similar to price of coal bought, coins value of coal bought and moderate coins value of coal bought according to ton is working and alternative prices.

Please see desk items a reconciliation for the PAMC area of money value of coal bought, value of coal bought and moderate coins value of coal bought according to ton to working and alternative prices, essentially the most without delay similar GAAP monetary measure, on a historic foundation, for each and every of the sessions indicated (in hundreds, aside from according to ton knowledge).

We review our moderate coins margin according to ton bought on a per-ton foundation. We outline moderate coins margin according to ton bought as moderate coal income according to ton bought, web of moderate coins value of coal bought according to ton. The GAAP measure maximum without delay similar to moderate coins margin according to ton bought is general coal income.

Please see desk items a reconciliation for the PAMC area of moderate coins margin according to ton bought to general coal income, essentially the most without delay similar GAAP monetary measure, on a historic foundation, for each and every of the sessions indicated (in hundreds, aside from according to ton knowledge).

We outline CMT working prices as working and alternative prices linked to throughput lots. CMT working prices exclude any oblique prices and alternative prices indirectly due to throughput lots. CMT working coins prices come with CMT working prices, much less depreciation, depletion and amortization prices on throughput belongings. The GAAP measure maximum without delay similar to CMT working prices and CMT working coins prices is working and alternative prices.

Please see desk items a reconciliation of CMT working prices and CMT working coins prices to working and alternative prices, essentially the most without delay similar GAAP monetary measure, on a historic foundation, for each and every of the sessions indicated (in hundreds).

We outline adjusted EBITDA as (i) web source of revenue (loss) plus source of revenue taxes, passion expense and depreciation, depletion and amortization, as adjusted for (ii) positive non-cash pieces, similar to stock-based repayment and loss on debt extinguishment and (iii) positive one-time transactions, similar to merger-related bills. The GAAP measure maximum without delay similar to adjusted EBITDA is web source of revenue (loss).

Please see tables provide a reconciliation of adjusted EBITDA to web source of revenue (loss), essentially the most without delay similar GAAP monetary measure, on a historic foundation, for each and every of the sessions indicated (in hundreds).

Isolated coins stream is a non-GAAP monetary measure, outlined as web coins supplied by means of working actions plus proceeds from gross sales of belongings much less capital expenditures and investments in mining-related actions. Control believes that this measure is significant to traders as a result of control critiques coins flows generated from operations and non-core asset gross sales nearest bearing in mind capital expenditures because of the truth that those expenditures are thought to be essential to conserve and enlarge CONSOL’s asset bottom and are anticipated to generate occasion coins flows from operations. It’s impressive to notice that distant coins stream does now not constitute the residual coins stream to be had for discretionary expenditures since alternative non-discretionary expenditures, similar to obligatory debt carrier necessities, don’t seem to be deducted from the measure. Please see desk items a reconciliation of distant coins stream to web coins supplied by means of operations, essentially the most without delay similar GAAP monetary measure, on a historic foundation, for each and every of the sessions indicated (in hundreds).

Cautionary Remark Relating to Ahead-Taking a look Data

Sure statements on this press drop are “forward-looking statements” inside the that means of the federal securities regulations. Aside from historic issues, the issues mentioned on this press drop are forward-looking statements (as outlined in Division 21E of the Securities Trade Operate of 1934, as amended) that contain dangers and uncertainties that might reason latest effects to range materially from effects projected in or implied by means of such forward-looking statements. Accordingly, traders must now not park undue reliance on forward-looking statements as a prediction of latest effects. The forward-looking statements might come with the anticipated timing and probability finishing touch of the proposed merger with Arch Sources, and projections and estimates regarding the timing and luck of particular tasks and our occasion manufacturing, revenues, source of revenue and capital spending. Once we importance the phrases “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “target,” “will,” “would,” or their negatives, or alternative alike expressions, the statements which come with the ones phrases are normally forward-looking statements. Once we describe our expectancies with admire to the Itmann Mine or any alternative technique that comes to dangers or uncertainties, we’re making forward-looking statements. We’ve got founded those forward-looking statements on our flow expectancies and guesses about occasion occasions. Generation our control considers those expectancies and guesses to be affordable, they’re inherently topic to important trade, financial, aggressive, regulatory and alternative dangers, contingencies and uncertainties, maximum of which might be tough to are expecting and plenty of of which might be past our keep watch over. Explicit dangers, contingencies and uncertainties are mentioned in additional attribute in our filings with the Securities and Trade Fee. The forward-looking statements on this press drop discuss most effective as of the moment of this press drop and CEIX disclaims any purpose or legal responsibility to replace publicly any forward-looking statements, whether or not in accordance with pristine knowledge, occasion occasions, or another way, aside from as required by means of acceptable legislation.

SOURCE CONSOL Power Inc.

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