Consol Energy reports second quarter loss of $12.8 million

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Consol Energy Inc. reported a loss for the second quarter of $12.8 million, or 5 cents per share. At this time last year, Consol had net income of $153 million, or 67 cents per share.

Total revenue was $1.2 billion.

The Cecil-based coal and gas company had a "challenging" quarter, according to Chairman and CEO Brett Harvey, who envisioned better times ahead.

The quarter included an additional loss of $23.3 million, on top of the $15.2 million the company already lost as a result of the fire at its Blacksville Mine on the Pennsylvania-West Virginia border that shut down operations for more than two months.

Consol announced that in order to manage costs, "the company has initiated a thorough review of staffing levels and project expenditures."

It also has has ramped up effort to sell certain gas and coal transportation assets -- Consol owns a barge company to transport its coal.

"Investment bankers have been engaged, data rooms have been established, and in two cases, the process is proceeding to a second round of bidding," the company said in a statement.

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Anya Litvak: alitvak@post-gazette.com or 412-263-1455.


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