Consol CEO emphasizes China, natural gas to investors

Consol CEO emphasizes China, natural gas

CHARLESTON, W.Va. — Consol Energy officials say they’re stepping up metallurgical coal shipments to China and investing in natural gas production while demand for coal from U.S. power plants recovers.

Chief Executive Brett Harvey laid out the plans during a conference call about fourth-quarter financial results Thursday. Metallurgical coal is used in steelmaking.

Consol Energy Inc., based in Canonsburg, Pa., said it earned $143.2 million, or 78 cents per share, in the three months ended Dec. 31, down from $176.3 million, or 97 cents a share, a year ago.

Revenue was essentially flat at just under $1.24 billion.

Consol has diverted 500,000 tons of coal from electric utilities to Chinese steelmakers this year and hopes to continue.

Harvey says Consol’s coal business has become a source of cash to boost production from CNX Gas. Consol owns more than 83 percent of CNX.

Consol Energy shares fell 66 cents, or 1.3 percent, to $49.37 in afternoon trading.