Discontinued operations boost Consol Energy's fourth quarter net income

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Consol Energy Inc. reported a net income of $738 million, or $3.20 per share for the fourth quarter of 2013. The majority of that came from its discontinued operations, without which the company's profit was $147 million.

During the same three months in 2012, the Cecil-based coal and gas company had net income of $150 million, or 65 cents per share.

Income for the full year was $660 million in 2013 and $388 million in 2012.

Revenue decreased year over year, dropping from $3.7 billion in 2012 to $3.3 billion last year.

This year marks Consol's first as a company primarily focused on natural gas growth while operating several large coal mines.

The company plans to spend $1.1 billion for gas operations this year. The majority of that is slated for the development of dry and wet Marcellus acreage. That's twice as much Consol spent on gas operations in 2012 and 15 percent more than last year.

As Consol has discussed in previous quarters, the firm continues to explore selling or spinning out its midstream assets in a master limited partnership. Company officials said investors would see Consol sell some of its non-core assets throughout the year and start to focus more on a strategy for midstream in the second half of 2014.

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

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