CONSOL Energy Reports Improved Third Quarter Results

- Net Income - $100.8 million, or $1.27 per diluted share;

- EBITDA - $187.0 million;

- Coal Sales - 20.4 million tons;

- Coal Production - 20.0 million tons;

- Gas Production - 7.8 Bcf (net)



Apr 26, 2001, 01:00 ET from CONSOL Energy Inc.

    PITTSBURGH, April 26 /PRNewswire/ -- CONSOL Energy Inc. (NYSE:   CNX), a
 producer of high-Btu bituminous coal and coalbed methane gas, had earnings of
 $100.8 million, or $1.27 per diluted share, for its third quarter ended
 March 31, 2001.  This compares with $23.0 million or $0.29 per share for the
 same period a year ago.  Results for the quarter included $61 million from the
 recording of an anticipated receipt of a tax refund for payment of certain
 excise taxes, and an $8 million write-down of certain properties.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010115/PHM006LOGO-b )
     "Higher volumes and prices for gas plus higher volumes and prices for coal
 proved to be a winning formula for us," said J. Brett Harvey, president and
 chief executive officer.  "We have been aggressively expanding our gas
 drilling program and several of our large, underground mines ran very well
 during the quarter."  Harvey said he thought the outlook for the current
 quarter was equally strong.
     Earnings before deducting net interest expense, income taxes and
 depreciation, depletion and amortization (EBITDA) totaled $187.0 million
 compared with $96.0 million for the same period a year ago.  Earnings before
 interest and income taxes (EBIT) were $126.4 million compared with
 $33.0 million for the period ending March 31, 2000.
     Revenue for the quarter just ended was $590.7 million versus
 $536.9 million for the same period a year ago.  Total coal sales were
 20.4 million tons, of which 19.9 million tons were produced by CONSOL Energy
 operations or sold from inventory.  This compares with total coal sales of
 19.4 million tons of which 18.6 million tons were produce from CONSOL Energy
 mines or sold from inventory for the third quarter a year ago.  The average
 realized price per ton of company-produced coal was $23.92 compared with
 $23.23 for the March 31, 2000 quarter.  Coal production (including equity
 affiliates) for the quarter just ended was 20.0 million tons compared with
 19.0 million tons a year ago.
     Coalbed methane gas sales volumes and production for the quarter ended
 March 31, 2001, including equity production of unconsolidated affiliates, were
 7.8 billion cubic feet (net) compared with 3.9 billion cubic feet (net) for
 the same period a year ago.  Average realized prices for gas were $6.75 per
 million Btu (MMBtu) in the quarter just ended compared with $2.67 per MMBtu
 during the same period a year ago.
 
     Nine Month Results
     Net income for the nine months of Fiscal Year 2001 (FY01) totaled
 $134.3 million, or $1.70 per diluted share compared with $70.2 million, or
 $0.88 per share.  For the nine months, other period to period comparisons
 were:
     -- EBITDA: $372.3 million versus $287.6 million
     -- EBIT: $191.9 million versus $99.2 million
     -- Total coal sales: 57.2 million tons versus 59.8 million tons
     -- Sales of company-produced coal: 54.6 million tons versus 57.1 million
         tons
     -- Coal production (including equity affiliates): 52.5 million tons
         versus 55.1 million tons
     -- Average realized price (company produced): $23.60 per ton versus
         $23.87 per ton
     -- Gas production and sales (net):  22.3 Bcf versus 7.1 Bcf
 
     Analysis of Third Quarter
     Net income for the quarter ended March 31, 2001 was $100.8 million
 compared with net income of $23.0 million in the same period a year ago.  The
 increase of $77.8 million was due to several factors.  First, the company
 reported higher coal and gas sales volumes and higher coal and gas average
 realized prices.  Second, CONSOL Energy recognized $65 million of pre-tax
 earnings and $30 million of interest income related to anticipated receipt of
 refunds from the export coal tax claims.  The increase in net income was
 partially offset by an increase in cost of goods sold and other charges
 related to increased sales volumes, continuing adverse geologic conditions at
 Mine 84, the write-down of certain properties, and an income tax provision
 increase resulting primarily from higher pre-tax earnings.
 
     Coal Operations
     Coal segment results for the quarter just ended marked the third straight
 quarter in which production income per ton of coal produced has increased.
 These results reflect three consecutive quarters of increased production
 volumes and increased prices.  However, in the period to period comparison,
 production income per ton of coal produced was $3.17 for the quarter just
 ended compared with $4.04 for the same period a year ago.  The difference
 primarily reflects the impact of adverse mining conditions at Mine 84.
 Production at Mine 84 in southwestern Pennsylvania was 0.3 million tons for
 the period just ended compared with 1.5 million tons for the same period a
 year ago.
     "Coal segment results reflect the fact that we have 23 mining complexes,
 many of which are running very well and one of which is dealing with extremely
 difficult and high cost mining conditions," said Harvey.  "For example, Enlow
 Fork Mine produced more than one million clean tons in each month of the
 quarter and we expect the Bailey-Enlow Fork complex to produce more than
 20 million tons for the fiscal year.  In addition, our central Appalachian
 mines in Virginia and eastern Kentucky are running very well."  Harvey noted
 that the Mill Creek surface operation in eastern Kentucky recently passed two
 million man-hours without a lost time accident.
     Sales of company-produced coal increased almost 1.3 million tons in the
 quarter just ended compared with the same period a year ago.  Increased demand
 for coal was due to a return to normal winter weather patterns and overall
 growth in energy demand.  Similarly, prices for coal improved 3.0 percent in
 the period to period comparison because of weather-related demand increases
 and low inventory levels at both mines and power stations.  CONSOL Energy
 inventories for the quarter just ended were 1.7 million tons compared with
 4.2 million tons in the same period a year ago.
     Costs per ton of produced coal sold increased 11.3 percent in the period
 to period comparison.  The increase was attributable primarily to increased
 costs associated with the adverse geologic conditions at Mine 84.  However,
 tons produced per man-day, excluding Mine 84, were 47.4 in the quarter just
 ended versus 46.5 tons per man-day for the same period a year ago.
 Productivity for the quarter just ended was improved compared with the quarter
 ended December 31, 2000, which was 44.6 tons per man-day.
 
     Gas Operations
     CONSOL Energy's coalbed methane gas operations results were substantially
 improved compared with a year ago in the same period.  The company reported
 higher production volumes compared with a year ago, reflecting the acquisition
 of additional gas production in late February, 2000, and increased drilling of
 controlled reserves.  Production volumes (including equity affiliates) doubled
 in the period-to-period comparison to 8.6 billion cubic feet (gross),
 7.8 billion cubic feet(net).
     In addition, gas prices were sharply higher in the period just ended
 compared with the same period a year ago.  CONSOL Energy's average realized
 price in the quarter just ended was $6.75 per million Btu, more than double
 the price received during the same period a year ago.  During the quarter just
 ended, company-produced gas was sold under short-term contracts with terms,
 typically, of 30 days with excess production being sold on a daily basis.
     "Our expectation for strong gas prices during the quarter was met," said
 Harvey.  "By selling all of our gas on a short-term basis, we were able to
 benefit from the more robust pricing environment."
 
     Other Developments
     During the quarter just ended, CONSOL Energy recognized $95 million as
 pre-tax earnings related to certain excise taxes paid on export sales of coal.
 These excise taxes were declared unconstitutional and the company had filed
 claims with the Internal Revenue Service (IRS) seeking refunds for these taxes
 paid during the period 1994 through 1999.  The IRS has completed an audit of
 CONSOL Energy's refund claims and confirmed their validity.  Accordingly,
 CONSOL Energy recognized $65 million of pre-tax earnings related to the claims
 and $30 million of interest income related to the claims.  The company expects
 to use the refunds to reduce short-term debt.
     The Loveridge Mine in northern West Virginia began producing coal on
 March 1, 2001.  The mine had been sealed following a mine fire.  Loveridge is
 expected to produce approximately 1 million tons of coal from a previously
 developed longwall panel.  Once the coal in the longwall panel is depleted,
 the longwall mining equipment will be moved to the Robinson Run mine and
 Loveridge will be idled.  The mine is expected to complete mining during the
 current quarter.
     A portion of the previously announced sale of assets, inventory and
 operations of certain industrial supply sites of Fairmont Supply Company
 closed in March.  The remainder of the sale closed in April.  The sale will
 not have a material effect on CONSOL Energy earnings.
     CONSOL Energy intends to change its fiscal year from a fiscal year ending
 June 30, to a calendar year ending December 31.  To accomplish this, CONSOL
 Energy will have a transitional period ending December 31, 2001.  The first
 full calendar fiscal year will be the year that starts January 1, 2002 and
 ends December 31, 2002.  CONSOL Energy is undertaking this change in order to
 align its year with that of its majority owner.
 
     Outlook
     Harvey said he thought the outlook for the final quarter of the company's
 fiscal year and for the next year to be strong.  "Based on settlements we have
 already negotiated on our export coal sales as well as certain domestic coal
 sales agreements, I expect results from ongoing operations for the current
 quarter to parallel the results from the quarter just ended," Harvey said.
 "Almost half the tons we intend to ship in calendar year 2002 will have been
 subject to some price adjustment in calendar 2001.  Fifty to sixty percent of
 our 2003 shipments are exposed to price adjustment during the 2001-2002
 period.
     "We expect the strong pricing environment for coal to persist for at least
 the next twelve months," Harvey explained.  "The continued improvement in coal
 markets and our plans to expand our coalbed methane gas production lead us to
 expect a very strong financial performance for CONSOL Energy during next
 fiscal year."
     The following statements and projections are based on current
 expectations.  These statements and projections are forward-looking, and
 actual results may differ materially.  These projections do not include the
 potential impact of any mergers, acquisitions or other business combinations
 that may occur after the date of this release.  Elsewhere in this release we
 have included more information regarding business risks that could affect
 results.
 
     CONSOL Energy expects the following results for the current quarter:
     -- Total revenue: $560 million to $580 million
     -- SG&A: $14 million to $15 million
     -- DD&A: $60 million to $62 million
     -- Interest expense: $14 million to $15 million
     -- Net Income: At least $40 million
 
     The company expects the following results for its coal segment:
     -- Total sales volumes: 20.5 million to 21.5 million tons
     -- Sales of company-produced coal: 20 million to 21 million tons
     -- Coal production: 19 million to 20 million tons
     -- Average realized price on company-produced coal: $23.95 to $24.10
         per ton
     -- Inventory at the end of the period: 1.5 million tons
     -- Capital Expenditures (full fiscal year): $210 million
 
     The company expects the following results from its gas segment:
     -- Production and sales volumes (net): 7.7 Bcf
     -- Sales Price: The company currently does not have any hedging or
         forward sold contracts for gas.  Production is sold under short-term
         contracts with a term, typically, of 30 days or on a daily basis.
         The mix of gas sold under these two terms changes monthly at the
         discretion of management.
 
     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 seven states and two Canadian
 provinces.  In addition, the company has net production of 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.
 
     Definition: EBITDA is defined as earnings before deducting net interest
 expense (interest expense less interest income), income taxes and
 depreciation, depletion and amortization.  Although EBITDA is not a measure of
 performance calculated in accordance with generally accepted accounting
 principles, management believes that it is useful to an investor in evaluating
 CONSOL Energy because it is widely used to evaluate a company's operating
 performance before debt expense and its cash flow.  EBITDA does 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 EBITDA is not
 calculated identically by all companies, the presentation here may not be
 comparable to other similarly titled measures of other companies.
 
     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.
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                         CONSOLIDATED STATEMENTS of INCOME
                                    (Unaudited)
                   (Dollars in Thousands - except per share data)
 
                                  Three Months Ended      Nine Months Ended
                                       March 31,               March 31,
                                   2001        2000        2001        2000
 
     Sales - Outside              $568,814    $507,154  $1,560,734  $1,588,802
     Sales - Related Parties         3,517       3,264       5,573       3,307
     Other Income                   18,371      26,454      55,525      48,806
 
          Total Revenue            590,702     536,872   1,621,832   1,640,915
 
     Cost of Goods Sold and
      Other
          Operating Charges        416,816     368,925   1,148,920   1,159,769
     Selling, General and
      Administrative
          Expense                   14,287      14,790      47,668      46,008
     Depreciation, Depletion
      and Amortization              60,631      62,985     180,354     188,319
     Interest Expense               14,662      14,583      45,468      39,957
     Taxes Other Than Income        37,235      45,895     115,006     132,567
     Export Sales Excise Tax
      Resolution                   (95,292)                (95,292)
     Restructuring Costs                         9,609                  11,276
 
          Total Costs              448,339     516,787   1,442,124   1,577,896
 
 
     Earnings Before Income
      Taxes                        142,363      20,085     179,708      63,019
 
     Income Taxes (Benefit)         41,563      (2,885)     45,405      (7,184)
 
          Net Income              $100,800     $22,970    $134,303     $70,203
 
          Basic Earnings Per
           Share                     $1.28       $0.29       $1.71       $0.88
 
          Dilutive Earnings Per
           Share                     $1.27       $0.29       $1.70       $0.88
 
     Weighted Average Number of
          Common Shares
           Outstanding:
          Basic                 78,616,575  79,217,730  78,594,837  79,792,170
 
          Dilutive              79,201,793  79,218,134  78,866,423  79,793,470
 
     Dividends Per Share             $0.28       $0.28       $0.84       $0.84
 
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in Thousands - except per share data)
 
                                                 (Unaudited)
                                                   MARCH 31,         JUNE 30,
                                                     2001              2000
                    ASSETS
 
     Current Assets:
       Cash and Cash Equivalents                    $15,295            $8,181
       Accounts and Notes Receivable:
           Trade                                    252,546           262,943
           Related Parties                            1,648
           Other Receivables                        119,863            24,849
       Inventories                                   98,797           156,853
       Recoverable Income Taxes                                         7,813
       Deferred Income Taxes                         92,502            93,464
       Prepaid Expenses                              30,602            23,625
 
           Total Current Assets                     611,253           577,728
 
 
 
 
     Property, Plant and Equipment:
       Property, Plant and Equipment              4,938,903         4,852,017
       Less - Accumulated Depreciation,
          Depletion and Amortization              2,394,302         2,277,573
 
           Total Property, Plant and
                Equipment - Net                   2,544,601         2,574,444
 
 
 
     Other Assets:
       Deferred Income Taxes                        282,997           291,178
       Advance Mining Royalties                      99,458           107,980
       Investment in Affiliates                     221,876           177,272
       Other                                        128,567           137,709
 
           Total Other Assets                       732,898           714,139
 
           Total Assets                          $3,888,752        $3,866,311
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in Thousands - except per share data)
 
                                                 (Unaudited)
                                                   MARCH 31,         JUNE 30,
                                                     2001              2000
                LIABILITIES AND
             STOCKHOLDERS' EQUITY
 
     Current Liabilities:
       Accounts Payable                            $130,879          $143,313
       Accounts Payable - Related Parties                                 502
       Short-Term Notes Payable                     411,710           464,310
       Current Portion of Long-Term Debt             29,632             6,757
       Accrued Income Taxes                          14,634
       Other Accrued Liabilities                    310,033           337,920
           Total Current Liabilities                896,888           952,802
 
     Long-Term Debt:
       Long-Term Debt                               263,114           286,098
       Capital Lease Obligations                     11,623            14,507
           Total Long-Term Debt                     274,737           300,605
 
     Deferred Credits and Other
      Liabilities:
       Postretirement Benefits Other Than
        Pensions                                  1,164,728         1,118,021
       Pneumoconiosis Benefits                      431,871           426,402
       Mine Closing                                 269,522           280,370
       Workers' Compensation                        259,692           253,534
       Reclamation                                   15,945            11,808
       Other                                        252,124           268,590
           Total Deferred Credits and
            Other Liabilities                     2,393,882         2,358,725
 
     Stockholders' Equity:
       Common Stock, $.01 par value;
           500,000,000 Shares Authorized;
            80,267,558 Issued and 78,627,878
            Outstanding at March 31, 2001,
            80,267,558 Issued and
            78,577,274 Outstanding
            at June 30, 2000                            803               803
       Preferred Stock, 15,000,000 Shares
        Authorized;
           None Issued and Outstanding
       Capital in Excess of Par Value               643,160           642,947
       Retained Earnings Deficit                   (301,871)         (370,152)
       Other Comprehensive Loss                        (322)             (322)
       Common Stock in Treasury, at Cost -
        1,639,680 Shares at March 31, 2001,
        1,690,284 Shares at
        at June 30, 2000                            (18,525)          (19,097)
           Total Stockholders' Equity               323,245           254,179
 
           Total Liabilities and
            Stockholders' Equity                 $3,888,752        $3,866,311
 
 
                       CONSOL Energy Inc. and Subsidiaries
 
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                 (Dollars in Thousands - except per share data)
 
 
                               Capital              Other              Total
                                 in      Retained  Compre-             Stock-
                      Common  Excess of  Earnings  hensive  Treasury  holders'
                       Stock  Par Value  (Deficit)   Loss    Stock     Equity
 
     Balance -
        June 30, 2000   $803   $642,947  $(370,152) $(322) $(19,097)  $254,179
 
     (Unaudited):
 
       Net Income                          134,303                     134,303
       Dividends ($.84
        per share)                         (66,022)                    (66,022)
       Treasury Stock
        Issued
          (50,604
           shares)                  213                         572        785
 
     Balance -
         March 31,
          2001          $803   $643,160  $(301,871) $(322) $(18,525)  $323,245
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                        CONSOLIDATED STATEMENT of CASH FLOWS
                                    (Unaudited)
                               (Dollars in Thousands)
 
                                        Three Months Ended  Nine Months Ended
                                             March 31,           March 31,
                                          2001      2000      2001      2000
     Operating Activities:
       Net Income                       $100,800   $22,970  $134,303   $70,203
       Adjustments to Reconcile Net
        Income to
        Net Cash Provided by Operating
         Activities:
         Depreciation, Depletion and
          Amortization                    60,631    62,985   180,354   188,319
         Gain on the Sale of Assets       (1,700)  (16,139)  (11,689)  (21,236)
         Amortization of Advance Mining
          Royalties                        7,214     5,935    12,942    12,730
         Deferred Income Taxes            13,920   (15,168)    9,143   (25,935)
         Equity in Earnings of
          Affiliates                      (6,144)     (245)  (15,128)     (245)
         Changes in Operating Assets:
                 Accounts and Notes
                  Receivable            (106,195)   (8,585)  (85,767)  (18,427)
                 Inventories                 673    (2,721)   58,056    42,423
                 Prepaid Expenses         (8,819)   (1,133)   (6,977)    4,596
         Changes in Other Assets          14,732   (15,726)   17,153    10,352
         Changes in Operating
          Liabilities:
                 Accounts Payable          4,229   (23,366)  (12,434)  (51,233)
                 Other Operating
                  Liabilities             (3,617)   19,622    (5,215)   26,941
         Changes in Other Liabilities     52,734    (6,080)   35,157   (25,916)
         Other                             1,110     2,051     1,238     4,186
                                          28,768     1,430   176,833   146,555
         Net Cash Provided by Operating
          Activities                     129,568    24,400   311,136   216,758
 
     Investing Activities:
       Capital Expenditures              (50,095)  (28,670) (159,258)  (92,703)
       Additions to Advance Mining
        Royalties                         (1,805)   (2,433)   (4,330)   (5,114)
       Acquisition of MCN Energy Group
        Inc.                                   -  (160,049)           (160,049)
       Acquisition of Line Creek Mine
        Joint Venture                       (868)        -   (38,332)
       Investment in Equity Affiliates     5,967      (104)    8,856      (104)
       Proceeds from Sales of Assets      (6,620)   20,727     8,883    28,424
         Net Cash Used in Investing
          Activities                     (53,421) (170,529) (184,181) (229,546)
 
     Financing Activities:
       (Payments on) Proceeds from
        Commercial Paper                 (48,693)  180,531   (51,271)  105,880
       Payments on Miscellaneous
        Borrowings                        (1,145)   (2,115)   (3,108)  (17,587)
       Dividends Paid                    (22,005)  (22,181)  (65,995)  (67,054)
       Purchase of Treasury Stock              -    (8,882)            (17,184)
       Issuance of Treasury Stock            421         -       533
         Net Cash (Used in) Provided by
          Financing Activities           (71,422)  147,353  (119,841)    4,055
     Net Increase (Decrease)  in Cash
      and Cash Equivalents                 4,725     1,224     7,114    (8,733)
     Cash and Cash Equivalents at
      Beginning of Period                 10,570    13,602     8,181    23,559
     Cash and Cash Equivalents at End
      of Period                          $15,295   $14,826   $15,295   $14,826
 
 
                               CONSOL Energy Inc.
                       Financial and Operating Statistics
 
                                                Quarter Ended Mar 31
                                             2001                2000
     AS REPORTED FINANCIALS:
 
     ***Revenue ($ MM)***                  $590.702            $536.873
     EBIT ($MM)                            $126.354             $33.045
     EBITDA ($ MM)                         $186.985             $96.030
     Net Income ($ MM)                     $100.800             $22.970
     EPS                                      $1.27               $0.29
     Average shares outstanding          78,616,575          79,217,730
 
 
     ADJUSTED FINANCIALS:
     IRS settlement (benefit)                                      $  -
     Restructuring (after-tax charge)                             $(9.0)
     EPS, excluding special items                                 $0.40
 
 
     COAL OPERATIONAL:
     # Mining Complexes (end of period)          23                  22
     # Complexes Producing (end of period)       19                  17
     Sales (MM tons)-Produced only           19.850              18.594
     Average sales price * ($/ton)           $23.92              $23.23
     Production income ($/ton)               $3.165              $4.039
     Production (MM tons)-Produced only      19.981              18.995
     Ending inventory (MM tons)               1.510               4.159
     CAPEX, excl. acquisitions ($ MM)       $50.095             $28.670
 
     * note: average sales price
       of tons produced
 
     GAS OPERATIONAL/FINANCIAL(incl. equity companies):
     ***GAS production (Bcf)***net            7.793               3.920
     GAS price ($/Mmbtu)                      $6.75               $2.67
     GAS revenue from production ($MM)**
       gross (before royalty)               $58.332             $11.853
       net(after royalty)                   $51.911             $11.153
     GAS revenue from gathering ($MM)**     $11.607              $4.494
     GAS EBIT ($MM)**                       $36.403              $4.395
     GAS EBITDA ($MM)**                     $40.699              $7.387
     GAS CAPEX ($ MM)                       $15.840              $3.934
 
     ** note: gas revenue, EBIT, EBITDA,
         and CAPEX included in total company financials
 
     ***CONSOL Energy is restating its revenue and gas production because of a
        change in accounting methods. Previously, CONSOL Energy used the "net
        working interest" method of accounting. We now book revenue and gas
        production on a "net revenue interest" basis. The net revenue interest
        method is the preferred treatment in the oil & gas industry.
 
 
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SOURCE CONSOL Energy Inc.
    PITTSBURGH, April 26 /PRNewswire/ -- CONSOL Energy Inc. (NYSE:   CNX), a
 producer of high-Btu bituminous coal and coalbed methane gas, had earnings of
 $100.8 million, or $1.27 per diluted share, for its third quarter ended
 March 31, 2001.  This compares with $23.0 million or $0.29 per share for the
 same period a year ago.  Results for the quarter included $61 million from the
 recording of an anticipated receipt of a tax refund for payment of certain
 excise taxes, and an $8 million write-down of certain properties.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010115/PHM006LOGO-b )
     "Higher volumes and prices for gas plus higher volumes and prices for coal
 proved to be a winning formula for us," said J. Brett Harvey, president and
 chief executive officer.  "We have been aggressively expanding our gas
 drilling program and several of our large, underground mines ran very well
 during the quarter."  Harvey said he thought the outlook for the current
 quarter was equally strong.
     Earnings before deducting net interest expense, income taxes and
 depreciation, depletion and amortization (EBITDA) totaled $187.0 million
 compared with $96.0 million for the same period a year ago.  Earnings before
 interest and income taxes (EBIT) were $126.4 million compared with
 $33.0 million for the period ending March 31, 2000.
     Revenue for the quarter just ended was $590.7 million versus
 $536.9 million for the same period a year ago.  Total coal sales were
 20.4 million tons, of which 19.9 million tons were produced by CONSOL Energy
 operations or sold from inventory.  This compares with total coal sales of
 19.4 million tons of which 18.6 million tons were produce from CONSOL Energy
 mines or sold from inventory for the third quarter a year ago.  The average
 realized price per ton of company-produced coal was $23.92 compared with
 $23.23 for the March 31, 2000 quarter.  Coal production (including equity
 affiliates) for the quarter just ended was 20.0 million tons compared with
 19.0 million tons a year ago.
     Coalbed methane gas sales volumes and production for the quarter ended
 March 31, 2001, including equity production of unconsolidated affiliates, were
 7.8 billion cubic feet (net) compared with 3.9 billion cubic feet (net) for
 the same period a year ago.  Average realized prices for gas were $6.75 per
 million Btu (MMBtu) in the quarter just ended compared with $2.67 per MMBtu
 during the same period a year ago.
 
     Nine Month Results
     Net income for the nine months of Fiscal Year 2001 (FY01) totaled
 $134.3 million, or $1.70 per diluted share compared with $70.2 million, or
 $0.88 per share.  For the nine months, other period to period comparisons
 were:
     -- EBITDA: $372.3 million versus $287.6 million
     -- EBIT: $191.9 million versus $99.2 million
     -- Total coal sales: 57.2 million tons versus 59.8 million tons
     -- Sales of company-produced coal: 54.6 million tons versus 57.1 million
         tons
     -- Coal production (including equity affiliates): 52.5 million tons
         versus 55.1 million tons
     -- Average realized price (company produced): $23.60 per ton versus
         $23.87 per ton
     -- Gas production and sales (net):  22.3 Bcf versus 7.1 Bcf
 
     Analysis of Third Quarter
     Net income for the quarter ended March 31, 2001 was $100.8 million
 compared with net income of $23.0 million in the same period a year ago.  The
 increase of $77.8 million was due to several factors.  First, the company
 reported higher coal and gas sales volumes and higher coal and gas average
 realized prices.  Second, CONSOL Energy recognized $65 million of pre-tax
 earnings and $30 million of interest income related to anticipated receipt of
 refunds from the export coal tax claims.  The increase in net income was
 partially offset by an increase in cost of goods sold and other charges
 related to increased sales volumes, continuing adverse geologic conditions at
 Mine 84, the write-down of certain properties, and an income tax provision
 increase resulting primarily from higher pre-tax earnings.
 
     Coal Operations
     Coal segment results for the quarter just ended marked the third straight
 quarter in which production income per ton of coal produced has increased.
 These results reflect three consecutive quarters of increased production
 volumes and increased prices.  However, in the period to period comparison,
 production income per ton of coal produced was $3.17 for the quarter just
 ended compared with $4.04 for the same period a year ago.  The difference
 primarily reflects the impact of adverse mining conditions at Mine 84.
 Production at Mine 84 in southwestern Pennsylvania was 0.3 million tons for
 the period just ended compared with 1.5 million tons for the same period a
 year ago.
     "Coal segment results reflect the fact that we have 23 mining complexes,
 many of which are running very well and one of which is dealing with extremely
 difficult and high cost mining conditions," said Harvey.  "For example, Enlow
 Fork Mine produced more than one million clean tons in each month of the
 quarter and we expect the Bailey-Enlow Fork complex to produce more than
 20 million tons for the fiscal year.  In addition, our central Appalachian
 mines in Virginia and eastern Kentucky are running very well."  Harvey noted
 that the Mill Creek surface operation in eastern Kentucky recently passed two
 million man-hours without a lost time accident.
     Sales of company-produced coal increased almost 1.3 million tons in the
 quarter just ended compared with the same period a year ago.  Increased demand
 for coal was due to a return to normal winter weather patterns and overall
 growth in energy demand.  Similarly, prices for coal improved 3.0 percent in
 the period to period comparison because of weather-related demand increases
 and low inventory levels at both mines and power stations.  CONSOL Energy
 inventories for the quarter just ended were 1.7 million tons compared with
 4.2 million tons in the same period a year ago.
     Costs per ton of produced coal sold increased 11.3 percent in the period
 to period comparison.  The increase was attributable primarily to increased
 costs associated with the adverse geologic conditions at Mine 84.  However,
 tons produced per man-day, excluding Mine 84, were 47.4 in the quarter just
 ended versus 46.5 tons per man-day for the same period a year ago.
 Productivity for the quarter just ended was improved compared with the quarter
 ended December 31, 2000, which was 44.6 tons per man-day.
 
     Gas Operations
     CONSOL Energy's coalbed methane gas operations results were substantially
 improved compared with a year ago in the same period.  The company reported
 higher production volumes compared with a year ago, reflecting the acquisition
 of additional gas production in late February, 2000, and increased drilling of
 controlled reserves.  Production volumes (including equity affiliates) doubled
 in the period-to-period comparison to 8.6 billion cubic feet (gross),
 7.8 billion cubic feet(net).
     In addition, gas prices were sharply higher in the period just ended
 compared with the same period a year ago.  CONSOL Energy's average realized
 price in the quarter just ended was $6.75 per million Btu, more than double
 the price received during the same period a year ago.  During the quarter just
 ended, company-produced gas was sold under short-term contracts with terms,
 typically, of 30 days with excess production being sold on a daily basis.
     "Our expectation for strong gas prices during the quarter was met," said
 Harvey.  "By selling all of our gas on a short-term basis, we were able to
 benefit from the more robust pricing environment."
 
     Other Developments
     During the quarter just ended, CONSOL Energy recognized $95 million as
 pre-tax earnings related to certain excise taxes paid on export sales of coal.
 These excise taxes were declared unconstitutional and the company had filed
 claims with the Internal Revenue Service (IRS) seeking refunds for these taxes
 paid during the period 1994 through 1999.  The IRS has completed an audit of
 CONSOL Energy's refund claims and confirmed their validity.  Accordingly,
 CONSOL Energy recognized $65 million of pre-tax earnings related to the claims
 and $30 million of interest income related to the claims.  The company expects
 to use the refunds to reduce short-term debt.
     The Loveridge Mine in northern West Virginia began producing coal on
 March 1, 2001.  The mine had been sealed following a mine fire.  Loveridge is
 expected to produce approximately 1 million tons of coal from a previously
 developed longwall panel.  Once the coal in the longwall panel is depleted,
 the longwall mining equipment will be moved to the Robinson Run mine and
 Loveridge will be idled.  The mine is expected to complete mining during the
 current quarter.
     A portion of the previously announced sale of assets, inventory and
 operations of certain industrial supply sites of Fairmont Supply Company
 closed in March.  The remainder of the sale closed in April.  The sale will
 not have a material effect on CONSOL Energy earnings.
     CONSOL Energy intends to change its fiscal year from a fiscal year ending
 June 30, to a calendar year ending December 31.  To accomplish this, CONSOL
 Energy will have a transitional period ending December 31, 2001.  The first
 full calendar fiscal year will be the year that starts January 1, 2002 and
 ends December 31, 2002.  CONSOL Energy is undertaking this change in order to
 align its year with that of its majority owner.
 
     Outlook
     Harvey said he thought the outlook for the final quarter of the company's
 fiscal year and for the next year to be strong.  "Based on settlements we have
 already negotiated on our export coal sales as well as certain domestic coal
 sales agreements, I expect results from ongoing operations for the current
 quarter to parallel the results from the quarter just ended," Harvey said.
 "Almost half the tons we intend to ship in calendar year 2002 will have been
 subject to some price adjustment in calendar 2001.  Fifty to sixty percent of
 our 2003 shipments are exposed to price adjustment during the 2001-2002
 period.
     "We expect the strong pricing environment for coal to persist for at least
 the next twelve months," Harvey explained.  "The continued improvement in coal
 markets and our plans to expand our coalbed methane gas production lead us to
 expect a very strong financial performance for CONSOL Energy during next
 fiscal year."
     The following statements and projections are based on current
 expectations.  These statements and projections are forward-looking, and
 actual results may differ materially.  These projections do not include the
 potential impact of any mergers, acquisitions or other business combinations
 that may occur after the date of this release.  Elsewhere in this release we
 have included more information regarding business risks that could affect
 results.
 
     CONSOL Energy expects the following results for the current quarter:
     -- Total revenue: $560 million to $580 million
     -- SG&A: $14 million to $15 million
     -- DD&A: $60 million to $62 million
     -- Interest expense: $14 million to $15 million
     -- Net Income: At least $40 million
 
     The company expects the following results for its coal segment:
     -- Total sales volumes: 20.5 million to 21.5 million tons
     -- Sales of company-produced coal: 20 million to 21 million tons
     -- Coal production: 19 million to 20 million tons
     -- Average realized price on company-produced coal: $23.95 to $24.10
         per ton
     -- Inventory at the end of the period: 1.5 million tons
     -- Capital Expenditures (full fiscal year): $210 million
 
     The company expects the following results from its gas segment:
     -- Production and sales volumes (net): 7.7 Bcf
     -- Sales Price: The company currently does not have any hedging or
         forward sold contracts for gas.  Production is sold under short-term
         contracts with a term, typically, of 30 days or on a daily basis.
         The mix of gas sold under these two terms changes monthly at the
         discretion of management.
 
     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 seven states and two Canadian
 provinces.  In addition, the company has net production of 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.
 
     Definition: EBITDA is defined as earnings before deducting net interest
 expense (interest expense less interest income), income taxes and
 depreciation, depletion and amortization.  Although EBITDA is not a measure of
 performance calculated in accordance with generally accepted accounting
 principles, management believes that it is useful to an investor in evaluating
 CONSOL Energy because it is widely used to evaluate a company's operating
 performance before debt expense and its cash flow.  EBITDA does 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 EBITDA is not
 calculated identically by all companies, the presentation here may not be
 comparable to other similarly titled measures of other companies.
 
     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.
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                         CONSOLIDATED STATEMENTS of INCOME
                                    (Unaudited)
                   (Dollars in Thousands - except per share data)
 
                                  Three Months Ended      Nine Months Ended
                                       March 31,               March 31,
                                   2001        2000        2001        2000
 
     Sales - Outside              $568,814    $507,154  $1,560,734  $1,588,802
     Sales - Related Parties         3,517       3,264       5,573       3,307
     Other Income                   18,371      26,454      55,525      48,806
 
          Total Revenue            590,702     536,872   1,621,832   1,640,915
 
     Cost of Goods Sold and
      Other
          Operating Charges        416,816     368,925   1,148,920   1,159,769
     Selling, General and
      Administrative
          Expense                   14,287      14,790      47,668      46,008
     Depreciation, Depletion
      and Amortization              60,631      62,985     180,354     188,319
     Interest Expense               14,662      14,583      45,468      39,957
     Taxes Other Than Income        37,235      45,895     115,006     132,567
     Export Sales Excise Tax
      Resolution                   (95,292)                (95,292)
     Restructuring Costs                         9,609                  11,276
 
          Total Costs              448,339     516,787   1,442,124   1,577,896
 
 
     Earnings Before Income
      Taxes                        142,363      20,085     179,708      63,019
 
     Income Taxes (Benefit)         41,563      (2,885)     45,405      (7,184)
 
          Net Income              $100,800     $22,970    $134,303     $70,203
 
          Basic Earnings Per
           Share                     $1.28       $0.29       $1.71       $0.88
 
          Dilutive Earnings Per
           Share                     $1.27       $0.29       $1.70       $0.88
 
     Weighted Average Number of
          Common Shares
           Outstanding:
          Basic                 78,616,575  79,217,730  78,594,837  79,792,170
 
          Dilutive              79,201,793  79,218,134  78,866,423  79,793,470
 
     Dividends Per Share             $0.28       $0.28       $0.84       $0.84
 
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in Thousands - except per share data)
 
                                                 (Unaudited)
                                                   MARCH 31,         JUNE 30,
                                                     2001              2000
                    ASSETS
 
     Current Assets:
       Cash and Cash Equivalents                    $15,295            $8,181
       Accounts and Notes Receivable:
           Trade                                    252,546           262,943
           Related Parties                            1,648
           Other Receivables                        119,863            24,849
       Inventories                                   98,797           156,853
       Recoverable Income Taxes                                         7,813
       Deferred Income Taxes                         92,502            93,464
       Prepaid Expenses                              30,602            23,625
 
           Total Current Assets                     611,253           577,728
 
 
 
 
     Property, Plant and Equipment:
       Property, Plant and Equipment              4,938,903         4,852,017
       Less - Accumulated Depreciation,
          Depletion and Amortization              2,394,302         2,277,573
 
           Total Property, Plant and
                Equipment - Net                   2,544,601         2,574,444
 
 
 
     Other Assets:
       Deferred Income Taxes                        282,997           291,178
       Advance Mining Royalties                      99,458           107,980
       Investment in Affiliates                     221,876           177,272
       Other                                        128,567           137,709
 
           Total Other Assets                       732,898           714,139
 
           Total Assets                          $3,888,752        $3,866,311
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                            CONSOLIDATED BALANCE SHEETS
 
                  (Dollars in Thousands - except per share data)
 
                                                 (Unaudited)
                                                   MARCH 31,         JUNE 30,
                                                     2001              2000
                LIABILITIES AND
             STOCKHOLDERS' EQUITY
 
     Current Liabilities:
       Accounts Payable                            $130,879          $143,313
       Accounts Payable - Related Parties                                 502
       Short-Term Notes Payable                     411,710           464,310
       Current Portion of Long-Term Debt             29,632             6,757
       Accrued Income Taxes                          14,634
       Other Accrued Liabilities                    310,033           337,920
           Total Current Liabilities                896,888           952,802
 
     Long-Term Debt:
       Long-Term Debt                               263,114           286,098
       Capital Lease Obligations                     11,623            14,507
           Total Long-Term Debt                     274,737           300,605
 
     Deferred Credits and Other
      Liabilities:
       Postretirement Benefits Other Than
        Pensions                                  1,164,728         1,118,021
       Pneumoconiosis Benefits                      431,871           426,402
       Mine Closing                                 269,522           280,370
       Workers' Compensation                        259,692           253,534
       Reclamation                                   15,945            11,808
       Other                                        252,124           268,590
           Total Deferred Credits and
            Other Liabilities                     2,393,882         2,358,725
 
     Stockholders' Equity:
       Common Stock, $.01 par value;
           500,000,000 Shares Authorized;
            80,267,558 Issued and 78,627,878
            Outstanding at March 31, 2001,
            80,267,558 Issued and
            78,577,274 Outstanding
            at June 30, 2000                            803               803
       Preferred Stock, 15,000,000 Shares
        Authorized;
           None Issued and Outstanding
       Capital in Excess of Par Value               643,160           642,947
       Retained Earnings Deficit                   (301,871)         (370,152)
       Other Comprehensive Loss                        (322)             (322)
       Common Stock in Treasury, at Cost -
        1,639,680 Shares at March 31, 2001,
        1,690,284 Shares at
        at June 30, 2000                            (18,525)          (19,097)
           Total Stockholders' Equity               323,245           254,179
 
           Total Liabilities and
            Stockholders' Equity                 $3,888,752        $3,866,311
 
 
                       CONSOL Energy Inc. and Subsidiaries
 
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                 (Dollars in Thousands - except per share data)
 
 
                               Capital              Other              Total
                                 in      Retained  Compre-             Stock-
                      Common  Excess of  Earnings  hensive  Treasury  holders'
                       Stock  Par Value  (Deficit)   Loss    Stock     Equity
 
     Balance -
        June 30, 2000   $803   $642,947  $(370,152) $(322) $(19,097)  $254,179
 
     (Unaudited):
 
       Net Income                          134,303                     134,303
       Dividends ($.84
        per share)                         (66,022)                    (66,022)
       Treasury Stock
        Issued
          (50,604
           shares)                  213                         572        785
 
     Balance -
         March 31,
          2001          $803   $643,160  $(301,871) $(322) $(18,525)  $323,245
 
 
                        CONSOL Energy Inc. and Subsidiaries
 
                        CONSOLIDATED STATEMENT of CASH FLOWS
                                    (Unaudited)
                               (Dollars in Thousands)
 
                                        Three Months Ended  Nine Months Ended
                                             March 31,           March 31,
                                          2001      2000      2001      2000
     Operating Activities:
       Net Income                       $100,800   $22,970  $134,303   $70,203
       Adjustments to Reconcile Net
        Income to
        Net Cash Provided by Operating
         Activities:
         Depreciation, Depletion and
          Amortization                    60,631    62,985   180,354   188,319
         Gain on the Sale of Assets       (1,700)  (16,139)  (11,689)  (21,236)
         Amortization of Advance Mining
          Royalties                        7,214     5,935    12,942    12,730
         Deferred Income Taxes            13,920   (15,168)    9,143   (25,935)
         Equity in Earnings of
          Affiliates                      (6,144)     (245)  (15,128)     (245)
         Changes in Operating Assets:
                 Accounts and Notes
                  Receivable            (106,195)   (8,585)  (85,767)  (18,427)
                 Inventories                 673    (2,721)   58,056    42,423
                 Prepaid Expenses         (8,819)   (1,133)   (6,977)    4,596
         Changes in Other Assets          14,732   (15,726)   17,153    10,352
         Changes in Operating
          Liabilities:
                 Accounts Payable          4,229   (23,366)  (12,434)  (51,233)
                 Other Operating
                  Liabilities             (3,617)   19,622    (5,215)   26,941
         Changes in Other Liabilities     52,734    (6,080)   35,157   (25,916)
         Other                             1,110     2,051     1,238     4,186
                                          28,768     1,430   176,833   146,555
         Net Cash Provided by Operating
          Activities                     129,568    24,400   311,136   216,758
 
     Investing Activities:
       Capital Expenditures              (50,095)  (28,670) (159,258)  (92,703)
       Additions to Advance Mining
        Royalties                         (1,805)   (2,433)   (4,330)   (5,114)
       Acquisition of MCN Energy Group
        Inc.                                   -  (160,049)           (160,049)
       Acquisition of Line Creek Mine
        Joint Venture                       (868)        -   (38,332)
       Investment in Equity Affiliates     5,967      (104)    8,856      (104)
       Proceeds from Sales of Assets      (6,620)   20,727     8,883    28,424
         Net Cash Used in Investing
          Activities                     (53,421) (170,529) (184,181) (229,546)
 
     Financing Activities:
       (Payments on) Proceeds from
        Commercial Paper                 (48,693)  180,531   (51,271)  105,880
       Payments on Miscellaneous
        Borrowings                        (1,145)   (2,115)   (3,108)  (17,587)
       Dividends Paid                    (22,005)  (22,181)  (65,995)  (67,054)
       Purchase of Treasury Stock              -    (8,882)            (17,184)
       Issuance of Treasury Stock            421         -       533
         Net Cash (Used in) Provided by
          Financing Activities           (71,422)  147,353  (119,841)    4,055
     Net Increase (Decrease)  in Cash
      and Cash Equivalents                 4,725     1,224     7,114    (8,733)
     Cash and Cash Equivalents at
      Beginning of Period                 10,570    13,602     8,181    23,559
     Cash and Cash Equivalents at End
      of Period                          $15,295   $14,826   $15,295   $14,826
 
 
                               CONSOL Energy Inc.
                       Financial and Operating Statistics
 
                                                Quarter Ended Mar 31
                                             2001                2000
     AS REPORTED FINANCIALS:
 
     ***Revenue ($ MM)***                  $590.702            $536.873
     EBIT ($MM)                            $126.354             $33.045
     EBITDA ($ MM)                         $186.985             $96.030
     Net Income ($ MM)                     $100.800             $22.970
     EPS                                      $1.27               $0.29
     Average shares outstanding          78,616,575          79,217,730
 
 
     ADJUSTED FINANCIALS:
     IRS settlement (benefit)                                      $  -
     Restructuring (after-tax charge)                             $(9.0)
     EPS, excluding special items                                 $0.40
 
 
     COAL OPERATIONAL:
     # Mining Complexes (end of period)          23                  22
     # Complexes Producing (end of period)       19                  17
     Sales (MM tons)-Produced only           19.850              18.594
     Average sales price * ($/ton)           $23.92              $23.23
     Production income ($/ton)               $3.165              $4.039
     Production (MM tons)-Produced only      19.981              18.995
     Ending inventory (MM tons)               1.510               4.159
     CAPEX, excl. acquisitions ($ MM)       $50.095             $28.670
 
     * note: average sales price
       of tons produced
 
     GAS OPERATIONAL/FINANCIAL(incl. equity companies):
     ***GAS production (Bcf)***net            7.793               3.920
     GAS price ($/Mmbtu)                      $6.75               $2.67
     GAS revenue from production ($MM)**
       gross (before royalty)               $58.332             $11.853
       net(after royalty)                   $51.911             $11.153
     GAS revenue from gathering ($MM)**     $11.607              $4.494
     GAS EBIT ($MM)**                       $36.403              $4.395
     GAS EBITDA ($MM)**                     $40.699              $7.387
     GAS CAPEX ($ MM)                       $15.840              $3.934
 
     ** note: gas revenue, EBIT, EBITDA,
         and CAPEX included in total company financials
 
     ***CONSOL Energy is restating its revenue and gas production because of a
        change in accounting methods. Previously, CONSOL Energy used the "net
        working interest" method of accounting. We now book revenue and gas
        production on a "net revenue interest" basis. The net revenue interest
        method is the preferred treatment in the oil & gas industry.
 
 
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 SOURCE  CONSOL Energy Inc.