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Updated: 10:07 AM Jul 29, 2010
Consol Energy's Income Falls 40 Percent
Coal and natural gas producer Consol Energy says its net income fell more than 40 percent in the second quarter despite record revenues.
Posted: 10:07 AM Jul 29, 2010Reporter: Associated Press Email Address: anna.baxter@wsaz.com |
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14 Comments 
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.
ORIGINAL STORY 5/7/09
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.
Latest Comments
Tree Hugger is running an extension cord from his tree house to his mom's to run his internet.
To Tree Hugger: Sorry, but it's not possible to produce enough energy to power your house using only one wind mill and three solar panels. You would have to have huge wind turbines and hundreds of solar panels. Get real. You're not fooling anyone. We need coal and gas to produce our energy. A vote against Obama is a vote for coal. Let's make a change this next election. Create a lame duck. Lock up the system.
Review the report...due to the purchase of an oil & gas business...I don't think they are stupid enough to buy another business if they are going out of business...ONLY earned $67million per share...Hey Tree Hugger if you talked as much about how your little whirlie bird and panels being so great then we wouldn't have to worry about coal so much...would we?
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