CEIX - Earnings call 4 2023 | Core Natural Resources, Inc.

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Operator

Good day, and welcome to the CONSOL Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

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

Nathan Tucker

Good morning, everyone, and thank you for joining us. Fourth Full Energy's Earnings Year CONSOL Call. Conference to Quarter Fiscal and XXXX Welcome

statements or updating make meaning XXXX. have undertake comments are statements forward-looking Act our forward-looking Any we of are and of any risks, press and or obligations otherwise. for considered of any the SEC our Exchange filings, subject within future about not certain which XXE events in We we the forward-looking do outlined statements release of in Section to events future Securities

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

XX-K year file December Friday, Additionally, ended XXXX, SEC to February with X. we expect for the the this our XX,

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

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

operations. a and XXXX Bob guidance. and be In his following remarks, out of session our our lay our achievements introduce and a progress also prepared priorities his will key XXXX. provide will discussion allocation an Jimmy in closing a on then will will recap Q&A comments, our detailed and capital participate. for There recap which remarks, of XXXX year In financial progress provide full Jimmy our update Mitesh marketing will our our prepared

to me let over that, With it Jimmy. turn

James Brock

Terminal our many Energy XXXX revenue the respect tonnage Pennsylvania Complex coal basis. With same everyone. CONSOL of record those annual revenue record CONSOL morning, followed achieved Mining multiple metrics achieved CEIX on Good XXXX. Marine an realized surpassing the in Nate. as ton in and average operations, per and throughput record-setting sold by you, achievements Thank to

key EPS, flow free income, took most record record financial of revolving our our our strong CEIX strategic importantly, achieving facility. generation. year including advance cash and upsized perspective, full adjusted shareholders, reduction our returning XXXX, a capital free some cash EBITDA, goals, cash to initiatives to and achieved generation, net our From enhancing We of credit liquidity flow and meaningful advantage in through debt

discuss let's detail. performance our operational Now in

On the safety incidents Plant CONSOL recordable year had employee during of front, and XXXX. the our full Terminal Bailey Marine Preparation X each

Complex an Our mines. coal tons underground below a to year year the operations finished the million for prior in in came QX tons 'XX, XX% period. Mining at X.X recordable with national Coal incident coal approximately X.X average total at production Pennsylvania in million rate, the compared the improvement

in Production 'XX longwall due fifth 'XX longwalls QX improved running XXXX X to in the the XXXX. only availability versus in QX to compared of

million with year marking first surpassing consecutive ended the tons the its of production such, XX PAMC and XX.X its of year third As since tons, time annual an XXXX. production million growth

on pressures On in inflationary was the PAMC maintenance, ton mostly cost to at coal $XX.XX front, 'XX contractor per of our QX for and labor 'XX, to supplies, due cost cash $XX.XX operations. QX average sold our compared continued

fourth cash 'XX production was per sold QX due to mainly to cost QX our However, in lower the ton of more compared than tons $X 'XX, the coal incremental quarter.

On from a QX moves. sequential basis, benefited longwall also X having 'XX

the X the due the simply planned occur moves to in Looking first quarter our expect timing PAMC of of at ahead, to mining, XXXX. longwall we

which remainder third 'XX, one to for after we the for move quarter. the year, planned only is of expect longwall However, QX have the

Itmann. to on Moving

and third-party and 'XX. tons, sales tons compared Itmann tons third-party XXX,XXX XXXX During XXX,XXX production, full of results in in the coal XXXX, our quarter fourth to of brought XXX,XXX for complex Itmann QX the aggregate. of tons of sales year of to performance coal This improved to XXX,XXX including tons

During slows higher mains and issues we for additional rates. development, the X at 'XX. Itmann requires continue rock Furthermore, which fourth employee continue all turnover QX cutting height delivery by sections mining and equipment additional in operating mine to to quarter, be impacted

Once long-term will blocks and rates. reserves. lead we mains operate to year, improved is and to efficient targeted our this the we've completed sections more heights development mining expected This coal mining of production

XXXX, sales As such, increase in our Complex. Itmann we our guidance reflected to expect Mining in tonnage which the for is

during to CONSOL prior year We million Marine costs operating achieved were tons CMT million. Terminal. X.X in in X.X Terminal QX to at throughput tons $XX.X quarter. revenues the compared of a volume and QX million, Moving cash $X.X came million the 'XX for

Terminal records. annual tons throughput financial million previous tons, For year record will throughput the the finished XX set and XXXX, the XX.X CMT XXXX. surpassing in achieve with of multiple million operational

history. was Terminal this adjusted surpassed CONSOL level $XXX the of without XXXX any during revenue time, The Terminal million XXXX recordable with EBITDA incidents employee at for Also, for mind in million, finished Keep all its million. year. finishing first that safety Marine by far highest $XXX.X in achieved the the $XX.X

to over and me that, to the With turn financial provide updates. marketing let the Mitesh call

Mitesh Thakkar

Thank and you, Jimmy, good morning, everyone.

with Let in on our the update front marketing progress. and contract an me start

during total into Demand Itmann PAMC moving for tons which million was quarter the remains market, of our export the and highest with level history. product the in we XX.X finished and tons million year fourth between sold in a our the strong with XXXX, annual XXXX, of during XX.X aggregate

for Nearly volumes of coal $XX.XX, our markets the XQ of an tons million into coal This quarter. revenue million of tons export million total ton per During sold PAMC sales we average to XX% period. XX the the sold tons sold during at brought the at in were $XX.XX PAMC to 'XX, X.X ago realized compared PAMC X.X year. year

XX% and export the of for market accounted domestic priority We recurring income. sales us. the which achieved for into market for Overall, an total as been power our another has revenues important into XXXX, milestone important in into the generation sales outpaced export sales XXXX market, industrial strategic other

earnings tons were only last sold team our fixed our for The sales PAMC sold domestic arrangement increased sales these of by generation tons. call, a Since million at through XX%. into forward position price the X.X majority market power under XXXX. the our domestic Conversely, accounted

we tons tons and such, for As million have contracted XX for contracted XXXX, now XX million XXXX.

our demand years. evident main sell been of is many One different tons benefits its gives the coal between ability the end-use to PAMC of capability flexibility last on which optimization into pivot to significant portfolio markets several us depending has strength. over This markets,

year. In was APIX in retreated high XXXX, European were we where at more tons Europe, prior we demand significantly into sold strong prices and million levels, than had X historically when the

approximately million the into market. XX tons In export XXXX, selling we initially forecasted

with XX to ability an pivot, million the our stronger of due and PAMC to weather into the the we approximately into million milder sold domestically tons However, finish markets moved to incremental year coal tons export X market. international

markets. More recently, XXXX. which this million shipped sold industrial crossover we and into approximately double year, was market, tons are PAMC expanding metallurgical XX we market the Last in tons our we of in into reach industrial the number

are that We specifically Middle market, and believe incremental are South Asian this growth expand opportunities into mode. countries structural to there to in African, Eastern,

million highest the we front, sales the crossover year, shipped ever On X.X which have achieved. the PAMC during is tons we

X export market, tons million the met the of tons shipped nearly for total export into the also more million bringing Mining X.X coal in company sales the met XXXX. We than Complex Itmann from to

lower content time. met at our Enlow is the in and Mining of coal the our business mine, sulfur Fork Complex, has fifth of commissioning met which longwall that the over the further desirable our market, we in are With ramp-up expecting Itmann a crossover growth

to continue we in market, industrial new metallurgical work the to crossover particularly markets, Similar and on America Asia. penetrating South

There several a confidence U.S. follow upon to domestic market building domestic expect business. coal in our the shift we business. our a while similar price XXXX, that book to of maintaining playbook gives export forward tailwinds future contract us market continue ability to structural Moving to by in stable fixed are

to due The and commercial soar increasing demand growth electricity across States. is technologies, United of AI EVs factories, for deployment to of data usage causing the centers

forecast As historical well next utilities the grid X for trends. operators increasing growth U.S. such, electricity their for years, and above demand are

annually mainly of to transportation and within and the than growth to rise our approximately year electrification an X.X% industrial due less As anticipates PJM the from electricity X% operating segment a expectations decade, footprint, applications. ago, demand the through example, increase

utility pause because briefly Evergy electricity data of growth in demand new electricity City, connections center most Loudoun In In County supply. in Virginia, decades. to Kansas insufficient had is robust one seeing the

will leads us for higher some or This we believe strong continue could many of domestic utilization Nonetheless, we come. slowdown it see base that plants. plant power with to customer have demand our core to that in confidence retirements coal provides to years us surviving from coal

the market to internationally demand for Mining and product. continue Complex, strong For we see in domestic the Itmann our

product deal X-year a completed the recently we for fact, export in market. Itmann our In

international of tons Itmann of XXX,XXX XXXX, with now balanced and under For mix domestic a have we coal contract business.

outlook. a provide morning, we results $XXX strong update with for of performance, quick net before We which our guidance providing Now very financial company. a income on XQ our year and a financial This me XXXX solid quarter off 'XX let finished the fourth capped reported XXXX million.

EBITDA cash the and ended and million, $XXX free million $XXX $XX liquidity a we position with the total finished million Additionally, adjusted of quarter of of $XXX cash net with million. We generated year flow. of

cash These used the company. based which share XXXX, year towards for shareholder year-end EBITDA towards and flow on returns. XX% $XX operations, from free million, cash $XXX was are was Of a and of available $XXX of XX% reported was and $XXX million as capital $XXX $X.XX share million $XXX of net count. debt full cash million to repayment, flow free million, generated the We flow. expenditures approximately deployed towards records translates we of together $XXX of For all our of our billion, income adjusted which million, annual XXXX

We for consistent the X to expecting a pull million of to XXXX tons optionality our outlook the our having Starting to sales with base complex with market at dynamics production we other provide are our our XXXX volume XX back, view depending be and or on up me let level. as level Now factors. midpoint longwall ramp XXXX. PAMC, compared

midpoint our of unsold most the spot is currently export tons the into more markets, nature. are will at XX% contracted that market, the range, the We which with likely crossover of guidance majority move met expectation in

the for ton market in $XX.XX the prices $XXX roll-off the midpoint. to specifically pricing, commodity the conditions. lower On be some that gold per at contracts sold APIX reflects realized place range under as this front, price Relative price APIX range, revenue put $XX.XX expect a of in average ton as well to higher were XXXX, pricing we average assuming fixed to previous our

For reference, a $XXX averaged ton in APIX XXXX. prices

as cost $XX.XX cost commodities, fixed captures guidance cost XXXX expect the levels. per sold well coal ton, average end sales be The of key in to volume We the modest of for compared cash at potential range. inflationary reflecting to our the power of higher leverage XXXX PAMC increases $XX.XX end our to prices, bottom including as deflation

top Conversely, a the would tonnage to end market, but cash to our accounts a headwind stronger reduced commodity and our costs. margins our supply power a net or for benefit be which

introducing cash guidance. For coal are our Complex, tonnage Itmann annual and Mining sold cost of we ton average per sales

of lower expanding our third-party expect XXX,XXX contracted we beyond means front, position, the development moving our contemplates sales captures tons. the sales. a end On current end range XXX,XXX upper and The to while quicker

side, On pressures to cost staffing possibility the end $XXX. while ton development, inflationary and the of means per captures the cash The for we expect production. cost end range lower of persistent reduced tonnage, upper an increased of $XXX coal extended average reduced challenges, and possibility the cash accounts of sold

on into Lastly, for slightly $XXX some This higher from capital planned XXXX. expect range expenditure CapEx a than million XXXX, is but typical of moving a front $XXX spending range the to us, reflects million. prior years for we guidance range

we XXXX million Keep only million, that with nearly $XXX in started top-end that in of expectation mind spent year. $XXX CapEx a but

million. started only an We top $XXX with the of and $XXX million end also at XXXX expectation spent

planned As throughout extended delayed year, bottlenecks equipment last supply deliveries chain this lead has have we postponed times, and expenditures. and highlighted certain

that, me Jimmy. With let turn to it back

James Brock

you, Mitesh. Thank

been update allocation shareholder has one XXXX. our program, in on our return Let me key which provide now capital of priorities an

generated flow through stock we've our total, repurchasing repurchasing the January X.X our of our We late CEIX program a share average XX% restarting Since stock. deployed In fourth QX free or shares 'XX of $XXX XXXX, time million approximately quarter of shares $XXX cash towards towards we outstanding common of per over during deployed that price period. float XX% shares of approximately repurchase the XXXX, million cash free our X.X of weighted retired public in at million share. flow

As we that we further kick a of areas key company. believe XXXX, off have strengthen our few focus will we

will XXXX, In in expanding by we the were our we PAMC new around First, countries, while reach Terminal. we to our growing ownership coal markets continuing committed CONSOL markets. our and possible to progress excited in penetrating well sales are in coal successful be are as world. sales our the marketing in X book further through our This high-quality made expand our to as new Marine

to to in we Second, leverage relationships expect layer continue opportunistic an strong our manner. sales customer to book on and future contracted

has the position the contracting designed dynamics, date Our more strategy softer to be contracted to market allows been out always strong peak our of values us markets. smooth and patient in to

flow of despite in We every believe weakness contract allows spin, reasons accordingly adjust to main strength strategic the flow one revenue cash our the generated good visibility we've or to one duration, single ability manage that us market. and our of us positive in which our since is generation. our the gives the advantages cash is year to lock This free business

to on a unnecessary managing is cash The free generation, mitigate done manage good identifying to as Third, our outflows. laser-focused hard working further pressure has job as spending CONSOL in while flow possible. much our inflationary team cash

that doing for business It nearly the is every inflation years past has no of increased regardless cost several industry. the secret of company, over

to we a problems. passive rarely However, approach take

be and of values maintaining focused expand while spend reducing core and to on cash compliance. generation margins will flow cash where possible We our our safety free

to full committed we scaling Mine Itmann Fourth, to production. are run the up rate

issues. hampered extended development While we closer mains staffing past moving to ramp-up challenges in getting XXXX, are and timing the these

revenue guidance having midpoint compared levels, XXXX export low increase in strong I a We product expect interest for we very volume met XXXX to excited of volume and the portfolio about will Itmann's in more our our the the markets. XX% bring. seen than diversification and our Itmann have domestic sales product at and that remain in a potential

capital to capital XXXX we on value value in framework. our returning We be multiple of that deployment. our allocation continue tremendous created Fifth, through can through focus shareholders proved to avenues

of our prioritize to the rate continue highest will use of analyze We return. best capital and

for today We with XXXX, balance we more are which remain due pleased and and different was in We excited a future about on fronts, are the financially. much multiple us shift. stronger year to and sheet very record company execution our results both operationally export even sales as a our

I and drove thank execution this I of team am want these hard employees their work, extremely which our to XXXX. exceptional results for safely of their personally in all dedication compliantly. and proud and

elected our to turning fourth to a the officials, and realistic, highlight public we in call so major of the a We campaign Fast in were about Before of XXXX, being policies I that many involved country. spoken campaign moral for want quarter spearheading. awareness over, our meant corporate public, advocates leaders which the the are The coal. myths and Not proud energy to of truth about approach measured, the is more to the campaign introduce educate

us favor just wind the steel will of and but solar. renewables. generation, you needed used and for infrastructure It we over coal spread in for is of moving activated www.coalhardtruth.com, encourage not sources products like believe the day. for for sources proven We farm, to on materials necessary creating to for in use intermittent power fertilizers also and pivotal, that fuel-based word too carbon help many Coal are we and the concrete clean transition fossil campaign. water, to need We for away quickly energy of be and from during like food this we the head every is the

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

Nathan Tucker

Jimmy. you, Thank

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

Operator

Pipes comes Riley Lucas from with B. question Securities. [Operator Instructions] Our first

Lucas Pipes

is on in outlook. line a XXXX? then nice outlook and first I Baltimore that about XXXX reduction the for in think your saw we What's And on My question year-on-year to EBITDA SG&A, 'XX. item? contributions wondered, XXXX should Terminal we how versus And the its on 'XX

Mitesh Thakkar

first the take Lucas, I'll half.

On it year. did the come SG&A did compared down our you to correctly. SG&A noted yes, We last -- side,

overall, some that to compensation both think to side other cost focus side, more legacy down. as business. stock-based the some going of parts our I forward And operations be and focus is expect continues of this on coming on as We decline well, year the the our

see tailwind this should side you SG&A as the on some well. So year

Lucas Pipes

Baltimore? On

Mitesh Thakkar

the On Sure. side, lower starting question, on Terminal a is Baltimore -- your point perspective, throughput bit little Baltimore like a from than XXXX. a

are million modeling XX of throughput. We around XX million, tons

we million a similar like the highest this prepared about, or X optimizing million that, have We that said portfolio remarks It that you said where expect see if could moved pricing based the potentially as X you depends tons available. our us year about to arbitrage on the is, shift as from talked hear well. all into Having domestic on earlier, could XXXX export. that's we

move the through be. more into sales the tons So the that market, export could higher the Baltimore would

XX% contracting for XX%, Baltimore, our accounts PAMC is strong. throughput still of third-party to

So though if point XX more. be surprised up we I around, million wouldn't the let's even end it, tons, call is starting doing

James Brock

one really moving if But it terminal good and of had. out do tons us we terminal to penetrate to the markets to Lucas, from a is of into job pivot. us and move need optionality really to to export things I original a That has Bobby these being strategy done we the about key mean, able important is so flexibility these new brings the our that fairly markets. to quickly

Lucas Pipes

that. over export pricing prepared to committed you your midpoint of the you Are kind question. my this a underwrite APIX later. If your to the the I floor right on then spot second That's we $XXX you How think of at price. of back I -- in come few I'll to remarks, guidance heard of turn sensitivity the may helpful. a questions in of floor at at upside on should floor today's sensitivity your think how dynamics? about book And the about for APIX? declines given APIX? at should tons kind further to are price price? APIX, the that Or the And we

Robert Braithwaite

-- Lucas, XX% for level, -- X.X, to the is the about price to tied next I'd of it, year current floor book million our you those year, are it, APIX at X.X call low APIX this sorry, about tons of are, X.X price call or at tell level, prices. mid-XXs. today,

XXs. We hit roughly to upper about floor of in the all mid- contracts the

downside should but not there's the fall, have go-forward -- on So APIX upside. very we extensive basis say I'd a much minimal is for potential us

current the about across our on sensitivity is entire dollar every Our upside for change $X.XX portfolio.

that So a APIX toward prices see were think end We to could gets some especially certainly the I coming and which, there, a with little us top of come bit, back see can again, that, our is pathway to still upside guidance for LNG opportunity, certainly we the reduced that there provided. our benefits of U.S. the out I --

Lucas Pipes

very had That's X helpful, I quick Bobby. follow-ups.

kind going inputs? key still pricing In are sensitive terms drivers what breakdown million they're to 'XX, for the and the that committed any to of a the can tons where XX of the extent for of they're you provide

then is And for the how also of market? about netbacks think we And tonnage crossover on tons. that? the remaining open crossover much the your into going should How

Robert Braithwaite

did we no where And X.X snap are that market with put EMA plan a we linked for significantly prices. The do next the January. to is any our this price to contract mid- receive The EMA now million higher. is it, late in EMA power have We certainly see power bed we year, originally in the our link new we XX good that customer cold tell have to going of some in helped About domestic -- that we will but modeled base not basically month mid-$XX month you our forward, some until, we January. tons did also the in million news January which us. power. that I actually saw call see us a of year, for about

there. good news again, So

The balance, exports. we sell would expect to

the get So to of guidance. tons to it's another XX million midpoint the

million X crossover X position. to we expect of million to an the probably our additional tons On open front, sell

the to i.e., would America, position say, crossover So get split And X then to our to would X the Atlantic, the that million midpoint. X between other the tons South million be and half be million in Pacific market. I going would to would of market. open be

just Today, And say, there to where XXX close mid-XXs. in prices somewhere to seeing where that. when the than TSI the into very $XX I'd our are, are we're high-vol there, you again, But mine. margins back healthy the netbacks for crossover look it's lower in slightly B range, low prices to we then coal certainly at positive Asia,

Operator

next comes Benchmark Nathan The question with The Company. from Martin

Nathan Martin

well. a Congrats on at to tons my as there give pricing you to a we with pretty touched maybe 'XX And much year. you're most added on Could Bob, those? on 'XX, But now. a looks kind Lucas -- strong tons finish the tons well? stick minute. we as of those look me like million It pricing breakdown you see XX million-plus for just questions. let average of of if you X where

Robert Braithwaite

Sure.

So million we believe X.X increase I our earnings is since the have million last tons an about call. which tons now, XX

ceilings We have our to all linked million and over of have power, all X of just linked those and being domestically, which export, balance floors. are date tons to do the index X.X million

also We $XXX modeled the we're today, We for price, a sold tons. the mid-XXs model APIX did across portfolio sitting XXXX. and here

Nathan Martin

Okay. it. over helpful Itmann. Very there. I that. Maybe shifting gears to appreciate Got

got guidance ton, there. per $XXX. cost to tons, Sales, You've XXX,XXX some $XXX to XXX,XXX cash

than Again, you higher still costs. up. peers, the your with start ramping you're obviously, mentioned things Let's

rate? on be range do improve run there more will traditional a cost up So of once think to get you that you opportunities to

Maybe can where breakdown, you us think those sales? helpful, XXX,XXX any remainder to breakdown tons the be would plant the the out tons. to at number, well? And kind of then you Itmann. for And that -- Any sell as at I include expect terminal that of contracted called there you remind domestic sales, and as versus then export excuse throughput me, capacity ton maybe, of relates it to in does XXX,XXX XXX,XXX prep third-party

James Brock

the part of take Nate. I'll it, Okay. first

up as which $XXX ramp ventilation for our $XXX First, the slows little the there, cost bit. But rock to having I mains about high little want. down continue down purposes additional the think long side, a for higher mining talk that we we give. -- Certainly, a we than mind, to in in for let's guidance number we're to development to cut term, rates keep

think pretty I seen at thus on X One think Itmann of we the for cost to is number to seen get will signs that improve is Volume certainly we've much cost help we as reflected we far volume. going things. Is that. and we've there, some more. improvement begin And

that that. The the would some had we thing of the we're pretty new think pressures is like out to, if second not inflationary as us, equipment, man-hour come have we're it's much those delays for as of run allowing to to And us is in efficient whereas these equipment, per equipment that tons get to we seeing. we more we've going

to those we We things we've challenging The that's mining, before. the to as been And a low-seam help labor there think top. management stabilize. that's helpful and there, as at beginning well, going that very a experienced and should down But be there. go us has forward, as had mentioned think I we change

to potential to of full the Getting back up speed. ramping

number to at mine turn to sections that able panel us one lower be are we get helps were better very for see And look able being a our to volumes that of be a off -- I X sooner. I We'll into those that close there. to think And coming we'll will of what overall we'll the as that give out to heights. cost.

But the mining in those first X it's as call the seam, all that mining this for, prep the hop the plant helps going have that before half year in are we running sections to at we be well. of pretty plan of cost what we which much

X a the there. And an guys we improvements plus put think ton tons are great at there. through hour we plant, volume million the plant, throughput The it's making can XXX

coal, And and we like help plant is there in, forward the it plant prep when going for yield what knew our cost in. that down put looking why of have whereas the we're there. a put we'll to will we're look we as that third-party to that's in located So to opportunities upsized we position which

Robert Braithwaite

a it's We've Itmann then the marketing Nate, Yes. And very of got product. lot for on side, exciting. the interest

we already we XXXX. XXX,XXX got mentioned, As tons for sold

actually concluded export a with coal XXXX. already also X-year so have We deal secured we for an customer,

it the just goes quality the the attractiveness product. and of to product I show think the of

When market, in $XXX where to at we're going Coast, today, XXX,XXX, almost far, to that sell split of equal you and will portfolio I the volume the the look I the domestic breakdown that between that date. so you to an tell export would balance looking would be in the average at range. to export TSI East U.S., low-vol bases somewhere expect are $XXX be that it's

Nathan Martin

the And that XXX,XXX, average? is $XXX blended for $XXX, Bob, to that

Robert Braithwaite

on volume are selling be anticipate that would expectations total my would we what through the -- That Itmann.

Nathan Martin

range, was midpoint tons XXX,XXX the range again, of the with what So price sorry? is I'm that

Robert Braithwaite

to based on marks. current the $XXX $XXX

Nathan Martin

Got it. Got it.

helpful, Okay. That's too. very

And Maybe and there the on can obviously, U.S. export markets then similar realizations color there, domestic or maybe into? it essentially, discount domestic. like a house, based a So you some discount. no of the side then sounds probably on depending -- the it's low-vol, on the get you is go

Robert Braithwaite

Yes. U.S. on low-vol, Coast than would you digits, differentials we're it's, is And into single then U.S. product selling the seeing Pacific the little and single say, and market, products take the the would I minimal. market I Atlantic that bit into we're It's digits we're mean higher, a low single the between digits, certainly very the the then that what East freight discount selling again, for it's today. Australia and

are realization. both really again, providing But

domestic domestic couple seeing of what the about talked quarters side those certainly, say, we today. I'll the remember, we're export lower probably you tons As we a that -- pricing than secured ago, are book on we

get the overall if for more export uplift the will pricing pricing average again, we try that some or the So that price Jimmy mentioned, third-party can to year. only coals, get what capacity, to today, to plant

to volume excited We're very that drive plant get costs and again, up. realization opportunity. more that drive working our our So about to to down help daily

Nathan Martin

I appreciate Bob. helpful, that. Very

one And maybe just then more.

PAMC shipments. Going back to

we as a sounds guys pressured in the around of from then. your third then think third moves longwall one from could remarks, Typically, maybe mentioned idea, the X the I be seasonality of in You year moves. shipments the XQ quarter think through lowest, perspective, volumes in I is the it maybe additional your kind an quarter. first prepared quarter. could X it move probably us a like cadence but bit you longwall give And was Maybe the

So any as there color great well. would be

James Brock

on Yes. we sign the But the next quarter out started. It's a bother have of cadence those are -- me. retreat we now one. of longwall the we just is in don't as X to and moves move progress moves, we Well, longwall that ongoing the One panels here. those they first do

around we'll if Obviously, per However, bit. at the I little shift you per our around quarter X revenues tons somewhere XX,XXX look longwall use a moves, longwall day.

to our move So and have X days PO moves, days. if X say, let's are X those XX you have we of scheduled

particularly to the first to be see tons production. rest. can math comes slightly can of first short the moving whereas our could quarter And see you compared the is out. typically, that there, strongest quarter, So I when quarter it we in the

news quarter. the is one more good these here the third and then it's have QX, And in finish X moves only we we planned, in when longwall

of out send -- tonnage will strong then, be we here So to it And we the market opportunity this get after market. of course, the those first give quarter a will from an standpoint. us where tons to market will run

Mitesh Thakkar

the thing compared production, better same lower first typically goes and cost, cost. so all production, our quarter Nate, quarters cost lower where our And second would so way, the year, strongest. And history the higher higher fourth to with production, be is this

your So that will assuming. also flow through I'm models,

Operator

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

Nathan Tucker

speaking We'd you we CONSOL this you and on participation we your thank for Thank for your with answered hope and like earnings Energy. your We you. our to to of call. look all questions, support morning forward

Operator

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

now may You disconnect.

Core Natural Resources (CNR) 6 Feb 242023 Q4 Earnings call transcript