For the period ended December 31, the operator reported net income of $US150 million, compared to $196 million in the prior corresponding quarter.

Whole-year net income was a starker drop – $388 million versus $632 million year-on-year.

Total company sales revenue was $1.2 billion, down from a record $1.4 billion in 2011’s final financial period.

Consol cited lower coal sales volumes of 500,000 tons, as well as lower average sales prices for the company's low-volatile and high-vol coal categories at $129 and $68 per short ton free-on-board mine, respectively, for the drop.

Thermal coal prices, meanwhile, rose to $63/t while coal margins across all of its sales were $18.20/t, down year-on-year about $0.68/t.

“Consol Energy continued to rebalance its world class portfolio of assets in 2012 while successfully managing our coal and gas businesses through a very challenging environment,” chairman and chief executive officer J Brett Harvey said.

He highlighted the work of the coal division last year with its domestic thermal coal customers and the railroads to keep contracted shipments flowing despite weak markets, as well as careful management of thermal and metallurgical production to keep inventories low.

“Our 100%-owned Baltimore terminal saw near-record shipments, as Consol was able to continue to participate in the growth of world coal markets,” he said.

“[We] executed well in a tough macro environment characterized by a tepid economy and unusually warm winter weather."

The company confirmed it had a total of $350 million in sales of non-revenue producing assets, which included coal reserves and/or resources from central Appalachia, the Powder River Basin and western Canada.

It plans to advance in 2013 through more asset sales.

“When investors step back for a minute and consider that in the past two years, Consol Energy has earned over $1 billion in net income and generated $2.3 billion in operating cash flow, I think they'll realize that we've executed at a level – in both good and challenging times – that few, if any, of our peers in the energy industry can match,” Harvey said.

“This is why I believe that Consol … deserves to be a core holding for energy investors.”

Looking ahead, the company said it was projecting 55 million tons to 57Mt across all categories for the year.

An estimated 5-10Mt will be exported.

It also begins the new year with notable liquidity – total liquidity company-wide at the end of 2012 was $2.4 billion, including cash of $21.9 million.

As of December 31, 2012, Consol Energy had $1.41 billion in total liquidity, comprising $18.5 million in cash and $1.4 billion available to be borrowed under its $1.5 billion bank facility.

Its credit facility currently has no borrowings.