CONSOL Energy (CEIX)2025-02-20 12:13Revenue and Income - For the year ended December 31, 2024, total coal revenue was $1,787 million, a decrease from $2,107 million in 2023, reflecting a variance of $342 million[341]. - The average coal revenue per ton sold decreased to $65.54 in 2024 from $77.74 in 2023, indicating a decline of approximately 15.6%[337]. - The net income for the year ended December 31, 2024, was $286,405 million, down from $655,892 million in 2023, indicating a decline of approximately 56.4%[340]. - Total revenue and other income for 2024 was $2,236,311, a decrease of 13% from $2,568,877 in 2023[440]. - Coal revenue decreased to $1,786,926 in 2024, down 15% from $2,106,366 in 2023[440]. - Basic earnings per share dropped to $9.65 in 2024, down from $19.91 in 2023[440]. - Comprehensive income for 2024 was $300,892, down from $656,472 in 2023[454]. Costs and Expenses - The cash cost of coal sold for 2024 was $973,139 million, slightly up from $939,892 million in 2023, representing an increase of about 3.5%[335]. - The average cash cost of coal sold per ton increased to $37.89 in 2024 from $36.10 in 2023, marking a rise of approximately 4.9%[337]. - Total costs and expenses increased to $1,905,664 in 2024, up 6% from $1,791,005 in 2023[440]. - Operating and other costs rose to $1,271 million for the year ended December 31, 2024, compared to $1,120 million in 2023, marking an increase of about 13.5%[349]. Cash Flow and Liquidity - The Company reported cash flows from operating activities of approximately $476 million for the year ended December 31, 2024, a decrease of $382 million compared to $858 million in 2023[390]. - Cash and cash equivalents rose to $408,240 in 2024, an increase of 105% from $199,371 in 2023[446]. - Total liquidity as of December 31, 2024, was $708 million, consisting of $408 million in cash and cash equivalents, $52 million in short-term investments, and $355 million available under the revolving credit facility[383]. Capital Expenditures and Investments - Total capital expenditures increased by $10 million, from $168 million in 2023 to $178 million in 2024, with notable increases in building and infrastructure expenditures by $15 million[392]. - The Company generated cash used in investing activities of $165 million in 2024, a decrease of $94 million compared to $259 million in 2023[390]. Debt and Financial Obligations - The Company expects to make payments of $117 million on long-term debt obligations in the next 12 months, including $103 million related to the MEDCO Bonds[408]. - As of December 31, 2024, the Company had total long-term debt and finance lease obligations of $209 million, including a current portion of $113 million[412]. - The Company increased its revolving credit facility commitments from $355 million to $600 million, extending the maturity date to April 30, 2029[382]. Mergers and Future Outlook - The merger with Arch was completed on January 14, 2025, which is expected to significantly impact future financial results[327]. - The company expects to reassess its reporting segments in the first quarter of 2025 following the merger[329]. - The Company anticipates resuming longwall mining at the Leer South mine in mid-2025 after addressing isolated combustion-related activity[330]. Shareholder Returns - The Company declared dividends of $0.25 per share totaling approximately $14.7 million during the year ended December 31, 2024, and announced a $0.10 per share dividend in February 2025[417]. - Dividends declared per common share were $0.50 in 2024, down from $2.20 in 2023[440]. - The company repurchased and retired 747,351 shares of common stock at an average price of $89.49 per share[415]. Tax and Deferred Liabilities - Total income tax expense for the year ended December 31, 2024 was $44,242, a decrease of 63.7% from $121,980 in 2023[514]. - The effective income tax rate for 2024 was 13.4%, compared to 15.7% in 2023 and 17.8% in 2022[515]. - The Company had deferred tax liabilities exceeding deferred tax assets by approximately $49 million as of December 31, 2024[374]. Miscellaneous Income and Other Factors - Miscellaneous other income increased to $80 million in 2024, up from $53 million in 2023, representing a growth of approximately 51%[345]. - Interest income rose to $19,223 in 2024, up from $13,597 in 2023, marking an increase of about 41.5%[507]. - The Company has established risk management policies to mitigate commodity price volatility through short-term and multi-year fixed-price contracts[423].