The after-tax gain is expected to total approximately US$18.3 million. The US Supreme Court, in a decision announced June 4, declined to hear an appeal of a lower court ruling that determined certain excise taxes to be unconstitutional for the period 1991 to 1993.
“Since the beginning of the calendar year, we have reduced our outstanding commercial paper debt by US$111 million, or 24%, and we expect to continue to bring down debt in the near term," said William J Lyons, chief financial officer.
"We expect the demand for energy to remain unabated over the next several years. We think this continued strengthening of our balance sheet puts us in a position to take advantage of the numerous opportunities that this current energy environment continues to provide.”
In related company news, Consol’s Bailey mine set a new production record in May of over 1 million tons.
The longwall mining equipment from Loveridge will be moved to Robinson Run mine and will result in better equipment availability at Robinson Run once installed, the company said. In addition, the situation at Mine 84 has improved.
"The sandstone intrusions and poor roof conditions at Mine 84 are behind us and we are seeing significant improvements in Mine 84 production levels," J Brett Harvey, president and chief executive officer, said.
