CNX Gas Reports Quarterly Net Income of $41.1 Million, or $0.27 per Share; Annual 2009 Net Income of $164.5 million, or $1.09 per Share; CNX Gas Reports Record Quarterly Production of 25.1 Bcf; Record Annual 2009 Production of 94.4 Bcf, up 23% from 2008

Jan 28, 2010, 07:15 ET from CNX Gas Corporation

PITTSBURGH, Jan. 28 /PRNewswire-FirstCall/ -- CNX Gas Corporation (NYSE: CXG), a leading Appalachian producer, reported net income attributable to CNX Gas shareholders of $41.1 million, or $0.27 per diluted share, for the quarter ended December 31, 2009. This compares to $57.5 million, or $0.38 per diluted share, for the quarter ended December 31, 2008. Annual 2009 net income attributable to CNX Gas shareholders was $164.5 million, or $1.09 per share, compared to $239.1 million, or $1.58 per share, in 2008.

Production was 25.1 billion cubic feet (Bcf), or 273 million cubic feet (MMcf) per day, for the quarter ended December 31, 2009. This was the third consecutive quarterly production record, and 13% higher than the 22.2 Bcf, or 242 MMcf per day, for the year-ago quarter. Annual 2009 production was 94.4 Bcf, an increase of 23% over the 76.6 Bcf produced in 2008.

"CNX Gas ended 2009 on a very strong footing. Once again, we set another quarterly production record, and our employees continued working safely, having passed the 4-million hour mark without incurring a lost-time incident," said J. Brett Harvey, chairman and chief executive officer. "With our increasing Virginia coalbed methane production and our continued Marcellus Shale success, we expect 2010 production of 100 Bcf. To support this goal, we have contracted for a second horizontal rig to begin drilling in the Marcellus Shale on March 1.

"CNX Gas increased production by 23% in 2009 while paying down about $15 million of debt. And as we reported earlier this week, we also increased our proved reserves in 2009 by one-half trillion cubic feet (Tcf), or 34%, to 1.9 Tcf. When viewed together with our 2009 return on capital employed of 10.6% on an after-tax basis, there is no doubt that CNX Gas is a premier company in the E&P industry."

TABLE 1

FINANCIAL AND OPERATIONAL RESULTS - Period-To-Period

Quarter

Ended

Dec. 31, 2009

Quarter

Ended

Dec. 31, 2008

Twelve Months Ended

 Dec. 31, 2009

Twelve Months Ended

 Dec. 31, 2008

Total Revenue and Other Income

$177.8

$206.1

$683.4

$789.4

Net Income attributable to CNX Gas shareholders

$41.1

$57.5

$164.5

$239.1

Earnings per Share - Diluted

$0.27

$0.38

$1.09

$1.58

Net Cash from Operating Activities

$80.7

$140.5

$360.2

$447.4

EBITDA

$93.4

$113.7

$377.9

$470.2

EBIT

$64.8

$94.1

$270.6

$400.1

Total Period Production (Bcf)

25.1

22.2

94.4

76.6

Average Daily Production (MMcf)

273

242

259

209

Capital Expenditures

$63.4

$154.5

$336.4

$560.7

Financial results are in millions of dollars except per share amounts. Production results are net of royalties.

Quarter-to-Quarter Analysis

The average price realized for the company's gas production was $6.47 per Mcf for the quarter ended December 31, 2009, or $1.88 lower than the $8.35 per Mcf received for the quarter ended December 31, 2008. The average realized price for the just-ended quarter included 15.3 Bcf hedged at $7.90 per Mcf.

All-in unit costs for company production, exclusive of royalties, were $3.47 per Mcf in the just-ended quarter, or a decrease of $0.13 from the $3.60 per Mcf for the quarter ended December 31, 2008.

Pre-tax unit margins for company production were $3.00 per Mcf in the just-ended quarter, a decrease of $1.75 from the $4.75 per Mcf in the quarter ended December 31, 2008.

TABLE 2

PRICE AND COST DATA PER NET MCF - Period-To-Period Comparison

Quarter

Ended

Dec. 31, 2009

Quarter

Ended

Dec. 31, 2008

Twelve Months Ended

Dec. 31, 2009

Twelve Months Ended

Dec. 31, 2008

Average Sales Price

$6.47

$8.35

$6.68

$8.99

Costs – Production

  Lifting

$0.54

$0.60

$0.52

$0.63

  Production Taxes

$0.10

$0.19

$0.06

$0.26

  DD&A

$0.92

$0.67

$0.91

$0.66

Total Production Costs

$1.56

$1.46

$1.49

$1.55

Costs – Gathering

  Operating Costs

$0.81

$0.92

$0.78

$0.94

  Transportation

$0.25

$0.19

$0.23

$0.15

  DD&A

$0.22

$0.21

$0.23

$0.25

Total Gathering Costs

$1.28

$1.32

$1.24

$1.34

Costs − Administration

$0.63

$0.82

$0.71

$0.77

Total Costs

$3.47

$3.60

$3.44

$3.66

Margin

$3.00

$4.75

$3.24

$5.33

Note: Costs − Administration exclude incentive compensation and other corporate items.

Unit lifting costs were lower in the just-ended quarter, in part, because of fewer workovers conducted. Water volumes from CBM production were down, as were water handling rates due to reduced drilling. Lower water volumes also contributed to lower road maintenance costs. Higher gas production volumes also helped to lower unit lifting costs.

Unit production taxes were much lower in the just-ended quarter because they are calculated on average realized price before the effect of hedging. Due to market conditions, these prices were significantly lower in the just-ended quarter. Unit production taxes were also lower because of a revised estimate of a pending litigation settlement.

Unit production DD&A was higher in the just-ended quarter as more plant assets in Northern Appalachia were placed into service.

Higher production volumes helped to lower unit gathering operating costs.

Unit firm transportation costs have increased due to acquiring additional capacity in the Northern Appalachian region in anticipation of greater production volumes.

Safety

During the fourth quarter, CNX Gas employees crossed the 4-million hour mark without incurring a lost time accident. As of December 31, the cumulative time worked by employees without a lost time incident was nearly 4.1 million hours.

Central Appalachia Operations

Total production in Central Appalachia, which includes Virginia CBM and Chattanooga Shale, was 19.2 Bcf in the quarter ended December 31, 2009. This was 1.2 Bcf higher than the 18.0 Bcf produced in the quarter ended December 31, 2008. The Central Appalachia December run rate was 199 MMcf per day.

CNX Gas drilled 201 vertical frac wells in its Virginia CBM Operations during the year, exceeding the goal of 175. CNX Gas expects to drill 175 wells in Virginia in 2010 with a drilling budget of $50 million.

For 2010, CNX Gas expects to drill 25 Chattanooga Shale wells for about $28 million, and five Huron Shale wells for about $12 million.

Northern Appalachia Operations

Total production in Northern Appalachia, which includes Mountaineer CBM, Nittany CBM, and Marcellus Shale, was 5.9 Bcf in the quarter ended December 31, 2009. This was 1.7 Bcf more than the 4.2 Bcf produced in the quarter ended December 31, 2008. The Northern Appalachia December run rate was 63 MMcf per day.

Of this Northern Appalachian production, 1.5 Bcf was from the Marcellus Shale in the just-ended quarter, versus less than 0.1 Bcf in the same quarter last year.

No coalbed methane wells were drilled in Northern Appalachia in the just-ended quarter. For 2010, CNX Gas expects to drill 5 horizontal CBM wells in Mountaineer and some ancillary wells for about $17 million.

In the Marcellus Shale, CNX Gas drilled, completed, and brought online one vertical well and two horizontal wells. The first of the two horizontal wells, GH 11C CV, has shown a 30-day daily production rate of 1.6 MMcf. This well has only 1,600 lateral feet, due to acreage constraints. The second horizontal well, GH 11B CV, is currently producing from only the first two frac stages at a 30-day production rate of 0.8 MMcf. This 1,800-ft lateral well is expected to see more normal levels of production when the remaining 3 stages are fraced.

For the entire horizontal Marcellus Shale program to date, 13 horizontal wells have been drilled. The reserves associated with the first 11 wells total 35.6 Bcf, or about 3.3 Bcf per well. The laterals on these wells averaged less than 2,000 feet.

Upcoming drilling in the Marcellus Shale is expected to be predominantly horizontal and on multiple-well pads, with laterals closer to 3,000 feet. For 2010, the company expects to drill approximately two dozen horizontal wells, with a drilling budget of about $110 million.

CNX Gas successfully increased its acreage with Marcellus Shale potential by 20,000 in the quarter, to a year-end total of 250,000. Of this, approximately 170,000 acres is considered to be Tier 1. The company remains committed to expanding its footprint to 400,000 acres.

Financial Update

The company continues to monitor and evaluate capital spending to ensure adequate liquidity and to preserve options for possible external investment. With regard to capital, CNX Gas intends to spend largely within its net cash from operating activities for 2010. Capital expenditures are targeted for $400 million, with $221 for drilling, $121 million for midstream, and the remainder for land.

The company ended the quarter with $57.8 million drawn on its $200 million credit facility. The amount drawn is down $15.2 million from September 30, 2009. Cash on hand was $1.1 million.

CNX Gas also has outstanding letters of credit of $14.9 million. Total funds available are $128.4 million.

Return on capital employed for the year was 10.6%, on an after tax basis, compared to 18.5% in 2008.

Guidance

The 2010 production guidance remains at 100 Bcf. CNX Gas expects to be able to achieve this production by adding a second horizontal rig drilling in the Marcellus Shale on March 1, the continued drilling of CBM frac wells in Virginia, and some ancillary drilling. While 2010 plans could be refined later in the year, the company views this as a realistic starting point.

Total hedged production in the 2010 first quarter is 13.0 Bcf, at an average price of $8.76 per Mcf.

TABLE 3

GUIDANCE

Actual 2009

2010

2011

2012

Total Yearly Production (Bcf)

94.4

100

NA

NA

Volumes Hedged (Bcf)

51.6

47.5

22.6

15.1

Average Hedge Price ($/Mcf)

$8.76

$7.88

$6.84

$6.84

Economic Outlook

The U.S. economy began growing in the third quarter of 2009, at an annual rate of 2.2% and continued growing in the fourth quarter. Due to the significant fiscal spending and relaxed monetary policy in the United States, a modest recovery appears likely to continue in the U.S. through 2010.  This should lead to an increase in demand for energy products from industrial customers, power generators and steel producers. Depending on the pace and sustainability of the recovery, we believe substantial opportunities exist for our gas business.

Natural Gas Outlook

At the onset of the winter heating season, natural gas in storage fields was at record high levels. Because of much colder than normal weather in much of the U.S. from mid-December through mid-January, gas in storage has been drawn down to normal levels. The economic recovery is expected to positively affect industrial and commercial demand. Gas prices have now strengthened to the point where it makes sense for CNX Gas to add a second horizontal rig to its Marcellus Shale drilling program for 2010. CNX Gas, with its low costs and rising production volumes, is expected to benefit from this improved pricing.

Conference Call Information

CNX Gas and CONSOL Energy will co-host a conference call today at 10:00 a.m. Eastern Standard Time to discuss the company's fourth quarter results. The teleconference can be heard "live" at the investor relations portion of the company web site: www.cnxgas.com.

Definition:  EBIT is defined as earnings (excluding cumulative effect of accounting change) before deducting net interest expense (interest expense less interest income) and income taxes.  EBITDA is defined as earnings (excluding cumulative effect of accounting change) before deducting net interest expense (interest expense less interest income), income taxes, and depreciation, depletion and amortization.  Although EBIT and EBITDA are not measures of performance calculated in accordance with generally accepted accounting principles, management believes that they are useful to an investor in evaluating CNX Gas because they are widely used to evaluate a company's operating performance before debt expense and its cash flow.  EBIT and EBITDA do not purport to represent cash generated by operating activities and should not be considered in isolation or as a substitute for measures of performance in accordance with generally accepted accounting principles.  In addition, because all companies do not calculate EBIT and EBITDA identically, the presentation here may not be comparable to similarly titled measures of other companies.  Reconciliation of EBITDA and EBIT to the income statement is as follows:

CNX Gas

EBIT & EBITDA Reconciliation

(000) Omitted

Quarter

Ended

Dec. 31, 2009

Quarter

Ended

Dec. 31, 2008

Twelve Months Ended Dec. 31, 2009

Twelve Months Ended Dec. 31, 2008

Net Income attributable to CNX Gas shareholders

$41,111

$57,482

$164,462

$239,073

Add:   Interest Expense

1,815

2,253

7,568

7,820

Less:  Interest Income

(4)

(42)

(64)

(400)

Add:   Income Taxes

21,856

34,369

98,636

153,656

Earnings Before Interest

& Taxes (EBIT)

64,778

94,062

270,602

400,149

Add:  Depreciation, Depletion, & Amortization

28,670

19,670

107,251

70,010

EBITDA

$93,448

$113,732

$377,853

$470,159

CNX Gas

Capital Employed and Return on Capital Employed

(000) Omitted

Capital employed is a measure of net investment. When viewed from the perspective of how the capital is used, it includes CNX Gas' property, plant, and equipment and other assets less liabilities.

Capital Employed

As of

December 31,

2009

As of

December 31,

2008

Total assets

$2,171,382

$2,124,973

Less liabilities:

  Total current liabilities (other than current portion of indebtedness)

(150,778)

(199,888)

  Total long-term liabilities (other than indebtedness)

(381,548)

(384,367)

Total Capital Employed

$1,639,056

$1,540,718

Return on average capital employed (ROCE) is a performance measure ratio. ROCE is defined as net income plus after-tax interest expense, divided by average capital employed. Below is a calculation of ROCE for the year 2009.

Return on Capital Employed

Year Ended

December 31,

2009

Net Income

$164,462   

Financing costs (after-tax):

(4,731)  

Earnings excluding financing costs

$169,193   

Average capital employed

$1,589,887   

Return on average capital employed

10.6%

Although ROCE is not a measure of performance calculated in accordance with generally accepted accounting principles, management believes that ROCE is a useful measure because it indicates the return on all capital, which includes equity and debt, employed in the business. Management believes that ROCE is an additional measure of efficiency when considered in conjunction with return on equity, which measures the return on only the shareholders' equity component of total capital employed.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Various statements in this document, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "would," "will," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, uncertainties and contingencies include, but are not limited to:  our business strategy; our financial position, cash flow and liquidity; the deteriorating economic conditions in the United States and globally; declines in the prices we receive for our gas affecting our operating results and cash flow; uncertainties in estimating our gas reserves and replacing our gas reserves; uncertainties in exploring for and producing gas; our inability to obtain additional financing necessary in order to fund our operations, capital expenditures and to meet our other obligations; disruptions to, capacity constraints in or other limitations on the pipeline systems which deliver our gas; the cost of disposing of water from our coalbed methane and Marcellus Shale gas wells; the cost of removing impurities from the gas we produce; the availability of personnel and equipment, including our inability to retain and attract key personnel; increased costs; the effects of government regulation, permitting and other legal requirements; legal uncertainties regarding the ownership of the coalbed methane estate, and costs associated with perfecting title for gas rights in some of our properties; litigation concerning real property rights, intellectual property rights, royalty calculations and other matters; our relationships and arrangements with CONSOL Energy; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.

Investor Contact:  Dan Zajdel at (724) 485-4169

Media Contact: Joe Cerenzia at (724) 485-4062

CNX GAS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except per share data)

For the Three

For the Twelve

Months Ended

Months Ended

December 31,

December 31,

2009

2008

2009

2008

Revenue and Other Income:

  Outside Sales

$

161,692 

$

184,169 

$

627,419 

$

678,793 

  Related Party Sales

919 

1,497 

3,179 

9,532 

  Royalty Interest Gas Sales

11,210 

17,381 

40,951 

79,302 

  Purchased Gas Sales

2,938 

1,604 

7,040 

8,464 

  Other Income

1,040 

1,401 

4,855 

13,330 

    Total Revenue and Other Income

177,799 

206,052 

683,444 

789,421 

Costs and Expenses:

  Lifting Costs

16,056 

17,477 

55,285 

67,653 

  Gathering and Compression Costs

26,552 

24,718 

95,687 

83,752 

  Royalty Interest Gas Costs

9,073 

14,984 

32,423 

74,041 

  Purchased Gas Costs

3,419 

1,568 

6,442 

8,175 

  Exploration and Other Costs

2,152 

3,986 

17,201 

4,995 

  General and Administrative

15,958 

18,181 

66,655 

59,244 

  Other Corporate Expenses

11,352 

11,364 

32,871 

21,002 

  Depreciation, Depletion and

    Amortization

28,670 

19,670 

107,251 

70,010 

  Interest Expense

1,815 

2,253 

7,568 

7,820 

    Total Costs and Expenses

115,047 

114,201 

421,383 

396,692 

Earnings Before Income Taxes and

  Noncontrolling Interest

62,752 

91,851 

262,061 

392,729 

Noncontrolling Interest

(215)

(1,037)

Earnings Before Income Taxes

62,967 

91,851 

263,098 

392,729 

Income Taxes

21,856 

34,369 

98,636 

153,656 

Net Income Attributable to CNX Gas Shareholders

$

41,111 

$

57,482 

$

164,462 

$

239,073 

Earnings Per Share:

  Basic

$

0.27 

$

0.38 

$

1.09 

$

1.58 

  Dilutive

$

0.27 

$

0.38 

$

1.09 

$

1.58 

Weighted Average Number of

 Common Shares Outstanding:

  Basic

150,985,412 

150,971,636 

150,977,235 

150,947,516 

  Dilutive

151,397,310 

151,240,785 

151,325,146 

151,331,953 

CNX GAS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

December 31,

December 31,

2009

2008

ASSETS

Current Assets:

 Cash and Cash Equivalents

$

1,124

$

1,926

 Accounts and Notes Receivable:

   Trade

43,421

61,764

   Other Receivables

975

3,080

 Recoverable Income Taxes

-

30,302

 Derivatives

99,265

150,564

 Other

3,829

2,222

     Total Current Assets

148,614

249,858

Property, Plant and Equipment:

 Property, Plant and Equipment

2,409,751

2,113,570

   Less - Accumulated Depreciation, Depletion

    and Amortization

433,201

322,470

     Total Property, Plant and Equipment - Net

1,976,550

1,791,100

Other Assets:

 Investment in Affiliates

24,591

25,204

 Derivatives

18,218

55,945

 Other

3,409

2,866

    Total Other Assets

46,218

84,015

     TOTAL ASSETS

$

2,171,382

$

2,124,973

CNX GAS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

December 31,

December 31,

2009

2008

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

 Accounts Payable

$

53,516 

$

100,565 

 Accrued Royalties

14,898 

20,301 

 Accrued Severance Taxes

1,037 

3,672 

 Related Parties

5,171 

2,234 

 Short-Term Notes Payable

57,850 

72,700 

 Deferred Income Taxes

34,871 

55,000 

 Accrued Income Taxes

31,765 

 Current Portion of Long-Term Debt

8,616 

8,462 

 Other Current Liabilities

9,520 

18,116 

     Total Current Liabilities

217,244 

281,050 

Long-Term Debt:

 Long-Term Debt

10,062 

15,386 

 Capital Lease Obligations

55,628 

59,296 

     Total Long-Term Debt

65,690 

74,682 

Deferred Credits and Other Liabilities:

 Deferred Income Taxes

334,493 

331,338 

 Gas Well Plugging

8,312 

7,401 

 Postretirement Benefits Other Than Pensions

3,642 

2,728 

 Other

35,101 

42,900 

     Total Deferred Credits and Other Liabilities

381,548 

384,367 

     Total Liabilities

664,482 

740,099 

Stockholders' Equity:

 Common Stock, $.01 par value;

   200,000,000 Shares Authorized, 150,986,918 Issued and

   Outstanding at December 31, 2009 and 150,971,636 Issued and

   Outstanding at December 31, 2008

1,510 

1,510 

 Capital in Excess of Par Value

806,527 

789,625 

 Preferred Stock, 5,000,000 Shares Authorized; None Issued and Outstanding

 Retained Earnings

633,417 

468,955 

 Other Comprehensive Income

69,816 

124,784 

     Total CNX Gas Shareholders' Equity

1,511,270 

1,384,874 

 Noncontrolling Interest

(4,370)

     Total Equity

1,506,900 

1,384,874 

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,171,382 

$

2,124,973 

CNX GAS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

2009

2008

2009

2008

Operating Activities:

Net Income Attributable to CNX Gas Shareholders

$

41,111 

$

57,482 

$

164,462 

$

239,073 

Adjustments to Reconcile Net Income to Net Cash

    Provided by Operating Activities:

Depreciation, Depletion and Amortization

28,670 

19,670 

107,251 

70,010 

Stock-based Compensation

673 

843 

6,311 

3,378 

(Gain) Loss on the Sale of Assets

(13)

72 

Change in Noncontrolling Interest

(215)

(1,037)

Deferred Income Taxes

(6,889)

57,962 

31,896 

117,870 

Equity in Earnings of Affiliates

13 

(199)

(637)

(551)

Changes in Operating Assets:

  Accounts Receivable

(15,711)

6,136 

20,448 

(21,789)

  Related Party Receivable

1,881 

3,064 

2,937 

3,256 

  Other Current Assets

(1,863)

(346)

(1,607)

191 

Changes in Other Assets

445 

(382)

(505)

3,861 

Changes in Operating Liabilities:

  Accounts Payable

8,296 

20,708 

(21,845)

33,531 

  Income Taxes

20,090 

(34,521)

52,572 

(28,515)

  Other Current Liabilities

1,171 

(209)

(15,614)

16,668 

Changes in Other Liabilities

727 

9,031 

(1,369)

10,611 

Other

2,317 

1,217 

16,828 

(219)

    Net Cash Provided by Operating Activities

80,703 

140,456 

360,163 

447,375 

Investing Activities:

Capital Expenditures

(63,428)

(154,483)

(336,447)

(524,663)

Acquisition of Knox Energy

(36,000)

Investment in Equity Affiliates

1,250 

1,081 

Proceeds From Sale of Assets

13 

288 

450 

    Net Cash Used in Investing Activities

(63,415)

(154,483)

(334,909)

(559,132)

Financing Activities:

Capital Lease Payments

(936)

(711)

(3,750)

(2,769)

Variable Interest Entity Debt

(1,114)

(952)

(5,218)

11,032 

(Payment on) Proceeds from Short-Term Borrowings

(15,200)

14,500 

(14,850)

72,700 

Exercise of Stock Options

85 

(196)

200 

292 

Noncontrolling Interest Distribution

(2,500)

Tax Benefit from Stock-Based Compensation

33 

196 

62 

380 

    Net Cash (Used in) Provided by Financing Activities

(17,132)

12,837 

(26,056)

81,635 

Net Decrease in Cash and Cash Equivalents

156 

(1,190)

(802)

(30,122)

Cash and Cash Equivalents at Beginning of Period

968 

3,116 

1,926 

32,048 

    Cash and Cash Equivalents at End of Period

$

1,124 

$

1,926 

$

1,124 

$

1,926 

CNX GAS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(Dollars in Thousands - except per share data)

Accumulated

Other

Compre-

Total CNX

Capital in

hensive

Gas Stock-

Non-

Common

Excess of

Retained

Income

holders'

controlling

Total

Stock

Par Value

Earnings

(Loss)

Equity

Interest

Equity

Balance -

  December 31, 2008

$

1,510 

$

789,625 

$

468,955 

$

124,784 

$

1,384,874 

$

$

1,384,874 

(Unaudited)

Net Income Attributable to CNX Gas Shareholders

164,462 

164,462 

164,462 

Gas Cash Flow Hedge

   (net of $34,932 tax)

(53,132)

(53,132)

(53,132)

Actuarially Determined Liabilities Adjustment

    (Net of $1,185 tax)

(1,836)

(1,836)

(1,836)

Comprehensive Income

  (Loss)

164,462 

(54,968)

109,494 

109,494 

Stock Options Exercised

200 

200 

200 

Tax Benefit from Stock-Based

Compensation

44 

44 

44 

Amortization of Restricted

   Stock Unit Grants

15,119 

15,119 

15,119 

Amortization of Stock

  Option Grants

1,539 

1,539 

1,539 

Noncontrolling Interest

(4,370)

(4,370)

Balance -

  December 31, 2009

$

1,510 

$

806,527 

$

633,417 

$

69,816 

$

1,511,270 

$

(4,370)

$

1,506,900 

SOURCE CNX Gas Corporation



RELATED LINKS

http://www.cnxgas.com