Low natural gas and coal prices continued to hammer Consol Energy Inc. during the first quarter of 2016, even as the driller and coal miner further trimmed its expenses and cut staff.

Consol lost $97.6 million, or 43 cents per share, during the first quarter, with about half of that loss coming from its Bailey Mine coal complex in southwestern Pennsylvania. During the same three months of last year, the Cecil-based firm had net profit of $79 million, or 34 cents per share.

CNX Coal, a master limited partnership which owns a 20 percent interest in Consol’s Bailey operations, reported its earnings Monday after the markets closed, posting net income of $2.5 million, or 11 cents per share, down from $18.3 million during the first quarter of 2015.

On April 1, Consol sold its Buchanan Mine in Virginia, which produced metallurgical coal, for $460 million and said it would use the money to pay off debt. In the event that coal prices rise above certain thresholds, the buyer of the met coal mine has agreed to pay Consol a 20 percent royalty on the sale of Buchanan coal for five years.

Consol expects to transfer more of the interest of its coal assets to CNX Coal as time goes on with the goal of fully separating coal and gas into two distinct companies.

The company’s annual shareholder meeting is scheduled for May 11.

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

First Published: April 26, 2016, 12:45 p.m.