CONSOL ENERGY. | --- | --- | --- | --- | --- | |-------|-------|--------|---------------------|----------------| | | | | | | | | | | | | | | | nd 2 | Quarter 2021 | | | | | | Earnings Supplement | | | | | | | August 3, 2021 | Disclaimer This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitation, proj ...

Financial Data and Key Metrics Changes - CONSOL Energy reported a net income of $4.2 million or $0.12 per diluted share for Q2 2021, compared to a loss of $18 million or $0.69 per diluted share in the same quarter of the previous year [51] - Adjusted EBITDA for Q2 2021 was $84.4 million, up from $34.2 million in Q2 2020 [51] - Free cash flow generation reached $54.4 million in Q2 2021, with unrestricted cash increasing by nearly $56 million to a total of $146 million, the highest level since Q2 2019 [53][54] Business Line Data and Key Metrics Changes - Coal production at the Pennsylvania Mining Complex (PAMC) was 5.9 million tons in Q2 2021, significantly up from 2.4 million tons in Q2 2020 [31] - The average cash cost of coal sold per ton was $28.02 in Q2 2021, compared to $25.90 in Q2 2020, but adjusted for prior year idling costs, this represents a significant improvement [32] - The CONSOL Marine Terminal achieved a throughput volume of 3.8 million tons in Q2 2021, compared to 1.6 million tons in the year-ago period [34] Market Data and Key Metrics Changes - Export sales volume reached a record 3.2 million tons in Q2 2021, representing nearly 55% of total shipments [21] - Demand for coal strengthened due to economic recovery, with Henry Hub natural gas spot prices averaging $2.95 per million Btu, a 73% increase compared to Q2 2020 [24] - API2 spot prices rose by 82% compared to Q2 2020, driven by hot weather and strong LNG pricing [27] Company Strategy and Development Direction - The company is recommencing the Itmann Metallurgical project to diversify revenue streams and reduce reliance on power generation markets [12][15] - The strategic shift towards export markets is emphasized, with a focus on increasing industrial business and reducing exposure to the declining U.S. coal market [23][62] - The company aims to maintain strong liquidity while selectively allocating capital towards strategic initiatives like the Itmann project [37][95] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market conditions improving due to global economic recovery and a muted supply response [26][92] - The company is focused on maintaining cost control despite inflationary pressures and is committed to strengthening its balance sheet [60][61] - Management highlighted the importance of the CONSOL Marine Terminal in executing the strategic shift into the export market [62] Other Important Information - The Itmann project is expected to require an additional $65 million to $70 million in capital expenditures to complete [47] - The company has layered in commodity derivative contracts in the API2 market for calendar year 2022, ensuring strong netback core prices [44] - The company has a fully funded status on its defined benefit pension plan, with no funding requirements for the foreseeable future [45] Q&A Session Summary Question: Cost guidance and potential for outperformance - Management acknowledged the potential for costs to rise due to inflation and longwall moves but aims to keep costs tight [68][70] Question: Pricing and export market expectations - Management indicated that additional contracted volumes are likely to go to the export market due to price arbitrage [73][74] Question: Production levels in 2022 - Management expects production levels in 2022 to be similar to 2021, with potential upside depending on market conditions [76] Question: Itmann project production ramp - Management plans to ramp up production in the second half of 2022, targeting full production shortly after the completion of the Preparation Plant [78] Question: Domestic customer base and coal power plant closures - Management noted that domestic utilities are seeking long-term contracts due to low inventories and high gas prices, with minimal exposure to announced coal power plant closures [102][103] Question: International market dynamics - Management highlighted the lack of supply response in the Asian coal market and the opportunity for growth in exports, particularly to India and China [107][108] Question: Derivative book and risk management - Management confirmed that the derivative contracts are opportunistic and serve as a risk management tool in the current pricing environment [110]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents CONSOL Energy Inc.'s unaudited consolidated financial statements for Q2 2021 and 2020, detailing key financial performance and position changes [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income reached **$4.2 million** in Q2 2021, a significant turnaround from a **$21.1 million** net loss in Q2 2020, primarily due to increased coal revenue Consolidated Statements of Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Coal Revenue** | $259,832 | $102,313 | $545,367 | $357,765 | | **Total Revenue and Other Income** | $287,159 | $162,561 | $629,310 | $453,817 | | **Net Income (Loss)** | $4,172 | $(21,063) | $30,576 | $(18,588) | | **Net Income (Loss) Attributable to CONSOL Energy Inc. Stockholders** | $4,172 | $(17,983) | $30,576 | $(15,616) | | **Basic Earnings (Loss) per Share** | $0.12 | $(0.69) | $0.89 | $(0.60) | | **Diluted Earnings (Loss) per Share** | $0.12 | $(0.69) | $0.87 | $(0.60) | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income attributable to stockholders was **$8.7 million** for Q2 2021, a significant improvement from a **$14.4 million** loss in Q2 2020 Consolidated Statements of Comprehensive Income (in thousands) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | $4,172 | $(21,063) | $30,576 | $(18,588) | | **Other Comprehensive Income** | $4,516 | $3,612 | $8,290 | $4,463 | | **Comprehensive Income (Loss)** | $8,688 | $(17,451) | $38,866 | $(14,125) | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets increased slightly to **$2.56 billion**, driven by higher cash, with stable liabilities and growing equity of **$592.7 million** Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and Cash Equivalents | $146,667 | $50,850 | | Total Current Assets | $371,952 | $292,941 | | Total Property, Plant and Equipment—Net | $2,002,826 | $2,049,062 | | **TOTAL ASSETS** | **$2,557,931** | **$2,523,366** | | **LIABILITIES AND EQUITY** | | | | Total Current Liabilities | $370,257 | $368,470 | | Total Long-Term Debt | $639,874 | $603,061 | | **TOTAL LIABILITIES** | **$1,965,198** | **$1,969,847** | | **TOTAL EQUITY** | **$592,733** | **$553,519** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$172.6 million** for H1 2021, reflecting improved earnings, with financing activities shifting to a net cash inflow Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $172,605 | $46,680 | | **Net Cash Used in Investing Activities** | $(45,719) | $(45,758) | | **Net Cash Provided by (Used in) Financing Activities** | $22,467 | $(48,188) | | **Net Increase (Decrease) in Cash** | $149,353 | $(47,266) | | **Cash and Cash Equivalents at End of Period** | $200,203 | $33,027 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies and financial figures, covering major transactions, revenue recognition, debt, and contingent liabilities [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's significant operational and financial recovery from 2020 lows, highlighting robust demand, strong PAMC performance, Itmann project progress, and disciplined capital management [COVID-19 Update](index=29&type=section&id=COVID-19%20Update) The company monitors COVID-19's impact, noting demand recovery since May 2020 but acknowledging ongoing risks from future developments to operations and financial condition - COVID-19 led to an unprecedented decline in coal demand, which bottomed out in May 2020 but has improved through Q2 2021[156](index=156&type=chunk) - Future risks from the pandemic, including potential new shutdowns and depressed demand, are still considered highly uncertain and could negatively impact results[157](index=157&type=chunk) [Our Business and Outlook](index=29&type=section&id=Our%20Business%20and%20Outlook) CONSOL Energy operates as a low-cost coal producer, diversifying into metallurgical coal with the Itmann Mine project, and provides 2021 sales and capital expenditure guidance - The company's core businesses are the Pennsylvania Mining Complex (PAMC), the CONSOL Marine Terminal, and the developing Itmann metallurgical coal mine[162](index=162&type=chunk) - The Itmann Mine is expected to be complete in H2 2022, producing over **900k tons per year** of high-quality coking coal with a remaining capex of **$65-$70 million**[170](index=170&type=chunk) 2021 Guidance and Outlook | Metric | 2021 Guidance | | :--- | :--- | | **PAMC Sales Volume** | 23.5 - 25.0 million tons | | **Average Cash Cost of Coal Sold** | $27.00 - $28.00 per ton | | **Capital Expenditures** | $160 - $180 million | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Financial results significantly improved in H1 2021, with Q2 net income of **$4 million** (vs. **$18 million** loss) driven by a **157%** increase in coal tons sold and PAMC segment profit PAMC Coal Operations (Q2 2021 vs Q2 2020) | Metric | Q2 2021 | Q2 2020 | Variance | | :--- | :--- | :--- | :--- | | **Total Tons Sold (millions)** | 5.9 | 2.3 | 3.6 | | **Average Revenue per Ton** | $44.02 | $43.82 | $0.20 | | **Average Cash Cost of Coal Sold per Ton** | $28.02 | $25.90 | $2.12 | | **Average Cash Margin per Ton** | $16.00 | $17.92 | $(1.92) | PAMC Coal Operations (Six Months 2021 vs 2020) | Metric | H1 2021 | H1 2020 | Variance | | :--- | :--- | :--- | :--- | | **Total Tons Sold (millions)** | 12.7 | 8.2 | 4.5 | | **Average Revenue per Ton** | $42.60 | $43.34 | $(0.74) | | **Average Cash Cost of Coal Sold per Ton** | $26.09 | $30.55 | $(4.46) | | **Average Cash Margin per Ton** | $16.51 | $12.79 | $3.72 | - The decrease in miscellaneous other income for Q2 and H1 2021 was primarily due to **$30 million** and **$41 million** in customer contract buyouts in the respective 2020 periods, which did not recur, and a **$20 million** mark-to-market loss on new commodity derivatives in Q2 2021[201](index=201&type=chunk)[235](index=235&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through operating cash flow and available credit facilities, with no borrowings under its **$400 million** revolving credit facility and continued debt reduction Cash Flow Summary (Six Months Ended June 30, in millions) | Cash Flow Activity | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | **Operating Activities** | $173 | $47 | $126 | | **Investing Activities** | $(46) | $(46) | $0 | | **Financing Activities** | $22 | $(48) | $70 | - As of June 30, 2021, the company had **$253 million** of unused capacity under its Revolving Credit Facility and was in compliance with all financial covenants[278](index=278&type=chunk)[273](index=273&type=chunk) - The company's stock and debt repurchase program was amended in April 2021, increasing the aggregate limit to **$320 million** and extending it to December 31, 2022, with approximately **$14 million** spent in H1 2021 to retire **$15 million** of its 11.00% Senior Secured Second Lien Notes[295](index=295&type=chunk)[297](index=297&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the company's exposures to market risk since December 31, 2020 - There have been no material changes to the Company's exposures to market risk since December 31, 2020[307](index=307&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal controls during the quarter - The principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are effective as of June 30, 2021[309](index=309&type=chunk) - No changes were made to the Company's internal controls over financial reporting during the quarter that would have a material effect[310](index=310&type=chunk) Part II. Other Information [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to any material litigation beyond matters disclosed in Note 14, which arise in the ordinary course of business - The company is not subject to any material litigation beyond what is disclosed in Note 14 - Commitments and Contingent Liabilities[312](index=312&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) A primary risk factor is the potential failure to complete the Itmann Mine development on schedule, which could materially harm future profitability given significant capital expenditures - A primary risk factor is the potential failure to complete the development and transition of the Itmann Mine to full operation within the next 12 to 18 months, which could materially harm future profitability[314](index=314&type=chunk)[315](index=315&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No equity securities were repurchased in Q2 2021, with approximately **$130 million** remaining under the **$320 million** stock and debt repurchase program, subject to dividend limitations - No shares of the company's equity securities were repurchased in Q2 2021[317](index=317&type=chunk) - As of August 3, 2021, approximately **$130 million** remained available under the **$320 million** stock and debt repurchase program, which runs until the end of 2022[317](index=317&type=chunk) [Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities during the period - None[319](index=319&type=chunk) [Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures required by Regulation S-K are included in Exhibit 95 of this report - Mine safety data required by Regulation S-K is included in Exhibit 95 to this report[320](index=320&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item - None[321](index=321&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including debt agreements, officer certifications, mine safety data, and XBRL files - Exhibits filed include debt agreements related to the PEDFA bonds, officer certifications, mine safety data, and XBRL files[323](index=323&type=chunk)

CONSOL Energy Inc. (NYSE:CEIX) Q1 2021 Earnings Conference Call May 4, 2021 11:00 AM ET Company Participants Nathan Tucker - Director-Finance & Investor Relations Jimmy Brock - Chief Executive Officer Mitesh Thakkar - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Operator Good morning, and welcome to CEIX First Quarter 2021 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After this presentation, there will be an opportunity to a ...

@ CONSOL ENERGY. | --- | --- | --- | --- | --- | |-------|-------|--------|---------------------|-------------| | | | | | | | | | | | | | | | st 1 | Quarter 2021 | | | | | | Earnings Supplement | | | | | | | May 4, 2021 | | | | | | | Disclaimer This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitati ...

Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited Consolidated Statements of Income, Comprehensive Income, Balance Sheets, Stockholders' Equity, and Cash Flows for the three months ended March 31, 2021, and 2020, along with detailed notes covering key accounting policies and events [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) The company's net income attributable to shareholders significantly increased to **$26.4 million** in Q1 2021 from **$2.4 million** in Q1 2020, driven by higher total revenues and a gain on asset sales, despite an increase in operating costs. Diluted earnings per share rose to **$0.75** from **$0.09** year-over-year Consolidated Statements of Income (Q1 2021 vs. Q1 2020) | Metric | Three Months Ended March 31, 2021 (in millions) | Three Months Ended March 31, 2020 (in millions) | | :--- | :--- | :--- | | **Total Revenue and Other Income** | **$342.151** | **$291.256** | | **Total Costs and Expenses** | **$310.562** | **$286.873** | | **Net Income** | **$26.404** | **$2.475** | | **Net Income Attributable to Shareholders** | **$26.404** | **$2.367** | | **Total Basic Earnings per Share** | **$0.77** | **$0.09** | | **Total Diluted Earnings per Share** | **$0.75** | **$0.09** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were **$2.521 billion**, a slight decrease from **$2.523 billion** at year-end 2020. Total liabilities decreased to **$1.937 billion** from **$1.970 billion**, while total equity increased to **$583 million** from **$554 million** over the same period, primarily due to retained earnings Consolidated Balance Sheet Highlights | Metric | March 31, 2021 (in millions) | December 31, 2020 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | **$336.742** | **$292.941** | | **Total Assets** | **$2.521 billion** | **$2.523 billion** | | **Total Current Liabilities** | **$371.194** | **$368.470** | | **Total Liabilities** | **$1.937 billion** | **$1.970 billion** | | **Total Equity** | **$583.065** | **$553.519** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2021, net cash provided by operating activities increased to **$78.0 million** from **$51.4 million** in the prior-year period. Net cash used in investing activities decreased significantly to **$5.5 million** from **$27.2 million**, while cash used in financing activities increased to **$31.9 million** from **$25.7 million**. The company ended the period with a higher cash and cash equivalents balance of **$91.5 million** Consolidated Cash Flow Summary (Q1 2021 vs. Q1 2020) | Metric | Three Months Ended March 31, 2021 (in millions) | Three Months Ended March 31, 2020 (in millions) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$78.0** | **$51.4** | | **Net Cash Used in Investing Activities** | **($5.5)** | **($27.2)** | | **Net Cash Used in Financing Activities** | **($31.9)** | **($25.7)** | | **Cash and Cash Equivalents at End of Period** | **$91.5** | **$78.8** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the basis of accounting, major transactions including the merger with CONSOL Coal Resources LP, revenue streams, debt structure, segment performance, and subsequent events. Key disclosures include the reclassification of the CONSOL Marine Terminal as a separate reportable segment, details on the company's various credit facilities and debt repurchases, and the issuance of new revenue bonds after the quarter's end - On December 30, 2020, the company completed its merger with CONSOL Coal Resources LP (CCR), acquiring all outstanding common units not previously owned. The transaction was accounted for as an equity transaction with no gain or loss recognized[48](index=48&type=chunk)[50](index=50&type=chunk) - Effective December 31, 2020, the CONSOL Marine Terminal was reclassified as a separate reportable segment due to its increased contribution to Adjusted EBITDA and reliance on coal exports. Prior period segment information has been restated to conform to this presentation[46](index=46&type=chunk)[128](index=128&type=chunk) - Subsequent to the quarter end, on April 13, 2021, the company issued **$75 million** in tax-exempt solid waste disposal revenue bonds with a 30-year maturity and a **9.0%** interest rate for the initial 7-year term. The proceeds will finance the expansion of coal refuse disposal areas[141](index=141&type=chunk) - On April 28, 2021, the Board of Directors expanded the stock and debt repurchase program by **$50 million**, bringing the total authorization to **$320 million**, and extended its termination date to December 31, 2022[142](index=142&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the impact of COVID-19, business operations, and financial performance for Q1 2021. Key highlights include a significant improvement in coal shipments to **6.9 million tons**, net income of **$26.4 million**, and Adjusted EBITDA of **$106.7 million**. The company provides an outlook for 2021, expecting sales of **22-24 million tons**. The analysis details the performance of its two main segments, PAMC and CONSOL Marine Terminal, and discusses liquidity, capital resources, and debt management strategies [Overview and Outlook](index=33&type=section&id=Overview%20and%20Outlook) The company highlights strong Q1 2021 performance with coal shipments reaching **6.9 million tons**, the highest since Q2 2019, resulting in net income of **$26.4 million** and Adjusted EBITDA of **$106.7 million**. For the full year 2021, the company expects to sell **22-24 million tons** of coal, with **20.5 million tons** already contracted. Capital expenditures are projected to be between **$100 million** and **$125 million** - Q1 2021 coal shipments improved to **6.9 million tons**, the highest level since Q2 2019[157](index=157&type=chunk) Q1 2021 Financial Highlights | Metric | Value | | :--- | :--- | | **Net Income** | **$26.4 million** | | **Adjusted EBITDA** | **$106.7 million** | | **Debt Repayments** | **$29.8 million** | 2021 Outlook | Metric | Guidance | | :--- | :--- | | **PAMC Sales Volume** | **22 - 24 million tons** | | **Contracted Position (as of May 4, 2021)** | **20.5 million tons** | | **Average Cash Cost of Coal Sold per Ton** | **$27.00 - $29.00** | | **Capital Expenditures (ex-Itmann)** | **$100 - $125 million** | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) The company's net income attributable to shareholders rose to **$26 million** in Q1 2021 from **$2 million** in Q1 2020. The Pennsylvania Mining Complex (PAMC) segment's earnings before tax surged to **$42 million** from **$11 million**, driven by a **1.0 million ton** increase in sales and a significant reduction in average cost of coal sold per ton from **$40.04** to **$31.85**. The CONSOL Marine Terminal segment's earnings remained stable at **$9 million** - PAMC coal production increased to **7.0 million tons** in Q1 2021 from **6.0 million tons** in Q1 2020, reflecting improved demand. The Bailey and Harvey mines saw increased production, while the Enlow Fork mine's output decreased as it operated only one longwall[179](index=179&type=chunk)[180](index=180&type=chunk) PAMC Segment Performance per Ton (Q1 2021 vs. Q1 2020) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Total Tons Sold (millions)** | **6.9** | **5.9** | | **Average Revenue per Ton Sold** | **$41.39** | **$43.16** | | **Average Cost of Coal Sold per Ton** | **$31.85** | **$40.04** | | **Average Margin per Ton Sold** | **$9.54** | **$3.12** | - The decrease in the average cost of coal sold per ton was driven by tight cost controls, no longwall moves in Q1 2021 (compared to one in Q1 2020), and improved operating leverage from higher production volumes[187](index=187&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations, which increased to **$78 million** in Q1 2021. The company made **$29.8 million** in principal debt repayments and repurchases during the quarter. As of March 31, 2021, the **$400 million** revolving credit facility had no borrowings and **$146 million** in letters of credit outstanding. Subsequent to the quarter, the company issued **$75 million** in revenue bonds to fund capital projects and expanded its stock/debt repurchase program to **$320 million** Cash Flow Summary (in millions) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Cash Provided by Operating Activities** | **$78** | **$51** | | **Cash Used in Investing Activities** | **($5)** | **($27)** | | **Cash Used in Financing Activities** | **($32)** | **($26)** | - During Q1 2021, the company made principal repayments and repurchases totaling **$29.8 million** across its finance leases, Term Loan A, Term Loan B, and Second Lien Notes[157](index=157&type=chunk)[209](index=209&type=chunk) - As of March 31, 2021, the company was in compliance with all financial covenants under its Senior Secured Credit Facilities. The maximum first lien gross leverage ratio was **1.37 to 1.00**, and the maximum total net leverage ratio was **1.97 to 1.00**[95](index=95&type=chunk)[224](index=224&type=chunk) - During Q1 2021, the company spent approximately **$9 million** to retire **$10 million** of its **11.00%** Senior Secured Second Lien Notes. No common shares were repurchased[247](index=247&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to the company's exposures to market risk since the disclosures made in its Annual Report on Form 10-K for the year ended December 31, 2020 - There have been no material changes to the Company's exposures to market risk since December 31, 2020[257](index=257&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2021. There were no changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls - Based on an evaluation as of the end of the period, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective[259](index=259&type=chunk) - No changes in the company's internal controls over financial reporting occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the controls[260](index=260&type=chunk) Part II. Other Information [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings incidental to its business. No material litigation is currently pending, except for matters disclosed in Note 14 of the financial statements, which include disputes over retiree health care benefits and potential liabilities under the Coal Act - The company is not currently subject to any material litigation, except as disclosed in Note 14 - Commitments and Contingent Liabilities[262](index=262&type=chunk) [Risk Factors](index=57&type=page&id=Item%201A.%20Risk%20Factors) This section highlights a specific risk factor concerning the dependency on key executives and the potential adverse effects of being unable to attract and retain them. It notes that factors like commodity price volatility and ESG-related pressures on the coal industry could impact retention. For a comprehensive list of risks, the report refers to the company's 2020 Form 10-K - The company's future success depends on the continued services of its key executive officers. The inability to retain senior management could be impacted by commodity price volatility and negative sentiment towards the fossil fuel industry, potentially having a material adverse effect on the business[264](index=264&type=chunk)[265](index=265&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No repurchases of the company's equity securities occurred during the three months ended March 31, 2021. The company's stock and debt repurchase program, which was expanded subsequent to the quarter, had approximately **$132 million** remaining available as of May 4, 2021 - There were no repurchases of the Company's equity securities during the three months ended March 31, 2021[268](index=268&type=chunk) - As of May 4, 2021, approximately **$132 million** remained available under the expanded **$320 million** stock and debt repurchase program, which terminates on December 31, 2022[268](index=268&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters as required by the Dodd-Frank Act is provided in Exhibit 95 of this quarterly report - Information concerning mine safety violations required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95 to this Quarterly Report on Form 10-Q[271](index=271&type=chunk)

Part I [Item 1. Business](index=6&type=section&id=ITEM%201.%20Business) CONSOL Energy is a low-cost producer of high-quality bituminous coal in the Appalachian Basin with core operations in mining, marine terminal services, and metallurgical coal development [General Overview and Strategy](index=6&type=section&id=General%20Overview%20and%20Strategy) The company operates key assets including the PAMC and CONSOL Marine Terminal, focusing on low-cost production, metallurgical coal growth, and innovative coal-to-product diversification - The company's core businesses are the Pennsylvania Mining Complex (PAMC), the CONSOL Marine Terminal, and the developing Itmann Mine, expected to produce **900 thousand tons per year** of low-vol coking coal[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - On December 30, 2020, the company **completed the acquisition of all outstanding common units of CONSOL Coal Resources**, making it an indirect wholly-owned subsidiary[34](index=34&type=chunk) - The company's long-term strategy involves diversifying its revenue stream to **reduce exposure to thermal coal** by increasing contributions from the CONSOL Marine Terminal, metallurgical coal, and other carbon products[36](index=36&type=chunk) - CONSOL is pursuing innovative uses of coal, including a **25% equity stake in CFOAM Corp** for high-performance carbon foam products and a partnership to develop a refinery for waste coal slurry[39](index=39&type=chunk) - As of February 9, 2021, the company's contracted sales position is **18.2 million tons for 2021** and **5.6 million tons for 2022**[42](index=42&type=chunk) [Competitive Strengths](index=9&type=section&id=Competitive%20Strengths) The company's competitive advantages include its high-margin operations, extensive reserve base, low-cost longwall mining, strategic logistics, and a strong, established customer base - The Pennsylvania Mining Complex (PAMC) has **657.9 million tons of high-quality recoverable coal reserves**, sufficient for over 20 years of production[46](index=46&type=chunk) - The PAMC is the most productive longwall mining complex in the Northern Appalachian Basin (NAPP), with a production rate of **7.21 tons per employee hour in 2020**, compared to the NAPP average of 4.90[48](index=48&type=chunk) - The company has a significant transportation cost advantage over Illinois Basin (ILB) producers, estimated at **$4 to $7 per ton** for coal delivered to Europe and India[50](index=50&type=chunk) - The company's top ten domestic power plant customers, accounting for **74% of its domestic shipments in 2020**, have no announced retirement plans for the next five years, and CONSOL has grown its market share at these plants from 11% in 2012 to **27% in 2020**[51](index=51&type=chunk) [Coal Operations and Reserves](index=11&type=section&id=Coal%20Operations%20and%20Reserves) As of year-end 2020, the company controlled 2.2 billion tons of recoverable coal reserves, primarily thermal coal located at the Pennsylvania Mining Complex and the developing Itmann Mine PAMC Recoverable Coal Reserves (Millions of Tons, as of 12/31/2020) | Mine/Complex | Assigned Operating | Accessible | Total | | :--- | :--- | :--- | :--- | | Bailey | 69.2 | 39.0 | 108.2 | | Enlow Fork | 67.4 | 254.3 | 321.7 | | Harvey | 37.9 | 190.1 | 228.0 | | **Total PAMC** | **174.5** | **483.4** | **657.9** | Itmann Mine Recoverable Coal Reserves (Millions of Tons, as of 12/31/2020) | Reserve Class | Proven | Probable | Total | | :--- | :--- | :--- | :--- | | Assigned Operating | 4.2 | 1.4 | 5.6 | | Accessible | 5.8 | 9.2 | 15.0 | | **Total Itmann** | **10.0** | **10.6** | **20.6** | Total Recoverable Coal Reserves by Type (Millions of Tons, as of 12/31/2020) | Type | Tons | Percent of Total | | :--- | :--- | :--- | | Metallurgical | 81.3 | 3.7% | | Thermal | 2,084.4 | 96.3% | | **Total** | **2,165.7** | **100.0%** | [Production, Marketing, and Sales](index=16&type=section&id=Production%2C%20Marketing%2C%20and%20Sales) In 2020, coal production and sales prices declined due to weakened demand, with sales concentrated among a few key customers and significant volume shipped through the CONSOL Marine Terminal Coal Production (in millions of tons) | Mine | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Bailey | 8.7 | 12.2 | 12.7 | | Enlow Fork | 5.7 | 10.0 | 9.9 | | Harvey | 4.4 | 5.0 | 5.0 | | **Total** | **18.8** | **27.3** | **27.6** | PAMC Sales Performance | Metric | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Tons Sold (millions) | 18.7 | 27.3 | 27.7 | | Avg. Sales Price/Ton | $41.31 | $47.17 | $49.28 | - In 2020, three customers each comprised over 10% of coal sales, aggregating to approximately **55% of total sales**[99](index=99&type=chunk) - The CONSOL Marine Terminal shipped **10.1 million tons of coal in 2020**, with approximately 77% of the tonnage produced by the PAMC, and has a potential maximum throughput of 15 million tons annually[107](index=107&type=chunk) [Laws and Regulations](index=19&type=section&id=Laws%20and%20Regulations) The company's operations face significant costs and potential demand reduction due to extensive environmental, health, and safety regulations, including those related to air, water, and climate change - The company's operations and its customers are heavily regulated under the **Clean Air Act (CAA)**, which governs emissions from coal combustion[122](index=122&type=chunk)[123](index=123&type=chunk) - Global climate change initiatives and regulations targeting **greenhouse gas (GHG) emissions** are expected to decrease the utilization of coal-fired power plants and reduce demand for coal[132](index=132&type=chunk) - The Surface Mining Control and Reclamation Act (SMCRA) requires the company to obtain surety bonds for long-term reclamation obligations, with **$564 million in surety bonds posted** as of December 31, 2020[152](index=152&type=chunk) - Under federal black lung benefits legislation, the company contributes to a trust fund via an excise tax on coal production, which was up to **$1.10 per ton** for deep mined coal through 2021[165](index=165&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=ITEM%201A.%20Risk%20Factors) The company faces substantial business, operational, and financial risks including volatile coal prices, pandemic impacts, customer concentration, regulatory pressures, and stock price volatility [Risks Related to Our Business](index=27&type=section&id=Risks%20Related%20to%20Our%20Business) The company's business is subject to risks from volatile coal prices, reduced demand from COVID-19, high customer concentration, and the long-term decline in coal use by power generators - The **COVID-19 pandemic caused an unprecedented decline in coal demand in 2020** due to lockdowns and reduced electricity consumption, negatively impacting performance[181](index=181&type=chunk)[183](index=183&type=chunk) - The company has significant customer concentration, with three domestic customers accounting for approximately **55% of coal sales in fiscal year 2020**[196](index=196&type=chunk) - Regulations addressing **climate change and greenhouse gas emissions** may increase operating costs, reduce asset values, and adversely impact the market for coal[219](index=219&type=chunk)[222](index=222&type=chunk) - Substantially all mining operations are conducted at the **single Pennsylvania Mining Complex**, making the company vulnerable to risks associated with operating in a single geographic area[237](index=237&type=chunk)[238](index=238&type=chunk) [Risks Related to Our Common Stock and the Securities Market](index=42&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock%20and%20the%20Securities%20Market) Investors face risks including significant stock price volatility, no guarantee of future dividends, potential ownership dilution, and anti-takeover provisions that could depress the stock price - The market price of the company's common stock may **fluctuate significantly** due to factors such as earnings results, analyst estimates, and overall market conditions[307](index=307&type=chunk) - The payment of **future dividends is not guaranteed** and is subject to the discretion of the board of directors, financial conditions, and debt covenants[312](index=312&type=chunk) - The company's charter and Delaware law contain **provisions intended to deter coercive takeovers**, which could delay a change in control and potentially decrease the stock's trading price[318](index=318&type=chunk)[319](index=319&type=chunk) - The certificate of incorporation designates **Delaware state courts as the exclusive forum** for certain stockholder lawsuits, which could limit a stockholder's ability to bring a claim elsewhere[324](index=324&type=chunk)[325](index=325&type=chunk) [Item 1B. Unresolved Staff Comments](index=47&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments - None[327](index=327&type=chunk) [Item 2. Properties](index=47&type=section&id=ITEM%202.%20Properties) The company's material properties include its mining operations, the CONSOL Marine Terminal in Baltimore, and its principal executive offices in Canonsburg, Pennsylvania - The company's primary properties consist of its mining operations, the **CONSOL Marine Terminal** in Baltimore, and its principal executive offices in Canonsburg, PA[329](index=329&type=chunk) [Item 3. Legal Proceedings](index=47&type=section&id=ITEM%203.%20Legal%20Proceedings) The company is involved in various legal proceedings incidental to its business but reports no material litigation at this time - The company is **not currently subject to any material litigation**, with details on commitments and contingent liabilities provided in Note 22 of the financial statements[330](index=330&type=chunk) [Item 4. Mine Safety and Health Administration Safety Data](index=47&type=section&id=ITEM%204.%20Mine%20Safety%20and%20Health%20Administration%20Safety%20Data) Information regarding mine safety violations and other regulatory matters as required by the Dodd-Frank Act is included in Exhibit 95 of this annual report - Mine safety data required by Section 1503(a) of the Dodd-Frank Act is included in **Exhibit 95** to this annual report[331](index=331&type=chunk) Part II [Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=ITEM%205.%20Market%20for%20Registrant's%20Common%20Equity%20and%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock (NYSE: CEIX) performance has underperformed the S&P 500, and while a repurchase program is active, dividend payments are restricted by debt covenants - The company's common stock is listed on the New York Stock Exchange under the symbol **"CEIX"**[333](index=333&type=chunk) - The company has a stock, unit, and debt repurchase program authorized up to **$270 million** through June 30, 2022, with approximately **$91.4 million remaining available** as of February 12, 2021[339](index=339&type=chunk) - The ability to pay dividends is at the discretion of the Board of Directors and is **limited by covenants** in its debt agreements tied to the company's total net leverage ratio[340](index=340&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=ITEM%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The COVID-19 pandemic significantly impacted 2020 financial performance, leading to a net loss of $10 million, reduced sales volumes, and lower coal prices [Results of Operations](index=50&type=section&id=Results%20of%20Operations) The company reported a net loss of $10 million in 2020, a sharp decline from a $76 million net income in 2019, driven by lower coal sales volume and prices PAMC Performance Comparison (2020 vs. 2019) | Metric | 2020 | 2019 | Variance | | :--- | :--- | :--- | :--- | | Tons Sold (millions) | 18.7 | 27.3 | (8.6) | | Avg. Revenue per Ton | $41.31 | $47.17 | ($5.86) | | Avg. Cost of Coal Sold per Ton | $38.24 | $37.37 | $0.87 | | Avg. Cash Margin per Ton | $12.19 | $16.20 | ($4.01) | - The decrease in 2020 coal revenue was driven by **lower sales volume and pricing** due to a warm winter and the COVID-19 pandemic[369](index=369&type=chunk) - The CONSOL Marine Terminal's earnings before income tax were stable year-over-year at **$33M in 2020** due to take-or-pay arrangements that mitigated reduced throughput[377](index=377&type=chunk)[378](index=378&type=chunk) - Comparing 2019 to 2018, coal revenue decreased by $75 million primarily due to a **$2.11 lower average sales price per ton**[403](index=403&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) As of year-end 2020, the company maintained total liquidity of $326 million and had total long-term debt and finance lease obligations of $666 million Cash Flow Summary (in millions) | Cash Flow Activity | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | Operating Activities | $129 | $245 | ($116) | | Investing Activities | ($76) | ($173) | $97 | | Financing Activities | ($82) | ($257) | $175 | - As of December 31, 2020, total liquidity was **$326 million**, including $51 million of cash and $274 million of unused revolver capacity[440](index=440&type=chunk)[460](index=460&type=chunk) - Total long-term debt and finance lease obligations were **$666 million** at December 31, 2020[472](index=472&type=chunk) - In June 2020, the company amended its Senior Secured Credit Facilities to provide **eight quarters of financial covenant relaxation** in response to market conditions[452](index=452&type=chunk) [Critical Accounting Policies and Estimates](index=59&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant management judgment, particularly for Asset Retirement Obligations, Income Taxes, and Recoverable Coal Reserves - **Asset Retirement Obligations**, estimated at approximately **$249 million** at December 31, 2020, are a critical estimate for mine closure and reclamation[427](index=427&type=chunk) - **Accounting for income taxes** is a critical policy, requiring management to assess the realizability of deferred tax assets and judge uncertain tax positions[431](index=431&type=chunk)[434](index=434&type=chunk) - **Estimating economically recoverable coal reserves** is inherently uncertain and involves numerous factors beyond the company's control[435](index=435&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from coal commodity prices, interest rates on its variable-rate debt, and foreign exchange rate fluctuations - The company's primary market risks are **commodity price risk (coal), interest rate risk, and foreign exchange rate risk**[493](index=493&type=chunk) - The company's primary exposure to interest rate risk relates to its senior secured credit facilities; a hypothetical **100 basis-point increase** in the average interest rate would decrease pre-tax earnings by **$2 million**[496](index=496&type=chunk)[498](index=498&type=chunk) - Although all transactions are in U.S. dollars, **currency fluctuations can adversely affect the competitiveness** of the company's coal in international markets[499](index=499&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=74&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements and supplementary data for the fiscal years ended December 31, 2020, 2019, and 2018 Consolidated Statement of Income Highlights (in thousands) | Line Item | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total Revenue and Other Income | $1,021,643 | $1,430,903 | $1,532,015 | | Total Costs and Expenses | $1,030,885 | $1,332,806 | $1,344,402 | | Net (Loss) Income | ($13,214) | $93,558 | $178,785 | | Net (Loss) Income Attributable to CEIX | ($9,755) | $76,001 | $152,976 | Consolidated Balance Sheet Highlights (in thousands) | Line Item | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Current Assets | $292,941 | $338,029 | | Total Assets | $2,523,366 | $2,693,802 | | Total Current Liabilities | $368,470 | $392,264 | | Total Long-Term Debt | $603,061 | $662,838 | | Total Liabilities | $1,969,847 | $2,121,407 | | Total Equity | $553,519 | $572,395 | Consolidated Statement of Cash Flows Highlights (in thousands) | Line Item | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $129,331 | $244,566 | $413,525 | | Net Cash Used in Investing Activities | ($76,334) | ($172,541) | ($153,646) | | Net Cash Used in Financing Activities | ($82,440) | ($256,667) | ($148,923) | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](index=118&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) The company reports no changes in or disagreements with its accountants on accounting and financial disclosures - None[756](index=756&type=chunk) [Item 9A. Controls and Procedures](index=118&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures, as well as its internal control over financial reporting, were effective as of December 31, 2020 - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2020[757](index=757&type=chunk) - Management concluded that the company maintained **effective internal control over financial reporting** as of December 31, 2020, based on the COSO framework[761](index=761&type=chunk) - There were **no material changes** in the company's internal controls over financial reporting during the period[763](index=763&type=chunk) [Item 9B. Other Information](index=120&type=section&id=ITEM%209B.%20Other%20Information) The Board of Directors approved an amendment to the CEO's employment agreement, providing for two separate $1 million cash retention payments - An amendment to CEO James A. Brock's employment agreement was approved on February 3, 2021, providing for two **cash retention payments of $1,000,000 each**[773](index=773&type=chunk)[774](index=774&type=chunk) Part III [Items 10-14](index=121&type=section&id=ITEMS%2010%2C%2011%2C%2012%2C%2013%20and%2014) Required information for Items 10 through 14 is incorporated by reference from the company's 2021 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is **incorporated by reference** from the company's Proxy Statement for the 2021 Annual Meeting of Shareholders[778](index=778&type=chunk)[780](index=780&type=chunk)[781](index=781&type=chunk)[782](index=782&type=chunk)[783](index=783&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=121&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K report - This section provides an **index of all financial statements, schedules, and exhibits** filed with the Form 10-K[785](index=785&type=chunk)[786](index=786&type=chunk)

CONSOL Energy Inc. (NYSE:CEIX) Q4 2020 Earnings Conference Call February 9, 2021 11:00 AM ET Company Participants Nathan Tucker - Manager, Finance & Investor Relations Jimmy Brock - Chief Executive Officer Mitesh Thakkar - Chief Financial Officer Bob Braithwaite - Vice President of Sales & Marketing Dan Connell - Senior Vice President of Strategy Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Brian Kennedy - Wells Fargo Operator Good morning, and welcome ...

Financial Performance - CONSOL Energy's 4Q20 shipments increased to 59 million tons, compared to 45 million tons in 3Q20 and 23 million tons in 2Q20[5] - The company reported 4Q20 adjusted EBITDA of $96 million, marking the second consecutive quarter of significant recovery[5] - Free cash flow for 4Q20 was $48 million[5] - The net leverage ratio improved from 34x at 09/30/20 to 25x as of 12/31/20[5] Debt and Liquidity - Total consolidated indebtedness was reduced by $56 million in 2020, including reductions of $23 million in TLA, $3 million in TLB, and $54 million in 2nd lien debt[6] - Cash and cash equivalents improved to $51 million at 12/31/20 from $22 million at 9/30/20[6] - Total CEIX liquidity stood at $326 million as of 12/31/2020[8, 13] Legacy Liabilities and Pension Plan - Net reduction in legacy OPEB liability of $51 million compared to YE 2019 levels[7] - CEIX's Qualified Pension Plan was 99% funded as of 12/31/2020[7, 16] Share Performance - Since the announced merger with CCR on 10/23/20, the share price increased from $432 to $926 as of 2/4/2021[9]

& CONSOL ENERGY. | --- | --- | --- | --- | --- | |-------|-------|--------|---------------------|------------------| | | | | | | | | | | | | | | | rd 3 | Quarter 2020 | | | | | | Earnings Supplement | | | | | | | November 5, 2020 | Disclaimer Forward-Looking Statements All statements in this presentation (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section ...