MARKETS

Earnings outlook up for US major

CONSOL Energy reports an improvement in coal output for June compared with last June, largely because of the restart of the Loveridge Mine in March.

Staff Reporter

Consol’s mines produced 16.5 million tons in the second quarter, compared with 15.5 million tons last second quarter. Production for June was 5.1 million tons, compared with 4.5 million tons last June.

The company has begun work to reopen its Emery Mine in Utah after an agreement to sell Emery fell through when the buyer was unable to secure financing. Production is expected to resume in August with about 200,000 tons to be mine in 2004 to meet production requirements on federal leases.

Gross gas production improved in the June period-to-period comparison. Electricity production also improved slightly, reflecting higher demand for electricity.

The company has lifted its earnings outlook for the June quarter to about US$0.25 per diluted share because of the positive impact of higher energy prices and cost reductions for retiree health care.

Earnings for June are to be announced on July 26.

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