CNX » Topics » Coal Operations

This excerpt taken from the CNX 8-K filed Jan 29, 2009.

Coal Operations

 

     Quarter
Ended

Dec. 31, 2008
    Quarter
Ended

Dec. 31, 2007
    Twelve Months
Ended

Dec. 31, 2008
   Twelve Months
Ended

Dec. 31, 2007

Total Coal Sales (millions of tons)

     17.3       16.0       66.2      65.5

Sales – Company Produced (millions of tons)

     16.9       15.9       64.6      64.9

Coal Production (millions of tons)

     17.5 *     15.8 *     65.1      64.6

Average Realized Price Per Ton – Company Produced

   $ 51.88     $ 40.66     $ 48.77    $ 40.60

Operating Costs Per Ton

   $ 30.01     $ 26.34     $ 31.36    $ 25.49

Non-Operating Charges Per Ton

   $ 5.37     $ 4.79     $ 5.53    $ 4.68

DD&A Per Ton

   $ 4.16     $ 3.99     $ 4.19    $ 3.52

Total Cost Per Ton – Company Produced

   $ 39.54     $ 35.12     $ 41.08    $ 33.69

Operating Margins Per Ton

   $ 21.87     $ 14.32     $ 17.41    $ 15.11

Financial Margins Per Ton**

   $ 12.35     $ 5.54     $ 7.69    $ 6.91

 

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 1.5 and 0.1 million tons of metallurgical grade coal for the quarters ended December 31, 2008 and 2007 respectively.
** May not add due to rounding.

Coal segment operating and financial margins increased for the quarter-to-quarter comparison due to higher realized prices per ton in the quarter just ended.

“Coal operations ended the year on a strong note,” Harvey said. “Coupled with the strength in coal prices, coal operations delivered record margins for the quarter.”

Sales of company-produced coal were up for the quarter-to-quarter comparison due to higher production attributable to Buchanan Mine operating in the fourth quarter of 2008.

Average realized price was up $11.22 per ton, or 27.6 percent in the period-to-period comparison, primarily reflecting a general increase in market prices compared with last year.

Production, period-to-period, was up 10.8 percent, or 1.7 million tons, and was primarily attributable to fourth quarter production in 2008 from Buchanan Mine.

In the period-to-period comparison, total costs were up $4.42 per ton, or 12.6 percent. Operating costs for company-produced coal in the period-to-period comparison increased $3.67 per ton, or 13.9 percent, primarily due to higher maintenance and supply costs, and higher labor costs.

Maintenance and supply costs represented more than half of the total increase in operating costs period-to-period. Higher costs reflect: increased sealing of mined-out areas of underground mines, including the use of more costly and higher strength seals required by new safety regulations; use of more roof control supplies due to mining conditions, due to increases in the amount of areas being developed, as well as the use of

 

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a new, non-combustible, temporary roof support that is more expensive than conventional wood roof supports.

Operating margins were up $7.55 per ton, an increase of 52.7 percent period-to-period, due to higher realized pricing per ton in the quarter just ended. Financial margins were up $6.81 per ton, an increase of 122.9 percent period-to-period, also due to higher realized pricing.

This excerpt taken from the CNX 8-K filed Apr 24, 2008.

Coal Operations

 

      Quarter Ended
March 31, 2008
    Quarter Ended
March 31, 2007
Total Coal Sales (millions of tons)      16.0       17.1
Sales – Company Produced (millions of tons)      15.7       17.0
Coal Production (millions of tons)      16.2 *     17.8
Average Realized Price Per Ton – Company Produced    $ 43.57     $ 39.84
Operating Costs Per Ton    $ 28.32     $ 22.61
Non-Operating Charges Per Ton    $ 5.16     $ 4.42
DD&A Per Ton    $ 3.91     $ 3.02
Total Cost Per Ton – Company Produced    $ 37.39     $ 30.05
Operating Margins Per Ton    $ 15.25     $ 17.23
Financial Margins Per Ton    $ 6.18     $ 9.79

Sales and production includes 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 premium), royalties, 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 0.3 million tons of metallurgical grade coal.

Coal segment operating and financial margins declined for the quarter-to-quarter comparison, primarily due to lower production at Buchanan Mine, and lower production at several mines in Northern Appalachia. The Northern Appalachian mines were affected primarily by delays in resumption of longwall production following equipment moves, because preparation of a new area to be mined was not complete. The lower production volumes were partially offset by production from the AMVEST mines acquired in July 2007 and by an increase in average sales price.

Sales of company-produced coal decreased 1.3 million tons versus last year’s first quarter but were up 0.3 million tons from the fourth quarter of 2007.

Average realized prices were up 9.4 percent for the period-to-period comparison, despite the loss in sales from the Buchanan Mine, reflecting an increase in market prices primarily due to increased demand for the company’s steam coal, and to a lesser extent, the sales of some Northern Appalachian steam coal into the metallurgical markets.

 

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Total costs for company-produced coal increased $7.34 per ton, period-to-period, primarily due to the impact on fixed unit costs from lower production volumes. Unit costs also have increased due to higher labor costs, Combined Fund costs and health and retirement costs.

Operating margins (average realized price per ton less operating costs per ton) were $15.25 per ton, a decline of 11.5 percent period-to-period, while financial margins (average realized price less total costs) were $6.18 per ton, a decline of 36.9 percent period-to-period. Operating and financial margins were impacted by the Buchanan Mine outage as well as lower coal production volumes during the quarter. “In a high fixed cost business such as underground mining,” Harvey explained, “lower production has a major impact on unit costs and margins per ton.”

He noted, however, that the average realized price for coal continued to climb during the quarter, despite nearly an entire quarter of lost sales from Buchanan, a high-value metallurgical coal mine. Harvey said Buchanan has now resumed normal production. “Getting Buchanan back on line was a very important achievement for the quarter,” he said. “We are in position to benefit from the more than tripling of metallurgical pricing that has occurred in the past year.”

This excerpt taken from the CNX 8-K filed Apr 26, 2007.

Coal Operations

 

    

Quarter Ended

March 31, 2007

   

Quarter Ended

March 31, 2006

 

Total Coal Sales (millions of tons)

     17.1       18.2  

Sales – Company Produced (millions of tons)

     17.0       17.8  

Coal Production (millions of tons)

     17.8 *     18.2  

Average Realized Price Per Ton – Company Produced

   $ 39.84     $ 39.80  

Operating Costs Per Ton

   $ 22.61     $ 23.35 **

Non-Operating Charges Per Ton

   $ 4.42     $ 4.23  

DD&A Per Ton

   $ 3.02     $ 2.82  

Total Cost Per Ton – Company Produced

   $ 30.05     $ 30.41 **

Operating Margins Per Ton

   $ 17.23     $ 16.45 **

Financial Margins Per Ton

   $ 9.79     $ 9.39 **

Sales and production includes 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 premium), royalties, 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 1.5 million tons of metallurgical grade coal. ** Adjusted to reflect guidance FSP AUG AIR-1 issued September 2006 by the Financial Accounting Standards Board. Totals may not add due to rounding.

Coal segment operating and financial margins improved for the quarter-to-quarter comparison, driven by lower operating costs per ton, and, to a lesser extent, higher realized pricing per ton.

Sales of company-produced coal decreased 0.8 million tons, period-to-period.

Average realized prices were essentially flat for the period-to-period comparison, reflecting the company’s idling of operations in Central Appalachia that historically had higher realized pricing. In the period-to-period comparison, production in Central Appalachia was 558 thousand tons lower, including a reduction of 259 thousand tons from the VP 8 metallurgical mine in Virginia which was placed on long-term idle in April of 2006, and 201 thousand tons from the Miller Creek contract mine in southern West Virginia. The impact on pricing from the idling of higher priced Central

 

3


Appalachian production was offset partially by the idling in April 2006, of the Shoemaker Mine, which had pricing lower than the company average realized pricing per ton.

Total costs for company-produced coal decreased $0.36 per ton, primarily due to the Combined Fund settlement and lower contract mining costs.

Operating margins (average realized price per ton less operating costs per ton) were $17.23 per ton, an improvement of 4.7 percent period-to-period, while financial margins (average realized price less total costs) were $9.79 per ton, an increase of 4.3 percent period-to-period. The operating margin expansion was driven primarily by the Combined Fund settlement, and by lower contract mining fees.

In March 2007, CONSOL Energy entered into a settlement agreement with the Combined Fund that resolved all previous issues related to the calculation of payments. CONSOL received an initial reimbursement from the Combined Fund of $16.7 million and has received a remaining reimbursement of $16.4 million in April. The entire amount of $33.1 million was recorded in the quarter just ended, and approximately $28.1 million of the settlement was applied against coal production costs for that quarter.

“Our emphasis on production discipline in our coal business has positively impacted our operating costs per ton and we believe is one of the main reasons for the resiliency in pricing for high-Btu, Northern Appalachia thermal coal,” Harvey said. “Labor costs were stable, period-to-period, and supply costs were in line with our expectations. In addition, we have continued to exercise pricing discipline in the contracts negotiated during the quarter to ensure that our commitments to sell coal in the future are at prices that represent the long-term value of our coal.”

This excerpt taken from the CNX 8-K filed Jan 25, 2007.

Coal Operations

 

     Quarter Ended
December 31,
2006
    Quarter Ended
December 31,
2005
   Twelve
Months Ended
December 31,
2006
   Twelve
Months Ended
December 31,
2005

Total Coal Sales (millions of tons)

     17.6       18.0      68.9      70.5

Sales – Company-Produced (millions of tons)

     17.3       17.5      67.7      68.9

Coal Production (millions of tons)

     15.9 *     17.7      67.4      69.1

Average Realized Price Per Ton – Company- Produced

   $ 38.70     $ 36.28    $ 38.99    $ 35.61

Operating Costs Per Ton

   $ 25.72     $ 21.90    $ 24.79    $ 22.28

Non-operating Charges Per Ton

   $ 4.17     $ 5.12    $ 4.55    $ 4.93

DD&A Per Ton

   $ 3.57     $ 2.94    $ 3.19    $ 2.86

Total Cost Per Ton – Company-Produced **

   $ 33.46     $ 29.95    $ 32.53    $ 30.06

Operating Margins Per Ton

   $ 12.98     $ 14.38    $ 14.20    $ 13.33

Financial Margins Per Ton

   $ 5.24     $ 6.33    $ 6.46    $ 5.55

Sales and production includes CONSOL Energy’s portion from variable interest entities. 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. 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 1.3 million tons of metallurgical grade coal. ** Amounts may not add due to rounding.

Coal segment performance for the quarter-to-quarter comparison was driven by higher realized prices and was offset by higher costs per ton. Total costs per ton increased due to the lower production during the quarter (against which to charge fixed costs) as a result of difficult geological conditions at several mines as well as higher costs related to regulatory requirements for safety and subsidence.

In the quarter-to-quarter comparison, company-produced coal production declined 1.8 million tons. Approximately 75 percent of the decline was due to the previously announced idling of Shoemaker Mine in West Virginia, the idling of VP 8 Mine in Virginia, and the shutdown of the Mahoning Valley Mine in Ohio. The remainder of the period-to-period production decline was due to adverse geological conditions at several mines resulting in falls on major beltlines as well as sandstone and rock intrusions in the areas being mined.

However, sales of company-produced coal declined only 0.2 million tons, period-to-period, as the company reduced inventories at several mines. Average realized prices increased $2.42, or 6.7 percent, reflecting higher pricing for coal.

“During the quarter we reduced inventory at the mines significantly,” Harvey said. “Sales of company produced coal were up nearly 2 million tons in the fourth quarter compared with the trailing quarter. Although financial margins were not as strong as they were in the same quarter a year earlier, they improved by more than 40 percent over the trailing quarter.”

 

4


Total costs per ton for company-produced coal were up $3.51, or 11.7 percent, period-to-period. The increase in costs per ton were primarily attributable to 10.2 percent lower production versus last year, and to a lesser extent, higher subsidence costs, higher health and retirement benefit costs, and increased depreciation, depletion and amortization (DD&A) charges.

Operating margins (average realized price per ton less operating costs per ton) for CONSOL Energy’s coal operations were $12.98 per ton, or 9.7 percent lower period-to-period, because of lower production and higher operating costs, offset, in part, by average coal prices period-to-period that were $2.42 per ton higher. Financial margins (average realized price less total costs) were $5.24 per ton, a decrease of 17.2 percent period-to-period, reflecting lower production and higher operating costs.

This excerpt taken from the CNX 8-K filed Oct 26, 2006.

Coal Operations

 

     Quarter Ended
September 30,
2006
    Quarter Ended
September 30,
2005
   Nine Months
Ended
September 30,
2006
   Nine Months
Ended
September 30,
2005

Total Coal Sales (millions of tons)

     15.6       17.4      51.3      52.5

Sales – Company-Produced (millions of tons)

     15.4       16.9      50.4      51.3

Coal Production (millions of tons)

     15.3 *     16.8      51.5      51.5

Average Realized Price Per Ton – Company- Produced

   $ 39.11     $ 35.61    $ 39.08    $ 35.39

Operating Costs Per Ton

   $ 26.10     $ 23.13    $ 24.50    $ 22.41

Non-operating Charges Per Ton

   $ 5.85     $ 5.18    $ 4.67    $ 4.86

DD&A Per Ton

   $ 3.48     $ 2.96    $ 3.07    $ 2.84

Total Cost Per Ton – Company-Produced **

   $ 35.43     $ 31.27    $ 32.24    $ 30.10

Operating Margins Per Ton

   $ 13.01     $ 12.48    $ 14.58    $ 12.98

Financial Margins Per Ton

   $ 3.68     $ 4.34    $ 6.84    $ 5.29

Sales and production includes CONSOL Energy’s portion from equity affiliates. 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. 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 1.5 million tons of metallurgical grade coal. **Amount may not add due to rounding.

Coal segment performance for the quarter-to-quarter comparison was driven by higher realized prices and was offset by lower sales and higher costs per ton of production. Total costs per ton increased, in part, because of pension settlement charges of approximately $19.1 million, or $1.25 per ton, allocated to coal operations. This pension settlement was a non-cash charge that resulted from the acceleration of previously unrecognized actuarial losses related to the company’s salary pension plan.

In the quarter-to-quarter comparison, company-produced coal production declined 1.5 million tons primarily as a result of the company’s decision to idle its Shoemaker Mine in West Virginia in April of this year and to reduce production at its Jones Fork and Mill Creek mines in Kentucky during the quarter just ended. Also, production concluded at the VP #8 mine in Virginia in the Spring of 2006. In addition, geological conditions at several mines resulted in falls on major beltlines during the high humidity season as well

 

3


as sandstone and rock intrusions in the areas being mined. Sales of company-produced coal declined 1.5 million tons, period-to-period, partially due to the lower production.

Average realized prices increased $3.50, or 9.8 percent, reflecting higher pricing for steam and metallurgical coal.

“Despite the apparent soft spot market for coal,” Harvey said, “the high percentage of coal we have already committed and priced under term contracts, coupled with strong pricing for additional tons we sold for term during the quarter just ended resulted in a 10 percent gain in period-to-period pricing and a two percent gain versus the trailing second quarter.”

Total costs per ton for company-produced coal were up $4.16 period-to-period. The increase in costs per ton were attributable to the salary pension adjustment, lower sales volumes, higher contract mining fees, increases in production taxes, increased subsidence costs, higher supply costs, and increased depreciation, depletion and amortization (DD&A) charges.

The pension adjustment settlement added $0.08 per ton to operating costs for the period and $1.17 per ton to non-operating charges. In addition, because a significant portion of mining costs are fixed, lower than expected production will result in increased unit costs.

Operating margins (average realized price per ton less operating costs per ton) for CONSOL Energy’s coal operations were $13.01 per ton, an improvement of 4.2 percent period-to-period, as average coal prices period-to-period were $3.50 per ton higher, more than offsetting increased operating costs. Financial margins (average realized price less total costs) were $3.68 per ton, a decrease of 15.2 percent period-to-period, reflecting the effects of the pension settlement, higher operating costs, and higher DD&A charges.

This excerpt taken from the CNX 8-K filed Jul 27, 2006.

Coal Operations

 

     Quarter
Ended
June 30, 2006
    Quarter
Ended
June 30, 2005
   Six Months
Ended
June 30, 2006
   Six Months
Ended
June 30, 2005

Total Coal Sales (millions of tons)

     17.5       17.4      35.7      35.1

Sales – Company-Produced (millions of tons)

     17.2       17.0      35.0      34.4

Coal Production (millions of tons)

     18.0 *     16.5      36.2      34.7

Average Realized Price Per Ton – Company- Produced

   $ 38.33     $ 35.49    $ 39.07    $ 35.28

Operating Costs Per Ton

   $ 23.48     $ 22.62    $ 23.82    $ 22.06

Non-operating Charges Per Ton

   $ 4.10     $ 4.94    $ 4.17    $ 4.71

DD&A Per Ton

   $ 2.97     $ 3.06    $ 2.90    $ 2.77

Total Cost Per Ton – Company-Produced

   $ 30.55     $ 30.62    $ 30.89    $ 29.54

Operating Margins Per Ton

   $ 14.85     $ 12.87    $ 15.25    $ 13.22

Financial Margins Per Ton

   $ 7.78     $ 4.87    $ 8.18    $ 5.74

Sales and production includes CONSOL Energy’s portion from equity affiliates. 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. 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 1.3 million tons of metallurgical grade coal.

Coal segment performance improved in the quarter-to-quarter comparison, driven by higher realized prices and higher sales, and was partially offset by higher operating costs per ton of production.

Sales of Company-produced coal increased 0.2 million tons, period-to-period.

Average realized prices increased $2.84, or 8.0 percent, reflecting higher pricing for steam and metallurgical coal.

Total costs per ton for company-produced coal were nearly flat period-to-period and down 2.1 percent from the previous quarter. The Company’s total cost per ton continues to track internal plans. “Cost control is a key component in our plan to expand margins,” Harvey said. “In addition, we have targeted efficiency projects underway at several operations that should further mitigate cost pressures.”

He said he expected unit cost increases at the Company’s large underground mines in Northern Appalachia to be less than two percent year-over-year. “Our Central Appalachian average unit costs increases will be somewhat higher because we have brought on some high margin, but higher cost production,” he said. “In addition, we have similar labor and geologic challenges to other producers in the region. However, I still

 

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expect our overall unit cost increases to be modest compared with current industry experience in the Appalachian Basin.”

Operating margins (average realized price per ton less operating costs per ton) were $14.85 per ton, an improvement of 15.4 percent period-to-period, while financial margins (average realized price less total costs) were $7.78 per ton, an increase of 59.8 percent period-to-period.

During the second quarter, the following mines began a vacation period on June 24, 2006 that ended on July 8, 2006: Shoemaker; McElroy; Blacksville; Loveridge; and Amonate.

This excerpt taken from the CNX 8-K filed Apr 27, 2006.

Coal Operations

 

    

Quarter Ended

March 31, 2006

  

Quarter Ended

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.

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