Consol Energy's Income Falls 40 Percent

By: Associated Press Email
By: Associated Press Email

UPDATE 7/29/10 @ 10:05 a.m.
CHARLESTON, W.Va. (AP) - Coal and natural gas producer Consol Energy says its net income fell more than 40 percent in the second quarter despite record revenues.

Consol says charges related to its purchase of Dominion Resources' Appalachian oil and gas business, a legal settlement and costs from a mine reclamation project hurt its earnings.

The Canonsburg, Pa.-based company said Thursday it earned $67 million, or 29 cents per share in the period ended June 30. That's down from $113 million, or 62 cents per share, a year ago.

Excluding one-time charges, net income fell only about 9 percent to $103 million, or 43 cents per share.

Revenue grew more than 20 percent to a record $1.29 billion, helped by higher gas production.

Consol operates primarily in West Virginia and Pennsylvania.

CHARLESTON, W.Va. (AP) -- Consol Energy has told West Virginia it's eliminating 54 jobs and closing two operations in the state's southern coalfields.

Canonsburg, Pa.-based Consol says in a letter to Workforce West Virginia that a Mingo County surface mine and administrative office will close in July.

The letter says 47 people will lose jobs at the mine and seven jobs are being eliminated at Miller Creek Administration Group in Williamson. Miller Creek has engineers, a safety inspector and warehouse workers.

A Consol spokesman did not immediately respond Thursday to a request for comment.

The coal industry has been idling mines and trimming production to counter weak demand.

Consol is the largest underground coal producer in the United States and has operations in West Virginia, Virginia, Kentucky, Pennsylvania, Ohio and Utah.

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