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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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82-1954058
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock ($0.01 par value)
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CEIX
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New York Stock Exchange
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TABLE OF CONTENTS
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Page
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PART I
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ITEM 1.
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Business
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ITEM 1A.
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Risk Factors
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ITEM 1B.
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Unresolved Staff Comments
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ITEM 2.
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Properties
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ITEM 3.
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Legal Proceedings
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ITEM 4.
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Mine Safety and Health Administration Safety Data
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PART II
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ITEM 5.
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Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities
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ITEM 6.
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Selected Financial Data
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ITEM 7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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ITEM 7A.
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Quantitative and Qualitative Disclosures About Market Risk
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ITEM 8.
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Financial Statements and Supplementary Data
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ITEM 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
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ITEM 9A.
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Controls and Procedures
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ITEM 9B.
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Other Information
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PART III
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ITEM 10.
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Directors and Executive Officers of the Registrant
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ITEM 11.
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Executive Compensation
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ITEM 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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ITEM 13.
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Certain Relationships and Related Transactions and Director Independence
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ITEM 14.
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Principal Accounting Fees and Services
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PART IV
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ITEM 15.
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Exhibits and Financial Statement Schedules
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SIGNATURES
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•
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“CONSOL Energy,” “we,” “our,” “us,” “our Company” and “the Company” refer to CONSOL Energy Inc. and its subsidiaries on or after November 28, 2017 and to CONSOL Mining Corporation and its subsidiaries prior to November 28, 2017, except to the extent of any discussion of the financial condition, results of operations, cash flows, and other business activities of the Company on or prior to November 28, 2017 that relate specifically to the Coal Business, in which case such references shall be to the Predecessor;
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•
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“Btu” means one British Thermal unit;
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•
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“Coal Business” prior to November 28, 2017 refers to all of our former parent’s interest in the Pennsylvania Mining Complex (PAMC) and certain related coal assets, including our former parent’s ownership interest in CONSOL Coal Resources LP, which owns a 25% undivided interest stake in PAMC, the CONSOL Marine Terminal and undeveloped coal reserves (Greenfield Reserves) located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities. “Coal Business” on or after November 28, 2017 refers to CONSOL Energy Inc.’s interest in the Coal Business. References in this report to historical assets, liabilities, products, businesses or activities generally refer to the historical assets, liabilities, products, businesses or activities of the Coal Business as it was conducted as part of our former parent prior to the completion of the separation and distribution;
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•
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“CONSOL Marine Terminal” refers to the terminal operations located at the Port of Baltimore that were transferred to the Company as part of the separation. Prior to November 28, 2017, the CONSOL Marine Terminal was named CNX Marine Terminal. As part of the separation and distribution on November 28, 2017, the terminal changed its name to CONSOL Marine Terminal;
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•
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“distribution” refers to the pro rata distribution of the Company's issued and outstanding shares of common stock to its former parent's stockholders on November 29, 2017;
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•
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“former parent” refers to CNX Resources Corporation and its consolidated subsidiaries;
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•
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“General Partner” refers to CONSOL Coal Resources GP LLC, a Delaware limited liability company. Prior to November 28, 2017, CONSOL Coal Resources GP LLC was named CNX Coal Resources GP LLC;
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•
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“Greenfield Reserves” means those undeveloped reserves owned by the Company in the Northern Appalachian, Central Appalachian and Illinois basins that are not associated with the Pennsylvania Mining Complex;
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•
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“mmBtu” means one million British Thermal units;
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•
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“Partnership,” “CCR” or “CONSOL Coal Resources” refers to a Delaware limited partnership that holds a 25% undivided interest in, and is the sole operator of, the Pennsylvania Mining Complex. Prior to November 28, 2017, the Partnership was named CNX Coal Resources LP and its common units traded on the New York Stock Exchange under the ticker “CNXC.” As part of the separation on November 28, 2017, the Partnership changed its name to CONSOL Coal Resources LP and changed its NYSE ticker to “CCR”;
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•
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“Pennsylvania Mining Complex” or “PAMC” refers to coal mines, coal reserves and related assets and operations located primarily in southwestern Pennsylvania and owned 75% by the Company and 25% by the Partnership;
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•
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“Predecessor” historical assets, liabilities, products, businesses or activities generally refers to the historical assets, liabilities, products, businesses or activities of the Coal Business as the business was conducted as part of our former parent prior to the completion of the separation;
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•
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“recoverable coal reserves” refer to the Company's proven and probable coal reserves as defined by Industry Guide 7 that could be economically and legally extracted or produced at the time of the reserve determination, taking into account mining recovery and preparation plant yield; and
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•
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“separation” refers to the separation of the Coal Business from our former parent’s other businesses and the creation, as a result of the distribution, of an independent, publicly-traded company (the Company) to hold the assets and liabilities associated with the Coal Business after the distribution.
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•
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deterioration in economic conditions in any of the industries in which our customers operate may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital;
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volatility and wide fluctuation in coal prices based upon a number of factors beyond our control including oversupply relative to the demand available for our products, weather and the price and availability of alternative fuels;
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an extended decline in the prices we receive for our coal affecting our operating results and cash flows;
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significant downtime of our equipment or inability to obtain equipment, parts or raw materials;
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decreases in the availability of, or increases in, the price of commodities or capital equipment used in our coal mining operations;
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our customers extending existing contracts or entering into new long-term contracts for coal on favorable terms;
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our reliance on major customers;
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our inability to collect payments from customers if their creditworthiness declines or if they fail to honor their contracts;
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•
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our inability to acquire additional coal reserves that are economically recoverable;
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•
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decreases in demand and changes in coal consumption patterns of electric power generators;
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the availability and reliability of transportation facilities and other systems, disruption of rail, barge, processing and transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs;
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•
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a loss of our competitive position because of the competitive nature of coal industries, or a loss of our competitive position because of overcapacity in these industries impairing our profitability;
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•
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foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad;
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recent action and the possibility of future action on trade made by U.S. and foreign governments;
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the risks related to the fact that a significant portion of our production is sold in international markets;
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•
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coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions;
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the impact of potential, as well as any adopted, regulations to address climate change, including any relating to greenhouse gas emissions on our operating costs as well as on the market for coal;
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•
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the effects of litigation seeking to hold energy companies accountable for the effects of climate change;
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•
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the effects of government regulation on the discharge into the water or air, and the disposal and clean-up of, hazardous substances and wastes generated during our coal operations;
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•
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the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions;
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•
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failure to obtain or renew surety bonds on acceptable terms, which could affect our ability to secure reclamation and coal lease obligations;
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•
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failure to obtain adequate insurance coverages;
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•
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operating in a single geographic area;
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•
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the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land;
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our inability to obtain financing for capital expenditures on satisfactory terms;
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•
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the effects of receiving low sustainability scores which potentially results in the exclusion of our securities from consideration by certain investment funds and a negative perception by investors;
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the effect of new or existing tariffs and other trade measures;
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our inability to find suitable acquisition targets or integrating the operations of future acquisitions into our operations;
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obtaining, maintaining and renewing governmental permits and approvals for our coal operations;
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the effects of stringent federal and state employee health and safety regulations, including the ability of regulators to shut down our operations;
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•
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the potential for liabilities arising from environmental contamination or alleged environmental contamination in connection with our past or current coal operations;
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the effects of asset retirement obligations and certain other liabilities;
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•
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uncertainties in estimating our economically recoverable coal reserves;
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•
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the outcomes of various legal proceedings, including those which are more fully described herein;
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•
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defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights;
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•
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exposure to employee-related long-term liabilities;
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•
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the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows;
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the effects of hedging transactions on our cash flow;
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•
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the effect of our affiliated company credit agreement on our cash flows;
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•
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failure by one or more of the third parties to satisfy certain liabilities it acquired from our former parent, or failure to perform its obligations under various arrangements, which our former parent guaranteed and for which we have indemnification obligations to our former parent;
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•
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information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident;
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•
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certain provisions in our multi-year coal sales contracts may provide limited protection during adverse economic conditions, and may result in economic penalties or permit the customer to terminate the contract;
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•
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the potential failure to retain and attract qualified personnel of the Company and a possible increased reliance on third party contractors as a result;
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•
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we may not receive distributions from the Partnership;
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•
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failure to maintain effective internal controls over financial reporting;
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•
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certain risks related to our separation from our former parent;
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•
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a determination by the Internal Revenue Service (“IRS”) that the distribution or certain related transactions should be treated as a taxable transaction;
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•
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uncertainty with respect to the Company’s common stock, potential stock price volatility and future dilution;
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•
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the consequences of a lack of or negative commentary about us published by securities analysts;
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uncertainty regarding the timing of any dividends we may declare;
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uncertainty as to whether we will repurchase shares of our common stock or outstanding debt securities;
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•
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restrictions on the ability to acquire us in our certificate of incorporation, bylaws and Delaware law and the resulting effects on the trading price of our common stock;
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inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; and
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other unforeseen factors.
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ITEM 1.
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Business
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•
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Pennsylvania Mining Complex: The PAMC, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant, has extensive high-quality coal reserves. We mine our reserves from the Pittsburgh No. 8 Coal Seam, which is a large contiguous formation of high-Btu coal that is ideal for high-productivity, low-cost longwall operations. The design of the PAMC is optimized to produce large quantities of coal on a cost-efficient basis. We are able to sustain high production volumes at comparatively low operating costs due to, among other things, our technologically advanced longwall mining systems, logistics infrastructure and safety. All of our mines utilize longwall mining, which is a highly automated underground mining technique that produces large volumes of coal at lower costs compared to other underground mining methods. We own a 75% undivided interest in the PAMC, and the remaining 25% is owned by CCR, as discussed below.
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•
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CCR Ownership: CONSOL Energy owns, directly or indirectly, through CCR's general partner, 61.5% of the partnership, which is comprised of a 1.7% general partner interest and a 59.8% limited partner interest. At December 31, 2019, CCR’s assets included a 25% undivided interest in, and full operational control over, the PAMC.
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•
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CONSOL Marine Terminal: Through our subsidiary CONSOL Marine Terminals LLC, we provide coal export terminal services through the Port of Baltimore. The terminal can either store coal or load coal directly into vessels from rail cars. It is also the only major east coast United States coal terminal served by two railroads, Norfolk Southern Corporation and CSX Transportation Inc.
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Itmann Mine: Construction of the Itmann Mine, located in Wyoming County, West Virginia, began in the second half of 2019; full production is expected in 2021 upon the completion of a new preparation plant. When fully operational, the Company anticipates approximately 900 thousand tons per year of high-quality, low-vol coking coal capacity.
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•
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Greenfield Reserves: We own approximately 1.5 billion tons of high-quality, undeveloped coal reserves located in NAPP, CAPP and the ILB.
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•
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“Proven (Measured) Reserves.” Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; and grade and/or quality are computed from the results of detailed sampling and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established.
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“Probable (Indicated) Reserves.” Reserves for which quantity and grade and/or quality are computed from information similar to that used for Proven (Measured) Reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for Proven (Measured) Reserves, is high enough to assume continuity between points of observation.
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CONSOL ENERGY PENNSYLVANIA MINING COMPLEX
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Proven and Probable Assigned and Accessible Coal Reserves as of December 31, 2019 and 2018
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Recoverable
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Average
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As Received Heat
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Coal Reserves (As-Received)(2, 3, 4)
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Preparation
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Mining
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Value(1)
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Tons in
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Facility
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Reserve
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Coal
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Height
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(Btu/lb)
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Owned
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Leased
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Millions
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Mine/Reserve
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Location
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Class
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Seam
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(feet)
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Typical
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Range
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(%)
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(%)
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12/31/2019
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12/31/2018
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PA Mining Operations
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Bailey
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Enon, PA
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Assigned Operating
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Pittsburgh
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7.5
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12,900
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12,600 – 13,170
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59%
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41%
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77.3
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62.3
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Accessible
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Pittsburgh
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7.5
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12,890
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12,820 – 13,110
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43%
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57%
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38.0
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101.1
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Enlow Fork
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Enon, PA
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Assigned Operating
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Pittsburgh
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7.4
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13,050
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12,660 – 13,260
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99%
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1%
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72.7
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82.0
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Accessible
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Pittsburgh
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7.6
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12,910
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12,460 – 13,340
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74%
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26%
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251.8
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251.6
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Harvey
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Enon, PA
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Assigned Operating
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Pittsburgh
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6.9
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13,060
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12,850 – 13,230
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90%
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10%
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41.2
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43.6
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Accessible
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Pittsburgh
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7.7
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12,930
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12,720 – 13,070
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92%
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8%
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188.4
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157.9
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Total Assigned Operating and Accessible
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669.4
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698.5
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(1)
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The heat values (gross calorific values) shown for reserves are based on the forecasted quality for each mine/reserve class, assuming that the coal is washed to an extent consistent with normal full-capacity operation of each mine's/complex’s preparation plant. Forecasted quality is derived from exploration sample analysis results, which have been adjusted to account for anticipated moisture and for the effects of mining and coal preparation.
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(2)
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Recoverable coal reserves are estimated based on the area in which mineable coal exists, coal seam thickness, and average density determined by laboratory testing of drill core samples. This estimate is adjusted to account for coal that will not be recovered during mining and for losses that occur if the coal is processed after mining. Reserve tons are reported on an as-received basis, based on the anticipated product moisture. Reserves are reported only for those coal seams that are controlled by ownership or leases.
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(3)
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Because the continuity of the Pittsburgh coal seam is well known, and due to the minimal difference in the degree of assurance between observation points, recoverable reserves in this table represent the aggregation of proven and probable reserves that can be reasonably recovered considering all mining and preparation losses involved in producing a saleable product using existing mining methods under current law.
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(4)
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Recoverable coal reserves incorporate losses for dilution and mining recovery based upon a 99% longwall mining recovery, a continuous mining recovery typically ranging from 25% to 40%, and a 95% preparation plant efficiency within the life of mine plan. Recoverable coal reserves are assessed using forward-looking prices derived from our forward contracts, various coal indices such as API 2, and other observable forward market indicators such as natural gas and electric power forward pricing to determine the reserves are economical.
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(1)
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The quality values shown for reserves are based on forecasted quality for each mine/reserve class, assuming that the coal is washed to an extent reasonably expected from regional third-party preparation plants. Forecasted quality is derived from exploration sample analysis results, which have been adjusted to a moisture free basis and for the effects of mining and coal preparation.
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(2)
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Recoverable coal reserves are estimated based on the area in which mineable coal exists, coal seam thickness, and average density determined by laboratory testing of drill core samples. This estimate is adjusted to account for coal that will not be recovered during mining and for losses that occur if the coal is processed after mining. Reserve tons are reported on an as-received basis, based on the anticipated product moisture. Reserves are reported only for those coal seams that are controlled by ownership or leases.
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(3)
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Recoverable coal reserves represent proven and probable reserves that can be recovered considering all mining and preparation losses involved in producing a saleable product using existing mining methods under current law.
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(4)
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Recoverable reserve estimates incorporate losses for dilution and mining recovery based upon a continuous miner recovery typically ranging from 40% to 70%, and a 95% preparation plant efficiency within the life of mine plan. Recoverable coal reserves are assessed using forward-looking prices for low-volatile metallurgical coal to determine the reserves are economical.
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(1)
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The heat value (gross calorific values) estimates for Northern Appalachian and Central Appalachian Assigned Non-Operating and Unassigned coal reserves are on an as-received basis and include adjustments for moisture that may be added during mining or processing as well as for dilution by rock lying above or below the coal seam. For Assigned Non-Operating coal reserves, the mining and processing methods previously in use are used for these estimates. The heat value estimates for the Illinois Basin Unassigned reserves are based primarily on exploration drill core data that may not include adjustments for moisture added during mining or processing, or for dilution by rock lying above or below the coal seam.
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(2)
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Recoverable reserves are estimated based on the area in which mineable coal exists, coal seam thickness, and average density determined by laboratory testing of drill core samples. This estimate is adjusted to account for coal that will not be recovered during mining and for losses that occur if the coal is processed after mining. Reserve tons are reported on an as-received basis, based on the anticipated product moisture. Reserves are reported only for those coal seams that are controlled by ownership or leases.
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(3)
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143.3 million tons of the Northern Appalachia leased tons are controlled by Consolidation Coal Company, a former subsidiary of our former parent that was sold in December 2013. As of filing, these tons are still controlled by Consolidation Coal Company but are shown in CONSOL Energy's reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy.
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(1)
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143.3 million tons of the Northern Appalachia product are controlled by Consolidation Coal Company, a former subsidiary of our former parent that was sold in December 2013. As of this filing, these tons are still controlled by Consolidation Coal Company but are shown in CONSOL Energy’s reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy.
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Total
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Total
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Royalty
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Royalty
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Tonnage
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Income *
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Year
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(in thousands)
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(in thousands)
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2019
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6,171
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$19,919
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2018
|
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6,656
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$21,917
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2017
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7,656
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$26,023
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Preparation
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Tons Produced
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Year
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|||||||
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Facility
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Mine
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Mining
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(in millions)
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Established
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|||||||
Mine
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Location
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Type
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Equipment
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Transportation
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2019
|
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2018
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2017
|
|
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or Acquired
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PA Mining Operations
|
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|||
Bailey
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Enon, PA
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U
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LW/CM
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R R/B
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12.2
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12.7
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|
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12.1
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1984
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Enlow Fork
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Enon, PA
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U
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LW/CM
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R R/B
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10.0
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|
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9.9
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9.2
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1990
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Harvey
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Enon, PA
|
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U
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LW/CM
|
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R R/B
|
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5.0
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5.0
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|
|
4.8
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|
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2014
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Total
|
|
|
|
|
|
|
|
|
|
27.3
|
|
|
27.6
|
|
|
26.1
|
|
|
|
U
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–
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Underground
|
LW
|
–
|
Longwall
|
CM
|
–
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Continuous Miner
|
R
|
–
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Rail
|
R/B
|
–
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Rail to Barge or Vessel
|
|
|
Years Ended December 31,
|
||||||||||
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2019
|
|
2018
|
|
2017
|
||||||
Company Produced PA Mining Operations Tons Sold (in millions)
|
|
27.3
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|
|
27.7
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|
|
26.1
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|
|||
Average Sales Price per Ton Sold – PA Mining Operations
|
|
$
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47.17
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|
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$
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49.28
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|
|
$
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45.52
|
|
•
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Fixed price contracts with pre-established prices;
|
•
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Periodically negotiated prices that reflect market conditions at the time;
|
•
|
Price restricted to an agreed-upon percentage increase or decrease;
|
•
|
Base-price-plus-escalation methods which allow for periodic price adjustments based on inflation indices or other negotiated indices; or
|
•
|
Positive electric power price-related adjustments.
|
•
|
the caching of additional supplies of self-contained self-rescuer devices underground;
|
•
|
the purchase and installation of electronic communication and personal tracking devices underground;
|
•
|
the purchase and installation of proximity detection devices on continuous miner machines;
|
•
|
the placement of refuge chambers, which are structures designed to provide refuge for groups of miners during a mine emergency when evacuation from the mine is not possible, which will provide breathable air for 96 hours;
|
•
|
the purchase of new fire resistant conveyor belting underground;
|
•
|
additional training and testing that creates the need to hire additional employees;
|
•
|
more stringent rock dusting requirements; and
|
•
|
the purchase of personal dust monitors for collecting respirable dust samples from certain miners.
|
•
|
current and former coal miners totally disabled from black lung disease;
|
•
|
certain survivors of miners who have died from black lung disease; and
|
•
|
a trust fund for the payment of benefits and medical expenses to claimants whose last mine employment was before January 1, 1970, where no responsible coal mine operator has been identified for claims (where a miner's last coal employment was after December 31, 1969), or where the responsible coal mine operator has defaulted on the payment of such benefits. The trust fund is funded by an excise tax on U.S. production of coal, at a 2018 rate of up to $1.10 per ton for deep mined coal and up to $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price. On January 1, 2019, the excise tax reverted to pre-2008 levels, at $0.50 per ton for deep mined coal and $0.25 per ton for surface-mined coal. In December 2019, Congress restored the 2018 rates (of up to $1.10 per ton for deep mined coal and up to $0.55 per ton for surface-mined coal), effective through December 31, 2020.
|
ITEM 1A.
|
Risk Factors
|
•
|
demand for electricity in the United States is impacted by industrial production, which, if weakened, would negatively impact the revenues, margins and profitability of our coal business;
|
•
|
demand for metallurgical coal depends on steel demand in the United States and globally, which, if weakened, would negatively impact the revenues, margins and profitability of our metallurgical coal business including our ability to sell our thermal coal as higher priced high volatile metallurgical coal;
|
•
|
the tightening of credit or lack of credit availability to our customers could adversely affect our ability to collect our trade receivables;
|
•
|
our ability to access the capital markets may be restricted at a time when we would like, or need, to raise capital for our business including for exploration and/or development of our coal reserves, or for strategic acquisitions of assets; and
|
•
|
a decline in our creditworthiness, which may require us to post letters of credit, cash collateral, or surety bonds to secure certain obligations, all of which would have an adverse effect on our liquidity.
|
•
|
the market price for coal;
|
•
|
changes in the consumption pattern of industrial consumers, electricity generators and residential end-users of electricity;
|
•
|
weather conditions in our markets which affect the demand for thermal coal;
|
•
|
competition from other coal suppliers;
|
•
|
the price and availability of alternative fuels and sources for electricity generation, especially natural gas and renewable energy sources;
|
•
|
with respect to thermal coal, the price and availability of natural gas and the price and supply of imported liquefied natural gas;
|
•
|
technological advances affecting energy consumption;
|
•
|
the costs, availability and capacity of transportation infrastructure;
|
•
|
overall domestic and global economic conditions, including the supply of and demand for domestic and foreign coal;
|
•
|
international developments impacting supply of metallurgical coal, including supply side reforms promulgated in China, and continued expected growth in demand for seaborne metallurgical coal in India; and
|
•
|
the impact of domestic and foreign governmental laws and regulations, including environmental and climate change regulations and regulations affecting the coal mining industry and coal-fired power plants, and delays in the receipt of, failure to receive, failure to maintain or revocation of necessary governmental permits.
|
•
|
general economic conditions, particularly those affecting industrial electric power demand, such as a downturn in the U.S. or international economy and financial markets;
|
•
|
overall demand for electricity;
|
•
|
indirect competition from alternative fuel sources for power generation, such as natural gas, fuel oil, nuclear, hydroelectric, wind and solar power, and the location, availability, quality and price of those alternative fuel sources;
|
•
|
environmental and other governmental regulations, including those impacting coal-fired power plants; and
|
•
|
energy conservation efforts and related governmental policies.
|
•
|
changes in a specific country's or region's political, economic or other conditions;
|
•
|
changes in U.S. government policy with respect to these foreign countries may inhibit export of our products and limit potential customers' access to U.S. dollars in a country or region in which those potential customers are located;
|
•
|
we may experience difficulties in enforcing our legal contracts or the collecting of foreign accounts receivable in a timely manner and we may be forced to write off these receivables;
|
•
|
tariffs and other barriers may make our products less cost competitive;
|
•
|
potentially adverse tax consequences to our customers may damage our cost competitiveness;
|
•
|
customs, import/export and other regulations of the countries in which our international customers are located may adversely affect our business;
|
•
|
currency fluctuations may make our coal less cost competitive, affecting overseas demand for our coal, or may indirectly expose us to currency fluctuation risk; and
|
•
|
geopolitical uncertainty or turmoil, including terrorism, war and natural disasters.
|
•
|
variations in thickness of the layer, or seam, of coal;
|
•
|
adverse geological conditions, including amounts of rock and other natural materials intruding into the coal seam that could affect the stability of the roof and the side walls of the mine - for example, unit costs were negatively impacted in 2017 and 2016 due to adverse geological conditions at the Enlow Fork Mine, primarily related to sandstone intrusions, which resulted in reduced coal production at that mine;
|
•
|
environmental hazards;
|
•
|
equipment failures or unexpected maintenance problems;
|
•
|
fires or explosions, including as a result of methane, coal, coal dust or other explosive materials and/or other accidents;
|
•
|
inclement or hazardous weather conditions and natural disasters or other force majeure events;
|
•
|
seismic activities, ground failures, rock bursts or structural cave-ins or slides;
|
•
|
delays in moving our longwall equipment;
|
•
|
railroad derailments;
|
•
|
security breaches or terroristic acts; and
|
•
|
other hazards that could also result in personal injury and loss of life, pollution and suspension of operations.
|
•
|
difficulties in the integration of the assets and operations of the acquired businesses;
|
•
|
inefficiencies and difficulties that arise because of unfamiliarity with new assets and the businesses associated with them and new geographic areas;
|
•
|
the possibility that we have insufficient expertise to engage in such activities profitably or without incurring inappropriate amounts of risk; and
|
•
|
the diversion of management's attention from other operating issues.
|
•
|
geologic and mining conditions;
|
•
|
historical production from the area compared with production from other producing areas;
|
•
|
the assumed effects of regulations and taxes by governmental agencies;
|
•
|
our ability to obtain, maintain and renew all required permits;
|
•
|
future improvements in mining technology;
|
•
|
assumptions governing future prices; and
|
•
|
future operating costs, including the cost of materials and capital expenditures.
|
•
|
postretirement medical and life insurance ($464 million);
|
•
|
coal workers’ pneumoconiosis benefits ($214 million);
|
•
|
pension benefits ($52 million);
|
•
|
workers’ compensation ($71 million); and
|
•
|
long-term disability ($13 million)
|
•
|
increasing our vulnerability to general adverse economic and industry conditions;
|
•
|
requiring us to dedicate a substantial portion of our cash flow from operations to the payment of interest and principal due under our outstanding debt, which will limit our ability to obtain additional financing to fund future working capital, capital expenditures, share buy-back programs, acquisitions, pay dividends, development of our coal reserves or other general corporate requirements;
|
•
|
limiting our flexibility in planning for, or reacting to, changes in our business and in the coal industry;
|
•
|
placing us at a competitive disadvantage compared to our competitors with lower leverage and better access to capital resources; and
|
•
|
limiting our ability to implement our business strategy.
|
•
|
a counterparty is unable to satisfy its obligations; or
|
•
|
there is an adverse change in the expected differential between the underlying interest rate in the derivative instrument and actual interest rates.
|
•
|
The terms of some of the agreements we entered into in connection with the separation were negotiated by our former parent and, thus, may be less favorable to us than the terms we could have obtained from an unaffiliated third party;
|
•
|
Under the separation and distribution agreement, we could be required to indemnify our former parent for liabilities relating to our business, whether occurring prior to or after the separation and certain other amounts, including defense costs, settlement amounts and judgments;
|
•
|
Some contracts and other assets which were transferred or assigned from our former parent or its affiliates to us in connection with the separation and distribution may still require the consent or involvement of a third party. If such consent is not given, we may not be entitled to the benefit of such contracts and other assets in the future, which could negatively impact our financial condition, results of operations and cash flows;
|
•
|
Our former parent may fail to indemnify us against certain liabilities related to its business as required by the separation and distribution agreement, or any such indemnity provided by our former parent may be insufficient to make us whole against any third party claims brought against us in connection with such liabilities; and
|
•
|
If the Company files for bankruptcy or is deemed insolvent under federal bankruptcy laws, a court could deem the separation and distribution and related internal reorganization transactions a fraudulent conveyance, which could lead to the court imposing substantial liabilities on the Company or voiding the transactions altogether.
|
•
|
our quarterly or annual earnings, or those of other companies in our industry;
|
•
|
actual or anticipated fluctuations in our operating results;
|
•
|
changes in earnings estimates by securities analysts or our ability to meet those estimates or our earnings guidance;
|
•
|
the operating and stock price performance of other comparable companies;
|
•
|
overall market fluctuations and domestic and worldwide economic conditions;
|
•
|
other factors described in these “Risk Factors” and elsewhere in this Annual Report on Form 10-K.
|
•
|
the inability of our stockholders to act by written consent unless such written consent is unanimous;
|
•
|
the inability of our stockholders to call special meetings;
|
•
|
rules regarding how stockholders may present proposals or nominate directors for election at stockholder meetings;
|
•
|
the right of our board of directors to issue preferred stock without stockholder approval;
|
•
|
the fact that our board of directors will initially be divided into three classes; and
|
•
|
the ability of our directors, and not stockholders, to fill vacancies (including those resulting from an enlargement of our board of directors) on our board of directors.
|
•
|
any derivative action or proceeding brought on our behalf;
|
•
|
any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders;
|
•
|
any action asserting a claim arising pursuant to any provision of the DGCL, our amended and restated certificate of incorporation or our bylaws;
|
•
|
any action asserting a claim that is governed by the internal affairs doctrine, in each such case subject to such Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein; or
|
•
|
any action asserting an internal corporate claim as defined in Section 115 of the DGCL.
|
ITEM 1B.
|
Unresolved Staff Comments
|
ITEM 2.
|
Properties
|
ITEM 3.
|
Legal Proceedings
|
ITEM 4.
|
Mine Safety and Health Administration Safety Data
|
ITEM 5.
|
Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
|
November 3, 2017
|
|
November 30, 2017
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2019
|
|||||
CONSOL Energy Inc.
|
|
100.0
|
|
|
200.0
|
|
|
359.2
|
|
|
288.4
|
|
|
132.1
|
|
S&P 500 Stock Index
|
|
100.0
|
|
|
102.3
|
|
|
103.3
|
|
|
96.9
|
|
|
124.9
|
|
Peer Group
|
|
100.0
|
|
|
104.8
|
|
|
117.8
|
|
|
100.7
|
|
|
66.7
|
|
Previous Peer Group
|
|
100.0
|
|
|
105.1
|
|
|
117.2
|
|
|
100.2
|
|
|
66.1
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
||||||
Period
|
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (000s omitted) (2)
|
|
||||||
October 1, 2019 - October 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
60,977
|
|
(3)
|
November 1, 2019 - November 30, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
57,897
|
|
(3)
|
December 1, 2019 - December 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
56,102
|
|
(3)
|
Total
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
ITEM 6.
|
Selected Financial Data
|
(Dollars in thousands, except per share data)
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statement of Income Information:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal Revenue
|
|
$
|
1,288,529
|
|
|
$
|
1,364,292
|
|
|
$
|
1,187,654
|
|
|
$
|
1,065,582
|
|
|
$
|
1,289,036
|
|
Terminal Revenue
|
|
67,363
|
|
|
64,926
|
|
|
60,066
|
|
|
31,464
|
|
|
30,967
|
|
|||||
Freight Revenue
|
|
19,667
|
|
|
43,572
|
|
|
73,692
|
|
|
46,468
|
|
|
20,499
|
|
|||||
Miscellaneous Other Income
|
|
53,349
|
|
|
58,660
|
|
|
73,279
|
|
|
82,120
|
|
|
68,193
|
|
|||||
Gain on Sale of Assets
|
|
1,995
|
|
|
565
|
|
|
17,212
|
|
|
5,228
|
|
|
13,025
|
|
|||||
Total Revenue and Other Income
|
|
$
|
1,430,903
|
|
|
$
|
1,532,015
|
|
|
$
|
1,411,903
|
|
|
$
|
1,230,862
|
|
|
$
|
1,421,720
|
|
Net Income
|
|
$
|
93,558
|
|
|
$
|
178,785
|
|
|
$
|
82,569
|
|
|
$
|
50,450
|
|
|
$
|
317,421
|
|
Net Income Attributable to CONSOL Energy Inc. Shareholders
|
|
$
|
76,001
|
|
|
$
|
152,976
|
|
|
$
|
67,629
|
|
|
$
|
41,496
|
|
|
$
|
307,011
|
|
Dilutive Earnings per Share (1)
|
|
$
|
2.81
|
|
|
$
|
5.38
|
|
|
$
|
2.40
|
|
|
$
|
1.48
|
|
|
$
|
10.98
|
|
Balance Sheet Data (at period end):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
|
$
|
2,693,802
|
|
|
$
|
2,760,727
|
|
|
$
|
2,707,099
|
|
|
$
|
2,687,434
|
|
|
$
|
2,867,733
|
|
Total Long-Term Debt
|
|
$
|
662,838
|
|
|
$
|
734,226
|
|
|
$
|
865,289
|
|
|
$
|
313,639
|
|
|
$
|
286,526
|
|
Cash Dividends Declared per Share of Common Stock
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Coal:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tons sold (in thousands)
|
|
27,314
|
|
|
27,682
|
|
|
26,091
|
|
|
24,604
|
|
|
22,873
|
|
|||||
Tons produced (in thousands)
|
|
27,285
|
|
|
27,592
|
|
|
26,109
|
|
|
24,666
|
|
|
22,790
|
|
|||||
Average sales price of tons produced ($ per ton produced)
|
|
$
|
47.17
|
|
|
$
|
49.28
|
|
|
$
|
45.52
|
|
|
$
|
43.31
|
|
|
$
|
56.36
|
|
Average cost of goods sold ($ per ton produced)
|
|
$
|
37.37
|
|
|
$
|
35.46
|
|
|
$
|
35.03
|
|
|
$
|
34.35
|
|
|
$
|
41.78
|
|
Recoverable coal reserves at end of period (tons in millions)
|
|
2,226
|
|
|
2,261
|
|
|
2,298
|
|
|
2,361
|
|
|
3,047
|
|
|||||
Number of active mining complexes (at end of period)
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
ITEM 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Net income of $94 million
|
•
|
Net payments, including premiums, on total debt of $183.9 million during the year
|
•
|
Repurchased 1,717,497 CONSOL Energy common shares outstanding at an average price of $19.06 per share
|
•
|
Coal sales volume of 27.3 million tons is the second strongest year ever for the PAMC.
|
•
|
The Harvey mine set an individual production record of 5.0 million tons, exceeding its previous record set in 2018 and marking its third consecutive record-setting year.
|
•
|
The CONSOL Marine Terminal achieved record annual revenue of $67.4 million, marking its third consecutive record-setting year.
|
•
|
We expect that the PAMC will produce approximately 24.5 million to 26.5 million tons in 2020.
|
•
|
We will continue to focus on sales in domestic and international markets. These markets provide us with pricing upside when markets are strong and with volume stability when markets are weak. For 2020 and 2021, our contracted position, as of February 11, 2020, is at 95% and 43%, respectively, assuming an annual coal sales volume at the midpoint of our guidance range. We believe our committed and contracted position is well-balanced and provides diversification benefits.
|
•
|
We are planning to make capital expenditures during 2020 in the range of $125 million to $145 million.
|
•
|
our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure;
|
•
|
the ability of our assets to generate sufficient cash flow;
|
•
|
our ability to incur and service debt and fund capital expenditures;
|
•
|
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities; and
|
•
|
the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total Costs and Expenses
|
|
$
|
1,332,806
|
|
|
$
|
1,344,402
|
|
|
$
|
1,242,106
|
|
Freight Expense
|
|
(19,667
|
)
|
|
(43,572
|
)
|
|
(73,692
|
)
|
|||
Selling, General and Administrative Costs
|
|
(67,111
|
)
|
|
(65,346
|
)
|
|
(83,605
|
)
|
|||
Loss on Debt Extinguishment
|
|
(24,455
|
)
|
|
(3,922
|
)
|
|
—
|
|
|||
Interest Expense, net
|
|
(66,464
|
)
|
|
(83,848
|
)
|
|
(26,098
|
)
|
|||
Other Costs (Non-Production)
|
|
(101,900
|
)
|
|
(135,081
|
)
|
|
(129,620
|
)
|
|||
Depreciation, Depletion and Amortization (Non-Production)
|
|
(32,388
|
)
|
|
(30,961
|
)
|
|
(15,001
|
)
|
|||
Cost of Coal Sold
|
|
$
|
1,020,821
|
|
|
$
|
981,672
|
|
|
$
|
914,090
|
|
Depreciation, Depletion and Amortization (Production)
|
|
(174,709
|
)
|
|
(170,303
|
)
|
|
(157,001
|
)
|
|||
Cash Cost of Coal Sold
|
|
$
|
846,112
|
|
|
$
|
811,369
|
|
|
$
|
757,089
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total Coal Revenue
|
|
$
|
1,288,529
|
|
|
$
|
1,364,292
|
|
|
$
|
1,187,654
|
|
Operating and Other Costs
|
|
948,012
|
|
|
946,450
|
|
|
886,709
|
|
|||
Less: Other Costs (Non-Production)
|
|
(101,900
|
)
|
|
(135,081
|
)
|
|
(129,620
|
)
|
|||
Total Cash Cost of Coal Sold
|
|
846,112
|
|
|
811,369
|
|
|
757,089
|
|
|||
Add: Depreciation, Depletion and Amortization
|
|
207,097
|
|
|
201,264
|
|
|
172,002
|
|
|||
Less: Depreciation, Depletion and Amortization (Non-Production)
|
|
(32,388
|
)
|
|
(30,961
|
)
|
|
(15,001
|
)
|
|||
Total Cost of Coal Sold
|
|
$
|
1,020,821
|
|
|
$
|
981,672
|
|
|
$
|
914,090
|
|
Total Tons Sold (in millions)
|
|
27.3
|
|
|
27.7
|
|
|
26.1
|
|
|||
Average Revenue per Ton Sold
|
|
$
|
47.17
|
|
|
$
|
49.28
|
|
|
$
|
45.52
|
|
Average Cash Cost of Coal Sold per Ton
|
|
30.97
|
|
|
29.29
|
|
|
29.02
|
|
|||
Depreciation, Depletion and Amortization Costs per Ton Sold
|
|
6.40
|
|
|
6.17
|
|
|
6.01
|
|
|||
Average Cost of Coal Sold per Ton
|
|
37.37
|
|
|
35.46
|
|
|
35.03
|
|
|||
Average Margin per Ton Sold
|
|
9.80
|
|
|
13.82
|
|
|
10.49
|
|
|||
Add: Depreciation, Depletion and Amortization Costs per Ton Sold
|
|
6.40
|
|
|
6.17
|
|
|
6.01
|
|
|||
Average Cash Margin per Ton Sold
|
|
$
|
16.20
|
|
|
$
|
19.99
|
|
|
$
|
16.50
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
Variance
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Coal Revenue
|
$
|
1,289
|
|
|
$
|
1,364
|
|
|
$
|
(75
|
)
|
Freight Revenue
|
20
|
|
|
44
|
|
|
(24
|
)
|
|||
Miscellaneous Other Income
|
23
|
|
|
21
|
|
|
2
|
|
|||
Total Revenue and Other Income
|
1,332
|
|
|
1,429
|
|
|
(97
|
)
|
|||
Cost of Coal Sold:
|
|
|
|
|
|
||||||
Operating Costs
|
846
|
|
|
811
|
|
|
35
|
|
|||
Depreciation, Depletion and Amortization
|
175
|
|
|
170
|
|
|
5
|
|
|||
Total Cost of Coal Sold
|
1,021
|
|
|
981
|
|
|
40
|
|
|||
Other Costs:
|
|
|
|
|
|
|
|||||
Other Costs
|
20
|
|
|
44
|
|
|
(24
|
)
|
|||
Depreciation, Depletion and Amortization
|
11
|
|
|
9
|
|
|
2
|
|
|||
Total Other Costs
|
31
|
|
|
53
|
|
|
(22
|
)
|
|||
Freight Expense
|
20
|
|
|
44
|
|
|
(24
|
)
|
|||
Selling, General and Administrative Costs
|
63
|
|
|
60
|
|
|
3
|
|
|||
Total Costs and Expenses
|
1,135
|
|
|
1,138
|
|
|
(3
|
)
|
|||
Earnings Before Income Tax
|
$
|
197
|
|
|
$
|
291
|
|
|
$
|
(94
|
)
|
|
|
For the Years Ended December 31,
|
|||||||
Mine
|
|
2019
|
|
2018
|
|
Variance
|
|||
Bailey
|
|
12,218
|
|
|
12,735
|
|
|
(517
|
)
|
Enlow
|
|
10,043
|
|
|
9,876
|
|
|
167
|
|
Harvey
|
|
5,024
|
|
|
4,981
|
|
|
43
|
|
Total
|
|
27,285
|
|
|
27,592
|
|
|
(307
|
)
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Variance
|
||||||
Total Tons Sold (in millions)
|
27.3
|
|
|
27.7
|
|
|
(0.4
|
)
|
|||
Average Revenue per Ton Sold
|
$
|
47.17
|
|
|
$
|
49.28
|
|
|
$
|
(2.11
|
)
|
|
|
|
|
|
|
||||||
Average Cash Cost of Coal Sold per Ton (1)
|
$
|
30.97
|
|
|
$
|
29.29
|
|
|
$
|
1.68
|
|
Depreciation, Depletion and Amortization Costs per Ton Sold (Non-Cash Cost)
|
6.40
|
|
|
6.17
|
|
|
0.23
|
|
|||
Average Cost of Coal Sold per Ton (1)
|
$
|
37.37
|
|
|
$
|
35.46
|
|
|
$
|
1.91
|
|
Average Margin per Ton Sold
|
$
|
9.80
|
|
|
$
|
13.82
|
|
|
$
|
(4.02
|
)
|
Add: Depreciation, Depletion and Amortization Costs per Ton Sold
|
6.40
|
|
|
6.17
|
|
|
0.23
|
|
|||
Average Cash Margin per Ton Sold (1)
|
$
|
16.20
|
|
|
$
|
19.99
|
|
|
$
|
(3.79
|
)
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
Variance
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Terminal Revenue
|
$
|
67
|
|
|
$
|
65
|
|
|
$
|
2
|
|
Miscellaneous Other Income
|
30
|
|
|
38
|
|
|
(8
|
)
|
|||
Gain on Sale of Assets
|
2
|
|
|
1
|
|
|
1
|
|
|||
Total Revenue and Other Income
|
99
|
|
|
104
|
|
|
(5
|
)
|
|||
Other Costs and Expenses:
|
|
|
|
|
|
||||||
Operating and Other Costs
|
83
|
|
|
92
|
|
|
(9
|
)
|
|||
Depreciation, Depletion and Amortization
|
21
|
|
|
22
|
|
|
(1
|
)
|
|||
Selling, General, and Administrative Costs
|
4
|
|
|
5
|
|
|
(1
|
)
|
|||
Loss on Debt Extinguishment
|
24
|
|
|
4
|
|
|
20
|
|
|||
Interest Expense, net
|
66
|
|
|
84
|
|
|
(18
|
)
|
|||
Total Other Costs and Expenses
|
198
|
|
|
207
|
|
|
(9
|
)
|
|||
Loss Before Income Tax
|
$
|
(99
|
)
|
|
$
|
(103
|
)
|
|
$
|
4
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
Variance
|
||||||
Royalty Income - Non-Operated Coal
|
$
|
22
|
|
|
$
|
25
|
|
|
$
|
(3
|
)
|
Property Easements and Option Income
|
2
|
|
|
6
|
|
|
(4
|
)
|
|||
Rental Income
|
3
|
|
|
4
|
|
|
(1
|
)
|
|||
Interest Income
|
3
|
|
|
2
|
|
|
1
|
|
|||
Other Income
|
—
|
|
|
1
|
|
|
(1
|
)
|
|||
Total Miscellaneous Other Income
|
$
|
30
|
|
|
$
|
38
|
|
|
$
|
(8
|
)
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
Variance
|
||||||
Terminal Operating Costs
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
(2
|
)
|
Employee-Related Legacy Liability Expense
|
|
37
|
|
|
42
|
|
|
(5
|
)
|
|||
Lease Rental Expense
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
|||
Coal Reserve Holding Costs
|
|
5
|
|
|
2
|
|
|
3
|
|
|||
Closed and Idle Mines
|
|
4
|
|
|
4
|
|
|
—
|
|
|||
Bank Fees
|
|
1
|
|
|
3
|
|
|
(2
|
)
|
|||
Litigation Expense
|
|
4
|
|
|
4
|
|
|
—
|
|
|||
Other
|
|
9
|
|
|
11
|
|
|
(2
|
)
|
|||
Total Operating and Other Costs
|
|
$
|
83
|
|
|
$
|
92
|
|
|
$
|
(9
|
)
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
2018
|
|
2017
|
|
Variance
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Coal Revenue
|
$
|
1,364
|
|
|
$
|
1,188
|
|
|
$
|
176
|
|
Freight Revenue
|
44
|
|
|
74
|
|
|
(30
|
)
|
|||
Miscellaneous Other Income
|
21
|
|
|
23
|
|
|
(2
|
)
|
|||
Gain on Sale of Assets
|
—
|
|
|
6
|
|
|
(6
|
)
|
|||
Total Revenue and Other Income
|
1,429
|
|
|
1,291
|
|
|
138
|
|
|||
Cost of Coal Sold:
|
|
|
|
|
|
||||||
Operating Costs
|
811
|
|
|
757
|
|
|
54
|
|
|||
Depreciation, Depletion and Amortization
|
170
|
|
|
157
|
|
|
13
|
|
|||
Total Cost of Coal Sold
|
981
|
|
|
914
|
|
|
67
|
|
|||
Other Costs:
|
|
|
|
|
|
||||||
Other Costs
|
44
|
|
|
22
|
|
|
22
|
|
|||
Depreciation, Depletion and Amortization
|
9
|
|
|
10
|
|
|
(1
|
)
|
|||
Total Other Costs
|
53
|
|
|
32
|
|
|
21
|
|
|||
Freight Expense
|
44
|
|
|
74
|
|
|
(30
|
)
|
|||
Selling, General and Administrative Costs
|
60
|
|
|
72
|
|
|
(12
|
)
|
|||
Interest Expense, net
|
—
|
|
|
10
|
|
|
(10
|
)
|
|||
Total Costs and Expenses
|
1,138
|
|
|
1,102
|
|
|
36
|
|
|||
Earnings Before Income Tax
|
$
|
291
|
|
|
$
|
189
|
|
|
$
|
102
|
|
|
|
For the Years Ended December 31,
|
|||||||
Mine
|
|
2018
|
|
2017
|
|
Variance
|
|||
Bailey
|
|
12,735
|
|
|
12,124
|
|
|
611
|
|
Enlow
|
|
9,876
|
|
|
9,180
|
|
|
696
|
|
Harvey
|
|
4,981
|
|
|
4,805
|
|
|
176
|
|
Total
|
|
27,592
|
|
|
26,109
|
|
|
1,483
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
Variance
|
||||||
Total Tons Sold (in millions)
|
27.7
|
|
|
26.1
|
|
|
1.6
|
|
|||
Average Revenue per Ton Sold
|
$
|
49.28
|
|
|
$
|
45.52
|
|
|
$
|
3.76
|
|
|
|
|
|
|
|
||||||
Average Cash Cost of Coal Sold per Ton (1)
|
$
|
29.29
|
|
|
$
|
29.02
|
|
|
$
|
0.27
|
|
Depreciation, Depletion and Amortization Costs per Ton Sold (Non-Cash Cost)
|
6.17
|
|
|
6.01
|
|
|
0.16
|
|
|||
Average Cost of Coal Sold per Ton (1)
|
$
|
35.46
|
|
|
$
|
35.03
|
|
|
$
|
0.43
|
|
Average Margin per Ton Sold
|
$
|
13.82
|
|
|
$
|
10.49
|
|
|
$
|
3.33
|
|
Add: Depreciation, Depletion and Amortization Costs per Ton Sold
|
6.17
|
|
|
6.01
|
|
|
0.16
|
|
|||
Average Cash Margin per Ton Sold (1)
|
$
|
19.99
|
|
|
$
|
16.50
|
|
|
$
|
3.49
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
2018
|
|
2017
|
|
Variance
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Terminal Revenue
|
$
|
65
|
|
|
$
|
60
|
|
|
$
|
5
|
|
Miscellaneous Other Income
|
38
|
|
|
50
|
|
|
(12
|
)
|
|||
Gain on Sale of Assets
|
1
|
|
|
11
|
|
|
(10
|
)
|
|||
Total Revenue and Other Income
|
104
|
|
|
121
|
|
|
(17
|
)
|
|||
Other Costs and Expenses:
|
|
|
|
|
|
||||||
Operating and Other Costs
|
92
|
|
|
108
|
|
|
(16
|
)
|
|||
Depreciation, Depletion and Amortization
|
22
|
|
|
5
|
|
|
17
|
|
|||
Selling, General and Administrative Costs
|
5
|
|
|
11
|
|
|
(6
|
)
|
|||
Loss on Debt Extinguishment
|
4
|
|
|
—
|
|
|
4
|
|
|||
Interest Expense, net
|
84
|
|
|
16
|
|
|
68
|
|
|||
Total Other Costs and Expenses
|
207
|
|
|
140
|
|
|
67
|
|
|||
Loss Before Income Tax
|
$
|
(103
|
)
|
|
$
|
(19
|
)
|
|
$
|
(84
|
)
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
|
2018
|
|
2017
|
|
Variance
|
||||||
Royalty Income - Non-Operated Coal
|
|
$
|
25
|
|
|
$
|
28
|
|
|
$
|
(3
|
)
|
Property Easements and Option Income
|
|
6
|
|
|
2
|
|
|
4
|
|
|||
Rental Income
|
|
4
|
|
|
14
|
|
|
(10
|
)
|
|||
Interest Income
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|||
Other Income
|
|
1
|
|
|
3
|
|
|
(2
|
)
|
|||
Total Miscellaneous Other Income
|
|
$
|
38
|
|
|
$
|
50
|
|
|
$
|
(12
|
)
|
|
|
For the Years Ended December 31,
|
||||||||||
(in millions)
|
|
2018
|
|
2017
|
|
Variance
|
||||||
Terminal Operating Costs
|
|
$
|
24
|
|
|
$
|
21
|
|
|
$
|
3
|
|
Employee-Related Legacy Liability Expense
|
|
42
|
|
|
55
|
|
|
(13
|
)
|
|||
Lease Rental Expense
|
|
2
|
|
|
10
|
|
|
(8
|
)
|
|||
Coal Reserve Holding Costs
|
|
2
|
|
|
5
|
|
|
(3
|
)
|
|||
Closed and Idle Mines
|
|
4
|
|
|
7
|
|
|
(3
|
)
|
|||
Bank Fees
|
|
3
|
|
|
—
|
|
|
3
|
|
|||
Litigation Expense
|
|
4
|
|
|
—
|
|
|
4
|
|
|||
Other
|
|
11
|
|
|
10
|
|
|
1
|
|
|||
Total Operating and Other Costs
|
|
$
|
92
|
|
|
$
|
108
|
|
|
$
|
(16
|
)
|
•
|
Employee-Related Legacy Liability Expense decreased $13 million in the period-to-period comparison primarily due to modifications made to the actuarial calculation of net periodic benefit cost at the beginning of each year. Additionally, pension settlement expense is required when lump sum distributions made for a given plan year exceed the total of the service and interest costs for that same plan year. Settlement accounting was triggered in the year ended December 31, 2017. See Note 14 - Pension and Other Postretirement Benefit Plans in the Notes to the Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.
|
•
|
Lease Rental Expense decreased $8 million primarily due to the sale of certain subleased equipment to a third party in the second quarter of 2017.
|
•
|
Bank Fees represent costs associated with the Company's securitization facility (see Note 10 - Accounts Receivable Securitization in the Notes to the Consolidated Financial Statements in Item 8 of this Form 10-K for additional information).
|
•
|
geological conditions;
|
•
|
historical production from the area compared with production from other producing areas;
|
•
|
the assumed effects of regulations and taxes by governmental agencies;
|
•
|
assumptions governing future prices; and
|
•
|
future operating costs.
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Cash Provided by Operating Activities
|
$
|
245
|
|
|
$
|
414
|
|
|
$
|
(169
|
)
|
Cash Used in Investing Activities
|
$
|
(173
|
)
|
|
$
|
(154
|
)
|
|
$
|
(19
|
)
|
Cash Used in Financing Activities
|
$
|
(257
|
)
|
|
$
|
(149
|
)
|
|
$
|
(108
|
)
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Building and Infrastructure
|
$
|
66
|
|
|
$
|
46
|
|
|
$
|
20
|
|
Equipment Purchases and Rebuilds
|
57
|
|
|
43
|
|
|
14
|
|
|||
Refuse Storage Area
|
32
|
|
|
34
|
|
|
(2
|
)
|
|||
IS&T Infrastructure
|
5
|
|
|
11
|
|
|
(6
|
)
|
|||
Other
|
10
|
|
|
12
|
|
|
(2
|
)
|
|||
Total Capital Expenditures
|
$
|
170
|
|
|
$
|
146
|
|
|
$
|
24
|
|
|
Year
|
Percentage
|
|
|
2021
|
105.50%
|
|
|
2022
|
102.75%
|
|
|
2023 and thereafter
|
100.00%
|
|
|
Payments due by Year
|
||||||||||||||||||
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
Purchase Order Firm Commitments
|
$
|
1,237
|
|
|
$
|
425
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,662
|
|
Long-Term Debt
|
32,053
|
|
|
65,084
|
|
|
275,139
|
|
|
325,089
|
|
|
697,365
|
|
|||||
Interest on Long-Term Debt
|
52,865
|
|
|
100,676
|
|
|
94,430
|
|
|
31,050
|
|
|
279,021
|
|
|||||
Finance Lease Obligations
|
18,219
|
|
|
7,722
|
|
|
1,314
|
|
|
—
|
|
|
27,255
|
|
|||||
Interest on Finance Lease Obligations
|
901
|
|
|
257
|
|
|
64
|
|
|
—
|
|
|
1,222
|
|
|||||
Operating Lease Obligations
|
24,065
|
|
|
36,473
|
|
|
12,619
|
|
|
15,958
|
|
|
89,115
|
|
|||||
Long-Term Liabilities—Employee Related (a)
|
56,821
|
|
|
108,118
|
|
|
104,213
|
|
|
493,879
|
|
|
763,031
|
|
|||||
Other Long-Term Liabilities (b)
|
149,574
|
|
|
39,082
|
|
|
27,822
|
|
|
184,301
|
|
|
400,779
|
|
|||||
Total Contractual Obligations (c)
|
$
|
335,735
|
|
|
$
|
357,837
|
|
|
$
|
515,601
|
|
|
$
|
1,050,277
|
|
|
$
|
2,259,450
|
|
(a)
|
Employee related long-term liabilities include other post-employment benefits and work-related injuries and illnesses. Estimated salaried retirement contributions required to meet minimum funding standards under ERISA are excluded from the pay-out table due to the uncertainty regarding amounts to be contributed. CONSOL Energy does not expect to contribute to the pension plan in 2020.
|
(b)
|
Other long-term liabilities include asset retirement obligations and other long-term liability costs.
|
(c)
|
The significant obligations table does not include obligations to taxing authorities due to the uncertainty surrounding the ultimate settlement of amounts and timing of these obligations.
|
•
|
An aggregate principal amount of $273 million in connection with the Term Loan B (TLB) Facility, due in September 2024, less $1 million of unamortized bond discount. Borrowings under the TLB Facility bear interest at a floating rate.
|
•
|
An aggregate principal amount of $222 million of 11.00% Senior Secured Second Lien Notes due in November 2025. Interest on the notes is payable May 15 and November 15 of each year.
|
•
|
An aggregate principal amount of $89 million in connection with the Term Loan A (TLA) Facility, due in March 2023. Borrowings under the TLA Facility bear interest at a floating rate.
|
•
|
An aggregate principal amount of $103 million of industrial revenue bonds which were issued to finance the Baltimore port facility, bear interest at 5.75% per annum and mature in September 2025. Interest on the industrial revenue bonds is payable March 1 and September 1 of each year. Payment of the principal and interest on the notes is guaranteed by CONSOL Energy.
|
•
|
An aggregate principal amount of $10 million in connection with asset-backed financing. Approximately $6 million is due in December 2020 at a weighted average interest rate of 5.96%, and approximately $4 million is due in September 2024 at an interest rate of 3.61%.
|
•
|
Advance royalty commitments of $2 million with a weighted average interest rate of 10.78% per annum.
|
•
|
An aggregate principal amount of $27 million of finance leases with a weighted average interest rate of 5.20% per annum.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
|
||
|
|
Page
|
Report of Independent Registered Public Accounting Firm
|
||
Consolidated Statements of Income for the Years Ended December 31, 2019, 2018 and 2017
|
||
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2019, 2018 and 2017
|
||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018, 2017
|
||
Notes to the Audited Consolidated Financial Statements
|
|
Asset Retirement Obligations - Closed Mines
|
|
|
Description of the Matter
|
CONSOL Energy accrues for the costs of current coal mine disturbance and final coal mine and gas well closure, including the cost of treating mine water discharge where necessary. Estimates of the Company’s asset retirement obligations are based upon permit requirements and CONSOL Energy’s assessment of these requirements. The total asset retirement obligations, including the current portion, were approximately $272 million at December 31, 2019. This liability is reviewed annually, or when events and circumstances indicate an adjustment is necessary, by CONSOL Energy management and engineers. The estimated liability can significantly change if actual costs vary from the assumptions used in estimating the obligation or if governmental regulations change significantly. As discussed in Note 1 and Note 7 of the consolidated financial statements, the Company’s accounting for Asset Retirement Obligations requires that the fair value of an Asset Retirement Obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. For active locations, the present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. For locations that have been fully depleted, or closed, the present value of the change is recorded directly to the consolidated statements of income.
Auditing the amounts recorded for closed-mine asset retirement obligations is complex due to the nature of the assumptions used in the measurement process. The amounts recorded for asset retirement obligations are dependent upon a number of factors, including the estimated future expenditures, estimated mine life, inflation rates and the assumed credit-adjusted risk-free interest rate.
|
How We Addressed the Matter in Our Audit
|
We tested controls that address the risk of material misstatement relating to the measurement of the closed-mine asset retirement obligation. For example, we tested controls over management’s review of the asset retirement obligation calculation, management’s review over the timing and amount of expected asset retirement costs and management’s review over the significant assumptions discussed above.
To test the closed-mine asset retirement obligation calculation, our audit procedures included, among others, assessing the methodology, testing the significant assumptions discussed above and testing the underlying data used by the Company in its analyses. We compared the assumptions used in developing the inflation rate, credit-adjusted risk-free rate and proved reserves used by management to historical trends, published reports and publicly available information. We compared the expected amounts and timing of asset retirement obligations costs to historical data and evaluated the changes in those amounts. For example, we evaluated management’s methodology for determining the amount and timing of asset retirement obligation costs which is utilized to measure the asset retirement obligation, to current year activity, published pricing data and historical amounts. In addition, we also involved our specialist to assist in our evaluation of management’s assumptions of its closed mines, including regulatory requirements, reclamation plans, estimated asset retirement obligation costs, and engineering drawings for consistency with permit requirements. We also tested the completeness and accuracy of the data used in the Company’s calculation.
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue and Other Income:
|
|
|
|
|
|
||||||
Coal Revenue
|
$
|
1,288,529
|
|
|
$
|
1,364,292
|
|
|
$
|
1,187,654
|
|
Terminal Revenue
|
67,363
|
|
|
64,926
|
|
|
60,066
|
|
|||
Freight Revenue
|
19,667
|
|
|
43,572
|
|
|
73,692
|
|
|||
Miscellaneous Other Income (Note 4)
|
53,349
|
|
|
58,660
|
|
|
73,279
|
|
|||
Gain on Sale of Assets
|
1,995
|
|
|
565
|
|
|
17,212
|
|
|||
Total Revenue and Other Income
|
1,430,903
|
|
|
1,532,015
|
|
|
1,411,903
|
|
|||
Costs and Expenses:
|
|
|
|
|
|
||||||
Operating and Other Costs
|
948,012
|
|
|
946,450
|
|
|
886,709
|
|
|||
Depreciation, Depletion and Amortization
|
207,097
|
|
|
201,264
|
|
|
172,002
|
|
|||
Freight Expense
|
19,667
|
|
|
43,572
|
|
|
73,692
|
|
|||
Selling, General and Administrative Costs
|
67,111
|
|
|
65,346
|
|
|
83,605
|
|
|||
Loss on Debt Extinguishment
|
24,455
|
|
|
3,922
|
|
|
—
|
|
|||
Interest Expense, net
|
66,464
|
|
|
83,848
|
|
|
26,098
|
|
|||
Total Costs and Expenses
|
1,332,806
|
|
|
1,344,402
|
|
|
1,242,106
|
|
|||
Earnings Before Income Tax
|
98,097
|
|
|
187,613
|
|
|
169,797
|
|
|||
Income Tax Expense (Note 6)
|
4,539
|
|
|
8,828
|
|
|
87,228
|
|
|||
Net Income
|
93,558
|
|
|
178,785
|
|
|
82,569
|
|
|||
Less: Net Income Attributable to Noncontrolling Interest
|
17,557
|
|
|
25,809
|
|
|
14,940
|
|
|||
Net Income Attributable to CONSOL Energy Inc. Shareholders
|
$
|
76,001
|
|
|
$
|
152,976
|
|
|
$
|
67,629
|
|
|
|
|
|
|
|
||||||
Earnings per Share:
|
|
|
|
|
|
||||||
Total Basic Earnings per Share
|
$
|
2.82
|
|
|
$
|
5.48
|
|
|
$
|
2.42
|
|
Total Dilutive Earnings per Share
|
$
|
2.81
|
|
|
$
|
5.38
|
|
|
$
|
2.40
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income
|
$
|
93,558
|
|
|
$
|
178,785
|
|
|
$
|
82,569
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
||||||
Actuarially Determined Long-Term Liability Adjustments:
|
|
|
|
|
|
||||||
Amortization of Prior Service Credits (net of tax: $697, $662, $1,076)
|
(2,075
|
)
|
|
(2,246
|
)
|
|
(1,832
|
)
|
|||
Recognized Net Actuarial Loss (net of tax: $(3,958), $(5,590), $(9,039))
|
11,773
|
|
|
18,960
|
|
|
15,391
|
|
|||
Settlement Loss (net of tax: $0, $0, $(2,312))
|
—
|
|
|
—
|
|
|
7,841
|
|
|||
Other Comprehensive (Loss) Gain before Reclassifications (net of tax: $11,690, $(14,986), $(26,360))
|
(34,830
|
)
|
|
49,627
|
|
|
73,519
|
|
|||
Unrecognized Loss on Derivatives:
|
|
|
|
|
|
||||||
Unrealized Loss on Cash Flow Hedges (net of tax: $37, $0, $0)
|
(117
|
)
|
|
—
|
|
|
—
|
|
|||
Other Comprehensive (Loss) Income
|
(25,249
|
)
|
|
66,341
|
|
|
94,919
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive Income
|
$
|
68,309
|
|
|
$
|
245,126
|
|
|
$
|
177,488
|
|
|
|
|
|
|
|
||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
17,551
|
|
|
25,803
|
|
|
14,896
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders
|
$
|
50,758
|
|
|
$
|
219,323
|
|
|
$
|
162,592
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
80,293
|
|
|
$
|
235,677
|
|
Restricted Cash
|
—
|
|
|
29,258
|
|
||
Accounts and Notes Receivable
|
|
|
|
||||
Trade Receivables, net of Allowance
|
131,688
|
|
|
87,589
|
|
||
Other Receivables
|
40,984
|
|
|
41,355
|
|
||
Inventories (Note 8)
|
54,131
|
|
|
48,646
|
|
||
Prepaid Expenses and Other Assets
|
30,933
|
|
|
31,430
|
|
||
Total Current Assets
|
338,029
|
|
|
473,955
|
|
||
Property, Plant and Equipment (Note 9):
|
|
|
|
||||
Property, Plant and Equipment
|
5,008,180
|
|
|
4,838,171
|
|
||
Less—Accumulated Depreciation, Depletion and Amortization
|
2,916,015
|
|
|
2,731,643
|
|
||
Total Property, Plant and Equipment—Net
|
2,092,165
|
|
|
2,106,528
|
|
||
Other Assets:
|
|
|
|
||||
Deferred Income Taxes (Note 6)
|
103,505
|
|
|
77,545
|
|
||
Right of Use Asset - Operating Leases (Note 13)
|
72,632
|
|
|
—
|
|
||
Other
|
87,471
|
|
|
102,699
|
|
||
Total Other Assets
|
263,608
|
|
|
180,244
|
|
||
TOTAL ASSETS
|
$
|
2,693,802
|
|
|
$
|
2,760,727
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts Payable
|
$
|
106,223
|
|
|
$
|
130,930
|
|
Current Portion of Long-Term Debt (Note 12 and Note 13)
|
50,272
|
|
|
134,812
|
|
||
Other Accrued Liabilities (Note 11)
|
235,769
|
|
|
226,434
|
|
||
Total Current Liabilities
|
392,264
|
|
|
492,176
|
|
||
Long-Term Debt:
|
|
|
|
||||
Long-Term Debt (Note 12)
|
653,802
|
|
|
708,536
|
|
||
Finance Lease Obligations (Note 13)
|
9,036
|
|
|
25,690
|
|
||
Total Long-Term Debt
|
662,838
|
|
|
734,226
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Postretirement Benefits Other Than Pensions (Note 14)
|
432,496
|
|
|
441,246
|
|
||
Pneumoconiosis Benefits (Note 15)
|
202,142
|
|
|
165,001
|
|
||
Asset Retirement Obligations (Note 7)
|
250,211
|
|
|
235,984
|
|
||
Workers’ Compensation (Note 15)
|
61,194
|
|
|
59,742
|
|
||
Salary Retirement (Note 14)
|
49,930
|
|
|
64,172
|
|
||
Operating Lease Liability (Note 13)
|
55,413
|
|
|
—
|
|
||
Other
|
14,919
|
|
|
16,569
|
|
||
Total Deferred Credits and Other Liabilities
|
1,066,305
|
|
|
982,714
|
|
||
TOTAL LIABILITIES
|
2,121,407
|
|
|
2,209,116
|
|
||
Stockholders’ Equity:
|
|
|
|
||||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 25,932,618 Shares Issued and Outstanding at December 31, 2019; 27,437,844 Shares Issued and Outstanding at December 31, 2018
|
259
|
|
|
274
|
|
||
Capital in Excess of Par Value
|
523,762
|
|
|
550,995
|
|
||
Retained Earnings
|
259,903
|
|
|
182,148
|
|
||
Accumulated Other Comprehensive Loss
|
(348,725
|
)
|
|
(323,482
|
)
|
||
Total CONSOL Energy Inc. Stockholders’ Equity
|
435,199
|
|
|
409,935
|
|
||
Noncontrolling Interest
|
137,196
|
|
|
141,676
|
|
||
TOTAL EQUITY
|
572,395
|
|
|
551,611
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
2,693,802
|
|
|
$
|
2,760,727
|
|
|
Common
Stock
|
|
Capital in
Excess
of Par
Value
|
|
Retained
(Deficit) Earnings
|
|
Parent Net Investment
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Total
CONSOL
Energy Inc.
Stockholders’
Equity
|
|
Non-
Controlling
Interest
|
|
Total
Equity
|
||||||||||||||||
December 31, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,057,694
|
|
|
$
|
(400,063
|
)
|
|
$
|
657,631
|
|
|
$
|
142,493
|
|
|
$
|
800,124
|
|
Net (Loss) Income
|
—
|
|
|
—
|
|
|
(43,713
|
)
|
|
111,342
|
|
|
—
|
|
|
67,629
|
|
|
14,940
|
|
|
82,569
|
|
||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of $30,323 Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,963
|
|
|
94,963
|
|
|
(44
|
)
|
|
94,919
|
|
||||||||
Comprehensive (Loss) Income
|
—
|
|
|
—
|
|
|
(43,713
|
)
|
|
111,342
|
|
|
94,963
|
|
|
162,592
|
|
|
14,896
|
|
|
177,488
|
|
||||||||
Net Parent Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
(207,008
|
)
|
|
—
|
|
|
(207,008
|
)
|
|
—
|
|
|
(207,008
|
)
|
||||||||
Spin Distribution to CNX Resources
|
—
|
|
|
—
|
|
|
—
|
|
|
(425,000
|
)
|
|
—
|
|
|
(425,000
|
)
|
|
—
|
|
|
(425,000
|
)
|
||||||||
Separation Adjustments
|
—
|
|
|
537,028
|
|
|
—
|
|
|
(537,028
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of Common Stock
|
280
|
|
|
(280
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Amortization of Stock-Based Compensation Awards
|
—
|
|
|
16,212
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,212
|
|
|
5,873
|
|
|
22,085
|
|
||||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(167
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(167
|
)
|
|
(1,989
|
)
|
|
(2,156
|
)
|
||||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,892
|
)
|
|
(21,892
|
)
|
||||||||
December 31, 2017
|
$
|
280
|
|
|
$
|
552,793
|
|
|
$
|
(43,713
|
)
|
|
$
|
—
|
|
|
$
|
(305,100
|
)
|
|
$
|
204,260
|
|
|
$
|
139,381
|
|
|
$
|
343,641
|
|
Net Income
|
—
|
|
|
—
|
|
|
152,976
|
|
|
—
|
|
|
—
|
|
|
152,976
|
|
|
25,809
|
|
|
178,785
|
|
||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of $19,914 Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,347
|
|
|
66,347
|
|
|
(6
|
)
|
|
66,341
|
|
||||||||
Comprehensive Income
|
—
|
|
|
—
|
|
|
152,976
|
|
|
—
|
|
|
66,347
|
|
|
219,323
|
|
|
25,803
|
|
|
245,126
|
|
||||||||
Separation Adjustments
|
—
|
|
|
7,216
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,216
|
|
|
—
|
|
|
7,216
|
|
||||||||
Issuance of Common Stock
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Repurchases of Common Stock (708,245 Shares)
|
(7
|
)
|
|
(13,988
|
)
|
|
(11,844
|
)
|
|
—
|
|
|
—
|
|
|
(25,839
|
)
|
|
—
|
|
|
(25,839
|
)
|
||||||||
Purchase of CCR Units (167,958 Units)
|
—
|
|
|
(905
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(905
|
)
|
|
(2,174
|
)
|
|
(3,079
|
)
|
||||||||
Reclassification of Stranded Tax Effect of Change in Tax Law
|
—
|
|
|
—
|
|
|
84,729
|
|
|
—
|
|
|
(84,729
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Amortization of Stock-Based Compensation Awards
|
—
|
|
|
8,392
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,392
|
|
|
1,843
|
|
|
10,235
|
|
||||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(2,512
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,512
|
)
|
|
(912
|
)
|
|
(3,424
|
)
|
||||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,265
|
)
|
|
(22,265
|
)
|
||||||||
December 31, 2018
|
$
|
274
|
|
|
$
|
550,995
|
|
|
$
|
182,148
|
|
|
$
|
—
|
|
|
$
|
(323,482
|
)
|
|
$
|
409,935
|
|
|
$
|
141,676
|
|
|
$
|
551,611
|
|
Net Income
|
—
|
|
|
—
|
|
|
76,001
|
|
|
—
|
|
|
—
|
|
|
76,001
|
|
|
17,557
|
|
|
93,558
|
|
||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of ($8,429) Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,126
|
)
|
|
(25,126
|
)
|
|
(6
|
)
|
|
(25,132
|
)
|
||||||||
Interest Rate Hedge (Net of ($37) Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|
(117
|
)
|
|
—
|
|
|
(117
|
)
|
||||||||
Comprehensive Income (Loss)
|
—
|
|
|
—
|
|
|
76,001
|
|
|
—
|
|
|
(25,243
|
)
|
|
50,758
|
|
|
17,551
|
|
|
68,309
|
|
||||||||
Issuance of Common Stock
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Repurchases of Common Stock (1,717,497 Shares)
|
(17
|
)
|
|
(34,470
|
)
|
|
1,754
|
|
|
—
|
|
|
—
|
|
|
(32,733
|
)
|
|
—
|
|
|
(32,733
|
)
|
||||||||
Purchase of CCR Units (26,297 Units)
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(340
|
)
|
|
(369
|
)
|
||||||||
Amortization of Stock-Based Compensation Awards
|
—
|
|
|
11,351
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,351
|
|
|
1,409
|
|
|
12,760
|
|
||||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(4,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,083
|
)
|
|
(880
|
)
|
|
(4,963
|
)
|
||||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,220
|
)
|
|
(22,220
|
)
|
||||||||
December 31, 2019
|
$
|
259
|
|
|
$
|
523,762
|
|
|
$
|
259,903
|
|
|
$
|
—
|
|
|
$
|
(348,725
|
)
|
|
$
|
435,199
|
|
|
$
|
137,196
|
|
|
$
|
572,395
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net Income
|
$
|
93,558
|
|
|
$
|
178,785
|
|
|
$
|
82,569
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
||||||
Depreciation, Depletion and Amortization
|
207,097
|
|
|
201,264
|
|
|
172,002
|
|
|||
Stock/Unit-Based Compensation
|
12,760
|
|
|
10,235
|
|
|
22,085
|
|
|||
Gain on Sale of Assets
|
(1,995
|
)
|
|
(565
|
)
|
|
(17,212
|
)
|
|||
Amortization of Debt Issuance Costs
|
6,416
|
|
|
8,858
|
|
|
977
|
|
|||
Loss on Debt Extinguishment
|
24,455
|
|
|
3,922
|
|
|
—
|
|
|||
Deferred Income Taxes
|
(17,419
|
)
|
|
(16,482
|
)
|
|
16,610
|
|
|||
Changes in Operating Assets:
|
|
|
|
|
|
||||||
Trade and Other Receivables
|
(38,960
|
)
|
|
39,157
|
|
|
(44,417
|
)
|
|||
Inventories
|
(5,485
|
)
|
|
4,774
|
|
|
(3,259
|
)
|
|||
Prepaid Expenses and Other Assets
|
497
|
|
|
(7,307
|
)
|
|
(2,877
|
)
|
|||
Changes in Other Assets
|
17,302
|
|
|
15,583
|
|
|
5,729
|
|
|||
Changes in Operating Liabilities:
|
|
|
|
|
|
||||||
Accounts Payable
|
(21,714
|
)
|
|
37,488
|
|
|
7,043
|
|
|||
Other Operating Liabilities
|
(7,884
|
)
|
|
(38,659
|
)
|
|
46,421
|
|
|||
Changes in Other Liabilities
|
(24,062
|
)
|
|
(23,526
|
)
|
|
(40,765
|
)
|
|||
Other
|
—
|
|
|
(2
|
)
|
|
3,204
|
|
|||
Net Cash Provided by Operating Activities
|
244,566
|
|
|
413,525
|
|
|
248,110
|
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Capital Expenditures
|
(169,739
|
)
|
|
(145,749
|
)
|
|
(81,413
|
)
|
|||
Proceeds from Sales of Assets
|
2,201
|
|
|
2,103
|
|
|
24,582
|
|
|||
Other Investing Activity
|
(5,003
|
)
|
|
(10,000
|
)
|
|
—
|
|
|||
Net Cash Used in Investing Activities
|
(172,541
|
)
|
|
(153,646
|
)
|
|
(56,831
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Payments on Finance Lease Obligations
|
(18,549
|
)
|
|
(15,484
|
)
|
|
(3,904
|
)
|
|||
Proceeds from Term Loan A
|
26,250
|
|
|
—
|
|
|
100,000
|
|
|||
Payments on Term Loan A
|
(11,250
|
)
|
|
(26,250
|
)
|
|
—
|
|
|||
Proceeds from Term Loan B
|
—
|
|
|
—
|
|
|
392,147
|
|
|||
Payments on Term Loan B
|
(124,437
|
)
|
|
(4,000
|
)
|
|
—
|
|
|||
Proceeds from Second Lien Notes
|
—
|
|
|
—
|
|
|
300,000
|
|
|||
Payments on Second Lien Notes
|
(52,648
|
)
|
|
(25,724
|
)
|
|
—
|
|
|||
Proceeds from Asset-Backed Financing
|
3,757
|
|
|
—
|
|
|
—
|
|
|||
Payments on Asset-Backed Financing
|
(240
|
)
|
|
—
|
|
|
—
|
|
|||
Net Payments on Revolver - MLP
|
—
|
|
|
—
|
|
|
(201,000
|
)
|
|||
Distributions to Noncontrolling Interest
|
(22,220
|
)
|
|
(22,265
|
)
|
|
(21,892
|
)
|
|||
Shares/Units Withheld for Taxes
|
(4,963
|
)
|
|
(3,424
|
)
|
|
(2,156
|
)
|
|||
Repurchases of Common Stock
|
(32,733
|
)
|
|
(25,839
|
)
|
|
—
|
|
|||
Purchases of CCR Units
|
(369
|
)
|
|
(3,079
|
)
|
|
—
|
|
|||
Spin Distribution to CNX Resources Corporation
|
—
|
|
|
(18,234
|
)
|
|
(425,000
|
)
|
|||
Other Parent Net Distributions
|
—
|
|
|
—
|
|
|
(156,502
|
)
|
|||
Premium Paid on Extinguishment of Debt
|
(6,773
|
)
|
|
(2,458
|
)
|
|
—
|
|
|||
Debt Issuance and Financing Fees
|
(12,492
|
)
|
|
(2,166
|
)
|
|
(32,304
|
)
|
|||
Net Cash Used in Financing Activities
|
(256,667
|
)
|
|
(148,923
|
)
|
|
(50,611
|
)
|
|||
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash
|
(184,642
|
)
|
|
110,956
|
|
|
140,668
|
|
|||
Cash and Cash Equivalents and Restricted Cash at Beginning of Period
|
264,935
|
|
|
153,979
|
|
|
13,311
|
|
|||
Cash and Cash Equivalents and Restricted Cash at End of Period
|
$
|
80,293
|
|
|
$
|
264,935
|
|
|
$
|
153,979
|
|
|
Years
|
Buildings and improvements
|
10 to 45
|
Machinery and equipment
|
3 to 25
|
Leasehold improvements
|
Life of Lease
|
|
For the Years Ended
|
|||||||
|
December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Anti-Dilutive Restricted Stock Units
|
175,752
|
|
|
620
|
|
|
1,469
|
|
Anti-Dilutive Performance Share Units
|
20,202
|
|
|
6,363
|
|
|
—
|
|
|
195,954
|
|
|
6,983
|
|
|
1,469
|
|
|
For the Years Ended
|
||||||||||
Dollars in thousands, except per share data
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net Income
|
$
|
93,558
|
|
|
$
|
178,785
|
|
|
$
|
82,569
|
|
Less: Net Income Attributable to Noncontrolling Interest
|
17,557
|
|
|
25,809
|
|
|
14,940
|
|
|||
Net Income Attributable to CONSOL Energy Inc. Shareholders
|
$
|
76,001
|
|
|
$
|
152,976
|
|
|
$
|
67,629
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Weighted-average shares of common stock outstanding
|
26,938,339
|
|
|
27,928,245
|
|
|
27,968,188
|
|
|||
Effect of dilutive shares
|
132,769
|
|
|
491,517
|
|
|
206,046
|
|
|||
Weighted-average diluted shares of common stock outstanding
|
27,071,108
|
|
|
28,419,762
|
|
|
28,174,234
|
|
|||
|
|
|
|
|
|
||||||
Earnings per Share:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.82
|
|
|
$
|
5.48
|
|
|
$
|
2.42
|
|
Dilutive
|
$
|
2.81
|
|
|
$
|
5.38
|
|
|
$
|
2.40
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Balance, Beginning of Year
|
27,437,844
|
|
|
27,973,281
|
|
|
—
|
|
Issuance Related to Separation and Distribution (1)
|
—
|
|
|
—
|
|
|
27,967,509
|
|
Retirement Related to Stock Repurchase (2)
|
(1,717,497
|
)
|
|
(708,245
|
)
|
|
—
|
|
Issuance Related to Stock-Based Compensation (3)
|
212,271
|
|
|
172,808
|
|
|
5,772
|
|
Balance, End of Year
|
25,932,618
|
|
|
27,437,844
|
|
|
27,973,281
|
|
(1)
|
See Note 2 - Separation from the Company's Former Parent for additional information.
|
(2)
|
See Note 5 - Stock, Unit and Debt Repurchases for additional information.
|
(3)
|
See Note 17 - Stock-Based Compensation for additional information.
|
|
|
For the Year Ended
|
|
For the Year Ended
|
||||
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Coal Revenue
|
|
$
|
1,288,529
|
|
|
$
|
1,364,292
|
|
Terminal Revenue
|
|
67,363
|
|
|
64,926
|
|
||
Freight Revenue
|
|
19,667
|
|
|
43,572
|
|
||
Total Revenue from Contracts with Customers
|
|
$
|
1,375,559
|
|
|
$
|
1,472,790
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Royalty Income - Non-Operated Coal
|
|
$
|
22,208
|
|
|
$
|
24,722
|
|
|
$
|
28,089
|
|
Purchased Coal Sales
|
|
12,385
|
|
|
19,152
|
|
|
13,161
|
|
|||
Contract Buyout
|
|
9,959
|
|
|
350
|
|
|
9,912
|
|
|||
Interest Income
|
|
2,937
|
|
|
2,146
|
|
|
2,619
|
|
|||
Rental Income
|
|
2,517
|
|
|
3,804
|
|
|
14,114
|
|
|||
Property Easements and Option Income
|
|
1,631
|
|
|
5,644
|
|
|
2,436
|
|
|||
Other
|
|
1,712
|
|
|
2,842
|
|
|
2,948
|
|
|||
Miscellaneous Other Income
|
|
$
|
53,349
|
|
|
$
|
58,660
|
|
|
$
|
73,279
|
|
|
For The Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
U.S. Federal
|
$
|
15,905
|
|
|
$
|
20,634
|
|
|
$
|
65,856
|
|
U.S. State
|
4,717
|
|
|
3,240
|
|
|
2,732
|
|
|||
Non-U.S.
|
1,336
|
|
|
1,436
|
|
|
2,030
|
|
|||
|
21,958
|
|
|
25,310
|
|
|
70,618
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
U.S. Federal
|
(9,386
|
)
|
|
(7,509
|
)
|
|
17,397
|
|
|||
U.S. State
|
(8,033
|
)
|
|
(8,973
|
)
|
|
(787
|
)
|
|||
|
(17,419
|
)
|
|
(16,482
|
)
|
|
16,610
|
|
|||
|
|
|
|
|
|
||||||
Total Income Tax Expense
|
$
|
4,539
|
|
|
$
|
8,828
|
|
|
$
|
87,228
|
|
|
For the Years Ended December 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
Statutory U.S. federal income tax rate
|
$
|
20,600
|
|
|
21.0
|
%
|
|
$
|
39,399
|
|
|
21.0
|
%
|
|
$
|
59,429
|
|
|
35.0
|
%
|
State income taxes, net of federal tax benefit
|
3,125
|
|
|
3.2
|
|
|
3,240
|
|
|
1.7
|
|
|
1,264
|
|
|
0.7
|
|
|||
Foreign income taxes
|
1,336
|
|
|
1.4
|
|
|
1,436
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|||
Excess tax depletion
|
(13,141
|
)
|
|
(13.4
|
)
|
|
(20,873
|
)
|
|
(11.1
|
)
|
|
(24,216
|
)
|
|
(14.3
|
)
|
|||
Effect of domestic production activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,493
|
)
|
|
(3.8
|
)
|
|||
Effect of change in U.S. tax law
|
—
|
|
|
—
|
|
|
2,777
|
|
|
1.5
|
|
|
58,558
|
|
|
34.5
|
|
|||
Excess compensation
|
1,849
|
|
|
1.9
|
|
|
974
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|||
Effect of valuation allowance
|
1,400
|
|
|
1.4
|
|
|
(1,379
|
)
|
|
(0.7
|
)
|
|
1,379
|
|
|
0.8
|
|
|||
Tax credits
|
(2,536
|
)
|
|
(2.6
|
)
|
|
(980
|
)
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|||
Non-controlling interest
|
(3,687
|
)
|
|
(3.8
|
)
|
|
(5,420
|
)
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|||
State rate change and prior period adjustments
|
(5,745
|
)
|
|
(5.9
|
)
|
|
(8,223
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
1,338
|
|
|
1.4
|
|
|
(2,123
|
)
|
|
(1.1
|
)
|
|
(2,693
|
)
|
|
(1.6
|
)
|
|||
Income Tax Expense / Effective Rate
|
$
|
4,539
|
|
|
4.6
|
%
|
|
$
|
8,828
|
|
|
4.8
|
%
|
|
$
|
87,228
|
|
|
51.3
|
%
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred Tax Asset:
|
|
|
|
||||
Postretirement benefits other than pensions
|
$
|
110,504
|
|
|
$
|
108,603
|
|
Asset retirement obligations
|
60,260
|
|
|
57,956
|
|
||
Pneumoconiosis benefits
|
52,521
|
|
|
41,632
|
|
||
Mine subsidence
|
17,110
|
|
|
15,097
|
|
||
Financing
|
16,806
|
|
|
9,387
|
|
||
Workers' compensation
|
16,750
|
|
|
16,016
|
|
||
Salary retirement
|
14,761
|
|
|
15,855
|
|
||
Operating lease liabilities
|
14,757
|
|
|
—
|
|
||
State bonus, net of Federal
|
7,042
|
|
|
6,042
|
|
||
Long-term disability
|
3,031
|
|
|
2,798
|
|
||
Foreign tax credits
|
1,400
|
|
|
—
|
|
||
Other
|
6,297
|
|
|
6,669
|
|
||
Total Deferred Tax Asset
|
321,239
|
|
|
280,055
|
|
||
Valuation Allowance
|
(1,400
|
)
|
|
—
|
|
||
Net Deferred Tax Asset
|
319,839
|
|
|
280,055
|
|
||
|
|
|
|
||||
Deferred Tax Liability:
|
|
|
|
||||
Property, plant and equipment
|
(173,849
|
)
|
|
(175,558
|
)
|
||
Equity Partnerships
|
(17,028
|
)
|
|
(16,638
|
)
|
||
Right of use assets
|
(14,757
|
)
|
|
—
|
|
||
Advance mining royalties
|
(10,700
|
)
|
|
(10,314
|
)
|
||
Total Deferred Tax Liability
|
(216,334
|
)
|
|
(202,510
|
)
|
||
|
|
|
|
||||
Net Deferred Tax Asset
|
$
|
103,505
|
|
|
$
|
77,545
|
|
|
|
As of December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Balance at Beginning of Period
|
|
$
|
267,001
|
|
|
$
|
258,823
|
|
Accretion Expense
|
|
20,116
|
|
|
19,468
|
|
||
Payments
|
|
(13,030
|
)
|
|
(8,976
|
)
|
||
Revisions in Estimated Cash Flows
|
|
(2,135
|
)
|
|
(2,314
|
)
|
||
Balance at End of Period
|
|
$
|
271,952
|
|
|
$
|
267,001
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Coal
|
$
|
2,484
|
|
|
$
|
4,642
|
|
Supplies
|
51,647
|
|
|
44,004
|
|
||
Total Inventories
|
$
|
54,131
|
|
|
$
|
48,646
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Plant and Equipment
|
$
|
3,028,514
|
|
|
$
|
2,890,970
|
|
Coal Properties and Surface Lands
|
872,909
|
|
|
858,153
|
|
||
Airshafts
|
437,003
|
|
|
419,100
|
|
||
Mine Development
|
342,706
|
|
|
342,405
|
|
||
Advance Mining Royalties
|
327,048
|
|
|
327,543
|
|
||
Total Property, Plant and Equipment
|
5,008,180
|
|
|
4,838,171
|
|
||
Less: Accumulated Depreciation, Depletion and Amortization
|
2,916,015
|
|
|
2,731,643
|
|
||
Total Property, Plant and Equipment, Net
|
$
|
2,092,165
|
|
|
$
|
2,106,528
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Subsidence Liability
|
|
$
|
90,645
|
|
|
$
|
83,532
|
|
Accrued Payroll and Benefits
|
|
21,102
|
|
|
12,978
|
|
||
Accrued Interest
|
|
6,281
|
|
|
6,850
|
|
||
Accrued Other Taxes
|
|
4,753
|
|
|
5,050
|
|
||
Short-Term Incentive Compensation
|
|
3,997
|
|
|
6,024
|
|
||
Litigation
|
|
2,565
|
|
|
8,235
|
|
||
Other
|
|
9,719
|
|
|
15,588
|
|
||
Current Portion of Long-Term Liabilities:
|
|
|
|
|
||||
Postretirement Benefits Other than Pensions
|
|
31,833
|
|
|
32,345
|
|
||
Asset Retirement Obligations
|
|
21,741
|
|
|
31,017
|
|
||
Operating Lease Liability
|
|
19,479
|
|
|
—
|
|
||
Pneumoconiosis Benefits
|
|
12,331
|
|
|
12,187
|
|
||
Workers' Compensation
|
|
11,323
|
|
|
12,628
|
|
||
Total Other Accrued Liabilities
|
|
$
|
235,769
|
|
|
$
|
226,434
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Debt:
|
|
|
|
||||
Term Loan B due in September 2024 (Principal of $272,938 and $396,000 less Unamortized Discount of $1,187 and $6,253, respectively, 6.30% and 8.53% Weighted Average Interest Rate, respectively)
|
$
|
271,751
|
|
|
$
|
389,747
|
|
11.00% Senior Secured Second Lien Notes due November 2025
|
221,628
|
|
|
274,276
|
|
||
MEDCO Revenue Bonds in Series due September 2025 at 5.75%
|
102,865
|
|
|
102,865
|
|
||
Term Loan A due in March 2023 (5.55% and 6.78% Weighted Average Interest Rate, respectively)
|
88,750
|
|
|
73,750
|
|
||
Other Asset-Backed Financing Arrangements
|
9,289
|
|
|
—
|
|
||
Advance Royalty Commitments (10.78% and 8.57% Weighted Average Interest Rate, respectively)
|
1,895
|
|
|
2,261
|
|
||
Less: Unamortized Debt Issuance Costs
|
10,323
|
|
|
16,409
|
|
||
|
685,855
|
|
|
826,490
|
|
||
Less: Amounts Due in One Year*
|
32,053
|
|
|
117,954
|
|
||
Long-Term Debt
|
$
|
653,802
|
|
|
$
|
708,536
|
|
Year ended December 31,
|
Amount
|
||
2020
|
$
|
32,053
|
|
2021
|
28,826
|
|
|
2022
|
36,258
|
|
|
2023
|
12,456
|
|
|
2024
|
262,683
|
|
|
Thereafter
|
325,089
|
|
|
Total Long-Term Debt Maturities
|
$
|
697,365
|
|
Fixed operating lease expense
|
$
|
25,875
|
|
Variable operating lease expense
|
11,445
|
|
|
Total operating lease expense
|
$
|
37,320
|
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
$
|
25,675
|
|
ROU assets obtained in exchange for operating lease obligations
|
—
|
|
Lease Assets and Liabilities
|
Classification
|
|
||
Assets:
|
|
|
||
Operating Lease ROU Assets
|
Other Assets
|
$
|
72,632
|
|
|
|
|
||
Liabilities:
|
|
|
||
Current:
|
|
|
||
Operating Lease Liabilities
|
Other Accrued Liabilities
|
$
|
19,479
|
|
Long-Term:
|
|
|
||
Operating Lease Liabilities
|
Operating Lease Liabilities
|
$
|
55,413
|
|
Total Operating Lease Liabilities
|
|
$
|
74,892
|
|
|
|
|
||
Weighted average remaining lease term (in years)
|
|
5.02
|
|
|
Weighted average discount rate
|
|
6.79
|
%
|
2020
|
2021
|
2022
|
2023
|
2024
|
Thereafter
|
Total
|
||||||||||||||||||||
$
|
627
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
627
|
|
Amortization of right of use assets
|
$
|
15,691
|
|
Interest expense
|
1,878
|
|
|
Total finance lease expense
|
$
|
17,569
|
|
Weighted average remaining lease term (in years)
|
|
1.69
|
|
Weighted average discount rate
|
|
5.20
|
%
|
2020
|
2021
|
2022
|
2023
|
2024
|
Thereafter
|
Total
|
||||||||||||||||||||
$
|
3,699
|
|
|
$
|
2,157
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,856
|
|
|
|
Finance
|
|
Operating
|
||||
|
|
Leases
|
|
Leases
|
||||
2020
|
|
$
|
19,120
|
|
|
$
|
24,065
|
|
2021
|
|
7,196
|
|
|
23,132
|
|
||
2022
|
|
783
|
|
|
13,341
|
|
||
2023
|
|
803
|
|
|
6,504
|
|
||
2024
|
|
575
|
|
|
6,115
|
|
||
Thereafter
|
|
—
|
|
|
15,958
|
|
||
Total minimum lease payments
|
|
28,477
|
|
|
89,115
|
|
||
Less amount representing interest
|
|
1,222
|
|
|
14,223
|
|
||
Present value of minimum lease payments
|
|
$
|
27,255
|
|
|
$
|
74,892
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
at December 31,
|
|
at December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of period
|
|
$
|
644,142
|
|
|
$
|
733,990
|
|
|
$
|
473,591
|
|
|
$
|
591,563
|
|
Service cost
|
|
3,950
|
|
|
1,150
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
|
25,101
|
|
|
23,505
|
|
|
18,320
|
|
|
18,706
|
|
||||
Actuarial loss (gain)
|
|
95,078
|
|
|
(60,351
|
)
|
|
4,761
|
|
|
(101,259
|
)
|
||||
Benefits and other payments
|
|
(48,173
|
)
|
|
(54,152
|
)
|
|
(32,343
|
)
|
|
(35,419
|
)
|
||||
Benefit obligation at end of period
|
|
$
|
720,098
|
|
|
$
|
644,142
|
|
|
$
|
464,329
|
|
|
$
|
473,591
|
|
|
|
|
|
|
|
|
|
|
||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of period
|
|
$
|
578,347
|
|
|
$
|
679,245
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
|
136,976
|
|
|
(48,470
|
)
|
|
—
|
|
|
—
|
|
||||
Company contributions
|
|
1,331
|
|
|
1,724
|
|
|
32,343
|
|
|
35,419
|
|
||||
Benefits and other payments
|
|
(48,173
|
)
|
|
(54,152
|
)
|
|
(32,343
|
)
|
|
(35,419
|
)
|
||||
Fair value of plan assets at end of period
|
|
$
|
668,481
|
|
|
$
|
578,347
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Funded status:
|
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
$
|
(1,687
|
)
|
|
$
|
(1,623
|
)
|
|
$
|
(31,833
|
)
|
|
$
|
(32,345
|
)
|
Noncurrent liabilities
|
|
(49,930
|
)
|
|
(64,172
|
)
|
|
(432,496
|
)
|
|
(441,246
|
)
|
||||
Net obligation recognized
|
|
$
|
(51,617
|
)
|
|
$
|
(65,795
|
)
|
|
$
|
(464,329
|
)
|
|
$
|
(473,591
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Amounts recognized in accumulated other comprehensive loss consist of:
|
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
|
$
|
255,830
|
|
|
$
|
263,229
|
|
|
$
|
179,937
|
|
|
$
|
184,438
|
|
Prior service credit
|
|
—
|
|
|
(367
|
)
|
|
(20,949
|
)
|
|
(23,354
|
)
|
||||
Net amount recognized (before tax effect)
|
|
$
|
255,830
|
|
|
$
|
262,862
|
|
|
$
|
158,988
|
|
|
$
|
161,084
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
|
For the Years Ended December 31,
|
|
For the Years Ended December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Components of net periodic benefit (credit) cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
3,950
|
|
|
$
|
1,150
|
|
|
$
|
2,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
25,101
|
|
|
23,505
|
|
|
25,265
|
|
|
18,320
|
|
|
18,706
|
|
|
23,945
|
|
||||||
Expected return on plan assets
|
(40,457
|
)
|
|
(40,370
|
)
|
|
(42,383
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service credits
|
(367
|
)
|
|
(502
|
)
|
|
(502
|
)
|
|
(2,405
|
)
|
|
(2,405
|
)
|
|
(2,405
|
)
|
||||||
Recognized net actuarial loss
|
5,958
|
|
|
8,715
|
|
|
8,896
|
|
|
9,262
|
|
|
16,205
|
|
|
23,112
|
|
||||||
Settlement loss
|
—
|
|
|
—
|
|
|
10,153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit (credit) cost
|
$
|
(5,815
|
)
|
|
$
|
(7,502
|
)
|
|
$
|
4,377
|
|
|
$
|
25,177
|
|
|
$
|
32,506
|
|
|
$
|
44,652
|
|
|
|
|
|
Other
|
||||
|
|
Pension
|
|
Postretirement
|
||||
|
|
Benefits
|
|
Benefits
|
||||
Prior service credit recognition
|
|
$
|
—
|
|
|
$
|
(2,405
|
)
|
Actuarial loss recognition
|
|
$
|
6,922
|
|
|
$
|
9,278
|
|
|
|
As of December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Projected benefit obligation
|
|
$
|
720,098
|
|
|
$
|
644,142
|
|
Accumulated benefit obligation
|
|
$
|
719,985
|
|
|
$
|
644,069
|
|
Fair value of plan assets
|
|
$
|
668,481
|
|
|
$
|
578,347
|
|
|
|
Pension Obligations
|
|
Other Postretirement Obligations
|
||||||||
|
|
at December 31,
|
|
at December 31,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Discount rate
|
|
3.28
|
%
|
|
4.34
|
%
|
|
3.27
|
%
|
|
4.34
|
%
|
Rate of compensation increase
|
|
3.68
|
%
|
|
3.73
|
%
|
|
—
|
|
|
—
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
|
For the Years Ended
|
|
For the Years Ended
|
||||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||
Discount rate
|
|
4.37
|
%
|
|
3.69
|
%
|
|
4.27
|
%
|
|
4.34
|
%
|
|
3.65
|
%
|
|
4.22
|
%
|
Expected long-term return on plan assets
|
|
6.90
|
%
|
|
6.90
|
%
|
|
6.90
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Rate of compensation increase
|
|
3.73
|
%
|
|
3.73
|
%
|
|
3.90
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
At December 31,
|
||||
|
|
2019
|
|
2018
|
||
Health care cost trend rate for next year
|
|
5.65
|
%
|
|
5.83
|
%
|
Rate to which the cost trend is assumed to decline (ultimate trend rate)
|
|
4.50
|
%
|
|
4.50
|
%
|
Year that the rate reaches ultimate trend rate
|
|
2038
|
|
|
2038
|
|
|
|
1 Percentage
|
|
1 Percentage
|
||||
|
|
Point Increase
|
|
Point Decrease
|
||||
Effect on total of service and interest cost components
|
|
$
|
2,023
|
|
|
$
|
(1,725
|
)
|
Effect on accumulated postretirement benefit obligation
|
|
$
|
48,891
|
|
|
$
|
(41,917
|
)
|
|
|
Fair Value Measurements at December 31, 2019
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||||||||||||||
|
|
|
|
Quoted
|
|
|
|
|
|
|
|
Quoted
|
|
|
|
|
||||||||||||||||
|
|
|
|
Prices in
|
|
|
|
|
|
|
|
Prices in
|
|
|
|
|
||||||||||||||||
|
|
|
|
Active
|
|
|
|
|
|
|
|
Active
|
|
|
|
|
||||||||||||||||
|
|
|
|
Markets for
|
|
Significant
|
|
Significant
|
|
|
|
Markets for
|
|
Significant
|
|
Significant
|
||||||||||||||||
|
|
|
|
Identical
|
|
Observable
|
|
Unobservable
|
|
|
|
Identical
|
|
Observable
|
|
Unobservable
|
||||||||||||||||
|
|
|
|
Assets
|
|
Inputs
|
|
Inputs
|
|
|
|
Assets
|
|
Inputs
|
|
Inputs
|
||||||||||||||||
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||||||||||
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash/Accrued Income
|
|
$
|
97
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mercer Common Collective Trusts (a)
|
|
668,384
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
578,246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
668,481
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
578,347
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.
|
|
|
|
|
Other
|
||||
|
|
Pension
|
|
Postretirement
|
||||
|
|
Benefits
|
|
Benefits
|
||||
2020
|
|
$
|
44,619
|
|
|
$
|
31,833
|
|
2021
|
|
$
|
43,297
|
|
|
$
|
29,935
|
|
2022
|
|
$
|
43,438
|
|
|
$
|
29,302
|
|
2023
|
|
$
|
42,905
|
|
|
$
|
28,664
|
|
2024
|
|
$
|
42,837
|
|
|
$
|
27,881
|
|
Year 2025-2029
|
|
$
|
200,271
|
|
|
$
|
134,541
|
|
|
|
CWP
|
|
Workers' Compensation
|
||||||||||||
|
|
at December 31,
|
|
at December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of period
|
|
$
|
177,188
|
|
|
$
|
162,840
|
|
|
$
|
70,986
|
|
|
$
|
78,528
|
|
State administrative fees and insurance bond premiums
|
|
—
|
|
|
—
|
|
|
2,157
|
|
|
2,671
|
|
||||
Service cost
|
|
3,791
|
|
|
6,650
|
|
|
5,685
|
|
|
6,230
|
|
||||
Interest cost
|
|
7,001
|
|
|
5,245
|
|
|
2,585
|
|
|
2,283
|
|
||||
Actuarial loss (gain)
|
|
39,827
|
|
|
14,832
|
|
|
1,536
|
|
|
(5,134
|
)
|
||||
Benefits paid
|
|
(13,334
|
)
|
|
(12,379
|
)
|
|
(11,469
|
)
|
|
(13,592
|
)
|
||||
Benefit obligation at end of period
|
|
$
|
214,473
|
|
|
$
|
177,188
|
|
|
$
|
71,480
|
|
|
$
|
70,986
|
|
|
|
|
|
|
|
|
|
|
||||||||
Funded status:
|
|
|
|
|
|
|
|
|
||||||||
Current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,037
|
|
|
$
|
1,384
|
|
Current liabilities
|
|
(12,331
|
)
|
|
(12,187
|
)
|
|
(11,323
|
)
|
|
(12,628
|
)
|
||||
Noncurrent liabilities
|
|
(202,142
|
)
|
|
(165,001
|
)
|
|
(61,194
|
)
|
|
(59,742
|
)
|
||||
Net obligation recognized
|
|
$
|
(214,473
|
)
|
|
$
|
(177,188
|
)
|
|
$
|
(71,480
|
)
|
|
$
|
(70,986
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Amounts recognized in accumulated other comprehensive loss consist of:
|
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss (gain)
|
|
$
|
47,352
|
|
|
$
|
8,542
|
|
|
$
|
(11,250
|
)
|
|
$
|
(13,561
|
)
|
Net amount recognized (before tax effect)
|
|
$
|
47,352
|
|
|
$
|
8,542
|
|
|
$
|
(11,250
|
)
|
|
$
|
(13,561
|
)
|
|
CWP
|
|
Workers’ Compensation
|
||||||||||||||||||||
|
For the Years Ended
|
|
For the Years Ended
|
||||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Service cost
|
$
|
3,791
|
|
|
$
|
6,650
|
|
|
$
|
5,122
|
|
|
$
|
5,685
|
|
|
$
|
6,230
|
|
|
$
|
5,734
|
|
Interest cost
|
7,001
|
|
|
5,245
|
|
|
4,050
|
|
|
2,585
|
|
|
2,283
|
|
|
2,321
|
|
||||||
Recognized net actuarial loss (gain)
|
1,016
|
|
|
(853
|
)
|
|
(7,631
|
)
|
|
(774
|
)
|
|
(79
|
)
|
|
(598
|
)
|
||||||
State administrative fees and insurance bond premiums
|
—
|
|
|
—
|
|
|
—
|
|
|
2,157
|
|
|
2,671
|
|
|
3,198
|
|
||||||
Net periodic benefit cost
|
$
|
11,808
|
|
|
$
|
11,042
|
|
|
$
|
1,541
|
|
|
$
|
9,653
|
|
|
$
|
11,105
|
|
|
$
|
10,655
|
|
|
|
|
|
Workers'
|
||||
|
|
CWP
|
|
Compensation
|
||||
|
|
Benefits
|
|
Benefits
|
||||
Actuarial loss (gain) recognition
|
|
$
|
5,604
|
|
|
$
|
(487
|
)
|
|
|
CWP
|
|
Workers' Compensation
|
||||||||||||||
|
|
For the Years Ended
|
|
For the Years Ended
|
||||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
Benefit obligations
|
|
3.41
|
%
|
|
4.42
|
%
|
|
3.75
|
%
|
|
3.25
|
%
|
|
4.26
|
%
|
|
3.57
|
%
|
Net periodic benefit costs
|
|
4.42
|
%
|
|
3.75
|
%
|
|
4.40
|
%
|
|
4.26
|
%
|
|
3.57
|
%
|
|
4.05
|
%
|
|
|
|
|
Workers' Compensation
|
||||||||||||
|
|
CWP
|
|
Total
|
|
Actuarial
|
|
Other
|
||||||||
|
|
Benefits
|
|
Benefits
|
|
Benefits
|
|
Benefits
|
||||||||
2020
|
|
$
|
12,331
|
|
|
$
|
12,235
|
|
|
$
|
10,286
|
|
|
$
|
1,949
|
|
2021
|
|
$
|
12,013
|
|
|
$
|
12,427
|
|
|
$
|
10,430
|
|
|
$
|
1,997
|
|
2022
|
|
$
|
11,893
|
|
|
$
|
12,680
|
|
|
$
|
10,633
|
|
|
$
|
2,047
|
|
2023
|
|
$
|
11,545
|
|
|
$
|
12,741
|
|
|
$
|
10,643
|
|
|
$
|
2,098
|
|
2024
|
|
$
|
11,351
|
|
|
$
|
12,808
|
|
|
$
|
10,657
|
|
|
$
|
2,151
|
|
Year 2025-2029
|
|
$
|
57,446
|
|
|
$
|
66,260
|
|
|
$
|
54,672
|
|
|
$
|
11,588
|
|
|
|
For the Years Ended
|
||||||||||
|
|
December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net periodic benefit costs
|
|
$
|
1,483
|
|
|
$
|
2,088
|
|
|
$
|
2,058
|
|
Discount rate assumption used to determine net periodic benefit costs
|
|
3.97
|
%
|
|
3.22
|
%
|
|
3.43
|
%
|
|
|
Number of
|
|
Weighted Average
|
|
|
|
Shares
|
|
Grant Date Fair Value
|
|
Nonvested at December 31, 2018
|
|
424,496
|
|
|
$33.60
|
Granted
|
|
262,507
|
|
|
$33.96
|
Vested
|
|
(154,147
|
)
|
|
$32.59
|
Forfeited
|
|
(79,520
|
)
|
|
$31.05
|
Nonvested at December 31, 2019
|
|
453,336
|
|
|
$34.60
|
|
|
Number of
|
|
Weighted Average
|
|
|
|
Shares
|
|
Grant Date Fair Value
|
|
Nonvested at December 31, 2018
|
|
263,244
|
|
|
$34.51
|
Granted
|
|
266,556
|
|
|
$34.49
|
Vested
|
|
(179,934
|
)
|
|
$34.66
|
Forfeited
|
|
(156,601
|
)
|
|
$35.49
|
Nonvested at December 31, 2019
|
|
193,265
|
|
|
$33.55
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Paid For:
|
|
|
|
|
|
|
||||||
Interest (net of amounts capitalized)
|
|
$
|
73,574
|
|
|
$
|
92,926
|
|
|
$
|
18,151
|
|
Income taxes *
|
|
$
|
40,139
|
|
|
$
|
12,834
|
|
|
$
|
—
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Thermal coal utilities
|
|
$
|
58,557
|
|
|
$
|
61,218
|
|
Coal exporters and distributors
|
|
73,416
|
|
|
22,972
|
|
||
Steel and coke producers
|
|
—
|
|
|
661
|
|
||
Other
|
|
1,815
|
|
|
2,738
|
|
||
Total Trade Receivables
|
|
133,788
|
|
|
87,589
|
|
||
Less: Allowance for doubtful accounts
|
|
2,100
|
|
|
—
|
|
||
Total Trade Receivables, net of Allowance
|
|
$
|
131,688
|
|
|
$
|
87,589
|
|
|
Fair Value Measurements at
December 31, 2019 |
|
Fair Value Measurements at
December 31, 2018 |
||||||||||||||||||||
Description
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Lease Guarantees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(482
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(734
|
)
|
Derivatives (1)
|
$
|
—
|
|
|
$
|
(154
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Long-Term Debt
|
$
|
696,178
|
|
|
$
|
642,018
|
|
|
$
|
842,899
|
|
|
$
|
881,711
|
|
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||
|
Total
Amounts
Committed
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Beyond
5 Years
|
||||||||||
Letters of Credit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-Related
|
$
|
64,558
|
|
|
$
|
50,416
|
|
|
$
|
14,142
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Environmental
|
398
|
|
|
—
|
|
|
398
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
45,843
|
|
|
11,143
|
|
|
34,700
|
|
|
—
|
|
|
—
|
|
|||||
Total Letters of Credit
|
110,799
|
|
|
61,559
|
|
|
49,240
|
|
|
—
|
|
|
—
|
|
|||||
Surety Bonds:
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-Related
|
87,424
|
|
|
86,124
|
|
|
1,300
|
|
|
—
|
|
|
—
|
|
|||||
Environmental
|
526,838
|
|
|
492,696
|
|
|
34,142
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
3,989
|
|
|
3,830
|
|
|
159
|
|
|
—
|
|
|
—
|
|
|||||
Total Surety Bonds
|
618,251
|
|
|
582,650
|
|
|
35,601
|
|
|
—
|
|
|
—
|
|
|||||
Guarantees:
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
15,535
|
|
|
6,862
|
|
|
7,893
|
|
|
398
|
|
|
382
|
|
|||||
Total Guarantees
|
15,535
|
|
|
6,862
|
|
|
7,893
|
|
|
398
|
|
|
382
|
|
|||||
Total Commitments
|
$
|
744,585
|
|
|
$
|
651,071
|
|
|
$
|
92,734
|
|
|
$
|
398
|
|
|
$
|
382
|
|
|
PAMC
|
|
Other
|
|
Adjustments
and
Eliminations
|
|
Consolidated
|
|
||||||||
Coal Revenue
|
$
|
1,288,529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,288,529
|
|
(A)
|
Terminal Revenue
|
—
|
|
|
67,363
|
|
|
—
|
|
|
67,363
|
|
|
||||
Freight Revenue
|
19,667
|
|
|
—
|
|
|
—
|
|
|
19,667
|
|
|
||||
Total Revenue and Freight
|
$
|
1,308,196
|
|
|
$
|
67,363
|
|
|
$
|
—
|
|
|
$
|
1,375,559
|
|
|
Earnings (Loss) Before Income Tax
|
$
|
197,112
|
|
|
$
|
(99,015
|
)
|
|
$
|
—
|
|
|
$
|
98,097
|
|
|
Segment Assets
|
$
|
1,981,721
|
|
|
$
|
712,081
|
|
|
$
|
—
|
|
|
$
|
2,693,802
|
|
|
Depreciation, Depletion and Amortization
|
$
|
185,616
|
|
|
$
|
21,481
|
|
|
$
|
—
|
|
|
$
|
207,097
|
|
|
Capital Expenditures
|
$
|
148,709
|
|
|
$
|
21,030
|
|
|
$
|
—
|
|
|
$
|
169,739
|
|
|
|
PAMC
|
|
Other
|
|
Adjustments
and
Eliminations
|
|
Consolidated
|
|
||||||||
Coal Revenue
|
$
|
1,364,292
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,364,292
|
|
(A)
|
Terminal Revenue
|
—
|
|
|
64,926
|
|
|
—
|
|
|
64,926
|
|
|
||||
Freight Revenue
|
43,572
|
|
|
—
|
|
|
—
|
|
|
43,572
|
|
|
||||
Total Revenue and Freight
|
$
|
1,407,864
|
|
|
$
|
64,926
|
|
|
$
|
—
|
|
|
$
|
1,472,790
|
|
|
Earnings (Loss) Before Income Tax
|
$
|
291,418
|
|
|
$
|
(103,805
|
)
|
|
$
|
—
|
|
|
$
|
187,613
|
|
|
Segment Assets
|
$
|
1,894,209
|
|
|
$
|
866,518
|
|
|
$
|
—
|
|
|
$
|
2,760,727
|
|
|
Depreciation, Depletion and Amortization
|
$
|
178,969
|
|
|
$
|
22,295
|
|
|
$
|
—
|
|
|
$
|
201,264
|
|
|
Capital Expenditures
|
$
|
124,570
|
|
|
$
|
21,179
|
|
|
$
|
—
|
|
|
$
|
145,749
|
|
|
|
PAMC
|
|
Other
|
|
Adjustments
and
Eliminations
|
|
Consolidated
|
|
||||||||
Coal Revenue
|
$
|
1,187,654
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,187,654
|
|
(A)
|
Terminal Revenue
|
—
|
|
|
60,066
|
|
|
—
|
|
|
60,066
|
|
|
||||
Freight Revenue
|
73,692
|
|
|
—
|
|
|
—
|
|
|
73,692
|
|
|
||||
Total Revenue and Freight
|
$
|
1,261,346
|
|
|
$
|
60,066
|
|
|
$
|
—
|
|
|
$
|
1,321,412
|
|
|
Earnings (Loss) Before Income Tax
|
$
|
189,162
|
|
|
$
|
(19,365
|
)
|
|
$
|
—
|
|
|
$
|
169,797
|
|
|
Segment Assets
|
$
|
1,971,268
|
|
|
$
|
735,831
|
|
|
$
|
—
|
|
|
$
|
2,707,099
|
|
|
Depreciation, Depletion and Amortization
|
$
|
166,628
|
|
|
$
|
5,374
|
|
|
$
|
—
|
|
|
$
|
172,002
|
|
|
Capital Expenditures
|
$
|
77,981
|
|
|
$
|
3,432
|
|
|
$
|
—
|
|
|
$
|
81,413
|
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total Segment Revenue and Freight from External Customers
|
|
$
|
1,375,559
|
|
|
$
|
1,472,790
|
|
|
$
|
1,321,412
|
|
Other Income not Allocated to Segments (Note 4)
|
|
53,349
|
|
|
58,660
|
|
|
73,279
|
|
|||
Gain on Sale of Assets
|
|
1,995
|
|
|
565
|
|
|
17,212
|
|
|||
Total Consolidated Revenue and Other Income
|
|
$
|
1,430,903
|
|
|
$
|
1,532,015
|
|
|
$
|
1,411,903
|
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
|||||
Segment Assets for Total Reportable Business Segments
|
|
$
|
1,981,721
|
|
|
$
|
1,894,209
|
|
Segment Assets for All Other Business Segments
|
|
515,334
|
|
|
554,315
|
|
||
Items Excluded from Segment Assets:
|
|
|
|
|
||||
Cash and Other Investments
|
|
93,242
|
|
|
234,658
|
|
||
Deferred Tax Assets
|
|
103,505
|
|
|
77,545
|
|
||
Total Consolidated Assets
|
|
$
|
2,693,802
|
|
|
$
|
2,760,727
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
United States
|
|
$
|
2,081,141
|
|
|
$
|
2,095,504
|
|
Canada
|
|
11,024
|
|
|
11,024
|
|
||
Total Property, Plant and Equipment, net
|
|
$
|
2,092,165
|
|
|
$
|
2,106,528
|
|
|
Parent
Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Revenue and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Coal Revenue
|
$
|
—
|
|
|
$
|
966,397
|
|
|
$
|
322,132
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,288,529
|
|
Terminal Revenue
|
—
|
|
|
67,363
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,363
|
|
||||||
Freight Revenue
|
—
|
|
|
14,750
|
|
|
4,917
|
|
|
—
|
|
|
—
|
|
|
19,667
|
|
||||||
Miscellaneous Other Income
|
160,441
|
|
|
(11,418
|
)
|
|
5,928
|
|
|
38,401
|
|
|
(140,003
|
)
|
|
53,349
|
|
||||||
Gain (Loss) on Sale of Assets
|
2,188
|
|
|
(144
|
)
|
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
1,995
|
|
||||||
Total Revenue and Other Income
|
162,629
|
|
|
1,036,948
|
|
|
332,928
|
|
|
38,401
|
|
|
(140,003
|
)
|
|
1,430,903
|
|
||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and Other Costs
|
—
|
|
|
729,232
|
|
|
217,175
|
|
|
1,605
|
|
|
—
|
|
|
948,012
|
|
||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
161,290
|
|
|
45,807
|
|
|
—
|
|
|
—
|
|
|
207,097
|
|
||||||
Freight Expense
|
—
|
|
|
14,750
|
|
|
4,917
|
|
|
—
|
|
|
—
|
|
|
19,667
|
|
||||||
Selling, General and Administrative Costs
|
—
|
|
|
54,237
|
|
|
12,874
|
|
|
—
|
|
|
—
|
|
|
67,111
|
|
||||||
Loss on Debt Extinguishment
|
24,455
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,455
|
|
||||||
Interest Expense, net
|
57,634
|
|
|
2,226
|
|
|
6,604
|
|
|
—
|
|
|
—
|
|
|
66,464
|
|
||||||
Total Costs and Expenses
|
82,089
|
|
|
961,735
|
|
|
287,377
|
|
|
1,605
|
|
|
—
|
|
|
1,332,806
|
|
||||||
Earnings (Loss) Before Income Tax
|
80,540
|
|
|
75,213
|
|
|
45,551
|
|
|
36,796
|
|
|
(140,003
|
)
|
|
98,097
|
|
||||||
Income Tax Expense
|
4,539
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,539
|
|
||||||
Net Income (Loss)
|
76,001
|
|
|
75,213
|
|
|
45,551
|
|
|
36,796
|
|
|
(140,003
|
)
|
|
93,558
|
|
||||||
Less: Net Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,557
|
|
|
17,557
|
|
||||||
Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
76,001
|
|
|
$
|
75,213
|
|
|
$
|
45,551
|
|
|
$
|
36,796
|
|
|
$
|
(157,560
|
)
|
|
$
|
76,001
|
|
|
Parent
Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and Cash Equivalents
|
$
|
79,569
|
|
|
$
|
148
|
|
|
$
|
543
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
80,293
|
|
Accounts and Notes Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade Receivables, net of Allowance
|
—
|
|
|
—
|
|
|
—
|
|
|
131,688
|
|
|
—
|
|
|
131,688
|
|
||||||
Other Receivables
|
28,147
|
|
|
11,265
|
|
|
1,572
|
|
|
—
|
|
|
—
|
|
|
40,984
|
|
||||||
Inventories
|
—
|
|
|
41,478
|
|
|
12,653
|
|
|
—
|
|
|
—
|
|
|
54,131
|
|
||||||
Prepaid Expenses and Other Assets
|
8,657
|
|
|
16,524
|
|
|
5,746
|
|
|
6
|
|
|
—
|
|
|
30,933
|
|
||||||
Total Current Assets
|
116,373
|
|
|
69,415
|
|
|
20,514
|
|
|
131,727
|
|
|
—
|
|
|
338,029
|
|
||||||
Property, Plant and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, Plant and Equipment
|
—
|
|
|
4,023,282
|
|
|
984,898
|
|
|
—
|
|
|
—
|
|
|
5,008,180
|
|
||||||
Less-Accumulated Depreciation, Depletion and Amortization
|
—
|
|
|
2,344,777
|
|
|
571,238
|
|
|
—
|
|
|
—
|
|
|
2,916,015
|
|
||||||
Total Property, Plant and Equipment-Net
|
—
|
|
|
1,678,505
|
|
|
413,660
|
|
|
—
|
|
|
—
|
|
|
2,092,165
|
|
||||||
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred Income Taxes
|
103,505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103,505
|
|
||||||
Right of Use Asset - Operating Leases
|
—
|
|
|
56,937
|
|
|
15,695
|
|
|
—
|
|
|
—
|
|
|
72,632
|
|
||||||
Affiliated Credit Facility
|
148,156
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,156
|
)
|
|
—
|
|
||||||
Investment in Affiliates
|
822,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(822,102
|
)
|
|
—
|
|
||||||
Other
|
30,973
|
|
|
43,042
|
|
|
13,456
|
|
|
—
|
|
|
—
|
|
|
87,471
|
|
||||||
Total Other Assets
|
1,104,736
|
|
|
99,979
|
|
|
29,151
|
|
|
—
|
|
|
(970,258
|
)
|
|
263,608
|
|
||||||
Total Assets
|
$
|
1,221,109
|
|
|
$
|
1,847,899
|
|
|
$
|
463,325
|
|
|
$
|
131,727
|
|
|
$
|
(970,258
|
)
|
|
$
|
2,693,802
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts Payable
|
$
|
71,153
|
|
|
$
|
7,987
|
|
|
$
|
22,805
|
|
|
$
|
4,278
|
|
|
$
|
—
|
|
|
$
|
106,223
|
|
Accounts Payable (Recoverable)-Related Parties
|
—
|
|
|
—
|
|
|
1,419
|
|
|
—
|
|
|
(1,419
|
)
|
|
—
|
|
||||||
Current Portion of Long-Term Debt
|
28,225
|
|
|
16,795
|
|
|
5,252
|
|
|
—
|
|
|
—
|
|
|
50,272
|
|
||||||
Other Accrued Liabilities
|
82,452
|
|
|
116,403
|
|
|
39,455
|
|
|
—
|
|
|
(2,541
|
)
|
|
235,769
|
|
||||||
Total Current Liabilities
|
181,830
|
|
|
141,185
|
|
|
68,931
|
|
|
4,278
|
|
|
(3,960
|
)
|
|
392,264
|
|
||||||
Long-Term Debt
|
554,150
|
|
|
107,043
|
|
|
149,801
|
|
|
—
|
|
|
(148,156
|
)
|
|
662,838
|
|
||||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Postretirement Benefits Other Than Pensions
|
—
|
|
|
432,496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
432,496
|
|
||||||
Pneumoconiosis Benefits
|
—
|
|
|
196,114
|
|
|
6,028
|
|
|
—
|
|
|
—
|
|
|
202,142
|
|
||||||
Asset Retirement Obligations
|
—
|
|
|
239,410
|
|
|
10,801
|
|
|
—
|
|
|
—
|
|
|
250,211
|
|
||||||
Workers’ Compensation
|
—
|
|
|
57,583
|
|
|
3,611
|
|
|
—
|
|
|
—
|
|
|
61,194
|
|
||||||
Salary Retirement
|
49,930
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,930
|
|
||||||
Operating Lease Liability
|
—
|
|
|
43,906
|
|
|
11,507
|
|
|
—
|
|
|
—
|
|
|
55,413
|
|
||||||
Other
|
—
|
|
|
14,134
|
|
|
785
|
|
|
—
|
|
|
—
|
|
|
14,919
|
|
||||||
Total Deferred Credits and Other Liabilities
|
49,930
|
|
|
983,643
|
|
|
32,732
|
|
|
—
|
|
|
—
|
|
|
1,066,305
|
|
||||||
Total CONSOL Energy Inc. Stockholders’ Equity
|
435,199
|
|
|
616,028
|
|
|
211,861
|
|
|
127,449
|
|
|
(955,338
|
)
|
|
435,199
|
|
||||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137,196
|
|
|
137,196
|
|
||||||
Total Liabilities and Equity
|
$
|
1,221,109
|
|
|
$
|
1,847,899
|
|
|
$
|
463,325
|
|
|
$
|
131,727
|
|
|
$
|
(970,258
|
)
|
|
$
|
2,693,802
|
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Cash Provided by (Used In) Operating Activities
|
$
|
253,112
|
|
|
$
|
(89,671
|
)
|
|
$
|
81,125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
244,566
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital Expenditures
|
—
|
|
|
(132,562
|
)
|
|
(37,177
|
)
|
|
—
|
|
|
—
|
|
|
(169,739
|
)
|
||||||
(Investments in), net of Distributions from, Subsidiaries
|
(206,658
|
)
|
|
242,056
|
|
|
—
|
|
|
—
|
|
|
(35,398
|
)
|
|
—
|
|
||||||
Proceeds from Sales of Assets
|
—
|
|
|
2,195
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
2,201
|
|
||||||
Other Investing Activity
|
(5,003
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,003
|
)
|
||||||
Net Cash (Used in) Provided by Investing Activities
|
(211,661
|
)
|
|
111,689
|
|
|
(37,171
|
)
|
|
—
|
|
|
(35,398
|
)
|
|
(172,541
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments on Finance Lease Obligations
|
—
|
|
|
(14,708
|
)
|
|
(3,841
|
)
|
|
—
|
|
|
—
|
|
|
(18,549
|
)
|
||||||
Affiliated Credit Facility
|
(17,925
|
)
|
|
—
|
|
|
17,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from Term Loan A
|
26,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,250
|
|
||||||
Payments on Term Loan A
|
(11,250
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,250
|
)
|
||||||
Payments on Term Loan B
|
(124,437
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124,437
|
)
|
||||||
Payments on Second Lien Notes
|
(52,648
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52,648
|
)
|
||||||
Proceeds from Asset-Backed Financing
|
3,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,757
|
|
||||||
Payments on Asset-Backed Financing
|
(240
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(240
|
)
|
||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(57,618
|
)
|
|
—
|
|
|
35,398
|
|
|
(22,220
|
)
|
||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(4,083
|
)
|
|
(880
|
)
|
|
—
|
|
|
—
|
|
|
(4,963
|
)
|
||||||
Repurchases of Common Stock
|
(32,733
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,733
|
)
|
||||||
Purchases of CCR Units
|
(369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(369
|
)
|
||||||
Premium Paid on Extinguishment of Debt
|
(6,773
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,773
|
)
|
||||||
Debt Issuance and Financing Fees
|
(12,492
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,492
|
)
|
||||||
Net Cash (Used in) Provided by Financing Activities
|
$
|
(228,860
|
)
|
|
$
|
(18,791
|
)
|
|
$
|
(44,414
|
)
|
|
$
|
—
|
|
|
$
|
35,398
|
|
|
$
|
(256,667
|
)
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-
Guarantor |
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Income (Loss)
|
$
|
76,001
|
|
|
$
|
75,213
|
|
|
$
|
45,551
|
|
|
$
|
36,796
|
|
|
$
|
(140,003
|
)
|
|
$
|
93,558
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Actuarial (Loss) Gain
|
(25,132
|
)
|
|
—
|
|
|
(1,341
|
)
|
|
—
|
|
|
1,341
|
|
|
(25,132
|
)
|
||||||
Unrecognized Loss on Derivatives
|
(117
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
||||||
Other Comprehensive (Loss) Income
|
(25,249
|
)
|
|
—
|
|
|
(1,341
|
)
|
|
—
|
|
|
1,341
|
|
|
(25,249
|
)
|
||||||
Comprehensive Income (Loss)
|
50,752
|
|
|
75,213
|
|
|
44,210
|
|
|
36,796
|
|
|
(138,662
|
)
|
|
68,309
|
|
||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,551
|
|
|
17,551
|
|
||||||
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
50,752
|
|
|
$
|
75,213
|
|
|
$
|
44,210
|
|
|
$
|
36,796
|
|
|
$
|
(156,213
|
)
|
|
$
|
50,758
|
|
|
Parent
Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Revenue and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Coal Revenue
|
$
|
—
|
|
|
$
|
1,023,219
|
|
|
$
|
341,073
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,364,292
|
|
Terminal Revenue
|
—
|
|
|
64,926
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,926
|
|
||||||
Freight Revenue
|
—
|
|
|
32,679
|
|
|
10,893
|
|
|
—
|
|
|
—
|
|
|
43,572
|
|
||||||
Miscellaneous Other Income
|
247,711
|
|
|
27,013
|
|
|
5,243
|
|
|
—
|
|
|
(221,307
|
)
|
|
58,660
|
|
||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
599
|
|
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
565
|
|
||||||
Total Revenue and Other Income
|
247,711
|
|
|
1,148,436
|
|
|
357,175
|
|
|
—
|
|
|
(221,307
|
)
|
|
1,532,015
|
|
||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and Other Costs
|
—
|
|
|
729,593
|
|
|
214,376
|
|
|
2,481
|
|
|
—
|
|
|
946,450
|
|
||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
156,522
|
|
|
44,742
|
|
|
—
|
|
|
—
|
|
|
201,264
|
|
||||||
Freight Expense
|
—
|
|
|
32,679
|
|
|
10,893
|
|
|
—
|
|
|
—
|
|
|
43,572
|
|
||||||
Selling, General and Administrative Costs
|
—
|
|
|
51,415
|
|
|
13,931
|
|
|
—
|
|
|
—
|
|
|
65,346
|
|
||||||
Loss on Debt Extinguishment
|
3,922
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,922
|
|
||||||
Interest Expense, net
|
81,985
|
|
|
2,905
|
|
|
6,667
|
|
|
—
|
|
|
(7,709
|
)
|
|
83,848
|
|
||||||
Total Costs and Expenses
|
85,907
|
|
|
973,114
|
|
|
290,609
|
|
|
2,481
|
|
|
(7,709
|
)
|
|
1,344,402
|
|
||||||
Earnings (Loss) Before Income Tax
|
161,804
|
|
|
175,322
|
|
|
66,566
|
|
|
(2,481
|
)
|
|
(213,598
|
)
|
|
187,613
|
|
||||||
Income Tax Expense
|
8,828
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,828
|
|
||||||
Net Income (Loss)
|
152,976
|
|
|
175,322
|
|
|
66,566
|
|
|
(2,481
|
)
|
|
(213,598
|
)
|
|
178,785
|
|
||||||
Less: Net Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,809
|
|
|
25,809
|
|
||||||
Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
152,976
|
|
|
$
|
175,322
|
|
|
$
|
66,566
|
|
|
$
|
(2,481
|
)
|
|
$
|
(239,407
|
)
|
|
$
|
152,976
|
|
|
Parent
Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and Cash Equivalents
|
$
|
234,536
|
|
|
$
|
138
|
|
|
$
|
1,003
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
235,677
|
|
Restricted Cash
|
14,557
|
|
|
—
|
|
|
—
|
|
|
14,701
|
|
|
—
|
|
|
29,258
|
|
||||||
Accounts and Notes Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade Receivables, net of Allowance
|
—
|
|
|
—
|
|
|
—
|
|
|
87,589
|
|
|
—
|
|
|
87,589
|
|
||||||
Other Receivables
|
24,352
|
|
|
15,935
|
|
|
1,068
|
|
|
—
|
|
|
—
|
|
|
41,355
|
|
||||||
Inventories
|
—
|
|
|
37,580
|
|
|
11,066
|
|
|
—
|
|
|
—
|
|
|
48,646
|
|
||||||
Prepaid Expenses and Other Assets
|
10,883
|
|
|
15,451
|
|
|
5,096
|
|
|
—
|
|
|
—
|
|
|
31,430
|
|
||||||
Total Current Assets
|
284,328
|
|
|
69,104
|
|
|
18,233
|
|
|
102,290
|
|
|
—
|
|
|
473,955
|
|
||||||
Property, Plant and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, Plant and Equipment
|
—
|
|
|
3,891,873
|
|
|
946,298
|
|
|
—
|
|
|
—
|
|
|
4,838,171
|
|
||||||
Less-Accumulated Depreciation, Depletion and Amortization
|
—
|
|
|
2,204,896
|
|
|
526,747
|
|
|
—
|
|
|
—
|
|
|
2,731,643
|
|
||||||
Total Property, Plant and Equipment-Net
|
—
|
|
|
1,686,977
|
|
|
419,551
|
|
|
—
|
|
|
—
|
|
|
2,106,528
|
|
||||||
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred Income Taxes
|
77,545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,545
|
|
||||||
Affiliated Credit Facility
|
141,129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(141,129
|
)
|
|
—
|
|
||||||
Investment in Affiliates
|
605,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(605,981
|
)
|
|
—
|
|
||||||
Other
|
40,760
|
|
|
47,031
|
|
|
14,908
|
|
|
—
|
|
|
—
|
|
|
102,699
|
|
||||||
Total Other Assets
|
865,415
|
|
|
47,031
|
|
|
14,908
|
|
|
—
|
|
|
(747,110
|
)
|
|
180,244
|
|
||||||
Total Assets
|
$
|
1,149,743
|
|
|
$
|
1,803,112
|
|
|
$
|
452,692
|
|
|
$
|
102,290
|
|
|
$
|
(747,110
|
)
|
|
$
|
2,760,727
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts Payable
|
$
|
(721
|
)
|
|
$
|
102,995
|
|
|
$
|
24,834
|
|
|
$
|
—
|
|
|
$
|
3,822
|
|
|
$
|
130,930
|
|
Accounts (Recoverable) Payable-Related Parties
|
(2,291
|
)
|
|
36,220
|
|
|
3,831
|
|
|
87,593
|
|
|
(125,353
|
)
|
|
—
|
|
||||||
Current Portion of Long-Term Debt
|
8,157
|
|
|
11,139
|
|
|
3,503
|
|
|
—
|
|
|
112,013
|
|
|
134,812
|
|
||||||
Other Accrued Liabilities
|
92,534
|
|
|
105,806
|
|
|
31,916
|
|
|
—
|
|
|
(3,822
|
)
|
|
226,434
|
|
||||||
Total Current Liabilities
|
97,679
|
|
|
256,160
|
|
|
64,084
|
|
|
87,593
|
|
|
(13,340
|
)
|
|
492,176
|
|
||||||
Long-Term Debt
|
577,957
|
|
|
151,202
|
|
|
146,196
|
|
|
—
|
|
|
(141,129
|
)
|
|
734,226
|
|
||||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Postretirement Benefits Other Than Pensions
|
—
|
|
|
441,246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
441,246
|
|
||||||
Pneumoconiosis Benefits
|
—
|
|
|
160,741
|
|
|
4,260
|
|
|
—
|
|
|
—
|
|
|
165,001
|
|
||||||
Asset Retirement Obligations
|
—
|
|
|
226,209
|
|
|
9,775
|
|
|
—
|
|
|
—
|
|
|
235,984
|
|
||||||
Workers’ Compensation
|
—
|
|
|
56,623
|
|
|
3,119
|
|
|
—
|
|
|
—
|
|
|
59,742
|
|
||||||
Salary Retirement
|
64,172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,172
|
|
||||||
Other
|
—
|
|
|
16,051
|
|
|
518
|
|
|
—
|
|
|
—
|
|
|
16,569
|
|
||||||
Total Deferred Credits and Other Liabilities
|
64,172
|
|
|
900,870
|
|
|
17,672
|
|
|
—
|
|
|
—
|
|
|
982,714
|
|
||||||
Total CONSOL Energy Inc. Stockholders’ Equity
|
409,935
|
|
|
494,880
|
|
|
224,740
|
|
|
14,697
|
|
|
(734,317
|
)
|
|
409,935
|
|
||||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141,676
|
|
|
141,676
|
|
||||||
Total Liabilities and Equity
|
$
|
1,149,743
|
|
|
$
|
1,803,112
|
|
|
$
|
452,692
|
|
|
$
|
102,290
|
|
|
$
|
(747,110
|
)
|
|
$
|
2,760,727
|
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Cash Provided by Operating Activities
|
$
|
231,522
|
|
|
$
|
56,624
|
|
|
$
|
125,379
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
413,525
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital Expenditures
|
—
|
|
|
(114,606
|
)
|
|
(31,143
|
)
|
|
—
|
|
|
—
|
|
|
(145,749
|
)
|
||||||
(Investments in), net of Distributions from, Subsidiaries
|
(2,908
|
)
|
|
38,032
|
|
|
—
|
|
|
—
|
|
|
(35,124
|
)
|
|
—
|
|
||||||
Proceeds from Sales of Assets
|
—
|
|
|
1,933
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
2,103
|
|
||||||
Other Investing Activity
|
(10,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
||||||
Net Cash Used in Investing Activities
|
(12,908
|
)
|
|
(74,641
|
)
|
|
(30,973
|
)
|
|
—
|
|
|
(35,124
|
)
|
|
(153,646
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments on Finance Lease Obligations
|
(2,905
|
)
|
|
(9,527
|
)
|
|
(3,052
|
)
|
|
—
|
|
|
—
|
|
|
(15,484
|
)
|
||||||
Affiliated Credit Facility
|
33,583
|
|
|
—
|
|
|
(33,583
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Payments on Term Loan A
|
(26,250
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,250
|
)
|
||||||
Payments on Term Loan B
|
(4,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,000
|
)
|
||||||
Payments on Second Lien Notes
|
(25,724
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,724
|
)
|
||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(57,389
|
)
|
|
—
|
|
|
35,124
|
|
|
(22,265
|
)
|
||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(2,512
|
)
|
|
(912
|
)
|
|
—
|
|
|
—
|
|
|
(3,424
|
)
|
||||||
Repurchases of Common Stock
|
(25,839
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,839
|
)
|
||||||
Purchases of CCR Units
|
(3,079
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,079
|
)
|
||||||
Spin Distribution to CNX Resources Corporation
|
(18,234
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,234
|
)
|
||||||
Premium Paid on Extinguishment of Debt
|
(2,458
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,458
|
)
|
||||||
Debt Issuance and Financing Fees
|
(2,166
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,166
|
)
|
||||||
Net Cash (Used in) Provided by Financing Activities
|
$
|
(77,072
|
)
|
|
$
|
(12,039
|
)
|
|
$
|
(94,936
|
)
|
|
$
|
—
|
|
|
$
|
35,124
|
|
|
$
|
(148,923
|
)
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantor
|
|
Non-
Guarantor |
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Income (Loss)
|
$
|
152,976
|
|
|
$
|
175,322
|
|
|
$
|
66,566
|
|
|
$
|
(2,481
|
)
|
|
$
|
(213,598
|
)
|
|
$
|
178,785
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Actuarial Gain (Loss)
|
66,341
|
|
|
—
|
|
|
(1,477
|
)
|
|
—
|
|
|
1,477
|
|
|
66,341
|
|
||||||
Other Comprehensive Income (Loss)
|
66,341
|
|
|
—
|
|
|
(1,477
|
)
|
|
—
|
|
|
1,477
|
|
|
66,341
|
|
||||||
Comprehensive Income (Loss)
|
219,317
|
|
|
175,322
|
|
|
65,089
|
|
|
(2,481
|
)
|
|
(212,121
|
)
|
|
245,126
|
|
||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,803
|
|
|
25,803
|
|
||||||
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
219,317
|
|
|
$
|
175,322
|
|
|
$
|
65,089
|
|
|
$
|
(2,481
|
)
|
|
$
|
(237,924
|
)
|
|
$
|
219,323
|
|
|
Parent
Issuer
|
|
Guarantor
|
|
CCR Non-Guarantors
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Revenue and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Coal Revenue
|
$
|
—
|
|
|
$
|
890,741
|
|
|
$
|
296,913
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,187,654
|
|
Terminal Revenue
|
—
|
|
|
60,066
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,066
|
|
||||||
Freight Revenue
|
—
|
|
|
55,269
|
|
|
18,423
|
|
|
—
|
|
|
—
|
|
|
73,692
|
|
||||||
Miscellaneous Other Income
|
238,818
|
|
|
67,230
|
|
|
6,049
|
|
|
—
|
|
|
(238,818
|
)
|
|
73,279
|
|
||||||
Gain on Sale of Assets
|
—
|
|
|
15,813
|
|
|
1,399
|
|
|
—
|
|
|
—
|
|
|
17,212
|
|
||||||
Total Revenue and Other Income
|
238,818
|
|
|
1,089,119
|
|
|
322,784
|
|
|
—
|
|
|
(238,818
|
)
|
|
1,411,903
|
|
||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and Other Costs
|
—
|
|
|
691,451
|
|
|
194,986
|
|
|
272
|
|
|
—
|
|
|
886,709
|
|
||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
130,565
|
|
|
41,437
|
|
|
—
|
|
|
—
|
|
|
172,002
|
|
||||||
Freight Expense
|
—
|
|
|
55,269
|
|
|
18,423
|
|
|
—
|
|
|
—
|
|
|
73,692
|
|
||||||
Selling, General and Administrative Costs
|
—
|
|
|
67,908
|
|
|
15,697
|
|
|
—
|
|
|
—
|
|
|
83,605
|
|
||||||
Loss on Debt Extinguishment
|
—
|
|
|
—
|
|
|
2,468
|
|
|
—
|
|
|
(2,468
|
)
|
|
—
|
|
||||||
Interest Expense, net
|
10,064
|
|
|
355,059
|
|
|
9,309
|
|
|
1,723
|
|
|
(350,057
|
)
|
|
26,098
|
|
||||||
Total Costs and Expenses
|
10,064
|
|
|
1,300,252
|
|
|
282,320
|
|
|
1,995
|
|
|
(352,525
|
)
|
|
1,242,106
|
|
||||||
Earnings (Loss) Before Income Tax
|
228,754
|
|
|
(211,133
|
)
|
|
40,464
|
|
|
(1,995
|
)
|
|
113,707
|
|
|
169,797
|
|
||||||
Income Tax Expense (Benefit)
|
161,125
|
|
|
(73,897
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,228
|
|
||||||
Net Income (Loss)
|
67,629
|
|
|
(137,236
|
)
|
|
40,464
|
|
|
(1,995
|
)
|
|
113,707
|
|
|
82,569
|
|
||||||
Less: Net Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,940
|
|
|
14,940
|
|
||||||
Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
67,629
|
|
|
$
|
(137,236
|
)
|
|
$
|
40,464
|
|
|
$
|
(1,995
|
)
|
|
$
|
98,767
|
|
|
$
|
67,629
|
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantors
|
|
Non-Guarantor
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Cash (Used in) Provided by Operating Activities
|
$
|
(17,032
|
)
|
|
$
|
192,423
|
|
|
$
|
72,644
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
248,110
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital Expenditures
|
—
|
|
|
(61,917
|
)
|
|
(19,496
|
)
|
|
—
|
|
|
—
|
|
|
(81,413
|
)
|
||||||
Proceeds from Sales of Assets
|
—
|
|
|
23,082
|
|
|
1,500
|
|
|
—
|
|
|
—
|
|
|
24,582
|
|
||||||
Net Cash Used in Investing Activities
|
—
|
|
|
(38,835
|
)
|
|
(17,996
|
)
|
|
—
|
|
|
—
|
|
|
(56,831
|
)
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments on Finance Lease Obligations
|
(3,503
|
)
|
|
(305
|
)
|
|
(96
|
)
|
|
—
|
|
|
—
|
|
|
(3,904
|
)
|
||||||
Affiliated Credit Facility
|
—
|
|
|
—
|
|
|
196,583
|
|
|
—
|
|
|
(196,583
|
)
|
|
—
|
|
||||||
Proceeds from Term Loan A
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||
Proceeds from Term Loan B
|
392,147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
392,147
|
|
||||||
Proceeds from Second Lien Notes
|
300,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
||||||
Net Payments on Revolver - MLP
|
—
|
|
|
—
|
|
|
(201,000
|
)
|
|
—
|
|
|
—
|
|
|
(201,000
|
)
|
||||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
(56,400
|
)
|
|
—
|
|
|
34,508
|
|
|
(21,892
|
)
|
||||||
Shares/Units Withheld for Taxes
|
—
|
|
|
(171
|
)
|
|
(1,985
|
)
|
|
—
|
|
|
—
|
|
|
(2,156
|
)
|
||||||
Spin Distribution to CNX Resources Corporation
|
(425,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(425,000
|
)
|
||||||
Intercompany (Distributions) Contributions
|
(5,573
|
)
|
|
(156,502
|
)
|
|
—
|
|
|
—
|
|
|
162,075
|
|
|
—
|
|
||||||
Other Parent Net Distributions
|
(156,502
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(156,502
|
)
|
||||||
Debt Issuance and Financing Fees
|
(32,304
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,304
|
)
|
||||||
Net Cash Provided by (Used in) Financing Activities
|
$
|
169,265
|
|
|
$
|
(156,978
|
)
|
|
$
|
(62,898
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(50,611
|
)
|
|
Parent Issuer
|
|
Guarantor
|
|
CCR Non-Guarantors
|
|
Non-
Guarantor |
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Income (Loss)
|
$
|
67,629
|
|
|
$
|
(137,236
|
)
|
|
$
|
40,464
|
|
|
$
|
(1,995
|
)
|
|
$
|
113,707
|
|
|
$
|
82,569
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Actuarial Gain (Loss)
|
94,919
|
|
|
—
|
|
|
1,366
|
|
|
—
|
|
|
(1,366
|
)
|
|
94,919
|
|
||||||
Other Comprehensive Income (Loss)
|
94,919
|
|
|
—
|
|
|
1,366
|
|
|
—
|
|
|
(1,366
|
)
|
|
94,919
|
|
||||||
Comprehensive Income (Loss)
|
162,548
|
|
|
(137,236
|
)
|
|
41,830
|
|
|
(1,995
|
)
|
|
112,341
|
|
|
177,488
|
|
||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,896
|
|
|
14,896
|
|
||||||
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
162,548
|
|
|
$
|
(137,236
|
)
|
|
$
|
41,830
|
|
|
$
|
(1,995
|
)
|
|
$
|
97,445
|
|
|
$
|
162,592
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating and Other Costs
|
$
|
3,219
|
|
|
$
|
2,918
|
|
|
$
|
3,503
|
|
Selling, General and Administrative Costs
|
8,309
|
|
|
8,300
|
|
|
3,109
|
|
|||
Total Services from CONSOL Energy
|
$
|
11,528
|
|
|
$
|
11,218
|
|
|
$
|
6,612
|
|
|
|
Millions of Tons
|
|||||||||||||
|
|
For the Year Ended December 31,
|
|||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||
Consolidated recoverable coal reserves at beginning of period
|
|
2,261
|
|
|
2,298
|
|
|
2,361
|
|
|
3,047
|
|
|
3,238
|
|
Purchased reserves
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
Reserves sold in place
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
(601
|
)
|
|
(43
|
)
|
Production
|
|
(27
|
)
|
|
(28
|
)
|
|
(26
|
)
|
|
(26
|
)
|
|
(29
|
)
|
Revisions and other changes
|
|
(8
|
)
|
|
(9
|
)
|
|
(21
|
)
|
|
(59
|
)
|
|
(143
|
)
|
Consolidated recoverable coal reserves at end of period* (1)
|
|
2,226
|
|
|
2,261
|
|
|
2,298
|
|
|
2,361
|
|
|
3,047
|
|
|
|
Three Months Ended
|
||||||||||||||
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
||||||||
Revenue and Other Income:
|
|
|
|
|
|
|
|
|
||||||||
Coal Revenue
|
|
$
|
332,502
|
|
|
$
|
350,620
|
|
|
$
|
301,542
|
|
|
$
|
303,865
|
|
Terminal Revenue
|
|
17,818
|
|
|
16,708
|
|
|
16,303
|
|
|
16,534
|
|
||||
Freight Revenue
|
|
6,662
|
|
|
3,854
|
|
|
3,599
|
|
|
5,552
|
|
||||
Miscellaneous Other Income
|
|
13,292
|
|
|
12,194
|
|
|
11,188
|
|
|
16,675
|
|
||||
Gain on Sale of Assets
|
|
339
|
|
|
933
|
|
|
714
|
|
|
9
|
|
||||
Total Revenue and Other Income
|
|
370,613
|
|
|
384,309
|
|
|
333,346
|
|
|
342,635
|
|
||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operating and Other Costs
|
|
230,112
|
|
|
253,448
|
|
|
234,849
|
|
|
229,603
|
|
||||
Depreciation, Depletion and Amortization
|
|
50,724
|
|
|
46,151
|
|
|
54,370
|
|
|
55,852
|
|
||||
Freight Expense
|
|
6,662
|
|
|
3,854
|
|
|
3,599
|
|
|
5,552
|
|
||||
Selling, General and Administrative Costs
|
|
21,923
|
|
|
16,288
|
|
|
14,690
|
|
|
14,210
|
|
||||
Loss (Gain) on Debt Extinguishment
|
|
23,143
|
|
|
1,500
|
|
|
801
|
|
|
(989
|
)
|
||||
Interest Expense, net
|
|
18,596
|
|
|
16,046
|
|
|
15,598
|
|
|
16,224
|
|
||||
Total Costs and Expenses
|
|
351,160
|
|
|
337,287
|
|
|
323,907
|
|
|
320,452
|
|
||||
Earnings Before Income Tax
|
|
19,453
|
|
|
47,022
|
|
|
9,439
|
|
|
22,183
|
|
||||
Income Tax (Benefit) Expense
|
|
(850
|
)
|
|
(1,808
|
)
|
|
2,415
|
|
|
4,782
|
|
||||
Net Income
|
|
20,303
|
|
|
48,830
|
|
|
7,024
|
|
|
17,401
|
|
||||
Less: Net Income Attributable to Noncontrolling Interest
|
|
5,868
|
|
|
5,550
|
|
|
2,684
|
|
|
3,455
|
|
||||
Net Income Attributable to CONSOL Energy Inc. Shareholders
|
|
$
|
14,435
|
|
|
$
|
43,280
|
|
|
$
|
4,340
|
|
|
$
|
13,946
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.52
|
|
|
$
|
1.57
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
Dilutive
|
|
$
|
0.52
|
|
|
$
|
1.56
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
|
|
Three Months Ended
|
||||||||||||||
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
||||||||
Revenue and Other Income:
|
|
|
|
|
|
|
|
|
||||||||
Coal Revenue
|
|
$
|
351,009
|
|
|
$
|
370,697
|
|
|
$
|
294,797
|
|
|
$
|
347,789
|
|
Terminal Revenue
|
|
15,221
|
|
|
16,659
|
|
|
16,115
|
|
|
16,931
|
|
||||
Freight Revenue
|
|
17,887
|
|
|
17,444
|
|
|
2,443
|
|
|
5,798
|
|
||||
Miscellaneous Other Income
|
|
25,887
|
|
|
10,369
|
|
|
10,978
|
|
|
11,426
|
|
||||
Gain (Loss) on Sale of Assets
|
|
254
|
|
|
104
|
|
|
(85
|
)
|
|
292
|
|
||||
Total Revenue and Other Income
|
|
410,258
|
|
|
415,273
|
|
|
324,248
|
|
|
382,236
|
|
||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Operating and Other Costs
|
|
229,802
|
|
|
248,195
|
|
|
222,781
|
|
|
245,672
|
|
||||
Depreciation, Depletion and Amortization
|
|
49,471
|
|
|
54,961
|
|
|
51,242
|
|
|
45,590
|
|
||||
Freight Expense
|
|
17,887
|
|
|
17,444
|
|
|
2,443
|
|
|
5,798
|
|
||||
Selling, General and Administrative Costs
|
|
13,484
|
|
|
15,705
|
|
|
18,526
|
|
|
17,631
|
|
||||
Loss on Debt Extinguishment
|
|
1,426
|
|
|
1,723
|
|
|
—
|
|
|
773
|
|
||||
Interest Expense, net
|
|
21,045
|
|
|
21,504
|
|
|
20,862
|
|
|
20,437
|
|
||||
Total Costs and Expenses
|
|
333,115
|
|
|
359,532
|
|
|
315,854
|
|
|
335,901
|
|
||||
Earnings Before Income Tax
|
|
77,143
|
|
|
55,741
|
|
|
8,394
|
|
|
46,335
|
|
||||
Income Tax Expense (Benefit)
|
|
6,185
|
|
|
3,032
|
|
|
(690
|
)
|
|
301
|
|
||||
Net Income
|
|
70,958
|
|
|
52,709
|
|
|
9,084
|
|
|
46,034
|
|
||||
Less: Net Income Attributable to Noncontrolling Interest
|
|
8,550
|
|
|
7,547
|
|
|
3,350
|
|
|
6,362
|
|
||||
Net Income Attributable to CONSOL Energy Inc. Shareholders
|
|
$
|
62,408
|
|
|
$
|
45,162
|
|
|
$
|
5,734
|
|
|
$
|
39,672
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
2.23
|
|
|
$
|
1.61
|
|
|
$
|
0.20
|
|
|
$
|
1.43
|
|
Dilutive
|
|
$
|
2.20
|
|
|
$
|
1.58
|
|
|
$
|
0.20
|
|
|
$
|
1.41
|
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
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ITEM 14.
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PRINCIPAL ACCOUNTING FEES AND SERVICES
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ITEM 15.
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EXHIBIT INDEX
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Exhibits
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Description
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Method of Filing
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Separation and Distribution Agreement, dated as of November 28, 2017, by and between the Company and CNX
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Filed as Exhibit 2.1 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Tax Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX
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Filed as Exhibit 2.2 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Employee Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX
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Filed as Exhibit 2.3 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Intellectual Property Matters Agreement, dated as of November 28, 2017, by and between the Company and CNX
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Filed as Exhibit 2.4 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Amended and Restated Certificate of Incorporation of the Company
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Filed as Exhibit 3.1 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Amended and Restated Bylaws of the Company
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Filed as Exhibit 3.2 to Form 8-K (File No. 001-38147) filed on December 4, 2017
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Indenture dated as of November 13, 2017 by and between CONSOL Energy Inc. (formerly known as CONSOL Mining Corporation) and UMB Bank, N.A., as Trustee and Collateral Trustee (including form of supplemental indenture on subsidiary guarantors).
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Filed as Exhibit 4.1 to Form 8-K (File No. 001-38147) filed on November 15, 2017
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Description of Capital Stock
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Filed herewith
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CONSOL ENERGY INC.
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By:
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/s/ JAMES A. BROCK
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James A. Brock
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Director, Chief Executive Officer and President
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(Principal Executive Officer)
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By:
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/s/ MITESHKUMAR B. THAKKAR
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Miteshkumar B. Thakkar
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Interim Chief Financial Officer
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(Principal Financial Officer)
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Signature
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Title
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/s/ JAMES A. BROCK
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Director, Chief Executive Officer and President
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James A. Brock
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(Principal Executive Officer)
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/s/ MITESHKUMAR B. THAKKAR
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Interim Chief Financial Officer
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Miteshkumar B. Thakkar
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(Principal Financial Officer)
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/s/ JOHN M. ROTHKA
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Chief Accounting Officer
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John M. Rothka
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(Principal Accounting Officer)
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/s/ WILLIAM P. POWELL
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Director and Chairman of the Board
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William P. Powell
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/s/ SOPHIE BERGERON
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Director
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Sophie Bergeron
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/s/ JOHN T. MILLS
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Director
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John T. Mills
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/s/ JOSEPH P. PLATT
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Director
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Joseph P. Platt
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/s/ EDWIN S. ROBERSON
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Director
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Edwin S. Roberson
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•
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62,500,000 shares are designated as common stock; and
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•
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500,000 shares are designated as preferred stock (“preferred stock”).
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AMVEST LLC (a Virginia limited liability company)
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CONSOL of Canada LLC (a Delaware limited liability company)
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AMVEST Gas Resources, LLC (a Virginia limited liability
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CONSOL of Kentucky LLC (a Delaware limited liability company)
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company)
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Consol Pennsylvania Coal Company LLC (formerly CONSOL
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AMVEST West Virginia Coal, L.L.C. (a West Virginia limited
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Pennsylvania Coal Company) (a Delaware limited liability
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liability company)
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company)
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Braxton-Clay Land & Mineral, LLC (a West Virginia limited)
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Fola Coal Company, L.L.C. d/b/a Powellton Coal Company (a West
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liability company)
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Virginia limited liability company)
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CNX Coal Finance Corp. (a Delaware corporation)
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Helvetia Coal Company LLC (a Pennsylvania limited liability
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CONSOL Coal Resources GP LLC (a Delaware limited liability
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company)
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company)
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Island Creek Coal Company LLC (a Delaware limited liability
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CONSOL Coal Resources LP (a Delaware limited partnership)
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company)
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CONSOL Marine Terminals LLC (a Delaware limited liability
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Laurel Run Mining Company LLC (a Virginia limited liability
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company)
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company)
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CNX Operating LLC (a Delaware limited liability company)
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Leatherwood, LLC (a Pennsylvania limited liability company)
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CNX RCPC LLC (a Delaware limited liability company)
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Little Eagle Coal Company, L.L.C. (a West Virginia limited liability
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CONSOL Thermal Holdings LLC (a Delaware limited liability
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company)
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company)
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MTB LLC (a Delaware limited liability company)
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Conrhein Coal Company (a Pennsylvania general partnership)
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Nicholas-Clay Land & Mineral, LLC (a Virginia limited liability
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CONSOL Amonate Facility LLC (a Delaware limited liability
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company)
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company)
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R&PCC LLC (a Pennsylvania limited liability company)
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CONSOL Amonate Mining Company LLC (a Delaware limited
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TECPART LLC (a Delaware limited liability company)
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liability company)
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Terry Eagle Coal Company, L.L.C. (a West Virginia limited liability
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CONSOL Energy Canada Ltd. (a Canadian corporation)
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company)
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CONSOL Energy Sales Company LLC (formerly CONSOL Sales
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Terry Eagle Limited Partnership (a West Virginia limited
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Company) (a Delaware limited liability company)
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partnership)
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CONSOL Financial Inc. (a Delaware corporation)
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Vaughan Railroad Company LLC (a West Virginia limited liability)
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CONSOL Mining Company LLC (a Delaware limited liability
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company)
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company)
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Windsor Coal Company LLC (a West Virginia limited liability
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CONSOL Mining Holding Company LLC (a Delaware limited
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company)
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liability company)
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Wolfpen Knob Development Company LLC (a Virginia limited
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liability company)
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1.
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I have reviewed this annual report on Form 10-K of CONSOL Energy Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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February 14, 2020
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/s/ James A. Brock
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James A. Brock
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Chief Executive Officer
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(Principal Executive Officer)
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1.
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I have reviewed this annual report on Form 10-K of CONSOL Energy Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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February 14, 2020
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/s/ Miteshkumar B. Thakkar
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Miteshkumar B. Thakkar
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Interim Chief Financial Officer
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(Principal Financial Officer)
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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Date:
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February 14, 2020
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/s/ James A. Brock
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James A. Brock
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Chief Executive Officer
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(Principal Executive Officer)
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
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Date:
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February 14, 2020
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/s/ Miteshkumar B. Thakkar
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Miteshkumar B. Thakkar
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Interim Chief Financial Officer
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(Principal Financial Officer)
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Received
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Notice
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Received
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of
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Legal
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Total Dollar
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Total
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Notice of
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Potential
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Actions
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Section
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Value of
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Number
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Pattern of
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to have
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Pending
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Legal
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Legal
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Section
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104(d)
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MSHA
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of
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Violations
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Pattern
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as of
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Actions
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Actions
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Mine or Operating
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104
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Section
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Citations
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Section
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Section
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Assessments
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Mining
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Under
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Under
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Last
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Initiated
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Resolved
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Name/MSHA
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S&S
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104(b)
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and
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110(b)(2)
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107(a)
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Proposed (in
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Related
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Section
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Section
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Day of
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During
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During
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Identification Number
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Citations
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Orders
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Orders
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Violations
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Orders
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dollars)
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Fatalities
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104(e)
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104(e)
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Period (1)
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Period
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Period
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Active Operations
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|||||||||||
Bailey
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36-07230
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65
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—
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1
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—
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1
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$
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229,648
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—
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No
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No
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11
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14
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9
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Enlow Fork
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36-07416
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64
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—
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—
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—
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—
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149,177
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1
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No
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No
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13
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15
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16
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Harvey
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36-10045
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9
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—
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—
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—
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—
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34,852
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—
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No
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No
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6
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10
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11
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138
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—
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1
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—
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1
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$
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413,677
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1
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30
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39
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36
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Mine or Operating Name/MSHA Identification Number
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Contests of Citations, Orders
(as of 12.31.19)
(a)
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Contests of Proposed Penalties
(as of 12.31.19)
(b)
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Complaints for Compensation
(as of 12.31.19)
(c)
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Complaints of Discharge, Discrimination or Interference
(as of 12.31.19)
(d)
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Applications for Temporary Relief
(as of 12.31.19)
(e)
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Appeals of Judges' Decisions or Order
(as of 12.31.19)
(f)
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|||||||||||
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|||||||||||||||||||||
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Dockets
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Citations
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|||||||||||||||
Active Operations
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|||||||
Bailey
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36-07230
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—
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11
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35
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—
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—
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—
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—
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Enlow Fork
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36-07416
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—
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13
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78
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—
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|
|
—
|
|
|
—
|
|
|
—
|
|
Harvey
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36-10045
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—
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|
|
6
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
|
|
|
—
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|
|
30
|
|
|
130
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
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