CONSOL: Demand and pricing for Northern Appalachian coal holds up better than other production basins

摘要

CONSOL Energy reported earnings of 127.9 million dollars (0.69 dollars/diluted share) for the fourth quarter, compared with 87.6 million dollars (0.47 dollars/diluted share) during the same period in 2005. CONSOL posted earnings of 408.9 million dollars (2.20 dollars/diluted share) for calendar year 2006, compared with 580.9 million dollars (3.13 dollars/diluted share) during calendar year 2005. (It should be noted that calendar year 2005's earnings reflect the sale of 18.5 percent of CNX Gas). "The fourth quarter was a solid quarter for us," J. Brett Harvey, president and CEO of CONSOL said, "particularly in light of the impact the mild weather has had on coal inventories at power plants. The demand for high-Btu, Northern Appalachian coal held up much better than demand from other production basins. As a result, Northern Appalachian pricing held up better than other areas. In addition, we had very little exposure during the quarter that just ended to the spot market where pricing recently has been much weaker than the term market."