CEIX - Earnings call transcript Q1 2024 | Core Natural Resources, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the CEIX First Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is being recorded on Tuesday, May 7, 2024.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. first earnings Energy's call. CONSOL to quarter conference XXXX Welcome our about comments are which Any statements in within in XX(a) considered or of the and make SEC we release future filings our outlined the of forward-looking statements XXXX. forward-looking certain Securities we Exchange events are of and risks, subject have Section meaning press of to Act XXXX non-GAAP with posted any for also first release on in the not undertake GAAP SEC obligations measures certain future the ended XX-Q be or to do also we any Form website.Additionally, comparable quarter statements SEC our of defined We this filed morning. forward-looking on quarter press our are our will for events is otherwise.We XXXX, discussing to and financial X-K, XX, which which the updating reconciled measures furnished March financial

was also call You and www.consolenergy.com, Bob Mitesh supplemental participate.With let over year.There by our prepared slide can Q&A the Officer; and followed achievements it Jimmy key are priorities provide the his our also recap on Chief comments, that will find financial this marketing to information will of detailed for our discussion Jimmy recap remarks, of our Brock, that, which be will our in capital Braithwaite, updated additional our Executive our his which operations. provide a of and the includes President an me progress company a lay and Chief prepared and and turn today Jimmy Jimmy. posted the closing out guidance. Mitesh Financial Vice on our remainder allocation me morning.On will and website, regarding update deck then XXXX with remarks Sales.In first our a Thakkar, quarter progress session will of In a Marketing Senior Officer; President Bob the our

James Brock

X operational performance We're a very proud feat Nate. and tons a these the million considering and move them efforts of team Complex, in first during from morning, mines quarter finished longwall moves each Mining had produced the small efficiently. strong CONSOL and of everyone. the safely PAMC Energy their for no Good Pennsylvania X.X for you, the Thank with the completing was quarter. which

our flow value sales revenues buybacks XXX,XXX of and into continued other We exports XX% and our stock. toward QX also shares retiring our 'XX execute to of our total shift QX through market.We shareholders continue export derived our was cash share our of of 'XX deployed free to returning from the strategy reoccurring income and XX% common

to Before Marine all I tragedy. move our to end continue of the Francis our Key coal the agency have offset those ability due developed let to CONSOL our to became successfully officials, Terminal multiple restriction at March.We'd in to in our This Baltimore to to event like has strategies where Bridge of limited of late update, the export operational situation extend to market. affected again we partially by terminal per this ship Scott blocked address expected May.However, me the this alternative And the is into to impact. collapse vessel access condolences the the

First, shipment identified with to and their customers worked we've improve domestic volumes.

on draft financial stepped where still the Baltimore, which us impact has shipping export partners, allowed have tons helped mitigate to our an collapse we is shipping that market, to let's partially port which detail. capacity, our partners good expect discuss incremental be helped in is permanent has secured of to the The thanks XX-foot divert our export the Port bridge operational of logistic rail business.Now in logistic performance and of some planned we to XX% Virginia, export shipments quickly our volumes.Until rail move our news operationally channel reopened of us approximately Second, up the are alternative and cooperation constrained. and the some our of us into the we in

front. On the safety

had plant of quarter incidents during employee first Itmann XXXX. X recordable Our the preparation

a QX finished X Our average coal cash compared the to as came previously Production recordable $XX.XX incident cost Pennsylvania well the a moves, was in $XX.XX the operations to 'XX. production for national the QX our these year in total PAMC QX per coal quarter longwall due inflationary rate sold QX below coal moves in tons average the was of 'XX, in Mining 'XX.As million lower period. with X.X of mines.Coal underground 'XX compared ton well result X Complex mentioned at 'XX, in prior to at for as to tons in ongoing QX moves longwall pressures, million compared

Looking to Itmann. expect longwall we X only of have on ahead, the for remainder the to move year.Moving

of to XXX,XXX quarter first including tons QX XXXX, sales improved tons, third-party compared the in During tons complex to coal, of from 'XX. the XXX,XXX

be period.With X could allow markets, for these quarter, bottlenecks the rationalization. sections high first supply continued mines see led will operating of to and and of in 'XX prior call loadings, and and employee heights if Mitesh in a financial at losing to volume operate the expect throughput compared delivery tons the million rates.Furthermore, Marine days during to quarter to slows several throughout provide Despite let chain vessel which additional development, $XX.X long-term operating Despite rock development more all sections the equipment second complete X.X million. by EBITDA begin us to million we were for we that, employee year turnover, million the rates.Move recent the which the that with mining came demand in expect shifts turn QX issues additional $XX.X we advent CMT supplier CMT the cutting to marketing of impacted coal and million revenues prior we X.X adjusted X major requires mining continued the $XX.X which updates. achieved height mining During quarter. quarter.Given at finished production costs ease CONSOL quarter, to to tons to $X.X Terminal. and Accordingly, the during cash pullback the our potential million me supply at Terminal we improve mines to compared in production setbacks, efficient some met turnover a over the

Mitesh Thakkar

and quarter, good Thank demand you, remained everyone. softness, markets, Despite Jimmy. to due power for product some markets And the during markets. morning, mild industrial crossover our the demand weather and strong generation specifically winter metallurgical export the first

XX% and million during sold volumes accounted the million $XX.XX we we continue average recurring and such, the revenue a Conversely, other advantage income. perspective, nearly As of sold into sales quarter.From our into year domestic market to total of XX% our accounted of tons generation at an revenue in ago high-quality export for product markets tons of XX%.During for export our coal to XQ revenue the take PAMC total of sales at period. coal compared per X.X ton power 'XX, X.X $XX.XX the sold

shipments. to current closure are most of the evident focused in interest see product on and export temporary in deferring disruption shipments Baltimore lot of that by the a We for the the their our port, markets. caused the of customers our of continue canceling fact moving instead This is

compared percentage year. second been when deferred, the we the demand of export So going market our XXXX, we we of to into the not increase the tons expect began lost.In believe projections has the half to

of Our different to between significant ability markets PAMC PAMC flexibility initially use approximately strength.We to end gives volume to our product sell tons our on depending the sell forecasting market. into demand many XX% pivot export into us XXXX markets began

past in pivot, now and the fact, our limited port due to prices However, closure closure expect markets thermal stronger several weeks. we despite over CFR more reduced temporary to the has XX% the high-CV demand domestic or in port move X API to along ability India with and XXXX prices exports improve international Baltimore.In into the

interest of has points AI a a as the plants Philippines demand its to 'XX monsoon we inventories a renewed we the inventories a metallurgical demand front, same despite exclusively a to AI into penetrating of restocking domestic reported coal-fired in utility demand utility that gas, about EVs electric ends.On these Texas in for of seen new serve X% of from from demand.Consistent due will consume up.In a U.S. new season in also some X-year our growth center near-term it remain $XX to increased long-term expect Journal recently of crossover and out the during to seeing indicators reports has study artificial Indian top as product order servers product XXXX in made of front, when particularly picking for on batteries. The XQ running and this service the in and coal economy that be servers heat total recently scientific driver power load midsize crossover PAMC low in that demand serviced plants the tons will to continue XXXX.Domestically, for already growing of intelligence has focus term microchips, by This to Currently, double as Street new could been pricing off. XXXX, small we we decision center the the manufacturing Sweden demand Furthermore, these XXX,XXX U.S. as consume strong retail completed the our in up biggest reduced that power market investments pumps amount its Southeast this could due through expected demand load.This natural domestic the new these the and Asia market like XXX,XXX high-CV early is demand in Wall Specifically, vehicles, sold data domestic with the retirement in to the for growth semiconductor U.S. generation XXXX. where and and batteries.The begin, demand. journal from The are order XXXX. price electricity delayed for from on or X% could tons markets. monsoon Southeastern once billion. also result season much domestic Samsung season with data weakness there The coal deal estimates build is trends, to exports we in this have domestic fixed the by are coal-fired generation the to recent increased potential power worldwide power kicks weather, tighten mild

first net $X.XX $XX approximately in million $XX million financial per adjusted of performance. diluted or million flow. we for outlook. quarter $XXX We another utility moving update in we financial guidance reported are and domestic before on price a provide currently let negotiations deal.Now strong XXXX to long-term which fixed on free quarter, income of million.During morning, me $XXX share resulted our EBITDA of results spent also the and We CapEx, This quick XXXX our a with generated a in cash

share million. We our deployed outstanding debt $XX also by million to $X and buybacks reduced

free negative flow resulted impacted capital cash items $XX capital negatively approximately a in changes.Let Our was working working impact. this that me by highlight few of million

longwall moves quarter. First, the receivables in February timing March and the of during impaired early collection our

liquidity to coal at the of sitting in Despite we Second, the approximately cash the port a is continued inventory. net quarter, end $XX quarter position million closure strong resulted tons million.We which in our ship now of of $XXX these maintain the Baltimore the XXX,XXX as to with ended issues, inability well. of end of total of $XXX at the April of million liquidity and

cost guidance, provide gives me terminal it and liquidity significantly impact fixed words, the on other some multi-month export around improving allocation by servicing years have a $XXX million our annual has flexibility, restriction how XXXX. to simultaneously cost drive significantly our our moving our ability our cash us prioritize have debt comfort our than managing we business disruption.Before capital more over financial $XX through the prudent for than Baltimore debt Our perspective bolstering liquidity million. in which manage repayment will short-term spinoff, few on we increased of by unrestricted In reduced the in moving investments reduced closure and while our to and volumes.Since the more port improved which last through and and the the let outlook

compared situation continue in our our May. coal. ability are expect XXX,XXX through to logistics million port and month customers of million As to X.X we able end to tons per export the product are Jimmy to the XXX,XXX alternate from month we approximately mentioned, with currently of move PAMC And working X.X to typical tons our to Baltimore.We a through per restricted export an partners,

we tonnage Assuming the May. are average June, adjusting port resume from there will to Baltimore throughput only not at and Accordingly, April make up for we are no work throughput but million our restrictions lost to PAMC. in collapse, our a guidance rate, potentially historical tons. the of beginning XXXX that the volume are of to assumption.Starting XX sales to million XX our million to from bridge reducing reflect Due tons with XX tons million range to to XX the range the we previous production tons

end were schedules.Our a marketing collapse has projects reduce good mines the on well the its while their and CMT is ] for few an until the we to April period these our guidance range. to typical shutdown [ to of costs we team Itmann the quickly reduced average weeks tons ton from are XXX,XXX sold we the CMT purchased Complex $XX we of ton front, through average this under the guidance PAMC coal $XX.XX ton per continue at Mining range, evolving collapse, CapEx million.With distribution preparation million benchmark focused mitigate and to mix of to continued the partially per benefit current reflects pivoted million year approximately very earlier $XXX cost of past guidance of coal the also maintenance team we PAMC mined, run the to to a our due of export Our reduced maintaining the cost range volume their capital tonnage PAMC previous guidance running are from improved plan our stockpile ship range fixed it range to at of shipping million the manpower when million increasing equipment to per then the to turn and of the the reduced to we of $XX.XX done on sold completing an of lower XXX,XXX while and duration range In are was Holding the at the job tons.On cash shutdown bridge coal on API sales of of $X terminal.Our each ship planned our a well front, cash the reopening, XXX,XXX for despite complex.Lastly, In bridge secure ton front. increased Itmann XXX,XXX tons from Complex, per the capacity. the significant this a our port our range of ton, May, But Mining has compared go to cost suspending and to coal in cash average are and range railroads increasing increase are pricing revenue pricing let by shutdowns.On effects to delivery sold range expenditures the back that, $XXX that to $XX.XX the port previous coal $XX.XX. $XXX reducing to initially summer $XXX the the to delays, range Jimmy. me stockpile processed set.Given cost and Virginia effort guidance the to mines X SpareFoot

James Brock

Thank Mitesh. you,

of of generated deployed through during the stock. common of first deployed repurchasing towards return XX% shares at free common flow of 'XX average approximately in QX of per repurchase float. our of or weighted late our towards shares shares cash restarting retired CEIX XXXX, million a approximately we've public XXX,XXX approximately quarter Let our on shareholder cash total In We outstanding free we the X.X me our repurchasing XX% April million now XXXX, $XX an share price update provide share.Since stock our program progress. $XX flow

mentioned, for. for than shareholders markets have we through be framework.We value to our we're in export that dedicated demand for our will to coal remain given the high-quality much return we allocation As believe longer capital our stronger credit continue to industrial

provide strong revenue We our contracts that with visibility. also us believe long-term

capital. of use we continue to are buybacks As share our that believe the such, best

always, highest will to the prioritize As analyze rate return.Moving and this of remainder of XXXX. the through continue forward we

work as will Our and customers in be have major delays has through around. to strong as our due to remained collapse focus possible. markets the reduced on the with and Customer tonnage export constant the had mitigating much the communication demand move of export shipments bridge we

reaction the accelerate to also hit maintenance the pivoted terminal their quickly conjunction lane to shipping shutdown to Mitesh plan open over as running accelerate ground the work closed we period continue possible.As jumped efficiency it to CMT local to CMT maximizing to developing authorities to accident Baltimore. CMT schedules. team and turning allow and mines call, maintenance.Our plans summer work.Before This mentioned, with and for a our throughout our with will shipping The railroads the Guard allow to with shipping closely in were local optimize I thank when as want when employees at timely continue coal the mining the pre-shipping their Coast work and for to operating opens. operations action line working authorities maintenance in the into have the the We the to soon to the

impact leveraged Our to as the band an inevitably over Baltimore financial the facility capacity is much quickly with allow call help through strong has partners these the to well on us challenges been built in Port is team the relationships across as the to work for unforeseen the manage that we've It incremental happen marketing trains board of alternative entire this team will this to and our reopened. as possible back team's to our I Nate transportation hand port.Finally, until focused that, business.With hard mitigate partially reroute that dedication instructions. as further export so secure as managing some

Nathan Tucker

Thank Jimmy. you,

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

Operator

Riley B. of of the Securities. first [Operator Instructions] Pipes Your question from comes line Lucas

Lucas Pipes

this and the question mentioned do on had haven't the P&L cash both what volume few the here. managing perspective the could then Mitesh, a is for perspective, you us QX flow My pieces, a walk cash I QX to means QX balances and the outlook. the math perspective, through in also time your flow the job of on moving maybe you first moving Good remainder year? April. pieces, cash of for liquidity impact tragedy. But from and also various in

James Brock

Lucas, out with let the start volume. me

the you at April. tons million if about where we X.X we sat, of in moved currently So look month

for more later then same end an if if you or port close to on of we May. then and assume here of opens we if reopen volume the the May near obviously teams for assume it's of should May, to unknowns my the and at end the the track hit May X given we're estimate earlier, up daily providing million approximately and just in Baltimore the is move So tons, does to some Port of talking less, but approach the somewhere opportunity

Mitesh Thakkar

just think numbers about on gave flow perspective, some liquidity we from the Lucas, a cash you to perspective. And

flow. cash think for we of generated about million I month of free the $XX April,

Now not Port include there. that of still inventory the does the Baltimore at is

bit a the to moving should we lot be generate assuming cash flow restrictions We free optimistic a kind expect those the May in of be little are parts port in that to But on time. opening we a lighter.But opens things. position and that of they're

a a June went a should for cash hard QX, it's exact be of guidance would to generation free it. about with might bit little We little recover. lighter. but I you that's May give into how bit think April. flow me in May So on

Lucas Pipes

follow-up. just And quick a it. Got

quick of into of or Baltimore? gradual a or the X volumes kind the So back assume operations does shipping this ramp opens, on So to kind come restart support June really does gear and And channel it kind you're as of at more alive? so, tons a less of normal. million up assume

James Brock

advantage the port forward of of were the that here we in moving on things things while is one planning Lucas, the idle of maintenance doing have we some taking that shutdown. the we're

to of ready we'll on that's have as we June mentioned, Mitesh So go that there about terminal XXX,XXX to tons X.And ready go. have inventory

we up everything that X start right off moving in shipment, our can I the think Bobby if on we the So has gate lined customers plan. June

we Will don't what the allowed That of we it normal happen But unknown to be enter new how to out exit expect be restrictions? ship and there and will what the know. the safety port. don't port. we in Now we know, will June is

Mitesh Thakkar

will in constantly It's that And is we so everything once to have what we learned the to the it don't be the we then we shipment it, remember, from normal far pulls well, XX, authorities our coal the hours, for have And accessing leaves. seems next, June resume in are Xst and is. XX like -- it it not thought of as let's vessel channel. call are dumping process

access as about a us. for something not it's That's to well. So constant think

Lucas Pipes

helpful. Very

variable again, pricing For provide you and XXXX. and priced 'XX, my versus volume second and how on on fully not Would domestically to basis? are your is XXXX here your what rather, book question, fixed the pricing to I be able commitments wanted pricing in breakdown touch 'XX, exports? fixed to between you sensitivity tons kind contract the And a sell expect do much that on a of

Robert Braithwaite

about give X.X XXXX. We sitting about had which breakdown you to for indices, mainly power. Exports to the of are today, XX.X X. X.X I'll of linked API index-linked full that's here the

across tons $X.XX the fixed the tons XXX,XXX last we amount about into on dollar to balance to as mainly we well have [indiscernible] We XXX,XXX noticed, about the April today, since progress crossover get $XXX have going you our what just you by are tell little current for export sitting left every issue, crossover back of call entire expect have in X per off QX. sell, deals to based basing And domestic price December when as looking it, and the and I QX.So through period. be but index-linked we ship, you the that tons over for channel then about lighter we're portfolio.And the our would because pricing, markets. sensitivity left did XXXX, here at and we're I of again for then on and would that change price.I small quarter. then anticipate obviously, of QX and X.X increased to move API will a would on for is We ton the mid-$XXs petcoke of book QX

of that -- now sold is into All export market. the was

So we tied you domestic associated our ceilings and to all for to it now X.X X.X has XXXX, all indices, is those been export. with midpoint, a power, of the fixed has today $X.XX well.If X assume XX million and XX.X would and price there as current linked said, change production typically And sensitivity average a million, X.X the have is that is floors our be rate API sitting API we're dollar volume X the every here basing $XXX of with have for off which mid-$XXs. and in pricing in is XXXX. With that in we

Lucas Pipes

next that year, The for where remaining the sensitivity going? of uncommitted $X.XX around volumes make are assumptions does

Robert Braithwaite

It not. does

again, now on we and it XX under And based million would or ton arrangement, X.X be contract million then the sold currently tons just the So domestic. midpoint on whether assuming export a that based a that's balance be fixed right have range. under price

Lucas Pipes

for to that kind API of similar were as you it. then well? fair it pricing double would I that assume I Got to But double X if under be assume, example, arrangements, exports sensitivity to your

Robert Braithwaite

Correct.

Lucas Pipes

helpful. reopening port and color. luck of Best the Okay. good with work. appreciate the all up That's the very keep Really

Operator

Benchmark question from Nathan the Martin comes Your next The Company. of from line

Nathan Martin

quarter. the on job great And

What to led ton full per result? price talk talk in that you drivers quarter, there? above about first Maybe year can first. guidance. Price some of the Let's the about

Robert Braithwaite

more to end we boosted the than net selling relates API QX would pretty I up and forecast we certainly a it than mentioned, crossover back a continue of as is had our QX as And going X in and we'll be QX. in thought things. Number had the strong January couple we that the Nate, slightly had mix mean, had little I in what Yes. balance contracts. pricing bit of original the our the projected. then what higher on is pace. market one, just volumes.We a forward originally our into That

additional not roughly thing note to costing incurring still our costs volumes they think as down we is. and guidance more about gives guidance, maintaining changed I have are we're volume the the our are and that the left about If today sell through where One tons Norfolk all on is confidence that the the forward you API ton.So think to $XX a today we through lot where us moving X the important that. going have Norfolk crossover also we're of this markets fact price per pricing range us is moving

Nathan Martin

Bob, on to And you next my what kind touched be going question. of was

like, was $XX return higher So said full it which transportation reiterated think cost, sounds that I again, year you you ton. despite price guidance guys a

how we pull ton ton prior a actually if guidance is drag, it after kind So about just can think at that of per much price would have that increased $XX we that versus way out? look per difference

Robert Braithwaite

Norfolk. moving roughly XXX,XXX tons through I a Yes. mean, mentioned, XXX,XXX if you think Mitesh month we're to what about

tons, midpoint, it's $XX the X.X million. million it $XX, call So

we're million losing roughly $XX I opportunity -- loss there. but the losing, is say So wouldn't

Nathan Martin

repurchases, expect XX%.Is each other well. prepared around Okay. the investments? get as looking on returns ahead -- kind guys pace think, better Appreciate on remarks, of is versus now last Just a Jimmy, your Got this this you we which XX% be to, should just think touched policy. there XX% it just to of you to alluded it. question great more this quarter maybe thoughts cash buybacks that, as for you I Jimmy, your quarter. quarter is Obviously, through the was obviously flow your a And cash first Bob. return target, returning free but of of of would Or right I case continue? in

James Brock

Yes.

to the deploy that's But question. do is that we both, we is return. what look we've And said, of at But look that yields your I change. of rate we highest answered return. we could and of think at as rate as repurchase highest you the on today, own the kind capital share it it back

are we As the undervalued, we going cash And told number this towards the whenever where and look buybacks.As excess opportunity the XX% last goes, flow had. higher had percentage the market, or is quarter, like price look free that we've then will in that opportunities of far we we at be an we're our it -- was we as our quarter feel took share that and could flow forward. moving as of we we plan everyone cash share the free XX% that to be imply at

Nathan Martin

in May, Perfect. bit pushed what the the by contingencies one. hate out, final one here that schedule case we maybe Baltimore June May? do gets if kind the the X I there. of guys going into in of reopen little X available would have terminal beyond place it on to be get reopening the may But if think color side. end you the weeks, be And a great transportation about reason negative more as end the you? maybe whatever for more hopefully to some doesn't to Just still have of you for be place channel whatever Do main alternative week,

James Brock

we do, Yes, Nate.

a support too, constrained. Obviously, still month, long to But partnerships as out, long-term Our our the advantage there need them. to their to during port Bailey them. a Baltimore reopening to as versus took the time channel they're will move for achievable get transportation up XXX,XXX really we news but partners down mine June assist mentioned, good to tons think, of in. should really Norfolk, to us stepped this better port this delayed. is be maintenance Baltimore we Obviously, they're the us.We've terminal outbound to as had is here give through to really the more longer be with us it's time the our the from But XXX,XXX -- done. And I go

make typically much volume our be to stuffed continue and when goal, can first is be as again, the shutdown.So volume terminal we into still as the week that our keep July of to would would up we'll possibly the there. So

We sit here today. haven't lost vessel one as we

to to e-mails So our customers reopen asking to -- and this ASAP. want deferred we has is from because all everything daily been get their going continue loaded when port get vessels they

the good news as utilize we'll Norfolk to port we so there again, So to. continue and need long

Operator

please at questions Presenters, don't continue. this have time. We further any

line the from B. Lucas question We Riley of of have Pipes a Securities. follow-up

Lucas Pipes

yardstick if vendor guidance best the I the Maybe once would appreciate And to you an situation where prior increases to the then or update on of expect still that. is want update you running, is kind would see us shake but still you on longer there's ask out? expected thoughts on from from also to expect equipment those there? of If delays. the kind would that costs you up Is further improve? Itmann improvements and when could term, the and your fully mine

James Brock

Yes.

us. thing delays, these put first gates.As that's new equipment hopefully, that the by on those because want and of by end are certainty we manpower. time, X us equipment or equipment to help guidance withdrew is help that are have machines mains there's right one do of we on the really the around CM going both June rebuilt here development is we One some because labor, getting we have in second can give. to units, hurting coming, now. to which the costs, things pieces units and have the we X new that's it have our far the the that is as complete delays we us, need And to week should the we what we're more coming going Those So we the of back the Lucas, but keep do July, really

about I sections, So people give that guidance. be then we earlier we're get others are just great can where at and [ challenge App to the if and quality. labor It's very have there We equipment it's guidance back the work, really for and My project. within what still it'd in in day think the to we get be is the good been to running working those and provided feel expectation us. not equipment, a have Central we we're I to out ].I mean, we every similar these that it. a

but from be, We of our up. of we closer want to got we where XX% getting are not where can the we're have there XX% job I and to mean, to we've time. we anywhere run XXX% ships fairs

So it's give hard to guidance.

Mitesh Thakkar

I coal Lucas, a lot purchase we another are as is, would buying variable of well. add

think to it, was look we we there XX%. with XX% volume amount of capacity. sales I And prep that probably know, you quarter, the at volume a if that additional first in built for the you provided fair plant As purchase

I term volume perspective, that longer better that from the cost well, we so will once view how purchase as say, guidance. would out a have And on that shakes determine also

Lucas Pipes

net is Very the how the up helpful. and weaker the wondered gas tons? look earlier. And is those obviously beyond, as to you Then XXXX procure I on there pricing market? could to comments are want realize prices The appetite to, out Bob, if compare domestic the acutely of conversations maybe the you could backdrop how the maybe market what's stronger. circle on to export from curve comment back and backs on you holding I in how those the going specifically prices. But And pricing would

Robert Braithwaite

is the forward and in which volumes of say, we there we're are line burn much strong expecting a reasonable, they which XXXX. And hearing for back-calculate some did think, the our And there look a when months as beginning heading you demand market. the is that it most experiencing summer published negotiations shorter there I forward winter I'll think XXX,XXX this certainly lack additional was was are through could Mitesh for again. I I well-stocked XXXX well, of today. XXXX.So pretty many, pricing quarter.I do spot-on in third mentioned, you That sits marks that in are lot we're will domestic price for Yes. you through mine secured of what tell from sure a into we some that of The customers in you, tell what the is, into strong mean, as translate into we kind a was year But curve, do at what today. the tons gas secure will with also volume and the XXXX curve, should customers pretty our as now. I

Lucas Pipes

question square Clean means side. Power this it level my end higher what Plan, the for from generation do you to A to U.S. The on hold the if recent were thoughts final coal think I up rule kind on seeing how would centers court? do And appreciate that your on data from such? side what you in demand that. you're with and of

James Brock

talked coal-fired that others, carbon in already greatest the you or are Yes. it direction the it's decade Plan Well, American or it to the that concern it's be Rule. either is there it's to be know some the and stated Clean but rate goes amount first if plant I grid you And can on opposite worried is? of concern. later period.So X.X been Obviously, people to Power the where trade Clean probably going upgrades through at forcing XX.So allowed this Carbon as a one is me, about started I among I has are they going mean, can these to would to in Power the you're plants about because Power the to be then to litigation. about way. for -- really exact demand coal-fired run listening or we this the think a this of going before see has and the retire is have run needed collision. headed thing decide longer And deadlines out and be the Clean and with any the me, you capture accelerated longer big associations make regulations have retire should power expectation Lucas, My to the a if of are goes we power the go. moving as April to the lot we're in is there'll rule get

we the the only their about should where electricity people rules going way they're the get demand from me it some out But with rates today, worried, all are be I as American have are. think the So they it time. to not coming should be

Operator

We this continue. time. questions please at don't further Presenters, have

Nathan Tucker

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

Operator

concludes conference today's call. you your This participation. Thank for

disconnect. You may now

Core Natural Resources (CNR) 7 May 242024 Q1 Earnings call transcript