Q2 2024 CONSOL Energy Inc Earnings Call

August 8, 2024

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Operator: Good morning, ladies and gentlemen, and welcome to the CONSOL Energy CEIX second quarter 2024 earnings conference call.

Miteshkumar Thakkar: By securing incremental export capacity at an alternative port, we were able to take advantage of strong Indian industrial demand ahead of its monsoon season, which began in early June. Additionally, during the quarter, we successfully moved tons into the industrial and crossover metallurgical markets, specifically in Egypt, Brazil, and China. Furthermore, as India exits its monsoon season during the third quarter, we expect demand to pick back up due to low retail inventories and construction activities resume. This quarter highlighted the importance of having a healthy sales mix of domestic and international contracts, as well as our flexibility to quickly pivot.

Operator: Good morning, ladies and gentlemen, and welcome to the CONSOL Energy CEIX 2nd Quarter 2024 Earnings Conference Call. At this time, all lines are in listen-only mode.

Operator: Good morning, ladies and gentlemen, and welcome to the CONSOL Energy CEIX 2nd Quarter 2024 Earnings Conference Call.

Operator: Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Nathan Tucker. Please go ahead.

Speaker Change: At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session.

Speaker Change: If at any time during this call you require immediate assistance, please press star zero for the operator.

Operator: This call is being recorded on Thursday, August 8, 2024. I would now like to turn the conference over to Nathan Tucker. Please go ahead.

Miteshkumar Thakkar: Looking ahead internationally, we expect India to remain a major customer of our high-CV thermal coal specifically for use in industrial applications as it continues its aggressive infrastructure build-out. In its recently announced budget, India's finance minister highlighted that infrastructure spending remains a priority for the country in order to meet Prime Minister Modi's target of making India a developed nation by 2047. Infrastructure spending accounts for one of India's highest budget expenditures, second only to defense spending.

Nathan Tucker: Good morning, everyone, and thank you for joining us. Welcome to CONSOL Energy's second quarter 2024 earnings conference call. Any forward-looking statements or comments we make about future events are subject to risk, certain of which we have outlined in our press release and in our SEC filings and are considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. We do not undertake any obligation to update any forward-looking statements for future events or otherwise.

Nathan Tucker: We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures, in our 2024 second quarter press release, furnished to the SEC on Form 8K, which is also posted on our website. Additionally, we filed our 10-Q for the quarter ended June 30, 2024, with the SEC this morning. You can find additional information regarding the company on our website, www.consolenergy.com, which also includes a supplemental slide deck that was posted this morning.

Miteshkumar Thakkar: Since 2022, India has nearly doubled its allocated spending towards infrastructure build-out. We expect this trend to continue and create a steady upward demand curve, particularly for our high-heat content products. Simultaneously, India is also going through a consolidation phase in its cement industry, where smaller regional producers are being rolled into larger global players who have demonstrated an ability to take a longer-term view and enter into long-term contracts with companies such as CONSOL. While the industry remains very regional and fragmented, it continues to grow at a healthy pace to support the country's aspirations.

Operator: Good morning everyone and thank you for joining us. Welcome to CONSOL Energy's second quarter 2024 earnings conference call.

Miteshkumar Thakkar: In the domestic market, due to the recent heatwave experience across much of the country, we have seen increased coal burn and decreased coal stockpiles at domestic power plants, specifically in the markets we serve. According to EBA, NAPCO's bond increased by approximately 32% in June when compared to May 2024, which resulted in a reduction in stockpiles. During the month of July, we saw increased PJM West power prices, which were up approximately 50% compared to June.

Operator: Any forward-looking statements or comments we make about future events are subject to risk.

Speaker Change: Certain of which we have outlined in our press release and in our SEC filings, and are considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. We do not undertake any obligations of updating any forward-looking statements for future events or otherwise.

Operator: We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures, and our 2024 second quarter press release furnished to the SEC on Form 8K, which is also posted on our website. Additionally, we filed our 10-Q for the quarter ended June 30, 2024, with the SEC this morning.

Operator: We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures, and our 2024 second quarter press release, furnished to the SEC on Form 8K, which is also posted on our website.

Operator: Additionally, we filed our 10-Q for the quarter ended June 30, 2024 with the SEC this morning. You can find additional information regarding the company on our website, www.consolenergy.com, which also includes a supplemental slide deck that was posted this morning.

Operator: You can find additional information regarding the company on our website, www.consolenergy.com, which also includes a supplemental slide deck that was posted this morning. On the call with me today are Jimmy Brock, our Chairman and Chief Executive Officer, Mitesh Thakkar, our President and Chief Financial Officer, and Bob Braithwaite, our Senior Vice President of Marketing and Sales. In his prepared remarks, Jimmy will highlight, Thank you all for joining us for our second quarter achievements and discuss our operations and our response to the Francis Scott Key Bridge collapse. Mitesh will then provide a market update, financial performance recap, and 2024 outlook.

Nathan Tucker: On the call with me today are Jimmy Brock, our Chairman and Chief Executive Officer, Mitesh Thakkar, our President and Chief Financial Officer, and Bob Braithwaite, our Senior Vice President of Marketing and Sales. In his prepared remarks, Brock will highlight our second quarter achievements and discuss our operations and our response to the Francis Kottke Bridge collapse. Mitesh will then provide a market update, financial performance recap, and 2024 outlook. In his closing comments, Jimmy will lay out our key priorities for the remainder of the year. There will be a Q&A session following our prepared remarks in which Bob will also participate. With that, I will turn it over to Jimmy.

Operator: On the call with me today are Jimmy Brock, our Chairman and Chief Executive Officer, Mitesh Thakkar, our President and Chief Financial Officer, and Bob Braithwaite, our Senior Vice President of Marketing and Sales.

Operator: In his prepared remarks, Jimmy will highlight our second quarter achievements and discuss our operations and our response to the Francis Scott Key Bridge Collapse.

Speaker Change: Mitesh will then provide a market update, financial performance recap, and 2024 Outlook. In his closing comments, Jimmy will lay out our key priorities for the remainder of the year. There will be a Q&A session following our prepared remarks in which Bob will also participate. With that, let me turn it over to Jimmy.

James Brock: Thank you, Nate. Good morning, everyone.

Miteshkumar Thakkar: We believe this will lead to a further increase in coal bond and a reduction in power plant stockpiles even as low natural gas prices continue to weigh on the fuel mass. Additionally, this heat wave led to an increase in scheduled trains with many of our domestic customers.

Miteshkumar Thakkar: Looking forward domestically, along with the recent heatwave, there are long-term indicators for potential growth and demand. In late July, the latest PJM 2025-2026 capacity options settled at just under $270 per megawatt day, an increase of more than 800% compared to prices just one year ago. This appears to be a clear message that the supply-demand balance is tightening.

Miteshkumar Thakkar: A sharp increase in electric demand to meet the requirements of factories, data centers, and broader electrification needs risks straining our electric grids and underscores the need to maintain our existing coal fleet. These capacity auctions provide a critical revenue source for power plants in the region, and these payments aim to ensure that generators are ready to serve the grid whenever the PJM RTO needs them. As such, the significant increase in pricing in the most recent auction is a clear investment signal and could very well extend the life of coal-powered power plants in the PJF.

Miteshkumar Thakkar: Furthermore, as discussed in the past, we remain convinced that the expected increased energy consumption due to the build-out of artificial intelligence, electric vehicles, data centers, and other technological advances will expand the reliance on electricity as a source of energy. A build-up of transmission lines and distribution grids will be needed in order to handle this increased demand, which will require large amounts of capital and long lead times and could face opposition from affected communities. These factors could slow renewable energy growth and the development of data centers, prolong the use of fossil fuels, and extend the energy transition overall.

Miteshkumar Thakkar: CONSOL will continue to support its domestic customers and everyday Americans through its ability to provide an economical, reliable, and dispatchable source of energy, even as it expands its reach to play a significant role in the global infrastructure buildup. Moving on to the contracting front, the tailwinds I just mentioned have helped us increase our contracted book since we last reported. At the PMC, we are near fully contracted in 2024 based on the midpoint of our production guidance, and we have 14.5 million tons contracted for 2025.

James Brock: During the second quarter, CONSOL Energy boasted a strong financial and operational performance despite the nearly two-month closure of the Port of Baltimore Export Channel due to the Francis Scott Key Bridge collapse. In the quarter, while successfully securing alternative port capacity and prudently managing our production costs, we achieved strong PMC cash margins per ton sold, despite the additional transportation costs of moving to an alternative port. Let me be clear, the temporary closure of the Port of Baltimore was a black swan event which created unprecedented challenges.

Jimmy Brock: Thank you, Nate. Good morning, everyone. During the second quarter, Consol Energy boasted a strong financial and operational performance.

Speaker Change: Despite the nearly two-month closure of the Port of Baltimore export channel due to the Francis Scott Key Bridge collapse.

Miteshkumar Thakkar: Consistent with the anticipated increase in domestic demand, we recently completed a fixed-price multi-year contract for 4 million tons of domestic utility gas to be delivered through 2028, which followed another long-term contract that we previously announced in 1Q24. Now, let me provide a quick update on our financial results before moving on to our 2024 guidance and outlook. This morning, we reported a strong second quarter 2024 financial performance despite the operational headwinds previously discussed.

Mitesh Thakkar: In the quarter, while successfully securing alternative port capacity and prudently managing our production costs, we achieved strong PMC cash margins per ton sold, despite the additional transportation costs of moving to an alternative port.

Operator: Let me be clear, the temporary closure of the Port of Baltimore was a black swan event which created unprecedented challenges. However, we also generated approximately $59 million of free cash flow in the quarter, which is a testament to the resiliency of our business model and strong relationships with our logistics partners and customers. Our Bailey Preparation Plant, Itman Preparation Plant, and the Consolidated Marine Terminal all had zero employee recordable incidents during the second quarter of 2024, considering that we produced only 11% fewer tons than in the prior year quarter by almost immediately securing incremental capacity at an alternative port in Virginia.

Operator: Let me be clear, the temporary closure of the Port of Baltimore was a black swan event which created unprecedented challenges.

James Brock: Nonetheless, this demonstrated the agility of the CONSOL team and our railroad partner, Norfolk Southern, as we quickly pivot to identify an alternate route to partially mitigate the impact on our ability to serve our export customers. As a result of our agility, we were able to sell approximately 5.8 million tons of our PMC product during the second quarter, including 2.9 million tons into the export market. We also generated approximately $59 million of free cash flow in the quarter, which is a testament to the resiliency of our business model and strong relationships with our logistic partners and customers. On the operations front, beginning with our safety performance. Our Bailey Preparation Plant, Itman Preparation Plant, and the Consolidated Marine Terminal all had zero employee recordable incidents during the second quarter of 2024.

Operator: Nonetheless, this demonstrated the agility of the CONSOL team and our railroad partner, Norfolk Southern, as we quickly pivoted to identify an alternate route to partially mitigate the impact on our ability to serve our export customers.

Operator: As a result of our agility, we were able to sell approximately 5.8 million tons of our PMC product during the second quarter, including 2.9 million tons into the export market.

Miteshkumar Thakkar: We generated net income of $58 million, or $1.96 per dilutive share, and adjusted a bid down of $125 million. Furthermore, we spent $55 million in CapEx as we continued to invest in our assets and received some previously delayed equipment at the PMC. Accordingly, we generated $59 million of free cash flow compared to our 1Q24 free cash flow of $41 million despite the reduced turnout.

Miteshkumar Thakkar: Finally, we deployed $13 million through a 10B51 plan towards share buybacks and reduced outstanding debt by $3 million. At the beginning of 2024, we expected the second quarter to be our strongest quarter of the year due to a seasonally strong shipment schedule and the absence of long-haul moves. However, the temporary closure of the Port of Baltimore significantly impacted our second quarter financial results.

Operator: We also generated approximately $59 million of free cash flow in the quarter, which is a testament to the resiliency of our business model and strong relationships with our logistic partners and customers.

Miteshkumar Thakkar: As such, we are working on a business interruption recovery claim with our insurance providers. Now, let me provide a quick update on our outlook for 2024. On the pricing front, given our strong performance in 2Q24, despite the increased transportation costs, we are increasing the bottom end of our average gold revenue per ton sold range by $1 to an updated range of $63.50 to $66.50. Additionally, we are moving up the bottom end of our PMC sales volume guidance range by half a million tons to an updated range of 24.5 to 26 million tons, reflecting our expectations of strong operational performance and the slightly earlier than expected resumption of exports out of Baltimore.

Operator: On the operations front, beginning with our safety performance, our Bailey Preparation Plant, Itman Preparation Plant, and the Consolidated Marine Terminal all had zero employee recordable incidents during the second quarter of 2024.

James Brock: Our coal operations finished the quarter with a total recordable incident rate well below the national average for underground coal mines. Coal production at the Pennsylvania Mining Complex came in at 5.6 million tons in Q2-24 compared to 6.3 million tons in the prior year period. Although production was lower, due to us throttling back our operations to align with our reduced export capacity caused by the temporary closure of the Port of Baltimore, our performance was respected, considering that we produced only 11% fewer tons than in the prior year quarter by almost immediately securing incremental capacity at an alternative port in Virginia.

Operator: Our coal operations finished the quarter with a total recordable incident rate well below the national average for underground coal mines.

Operator: Coal production at the Pennsylvania Mining Complex came in at 5.6 million tons in Q2-24 compared to 6.3 million tons in the prior year period.

Operator: Although production was lower, due to us throttling back our operations to align with our reduced export capacity caused by the temporary closure of the Port of Baltimore, our performance was respectable.

Operator: considering that we produced only eleven percent fewer tons than in the prioryear quarter by almost immediately securing incremental capacity at an alternative port in virginia as such we shipped over one point one million tons to this port during the quarter

James Brock: As such, we shipped over 1.1 million tons to this port during the quarter. During Q2-24, we successfully managed our reduced production schedule, maximized our stockpile capacity, and rerouted vessels and trains to continue to fulfill our sales obligations. Our quick action and the continued demand for our product resulted in nearly every customer delaying shipments until later in the year rather than canceling shipments despite us having limited export capacity for approximately two-thirds of the quarter. Our PMC average cash cost of coal sold per ton for Q2-24 was $39.82 compared to $36.33 in Q2-23, mainly due to reduced fixed cost leverage caused by the reduction in tonnage.

Speaker Change: during q two twenty-four we successfully managed our reduced production schedule maximized our stockpower capacity and re-routed vessels and trains to continue to fulfill our sales obligations

Operator: Our quick action and the continued demand for our product resulted in nearly every customer deferring shipments until later in the year rather than canceling shipments despite us having limited export capacity for approximately two-thirds of the quarter.

Operator: Our PMC average cash cost of coal sold per ton for Q2-24 was $39.82 compared to $36.33 in Q2-23, mainly due to reduced fixed cost leverage caused by the reduction in tonnage.

James Brock: Looking ahead to the back half of 2024, we expect normal production levels, and we have only one longwall move remaining at the PMC for the balance of the year. Moving on to the Ipman complex, during the second quarter of 2024, sales from the complex, including third-party tons, were 164,000 tons, compared to 193,000 tons in Q1'24. This impairment was due to fewer purchased coal tons being shipped due, in part, to the FSK bridge collapse and the continued impact of equipment delivery delays with a major supplier.

Operator: Looking ahead to the back half of 2024, we expect normal production levels and we have only one longwall move remaining at the PMC for the balance of the year.

Miteshkumar Thakkar: For our Itman Mining Complex, we are maintaining our sales volume guidance range of 700 to 900,000 tons and remain optimistic about our ability to achieve a full ramp-up by the end of this year, given our recent success on the staffing front, but still subject to expected equipment deliveries, staying on schedule. Lastly, on the capital expenditures front, based on the easing of supply chain bottlenecks and equipment delivery backlogs, we are increasing our CapEx guidance range by $10 million to a range of $165 to $190 million from the previous range of $155 to $180 million.

Jimmy Brock: With that, let me turn it back to Jimmy.

Operator: moving on to the eman complex

Operator: During the second quarter,

Operator: of 2024, sales from the complex, including third-party tons, were 164,000 tons compared to 193,000 tons in Q124.

Operator: This impairment was due to fewer purchased coal tons being shipped due in part to the FSK bridge collapse and the continued impact of equipment delivery delays with a major supplier. However, on a positive note, we successfully achieved near full staffing levels to allow us to operate all three super sections as we ramp up. We have continued our mains development, which will set this mine up for long-term success. Accordingly, CMT's adjusted EBITDA finished at $5.2 million compared to $23.9 million in the prior year period. With that, I will turn the call over to Mitesh to provide the marketing and financial updates.

Operator: This impairment was due to fewer purchased coal tons being shipped, due in part to the FSK bridge collapse and the continued impact of equipment delivery delays with a major supplier.

James Brock: However, on a positive note, we successfully achieved near full staffing levels to allow us to operate all three super sections as we ramp up. We have continued our mains development, which will set this mine up for long-term success. Looking forward to the remainder of the year, as equipment is received, employees are trained, and retreat mining begins, we expect to see efficiency gains and production improvements. Additionally, there has been some recent pullback in METCO demand, which could serve to help us on the supply chain and employee turnover side as well.

Operator: However, on a positive note, we successfully achieved near full staffing levels to allow us to operate all three super sections as we ramp up. We have continued our mains development, which will set this mine up for long-term success.

Mitesh: Looking forward to the remainder of the year, as equipment is received, employees are trained, and retreat mining begins, we expect to see efficiency gains and production improvements.

Mitesh: Additionally, there has been some recent pullback in METCO demand, which could serve to help us on the supply chain and employee turnover side as well.

James Brock: Although the ramp-up has been longer than expected at IPMAC... We remain excited about this low-vol product and are eager to produce at full run rate capacity once all the delayed section equipment is received. Moving on to the Consolidated Marine Terminal. Despite losing nearly two months of export capability through the Port of Baltimore, we achieved a CMT throughput volume of 2.3 million tons during Q2-24, which represents approximately 43% of our Q2-23 throughput volume.

Mitesh: Although the ramp-up has been longer than expected at the Ipman mine, we remain excited about this low-vol product and are eager to produce at full run rate capacity once all the delayed section equipment is received.

Mitesh: moving on to the conal marine term

Mitesh: Despite losing nearly two months of export capability through the port of Baltimore, we achieved a CMT throughput volume of 2.3 million tons during Q2-24.

Mitesh: which represents approximately 43% of our Q2-23

James Brock: When adjusting for the amount of time CMT was fully open in the quarter, we essentially kept pace with the shipping levels of Q2-23, which was our highest throughput quarter ever at CMT. During the temporary closure of the Port of Baltimore, the CMT team accelerated its planned summer shutdown maintenance, which had originally been scheduled to occur early in the third quarter. This acceleration gave us the ability to load and ship vessels during the normal shutdown period while the mines and railroads performed their maintenance.

Mitesh: When adjusting for the amount of time the CMT was fully open in the quarter, we essentially kept pace with the shipping levels of Q2-23, which was our highest throughput quarter ever at CMT.

Mitesh: During the temporary closure of the Port of Baltimore, the CMT team accelerated its planned summer shutdown maintenance.

Mitesh: which had originally been scheduled to occur early in the third quarter. This acceleration gave us the ability to load and ship vessels during the normal shutdown period while the mines and railroads performed their maintenance work.

James Brock: As a result, we were able to reduce additional inventory at the port in early July. For Q224, terminal revenues came in at $12 million, and CMT operating cash costs were $6.1 million. Accordingly, CMT's adjusted EBITDA finished at $5.2 million compared to $23.9 million in the prior year period. With that, I'll turn the call over to Mitesh to provide the marketing and financial updates.

Mitesh: as a result we were able to reduce additional inventory at the port in early july

Mitesh: For Q2-24, terminal revenues came in at $12 million and CMT operating cash costs were $6.1 million.

Mitesh: Accordingly, CMT adjusted EBITDA finished at $5.2 million compared to $23.9 million in the prior year period. With that, let me turn the call over to Mitesh to provide the marketing and financial updates.

Jimmy Brock: Let me now provide an update on our capital allocation strategy. Through a 10B-5-1 plan put into place in Q1-24, we deployed $13 million of our free cash flow to repurchase shares of our outstanding common stock in the second quarter. Year-to-date, through the end of Q2-24, we have spent $71 million returning precast flow to our shareholders in the form of share buybacks. Since restarting our share repurchase program in late 2022, we've retired 6.1 million shares, or approximately 18% of our public float, through June 30, 2024.

Miteshkumar Thakkar: Thank you, Jimmy, and good morning, everyone. Let me start with an update on the marketing front and our contracting program. During 2Q24, we sold 5.8 million tons of PMC coal at an average coal revenue per ton sold of $66.83 compared to 6.4 million tons at $81.27 in the year-ago period. During the quarter, we incurred incremental transportation costs of approximately $10 per ton on those tons that were redirected to the alternative port in Virginia.

Jimmy Brock: Due to the uncertainty surrounding the Francis Scott Key bridge collapse and the timing of free cash flow generation in the quarter, which was heavily weighted toward the back half of June, we repurchased fewer shares than we have in recent quarters.

Jimmy Brock: As we move through the second half of 2024, we remain focused on returning value to our shareholders. As you know, we have consistently disclosed that our vision since 2022 has been to maximize cash flow generation while maintaining a strong balance sheet and liquidity, return capital to shareholders, and, when prudent, allocate capital toward growth and diversification opportunities. During Q2, we slowed our return on capital efforts as we navigated uncertainties around the temporary closure and shipment restrictions at the Port of Baltimore.

Miteshkumar Thakkar: Let me start with an update on the marketing front and our contracting program. Remarkably, we sold only 9% fewer tons than in the prior year period, demonstrating our team's diligence, agility, and strong relationships.

Jimmy Brock: Our vision has not changed as we look toward the rest of the year. For the remainder of 2024, we will be focused on a few key areas that we believe are crucial for our company. First, we will continue to focus on running our operations safely and consistently. We have plans in place to mitigate as much of the financial impact of the Port of Baltimore incident as possible. This includes the insurance recovery claim that Mitesh highlighted previously and additional production where possible.

Mitesh: Thank you, Jimmy. And good morning, everyone. Let me start with an update on the marketing front and our contracting progress.

Jimmy Brock: Second, we are focusing our efforts on managing our spending levels and constantly identifying ways to mitigate the impact of inflationary pressures. We are prioritizing post-summer contracting as we leverage our high-quality product to layer in multiple, long-term, fixed-price contracts. Domestically, we have already layered in such contracts and will continue to look for similar opportunities. The recent PJM auction results provide another indication of improving long-term demand in the domestic market. Internationally, we anticipate strong industrial demand, specifically in India, post-monsoon season as we look to continue filling out more of our book in 2025 and beyond.

Mitesh: during q q twenty-four we sold five point eight million tons of pmc cold and an average cold revenue per ton sold of sixty six dollars and eighty-three cents compared to six point four million tons at eightyone dollars in twenty-seven cents in the year ago period

Mitesh: During the quarter, we incurred incremental transportation costs of approximately $10 per ton on those tons that were redirected to the alternative port in Virginia.

Miteshkumar Thakkar: This incremental shipping cost impaired our average coal revenue by approximately $2 per ton sold. Remarkably, we sold only 9% fewer tons than in the prior year period, demonstrating our team's diligence, agility, and strong relationships. On the international front, as previously mentioned, we were restricted in our ability to export during 2Q24 until late May.

Mitesh: This incremental shipping cost impaired our average coal revenue by approximately $2 per ton sold. Remarkably, we sold only 9% fewer tons than in the prior year period, demonstrating our team's diligence, agility, and strong relationships.

Mitesh: On the international front, as previously mentioned, we were restricted in our ability to export during 2Q24 until late May.

Mitesh: By securing incremental export capacity at an alternative port, we were able to take advantage of strong Indian industrial demand ahead of its monsoon season, which began in early June.

Miteshkumar Thakkar: Additionally, during the quarter, we successfully moved tons into the industrial and crossover metallurgical markets, specifically in Egypt, Brazil, and China. Since 2022, India has nearly doubled its allocated spending towards infrastructure build-out. During the month of July, we saw increased PJM West power prices, which were up approximately 50% compared to June. Additionally, this heat wave led to an increase in scheduled trains with many of our domestic customers. Looking forward domestically, along with the recent heatwave, there are long-term indicators for potential growth and demand. This appears to be a clear message that the supply-demand balance is tightening.

Miteshkumar Thakkar: Additionally, during the quarter, we successfully moved tons into the industrial and crossover metallurgical markets, specifically in Egypt, Brazil, and China.

Miteshkumar Thakkar: Furthermore, as India exits its monsoon season during the third quarter, we expect demand to pick back up due to low retail inventories and construction activities resuming.

Miteshkumar Thakkar: This quarter highlighted the importance of having a healthy sales mix of domestic and international contracts, as well as our flexibility to quickly pay back.

Miteshkumar Thakkar: looking ahead internationally we expect india to remain a major customer of our highcwith thermal calls specifically for use and industrial application that continues ititss aggressive infrastructure build out

Miteshkumar Thakkar: In her recently announced budget, India's finance minister highlighted that infrastructure spending remains a priority for the country in order to meet Prime Minister Modi's target of making India a developed nation by 2047. Infrastructure spending accounts for one of India's highest budget expenditures, second only to defense spending.

Speaker Change: since two thousand and twenty two yearyears nearly dout at located spending towards infrastructure build out we expect the strenth to continue and create a stey up per demandco particularly for a high-heat content product

Miteshkumar Thakkar: Simultaneously, India is also going through a consolidation phase in its cement industry, where smaller regional producers are being rolled into larger global players, who have demonstrated an ability to take a longer-term view and enter into long-term contracts with companies such as Consul.

Miteshkumar Thakkar: While the industry remains very regional and fragmented, it continues to grow at a healthy pace to support the country's aspirations.

Miteshkumar Thakkar: In the domestic market, due to the recent heatwave experience across much of the country, we have seen increased coal burn and decreased coal stockpiles at domestic power plants, specifically in the markets we serve. According to EVA, NAPCOR's bond increased by approximately 32% in June when compared to May 2024, which resulted in a reduction in its stock price. During the month of July, we saw increased PJM West power prices, which were up approximately 50% compared to June.

Speaker Change: in the domestic market due to the recent heatwave experienced across much of the country we have seen increased coldb and decreased co stockwiles at domestic power pl specifically in the markets weresolve

Speaker Change: According to EVA, nap coal burn increased by approximately 32% in June when compared to May 2024, which resulted in reduction in stockpiles.

Miteshkumar Thakkar: During the month of July, we saw increased PJM West power prices which were up approximately 50% compared to June. We believe this will lead to a further increase in coal burn and reduction in power plant stockpiles even as low natural gas prices continue to weigh on the fuel mix.

Miteshkumar Thakkar: We believe this will lead to a further increase in coal burn and a reduction in power plant stockpile even as low natural gas prices continue to weigh on the fuel mix. Additionally, this heat wave led to an increase in scheduled trains with many of our domestic customers.

Miteshkumar Thakkar: additionally this heatwave led to an increase in schedulle trains with many of our domestic customers

Miteshkumar Thakkar: Looking forward domestically, along with the recent heatwave, there are long-term indicators for potential growth and demand. In late July, the latest PJM 2025-2026 capacity auction settled at just under $270 per megawatt day, an increase of more than 800% compared to prices just one year ago. This appears to be a clear message that the supply-demand balance is tightening.

Miteshkumar Thakkar: Looking forward domestically, along with the recent heat wave, there are long-term indicators for potential growth and demand.

Miteshkumar Thakkar: In late July , the latest PJM 2025-2026 capacity options settled at just under $270 per megawatt day, an increase of more than 800% compared to prices just one year ago.

Miteshkumar Thakkar: The sharp increase in electric demand to meet the requirements of factories, data centers, and broader electrification needs risks straining our electric grids and underscores the need to maintain our existing coal fleet. These capacity auctions provide a critical revenue source for power plants in the region, and these payments aim to ensure that generators are ready to serve the grid whenever the PJM RTO needs them. As such, the significant increase in pricing in the most recent auction is a clear investment signal and could very well extend the life of coal-fired power plants in the PJL.

Miteshkumar Thakkar: The sharp increase in electric demand to meet the requirements of factories, data centers, and broader electrification needs risks straining our electric grids and underscores the need to maintain our existing coal fleet. As such, the significant increase in pricing in the most recent auction is a clear investment signal and could very well extend the life of coal-fired power plants in the PJF. These factors could slow renewable energy growth and the development of data centers, prolong the use of fossil fuels, and extend the energy transition overall.

Miteshkumar Thakkar: This appears to be a clear message that the supply-demand balance is tightening. The sharp increase of electric demand to meet the requirements of factories, data centers, and broader electrification needs risks straining our electric grids and underscores the need for maintaining our existing cold fleet.

Miteshkumar Thakkar: These capacity auctions provide a critical revenue source for power plants in the region and these payments aim to ensure that generators are ready to serve the grid whenever the PJM RTO needs them.

Miteshkumar Thakkar: As such, the significant increase of pricing in the most recent auction is a clear investment signal and could very well extend the life of coal-fired power plants in the PJM.

Speaker Change: A build-up of the transmission lines and distribution grids will be needed in order to handle this increased demand, which will require large amounts of capital and long lead times and could face opposition from affected communities.

Miteshkumar Thakkar: these factors could slow renewable growth and the development of data centinterest prolong the use of fossil fuels and extend the energy transition over all

Miteshkumar Thakkar: CONSOL will continue to support its domestic customers and everyday Americans through its ability to provide an economical, reliable, and dispatchable source of energy, even as it expands its reach to play a significant role in the global infrastructure build-up. Moving on to the contracting front, the tailwinds I just mentioned have helped us increase our contracted book since we last reported. At the PMC, we are near fully contracted in 2024 based on the midpoint of our production guidance, and we have 14.5 million tons contracted for 2025.

Miteshkumar Thakkar: CONSOL will continue to support its domestic customers and everyday Americans through its ability to provide an economic, reliable, and dispatchable source of energy, even as it expands its reach to play a significant role in global infrastructure buildup.

Miteshkumar Thakkar: Moving on to the contracting front, the tailwinds I just mentioned have helped us increase our contracted book since we last reported.

Speaker Change: at the pmc we are near fully contracted in two thousand and twenty-four based on the midpoint of our production items and we are fourteen point fivemillion tons contracted for two thousand and twenty five

Miteshkumar Thakkar: Consistent with the anticipated increase in domestic demand, we recently completed a fixed-price multi-year contract for 4 million tons of the domestic utility to be delivered through 2028, which followed another long-term contract that we previously announced in 1Q24.

Miteshkumar Thakkar: Now let me provide a quick update on our financial results before moving on to our 2024 guidance and outlook. This morning, we reported a strong second quarter 2024 financial performance despite the operational headwinds previously discussed. Furthermore, we spent $55 million in CapEx as we continued to invest in our assets and received some previously delayed equipment at the PMC. Accordingly, we generated $59 million of free cash flow compared to our 1Q24 free cash flow of $41 million despite the reduced turn-in.

Miteshkumar Thakkar: Now let me provide a quick update on our financial results before moving on to our 2024 guidance and outlook.

Miteshkumar Thakkar: We generated net income of $58 million, or $1.96 per dilutive share, and adjusted a bid down of $125 million. Furthermore, we spent $55 million on CapEx as we continued to invest in our assets and received some previously delayed equipment at the PMC. Accordingly, we generated $59 million of free cash flow compared to our 1Q24 free cash flow of $41 million despite the reduced tonnage. Finally, we deployed $13 million through a 10B51 plan towards share buybacks and reduced outstanding debt by $3 million.

Jimmy Brock: Finally, we remain focused on creating long-term value for our shareholders. Our balance sheet is extremely strong, and we built additional flexibility during the second quarter despite navigating reduced export capacity. We are dedicated to prioritizing the highest rate of return and the most advantageous use of our capital. Let me finish by acknowledging once more the hard work of our employees. This quarter, we truly showcased our best asset, our people. Across the organization, we effectively worked together to mitigate the effects of the Port of Baltimore incident as much as possible.

Miteshkumar Thakkar: This morning we reported a strong second quarter 2024 financial performance despite the operational headwinds previously discussed.

Speaker Change: we hundredred in net income of fifty-eight million dollars or dollar ninety-six per deu of share and adjusted a bitada one hundred and twenty-five million dollars

Miteshkumar Thakkar: to

Miteshkumar Thakkar: Furthermore, we spent $55 million in CapEx.

Miteshkumar Thakkar: as we continued to invest in our assets and received some previously delayed equipment at the PMC. Accordingly, we generated $59 million of free cash flow compared to our 1Q24 free cash flow of $41 million despite the reduced tonnage.

Miteshkumar Thakkar: finally with deployed thirteen million dollars through a ten by-five one plan towards share buybacks and reduced outstanding thatb by three million dollars

Miteshkumar Thakkar: At the beginning of 2024, we expected the second quarter to be our strongest quarter of the year due to a seasonally strong shipment schedule and the absence of long-haul moves. However, the temporary closure of the Port of Baltimore significantly impacted our second quarter financial results.

Jimmy Brock: The team successfully optimized our sales book and secured additional export capacity, produced for the market, managed costs, and accelerated some maintenance work to ensure we were ready to throttle up when the channel reopened. I am very grateful for our team members' dedication and extremely pleased with how this unprecedented quarter was managed. With that, I will hand the call back over to Nathan. Thank you, Jimmy.

Miteshkumar Thakkar: At the beginning of 2024, we expected the second quarter to be our strongest quarter of the year due to a seasonally strong shipment schedule and the absence of long haul moves. For our Itman Mining Complex, we are maintaining our sales volume guidance range of 700 to 900,000 tons and remain optimistic about our ability to achieve a full ramp-up.

Nathan Tucker: Thank you, Jimmy. We will now move to the Q&A session of our call. At this time, I'd like to ask our operator to please provide instructions to our callers.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline the polling process, please press the star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any button. One moment, please, for your first question. Your first question comes from Nathan Marvin of Benchmark Company. Please go ahead.

Miteshkumar Thakkar: However, the temporary closure of the Port of Baltimore significantly impacted our second quarter financial results.

Miteshkumar Thakkar: As such, we are working on a business interruption recovery claim with our insurance providers. Now, let me provide a quick update on our outlook for 2024. On the pricing front, given our strong performance in 2Q24, despite the increased transportation costs, we are increasing the bottom end of our average gold revenue per ton sold range by $1 to an updated range of $63.50 to $66.50. Additionally, we are moving up the bottom end of our PMC sales volume guidance range by half a million tons to an updated range of 24.5 to 26 million tons, reflecting our expectations of strong operational performance and a slightly earlier than expected resumption of exports out of Baltimore.

Miteshkumar Thakkar: As such, we are working on a business interruption recovery claim with our insurance providers.

Nathan Marvin: Thanks, operator. Good morning, everyone, and congratulations on the results, especially given the unfortunate events in Baltimore. Thank you, Ned.

Miteshkumar Thakkar: now let me provide a quick update on our outlook for thousand and twenty-four

Nathan Marvin: Maybe I'll start on the pricing side. For the second quarter in a row, price per ton was actually above four-year guidance, despite what I think Mitesh you said was about a two dollar per ton impact due to the alternative transportation you guys had to utilize. Can we talk about the drivers there? Is part of it just a lower shipment denominator in the second quarter, or is this mix related? Would be great to get some more details. Yeah, a lot of that...

Miteshkumar Thakkar: on the pricing front given our strong performancein two q twenty four despite the increased transportation costs we are increasing the bottomend of our average cold revenue perton sold range by one dollar to an updated range of sixty-three and fifty to sixty six and fifty

Miteshkumar Thakkar: Additionally, we are moving up the bottom end of our PMC sales volume guidance.

Miteshkumar Thakkar: range by half a million tons to an updated range of 24.5 to 26 million tons.

Miteshkumar Thakkar: reflecting our expectations of strong operational performance and the slightly earlier than expected resumption of exports are out of balaltimore

Miteshkumar Thakkar: For our Itman mining complex, we are maintaining our sales volume guidance range of 700 to 900,000 tonnes and remain optimistic about our ability to achieve a full ramp-up.

Miteshkumar Thakkar: By the end of this year, given our recent success on the staffing front, but still subject to expected equipment deliveries, staying on schedule.

Miteshkumar Thakkar: Lastly, on the capital expenditures front,

Miteshkumar Thakkar: based on the easing of supply chain bottlenecks and equipment delivery backlogs.

Miteshkumar Thakkar: We are increasing our CapEx guidance range by $10 million to a range of $165 to $190 million, from the previous range of $155 to $180 million.

James Brock: With that, let me turn it back to Jimmy.

Miteshkumar Thakkar: With that, let me turn it back to Ginny.

James Brock: Let me now provide an update on capital allocation. Through a 10-B51 plan put into place in Q-124, we deployed $13 million of our free cash flow to repurchase shares of our outstanding common stock in the second quarter. Year-to-date, through the end of Q2'24, we have spent $71 million returning pre-cast flow to our shareholders in the form of share buybacks. Since restarting our share repurchase program in late 2022, we've retired 6.1 million shares, or approximately 18% of our public float, through June 30, 2024.

Miteshkumar Thakkar: Thank you, Mitesh. Let me now provide an update on our capital allocation strategy.

Miteshkumar Thakkar: Through a 10B-5-1 plan put into place in Q1-24, we deployed $13 million of our free cash flow to repurchase shares of our outstanding common stock in the second quarter.

Miteshkumar Thakkar: Year-to-date, through the end of Q2'24, we have spent $71 million returning pre-cast flow to our shareholders in the form of share buybacks.

Speaker Change: since restarting our share repurchase program in late two thousand and twenty-two we've retired six point one million shares or approximately eighteen percent of our public flowat through june thirty two thousand and twenty-four

Operator: Due to the uncertainty surrounding the Francis Scott Key Bridge collapse and the timing of free cash flow generation in the quarter, which was heavily weighted toward the back half of June, we repurchased fewer shares than we have in recent quarters. As you know, we have consistently disclosed that our vision since 2022 has been to maximize cash flow generation while maintaining a strong balance sheet and liquidity, returning capital to shareholders, and, when prudent, allocating capital toward growth and diversification opportunities.

James Brock: Due to the uncertainty surrounding the Francis Scott Key bridge collapse and the timing of free cash flow generation in the quarter, which was heavily weighted toward the back half of June, we repurchased fewer shares than we have in recent quarters.

James Brock: As we move through the second half of 2024, we remain focused on returning value to our shareholders. As you know, we have consistently disclosed that our vision since 2022 has been to maximize cash flow generation while maintaining a strong balance sheet and liquidity, return capital to shareholders, and, when prudent, allocate capital toward growth and diversification opportunities. During Q2, we slowed our return on capital efforts as we navigated uncertainties around the temporary closure and shipment restrictions at the Port of Baltimore.

Operator: as we move through the second half of two thousand and twenty-four we remain focused on returning value to our shareholders

Operator: as you know we have consistently disclosed that our vision since two thousand and twenty two has been to maximize cashflow generation while maintaining a strong balance sheet and liquidity returning capital shareholders and when prudent allocating capital toward growth and diversification opportunities

Operator: During Q2, we slowed our return of capital efforts as we navigated uncertainties around the temporary closure and shipment restrictions at the Port of Baltimore.

James Brock: Our vision has not changed as we look toward the rest of the year. For the remainder of 2024, we will be focused on a few key areas that we believe are crucial for our company. First, we will continue to focus on running our operations safely and consistently. We have plans in place to mitigate as much of the financial impact of the Port of Baltimore incident as possible. This includes the insurance recovery claim that Mitesh highlighted previously and additional production where possible.

Speaker Change: Our vision has not changed as we look toward the rest of the year. For the remainder of 2024, we will be focused on a few key areas that we believe are crucial for our company.

Operator: First, we will continue to focus on running our operations safely and consistently.

Operator: We have plans in place to mitigate as much of the financial impact of the Port of Baltimore incident as possible.

Operator: This includes the insurance recovery claim that Mitesh highlighted previously, and additional production where possible. The recent PJM auction results provide another indication of improving long-term demand in the domestic market. Internationally, we anticipate strong industrial demand, specifically in India, post-monsoon season as we look to continue filling out more of our book in 2025 and beyond. Finally, we remain focused on creating long-term value for our shareholders. Our balance sheet is extremely strong, and we built additional flexibility during the second quarter to spot navigate reduced export capacity.

Operator: This includes the insurance recovery claim that Mitesh highlighted previously and additional production where possible.

James Brock: Second, we are focusing our efforts on managing our spending levels and constantly identifying ways to mitigate the impact of inflationary pressures. We are prioritizing post-summer contracting as we leverage our high-quality product to layer in multiple, long-term, fixed-price contracts. Domestically, we have already layered in such contracts and will continue to look for similar opportunities. The recent PJM auction results provide another indication of improving long-term demand in the domestic market. Internationally, we anticipate strong industrial demand, specifically in India, post-monsoon season as we look to continue filling out more of our book in 2025 and beyond.

Speaker Change: second we are focusing our efforts on managing our spending levels and constantly identifying ways to mitigate the impact of inflationary pressures

Operator: thir

Operator: we are prioritizing post-summer contracting as we leverage our high-quality products to layer in multiple long-term fixed prst contracts

Operator: domestically we have already layred inse contracts and we'll continue to look for similar opportunities

Operator: the recent pjm oion results provide another indication of improving long-term demand in the domestic market

Operator: internationally we anticipate strong industrial demand specifically in india postmonsoonason as we look to continue fill in that more of our book in two thousand and twenty five and beyond

James Brock: Finally, we remain focused on creating long-term value for our shareholders. Our balance sheet is extremely strong, and we built additional flexibility during the second quarter despite navigating reduced export capacity. We are dedicated to prioritizing the highest rate of return and the most advantageous use of our capital. Let me finish by acknowledging again the hard work of our employees. This quarter, we truly showcased our best asset, our people. Across the organization, we effectively worked together to mitigate the effect of the Port of Baltimore incident as much as possible.

Operator: Finally, we remain focused on creating long-term value for our shareholders.

Operator: our balance sheet is extremely strong and we've built additional flexibility during the second quarter despt navigating reduced export capacity

Operator: We are dedicated to prioritizing the highest rate of return and the most advantageous use of our capital. Let me finish by acknowledging again the hard work of our employees. I am very grateful for our team members' dedication and extremely pleased with how this unprecedented quarter was managed. With that, I will hand the call back over to Nathan.

Operator: We are dedicated to prioritizing the highest rate of return and the most advantageous use of our capital. Let me finish by acknowledging again the hard work of our employees.

Nathan: this quarter we truly showcased our best asset our people

Nathan: Across the organization, we effectively work together to mitigate the effects of the Port of Baltimore incident as much as possible.

James Brock: The team successfully optimized our sales book and secured additional export capacity, produced for the market, managed costs, and accelerated some maintenance work to ensure we were ready to throttle up when the channel reopened. I am very grateful for our team members' dedication and extremely pleased with how this unprecedented quarter was managed. With that, I will hand the call back over to Nathan. Thank you, Jimmy.

Nathan: The team successfully optimized our sales book and secured additional export capacity.

Speaker Change: produced to the market, managed cost, and accelerated some maintenance work to ensure we were ready to throttle up when the channel reopened.

Operator: I am very grateful for our team members dedication and extremely pleased with how this unprecedented quarter was managed.

Nathan Tucker: Yeah, a lot of that was mixed related, Nate. Right now, if you look at our entire portfolio, the average price of our domestic tons exceeds our export tons, and we focused on shipping as many domestic tons during the bridge out as we could, which ultimately boosted our price in the second quarter.

Bob Braithwaite: Was any of that crossover met as well? Did that benefit Bob?

Nathan Tucker: Thank you, Jimmy. We will now move to the Q&A session of our call. At this time, I'd like to ask our operator to please provide instructions to our callers.

Operator: Thank you, Jimmy. We will now move to the Q&A session of our call. At this time, I'd like to ask our operator to please provide the instructions to our caller.

Operator: With that, I will hand the call back over to Nate. Thank you, Jimmy. We will now move to the Q&A session of our call. At this time, I'd like to ask our operator to please provide the instructions to our callers.

Bob Braithwaite: Yeah, it was. We focused on shipping as much as we could in the domestic market and, sorry, the cross-area metallurgical market as well. China was certainly a big taker of that product in the second quarter. We actually moved over 800,000 tons of it to China year-to-date, and it looks like we're going to be well north of a million by the time it's all said and done.

Speaker Change: Thank you. Ladies and gentlemen, we will now begin the question and answer session.

Operator: Should you have a question, please press the star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any button.

Operator: should you have a question please press the star followed by the number one on your attachstone fo you will hear a prompt that your hand has been raised

Operator: Should you wish to decline from the polling process, please press the star followed by the number 2. If you are using a speakerphone, please lift the handset before pressing any keys.

Nathan Marvin: Okay, great. And then maybe related, I know you guys increased the low end of your four-year price return guidance. But even so, that would imply, you know, second half realizations kind of take a step down. So what's driving that assumption? Maybe curious about the API 2 kind of price assumptions you're including there as well.

Speaker Change: One moment, please, for your first question.

Speaker Change: Your first question comes from Nathan Marvin of Benchmark Company. Please go ahead.

Unnamed Caller: Thanks, Operator. Good morning, everyone, and congratulations on the results, especially given the unfortunate events in Baltimore.

Nathan Martin: Thanks to Operator, more and every one, and congrats on the results, especially given the unfortunate event for both more. Thank you, Nate.

Speaker Change: ands operated morening everyone and gras on the results especially given the unfortunate events and baltimore

Nathan Martin: Maybe I'll start on the pricing side. For the second quarter in a row, price per ton was actually above four-year guidance, despite what I think Mitesh you said was about a two dollar per ton impact due to the alternative transportation you guys had to utilize. Can we talk about the drivers there? Is part of it just a lower shipment denominator in the second quarter, or is this mix related? Would be great to get some more details. Yeah, a lot of that...

Speaker Change: thank you

Speaker Change: Maybe I'll start on the pricing side. For the second quarter in a row, price per ton, actually above four-year guidance.

Speaker Change: despite what i think test you said was about a two dollar ton impact due to the alternative transportation you guys had to utilize when we talk about the drivers there is part of it just a lower shipment denominated in the second quarter or is mix related would be great to get more details

Robert Braithwaite: Yeah, a lot of that was mixed related, Nate. Right now, if you look at our entire portfolio, the average price of our domestic tons exceeds our export tons, and we focused on shipping as many domestic tons during the bridge out as we could, which ultimately boosted our price in the second quarter.

Speaker Change: Yeah a lot of that was mixed related Nate. Right now if you look at our entire portfolio the average cost or average price of our domestic tons

Speaker Change: exceeds our export tons and we focused on shipping as much domestic tons during the bridge outage as we can, which ultimately boosted our price in the second quarter.

Unnamed Caller: Was any of that crossover met as well? Did that benefit Bob?

Robert Braithwaite: Was any of that crossover meant as well as that benefit bomb?

Robert Braithwaite: Yeah, it was. We focused on shipping as much as we could in the domestic market, and I'm sorry, the cross-aramidological market as well. China was certainly a big taker of that product in the second quarter. We actually moved over 800,000 tons of it China a year to date, and it looks like we're going to be well north of a million by the time it's all said and done.

Speaker Change: Was any of that crossover met as well? Did that benefit Bob?

Speaker Change: Yeah, it was. We focused on shipping as much as we could in the cross-area metallurgical market as well. China was certainly a big taker of that product in the second quarter. We actually moved over 800,000 tons of China year-to-date, and it looks like we're going to be...

Nathan Martin: Okay, great. And then maybe related, I know you guys increased the low end of your four-year price return guidance. But even so, that would imply, you know, second half realizations kind of take a step down. So what's driving that assumption? Maybe curious about the API 2 kind of price assumptions you're including there as well.

Speaker Change: well north of a million by the time it's all said and done.

Speaker Change: Okay, great. And then maybe related, I know you guys increased the low end of your full-year Price for Ten guidance, but even so, that would imply, you know, second-half realizations kind of take a step down. So what's driving that assumption? Maybe curious what, you know, API 2 kind of price assumptions you're including there as well.

Nathan Tucker: Well, as you know, we reported this morning we're near fully contracted. We have close to 25 million tons put to bed for this year. As we contracted out for the second half, we were able to increase our lower end of the guidance for really two reasons. One, the channel opened, I'd say, a week or two ahead of schedule, which certainly helped us. And then secondly, the balance of the open tons that we did sell was higher than we anticipated as they moved into the crossover market. As I mentioned, China continues to be a big taker of those.

Robert Braithwaite: Well, as you know, we reported this morning we're near fully contracted. We have close to 25 million tons put to bed for this year. As we contracted out for the second half, we were able to increase our lower end of the guidance for really two reasons. One, the channel opened, I'd say, a week or two ahead of schedule, which certainly helped us. And then secondly, the balance of the open tons that we did sell was higher than we anticipated as they moved into the crossover market. As I mentioned, China continues to be a big taker of those.

Speaker Change: Well, as you know, we reported this morning we're near fully contracted. We have close to 25 million tons.

Speaker Change: put the bed for this year as we contract it out for the second half

Speaker Change: We were able to increase our lower end of the guidance for really two reasons. One, the channel opened, I'd say, a week or two ahead of schedule, which certainly helped us. And then secondly, the balance of the open tons that we did sell,

Speaker Change: We're higher than we anticipated as they moved into the crossover market as I mentioned China continues to be a Big taker of those we are mid our midpoint of our pricing guidance is based on $110 API to price So as you know today, we're closer to 120 and the sensitivity there is about nine cents

Nathan Tucker: Our midpoint of our pricing guidance is based on $110 API 2 price. So, as you know, today we're closer to $120. And the sensitivity there is about $0.09 across the entire portfolio. So if we hover around $120 for the back half of the year, that would imply an additional near-dollar uplift from the midpoint of our pricing guidance.

Nathan Martin: Our midpoint of our pricing guidance is based on $110 API 2 price. So, as you know, today we're closer to $120. And the sensitivity there is about $0.09 across the entire portfolio. So if we hover around $120 for the back half of the year, that would imply an additional near dollar uplift from the midpoint of our pricing guidance.

Speaker Change: across the entire portfolio. So if we have around 120 for the back half of the year, that would imply an additional near dollar uplift from the midpoint of the pricing guidance.

Nathan Marvin: Okay, so we could maybe see a bit of an uplift if things kind of stay where they are. Okay, I got it.

Nathan Martin: Okay, so we could maybe see a bit of an uplift if things kind of stay where they are. Okay, I got it.

Speaker Change: Okay, so we could maybe see a little bit of an uplift if things kind of stay where they are. Okay, got it.

Unnamed Caller: Maybe shifting over to your update on the contracting side, you only added about a million tons, I think, in 2025 to 14.5 million tons now. I look back at 2023 and in 2022, for that matter, you guys added roughly 3 million tons between the first and second quarters. And we're sitting materially higher for total commitments as well. So just curious, what's changed there? Are you guys a little bit behind where you want to be? I think Jimmy mentioned that you're kind of prioritizing contracting post-summer. Or is this maybe just due to a heavier export mix? It would be great to get your thoughts there too.

Nathan Marvin: Maybe shifting over to your update on the contracting side, you only added about a million tons, I think, in 2025 to 14.5 million tons now. I look back at 2023 and in 2022, for that matter, you guys added roughly 3 million tons between the first and second quarters. And we're sitting materially higher for total commitments as well. So just curious, what's changed there? Are you guys a little bit behind where you want to be? I think Jimmy mentioned that you're kind of prioritizing contracting post-summer. Or is this maybe just due to a heavier export mix? It would be great to get your thoughts there too.

Nathan Martin: Maybe shifting over to your update on the contracting side, you only added about a million tons, I think, in 2025 to 14.5 million tons now. I look back at 2023 and in 2022, for that matter, you guys added roughly 3 million tons between the first and second quarters. And we're sitting materially higher for total commitments as well. So just curious, what's changed there? Are you guys a little bit behind where you want to be? I think Jimmy mentioned that you're kind of prioritizing contracting post-summer. Or is this maybe just due to a heavier export mix? It would be great to get your thoughts there too.

Speaker Change: maybe maybe shifting over to your update on the contract in side you only added about a million tons that think get two thousand and twenty five at fourteen halfening in tons now

Unnamed Caller: You know, I look back in 23 and in 22 for that matter, you guys added roughly 3 million tons between the first and second quarter.

Speaker Change: and we're sitting you materially higher for total commitments as well so just carcurious going to what's change there you guys a little bit behind where you want to beat a jimmy evvention that you're kind of prioritizing contract ing post summer you know or is this may be just due to heayviyour export makes just would be great to get your your thoughts there to

Robert Braithwaite: So I'd say a couple things, Nate. Number one, we are in the middle of some negotiations internally. So I'd say stay tuned there. I think we'll put some more volume to bed before the next earnings call domestically. And then on the export side, you know, we're being patient. We certainly have opportunities to contract further out. But right now, you know, petco prices are, I would say, near the floor. And then you have freight rates, vessel freight rates that are, you know, near all-time highs. So when you look at that in the negotiations that we've been going on, you know, we didn't think that this price was reasonable. So we decided to kind of take a pause there.

Bob Braithwaite: So I'd say a couple things, Nate. Number one, we are in the middle of some negotiations internally. So I'd say stay tuned there. I think we'll put some more volume to bed before the next earnings call domestically. And then on the export side, you know, we're being patient. We certainly have opportunities to contract further out. But right now, you know, petco prices are, I would say, near the floor. And then you have freight rates, vessel freight rates that are, you know, near all-time highs. So when you look at that in the negotiations that we've been going on, you know, we didn't think that this price was reasonable. So we decided to kind of take a pause there.

Speaker Change: So I'd say a couple things, Nate. Number one, we are in the middle of some negotiations domestically. So I'd say stay tuned there. I think we'll put some more volume to bed before the next earnings call domestically. And then on the export side, you know, we're being patient. We certainly had opportunities to contract further out.

Speaker Change: But right now, you know, petco prices are, I would say, near the floor. And then you have freight rates, vessel freight rates that are, you know, near all-time highs. So when you look at that in these negotiations that we've been, you know, we didn't think that this price was reasonable, so we decided to kind of take a pause there. The demand is certainly still there, and I think, you know, back half of the year we'll be successful in concluding some more volume into the export market. But then I'll also say...

Robert Braithwaite: The demand is certainly still there, and I think, you know, in the back half of the year, we'll be successful in putting some more volume into the export market. But then I'll also say, as Mitesh mentioned, this PJM auction is really opening up a lot of eyes, and I think there's going to be more demand domestically as well, which should boost prices. So we always sell to the best market.

Bob Braithwaite: The demand is certainly still there, and I think, you know, in the second half of the year, we'll be successful in concluding some more volume for the export market. But then I'll also say, as Mitesh mentioned, this PJM auction is really opening up a lot of eyes. And I think there's going to be more demand domestically as well, which should boost prices. So we always sell to the best market.

Speaker Change: You know, as Mitesh mentioned, this PJM auction is really opening up a lot of eyes and I think there's going to be more demand domestically as well, which should boost prices. So we always sell to the best.

Robert Braithwaite: And we're going to continue to do that. We have an idea in the back of our head we're willing to try today. And as we just mentioned, too, on the call, we did a four-year deal. And the average price for that four-year deal across the term was close to $60. And, you know, that's kind of where our goalposts are right now. And as we see, as we move forward, we're going to expect to continue to contract near that level.

Bob Braithwaite: And we're going to continue to do that. We have an idea in the back of our head of where we're willing to go today. And as we just mentioned, too, on the call, we did a four-year deal. And the average price for that four-year deal across the term was close to 60 bucks. And, you know, that's kind of where our goalposts are right now, and as we move forward, we're going to expect to continue to contract at that level.

Speaker Change: to the best market and we're going to continue to do that. We have an idea in the back of our head where we're willing to contract today. And as we just mentioned, too, on the call, we did a four-year deal. And the average price in that four-year deal across the term was close to $60.

Speaker Change: and that's kind of where our goal postsare right now and as we see as we move forward we'regoing to pect to continue to contract near that level

Bob Braithwaite: And Nate, also remember that there is inherent lumpiness in our contracting in general, and with us becoming more export-oriented than usual, I think that also impairs our ability to do long-term contracting, although, as Bob mentioned, a lot of domestic opportunities are opening up that could counterbalance that.

Robert Braithwaite: And Nate, also remember that there is inherent lumpiness in our contracting in general. And with us becoming more export-oriented than usual, I think that also impairs our ability to do long-term contracting, although, as Bob mentioned, a lot of domestic opportunities are opening up that could counterbalance that.

Unnamed Caller: And they should also remember that there is inherent lumpiness in our contracting in general. And with us becoming more export-oriented than usual, I think that also impairs our ability to do long-term contracting, although, as Bob mentioned, a lot of domestic opportunities are opening up that could counterbalance that.

Bob: And they'd also remember that there is inherent lumpiness in our contracting in general and with us becoming more export oriented than typical, I think that also impairs our ability to...

Unnamed Caller: do long-term contracting, although as Bob mentioned, a lot of domestic opportunities are opening up that could counterbalance that.

Nathan Martin: Okay, appreciate those thoughts, guys. And then maybe just one last one, sticking with 25, that 14.5 million tons, Bob, could you kind of give us your usual breakdown of what buckets those go into and then maybe the approximate price they're contracted at?

Bob Braithwaite: Okay, appreciate those thoughts, guys. And then maybe just one last one, sticking with 25, that 14.5 million tons, Bob, could you kind of give us your usual breakdown of what buckets those go into and then maybe the approximate price they're contracted at?

Speaker Change: Okay, appreciate those thoughts guys. And then maybe just one last one, sticking with 25, that 14 and a half million tons, Bob, could you kind of give us your usual breakdown of what buckets those go into and then maybe the approximate price they're contracted at?

Robert Braithwaite: Yeah, so it's about two and a half million linked to power. 6.9 is domestic and fixed, and the balance is export.

Bob Braithwaite: Yeah, so it's about two and a half million linked to power, 6.9 is domestic and fixed, and the balance is export. And all the, I should say all but 300,000 tons have ceilings and floors, and they're index linked; 300,000 tons of that would be fixed.

Bob: Yeah, so it's about two and a half million link to power, 6.9 is domestic and fixed, balance is export.

Robert Braithwaite: And all the, I should say all but 300,000 tons have ceilings and floors, and they're index-linked. 300,000 tons of that would be fixed. Our current sensitivity right now, to give you an idea, is about 14 cents per every dollar change in API 2, based on a 26 million ton production rate. I will tell you that we're forecasting a $100 API 2 price in that number. As you know, it's higher today, and at the $100 API 2 price, we're looking at low 60s across the 14 and a half million. Okay, great. Very helpful.

Bob: And all the, I should say all but 300,000 tons have ceilings and floors and are index-linked.

Nathan Marvin: Our current sensitivity right now, to give you an idea, is about $0.14 per every dollar change in API 2, based on a 26 million ton production rate. I will tell you that we're forecasting a $100 API 2 price in that number. As you know, it's higher today, and at $100 API 2, we're looking at the low 60s across the $14.5 million. Okay, great. Very helpful.

Speaker Change: 300,000 tons of that would be fixed. Our current sensitivity right now, to give you an idea, is about $0.14 per every dollar change in API 2 based on a 26 million ton production rate. I will tell you that we're forecasting $100 API 2 price.

Speaker Change: in that number. As you know, it's higher today, and at a $100 API 2 price, we're looking at low 60s across the 14.5 million tons.

Nathan Marvin: Okay, great. Very helpful, guys. Appreciate the time and best of luck in the second half.

Nathan Martin: Okay, great. Very helpful, guys. Appreciate the time and best of luck in the second half.

Unnamed Caller: Okay, great. Very helpful.

Unnamed Caller: Okay, great. Very helpful, guys. Appreciate the time and best of luck in the second half.

Unnamed Caller: Okay, great. Very helpful guys. Appreciate the time and best of luck in the second half.

Unnamed Caller: Thanks.

Operator: As a reminder, if you wish to ask a question, please press star 1 on your telephone keypad. Your next question comes from Lucas Pipes of B. Reilly Security. Please go ahead.

Operator: As a reminder, if you wish to ask a question, please press star 1 on your telephone keypad. Your next question comes from Lucas Pipes of BRID Security. Please go ahead.

Speaker Change: As a reminder, if you wish to ask a question please press star 1 on your telephone keypad.

Lucas Pipes: Your next question comes from Lucas Pipes of B. Reilly Security. Please go ahead.

Speaker Change: Your next question comes from Lucas Pites of BRI Lease Security. Please go ahead.

Lucas Pipes: Thank you very much, Operator. Good morning, everyone.

Lucas Pipes: Yeah, way to manage that challenging Q2. I wanted to ask about 2025. Bob, did you mention kind of where that average price of the contracted business, 14.5 million tons, would sit with that $100 per metric ton API2 assumption?

Lucas Pipes: Thank you very much, Operator. Good morning, everyone. Way to manage that challenging Q2. I wanted to ask about 2025.

Lucas Pipes: Way to manage that challenging Q2. I wanted to ask about 2025. Bob, did you mention kind of where that average price of the contracted business, 14.5 million tons, would sit with that $100 per metric ton API-2 assumption?

Lucas Pipes: Bob, did you mention kind of where that average price of the contracted business, 14.5 million tons, would sit with that $100 per metric ton API2 assumption?

Bob Braithwaite: Low 60's Lucas

Robert Braithwaite: Low 60s, Lucas

Lucas Pipes: And then the sensitivity you mentioned, 14 cents based on 26 million tons. Just to clarify there, is that making an assumption on additional export sales, obviously, like on, I would assume on, higher export sales sensitivity could be higher. So just wanted to make sure it's clear. Yes.

Lucas Pipes: Those 60s and then the sensitivity you mentioned, 14 cents based on 26 million tons. Just to clarify there, is that... making an assumption on additional export sales, obviously, like on, I would assume on, higher export sales sensitivity could be higher. So just wanted to make sure it's clear. Yes.

Lucas Pipes: Low 60s, Lucas.

Lucas Pipes: sixty s and then the sensitivity you mentioned fourteen cents based on twenty six million tons just just just to clarify there is that is that

Speaker Change: Making an assumption on additional export sales obviously like on I would assume on

Speaker Change: A higher export sales sensitivity could be higher, so I just wanted to make sure it's clear. Yeah, so to be clear, the volume that we currently have under contract, every dollar movement would be 14 cents based on 26 million. So if we were to add to that...

Robert Braithwaite: Yeah, so to be clear, the volume that we currently have under contract, every dollar movement would be 14 cents based on 26 million. So if we were to add to that... If we were to add to the, I'll say, index link book, that certainly would change the sensitivity.

Bob Braithwaite: Yeah, so to be clear, the volume that we currently have under contract, every dollar movement would be 14 cents based on 26 million. So if we were to add to that, if we were to add to the, I'll say, index link book, that certainly would change the sensitivity.

Lucas Pipes: If we were to add to the, I'll say, index link book, that certainly would change the sensitivity.

Speaker Change: If we were to add to the, I'll say, index link book, that certainly would change the sensitivity.

Lucas Pipes: Got it, so it's uh uh all five five five plus million tons of exports today, and based on those tons, the sensitivity is 14. That is correct, very helpful. Thank you for that clarification.

Lucas Pipes: Got it, so it's uh uh all of five five five plus million tons of exports today, and based on those, that is correct. Understandably, in the second quarter, you were a bit reluctant on the buyback side, but now with you managing that situation so well, a strong cash flow outlook for the second half. How do you think about the minimum allocation of available free cash flow to buybacks? Should we anticipate a catch-up in the second half of this year?

Lucas Pipes: Got it, so it's uh uh all five five five plus million tons of exports today, and based on those Hans, the sensitivity is 14. That is correct, very helpful. Thank you for that clarification.

Speaker Change: Got it. So it's all five plus million tons of exports today and based on those tons the sensitivity is 14 cents.

Speaker Change: That is correct.

Lucas Pipes: book

Lucas Pipes: I wanted to switch to capital returns and Jimmy Mitesh. Understandably, in the second quarter, you were a bit, you know, reluctant on the buyback side, but now with you managing that situation so well, and with a strong cash flow outlook for the second half, how do you think about kind of the minimum allocation of available free cash flow to buybacks? Should we anticipate kind of a catch-up in the second half of this year? Thank you very much.

Lucas Pipes: I wanted to switch to capital returns and Jimmy Mitesh. Understandably, in the second quarter, you were a bit, you know, reluctant on the buyback side, but now that you have managed that situation so well, and with a strong cash flow outlook for the second half, how do you think about kind of the minimum allocation of available free cash flow to buybacks? Should we anticipate kind of a catch-up in the second half of this year?

Speaker Change: Very helpful. Thank you for that clarification.

Speaker Change: I wanted to switch to capital returns.

James Brock: Thank you very much.

Speaker Change: Understandably, in the second quarter, you were a bit reluctant on the buyback side, but now with you managing that situation so well,

Speaker Change: Strong cash flow outlook for the second half. How do you think about the minimum allocation of available free cash flow to buybacks? Should we anticipate a catch-up in the second half of this year? Thank you very much.

Jimmy Brock: Yeah, well, Lucas, as I said in my prepared remarks, our vision hasn't really changed. We remain, you know, we want to maximize cash flow generation. We want to maintain a strong balance sheet and liquidity, and then we want to return capital back to our shareholders. And when prudent, we always look at it, allocating capital toward compelling growth or diversification opportunities that we have. Now in the second half of this year, in the fourth quarter, we'll be looking at several capital and market opportunities, including refinancing those Medco bonds at Baltimore, exercising the corresponding features to increase the upside of our revolver, and renewing the securitization facility that could impact our ability to buy back shares in the market. But our vision and goal have not changed one bit on that. We still want to return capital to our shareholders, and we want to return it at the highest rate reasonable.

Lucas Pipes: Yeah, well, Lucas, as I said in my prepared remarks, our vision hasn't really changed. We remain, you know, we want to maximize cash flow generation. We want to maintain a strong balance sheet and liquidity, and then we want to return capital back to our shareholders. And when prudent, we always look at it, allocating capital toward compelling growth or diversification opportunities that we have. Now in the second half of this year, in the fourth quarter, we'll be looking at several capital and market opportunities, including refinancing those Medco bonds at Baltimore, exercising the corresponding features to increase the upside of our revolver, and renewing the securitization facility that could impact our ability to buy back shares in the market. But our vision and goal have not changed one bit on that. We still want to return capital to our shareholders, and we want to do so at the highest rate of return.

Unnamed Speaker: Thank you very much. Yeah, well...

Speaker Change: Yeah, well, Lucas, as I said in my prepared remarks, you know, our vision hasn't really changed. We remained, you know, we want to maximize cash flow generation. We want to maintain a strong balance sheet and liquidity. And then we want to return capital back to our shareholders.

James Brock: That helps. Thank you for that color.

Unnamed Speaker: And when prudent, we always look at it, allocating capital toward compelling growth or diversification opportunities that we have. Now in the second half of this year, in the fourth quarter, we'll be looking at several capital and market opportunities, including refinancing those Medco bonds at Baltimore, exercising the corresponding features to increase the upside of our revolver, and renewing the securitization facility that could impact our ability to buy back shares in the market. But our vision and goal have not changed one bit on that. We still want to return capital to our shareholders, and we want to do so at the highest rate of return.

Unnamed Speaker: And when prudent, we always look at it, allocating capital toward compelling growth or diversification opportunities that we have. Now, in the second half of this year, in 24, we'll be looking at several capital and market opportunities, including.

Unnamed Speaker: refinancing those MEDCO bonds at Baltimore, exercising the according features to upside our revolver.

Unnamed Speaker: renewing the securitization facility that could impact our ability to buy back shares in the market. But our vision and goal has not changed one bit on that. We still want to return capital to our shareholders and we want to return at the highest rate of return.

Lucas Pipes: That's helpful. Thank you for that color.

Speaker Change: that's that's hel thank thank you for for that color

Lucas Pipes: Very helpful. In terms of ITMIN and the more challenging METCOL price environment, could you speak a little bit about where that asset sits on the cost curve today, and any guidance on how that might change with continued productivity improvements? Thank you very much.

Lucas Pipes: Very helpful. In terms of ITMIN and the more challenging METCO price environment, could you speak a little bit about where that asset sits on the cost curve today and give any guidance on how that might change with continued productivity improvements? Thank you very much.

Speaker Change: Very helpful. In terms of ITMIN and the more challenging net coal price environment, could you speak a little bit to where that asset sits on the cost curve today?

Unnamed Caller: and the more challenging Metcalfe price environment. Could you speak a little bit about where that asset sits on the cost curve today and give any guidance on how that might change with continued productivity improvements? Thank you very much.

Speaker Change: any guidance how that might change with continued productivity improvements. Thank you very much.

Jimmy Brock: Yeah, well obviously we could, you know, we want to increase the production at Ipman. But it's still, Lucas, one on a positive note, like I said in the remarks, we have been able to hire some people there, get the workforce fully staffed. We believe we can run five of those sections, which is definitely going to help on the production side. And we were restricted a little bit there, too, during Q2 with the bridge outages because of our third-party tons that we're bringing in and running through the plant.

Unnamed Speaker: Yeah, well obviously we could, you know, we want to increase production at Ipman. But it's still, Lucas, one on a positive note, like I said in the remarks. We have been able to

James Brock: Yeah, well obviously we could, you know, we want to increase the production at Ipman. It's still, Lucas, one positive note, like I said in the remarks, we have been able to hire some people there and get the workforce fully staffed. We believe we can run five of those sections, which is definitely going to help on the production side. And we were restricted a little bit there too, you know, during Q2 with the bridge outage because of our third-party tons that we're bringing in and running through the plant.

Unnamed Speaker: Yeah, well obviously, we could, you know, we want to increase the production at Edmond. It's still, Lucas, one positive note, like I said in the remarks, we have been able to

Speaker Change: Hire some people there, get the workforce up fully staffed. We believe we can run five of those sections, which is definitely going to help on the production side. And we were restricted a little bit there too, you know, during Q2 with the bridge outage because of our third party tons that we're bringing in and running through the plant.

James Brock: But we still need the equipment there as soon as we can get it, and we're very hopeful. We just had a meeting with our suppliers. We're very hopeful to get those two miners as they have promised here, you know, in the third quarter. And if we do, we think we're going to see improved production. Just like I said in my remarks, we'll begin the pillaring section, and I think it's going to

Jimmy Brock: But we still need the equipment there as much as we can get, and we're very hopeful. We just had a meeting with our suppliers. We're very hopeful to get those two miners as they have promised here, you know, in the third quarter. And if we do, we think we're going to see improved production. Just like I said in my remarks, we'll begin the pillaring section. And I think it's going to be a lot better.

Speaker Change: but we still need the equipment there.

Speaker Change: to where we can get and we're very hopeful we just had a meeting with our suppliers

Speaker Change: We're very hopeful to get those two miners as they have promised here, you know, in the third quarter. And if we do, we think we're going to see improved production. Just like I said in remarks, we'll begin the pillaring section.

Jimmy Brock: It's really hard to hold those guys accountable down there and drive them when we really don't have the equipment. They have had a lot of breakdowns because of the delays we have. And I think we'll be able to wrap this up and give you better cost guidance once we get some steady production and we know what we're doing there. But I'll say this.

James Brock: It's really hard to hold those guys accountable down there and drive them when we really don't have the equipment. They have had a lot of breakdowns because of these delays we have. And I think we'll be able to wrap this up and give you better cost guidance once we get some steady production and we know what we're doing there. But I'll say this: it is improving.

Speaker Change: and I think it's going to be a lot better. It's really hard to hold those guys.

Speaker Change: you know accountable down there and drive them and we really don't have the equipment they got a lot of breakdowns because of these delays we have and I think we'll be able to wrap and give you better cost guidance once we get some steady production and we know what we're doing there but I'll say this it is improving

Unnamed Caller: Timmy, I appreciate the caller. To you and the team, continue the festival.

Lucas Pipes: Timmy, I appreciate the caller. To you and the team, continue the festival. Thanks, Lucas.

James Brock: Jimmy, I appreciate the caller. To you and the team, continue the festival. Thanks, Lucas. Thank you, Lucas.

Speaker Change: Timmy, I appreciate the caller. To you and the team, continue best of luck.

Speaker Change: Thanks, Lucas. Thank you, Lucas.

Operator: There are no further questions at this time. That concludes our questions and answers.

Nathan Tucker: There are no further questions at this time. That concludes our question and answer session. I'd like to turn the conference back to Nathan Tucker for closing remarks. Thank you.

Operator: There are no further questions at this time. That concludes our question and answer session. I'd like to turn the conference back to Nathan Tucker for closing remarks. Thank you.

Nathan Tucker: there are no further questions of this time that concludes our question and answer session i'd like to turn back to nason packer for closing remarks

Nathan Tucker: Thank you. On behalf of the CONSOL team, I'd like to thank you for joining us this morning and for your support of CONSOL Energy. We hope we have answered your questions, and we look forward to speaking with you on our next call. Thanks. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Nathan Tucker: Thank you. On behalf of the CONSOL team, I'd like to thank you for joining us this morning and for your support of CONSOL Energy. We hope we answered your questions and we look forward to speaking with you on our next call. Thanks.

Speaker Change: ladies and gentlemen this concludes today's conference call thank you for your participation you may now disconnect

Operator: Michael Dudas, Miteshkumar Thakkar, Nathan Martin, Miteshkumar Thakkar, Nathan Tucker, Robert Braithwaite, CONSOL Energy Michael Dudas, Miteshkumar Thakkar, Nathan Martin, Miteshkumar Thakkar, Nathan Tucker, Robert Braithwaite, CONSOL Energy

Operator: .. .. .. .. ...

Operator: Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite Michael Dudas, Michael Dudas, Michael Dudas, James Brock, Miteshkumar Thakkar, Robert Braithwaite I'm sorry. I'm sorry.

Q2 2024 CONSOL Energy Inc Earnings Call

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