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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-Q __________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38147 __________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |---------------------------------------------------------------------------|-------------------------------------------------| | For the transition period from to Commission file ...

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 ...