Consol records $116 million profit in first quarter

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Cecil-based Consol Energy Inc. swung to a profit of $116 million, or 50 cents per share, during the first quarter of 2014, up from a loss of $1.8 million or 1 cent per share during the first three months of 2013.

Consol started up its new BMX mine during the past quarter, which marks the last substantial capital investment the company plans to make in its coal business. The legacy coal producer said it has 20 to 30 years of coal production planned from current assets.

Going forward, the focus will be on growing its oil and gas division.

Total revenue was $969 million for the past quarter, compared with $843 million last year.

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