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Mar 31, 2023
CONSOL Energy Q1 2023 Earnings Report
CONSOL Energy reported strong first quarter results driven by high production and strategic export market pivot.
Key Takeaways
CONSOL Energy Inc. reported a strong first quarter in 2023, marked by a GAAP net income of $230.4 million and free cash flow of $220.8 million. The company strategically pivoted to export markets, achieving record throughput at the CONSOL Marine Terminal and increasing shareholder returns.
GAAP net income reached $230.4 million.
Free cash flow totaled $220.8 million.
Shareholder returns increased to approximately 75% of quarterly free cash flow beginning in 2Q23, pivoting toward share buybacks.
CONSOL Marine Terminal achieved a record quarterly throughput volume of 4.6 million tons.
Forward Guidance
CONSOL Energy provided its financial and operating performance guidance for the full fiscal year 2023 based on its contracted position, estimated prices, and production plans.
Positive Outlook
- Targeted PAMC coal sales volume of 25.0-27.0 million tons.
- PAMC average realized coal revenue per ton sold expectation of $76.00-$81.00.
- Itmann Mining Complex production volume of 400-600 thousand tons.
- Increased shareholder return allocation to approximately 75% of quarterly free cash flow.
- Expects to aggressively reduce gross debt with the goal of retiring its Term Loan B and Senior Secured Second Lien Notes in the coming quarters.
Challenges Ahead
- PAMC average cash cost of coal sold per ton expectation of $34.00-$36.00.
- Unable to provide a reconciliation of Average Realized Coal Revenue per Ton Sold and Average Cash Cost of Coal Sold per Ton guidance.
- Forward-looking statements are subject to significant business, economic, competitive, regulatory and other risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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