CONSOL Energy Increases Earnings Estimates; Reports March Production Results

Apr 19, 2001, 01:00 ET from CONSOL Energy Inc.

    PITTSBURGH, April 19 /PRNewswire/ -- CONSOL Energy Inc. (NYSE:   CNX)
 expects its fiscal third quarter ended March 31, 2001, net income from ongoing
 operations to be $0.61 per diluted share, versus previous estimates of $0.45
 to $0.48 per share. The company will report earnings on April 26, 2001.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20010115/PHM006LOGO-b )
     In addition, the company expects to record several items, which, in the
 aggregate, will result in an additional $0.66 per diluted share to net income.
 A principal non-recurring item is the anticipated receipt of a tax refund for
 payments of certain excise tax on exported coal.  Courts have determined the
 tax to be unconstitutional.  The company expects to use the refund to reduce
 short-term debt.
     For the month of March 2001, CONSOL Energy reports the following
 production results:
 
     COAL - 6.9 (Millions of tons)
           Northern Appalachia - 4.9
           Central Appalachia - 1.5
           Midwest/West - 0.5
 
     GAS - 2.7 Billion Cubic Feet
 
     For the fiscal year 2001 third quarter, coal production totaled
 20.0 million tons and gas production totaled 7.8 billion cubic feet (net).
     March marked the third straight month that Enlow Fork Mine produced more
 than 1 million clean tons.  Geologic conditions continued to impair production
 at Mine 84. Loveridge Mine began coal production on March 1 from its
 previously developed longwall face.
     Northern Appalachia includes production from the following mines: Mine 84,
 Bailey, Enlow Fork, Mahoning Valley, Shoemaker, McElroy, Humphrey, Dilworth,
 Blacksville #2 and Robinson Run. Central Appalachia includes production from
 the following mines: Buchanan, VP#8, Amonate, Jones Fork and Mill Creek.
 Midwest/West includes production from the following mines: Rend Lake, Cardinal
 River, and Line Creek.  Cardinal River and Line Creek are joint ventures.
 Tons reported are CONSOL Energy's portion.
     CONSOL Energy Inc. is the largest producer of high-Btu bituminous coal in
 the United States, and the largest exporter of U.S. coal. CONSOL Energy has
 23 bituminous coal mining complexes in six states and two Canadian provinces.
 In addition, the company has net production of approximately 89 million cubic
 feet per day of coalbed methane gas. CONSOL Energy had revenues of
 $2.2 billion during the fiscal year ended June 30, 2000.  Additional
 information about the company can be found at its web site:
 www.consolenergy.com.
 
     Forward-looking statements: CONSOL Energy is including the following
 cautionary statement to make applicable and take advantage of the safe harbor
 provisions of the Private Securities Litigation Reform Act of 1995 for any
 forward-looking statements made by, or on behalf of CONSOL Energy.  With the
 exception of historical matters, any matters discussed are forward-looking
 statements (as defined in Section 21E of the Exchange Act) that involve risks
 and uncertainties that could cause actual results to differ materially from
 projected results.  These risks, uncertainties and contingencies include, but
 are not limited to, the following: the success or failure of CONSOL Energy's
 efforts to implement its business strategy; reliance on major customers and
 long-term contracts; the effects of market demand and price on performance;
 the ability to renew coal and gas sales agreements upon expiration; the price
 of coal and gas sold under any new sales agreements; fluctuating sales prices;
 contract penalties; actions of CONSOL Energy's competitors and CONSOL Energy's
 ability to respond to such actions; risks inherent in mining and gas
 production including geological conditions, mine and gas operations accidents;
 weather-related factors; results of litigation; the effects of government
 regulation; the risk of work stoppages; the risk of transportation disruptions
 that could impair CONSOL Energy's ability to sell coal and gas; management's
 ability to correctly estimate and accrue for contingent liabilities; and
 CONSOL Energy's ability to identify suitable acquisition candidates and to
 successfully finance, consummate the acquisition of, and integrate these
 candidates as part of its acquisition strategy.
 
 

SOURCE CONSOL Energy Inc.
    PITTSBURGH, April 19 /PRNewswire/ -- CONSOL Energy Inc. (NYSE:   CNX)
 expects its fiscal third quarter ended March 31, 2001, net income from ongoing
 operations to be $0.61 per diluted share, versus previous estimates of $0.45
 to $0.48 per share. The company will report earnings on April 26, 2001.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20010115/PHM006LOGO-b )
     In addition, the company expects to record several items, which, in the
 aggregate, will result in an additional $0.66 per diluted share to net income.
 A principal non-recurring item is the anticipated receipt of a tax refund for
 payments of certain excise tax on exported coal.  Courts have determined the
 tax to be unconstitutional.  The company expects to use the refund to reduce
 short-term debt.
     For the month of March 2001, CONSOL Energy reports the following
 production results:
 
     COAL - 6.9 (Millions of tons)
           Northern Appalachia - 4.9
           Central Appalachia - 1.5
           Midwest/West - 0.5
 
     GAS - 2.7 Billion Cubic Feet
 
     For the fiscal year 2001 third quarter, coal production totaled
 20.0 million tons and gas production totaled 7.8 billion cubic feet (net).
     March marked the third straight month that Enlow Fork Mine produced more
 than 1 million clean tons.  Geologic conditions continued to impair production
 at Mine 84. Loveridge Mine began coal production on March 1 from its
 previously developed longwall face.
     Northern Appalachia includes production from the following mines: Mine 84,
 Bailey, Enlow Fork, Mahoning Valley, Shoemaker, McElroy, Humphrey, Dilworth,
 Blacksville #2 and Robinson Run. Central Appalachia includes production from
 the following mines: Buchanan, VP#8, Amonate, Jones Fork and Mill Creek.
 Midwest/West includes production from the following mines: Rend Lake, Cardinal
 River, and Line Creek.  Cardinal River and Line Creek are joint ventures.
 Tons reported are CONSOL Energy's portion.
     CONSOL Energy Inc. is the largest producer of high-Btu bituminous coal in
 the United States, and the largest exporter of U.S. coal. CONSOL Energy has
 23 bituminous coal mining complexes in six states and two Canadian provinces.
 In addition, the company has net production of approximately 89 million cubic
 feet per day of coalbed methane gas. CONSOL Energy had revenues of
 $2.2 billion during the fiscal year ended June 30, 2000.  Additional
 information about the company can be found at its web site:
 www.consolenergy.com.
 
     Forward-looking statements: CONSOL Energy is including the following
 cautionary statement to make applicable and take advantage of the safe harbor
 provisions of the Private Securities Litigation Reform Act of 1995 for any
 forward-looking statements made by, or on behalf of CONSOL Energy.  With the
 exception of historical matters, any matters discussed are forward-looking
 statements (as defined in Section 21E of the Exchange Act) that involve risks
 and uncertainties that could cause actual results to differ materially from
 projected results.  These risks, uncertainties and contingencies include, but
 are not limited to, the following: the success or failure of CONSOL Energy's
 efforts to implement its business strategy; reliance on major customers and
 long-term contracts; the effects of market demand and price on performance;
 the ability to renew coal and gas sales agreements upon expiration; the price
 of coal and gas sold under any new sales agreements; fluctuating sales prices;
 contract penalties; actions of CONSOL Energy's competitors and CONSOL Energy's
 ability to respond to such actions; risks inherent in mining and gas
 production including geological conditions, mine and gas operations accidents;
 weather-related factors; results of litigation; the effects of government
 regulation; the risk of work stoppages; the risk of transportation disruptions
 that could impair CONSOL Energy's ability to sell coal and gas; management's
 ability to correctly estimate and accrue for contingent liabilities; and
 CONSOL Energy's ability to identify suitable acquisition candidates and to
 successfully finance, consummate the acquisition of, and integrate these
 candidates as part of its acquisition strategy.
 
 SOURCE  CONSOL Energy Inc.