CONSOL Energy Reports Fourth Quarter Net Income of $143.2 Million; Record Annual 2009 Net Income of $539.7 Million

    PITTSBURGH  -- CONSOL Energy Inc., a producer of metallurgical coal, high-Btu thermal coal, and natural gas in West Virginia and throughout Appalachia, reported net income attributable to CONSOL Energy shareholders for the quarter ended December 31, 2009 of $143.2 million, or .78 per dilutive share. This is lower than the net income attributable to CONSOL Energy shareholders of $176.3 million, or .97 per dilutive share, for the quarter ended December 31, 2008. The quarter ended December 31, 2008, however, included a gain of .20 per share due to a refund for black lung excise tax.

    Annual 2009 net income attributable to CONSOL Energy shareholders was $539.7 million, or $2.95 per dilutive share, compared to $442.5 million, or $2.40 per dilutive share, in 2008. The annual 2009 net income was the highest for any year in CONSOL's +140-year history, except for 2005, when a large gain was recorded from the sale of CNX Gas stock. This is the second consecutive year in which CONSOL has had record net income.

    "CONSOL Energy had an outstanding year in a weak economic environment," said J. Brett Harvey, president and chief executive officer. "We also gained momentum in the fourth quarter. Demand for all three of our products is improving, due to rising world-wide economic activity and the recent favorable weather. 2010 looks more promising than I thought possible only three months ago.

    "An important development in the last quarter was the arrangement we established with Xcoal to market CONSOL coal in Asia. On January 11, we sold a Panamax vessel of high-vol coking coal from Bailey Mine in Northern Appalachia to merchant coke plants in China. And as we announced separately this morning, we sold another 5 cargos of Northern Appalachia high-vol coking coal into Asian markets. Penetration of Northern Appalachia coal into the high-vol coking coal market has meaningful implications for CONSOL's earnings in 2010 and beyond."

    Total Revenue and Other Income was $1,238.0 million for the quarter ended December 31, 2009, or nearly even with the $1,242.7 million for the quarter ended December 31, 2008. Although revenue from our thermal coal business was higher, met coal revenue and gas revenue were lower.

    CONSOL Energy Inc., a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. At year-end 2009, it had 11 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It is also a majority owner of CNX Gas Corporation, a leading Appalachian gas producer, with proved reserves of over 1.9 trillion cubic feet. Additional information about CONSOL Energy can be found at its web site: www.consolenergy.com .