Consol declares dividend

DIVERSIFIED fuel producer Consol Energy has declared a regular quarterly dividend of US12c per share.

Lou Caruana

Consol, which has 11 bituminous coal mining complexes in four states, and proven and probable coal reserves of 4.2 billion tons, also has 4 trillion cubic feet of proved gas reserves.

Consol confirmed earlier this month that it exceeded its first-quarter production guidance on domestic and export demand.

The Pennsylvania-based producer said the period ended March 31 would be highlighted by its coal division, which produced 14.8 million tons, including 1.3Mt coking coal, from its Buchanan mine.

Both totals exceed its previously stated guidance, with officials citing a stronger-than-expected export market for the upswing.

Consol’s total coal inventory decreased 414,000t to 964,000t – its lowest total in 15 years.

Thermal coal inventories were also down. The company confirmed a drop to 875,000t during the quarter.

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