Even in a recession, some companies manage to grow their profits. Consol Energy and CNX Gas Corporation made their first joint announcement of earnings since the two companies consolidated their management, and both companies reported massive increases in net income.

Consol's fourth-quarter profits of $176.3 million, or 97 cents per diluted share, compensated investors nicely for any discomfort they may have felt a year ago, when profits were only $6.8 million, or four cents per diluted share. Revenues totaled $1.24 billion, up from $918.6 million.

. CNX Gas Corporation reported fourth-quarter profits of $57.5 million, or 38 cents per diluted share, nearly double its year-ago profits of $29.9 million, or 20 cents per diluted share. The company's revenues grew by a similar margin, to $206.1 million from $119.7 million.

Elsewhere in the energy sector, Equitable Resources reported fourth-quarter net income of $33.5 million, or 26 cents per diluted share, down from $60.6 million, or 49 cents per diluted share, a year ago. Revenues were $408.9 million, up from $384.8 million.