Earnings call transcript Q2 2023

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Operator

Good morning, and welcome to the CONSOL Energy Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

to Finance conference and like Tucker, to now of Director Investor would turn over the Nathan I Relations. Please go ahead.

Nathan Tucker

Thank to release CONSOL which we conference We morning, are subject of Exchange everyone. and events quarter our future outlined certain make considered good statements earnings forward-looking of risks, statements we forward-looking XXXX. call. meaning you SEC Act the XXXX Securities the Any in events filings comments about forward-looking have to Energy's are and second not or obligations Section in Welcome our or any of and within XXE any undertake of do of statements otherwise. updating future for press

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

Form XX, morning. the our we for quarter report this SEC XX-Q the June on ended with Additionally, quarterly filed XXXX

regarding You morning. which deck this can posted find additional that was supplemental the company includes the also our slide www.consolenergy.com, website on information

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

which our closing an Jimmy also provide his update comments a quarter XXXX be on prepared remainder will In Bob will detailed recap remarks marketing In his achievements remarks, will the the in of key participate. then of Q&A our XXXX updated After for prepared session financial will a out year. and outlook. Mitesh operations. discussion Jimmy lay our a the priorities provide there our and progress, will second of and our

to me turn let that over Jimmy. With it

Jimmy Brock

and good everyone. Thank you, Nate morning,

an Fully CONSOL highest second adjusted during two history. During Energy We added levels shares our the our and achieved repurchased a position on and capacity achieved our strong for incremental, term generated second to $XX cash facility million fronts. net in in the B revolving of common time EBITDA the history free quarterly roughly our flow credit retired loan quarter stock. flow delivered the first the using results cash cash multiple outstanding quarter, second of our million free

second a than The also but revenue through margin five average realized tons its ton Marine achieved QX Last least, sold quarterly highest sold per million quarterly we PAMC Terminal, cash record. ton during more shipped not our is per XXXX. also which CONSOL and

QX program theme with majority strategy retiring the buybacks end capital the quarter generated with debt. our of of again the and In second flow deployed towards towards going every of that announcing dollar at robust keeping XXXX allocation remainder in shareholder we the of outstanding most of since XXXX enhanced our cash we return the share our free

is highlight the generated Also XXXX our further To free which allocation strategy, in XX, towards target retire pivot buybacks XXXX. allowed to shareholder on has recent returns of us debt quarters position million of then. the dictated capital XX% our levels. specifically this, since total public now cash $XXX we've near we pivoted fact flow of as This July through since has our QX focused float yet that more largely considering our unchanged share remained by as cash nearly end

Let's now performance. discuss our operational

quarter employee and front, Itmann second each CONSOL of safety XXXX. Marine Plant Preparation zero Bailey the recordable incidents Preparation, during the On Terminal our had

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

of in Mining seven at Pennsylvania Complex XXXX. tons tons QX XXXX, came the production X.X of million in million to a QX reduction Coal at compared in

was on second our QX. PAMC longwall quarter compared none call in earnings However, driven last multiple and to this the the in was by moves telegraphed expected and at

moves QX for cash associated with average PAMC per tons longwall the XXXX. ton compared to production was The in good average in tracked cost XXXX increase the per impaired our leverage front, cost is mentioned the quarter, year-to-date to below mostly in the range. which The news our slightly prior reduction our was sold of our cash sold midpoint basis, a due of on $XX.XX previously coal the fixed ton guidance On QX $XX.XX cost of compared cost to coal has the quarter.

ITMA. to on Moving

sections the run second full At ramp-up near the Mains continuous the During end West miner quarter underground of all long-term the our of One construction and intersection completion. nearly work complete. production super to rate were three installed quarter, for XXXX, was

encountered in geology, section much than in and need anticipated. first the which half conditions to and expedited number the during intrusions sandstone transition multiple slower as originally CM to mining challenging sections of One created three, However, West. was such this infiltration XXXX We ramp-up water difficult

the construction enable wrapping Now coal will of blocks mine. reserve, up. the to average This three different production super sections several across produce work rates the and balanced higher in quality targeting

allowed Additionally, in to increase the which quarter. to improve throughout us the levels continue markets QX, labor staffing

variety tons combined to are actively product for of this The both Itmann coal markets abroad. Mining tons of Year-to-date, third-party product Itmann sold our Itmann the complex There sold in third-party the and Itmann XX,XXX XXX,XXX second of strong across a and of XXXX XXX,XXX of during coal, aggregate Complex continues Mining and and Itmann during produced marketing tons and be quarter. quarter coal. interest domestically a the we

our provide million XX% achievable. with debottlenecking annual shy mining tons of at effective just total to of that from our through and Moving of have second than year rate the QX XX On XX XXXX, annualized to increased of X.X shipped coming million Terminal. quarter. shipped year-to-date the the up Pennsylvania throughput CONSOL QX a an that These efforts tons. tons our achievements million we tangible terminal, record tons consecutive We million our noteworthy prior during that complex. quarter tons evidence tons X.X with basis, and capacity to been This million greater is in XX representing volume Marine XXXX a in X.X our compares throughput terminal million achieved

materializing prior a at period. to for costs finished million. and terminal-to-date EBITDA This efforts $X significant achieved came $XX.X debottlenecking railroad we added more at being to is revenues factors; cash translates record million export thus in an our a members team export strong increased to combination far our $XX.X tons to quarterly ability and toward our longer-term operating that of PMC quarter markets. CMT growing strategy our million of the the the adjusted year success including more execute into strategic were $XX.X the in of record Terminal relationship CMT new also due dedication focused million and goal our capacity with of moving a compared This at CMT partners.

that Mitesh. With the call will turn I over to

Mitesh Thakkar

Jimmy you, morning, Thank good everyone. and

progress. with our coal start of In marketing trend the demand me product, front first quarter our a see and the on year, Let contracting similar as this domestic we for continued to an update under in for weak overhang first market lower remain pressure to generation resulted turn reduced natural a This power demand due weather. in gas of quarter, demand warm the winter the prices. winter in which the heating to warmer-than-normal

Since the quarter. stockpile then, second seen and during restocking reduced needs levels domestic elevated customers have

the remains divert quarter particularly strong, market crossover and again industrial of a was However, the once into the export second assets, high-quality in demand and and to during the additional team marketing tons product respond quickly metallurgical significant able our the our due number product markets. where of advantage our to for

India million serve incremental market. XXX brings Indian risen is are to capacity capacity in nearly this due eight content our market desired urbanization an grow current to infrastructure XX% and rapid our years, industrial the in that to customers largest expecting for The cement continue which to government market. in installed This we spending million tons, exciting capacity. us, Cement the on substantially total tonnes. as a has product higher and is high past heat India is adding XXX in increase premium housing, Furthermore,

to continues supply growth in telegraphic of our expand. continues demand for product high markets several Global decline, while value to products

On the XXX,XXX years. highest one which the front, approximately we we crossover have metallurgical of levels XXXX in during achieved quarterly is recent tons XQ shipped

are of our sulfur With our seeing the product. longwall has lower for demand which increased mine commissioning Fork content Enloe we fifth

Additionally, Russian should move as to to continue markets America particularly taking countries in more market This are certain us on becoming serve bode long-term from we well for the they focus Latin dependent share moving Asian supplies additional US as we away coals. expect and on forward.

coal million During PMC XQ we of tonne at realized XXXX the average core at period. ago tonnes sold million X.X revenue per an in to year tonnes X.X sold $XX.XX compared $XX.XX of

export crossover the domestic industrial of outpaced market history. revenues market sales the the only export into generation has XX% our into the income consecutive sales XX% during including in for market. and our XQ recurring second happened XXXX the other market market and twice export accounted the Overall, which power from For from sales into XX% total export metallurgical quarter, industrial

market. fact, power in for XQ of of year XX% power is a a XX% the for and This optimization sales marketing weakness less on income strategies. compared export than a our our on accounts now basis, XXXX tons revenues us is accounted in to into our in success other generation a market shifting portfolio gen Furthermore, is income a and shift dependence short offset portion which of true in our domestic domestic than full testament domestic significant mix a in the In generation substantial period power the the recurring to revenues our XXXX. market of of to for shrinking our other XX% and more recurring and only year-to-date differentiator domestic reduces

market market demand million The tons our were these team market in the shift by the despite towards strategic PMC challenging During we position tons sold a with our line increased to sold through opportunistically our environment, the continue for at export increase where industrial sales X.X majority quarter, export of delivery our growth. into forward penetration XXXX.

XXXX, into to domestic should that price these fixed under as market we the strategic a of However, portion still have sold enter appetite with arrangement through into suppliers. an domestic were mention utilities as tons agreements well long-term a

contracted tons have been to well this point progress export we fully in XXXX the remains remain XX.X several beyond puts XXXX contracted of robust at for the us million have years. markets. past which XXXX We and specifically ahead over for near schedule as Contracting compared where XXXX for

on and amendment me sheet Revolbord recent financial provide discussing our results. progress an let update before our balance Now management

facility upsized credit XX% capacity successfully incremental from lenders. the revolving multiple to the of facility we included our add During amended quarter of which the of million to new $XX existing lenders commitments second commitment from XXXX, and

this capacity year, a As extend pressures. of $XXX banks to not to million ESG their several $XXX elected in to million revolver commitments March due our reminder, then reduced as was

again totaling These new brought declines. in in time, the banking to partially once this new from that their round secured offset multiple more we new partners banking At than commitments additional partners commitments and million elected partners. which latest $XXX we upsize

As flexibility specifically certain maintains Furthermore, investments revolving borrowing facility capacity of in credit now million and restrictive such, $XXX which we execute based has shareholder around XXXX leverage capital were forward. moving covenants, provides these maturity. a the Majority July and more simplified are easing returns, and a been of to covenants allocation and successful liquidity most us have covenants now our strategy.

noteworthy, for asset demonstrates and generally operate our This base market in profile, with upsizing our ongoing challenging the believe high-quality capital companies we We is and which access of given business. prudence credit environment recent strength our banking significantly particular. current CONSOL amendment highlights improved Energy the this and for the coal

ranks credit a the S&P improved core corporate our Global for our US publicly at stable profile the us increased with B+ top rating of all list Ratings traded companies. credit and recognized which to outlook, also

gross balance of during and of which XX% executing 'XX, flow. XQ the our free cash amendment. towards level we was million our $XXX debt front, deployed reducing Approximately first, sheet On management revolver generated

of During the loan notes. retired redeemed our million lien $XX term fully our we second quarter, and B

that in factoring net for short-term in investments, a first the report are time when we unrestricted pleased our our history. cash Second, position and achieved to cash we

million. As of of June cash net XX, a had position we $XX

in with robust our Third, million. the position successful conjunction liquidity a of finished $XXX quarter with revolver we amendment,

bonds our redemption finance discretionary million, to made plus the CONSOL since end forma at report various fully level we pleased Terminal retire the which the I'm municipal approximately our second gross a brings quarter, pro $XX Pennsylvania is leases. lien Marine complex, Fourth, equipment mining of our of and This notes. comprised to to million that the debt second tax-exempt $XXX

are Most debt importantly, and pieces the in manageable that markets. we our positioned capital size in believe stable of remaining

maturities are multiple the Additionally, separated years. by

our and bonds XXXX late in mature bonds CMT Our refuse mature disposal PMC XXXX. in

share. our per me let diluted XXXX second of recap financial reported financial morning, a $X.XX or This results. Now, with performance $XXX million net quarter we income strong

generated and million flow. XQ we $XXX of $XXX EBITDA Additionally, with finished 'XX million of adjusted free cash

Let generation me flow this cash put perspective. free into

$XX no compared in generated we cash second in taxes nearly million which to cash $XXX partially 'XX, During free million where flow, payments in XQ distorts comparison. paid the quarter, the we

a update provide me outlook on our let quick Now, for XXXX.

for front, as we export the and significant of domestic million XX we Complex, are cash and despite guidance sales XX our the decline reiterating guidance $XX Mining a to take continue in our $XX cost demand portfolio On ton, range range of advantage tonnes optimize per of million Pennsylvania volume to to markets. year-to-date,

However, previous due realized tonne. per from sold to coal slightly of APIX a $XX are our range of to expected the top forward we by per to ton the reduced $X to reducing average $XX tonne of revenue $XX $XX prices, per range end

XXX,XXX are adjusting stable more range to XXXX to tons mine, of XXX,XXX Itmann intend we the results, our operating guidance. XXX,XXX guidance previous tonnes. the due down Once the slower-than-expected Itmann to provide XXX,XXX we For ramp-up from quarter, achieved to range our production during detailed second to

are the rate We delayed We confident are for patience run in that thank full progress, our you of production. by your which ramp disappointed has to gradual we we this to are point. detailed turn guidance and nearing provide ability

front, on million are our the capital we maintaining XXXX. $XXX $XXX to of range guidance expenditures Lastly, million for

With it me to let back that, Jimmy. turn

Jimmy Brock

you, Mitesh. Thank

deployed for an repurchases second cash provide program. quarter approximately end put approximate our accomplished our quarter combination July. was million return and We XXbX-X of outstanding during now shares two an This repurchasing of through of roughly place $XX the plan me free update the Let stock. flow a toward in million shareholder common on generated month of the XX%

across cash flows view in choppy during to market to XXbX-Xs We also blackout be earnings smooth potentially necessary as used a us buybacks our to to tool or periods. when monthly share the allow out remain

approximately X $XXX shares share XX% XXXX. brings per year-to-date of as million free CEIX we to public the million QX of as repurchases July flow million at our nearly shares, average of year-end or towards $XX total, cash nearly a share. deployed weighted This our stock, In XXXX of of float repurchasing price of end our X.X of

to dividends QX enhanced share more approximately program $XX Since we've per than returned our introducing shareholder and via an our return XX-month XXXX, and shareholders in period. buybacks

to returns As quarter, last of share the over now and we prioritize moving buybacks to buybacks mentioned continue form right view dividends shareholder as most forward. intend accretive

on areas crucial for of a key are that half company. we XXXX, back the For believe we remain our focused few

our enter remains diversify high-quality as first sales half the advantageous post which contracting First, of we summer proven continue in the streams our to our build season products team our and book, out focused XXXX. on revenue to contract has leveraging

of the forward. and on arbitrage contract further as made existing the moving book our deliver have book market highest is year. backdrop XXXX allow possible despite year-to-date, will the more opportunistic remainder and great sales to challenging needed We for front on strides our focused strong be patient a The to us also team this optimizing

achieving Second, staffed all complex profile equipment production our running. is and at The we is will installed consistent a and fully be Itmann laser-focused mine. section on

not pleased remain to across excited delays successful we've we're ramping range the in customers. Although, up unexpected product we Itmann of very full diversification will bring. interest revenue lowball about the trials multiple test potential rate Customer this a remains that strong, had and about production,

use are we value XXXX, focused always in our advantageous capital. has balance allocation rate our the return debt Since capital highest to our going shareholders. public prioritized and sheet on that is target of the of levels, now strategy at Finally, returning most our

intend accretive share and continue shareholder and buybacks of we moving the form that forward. most continue to We strategy returns that, remain believe to attractive

well continue capital dedicated approach. allocation allocation we remain well active process this management that, process, value our our strategy and equity we created we Through evaluate believe billion. have of will to $X to a basis. our We have Therefore, managed on go-forward over we

million via in returned debt and than shareholders XX since months. have have repayments the XXXX, share the to buybacks dividends made nearly just We million more $XXX of past and of beginning $XXX back

finish that by our achievements organization and possible. make me employees the these work Let acknowledging hard across

the our operations, company. our to work and is hard best of only consistency its is which in to the which capital made possible through employees This in is shape for the sheet due balance us our our to across history, dedication Our shareholders. return paved way of the

we commitment nature easy, this of and do I not values. members time. our what proud is I their thank of our The all show our but for team am up core time and after extremely to lead team, employees execute to

further that, With hand over I the to will for back Nate call instructions.

Nathan Tucker

you, Thank Jimmy.

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

Operator

now Lucas B. Pipes being the will question [Operator Securities. with The Riley Please question-and-answer Instructions] first We session. comes ahead. go from

Lucas Pipes

XXXX, on my Thank pricing, you the and out today Good could quarter maybe contract both the a it would pricing job operator. and Good the your you you as environment to first where you missed much, you want everyone. could on relates especially on I And book on and morning, for export the pricing, domestic as it. basis. up very frame to maybe ask the to book, front. -- How question markets, look tons I netback

us very and export broken domestic. you out price update by much. on the Thank Just ideally average

Bob Braithwaite

Lucas, this is Bob.

forward the be the those export of toward -- which in well, probably CFR about India, on prices B we high CALXX, today, as XXX. mentioned at is X.X we and was And APIX. then on prices market. million tons they’d linked the where as the contracted coke around XXX had And million coke look mid-XXs the So pet we that volumes But then index-linked today. you also prices XXX when pet to majority close some high tons -- APIX call, Those $X.X tons is coke. vol to were based contract to did around of are that's back prices. mine. whether crossover those in vol pet pricing

mid So you're call upper at to XXs it there. looking

volume. As XXXX. business, the time, power And when And are hear about the were in in far as tons well we what for at at and did you contracting always as domestic gas we secure us prices and at volumes bid talk through XXX,XXX is that domestic time. looking we're domestic that mid-XXs to market domestic able contract concerned, the on

the that that dollars So, gas since pricing seeing tell $XX not business little I is the domestic that deal. we're for is you bit off would a number. But that we or time $X singular negotiated off from

So looking everything handle with again at today. is six based a you're where on it

For think kind that was I next your question. year, of

we about that year, we indices, associated. floors million to volume, indices. of that X.X which export give X.X% have mentioned. tied a can XXX% now you power, next as have volume and tell X.X% are breakdown, tied ceilings for So tons of is we kind of XX.X To you I do have linked to to

So have like volume APIX APIX And if the XXXX we have And time. our on when price fixed. contracted you And assuming and are for any XXX. we anything out in domestic then this originally of pricing is don't mid-XXs the were at we XXXX that. hedges modeled balance, or the assume that we

Lucas Pipes

color. terrific. that appreciate That Really helpful. Super was

question. ask to kind a Now, longer-term I wanted of bigger-picture

for Is Are export still growing In market, volumes and your side the going tons we at terms be? color appreciate upper to on volume the limit I additional example, would is XXX% on export your exposure balance your it today? going the export? of could there where Baltimore, that what to CEIX

Bob Braithwaite

Yes.

our total accounted our which of million look it first at if X.X of exports call Lucas, So shipments. roughly tons, half for is you year, this the XX%

for to that homes new matter. continue We markets find and

cargoes second also just fact, into we this users in quarter India, end and China to or into new the additional quarter Indonesia. actually In shipped

our So markets capacity have from product seeing we And crossover the see in cement We about about growing there. sulfur in also coming Enlow lower more that our India. capacity talked We've we now talked we're growing growing do Fork cement the in wall. interest the Egypt.

to years, would I you million proven that strictly tons see can sitting tons out in of exporting five quarter. next over XX We've million us here the up I terminal couple PAMC. our of honestly in So, do tell could a today,

shipping of tons. terminal, with could tell would that the And even just if terminal through that million that be So more. I north to you, were we do XX be XXX% think frank you Bailey could

we'll going market. in going domestic evaluate not core to and here abandon obviously what's to So, And year customers domestic every in continue each our on we're market.

coal-fired quite that here generation to I time. still some personally be going think is for

we'll mentioned we're for looking as at our and for remarks, Jimmy looking also customers. that -- we're So, highest arbitrage on the win-wins look domestic with mix his

tons So say, to that's of get a we could long-winded XX exports. think, answer million I

that. I definitely there out demand think for there's

Jimmy Brock

But I the wouldn't say, we would ceiling. be at

we did what the homes efforts the know continue We new those said, just with terminal. and with have we terminal through to for at look did things Bobby as capacity we the and we debottlenecking now

So we know I can that we the growth because know ship where best do I grow certainly the arbitrage And will will we be the looking the is. at can. for any that's selling business to but coal is, really continue what that place that we don't

Lucas Pipes

really color. I'll it now. Keep I up the good over work. the for turn appreciate

Jimmy Brock

Lucas. Thanks,

Operator

next Please ahead. The Instructions] Nathan Martin Company. with from question Benchmark [Operator the is go

Nathan Martin

We of ton strong based the your sounds driven my half there's there morning bigger realized quarter my quarter. questions. Good like Congrats lot contract Thanks price on just questions. back operator. for taking per optimization. a remarks. more in some prepared the here guys. maybe It by hit opportunity another seemingly Thanks additional on But still

original how should conversations domestic So warm maybe It with this additional we've of be to there. And have plan? recent market pivoted been the tons great your thoughts to get the weather year having still some many export so versus would I you're assume despite those far had. utilities

Bob Braithwaite

Yes.

was half X Many kind of volumes. customers units. and the and coal of that's their significantly are the really back because year. domestic I the our about customers two quarters, So that of domestic growing the their contracted million second Nate in running into don't from pivoted see I taking slow first mainly say, in were export would in tons

been there mentioned you As recent heat. has some

So that helped the certainly in Southeast. has especially

mentioned, those you been already good customers that to that will cases contracts value of capture then full in grow shortfalls in ensure these allowed us tons with The the industrial certainly we you I presence and as to market and most have were able our the cases of we into optimize some news portfolio. the tell their some. the majority that take space worked out to export in and the

thing $X the if Another I provided now it's back you of you on provided looked that it about at February been all But you we we when optimization have look XXXX, Power $X off to equal, talk if sensitivities that we midpoint. same and APIX would took think all you at important guidance in at guidance. you off the the nearly midpoint has assumed -- that those been and that done original at we're time else our in the the for current call was

that something flexibility fact is our -- our able think peers shows to we're our of the and again do. quickly, So, to able many again, that I pivot which aren't

Nathan Martin

very did Bob. the of to then get obviously, range, half end maybe related to of second guidance to you average the the kind strong year which and realized first $X. price, in then to down And you by the guys in performance full again lower That's helpful just price need high half

in decrease half? would it your get be thoughts there to to the kind what proceed second that So of great was driving

Bob Braithwaite

APIX I XX% Yes of mean, it. mainly that's prices. it's

additional lower our that our contracts of second some full midpoint than it our the of a in of guidance that's year, of or domestic they're again off. customers again, volumes have half but is the lot of contracted -- volumes taking contracted Some

help. increase our that today, our to prompt We price see you APIX APIX is if I $XXX call midpoint $XXX. of certainly is in guidance it today going So, assumed to prices closer think,

and So should a uplift that increase. little stay see continue to there we'll

volatility half the really some But makes continue But layering that's can year of would additional pinpoint if the market production. specific get to well. on But APIX hard we additional as volumes, in what's it the a certainly really down. in again, we'll to help the guiding number focus That today. second really

Nathan Martin

Thank your about And already markets. Makes We've you your here. in export the ability demonstrating to then sense. that it. finally Got maybe gen the increase are for that. clearly you talked exposure guys non-power to

So, maybe on the great here market be it would term. get domestic in to intermediate thoughts your the

And will be electricity that coal when great if customers as do regulations case? thoughts would feel demand help regulations you. you years? the increasing several that's and Thank next Should support with be talking over your potential like your the well. Any on

Jimmy Brock

look ourselves outside agencies you regulations commenting the those proposed there's Obviously, a and now. lot when Well, of of regulations right course are including at on agents.

So, at they're proposed this time.

XXXX. I'll like have of to domestically retirements we've customers fact announced that none about to targeted, the that prior talk the at least, those

we the do So, supplying the in good will increase next pretty few years. feel about we're customers here. Obviously, we think electricity demand

But that's out that customers repeat core we've it say us at Most go the with. there, look it you want that. those business. data of for will to we some If to is XX% of been

if we the for have those they we'll customers foreseeable and we that. there think to ship we continue to demand, we and So, have it like to remain think and summer up, comes winter on And increases shows up certainly that future. will depending

Mitesh Thakkar

you I we about were diversified And more think add evolution think have in years, strategy than goes a much last would just much years our I that if over ago. are the our where we more the few of coal we several marketing

strength pivot a while So, in speak base export maintaining most year to domestic the the market any allows given it's to us whether stable so that market. that has or to

Bob Braithwaite

Yes. And last I'll just add to that.

we contracted, that domestic business netback growing or contracts we our going have If tons contract. our price and power our you our right? between XX contracts our think about million and export XXXX, have -- business, export domestic talk more I'm to to not saying about continue already netback we much So, fixed don't when we're

fall Obviously, some good look come the are XXXX. for we but about and even of we our the terms additional expecting out pretty RFPs for book highest customers with feel to we our arbitrage, in speaking where today domestic in stands

good XXXX. So, volume But we'll for book is where our we very likely secure there. today contract feel more some about

Nathan Martin

that Thanks guys. one of the reminded of Bob to wanted kind And ask. me I thing

mentioned have back about the half the from How Europe You of a RFPs you perspective? seeing just In domestic stockpile previously. been year. talk export things towards additional on How the are some there side?

the the into quarter I back there? the think that of Any in maybe first XXXX-XXXX. market be updates call could they they ahead winter

Bob Braithwaite

a at today at bit. mean levels I look where versus actually of QX, you end Yes, they're if inventory ARA down stand the

Now, that's you of inventory high and got costs. mainly inventories financing to customers have some understand a due lot their liquidated to of

However, mentioned, we bode utilities a prices we restock market European normal will as be Europe for you very APIX experience believe and looking the and back as well. to well that does if in should to out expect winter,

Nathan Martin

Appreciate leave luck Great. the guys. half. Best in of comments. it second there those I'll

Bob Braithwaite

Thank you.

Jimmy Brock

Nathan. Thanks

Operator

to the Nathan This closing like for Tucker remarks. question-and-answer any concludes session. our I back would turn conference over to

Nathan Tucker

you, next for you. to with CONSOL operator. forward earnings on we and your Thank everyone you We'd speaking Energy support call. Thank our to like morning their for look participation this thank of and

Operator

Thank for The conference today's concluded. has attending now you presentation.

disconnect. may You now

Core Natural Resources (CNR) 8 Aug 232023 Q2 Earnings call transcript