CONSOL Energy Inc.

Reported Q3 2024 net income was $96 million, or $3.22 per diluted share, with adjusted EBITDA of $179 million and free cash flow of $122 million. PAMC sold 6.8 million tons at an average coal revenue per ton sold of $64.28, versus 6.1 million tons at $70.34 in the prior-year period; PAMC production was 7.2 million tons versus 6.1 million tons, and average cash cost of coal sold was $35.85 per ton versus $38.36. CONSOL Marine Terminal shipped 4.7 million tons, with revenue of $23.7 million, operating cash costs of $6.9 million, and adjusted EBITDA of $15.9 million versus $14.9 million a year ago. For 2024, PAMC average coal revenue per ton sold guidance was tightened to $64.50-$66, PAMC cash cost guidance was lowered to $37.50-$38.50, PAMC sales volume guidance was raised to 25-26 million tons, and Itmann sales volume guidance was lowered to 600,000-800,000 tons; capex guidance was unchanged.

Jimmy Brock emphasized that the quarter showed operational resilience despite a planned longwall move, summer maintenance shutdown, and the Port of Baltimore disruption. He highlighted record third-quarter performance at PAMC and said the company is set up to run well in Q4, while also stressing safety, cost discipline, and the ability to sell into multiple end markets. On strategy, he said the Arch merger remains a major priority and framed the combined company as a stronger long-term platform with synergy potential.

Mitesh Thakkar focused on the financial beat and liquidity generation, pointing to $96 million of net income, $179 million of adjusted EBITDA, and $122 million of free cash flow in the quarter. He also outlined capital allocation, including $2 million of debt repayments, $39 million of capex, and a $7 million dividend, plus the announced $0.25 per share dividend payable November 26, 2024. On balance sheet and liabilities, he detailed the Global Water Treatment Trust Fund, including an initial roughly $12 million contribution, a minimum $2 million annual contribution until the fund reaches $74 million, and an expected reduction of about $58 million in surety bonds from the initial step.

Analysts focused on the 2025 contract book, cost trends, the insurance claim tied to the Key Bridge collapse, and whether strong Q3 production could allow the company to reach the top end of full-year guidance. Management said the 2025 book was about 18 million tons, roughly 3.5 million tons higher than last quarter, with about 900,000 tons domestic and the balance mostly export, including more crossover metallurgical sales into China; they also said domestic customers are looking as far out as 2028. On the insurance claim, Mitesh said CEIX submitted a claim of about $60-plus million and expects that number to hold, while on costs Jimmy said the company is seeing some deflation in consumables and remains focused on procurement savings and lower production cost per ton.